# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-004639
**Filing Date:** 2026-3
**Character Count:** 104911
**Document Hash:** 73071898cacc934f616977325133f0b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-004639.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000910472-26-004639

**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:** 26817011

**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 Multi-Asset Income Fund (Series ID: S000072840)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229469 | Westwood Multi-Asset Income Fund Institutional Shares | WHGHX           |
| C000229470 | Westwood Multi-Asset Income Fund A Class Shares       | WSDAX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **U.S. GOVERNMENT & AGENCIES - 11.2%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(a)</sup> - 8.3%** | **U.S. Treasury Bills <sup>(a)</sup> - 8.3%** | **U.S. Treasury Bills <sup>(a)</sup> - 8.3%** | **U.S. Treasury Bills <sup>(a)</sup> - 8.3%** |  |
| U.S. Treasury Bills | 3.670% | 03/19/26 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2488638 |
| U.S. Treasury Bills | 3.702% | 03/24/26 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;3979803 |
| U.S. Treasury Bills | 3.653% | 04/16/26 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2481826 |
|  |  |  |  | &nbsp;&nbsp;8950267 |
| **U.S. Treasury Notes - 2.9%** | **U.S. Treasury Notes - 2.9%** | **U.S. Treasury Notes - 2.9%** | **U.S. Treasury Notes - 2.9%** |  |
| U.S. Treasury Notes | 4.000% | 03/31/30 | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;1045592 |
| U.S. Treasury Notes | 3.875% | 07/31/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1004922 |
| U.S. Treasury Notes | 4.625% | 02/15/35 | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;1068799 |
|  |  |  |  | &nbsp;&nbsp;3119313 |
| **Total U.S. Government & Agencies** (Cost $12,089,140) | **Total U.S. Government & Agencies** (Cost $12,089,140) | **Total U.S. Government & Agencies** (Cost $12,089,140) | **Total U.S. Government & Agencies** (Cost $12,089,140) | &nbsp;&nbsp;$12069580 |
| **COLLATERALIZED MORTGAGE <br> OBLIGATIONS - 2.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Home Loan Mortgage Corporation - 1.7%** | **Federal Home Loan Mortgage Corporation - 1.7%** | **Federal Home Loan Mortgage Corporation - 1.7%** | **Federal Home Loan Mortgage Corporation - 1.7%** |  |
| FHLMC, Series 2021-HQA1, Class B-2, 144A <sup>(b)</sup> | 8.697% | 08/25/33 | &nbsp;&nbsp;$460000 | &nbsp;&nbsp;$542506 |
| FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | &nbsp;&nbsp;444347 | &nbsp;&nbsp;436423 |
| FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | &nbsp;&nbsp;431561 | &nbsp;&nbsp;433182 |
| FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | &nbsp;&nbsp;425586 | &nbsp;&nbsp;433718 |
|  |  |  |  | &nbsp;&nbsp;1845829 |
| **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** |  |
| FNMA, Pool #FS3394 | 4.000% | 10/01/52 | &nbsp;&nbsp;478422 | &nbsp;&nbsp;459826 |
| **Total Collateralized Mortgage Obligations** (Cost $2,268,511) | **Total Collateralized Mortgage Obligations** (Cost $2,268,511) | **Total Collateralized Mortgage Obligations** (Cost $2,268,511) | **Total Collateralized Mortgage Obligations** (Cost $2,268,511) | &nbsp;&nbsp;$2305655 |
| **CONVERTIBLE BONDS - 4.8%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 1.9%** | **Financials - 1.9%** | **Financials - 1.9%** |  |  |
| Blackstone Mortgage Trust, Inc. | 5.500% | 03/15/27 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$985500 |
| Redwood Trust, Inc. | 7.750% | 06/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1010000 |
|  |  |  |  | &nbsp;&nbsp;1995500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 4.8% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Industrials - 0.5%** | **Industrials - 0.5%** | **Industrials - 0.5%** |  |  |
| BWX Technologies, Inc., 144A | 0.000% | 11/01/30 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$515500 |
| **Real Estate - 0.7%** | **Real Estate - 0.7%** | **Real Estate - 0.7%** |  |  |
| Boston Properties Ltd., L.P., 144A | 2.000% | 10/01/30 | &nbsp;&nbsp;815000 | &nbsp;&nbsp;773842 |
| **Technology - 1.7%** | **Technology - 1.7%** | **Technology - 1.7%** |  |  |
| BlackLine, Inc. | 1.000% | 06/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;992800 |
| Sabre Global, Inc., 144A | 10.750% | 11/15/29 | &nbsp;&nbsp;1082000 | &nbsp;&nbsp;883107 |
|  |  |  |  | &nbsp;&nbsp;1875907 |
| **Total Convertible Bonds** (Cost $5,273,320) | **Total Convertible Bonds** (Cost $5,273,320) | **Total Convertible Bonds** (Cost $5,273,320) | **Total Convertible Bonds** (Cost $5,273,320) | &nbsp;&nbsp;$5160749 |
| **CORPORATE BONDS - 53.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 9.2%** | **Communications - 9.2%** | **Communications - 9.2%** |  |  |
| Alphabet, Inc. | 5.300% | 05/15/65 | &nbsp;&nbsp;$460000 | &nbsp;&nbsp;$431170 |
| América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | &nbsp;&nbsp;360000 | &nbsp;&nbsp;363079 |
| Charter Communications Operating, LLC | 6.384% | 10/23/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1026590 |
| Clear Channel Outdoor Holdings, Inc., 144A | 7.875% | 04/01/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1052811 |
| CSC Holdings, LLC, 144A | 11.250% | 05/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;801502 |
| E.W. Scripps Company (The), 144A | 9.875% | 08/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;996258 |
| Enbridge, Inc. | 7.200% | 06/27/54 | &nbsp;&nbsp;525000 | &nbsp;&nbsp;559793 |
| Getty Images, Inc., 144A | 11.250% | 02/21/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;894125 |
| Gray Media, Inc., 144A | 7.250% | 08/15/33 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1023728 |
| iHeartCommunications, Inc., 144A | 7.750% | 08/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;856150 |
| Muvico, LLC, 144A | 15.000% | 02/19/29 | &nbsp;&nbsp;1023500 | &nbsp;&nbsp;1008529 |
| Sinclair Television Group, Inc., 144A | 8.125% | 02/15/33 | &nbsp;&nbsp;919000 | &nbsp;&nbsp;950632 |
|  |  |  |  | &nbsp;&nbsp;9964367 |
| **Consumer Discretionary - 5.0%** | **Consumer Discretionary - 5.0%** | **Consumer Discretionary - 5.0%** |  |  |
| Aptiv plc / Aptiv Global Financing DAC | 6.875% | 12/15/54 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1044310 |
| Century Communities, Inc., 144A | 6.625% | 09/15/33 | &nbsp;&nbsp;691000 | &nbsp;&nbsp;699825 |
| Ford Motor Credit Company, LLC | 7.450% | 07/16/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1111431 |
| Shutterfly Finance, LLC, 144A | 8.500% | 10/01/27 | &nbsp;&nbsp;1021250 | &nbsp;&nbsp;991491 |
| Six Flags Entertainment Corporation / <br> Six Flags Theme Parks, Inc., 144A | 6.625% | 05/01/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1021848 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 53.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Discretionary - 5.0% (Continued)** | **Consumer Discretionary - 5.0% (Continued)** | **Consumer Discretionary - 5.0% (Continued)** |  |  |
| Staples, Inc., 144A | 10.750% | 09/01/29 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$491315 |
|  |  |  |  | &nbsp;&nbsp;5360220 |
| **Consumer Staples - 1.7%** | **Consumer Staples - 1.7%** | **Consumer Staples - 1.7%** |  |  |
| Arko Corporation, 144A | 5.125% | 11/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;870761 |
| BAT Capital Corporation | 7.750% | 10/19/32 | &nbsp;&nbsp;552000 | &nbsp;&nbsp;644584 |
| Mars, Inc., 144A | 5.700% | 05/01/55 | &nbsp;&nbsp;320000 | &nbsp;&nbsp;319792 |
|  |  |  |  | &nbsp;&nbsp;1835137 |
| **Energy - 9.0%** | **Energy - 9.0%** | **Energy - 9.0%** |  |  |
| CVR Energy, Inc., 144A | 8.500% | 01/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1043101 |
| Diamondback Energy, Inc. | 5.900% | 04/18/64 | &nbsp;&nbsp;460000 | &nbsp;&nbsp;440579 |
| Energy Transfer, L.P. (H15T5Y + 531) <sup>(b)(c)</sup> | 7.125% | 05/15/65 | &nbsp;&nbsp;525000 | &nbsp;&nbsp;542249 |
| Golar LNG Ltd., 144A | 7.750% | 09/19/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;998696 |
| Martin Midstream Partners, L.P., 144A | 11.500% | 02/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1040000 |
| NGL Energy Operating, LLC / NGL Energy Finance Corporation, 144A | 8.125% | 02/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1037661 |
| Northern Oil & Gas, Inc., 144A | 7.875% | 10/15/33 | &nbsp;&nbsp;1333000 | &nbsp;&nbsp;1345150 |
| PBF Holding Company, LLC / <br> PBF Finance Corporation, 144A | 9.875% | 03/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1060540 |
| Phillips 66 Company, Series B | 6.200% | 03/15/56 | &nbsp;&nbsp;385000 | &nbsp;&nbsp;387096 |
| Plains All American Pipeline, L.P. / <br> PAA Finance Corporation | 5.600% | 01/15/36 | &nbsp;&nbsp;40000 | &nbsp;&nbsp;40601 |
| Sempra Energy <sup>(c)</sup> | 6.400% | 10/01/54 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;455210 |
| Sunoco, L.P., 144A, Series A | 7.875% | 03/18/45 | &nbsp;&nbsp;315000 | &nbsp;&nbsp;325345 |
| TransCanada Trust | 5.600% | 03/07/82 | &nbsp;&nbsp;478000 | &nbsp;&nbsp;475868 |
| W&T Offshore, Inc., 144A | 10.750% | 02/01/29 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;491800 |
|  |  |  |  | &nbsp;&nbsp;9683896 |
| **Financials - 11.7%** | **Financials - 11.7%** | **Financials - 11.7%** |  |  |
| Ally Financial, Inc. | 6.992% | 06/13/29 | &nbsp;&nbsp;590000 | &nbsp;&nbsp;622285 |
| Ares Capital Corporation | 7.000% | 01/15/27 | &nbsp;&nbsp;735000 | &nbsp;&nbsp;754498 |
| Aviation Group PTE Ltd., 144A, Series 1 | 8.500% | 05/15/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;983457 |
| Bank of America Corporation | 6.250% | 10/15/35 | &nbsp;&nbsp;650000 | &nbsp;&nbsp;660642 |
| Bank of America Corporation | 5.518% | 10/25/35 | &nbsp;&nbsp;635000 | &nbsp;&nbsp;648633 |
| Barclays plc | 7.385% | 11/02/28 | &nbsp;&nbsp;515000 | &nbsp;&nbsp;543435 |
| Blue Owl Credit Income Corporation | 5.800% | 03/15/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;496069 |
| First Citizens BancShares, Inc., Series D <sup>(c)</sup> | 7.000% | 12/31/49 | &nbsp;&nbsp;430000 | &nbsp;&nbsp;439623 |
| Golub Capital Private Credit Fund | 5.875% | 05/01/30 | &nbsp;&nbsp;890000 | &nbsp;&nbsp;900115 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 53.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 11.7% (Continued)** | **Financials - 11.7% (Continued)** | **Financials - 11.7% (Continued)** |  |  |
| HSBC Holdings plc <sup>(c)</sup> | 8.000% | 12/31/49 | &nbsp;&nbsp;$615000 | &nbsp;&nbsp;$647204 |
| Icahn Enterprises, L.P. / Icahn Enterprises Financial Corporation, 144A | 10.000% | 11/15/29 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;1260981 |
| Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | &nbsp;&nbsp;360000 | &nbsp;&nbsp;435605 |
| Morgan Stanley, Series F (SOFR + 262) <sup>(b)</sup> | 5.942% | 02/07/39 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;471104 |
| Old National Bancorp | 5.768% | 02/15/36 | &nbsp;&nbsp;540000 | &nbsp;&nbsp;543114 |
| Queen MergerCo, Inc., 144A | 6.750% | 04/30/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1030454 |
| SBL Holdings, Inc., 144A | 7.200% | 10/30/34 | &nbsp;&nbsp;725000 | &nbsp;&nbsp;699402 |
| Sixth Street Lending Partners | 5.750% | 01/15/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;505656 |
| SouthState Corporation | 7.000% | 06/13/35 | &nbsp;&nbsp;535000 | &nbsp;&nbsp;560582 |
| State Street Corporation <sup>(b)(c)</sup> | 6.700% | 12/31/49 | &nbsp;&nbsp;475000 | &nbsp;&nbsp;492558 |
|  |  |  |  | &nbsp;&nbsp;12695417 |
| **Health Care - 2.6%** | **Health Care - 2.6%** | **Health Care - 2.6%** |  |  |
| 1261229 BC Ltd., 144A | 10.000% | 04/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1027116 |
| Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | &nbsp;&nbsp;905000 | &nbsp;&nbsp;974237 |
| Flex Ltd. | 6.000% | 01/15/28 | &nbsp;&nbsp;745000 | &nbsp;&nbsp;769584 |
|  |  |  |  | &nbsp;&nbsp;2770937 |
| **Industrials - 4.8%** | **Industrials - 4.8%** | **Industrials - 4.8%** |  |  |
| CoreCivic, Inc. | 8.250% | 04/15/29 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;523669 |
| Donnelley RR & Sons Company, 144A | 9.500% | 08/01/29 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;780498 |
| GEO Group, Inc. | 8.625% | 04/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1045733 |
| GEO Group, Inc. | 10.250% | 04/15/31 | &nbsp;&nbsp;667000 | &nbsp;&nbsp;727771 |
| GrafTech Global Enterprises, Inc., 144A | 9.875% | 12/23/29 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;425306 |
| Scorpio Tankers, Inc. | 7.500% | 01/30/30 | &nbsp;&nbsp;625000 | &nbsp;&nbsp;643425 |
| XPO, Inc., 144A | 6.250% | 06/01/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1017381 |
|  |  |  |  | &nbsp;&nbsp;5163783 |
| **Materials - 1.8%** | **Materials - 1.8%** | **Materials - 1.8%** |  |  |
| Ardagh Group S.A., 144A | 12.000% | 12/01/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;940000 |
| LYB International Finance III, LLC | 5.125% | 01/15/31 | &nbsp;&nbsp;35000 | &nbsp;&nbsp;35184 |
| Mativ Holdings, Inc., 144A | 8.000% | 10/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1006981 |
|  |  |  |  | &nbsp;&nbsp;1982165 |
| **Real Estate - 6.2%** | **Real Estate - 6.2%** | **Real Estate - 6.2%** |  |  |
| American Homes 4 Rent, L.P. | 4.300% | 04/15/52 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;789435 |
| Hudson Pacific Properties, L.P. | 3.250% | 01/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;848545 |
| Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1027516 |
| MPT Operating Partnership, L.P., 144A | 8.500% | 02/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1071363 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 53.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Real Estate - 6.2% (Continued)** | **Real Estate - 6.2% (Continued)** | **Real Estate - 6.2% (Continued)** |  |  |
| New Residential Investment <br> Corporation, 144A | 8.000% | 04/01/29 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1021361 |
| Service Properties Trust | 8.875% | 06/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;994040 |
| VICI Properties, L.P. | 5.125% | 05/15/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1006519 |
|  |  |  |  | &nbsp;&nbsp;6758779 |
| **Technology - 1.7%** | **Technology - 1.7%** | **Technology - 1.7%** |  |  |
| Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | &nbsp;&nbsp;342000 | &nbsp;&nbsp;431882 |
| HP, Inc. | 6.100% | 04/25/35 | &nbsp;&nbsp;295000 | &nbsp;&nbsp;310705 |
| Oracle Corporation | 6.900% | 11/09/52 | &nbsp;&nbsp;320000 | &nbsp;&nbsp;315396 |
| Xerox Corporation, 144A | 10.250% | 10/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;824447 |
|  |  |  |  | &nbsp;&nbsp;1882430 |
| **Total Corporate Bonds** (Cost $57,181,497) | **Total Corporate Bonds** (Cost $57,181,497) | **Total Corporate Bonds** (Cost $57,181,497) | **Total Corporate Bonds** (Cost $57,181,497) | &nbsp;&nbsp;$58097131 |
| **FOREIGN GOVERNMENTS - 1.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Mexico Government International Bonds | 7.375% | 05/13/55 | &nbsp;&nbsp;$750000 | &nbsp;&nbsp;$802575 |
| Republic of South Africa Government Bonds | 5.875% | 04/20/32 | &nbsp;&nbsp;695000 | &nbsp;&nbsp;712364 |
| **Total Foreign Governments** (Cost $1,433,255) | **Total Foreign Governments** (Cost $1,433,255) | **Total Foreign Governments** (Cost $1,433,255) | **Total Foreign Governments** (Cost $1,433,255) | &nbsp;&nbsp;$1514939 |
| **COMMON STOCKS - 20.0%** | **COMMON STOCKS - 20.0%** | **COMMON STOCKS - 20.0%** | **Shares** | **Value** |
| **Communications - 1.9%** | **Communications - 1.9%** | **Communications - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;4272 | &nbsp;&nbsp;$481882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;4533 | &nbsp;&nbsp;1532154 |
| **Consumer Discretionary - 1.2%** | **Consumer Discretionary - 1.2%** | **Consumer Discretionary - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;1277 | &nbsp;&nbsp;478351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;5734 | &nbsp;&nbsp;859011 |
|  |  |  |  | &nbsp;&nbsp;1337362 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 20.0% (Continued)** | **Shares** | **Value** |
| **Consumer Staples - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;9100 | &nbsp;&nbsp;$564109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;2736 | &nbsp;&nbsp;490948 |
|  |  | &nbsp;&nbsp;1055057 |
| **Energy - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | &nbsp;&nbsp;5780 | &nbsp;&nbsp;232414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;38174 | &nbsp;&nbsp;704310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;11940 | &nbsp;&nbsp;364051 |
|  |  | &nbsp;&nbsp;1300775 |
| **Financials - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;2443 | &nbsp;&nbsp;545522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank Corporation | &nbsp;&nbsp;3280 | &nbsp;&nbsp;335642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. - ADR | &nbsp;&nbsp;32755 | &nbsp;&nbsp;687527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;6771 | &nbsp;&nbsp;612708 |
|  |  | &nbsp;&nbsp;2181399 |
| **Health Care - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;1088 | &nbsp;&nbsp;371965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;6948 | &nbsp;&nbsp;986269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3253 | &nbsp;&nbsp;739244 |
|  |  | &nbsp;&nbsp;2097478 |
| **Industrials - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;2439 | &nbsp;&nbsp;856309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(d)(e)</sup> | &nbsp;&nbsp;9000 | &nbsp;&nbsp;927090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | &nbsp;&nbsp;1088 | &nbsp;&nbsp;690031 |
|  |  | &nbsp;&nbsp;2473430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;1553 | &nbsp;&nbsp;500454 |
| **Materials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | &nbsp;&nbsp;18621 | &nbsp;&nbsp;852656 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 20.0% (Continued)** | **Shares** | **Value** |
| **Real Estate - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;1309 | &nbsp;&nbsp;$329698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;4127 | &nbsp;&nbsp;538821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;1468 | &nbsp;&nbsp;405447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;23164 | &nbsp;&nbsp;450076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;7019 | &nbsp;&nbsp;545166 |
|  |  | &nbsp;&nbsp;2269208 |
| **Technology - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation <sup>(d)(e)</sup> | &nbsp;&nbsp;15613 | &nbsp;&nbsp;725536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;4600 | &nbsp;&nbsp;879198 |
|  |  | &nbsp;&nbsp;1604734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;1634 | &nbsp;&nbsp;703094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;10435 | &nbsp;&nbsp;817269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;3060 | &nbsp;&nbsp;938502 |
| **Utilities - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | &nbsp;&nbsp;6822 | &nbsp;&nbsp;449638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;15152 | &nbsp;&nbsp;502895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;4217 | &nbsp;&nbsp;466695 |
|  |  | &nbsp;&nbsp;1419228 |
| **Total Common Stocks** (Cost $14,229,805) | **Total Common Stocks** (Cost $14,229,805) | &nbsp;&nbsp;$21564682 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **EXCHANGE-TRADED FUNDS - 2.6%** | **Shares** | **Value** |
| JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;9048 | &nbsp;&nbsp;$529851 |
| JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;16648 | &nbsp;&nbsp;989390 |
| Westwood Enhanced Income Opportunity ETF <sup>(f)</sup> | &nbsp;&nbsp;35853 | &nbsp;&nbsp;910645 |
| Westwood Salient Enhanced Energy Income ETF <sup>(f)</sup> | &nbsp;&nbsp;16752 | &nbsp;&nbsp;381527 |
| **Total Exchange-Traded Funds** (Cost $2,516,336) | **Total Exchange-Traded Funds** (Cost $2,516,336) | &nbsp;&nbsp;$2811413 |
| **PREFERRED STOCKS - 2.2%** | **Shares** | **Value** |
| **Industrials - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The), 6.00%, 10/15/2027 | &nbsp;&nbsp;13350 | &nbsp;&nbsp;$997512 |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apartments - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinebrook Homes Trust, Inc., 9.50% - Series B <sup>(g)</sup> | &nbsp;&nbsp;20000 | &nbsp;&nbsp;500000 |
| **Technology - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 | &nbsp;&nbsp;11850 | &nbsp;&nbsp;717755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., 6.00%, 05/01/2028 - Series A | &nbsp;&nbsp;2400 | &nbsp;&nbsp;180336 |
| **Total Preferred Stocks** (Cost $2,050,575) | **Total Preferred Stocks** (Cost $2,050,575) | &nbsp;&nbsp;$2395603 |
| **WARRANT - 0.0% <sup>(h)</sup>** | **Shares** | **Value** |
| **Communications - 0.0% <sup>(h)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Publishing & Broadcasting - 0.0% <sup>(h)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy 2nd Lien Warrants <sup>(g)</sup> | &nbsp;&nbsp;906 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy 2nd Lien Warrants <sup>(g)</sup> | &nbsp;&nbsp;5433 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audacy Special Warrants <sup>(g)</sup> | &nbsp;&nbsp;4483 | &nbsp;&nbsp;35864 |
| **Total Warrant** (Cost $103,500) | **Total Warrant** (Cost $103,500) | &nbsp;&nbsp;$35864 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 4.1%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 3.63% <sup>(i)</sup> <br> (Cost $4,442,928) | &nbsp;&nbsp;4442928 | &nbsp;&nbsp;$4442928 |
| **Investments at Value - 102.1%** (Cost $101,588,867) | **Investments at Value - 102.1%** (Cost $101,588,867) | &nbsp;&nbsp;$110398544 |
| **Liabilities in Excess of Other Assets - (2.1%)** | **Liabilities in Excess of Other Assets - (2.1%)** | &nbsp;&nbsp; (2275420) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$108123124 |

---

---

| | |
|:---|:---|
| 144A | - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $36,925,199 as of January 31, 2026, representing 34.2% of net assets. |
| ADR | - American Depositary Receipt |
| H15T1Y | - U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year. |
| plc | - Public Limited Company |
| S.A. | - Societe Anonyme |
| S.A.B. de C.V. | - Societe Anonima Bursatil de Capital Variable |
| SOFR | - Secured Overnight Financing Rate. |

---

<sup>(a)</sup> The rate shown is the annualized yield at time of purchase.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of January 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<sup>(c)</sup> Security has a perpetual maturity date.

<sup>(d)</sup> All or a portion of the security covers a written call option. The total value of these securities as of January 31, 2026 was $1,652,626.

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

<sup>(f)</sup> Affiliated fund.

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

<sup>(h)</sup> Percentage rounds to less than 0.1%.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** |
| **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |  |  |
| **WRITTEN OPTION CONTRACTS** | **Strike Price** | **Contracts** | **Notional Value** | **Value of Options** |
| **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc., 05/18/26 | &nbsp;&nbsp;$140 .00 | 90 | $927090 | &nbsp;&nbsp;&nbsp;&nbsp;$65700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation, 02/23/26 | &nbsp;&nbsp;210 .00 | 46 | 879198 | &nbsp;&nbsp;&nbsp;&nbsp;5336 |
| **Total Written Option Contracts** (Premiums $111,707) | **Total Written Option Contracts** (Premiums $111,707) |  | $1806288 | &nbsp;&nbsp;&nbsp;&nbsp;$71036 |
| The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $1,868,843. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $1,868,843. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $1,868,843. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $1,868,843. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $1,868,843. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | **WESTWOOD MULTI-ASSET INCOME FUND** | |
| **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | |
| **FUTURES CONTRACTS** | **Contracts** | **Expiration Date** | **Notional Value** | <br>**Value/Unrealized Appreciation (Depreciation)** |
| **Currency Futures** | **Currency Futures** | **Currency Futures** | **Currency Futures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Euro Foreign Exchange Currency Future | 15 | 3/17/2026 | &nbsp;&nbsp;$2229938 | &nbsp;&nbsp;$35005 |
| **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Note Future | 37 | 3/20/2026 | &nbsp;&nbsp;4223781 | &nbsp;&nbsp;(46943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Ultra Long Term U.S. Treasury Bond Future | 63 | 3/20/2026 | &nbsp;&nbsp;7398563 | &nbsp;&nbsp;(151794) |
|  |  |  | &nbsp;&nbsp;11622344 | &nbsp;&nbsp;(198737) |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp;$13852282 | &nbsp;&nbsp;$(163732) |
| The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $13,948,781. | The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $13,948,781. | The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $13,948,781. | The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $13,948,781. | The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $13,948,781. |

---

## 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 MULTI-ASSET INCOME FUND

- **b. EDGAR series identifier (if any):** S000072840

- **c. LEI of Series:** 54930028Q7KDCMZHDO55

**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:** $112381162.08

**Total Liabilities:** $4258038.22

**Net Assets:** $108123123.86

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 4.09217293 | **1-Year:** 888.07736349 | **5-Year:** 4411.89396761 | **10-Year:** 3771.62914638 | **30-Year:** 4470.06867356

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 111.69004491 | **1-Year:** 3080.68409100 | **5-Year:** 7361.45031562 | **10-Year:** 225.70477199 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229469 | 0.85%                | 0.20%                | 1.25%                |
| Class ID C000229470 | 0.83%                | 0.18%                | 1.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $107192.34               | $142210.63                                 |
| Month 2  | $2017.08                 | $-154791.09                                |
| Month 3  | $63145.14                | $1076765.15                                |

**Designated Index Information**

- **Index Name:** 40 Russ 1000 Val 60 BB Agg

- **Index Identifier:** 40 Russ 1000 Val 60 BB Agg

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alliant Energy Corporation                                                           | Alliant Energy Corporation                                               | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      6822 | NS      | $449638.02    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                                                                  | Ally Financial, Inc. 6.992%, Due 06/13/29                                | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    590000 | PA      | $622284.61    | 0.58%             | 2029-06-13      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet, Inc. Class A                                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4533 | NS      | $1532154.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc 5.30% Due 05/15/2065                                        | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    460000 | PA      | $431170.39    | 0.40%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | Altria Group, Inc.                                                       | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      9100 | NS      | $564109.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent L P                                                            | American Homes 4 Rent LP 4.300%, Due 04/15/52                            | CUSIP: 02666TAF4<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $789434.85    | 0.73%             | 2052-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen, Inc.                                                              | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1088 | NS      | $371965.44    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                                                   | America Movil SAB de CV 5.375%, Due 04/04/2032                           | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | US        |    360000 | PA      | $363079.08    | 0.34%             | 2032-04-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Aptiv PLC / Aptiv Global Financing DAC                                               | Aptiv PLC / Aptiv Global Financing DAC 6.875%, Due 12/15/2054            | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1044310.00   | 0.97%             | 2054-12-15      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Ardagh Group SA / Ardagh Packaging Finance PLC                                       | Ardagh Group SA 12%, Due 12/01/2030                                      | CUSIP: 03969UAA4<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $940000.00    | 0.87%             | 2030-12-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | Ares Capital Corporation 7.000%, Due  01/15/27                           | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    735000 | PA      | $754497.80    | 0.70%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARKO Corp.                                                                           | Arko Corp 5.125%, Due 11/15/2029                                         | CUSIP: 041242AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $870760.80    | 0.81%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Audacy Special Warrants                                                              | Audacy Special Warrants                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |      4483 | NS      | $35864.00     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Audacy 2nd Lien Warrants subject to black scholes protection                         | Audacy 2nd Lien Warrants subject to black scholes protection             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |      5433 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Audacy 2nd Lien Warrants NOT subject to black scholes protection                     | Audacy 2nd Lien Warrants NOT subject to black scholes protection         | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |       906 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avation Group (S) Pte. Ltd.                                                          | Avation Group S Pte Ltd 8.5%, Due 05/15/2031                             | CUSIP: 05390AAA2<br>LEI: 2138006F359FM7HRYK39 | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $983457.22    | 0.91%             | 2031-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BAT Capital Corp 7.75%, Due 10/19/2032                                   | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    552000 | PA      | $644583.53    | 0.60%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BWX Technologies Inc.                                                                | BWX Technologies Inc 0.0%, Due 11/01/2030                                | CUSIP: 05605HAD2<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $515500.00    | 0.48%             | 2030-11-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp 5.518% Due 10/25/2035                               | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    635000 | PA      | $648632.78    | 0.60%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp 6.25%, Due 3/15/2030                                | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    650000 | PA      | $660641.80    | 0.61%             | 2035-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | Barclays PLC 7.385%, Due 11/02/28                                        | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |    515000 | PA      | $543434.61    | 0.50%             | 2028-11-02      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.                                                                 | Barrick Mining Corporation                                               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     18621 | NS      | $852655.59    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                                                                        | BlackLine Inc 1.00% Due 06/01/2029                                       | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992800.00    | 0.92%             | 2029-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                                                       | Blackstone Mortgage Trust Inc 5.5%, Due 03/15/2027                       | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985500.00    | 0.91%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | Blue Owl Credit Income Corp 5.8% Due 03/15/2030                          | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496069.03    | 0.46%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | Boeing Company (The)                                                     | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     13350 | NS      | $997512.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties LP                                                                 | Boston Properties LP 2.0%, Due 10/01/2030                                | CUSIP: 10112RBM5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    815000 | PA      | $773842.50    | 0.72%             | 2030-10-01      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                     | CHS / Community Health Systems, Inc. 10.875%, Due 01/15/2032             | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    905000 | PA      | $974237.03    | 0.90%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSC Holdings, LLC 11.250%, Due 05/15/28                                  | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $801501.90    | 0.74%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| CVR Energy Inc.                                                                      | CVR Energy Inc 8.5%, Due 1/15/2029                                       | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1043101.00   | 0.96%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Century Communities Inc                                                              | Century Communities Inc 6.625%, Due 09/15/2033                           | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    691000 | PA      | $699824.76    | 0.65%             | 2033-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating, LLC 6.384%, Due 10/23/35               | CUSIP: 161175AZ7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026590.22   | 0.95%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | Cisco Systems, Inc.                                                      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     10435 | NS      | $817269.20    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                  | Clear Channel Outdoor Holdings Inc 7.875%, Due 04/01/2030                | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1052811.00   | 0.97%             | 2030-04-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Corecivic Inc                                                                        | CoreCivic Inc 8.25%, Due 4/15/2029                                       | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $523669.00    | 0.48%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | Dell International, LLC / EMC Corporation 8.350%, Due 07/15/2046         | CUSIP: 24703TAK2<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    342000 | PA      | $431882.33    | 0.40%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                                             | Devon Energy Corporation                                                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      5780 | NS      | $232413.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                                               | Diamondback Energy, Inc. 5.900%, Due 04/18/2064                          | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    460000 | PA      | $440579.36    | 0.41%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company (The)                                                | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      4272 | NS      | $481881.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                            | RR Donnelley & Sons Co 9.5% Due 08/01/2029                               | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    750000 | PA      | $780498.05    | 0.72%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | Enbridge Inc 7.2% Due 06/27/2054                                         | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    525000 | PA      | $559793.33    | 0.52%             | 2054-06-27      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer, L.P.                                                    | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     38174 | NS      | $704310.30    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer Operating LP 7.125%, Perpetual                           | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    525000 | PA      | $542248.88    | 0.50%             | 2165-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Partners L.P.                                                    | Enterprise Products Partners, L.P.                                       | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     15152 | NS      | $502894.88    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                                                           | Essex Property Trust, Inc. REIT                                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      1309 | NS      | $329697.83    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.500%, Due 04/01/2053            | CUSIP: 3132DP3N6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    425586 | PA      | $433717.82    | 0.40%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.000%, Due 01/01/2053            | CUSIP: 3132DWF57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    431561 | PA      | $433182.42    | 0.40%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 4.500%, Due 12/01/2052            | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    444347 | PA      | $436423.19    | 0.40%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | Federal Home Loan Mortgage Corporation 4.000%, Due 10/01/2052            | CUSIP: 3140XJXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    478422 | PA      | $459826.47    | 0.43%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FedEx Corporation                                                        | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1553 | NS      | $500454.25    | 0.46%             |  |  |  | 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        |   4442928 | PA      | $4442927.99   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)                                             | First Citizens BancShares Inc/NC 7%, Due 12/15/2030                      | CUSIP: 31959XAG8<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    430000 | PA      | $439622.97    | 0.41%             | 2049-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                                                            | Flex Ltd 6.000%, Due 01/15/28                                            | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | US        |    745000 | PA      | $769583.40    | 0.71%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                   | Ford Motor Credit Company, LLC 7.45%, Due 07/16/31                       | CUSIP: 345370CA6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1111431.63   | 1.03%             | 2031-07-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust 2022-DNA7                                              | Freddie Mac STACR REMIC Trust 2021-HQA1 9.34839%, Due 08/25/2033         | CUSIP: 35564KCP2<br>LEI: 5493000IRUQLXTG4SV18 | Long             | ABS-O            | USGSE             | US        |    460000 | PA      | $542505.60    | 0.50%             | 2033-08-25      | Floating      | 8.70%                 | Yes           |                  2 | On Loan: No      |
| GEO Group Inc                                                                        | GEO Group Inc/The 8.625% Due 04/15/2029                                  | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1045732.76   | 0.97%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GEO Group Inc                                                                        | GEO Group Inc/The 10.25% Due 11/01/2031                                  | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    667000 | PA      | $727771.04    | 0.67%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                                                         | General Dynamics Corporation                                             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      2439 | NS      | $856308.51    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Images Inc.                                                                    | Getty Images Incorporated 11.25%, Due 02/21/2030                         | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $894124.94    | 0.83%             | 2030-02-21      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences, Inc.                                                    | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6948 | NS      | $986268.60    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital Private Credit Fund                                                    | Golub Capital Private Credit Fund 5.875% Due 05/01/2030                  | CUSIP: 38179RAD7<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |    890000 | PA      | $900115.58    | 0.83%             | 2030-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GrafTech Global Enterprises Inc.                                                     | GrafTech Global Enterprises Inc 9.875% Due 12/23/2029                    | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $425306.25    | 0.39%             | 2029-12-23      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Gray Media Inc.                                                                      | Gray Media Inc 7.25%, Due 08/15/2033                                     | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023727.96   | 0.95%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC Holdings PLC Floating rate, Due 12/31/2049                          | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | US        |    615000 | PA      | $647203.86    | 0.60%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                               | HP Inc 6.1% Due 04/25/2035                                               | CUSIP: 40434LAS4<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    295000 | PA      | $310704.86    | 0.29%             | 2035-04-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | Hewlett Packard Enterprise Company                                       | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |     11850 | NS      | $717754.50    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                                                      | Home Depot, Inc. (The)                                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1277 | NS      | $478351.43    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties LP                                                         | Hudson Pacific Properties, L.P. 3.25%, due 01/15/2030                    | CUSIP: 44409MAC0<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $848545.00    | 0.78%             | 2030-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                      | Icahn Enterprises 10.0%, Due 11/15/2029                                  | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1260981.25   | 1.17%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                             | iHeartCommunications Inc 7.75%, Due 08/15/2030                           | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $856150.00    | 0.79%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Intel Corporation                                                                    | Intel Corporation                                                        | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     15613 | NS      | $725536.11    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.                                                | International Business Machines Corporation                              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3060 | NS      | $938502.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                               | Intesa Sanpaolo S.p.A. 7.778%, Due 06/20/54                              | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | US        |    360000 | PA      | $435605.55    | 0.40%             | 2054-06-20      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                   | Iron Mountain, Inc. 7.000%, Due 02/15/29                                 | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027516.00   | 0.95%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Equity Premium Income ETF                                       | CUSIP: 46641Q332<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |      9048 | NS      | $529850.88    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Nasdaq Equity Premium Income ETF                                | CUSIP: 46654Q203<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     16648 | NS      | $989390.64    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson                                                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3253 | NS      | $739244.25    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | Kinder Morgan, Inc.                                                      | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     11940 | NS      | $364050.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.                                            | Kratos Defense & Security Solutions, Inc.                                | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      9000 | NS      | $927090.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| LYB International Finance III LLC                                                    | LYB International Finance III LLC 5.125%, Due 1/15/2031                  | CUSIP: 50249AAQ6<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35184.20     | 0.03%             | 2031-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | Lockheed Martin Corporation                                              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1088 | NS      | $690031.36    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPT Operating Partnership LP / MPT Finance Corp 8.5% Due 2/15/2032       | CUSIP: 55342UAQ7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1071363.00   | 0.99%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Mars Inc.                                                                            | Mars Inc 5.7% Due 11/1/2025                                              | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    320000 | PA      | $319792.32    | 0.30%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Martin Midstream Partners LP / Martin Midstream Finance Corp                         | Martin Midstream Partners LP 11.500%, Due 02/15/28                       | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1040000.00   | 0.96%             | 2028-02-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corporation                                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1634 | NS      | $703093.86    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 5.942%, Due 02/07/39                                      | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    450000 | PA      | $471104.53    | 0.44%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Muvico LLC                                                                           | Muvico LLC 15.0%, Due 02/19/2029                                         | CUSIP: 62844JAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1023500 | PA      | $1008528.75   | 0.93%             | 2029-02-19      | Fixed         | 15.00%                | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC/ NGL Energy Finance Corp                                    | NGL Energy Operating LLC / NGL Energy Finance Corp 8.125%, Due 2/15/2029 | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1037661.00   | 0.96%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                  | Rithm Capital Corporation 8.000%, Due 04/01/29                           | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021361.00   | 0.94%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                           | Northern Oil & Gas Inc 7.875%, Due 10/15/2033                            | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1333000 | PA      | $1345150.30   | 1.24%             | 2033-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corporation                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      4600 | NS      | $879198.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                                                                 | Old National Bancorp/IN 5.768%, Due 2/15/2036                            | CUSIP: 68003DAA3<br>LEI: 549300MMK90CL5KMVX16 | Long             | DBT              | CORP              | US        |    540000 | PA      | $543113.90    | 0.50%             | 2036-02-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| 1261229 Bc Ltd.                                                                      | 1261229 BC Ltd 10.00% Due 04/15/2032                                     | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1027116.03   | 0.95%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 6.900%, Due 11/09/52                                  | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    320000 | PA      | $315395.89    | 0.29%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                                        | PBF Holding Co LLC / PBF Finance Corp 9.875%, Due 3/15/2030              | CUSIP: 69318FAM0<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1060540.00   | 0.98%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC Financial Services Group, Inc. (The)                                 | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      2443 | NS      | $545521.90    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International, Inc.                                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      2736 | NS      | $490947.84    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66 Co.                                                                      | Phillips 66 Co 6.2%, Due 03/15/2056                                      | CUSIP: 718547BA9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    385000 | PA      | $387095.94    | 0.36%             | 2056-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                    | Plains All American Pipeline LP / PAA Finance Corp 5.6%, Due 10/15/2035  | CUSIP: 72650RBS0<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40601.15     | 0.04%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Prologis Inc.                                                                        | Prologis, Inc. REIT                                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4127 | NS      | $538821.12    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                                       | Public Storage REIT                                                      | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      1468 | NS      | $405446.92    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Building Products Inc.                                                           | Queen MergerCo Inc 6.75% Due 04/30/2032                                  | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1030454.00   | 0.95%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                                    | Redwood Trust Inc 7.75% Due 06/15/2027                                   | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1010000.00   | 0.93%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings Inc 7.2%, Due 10/30/2034                                    | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    725000 | PA      | $699401.67    | 0.65%             | 2034-10-30      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Sabre GLBL Inc.                                                                      | Sabre GLBL Inc 10.75%, Due 11/15/2029                                    | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $883106.76    | 0.82%             | 2029-11-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Mativ Holdings Inc                                                                   | Mativ Holdings Inc 8.0%, Due 10/01/2029                                  | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006981.00   | 0.93%             | 2029-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| E.W. Scripps Co.                                                                     | EW Scripps Co/The 9.875%, Due 08/15/2030                                 | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996257.80    | 0.92%             | 2030-08-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                                                               | Sempra Energy 6.400%, Due 10/01/2054                                     | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    450000 | PA      | $455210.10    | 0.42%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                                             | Service Properties Trust 8.875%, Due 06/15/32                            | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994040.30    | 0.92%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments Inc                                                                  | Shift4 Payments, Inc.                                                    | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2400 | NS      | $180336.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterfly Finance LLC                                                               | Shutterfly Finance LLC 8.5% Due 10/01/2027                               | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1021250 | PA      | $991490.78    | 0.92%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                                      | Sinclair Television Group Inc 8.125% Due 2/15/2033                       | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    919000 | PA      | $950631.98    | 0.88%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Sixth Street Lending Partners                                                        | Sixth Street Lending Partners 5.75%, Due 01/15/2030                      | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505655.73    | 0.47%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                                        | Six Flags Entertainment Corp 6.625%, Due 05/1/2032                       | CUSIP: 83002YAA7<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021848.00   | 0.95%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| South Africa (Republic of)                                                           | Republic of South Africa Government  International Bond                  | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | US        |    695000 | PA      | $712363.59    | 0.66%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Southstate Bank Corp.                                                                | SouthState Corp 7.00% Due 06/13/2035                                     | CUSIP: 840441AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535000 | PA      | $560581.82    | 0.52%             | 2035-06-13      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Southstate Bank Corp.                                                                | SOUTHSTATE BANK CORP                                                     | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3280 | NS      | $335642.40    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Staples, Inc.                                                                        | Staples, Inc. 10.750%, Due 09/01/29                                      | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491314.75    | 0.45%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                                                   | State Street Corporation Floating rate, Due 12/31/2049                   | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    475000 | PA      | $492558.52    | 0.46%             | 2049-12-31      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | Sumitomo Mitsui Financial Group, Inc. ADR                                | CUSIP: 86562M209<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     32755 | NS      | $687527.45    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunoco LP                                                                            | Sunoco LP 7.875%, Due 03/18/2045                                         | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    315000 | PA      | $325344.60    | 0.30%             | 2045-03-18      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| The TJX Companies Inc.                                                               | TJX Companies, Inc. (The)                                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5734 | NS      | $859010.54    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TransCanada Trust                                                                    | Transcanada Trust 5.600%, Due 03/07/2082                                 | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | US        |    478000 | PA      | $475867.55    | 0.44%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Ultimus Managers Trust                                                               | Westwood Enhanced Income Opportunity ETF USD Class                       | CUSIP: 90386K530<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |     35853 | NS      | $910644.69    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultimus Managers Trust                                                               | Westwood Salient Enhanced Energy Income ETF                              | CUSIP: 90386K571<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |     16752 | NS      | $381526.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 7.375%, Due 05/13/2055              | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    750000 | PA      | $802575.00    | 0.74%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 3/19/2026                                 | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2488637.70   | 2.30%             | 2026-03-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 10/16/2025                                | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2481826.05   | 2.30%             | 2026-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 03/24/2026                                | CUSIP: 912797TA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3979802.76   | 3.68%             | 2026-03-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.625%, Due 02/15/2035                               | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1035000 | PA      | $1068799.22   | 0.99%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 4.0% Due 03/31/2030                     | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1035000 | PA      | $1045592.58   | 0.97%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 3.875%, Due 07/31/2030                  | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1004921.88   | 0.93%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Urban Edge Properties                                                                | Urban Edge Properties REIT                                               | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23164 | NS      | $450076.52    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                                                          | Ventas, Inc. REIT                                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      7019 | NS      | $545165.73    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties LP                                                                   | VICI Properties LP 5.125%, Due 05/15/32                                  | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006518.79   | 0.93%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Vinebrook Homes Trust, Inc. 9.5% Preferred                                           | Vinebrook Homes Trust, Inc. 9.5% Preferred                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     20000 | NS      | $500000.00    | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| W & T Offshore Inc.                                                                  | W&T Offshore Inc 10.75%, Due 02/01/2029                                  | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491800.00    | 0.45%             | 2029-02-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC Energy Group, Inc.                                                   | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      4217 | NS      | $466695.39    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company                                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      6771 | NS      | $612707.79    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                                                              | XPO, Inc. 6.250%, Due 06/01/28                                           | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017381.00   | 0.94%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                                                          | Xerox Corp 10.25%, Due 10/15/2030                                        | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $824447.37    | 0.76%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | CME Euro Foreign Exchange Currency Future 2026-03-16                     | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DFE              | CORP              | US        |        15 | NS      | $35004.45     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | Kratos Defense & Security Solutions, Inc. 05/15/2026 140 Call            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -90 | NS      | $-65700.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                                      | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    459300 | PA      | $459300.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | NVIDIA Corporation 02/20/2026 210 Call                                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -46 | NS      | $-5336.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                               | Ultra 10-Year US Treasury Note Futures 2026-03-20                        | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        37 | NS      | $-46942.64    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                               | Ultra U.S. Treasury Bond Futures 2026-03-20                              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        63 | NS      | $-151794.72   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc                                                                  | Scorpio Tankers Inc 7.5%, Due 01/30/2030                                 | CUSIP: Y754QCAA8<br>LEI: 549300NVJUH16NXG8K87 | Long             | DBT              | CORP              | MH        |    625000 | PA      | $643424.39    | 0.60%             | 2030-01-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Golar LNG Limited                                                                    | Golar LNG Ltd 7.25%, Due 09/19/2029                                      | CUSIP: G4023LAC5<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $998696.08    | 0.92%             | 2029-09-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Westwood Multi-Asset Income Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer