# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-004645
**Filing Date:** 2026-3
**Character Count:** 32636
**Document Hash:** f4fe9db9b5b956e8e24c46946875c8dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-004645.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000910472-26-004645

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**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:** 26817017

**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 Real Estate Income Fund (Series ID: S000077492)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000237966 | Westwood Real Estate Income Fund Institutional Shares | KIFYX           |
| C000237968 | Westwood Real Estate Income Fund A Class Shares       | KIFAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 24.3%** | **Shares** | **Value** |
| **Communications - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Array Digital Infrastructure, Inc. | &nbsp;&nbsp;40000 | &nbsp;&nbsp;$1927600 |
| **Financials - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. - Class A | &nbsp;&nbsp;375000 | &nbsp;&nbsp;7218750 |
| **Real Estate Investment Trusts (REITs) - 20.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Healthcare - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;25000 | &nbsp;&nbsp;4709000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lineage, Inc. | &nbsp;&nbsp;100000 | &nbsp;&nbsp;3571000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;100000 | &nbsp;&nbsp;4053000 |
|  |  | &nbsp;&nbsp;7624000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Infrastructure - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;50000 | &nbsp;&nbsp;4340500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Asset Class - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.P. Carey, Inc. | &nbsp;&nbsp;70000 | &nbsp;&nbsp;4882500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Office - 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;300000 | &nbsp;&nbsp;9243000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. <sup>(a)</sup> | &nbsp;&nbsp;750000 | &nbsp;&nbsp;6465000 |
|  |  | &nbsp;&nbsp;15708000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Residential - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;100000 | &nbsp;&nbsp;6427000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;30000 | &nbsp;&nbsp;7556100 |
|  |  | &nbsp;&nbsp;13983100 |
| **Total Common Stocks** (Cost $60,524,935) | **Total Common Stocks** (Cost $60,524,935) | &nbsp;&nbsp;$60393450 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PREFERRED STOCKS\* - 72.2%** | **Shares** | **Value** |
| **Consumer Discretionary - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., 7.63% - Series A | &nbsp;&nbsp;515000 | &nbsp;&nbsp;$10686250 |
| **Financials - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp, 5.63% - Series F | &nbsp;&nbsp;34397 | &nbsp;&nbsp;712706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp, 5.88% - Series E | &nbsp;&nbsp;25057 | &nbsp;&nbsp;537473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banc of California, Inc., 7.75% - Series F | &nbsp;&nbsp;87360 | &nbsp;&nbsp;2201472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., 6.63% - Series E <sup>(a)</sup> | &nbsp;&nbsp;40000 | &nbsp;&nbsp;995200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Bancorp, 7.63% - Series E | &nbsp;&nbsp;196055 | &nbsp;&nbsp;4820992 |
|  |  | &nbsp;&nbsp;9267843 |
| **Real Estate Investment Trusts (REITs) - 64.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apartments - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinebrook Homes Trust, 9.50% - Series B <sup>(b)</sup> | &nbsp;&nbsp;180000 | &nbsp;&nbsp;4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified - 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc., 6.75% - Series A | &nbsp;&nbsp;320000 | &nbsp;&nbsp;6931200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc., 6.38% - Series A | &nbsp;&nbsp;447333 | &nbsp;&nbsp;9080904 |
|  |  | &nbsp;&nbsp;16012104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Healthcare - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical REIT, Inc., 7.50% - Series A | &nbsp;&nbsp;311134 | &nbsp;&nbsp;7641451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical REIT, Inc., 8.00% - Series A | &nbsp;&nbsp;160000 | &nbsp;&nbsp;4024000 |
|  |  | &nbsp;&nbsp;11665451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hotels - 18.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chatham Lodging Trust, 6.63% - Series A | &nbsp;&nbsp;170109 | &nbsp;&nbsp;3487235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 5.70% - Series H | &nbsp;&nbsp;489548 | &nbsp;&nbsp;8762909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.30% - Series F | &nbsp;&nbsp;242066 | &nbsp;&nbsp;4962353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.38% - Series E | &nbsp;&nbsp;98002 | &nbsp;&nbsp;1962000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust, 6.38% - Series G | &nbsp;&nbsp;250000 | &nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust, 7.80% - Series A | &nbsp;&nbsp;375000 | &nbsp;&nbsp;9555000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc., 5.88% - Series F | &nbsp;&nbsp;158938 | &nbsp;&nbsp;2906976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc., 6.25% - Series E | &nbsp;&nbsp;283000 | &nbsp;&nbsp;5416620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc., 6.13% - Series H | &nbsp;&nbsp;166508 | &nbsp;&nbsp;3413414 |
|  |  | &nbsp;&nbsp;45466507 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PREFERRED STOCKS\* - 72.2% (Continued)** | **Shares** | **Value** |
| **Real Estate Investment Trusts (REITs) - 64.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust, 6.50% - Series C | &nbsp;&nbsp;190000 | &nbsp;&nbsp;$8914800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Manufactured Homes - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMH Properties, Inc., 6.38% - Series D | &nbsp;&nbsp;87634 | &nbsp;&nbsp;1969136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mortgage - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc., 6.50% - Series A | &nbsp;&nbsp;523747 | &nbsp;&nbsp;9767881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Office - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc., 8.00% - Series A | &nbsp;&nbsp;200000 | &nbsp;&nbsp;4999980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc., 4.75% - Series C | &nbsp;&nbsp;484009 | &nbsp;&nbsp;7574741 |
|  |  | &nbsp;&nbsp;12574721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Residential - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent, 5.88% - Series G | &nbsp;&nbsp;307132 | &nbsp;&nbsp;7028716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation, 5.88% - Series B | &nbsp;&nbsp;71561 | &nbsp;&nbsp;1610838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corporation, 6.25% - Series A | &nbsp;&nbsp;160635 | &nbsp;&nbsp;3752434 |
|  |  | &nbsp;&nbsp;5363272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Shopping Centers - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saul Centers, Inc., 6.00% - Series E | &nbsp;&nbsp;125000 | &nbsp;&nbsp;2795000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saul Centers, Inc., 6.13% - Series D | &nbsp;&nbsp;381000 | &nbsp;&nbsp;7952156 |
|  |  | &nbsp;&nbsp;10747156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialized - 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 5.75% - Series C | &nbsp;&nbsp;31000 | &nbsp;&nbsp;752060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 5.75% - Series G | &nbsp;&nbsp;107775 | &nbsp;&nbsp;2223398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties, 9.00% - Series E | &nbsp;&nbsp;283506 | &nbsp;&nbsp;9029666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQHQ, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;5000 | &nbsp;&nbsp;4750000 |
|  |  | &nbsp;&nbsp;16755124 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** | **WESTWOOD REAL ESTATE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PREFERRED STOCKS\* - 72.2% (Continued)** | **Shares** | **Value** |
| **Real Estate Investment Trusts (REITs) - 64.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Storage - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust, 6.00% - Series A | &nbsp;&nbsp;370000 | &nbsp;&nbsp;$7773700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 4.00% - Series R | &nbsp;&nbsp;50000 | &nbsp;&nbsp;811500 |
|  |  | &nbsp;&nbsp;8585200 |
| **Total Preferred Stocks** (Cost $177,061,040) | **Total Preferred Stocks** (Cost $177,061,040) | &nbsp;&nbsp;$179304161 |
| **MONEY MARKET FUNDS - 3.6%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 3.63% <sup>(c)</sup> <br> (Cost $9,017,092) | &nbsp;&nbsp;9017092 | &nbsp;&nbsp;$9017092 |
| **Investments at Value - 100.1%** (Cost $246,603,067) | **Investments at Value - 100.1%** (Cost $246,603,067) | &nbsp;&nbsp;$248714703 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (350177) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$248364526 |

---

REIT - Real Estate Investment Trust

\* Securities listed have a perpetual maturity.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Level 3 security in accordance with fair value hierarchy.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of January 31, 2026.

## 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 REAL ESTATE INCOME FUND

- **b. EDGAR series identifier (if any):** S000077492

- **c. LEI of Series:** 549300SR0CQPUQIWPY49

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $249582634.07

**Total Liabilities:** $1218108.05

**Net Assets:** $248364526.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237966 | 0.23%                | 0.19%                | 0.97%                |
| Class ID C000237968 | 0.22%                | 0.18%                | 0.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $350338.94               | $-105343.04                                |
| Month 2  | $-1004182.62             | $-1734320.59                               |
| Month 3  | $-1918768.43             | $3168676.57                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alpine Income Property Trust Inc         | Alpine Income Property Trust, Inc. Series A          | CUSIP: 02083X202<br>LEI: 254900VQGUBS1J4C4N33 | Long             | EP               | CORP              | US        |    200000 | NS      | $4999980.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                    | American Homes 4 Rent 5.875% Preferred               | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |    307132 | NS      | $7028715.82   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc.           | Armada Hoffler Properties, Inc. 6.750% Preferred     | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |    320000 | NS      | $6931200.00   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                     | Associated Banc-Corporation 5.875% Preferrred        | CUSIP: 045487204<br>LEI: 549300N3CIN473IW5094 | Long             | EP               | CORP              | US        |     25057 | NS      | $537472.65    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                     | Associated Banc-Corporation 5.625% Preferred         | CUSIP: 045487402<br>LEI: 549300N3CIN473IW5094 | Long             | EP               | CORP              | US        |     34397 | NS      | $712705.84    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc Of California Inc.                  | Banc of California, Inc.                             | CUSIP: 05990K841<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EP               | CORP              | US        |     87360 | NS      | $2201472.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc           | Blackstone Mortgage Trust, Inc. Class A              | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |    375000 | NS      | $7218750.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                              | Centerspace REIT                                     | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |    100000 | NS      | $6427000.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                    | Chatham Lodging Trust 6.625% Preferred               | CUSIP: 16208T201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    170109 | NS      | $3487234.50   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                  | COPT Defense Properties REIT                         | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    300000 | NS      | $9243000.00   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                        | Crown Castle, Inc. REIT                              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     50000 | NS      | $4340500.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc New                | CTO Realty Growth, Inc. 6.375% Preferred             | CUSIP: 22948Q200<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EP               | CORP              | US        |    447333 | NS      | $9080904.63   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                           | EPR Properties 5.750% Preferred                      | CUSIP: 26884U208<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |     31000 | NS      | $752060.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                           | EPR Properties 9.000% Preferred                      | CUSIP: 26884U307<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |    283506 | NS      | $9029666.10   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                           | EPR Properties                                       | CUSIP: 26884U505<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |    107775 | NS      | $2223398.25   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.               | Essex Property Trust, Inc. REIT                      | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     30000 | NS      | $7556100.00   | 3.04%             |  |  |  | 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        |   9017092 | PA      | $9017091.95   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc (Delaware) | First Citizens BancShares, Inc. Series E             | CUSIP: 31959X400<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |     40000 | NS      | $995200.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                 | Global Medical REIT, Inc. Series B                   | CUSIP: 37954A402<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EP               | CORP              | US        |    160000 | NS      | $4024000.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                 | Global Medical REIT, Inc. 7.500% Preferred           | CUSIP: 37957W203<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EP               | CORP              | US        |    311134 | NS      | $7641451.04   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises, Inc.              | Hovnanian Enterprises, Inc. 7.625% Preferred         | CUSIP: 442487112<br>LEI: 549300805N4EF0ROBT53 | Long             | EP               | CORP              | US        |    515000 | NS      | $10686250.00  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc            | Hudson Pacific Properties, Inc. 4.75% Preferred      | CUSIP: 444097307<br>LEI: 529900EURZA5HRSXQ389 | Long             | EP               | CORP              | US        |    484009 | NS      | $7574740.85   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc            | Hudson Pacific Properties, Inc.                      | CUSIP: 444097406<br>LEI: 529900EURZA5HRSXQ389 | Long             | EC               | CORP              | US        |    750000 | NS      | $6465000.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | IQHQ, Inc. Series D-1                                | CUSIP: 44988Q403<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      5000 | NS      | $4750000.00   | 1.91%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR Real Estate Finance Trust Inc.       | KKR Real Estate Finance Trust, Inc. 6.500% Preferred | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |    523747 | NS      | $9767881.55   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                     | LXP Industrial Trust 6.500% Preferred                | CUSIP: 529043309<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EP               | CORP              | US        |    190000 | NS      | $8914800.00   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                              | Lineage Inc                                          | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $3571000.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)             | Merchants Bancorp                                    | CUSIP: 58844R850<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |    196055 | NS      | $4820992.45   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust        | National Storage Affiliates Trust 6.000% Preferred   | CUSIP: 637870205<br>LEI: 529900FS06O8GOYNR108 | Long             | EP               | CORP              | US        |    370000 | NS      | $7773700.00   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                  | Pebblebrook Hotel Trust 6.375% Preferred             | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     98002 | NS      | $1962000.04   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                  | Pebblebrook Hotel Trust 6.3% Preferred               | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    242066 | NS      | $4962353.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                  | Pebblebrook Hotel Trust 6.375% Preferred             | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    250000 | NS      | $5000000.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                  | Pebblebrook Hotel Trust 5.700% Preferred             | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    489548 | NS      | $8762909.20   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                           | Public Storage                                       | CUSIP: 74460W420<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     50000 | NS      | $811500.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust LP                     | RLJ Lodging Trust                                    | CUSIP: 74965L200<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | EP               | CORP              | US        |    375000 | NS      | $9555000.00   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                    | Regency Centers Corporation Series B                 | CUSIP: 758849871<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |     71561 | NS      | $1610838.11   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                    | Regency Centers Corporation Series A                 | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |    160635 | NS      | $3752433.60   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.           | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    100000 | NS      | $4053000.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers, Inc.                       | Saul Centers, Inc. 6.125% Preferred                  | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    381000 | NS      | $7952155.80   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers, Inc.                       | Saul Centers, Inc. 6.000% Preferred                  | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    125000 | NS      | $2795000.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.            | Summit Hotel Properties, Inc. 6.250% Preferred       | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |    283000 | NS      | $5416620.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.            | Summit Hotel Properties, Inc. 5.875% Preferred       | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |    158938 | NS      | $2906976.02   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.            | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |    166508 | NS      | $3413414.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                       | UMH Properties, Inc. 6.375% Preferred                | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |     87634 | NS      | $1969135.98   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Array Digital Infrastructure Inc.        | Array Digital Infrastructure, Inc.                   | CUSIP: 911684108<br>LEI: 549300B164AZXESI6E03 | Long             | EC               | CORP              | US        |     40000 | NS      | $1927600.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Vinebrook Homes Trust, Inc. 9.5% Preferred           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    180000 | NS      | $4500000.00   | 1.81%             |  |  |  | Yes           |                  3 | On Loan: No      |
| W. P. Carey Inc                          | WP Carey, Inc. REIT                                  | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     70000 | NS      | $4882500.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc.                           | Welltower, Inc. REIT                                 | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     25000 | NS      | $4709000.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-31

**Name of Applicant:** Westwood Real Estate Income Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer