# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-004637
**Filing Date:** 2026-3
**Character Count:** 107175
**Document Hash:** 829d35ed3b50c6a0fb0b6d09c195420d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-004637.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000910472-26-004637

**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:** 26817009

**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 Income Opportunity Fund (Series ID: S000072841)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229472 | Westwood Income Opportunity Fund C Class Shares       | WWICX           |
| C000229473 | Westwood Income Opportunity Fund Institutional Shares | WHGIX           |
| C000229474 | Westwood Income Opportunity Fund A Class Shares       | WWIAX           |
| C000240107 | Westwood Income Opportunity Fund Ultra Shares         | WHGOX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY 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 - 12.5%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(a)</sup> - 0.8%** | **U.S. Treasury Bills <sup>(a)</sup> - 0.8%** | **U.S. Treasury Bills <sup>(a)</sup> - 0.8%** | **U.S. Treasury Bills <sup>(a)</sup> - 0.8%** |  |
| U.S. Treasury Bills | 3.641% | 02/26/26 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$4987911 |
| **U.S. Treasury Bonds - 4.3%** | **U.S. Treasury Bonds - 4.3%** | **U.S. Treasury Bonds - 4.3%** | **U.S. Treasury Bonds - 4.3%** |  |
| U.S. Treasury Bonds | 4.375% | 08/15/43 | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;5008828 |
| U.S. Treasury Bonds | 4.750% | 11/15/53 | &nbsp;&nbsp;5030000 | &nbsp;&nbsp;4928614 |
| U.S. Treasury Bonds | 4.500% | 11/15/54 | &nbsp;&nbsp;5430000 | &nbsp;&nbsp;5109291 |
| U.S. Treasury Bonds | 4.625% | 02/15/55 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;4803906 |
| U.S. Treasury Bonds | 4.750% | 05/15/55 | &nbsp;&nbsp;5650000 | &nbsp;&nbsp;5539649 |
|  |  |  |  | &nbsp;&nbsp;25390288 |
| **U.S. Treasury Notes - 7.4%** | **U.S. Treasury Notes - 7.4%** | **U.S. Treasury Notes - 7.4%** | **U.S. Treasury Notes - 7.4%** |  |
| U.S. Treasury Notes | 4.000% | 02/28/30 | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;3283896 |
| U.S. Treasury Notes | 3.875% | 07/31/30 | &nbsp;&nbsp;1935000 | &nbsp;&nbsp;1944524 |
| U.S. Treasury Notes | 3.750% | 01/31/31 | &nbsp;&nbsp;6250000 | &nbsp;&nbsp;6236816 |
| U.S. Treasury Notes | 4.125% | 11/15/32 | &nbsp;&nbsp;1310000 | &nbsp;&nbsp;1319671 |
| U.S. Treasury Notes | 4.375% | 05/15/34 | &nbsp;&nbsp;6315000 | &nbsp;&nbsp;6423540 |
| U.S. Treasury Notes | 4.625% | 02/15/35 | &nbsp;&nbsp;6065000 | &nbsp;&nbsp;6263060 |
| U.S. Treasury Notes | 4.250% | 08/15/35 | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;5512031 |
| U.S. Treasury Notes | 4.000% | 11/15/35 | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;5394297 |
| U.S. Treasury Notes | 4.750% | 08/15/55 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2451953 |
| U.S. Treasury Notes | 4.625% | 11/15/55 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;4806250 |
|  |  |  |  | &nbsp;&nbsp;43636038 |
| **Total U.S. Government & Agencies** (Cost $74,213,689) | **Total U.S. Government & Agencies** (Cost $74,213,689) | **Total U.S. Government & Agencies** (Cost $74,213,689) | **Total U.S. Government & Agencies** (Cost $74,213,689) | &nbsp;&nbsp;$74014237 |
| **COLLATERALIZED MORTGAGE <br> OBLIGATIONS - 2.4%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Home Loan Mortgage Corporation - 1.6%** | **Federal Home Loan Mortgage Corporation - 1.6%** | **Federal Home Loan Mortgage Corporation - 1.6%** | **Federal Home Loan Mortgage Corporation - 1.6%** |  |
| FHLMC, Series 2021-HQA1, Class B-2, 144A <sup>(b)</sup> | 8.697% | 08/25/33 | &nbsp;&nbsp;$2145000 | &nbsp;&nbsp;$2529727 |
| FHLMC, Pool #SD8275 | 4.500% | 12/01/52 | &nbsp;&nbsp;2381862 | &nbsp;&nbsp;2339385 |
| FHLMC, Pool #SD8288 | 5.000% | 01/01/53 | &nbsp;&nbsp;2312218 | &nbsp;&nbsp;2320904 |
| FHLMC, Pool #SD2605 | 5.500% | 04/01/53 | &nbsp;&nbsp;2269794 | &nbsp;&nbsp;2313162 |
|  |  |  |  | &nbsp;&nbsp;9503178 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE <br> OBLIGATIONS - 2.4% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal National Mortgage Association - 0.8%** | **Federal National Mortgage Association - 0.8%** | **Federal National Mortgage Association - 0.8%** | **Federal National Mortgage Association - 0.8%** |  |
| FNMA, Pool #FS3394 | 4.000% | 10/01/52 | &nbsp;&nbsp;$2559979 | &nbsp;&nbsp;$2460475 |
| FNMA, Pool #MA5192 | 6.500% | 11/01/53 | &nbsp;&nbsp;2001436 | &nbsp;&nbsp;2072518 |
|  |  |  |  | &nbsp;&nbsp;4532993 |
| **Total Collateralized Mortgage Obligations** (Cost $13,777,263) | **Total Collateralized Mortgage Obligations** (Cost $13,777,263) | **Total Collateralized Mortgage Obligations** (Cost $13,777,263) | **Total Collateralized Mortgage Obligations** (Cost $13,777,263) | &nbsp;&nbsp;$14036171 |
| **CONVERTIBLE BONDS - 4.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** |  |  |
| GDS Holdings Ltd., 144A | 2.250% | 06/01/32 | &nbsp;&nbsp;$1310000 | &nbsp;&nbsp;$2046875 |
| **Consumer Discretionary - 0.5%** | **Consumer Discretionary - 0.5%** | **Consumer Discretionary - 0.5%** |  |  |
| Meritage Homes Corporation | 1.750% | 05/15/28 | &nbsp;&nbsp;2680000 | &nbsp;&nbsp;2719544 |
| **Energy - 0.3%** | **Energy - 0.3%** | **Energy - 0.3%** |  |  |
| Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | &nbsp;&nbsp;1950000 | &nbsp;&nbsp;1972717 |
| **Industrials - 0.7%** | **Industrials - 0.7%** | **Industrials - 0.7%** |  |  |
| BWX Technologies, Inc., 144A | 0.000% | 11/01/30 | &nbsp;&nbsp;3960000 | &nbsp;&nbsp;4082760 |
| **Real Estate - 1.0%** | **Real Estate - 1.0%** | **Real Estate - 1.0%** |  |  |
| Boston Properties Ltd., L.P., 144A | 2.000% | 10/01/30 | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;3560625 |
| Corporate Office Properties, L.P., 144A | 5.250% | 09/15/28 | &nbsp;&nbsp;2045000 | &nbsp;&nbsp;2389808 |
|  |  |  |  | &nbsp;&nbsp;5950433 |
| **Technology - 0.6%** | **Technology - 0.6%** | **Technology - 0.6%** |  |  |
| BlackLine, Inc. | 1.000% | 06/01/29 | &nbsp;&nbsp;2105000 | &nbsp;&nbsp;2089844 |
| MARA Holdings, Inc., 144A | 0.000% | 08/01/32 | &nbsp;&nbsp;1915000 | &nbsp;&nbsp;1385503 |
|  |  |  |  | &nbsp;&nbsp;3475347 |
| **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** |  |  |
| CenterPoint Energy, Inc. | 4.250% | 08/15/26 | &nbsp;&nbsp;3615000 | &nbsp;&nbsp;4030725 |
| NextEra Energy Capital Holdings, Inc. | 3.000% | 03/01/27 | &nbsp;&nbsp;2920000 | &nbsp;&nbsp;3879220 |
|  |  |  |  | &nbsp;&nbsp;7909945 |
| **Total Convertible Bonds** (Cost $27,405,664) | **Total Convertible Bonds** (Cost $27,405,664) | **Total Convertible Bonds** (Cost $27,405,664) | **Total Convertible Bonds** (Cost $27,405,664) | &nbsp;&nbsp;$28157621 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 27.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 2.8%** | **Communications - 2.8%** | **Communications - 2.8%** |  |  |
| Alphabet, Inc. | 5.300% | 05/15/65 | &nbsp;&nbsp;$2225000 | &nbsp;&nbsp;$2085552 |
| América Móvil S.A.B. de C.V., 144A | 5.375% | 04/04/32 | &nbsp;&nbsp;3050000 | &nbsp;&nbsp;3076087 |
| Charter Communications Operating, LLC | 6.384% | 10/23/35 | &nbsp;&nbsp;2430000 | &nbsp;&nbsp;2494614 |
| Charter Communications Operating, LLC | 6.484% | 10/23/45 | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;3533692 |
| Enbridge, Inc. | 7.200% | 06/27/54 | &nbsp;&nbsp;2515000 | &nbsp;&nbsp;2681677 |
| Sinclair Television Group, Inc., 144A | 8.125% | 02/15/33 | &nbsp;&nbsp;2566000 | &nbsp;&nbsp;2654322 |
|  |  |  |  | &nbsp;&nbsp;16525944 |
| **Consumer Discretionary - 0.2%** | **Consumer Discretionary - 0.2%** | **Consumer Discretionary - 0.2%** |  |  |
| Century Communities, Inc., 144A | 6.625% | 09/15/33 | &nbsp;&nbsp;1289000 | &nbsp;&nbsp;1305462 |
| **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** |  |  |
| BAT Capital Corporation | 7.750% | 10/19/32 | &nbsp;&nbsp;3576000 | &nbsp;&nbsp;4175780 |
| Mars, Inc., 144A | 5.700% | 05/01/55 | &nbsp;&nbsp;1620000 | &nbsp;&nbsp;1618949 |
| Pilgrim's Pride Corporation | 6.250% | 07/01/33 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3206382 |
|  |  |  |  | &nbsp;&nbsp;9001111 |
| **Energy - 3.3%** | **Energy - 3.3%** | **Energy - 3.3%** |  |  |
| Columbia Pipelines Operating <br> Company, LLC, 144A | 6.544% | 11/15/53 | &nbsp;&nbsp;3705000 | &nbsp;&nbsp;3956424 |
| Energy Transfer, L.P. (H15T5Y + 531) <sup>(b)(c)</sup> | 7.125% | 05/15/65 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2582138 |
| Northern Oil & Gas, Inc., 144A | 7.875% | 10/15/33 | &nbsp;&nbsp;3667000 | &nbsp;&nbsp;3700425 |
| Phillips 66 Company, Series B | 6.200% | 03/15/56 | &nbsp;&nbsp;1780000 | &nbsp;&nbsp;1789690 |
| Sempra Energy | 6.400% | 10/01/54 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3034734 |
| Sunoco, L.P., 144A, Series A | 7.875% | 03/18/45 | &nbsp;&nbsp;1460000 | &nbsp;&nbsp;1507946 |
| TransCanada Trust | 5.600% | 03/07/82 | &nbsp;&nbsp;2918000 | &nbsp;&nbsp;2904982 |
|  |  |  |  | &nbsp;&nbsp;19476339 |
| **Financials - 14.7%** | **Financials - 14.7%** | **Financials - 14.7%** |  |  |
| Ally Financial, Inc. | 6.992% | 06/13/29 | &nbsp;&nbsp;3175000 | &nbsp;&nbsp;3348735 |
| Ares Capital Corporation | 7.000% | 01/15/27 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3079583 |
| Bank of America Corporation | 6.250% | 10/15/35 | &nbsp;&nbsp;3055000 | &nbsp;&nbsp;3105016 |
| Bank of America Corporation | 5.518% | 10/25/35 | &nbsp;&nbsp;3140000 | &nbsp;&nbsp;3207413 |
| Bank of Nova Scotia, Series 4 | 8.625% | 10/27/82 | &nbsp;&nbsp;3270000 | &nbsp;&nbsp;3463018 |
| Barclays plc | 7.385% | 11/02/28 | &nbsp;&nbsp;2845000 | &nbsp;&nbsp;3002081 |
| Barclays plc <sup>(c)</sup> | 8.000% | 12/31/49 | &nbsp;&nbsp;3150000 | &nbsp;&nbsp;3367520 |
| BNP Paribas, 144A (H15T5Y + 313) <sup>(b)(c)</sup> | 7.450% | 12/27/49 | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;2900433 |
| Capital One Financial Corporation <br> (SOFR + 307) <sup>(b)(c)</sup> | 7.624% | 10/30/31 | &nbsp;&nbsp;2560000 | &nbsp;&nbsp;2874513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 27.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 14.7% (Continued)** | **Financials - 14.7% (Continued)** | **Financials - 14.7% (Continued)** |  |  |
| Citigroup, Inc. | 6.174% | 05/25/34 | &nbsp;&nbsp;$2065000 | &nbsp;&nbsp;$2188435 |
| Citigroup, Inc. <sup>(b)(c)</sup> | 7.200% | 12/31/49 | &nbsp;&nbsp;3330000 | &nbsp;&nbsp;3452328 |
| Farmers Exchange Capital, 144A | 7.050% | 07/15/28 | &nbsp;&nbsp;3670000 | &nbsp;&nbsp;3841139 |
| First Citizens BancShares, Inc., Series D <sup>(c)</sup> | 7.000% | 12/31/49 | &nbsp;&nbsp;2315000 | &nbsp;&nbsp;2366807 |
| Five Corners Funding Trust IV, 144A | 5.997% | 02/15/53 | &nbsp;&nbsp;1925000 | &nbsp;&nbsp;1976522 |
| Golub Capital Private Credit Fund | 5.875% | 05/01/30 | &nbsp;&nbsp;3635000 | &nbsp;&nbsp;3676315 |
| HSBC Holdings plc <sup>(c)</sup> | 8.000% | 12/31/49 | &nbsp;&nbsp;3455000 | &nbsp;&nbsp;3635918 |
| Intesa Sanpaolo S.p.A., 144A | 7.778% | 06/20/54 | &nbsp;&nbsp;2150000 | &nbsp;&nbsp;2601533 |
| Lincoln National Corporation <sup>(c)</sup> | 9.250% | 12/31/49 | &nbsp;&nbsp;2065000 | &nbsp;&nbsp;2214417 |
| Morgan Stanley, Series I | 6.296% | 10/18/28 | &nbsp;&nbsp;2385000 | &nbsp;&nbsp;2474153 |
| Morgan Stanley, Series F (SOFR + 262) <sup>(b)</sup> | 5.942% | 02/07/39 | &nbsp;&nbsp;1830000 | &nbsp;&nbsp;1915825 |
| National Australia Bank Ltd., 144A | 6.429% | 01/12/33 | &nbsp;&nbsp;2870000 | &nbsp;&nbsp;3111377 |
| Old National Bancorp | 5.768% | 02/15/36 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3017299 |
| Penske Truck Leasing Company, L.P. / <br> PTL Finance Corporation, 144A | 6.200% | 06/15/30 | &nbsp;&nbsp;2815000 | &nbsp;&nbsp;3001112 |
| RenaissanceRe Holdings Ltd. | 5.750% | 06/05/33 | &nbsp;&nbsp;2440000 | &nbsp;&nbsp;2552352 |
| SBL Holdings, Inc., 144A | 7.200% | 10/30/34 | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;3472891 |
| Sixth Street Lending Partners | 5.750% | 01/15/30 | &nbsp;&nbsp;2085000 | &nbsp;&nbsp;2108584 |
| State Street Corporation <sup>(b)(c)</sup> | 6.700% | 12/31/49 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;4147862 |
| U.S. Bancorp <sup>(b)(c)</sup> | 3.700% | 12/31/49 | &nbsp;&nbsp;4025000 | &nbsp;&nbsp;3968803 |
| Wells Fargo & Company, Series W | 5.198% | 01/23/30 | &nbsp;&nbsp;3595000 | &nbsp;&nbsp;3702177 |
|  |  |  |  | &nbsp;&nbsp;87774161 |
| **Health Care - 1.3%** | **Health Care - 1.3%** | **Health Care - 1.3%** |  |  |
| Community Health Systems, Inc., 144A | 10.875% | 01/15/32 | &nbsp;&nbsp;2409000 | &nbsp;&nbsp;2593301 |
| Flex Ltd. | 6.000% | 01/15/28 | &nbsp;&nbsp;2735000 | &nbsp;&nbsp;2825248 |
| Mylan, Inc. | 5.200% | 04/15/48 | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;2164776 |
|  |  |  |  | &nbsp;&nbsp;7583325 |
| **Industrials - 0.4%** | **Industrials - 0.4%** | **Industrials - 0.4%** |  |  |
| Sabre Financial Borrower, LLC, 144A | 11.125% | 06/15/29 | &nbsp;&nbsp;2425000 | &nbsp;&nbsp;2450921 |
| **Materials - 0.3%** | **Materials - 0.3%** | **Materials - 0.3%** |  |  |
| Celanese US Holdings, LLC | 6.850% | 11/15/28 | &nbsp;&nbsp;1543000 | &nbsp;&nbsp;1619718 |
| LYB International Finance III, LLC | 5.125% | 01/15/31 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;180947 |
|  |  |  |  | &nbsp;&nbsp;1800665 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 27.9% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Real Estate - 1.0%** | **Real Estate - 1.0%** | **Real Estate - 1.0%** |  |  |
| Kimco Realty OP, LLC | 4.850% | 03/01/35 | &nbsp;&nbsp;$2545000 | &nbsp;&nbsp;$2529330 |
| MPT Operating Partnership, L.P., 144A | 8.500% | 02/15/32 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3214089 |
|  |  |  |  | &nbsp;&nbsp;5743419 |
| **Technology - 1.1%** | **Technology - 1.1%** | **Technology - 1.1%** |  |  |
| Dell International, LLC / EMC Corporation | 8.350% | 07/15/46 | &nbsp;&nbsp;1314000 | &nbsp;&nbsp;1659337 |
| HP, Inc. | 6.100% | 04/25/35 | &nbsp;&nbsp;1435000 | &nbsp;&nbsp;1511395 |
| Oracle Corporation | 4.800% | 09/26/32 | &nbsp;&nbsp;1110000 | &nbsp;&nbsp;1074780 |
| Oracle Corporation | 6.900% | 11/09/52 | &nbsp;&nbsp;2075000 | &nbsp;&nbsp;2045146 |
|  |  |  |  | &nbsp;&nbsp;6290658 |
| **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** |  |  |
| Florida Gas Transmission Company, 144A | 5.750% | 07/15/35 | &nbsp;&nbsp;2880000 | &nbsp;&nbsp;2986061 |
| Georgia Power Company | 5.250% | 03/15/34 | &nbsp;&nbsp;2785000 | &nbsp;&nbsp;2874282 |
| San Diego Gas & Electric Company, <br> Series CCCC | 5.400% | 04/15/35 | &nbsp;&nbsp;2030000 | &nbsp;&nbsp;2094353 |
|  |  |  |  | &nbsp;&nbsp;7954696 |
| **Total Corporate Bonds** (Cost $158,475,690) | **Total Corporate Bonds** (Cost $158,475,690) | **Total Corporate Bonds** (Cost $158,475,690) | **Total Corporate Bonds** (Cost $158,475,690) | &nbsp;&nbsp;$165906701 |
| **FOREIGN GOVERNMENTS - 0.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Mexico Government International Bonds (Cost $3,917,672) | 7.375% | 05/13/55 | &nbsp;&nbsp;$3980000 | &nbsp;&nbsp;$4258998 |
| **COMMON STOCKS - 43.4%** | **COMMON STOCKS - 43.4%** | **COMMON STOCKS - 43.4%** | **Shares** | **Value** |
| **Communications - 4.3%** | **Communications - 4.3%** | **Communications - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.7%* |  |  |
| &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;34365 | &nbsp;&nbsp;$3876372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 3.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 3.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 3.6%* |  |  |
| &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;50912 | &nbsp;&nbsp; 17208256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;6208 | &nbsp;&nbsp;4448032 |
|  |  |  |  | &nbsp;&nbsp;21656288 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 43.4% (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | &nbsp;&nbsp;165321 | &nbsp;&nbsp;$4625682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;13360 | &nbsp;&nbsp;5004522 |
|  |  | &nbsp;&nbsp;9630204 |
| **Consumer Staples - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;42727 | &nbsp;&nbsp;5090495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tobacco & Cannabis - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;23785 | &nbsp;&nbsp;4267980 |
| **Energy - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;16420 | &nbsp;&nbsp;2904698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;353492 | &nbsp;&nbsp;6521927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;151018 | &nbsp;&nbsp;4604539 |
|  |  | &nbsp;&nbsp;14031164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;96954 | &nbsp;&nbsp;4690635 |
| **Financials - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;24554 | &nbsp;&nbsp;7510823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank Corporation | &nbsp;&nbsp;64715 | &nbsp;&nbsp;6622286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;103880 | &nbsp;&nbsp;9400101 |
|  |  | &nbsp;&nbsp;23533210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corporation | &nbsp;&nbsp;18471 | &nbsp;&nbsp;1617875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | &nbsp;&nbsp;25239 | &nbsp;&nbsp;5525574 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 43.4% (Continued)** | **Shares** | **Value** |
| **Health Care - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;86365 | &nbsp;&nbsp;$12259512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;34880 | &nbsp;&nbsp;7926480 |
|  |  | &nbsp;&nbsp;20185992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp;67289 | &nbsp;&nbsp;5449063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson & Company | &nbsp;&nbsp;14883 | &nbsp;&nbsp;3028393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;46019 | &nbsp;&nbsp;4738116 |
|  |  | &nbsp;&nbsp;13215572 |
| **Industrials - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems plc - ADR | &nbsp;&nbsp;24687 | &nbsp;&nbsp;2682983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | &nbsp;&nbsp;19032 | &nbsp;&nbsp;6681945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(d)(e)</sup> | &nbsp;&nbsp;67000 | &nbsp;&nbsp;6901670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | &nbsp;&nbsp;11883 | &nbsp;&nbsp;7536436 |
|  |  | &nbsp;&nbsp;23803034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;26532 | &nbsp;&nbsp;6036561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;22091 | &nbsp;&nbsp;7118825 |
| **Materials - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | &nbsp;&nbsp;208543 | &nbsp;&nbsp;9549184 |
| **Real Estate - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;13590 | &nbsp;&nbsp;3422913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;33273 | &nbsp;&nbsp;4344123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;10916 | &nbsp;&nbsp;3014890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;75006 | &nbsp;&nbsp;5825716 |
|  |  | &nbsp;&nbsp;16607642 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 43.4% (Continued)** | **Shares** | **Value** |
| **Technology - 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;84748 | &nbsp;&nbsp;$6688312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. <sup>(d)</sup> | &nbsp;&nbsp;24000 | &nbsp;&nbsp;9957120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;44000 | &nbsp;&nbsp;8409720 |
|  |  | &nbsp;&nbsp;25055152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;23468 | &nbsp;&nbsp;10098046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;19527 | &nbsp;&nbsp;5066866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;72447 | &nbsp;&nbsp;5674049 |
|  |  | &nbsp;&nbsp;10740915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;23648 | &nbsp;&nbsp;7252842 |
| **Utilities - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corporation | &nbsp;&nbsp;49517 | &nbsp;&nbsp;3263665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;132866 | &nbsp;&nbsp;4409823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;60784 | &nbsp;&nbsp;6726965 |
|  |  | &nbsp;&nbsp;14400453 |
| **Total Common Stocks** (Cost $169,367,522) | **Total Common Stocks** (Cost $169,367,522) | &nbsp;&nbsp;$257984015 |
| **EXCHANGE-TRADED FUNDS - 4.0%** | **Shares** | **Value** |
| iShares MSCI Emerging Markets ETF | &nbsp;&nbsp;79424 | &nbsp;&nbsp;$4693958 |
| JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;100401 | &nbsp;&nbsp;5879483 |
| JPMorgan Nasdaq Equity Premium Income ETF | &nbsp;&nbsp;135236 | &nbsp;&nbsp;8037075 |
| Westwood Enhanced Income Opportunity ETF <sup>(f)</sup> | &nbsp;&nbsp;203189 | &nbsp;&nbsp;5160879 |
| **Total Exchange-Traded Funds** (Cost $20,752,657) | **Total Exchange-Traded Funds** (Cost $20,752,657) | &nbsp;&nbsp;$23771395 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PREFERRED STOCKS - 2.1%** | **Shares** | **Value** |
| **Industrials - 1.2%** |  |  |
| &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;71350 | &nbsp;&nbsp;$5331272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Support Services - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X-Energy Reactor Company, LLC, 3.00%, <br> 12/31/2049 - Series D <sup>(c)(e)(g)</sup> | &nbsp;&nbsp;103189 | &nbsp;&nbsp;1499997 |
| **Technology - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Company, 7.63%, 09/01/2027 | &nbsp;&nbsp;75800 | &nbsp;&nbsp;4591206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., 6.00%, 05/01/2028 - Series A | &nbsp;&nbsp;11500 | &nbsp;&nbsp;864110 |
| **Total Preferred Stocks** (Cost $10,287,836) | **Total Preferred Stocks** (Cost $10,287,836) | &nbsp;&nbsp;$12286585 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 3.8%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 3.63% <sup>(h)</sup> <br> (Cost $22,284,495) | &nbsp;&nbsp;22284495 | &nbsp;&nbsp;$22284495 |
| **Investments at Value - 101.5%** (Cost $500,482,488) | **Investments at Value - 101.5%** (Cost $500,482,488) | &nbsp;&nbsp;$602700218 |
| **Liabilities in Excess of Other Assets - (1.5%)** | **Liabilities in Excess of Other Assets - (1.5%)** | &nbsp;&nbsp; (9192347) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$593507871 |

---

---

| | |
|:---|:---|
| 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 $65,964,292 as of January 31, 2026, representing 11.1% 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.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 $16,858,790.

<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> The rate shown is the 7-day effective yield as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY 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., 05/15/26 | &nbsp;&nbsp;$140 .00 | 670 | $6901670 | &nbsp;&nbsp;&nbsp;&nbsp;$489100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., 06/19/26 | &nbsp;&nbsp;530 .00 | 240 | 9957120 | &nbsp;&nbsp;&nbsp;&nbsp;902640 |
| **Total Written Option Contracts** (Premiums $1,725,377) | **Total Written Option Contracts** (Premiums $1,725,377) |  | $16858790 | &nbsp;&nbsp;&nbsp;&nbsp;$1391740 |
| The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $18,587,570. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $18,587,570. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $18,587,570. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $18,587,570. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $18,587,570. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY FUND** | **WESTWOOD INCOME OPPORTUNITY 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/<br> Unrealized Appreciation (Depreciation)** |
| **Currency Futures** | **Currency Futures** | **Currency Futures** | **Currency Futures** |  |
| CME Euro Foreign Exchange Currency Future | 75 | 3/16/2026 | &nbsp;&nbsp;$11149688 | &nbsp;&nbsp;$175023 |
| **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** |  |
| 10-Year U.S. Treasury Note Future | 60 | 3/20/2026 | &nbsp;&nbsp; 6849375 | &nbsp;&nbsp; (76123) |
| 2-Year U.S. Treasury Note Future | 115 | 3/31/2026 | &nbsp;&nbsp; 23976602 | &nbsp;&nbsp; (29961) |
| 5-Year U.S. Treasury Note Future | 342 | 3/31/2026 | &nbsp;&nbsp; 37253952 | &nbsp;&nbsp; (185377) |
| CME Ultra Long Term U.S. Treasury <br> Bond Future | 80 | 3/20/2026 | &nbsp;&nbsp; 9395000 | &nbsp;&nbsp; (192755) |
|  |  |  | &nbsp;&nbsp; 77474929 | &nbsp;&nbsp; (484216) |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp;$88624617 | &nbsp;&nbsp;$(309193) |
| <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $88,831,297. | <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $88,831,297. | <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $88,831,297. | <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $88,831,297. | <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $88,831,297. |

---

## 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 INCOME OPPORTUNITY FUND

- **b. EDGAR series identifier (if any):** S000072841

- **c. LEI of Series:** 549300SJOJ6MJI123D95

**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:** $609969411.25

**Total Liabilities:** $16461540.29

**Net Assets:** $593507870.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 78.04926424 | **1-Year:** 7963.02549850 | **5-Year:** 27265.92832130 | **10-Year:** 29881.21927719 | **30-Year:** 25505.07050871

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

- **3-Month:** 0.00000000 | **1-Year:** 2116.51613544 | **5-Year:** 7838.25885635 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229472 | 1.43%                | 0.37%                | 2.52%                |
| Class ID C000229473 | 1.57%                | 0.37%                | 2.66%                |
| Class ID C000229474 | 1.56%                | 0.36%                | 2.65%                |
| Class ID C000240107 | 1.50%                | 0.46%                | 2.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $153223.83               | $5737082.77                                |
| Month 2  | $574882.20               | $669924.22                                 |
| Month 3  | $11980992.74             | $7479544.81                                |

**Designated Index Information**

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

- **Index Identifier:** 60 Russ 1000 Val 40 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        |     49517 | NS      | $3263665.47   | 0.55%             |  |  |  | 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        |   3175000 | PA      | $3348734.98   | 0.56%             | 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        |     50912 | NS      | $17208256.00  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc 5.30% Due 05/15/2065                                      | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   2225000 | PA      | $2085552.44   | 0.35%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | 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        |   3050000 | PA      | $3076086.65   | 0.52%             | 2032-04-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Apple Inc.                                                                           | Apple, Inc.                                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     19527 | NS      | $5066865.96   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Capital Corp.                                                                   | Ares Capital Corporation 7.000%, Due  01/15/27                         | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3079582.86   | 0.52%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                      | BAE Systems plc ADR                                                    | CUSIP: 05523R107<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     24687 | NS      | $2682983.16   | 0.45%             |  |  |  | No            |                  1 | 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        |   3576000 | PA      | $4175780.27   | 0.70%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP Paribas SA 7.45% Due 12/27/2035                                    | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2750000 | PA      | $2900433.25   | 0.49%             | 2049-12-27      | Fixed         | 7.45%                 | Yes           |                  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        |   3960000 | PA      | $4082760.00   | 0.69%             | 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        |   3140000 | PA      | $3207412.50   | 0.54%             | 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        |   3055000 | PA      | $3105016.46   | 0.52%             | 2035-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                  | The Bank of Nova Scotia 8.625%, Due 10/27/2082                         | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3463018.29   | 0.58%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | Barclays, PLC Floating rate, Due 12/31/2049                            | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3367520.10   | 0.57%             | 2049-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | Barclays PLC 7.385%, Due 11/02/28                                      | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $3002080.53   | 0.51%             | 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        |    208543 | NS      | $9549183.97   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company                                                        | Becton Dickinson & Company                                             | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     14883 | NS      | $3028392.84   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                                                                        | BlackLine Inc 1.00% Due 06/01/2029                                     | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   2105000 | PA      | $2089844.00   | 0.35%             | 2029-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | Boeing Company (The)                                                   | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     71350 | NS      | $5331272.00   | 0.90%             |  |  |  | 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        |   3750000 | PA      | $3560625.00   | 0.60%             | 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        |   2409000 | PA      | $2593300.55   | 0.44%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | Capital One Financial Corporation                                      | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     25239 | NS      | $5525574.27   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                                          | Capital One Financial Corporation 7.624%, Due 10/30/2031               | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $2874512.74   | 0.48%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                             | Celanese US Holdings LLC 6.350%, due 11/15/28                          | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1543000 | PA      | $1619717.96   | 0.27%             | 2028-11-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                                                               | CenterPoint Energy Inc 4.25% Due 8/15/2026                             | CUSIP: 15189TBD8<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   3615000 | PA      | $4030725.00   | 0.68%             | 2026-08-15      | Fixed         | 4.25%                 | No            |                  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        |   1289000 | PA      | $1305461.82   | 0.22%             | 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        |   2430000 | PA      | $2494614.23   | 0.42%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications 6.484%, Due 10/23/2045                          | CUSIP: 161175BA1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3533692.35   | 0.60%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                                                        | Chevron Corporation                                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16420 | NS      | $2904698.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | Cisco Systems, Inc.                                                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     72447 | NS      | $5674049.04   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. Floating rate, Due 12/31/2049                          | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3452327.55   | 0.58%             | 2049-12-31      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. 6.174%, Due 05/25/34                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2188434.51   | 0.37%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                                 | Columbia Pipelines Operating Co LLC 6.544%, Due 11/15/53               | CUSIP: 19828TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3705000 | PA      | $3956423.60   | 0.67%             | 2053-11-15      | Fixed         | 6.54%                 | Yes           |                  2 | On Loan: No      |
| COPT Defense Properties LP                                                           | Corporate Office Properties LP 5.250%, Due 09/15/28                    | CUSIP: 22003BAQ9<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   2045000 | PA      | $2389808.02   | 0.40%             | 2028-09-15      | Fixed         | 5.25%                 | Yes           |                  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        |   1314000 | PA      | $1659337.37   | 0.28%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company (The)                                              | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     34365 | NS      | $3876372.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                                                        | Enbridge Inc 7.2% Due 06/27/2054                                       | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2515000 | PA      | $2681676.60   | 0.45%             | 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        |    353492 | NS      | $6521927.40   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer Operating LP 7.125%, Perpetual                         | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2582137.50   | 0.44%             | 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        |    132866 | NS      | $4409822.54   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                                                           | Essex Property Trust, Inc. REIT                                        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     13590 | NS      | $3422913.30   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms, Inc. Class A                                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      6208 | NS      | $4448032.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers Exchange Capital                                                             | Farmers Exchange Capital 7.050%, Due 07/15/2028                        | CUSIP: 309588AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3841138.56   | 0.65%             | 2028-07-15      | Fixed         | 7.05%                 | Yes           |                  2 | 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        |   2269794 | PA      | $2313161.75   | 0.39%             | 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        |   2312218 | PA      | $2320904.08   | 0.39%             | 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        |   2381862 | PA      | $2339385.45   | 0.39%             | 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        |   2559979 | PA      | $2460475.05   | 0.41%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 6.500%, Due 11/1/2053           | CUSIP: 31418EXW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2001436 | PA      | $2072517.94   | 0.35%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FedEx Corporation                                                      | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     22091 | NS      | $7118824.75   | 1.20%             |  |  |  | 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        |  22284495 | PA      | $22284495.40  | 3.75%             |  |  |  | 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        |   2315000 | PA      | $2366807.39   | 0.40%             | 2049-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Five Corners Funding Trust IV                                                        | Five Corners Funding Trust IV 5.997%, Due 02/15/53                     | CUSIP: 33835PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1925000 | PA      | $1976522.24   | 0.33%             | 2053-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Flex Ltd.                                                                            | Flex Ltd 6.000%, Due 01/15/28                                          | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | US        |   2735000 | PA      | $2825249.12   | 0.48%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Florida Gas Transmission Co.                                                         | Florida Gas Transmission Co LLC 5.75% Due 07/15/2035                   | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |   2880000 | PA      | $2986061.36   | 0.50%             | 2035-07-15      | Fixed         | 5.75%                 | Yes           |                  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        |   2145000 | PA      | $2529727.20   | 0.43%             | 2033-08-25      | Floating      | 8.70%                 | Yes           |                  2 | On Loan: No      |
| GDS Holdings Ltd.                                                                    | GDS Holdings Ltd 2.25%, Due 06/01/2032                                 | CUSIP: 36165LAC2<br>LEI: 391200MGV8DDCHTN2R77 | Long             | DBT              | CORP              | KY        |   1310000 | PA      | $2046875.00   | 0.34%             | 2032-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| The Gap Inc.                                                                         | Gap, Inc. (The)                                                        | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |    165321 | NS      | $4625681.58   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                                                         | General Dynamics Corporation                                           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     19032 | NS      | $6681944.88   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Georgia Power Company                                                                | Georgia Power Co 5.25%, Due 03/15/2034                                 | CUSIP: 373334KW0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   2785000 | PA      | $2874281.25   | 0.48%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences, Inc.                                                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     86365 | NS      | $12259511.75  | 2.07%             |  |  |  | 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        |   3635000 | PA      | $3676314.76   | 0.62%             | 2030-05-01      | Fixed         | 5.88%                 | No            |                  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        |   3455000 | PA      | $3635917.62   | 0.61%             | 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        |   1435000 | PA      | $1511394.82   | 0.25%             | 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        |     75800 | NS      | $4591206.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                                                      | Home Depot, Inc. (The)                                                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     13360 | NS      | $5004522.40   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                                                         | Honeywell International, Inc.                                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     26532 | NS      | $6036560.64   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.                                                | International Business Machines Corporation                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     23648 | NS      | $7252841.60   | 1.22%             |  |  |  | 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        |   2150000 | PA      | $2601533.13   | 0.44%             | 2054-06-20      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| iShares Trust                                                                        | iShares MSCI Emerging Markets ETF                                      | CUSIP: 464287234<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     79424 | NS      | $4693958.40   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company                                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     24554 | NS      | $7510823.06   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Equity Premium Income ETF                                     | CUSIP: 46641Q332<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |    100401 | NS      | $5879482.56   | 0.99%             |  |  |  | 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        |    135236 | NS      | $8037075.48   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson                                                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     34880 | NS      | $7926480.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty OP LLC                                                                  | Kimco Realty OP LLC 4.85%, Due 3/1/2025                                | CUSIP: 49447BAB9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   2545000 | PA      | $2529329.95   | 0.43%             | 2035-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | Kinder Morgan, Inc.                                                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    151018 | NS      | $4604538.82   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.                                            | Kratos Defense & Security Solutions, Inc.                              | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     67000 | NS      | $6901670.00   | 1.16%             |  |  |  | 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        |    180000 | PA      | $180947.32    | 0.03%             | 2031-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp.                                                               | Lincoln National Corporation Floating rate, Due 12/31/2049             | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2214417.21   | 0.37%             | 2049-12-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | Lockheed Martin Corporation                                            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     11883 | NS      | $7536436.26   | 1.27%             |  |  |  | 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        |   3000000 | PA      | $3214089.00   | 0.54%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Mara Holdings Inc                                                                    | MARA Holdings Inc 0.0%, Due 08/01/2032                                 | CUSIP: 565788AJ5<br>LEI: 549300M8ISKPTX2W7F94 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1385502.50   | 0.23%             | 2032-08-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mars Inc.                                                                            | Mars Inc 5.7% Due 11/1/2025                                            | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1618948.60   | 0.27%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Marvell Technology Inc                                                               | Marvell Technology, Inc.                                               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84748 | NS      | $6688312.16   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corporation                                                          | Mercury General Corporation                                            | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |     18471 | NS      | $1617874.89   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                                                                  | Meritage Homes Corp 1.25% Due 05/15/2028                               | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   2680000 | PA      | $2719543.99   | 0.46%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corporation                                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     23468 | NS      | $10098045.72  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                                                               | Micron Technology, Inc.                                                | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     24000 | NS      | $9957120.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 6.296%, Due 10/18/2028                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2385000 | PA      | $2474153.30   | 0.42%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 5.942%, Due 02/07/39                                    | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1915825.10   | 0.32%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Mylan Inc                                                                            | Mylan, Inc. 5.200%, Due 04/15/2048                                     | CUSIP: 628530BJ5<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2164775.65   | 0.36%             | 2048-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                                         | National Australia Bank Ltd 6.429%, Due 01/12/33                       | CUSIP: 632525BC4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $3111376.64   | 0.52%             | 2033-01-12      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings Inc 3.0% Due 3/1/2027                  | CUSIP: 65339KCY4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2920000 | PA      | $3879220.00   | 0.65%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                           | Northern Oil and Gas Inc 3.625%, Due 04/15/29                          | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1972717.31   | 0.33%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  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        |   3667000 | PA      | $3700424.71   | 0.62%             | 2033-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corporation                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     44000 | NS      | $8409720.00   | 1.42%             |  |  |  | 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        |   3000000 | PA      | $3017299.47   | 0.51%             | 2036-02-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 6.900%, Due 11/09/52                                | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2045145.25   | 0.34%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corp 4.8%, Due 09/26/2032                                       | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1074780.33   | 0.18%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp.                                       | Penske Truck Leasing Co./ PTL Finance Corporation 6.200%, Due 06/15/30 | CUSIP: 709599BV5<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |   2815000 | PA      | $3001112.32   | 0.51%             | 2030-06-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International, Inc.                                      | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     23785 | NS      | $4267980.40   | 0.72%             |  |  |  | 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        |   1780000 | PA      | $1789690.32   | 0.30%             | 2056-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | Pilgrim's Pride Corp 6.250%, Due 07/01/33                              | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3206382.00   | 0.54%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Prologis Inc.                                                                        | Prologis, Inc. REIT                                                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     33273 | NS      | $4344122.88   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                                       | Public Storage REIT                                                    | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     10916 | NS      | $3014890.04   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                                                          | RenaissanceRe Holdings Ltd 5.75%, Due 06/05/2033                       | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2552351.63   | 0.43%             | 2033-06-05      | Fixed         | 5.75%                 | 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        |   3600000 | PA      | $3472891.06   | 0.59%             | 2034-10-30      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Sabre Financial Borrower LLC                                                         | Sabre Financial Borrower LLC 11.125%, Due 6/15/2029                    | CUSIP: 78573XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2450920.83   | 0.41%             | 2029-06-15      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                     | San Diego Gas & Electric Co 5.4%, Due 04/15/2035                       | CUSIP: 797440CG7<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |   2030000 | PA      | $2094353.11   | 0.35%             | 2035-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SLB Ltd.                                                                             | SLB Ltd.                                                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     96954 | NS      | $4690634.52   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                                               | Sempra Energy 6.400%, Due 10/01/2054                                   | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3034734.00   | 0.51%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments Inc                                                                  | Shift4 Payments, Inc.                                                  | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     11500 | NS      | $864110.00    | 0.15%             |  |  |  | No            |                  1 | 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        |   2566000 | PA      | $2654321.72   | 0.45%             | 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        |   2085000 | PA      | $2108584.39   | 0.36%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Southstate Bank Corp.                                                                | SOUTHSTATE BANK CORP                                                   | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64715 | NS      | $6622285.95   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                                                                   | State Street Corporation Floating rate, Due 12/31/2049                 | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4147861.20   | 0.70%             | 2049-12-31      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                            | Sunoco LP 7.875%, Due 03/18/2045                                       | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1507946.40   | 0.25%             | 2045-03-18      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| TransCanada Trust                                                                    | Transcanada Trust 5.600%, Due 03/07/2082                               | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | US        |   2918000 | PA      | $2904982.22   | 0.49%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | US Bancorp Floating Rate, Due 12/31/2049                               | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   4025000 | PA      | $3968803.76   | 0.67%             | 2049-12-31      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Ultimus Managers Trust                                                               | Westwood Enhanced Income Opportunity ETF USD Class                     | CUSIP: 90386K530<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |    203189 | NS      | $5160878.69   | 0.87%             |  |  |  | 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        |   3980000 | PA      | $4258998.00   | 0.72%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 2/26/2026                               | CUSIP: 912797RU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4987911.10   | 0.84%             | 2026-02-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.375%, Due 08/15/2043                | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5250000 | PA      | $5008828.13   | 0.84%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.750%, Due 11/15/53                  | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5030000 | PA      | $4928614.06   | 0.83%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.5%, Due 11/15/2054                  | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5430000 | PA      | $5109290.63   | 0.86%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | UNITED STATES TREAS BDS 4.25% 02/15/54                                 | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4803906.25   | 0.81%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.75% Due 05/15/2055                  | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5650000 | PA      | $5539648.44   | 0.93%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.75%, Due 8/15/2055                  | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2451953.13   | 0.41%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.625%, Due 11/15/2055                | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4806250.00   | 0.81%             | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.125, Due 11/15/2032                              | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1310000 | PA      | $1319671.48   | 0.22%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | UNITED STATES TREAS NTS 4.00% Due 02/28/2030                           | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3250000 | PA      | $3283896.49   | 0.55%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Notes 4.375%, Due 05/15/2034                    | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6315000 | PA      | $6423539.06   | 1.08%             | 2034-05-15      | Fixed         | 4.38%                 | 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        |   6065000 | PA      | $6263060.16   | 1.06%             | 2035-02-15      | Fixed         | 4.62%                 | 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        |   1935000 | PA      | $1944523.84   | 0.33%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | UNITED STATES TREAS NTS 4.25%, Due 8/15/2035                           | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5512031.25   | 0.93%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.0%, Due 11/15/2035                               | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5394296.88   | 0.91%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 3.75%, Due 1/31/2031                  | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6250000 | PA      | $6236816.38   | 1.05%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ventas Inc.                                                                          | Ventas, Inc. REIT                                                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     75006 | NS      | $5825716.02   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC Energy Group, Inc.                                                 | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     60784 | NS      | $6726965.28   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                          | Walmart, Inc.                                                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     42727 | NS      | $5090494.78   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company                                                  | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    103880 | NS      | $9400101.20   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company 5.198%, Due 1/23/2030                            | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3595000 | PA      | $3702177.77   | 0.62%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  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        |        75 | NS      | $175022.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                               | CBOT 5 Year US Treasury Note 2026-03-31                                | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |       342 | NS      | $-185374.94   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                                                        | Medtronic plc                                                          | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     46019 | NS      | $4738116.24   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                                                             | Alcon A.G. 0                                                           | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     67289 | NS      | $5449063.22   | 0.92%             |  |  |  | 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        |      -670 | NS      | $-489100.00   | -0.08%            |  |  |  | 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        |   1333000 | PA      | $1333000.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | Micron Technology, Inc. 06/18/2026 530 Call                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -240 | NS      | $-902640.00   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| X-Energy Reactor Company, LLC Series D Preferred Units                               | X-Energy Reactor Company, LLC Series D Preferred Units                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    103189 | NS      | $1499996.58   | 0.25%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chicago Board of Trade                                                               | CBOT 2 Year US Treasury Note Future 2026-03-31                         | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |       115 | NS      | $-29961.18    | -0.01%            |  |  |  | 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        |        60 | NS      | $-76123.20    | -0.01%            |  |  |  | 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        |        80 | NS      | $-192755.20   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Westwood Income Opportunity Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer