# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-006132
**Filing Date:** 2025-12
**Character Count:** 19030
**Document Hash:** 82623692d9ea4b15f520f8b6edb3fb60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006132.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006132

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251605335

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Salient MLP & Energy Infrastructure Fund (Series ID: S000077491)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000237961 | Westwood Salient MLP & Energy Infrastructure Fund Institutional Shares | SMLPX           |
| C000237962 | Westwood Salient MLP & Energy Infrastructure Fund Ultra Fund           | SMRPX           |
| C000237963 | Westwood Salient MLP & Energy Infrastructure Fund C Class Shares       | SMFPX           |
| C000237964 | Westwood Salient MLP & Energy Infrastructure Fund A Class Shares       | SMAPX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** WESTWOOD SALIENT MLP & ENERGY

- **b. EDGAR series identifier (if any):** S000077491

- **c. LEI of Series:** 549300VG7P29O2H2U782

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1210322347.00

**Total Liabilities:** $2168464.88

**Net Assets:** $1208153882.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237964 | 0.01%                | 1.62%                | -4.98%               |
| Class ID C000237961 | -0.02%               | 1.63%                | -4.91%               |
| Class ID C000237963 | -0.09%               | 1.53%                | -5.00%               |
| Class ID C000237962 | 0.00%                | 1.63%                | -4.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $714651.25               | $-8056093.62                               |
| Month 2  | $10957078.35             | $6221513.99                                |
| Month 3  | $2321450.46              | $-69553823.31                              |

**Designated Index Information**

- **Index Name:** Alerian Midstream Energy Select Total Return Index (USD)

- **Index Identifier:** AMEIXUSDTR

### Schedule of Portfolio Investments

| Name                              | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NextDecade Corp.                  | NextDecade Corporation                                 | CUSIP: 65342K105<br>LEI: 549300XB4GCLNGHFTT48 | Long             | EC               | CORP              | US        |   1102221 | NS      | $6536170.53   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corporation      | Pembina Pipeline Corporation                           | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    673337 | NS      | $25472338.71  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                           | MPLX LP                                                | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |   1144613 | NS      | $58100555.88  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc               | Cheniere Energy, Inc.                                  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    284601 | NS      | $60335412.00  | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.             | Targa Resources Corp.                                  | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    252281 | NS      | $38861365.24  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP     | Western Midstream Partners, LP                         | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    824980 | NS      | $30912000.60  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultimus Managers Trust            | Westwood Salient Enhanced Energy Income ETF            | CUSIP: 90386K571<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |    481115 | NS      | $10047701.88  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc               | Clearway Energy, Inc.                                  | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |    201303 | NS      | $6427604.79   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP             | Plains GP Holdings, L.P. Class A                       | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |   1679206 | NS      | $28999887.62  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                     | Enbridge, Inc.                                         | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |   1374117 | NS      | $64061334.54  | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek Logistics Partners Lp       | DELEK LOGISTICS PARTNERS, L.P.                         | CUSIP: 24664T103<br>LEI: 549300UVYITDIU51P724 | Long             | EC               | CORP              | US        |    107853 | NS      | $4804851.15   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global Inc                | VENTURE GLOBAL INC - CL A                              | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               | CORP              | US        |    454014 | NS      | $3890899.98   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P. | Enterprise Products Partners L.P.                      | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |   1888523 | NS      | $58147623.17  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.         | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U   | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2042013 | PA      | $2042013.14   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                | Energy Transfer, L.P.                                  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |   6787370 | NS      | $114231437.10 | 9.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.               | Kinder Morgan, Inc.                                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |   4095567 | NS      | $107262899.73 | 8.88%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                   | South Bow Corporation                                  | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    778692 | NS      | $20191483.56  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | NextDecade Corporation 11/21/2025 7 Call               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -2204 | NS      | $-22040.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EMG OFF SH                        | EMG Utica I Offshore Co-Investment LP                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  11947424 | NS      | $7875037.00   | 0.65%             |  |  |  | No            |                  3 | On Loan: No      |
| TC Energy Corp                    | TC Energy Corporation                                  | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |   1334686 | NS      | $66947849.76  | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                  | NRG Energy, Inc.                                       | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    170555 | NS      | $29311582.30  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesis Energy L.P.               | Genisis Energy LP                                      | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |    506778 | NS      | $8290888.08   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.             | Quanta Services, Inc.                                  | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      9950 | NS      | $4468843.50   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultimus Managers Trust            | Westwood Salient Enhanced Midstream Income ETF         | CUSIP: 90386K589<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |   1565169 | NS      | $39708337.53  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Solaris Energy Infrastructure, Inc. 11/21/2025 70 Call | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -1328 | NS      | $-278880.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc     | Shoals Technologies Group, Inc.                        | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    241515 | NS      | $2538322.65   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc | Solaris Oilfield Infrastucture, Inc.                   | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    337847 | NS      | $17983595.81  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)     | Williams Companies, Inc. (The)                         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |   1474349 | NS      | $85320576.63  | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibson Energy Inc.                | Gibson Energy, Inc.                                    | CUSIP: 374825206<br>LEI: 549300WYW5D9I3FR0643 | Long             | EC               | CORP              | CA        |    247828 | NS      | $4224852.93   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Waterbridge Infrastructure LLC    | WaterBridge Infrastructure, LLC                        | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    354536 | NS      | $8508864.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                       | Vistra Energy Corporation                              | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     17128 | NS      | $3225202.40   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC             | Eaton Corporation plc                                  | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |      7340 | NS      | $2800650.40   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings Inc              | Kinetik Holdings Inc                                   | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    614845 | NS      | $23677680.95  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                        | ONEOK, Inc.                                            | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    436182 | NS      | $29224194.00  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                  | DT Midstream, Inc.                                     | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    862238 | NS      | $94406438.62  | 7.81%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Venture Global, Inc. 11/21/2025 10 Call                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -2270 | NS      | $-70370.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation      | Antero Midstream Corporation                           | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1851095 | NS      | $31931388.75  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                      | Keyera Corporation                                     | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |   1745060 | NS      | $51522537.24  | 4.26%             |  |  |  | Yes           |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Genesis Energy, L.P. 11/21/2025 17.5 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -1 | NS      | $-10.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Cheniere Energy, Inc. 11/21/2025 270 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -652 | NS      | $-30970.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hess Midstream LP                 | Hess Midstream LP Class A                              | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1345669 | NS      | $45685462.55  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | ONEOK, Inc. 11/21/2025 70 Call                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -1090 | NS      | $-57770.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EMG MS LP                         | EMG Utica Midstream Fund L.P.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   4052576 | NS      | $4296282.00   | 0.36%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** Westwood Salient MLP & Energy Infrastructure Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer