# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-154343
**Filing Date:** 2025-6
**Character Count:** 21348
**Document Hash:** a2ab09d25e39af2d31db291df09d23f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154343.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154343

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251071201

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

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

## Series and Classes Contracts Data

### Westwood Real Estate Income Fund (Series ID: S000077492)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** WESTWOOD REAL ESTATE INCOME FUND

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

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

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $252875071.46

**Total Liabilities:** $220741.82

**Net Assets:** $252654329.64

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237966 | 0.11%                | -1.97%               | -1.35%               |
| Class ID C000237968 | 0.05%                | -1.98%               | -1.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-164705.34              | $19770.05                                  |
| Month 2  | $-132729.94              | $-7829324.74                               |
| Month 3  | $-1169527.05             | $-3995150.53                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EPR Properties                           | EPR Properties 5.750% Preferred                      | CUSIP: 26884U208<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |     31000 | NS      | $680140.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.               | Essex Property Trust, Inc. REIT                      | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     15000 | NS      | $4187250.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust LP                     | RLJ Lodging Trust                                    | CUSIP: 74965L200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    375000 | NS      | $9120000.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc.           | Armada Hoffler Properties, Inc. 6.750% Preferred     | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |    320000 | NS      | $7072000.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                     | Associated Banc-Corp 5.625% Preferred                | CUSIP: 045487402<br>LEI: 549300N3CIN473IW5094 | Long             | EP               | CORP              | US        |     96216 | NS      | $1839649.92   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                 | Global Medical REIT, Inc. 7.500% Preferred           | CUSIP: 37957W203<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EP               | CORP              | US        |    311134 | NS      | $7918360.30   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                  | Pebblebrook Hotel Trust 5.700% Preferred             | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    489548 | NS      | $8150974.20   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc New                | CTO Realty Growth, Inc. 6.375% Preferred             | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    447333 | NS      | $9613186.17   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                    | Triumph Financial, Inc. Series A                     | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |    200000 | NS      | $4680000.00   | 1.85%             |  |  |  | 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        |   8043895 | PA      | $8043894.56   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                  | COPT Defense Properties REIT                         | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    300000 | NS      | $7833000.00   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| IQHQ, Inc. Series D-1                    | IQHQ, Inc. Series D-1                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      5000 | NS      | $4750000.00   | 1.88%             |  |  |  | No            |                  3 | On Loan: No      |
| Centerspace                              | Cyberspace REIT                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |    110000 | NS      | $6639600.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                  | DigitalBridge Group, Inc. 7.150% Preferred           | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    182664 | NS      | $3940062.48   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)             | Merchants Bancorp                                    | CUSIP: 58844R850<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |    180000 | NS      | $4194000.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc            | Hudson Pacific Properties 4.75% Preferred            | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    406228 | NS      | $5402832.40   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                  | Pebblebrook Hotel Trust 6.3% Preferred               | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    242066 | NS      | $4405601.20   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sei Daily Income Trust - Government Fund | Sei Daily Income Trust - Government Fund             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |         1 | PA      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                  | Pebblebrook Hotel Trust 6.375% Preferred             | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     98002 | NS      | $1738555.48   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTFRONT Media Inc                       | OUTFRONT Media Inc.                                  | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |    439009 | NS      | $6642206.17   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.            | Sunstone Hotel Investors Inc                         | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |    166508 | NS      | $3483347.36   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                             | Rayonier, Inc. REIT                                  | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    146266 | NS      | $3577666.36   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                        | Getty Realty Corporation                             | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |    150000 | NS      | $4198500.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc        | Gaming and Leisure Properties, Inc. REIT             | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    110000 | NS      | $5264600.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                     | Associated Banc-Corp 5.875% Preferrred               | CUSIP: 045487204<br>LEI: 549300N3CIN473IW5094 | Long             | EP               | CORP              | US        |     52423 | NS      | $1052653.84   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.            | Summit Hotel Properties, Inc. 6.250% Preferred       | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |    283000 | NS      | $5532650.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                           | EPR Properties 9.000% Preferred                      | CUSIP: 26884U307<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |    283506 | NS      | $8275540.14   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.            | Summit Hotel Properties, Inc. 5.875% Preferred       | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |    158938 | NS      | $3003928.20   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                  | DigitalBridge Group, Inc. 7.125% Preferred           | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     77265 | NS      | $1641108.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinebrook Homes Trust 9.5% Preferred     | Vinebrook Homes Trust 9.5% Preferred                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    180000 | NS      | $4500000.00   | 1.78%             |  |  |  | No            |                  3 | On Loan: No      |
| Apple Hospitality Reit Inc               | Apple Hospitality REIT, Inc.                         | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    350000 | NS      | $4119500.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                           | EPR Properties                                       | CUSIP: 26884U505<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |    107775 | NS      | $2164122.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                  | DigitalBridge Group, Inc. 7.125% Preferred           | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    240000 | NS      | $5155200.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                     | LXP Industrial Trust 6.500% Preferred                | CUSIP: 529043309<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EP               | CORP              | US        |    190000 | NS      | $8762800.00   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                       | UMH Properties, Inc. 6.375% Preferred                | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |     87634 | NS      | $1996302.52   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust Inc.       | KKR Real Estate Finance Trust, Inc. 6.500% Preferred | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |    523747 | NS      | $9663132.15   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                    | Regency Centers Corporation Series B                 | CUSIP: 758849871<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |     98117 | NS      | $2251785.15   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.              | AvalonBay Communities, Inc. REIT                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     20000 | NS      | $4199600.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc         | Ryman Hospitality Properties, Inc. REIT              | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     50000 | NS      | $4397500.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc Of California Inc.                  | Banc of California, Inc.                             | CUSIP: 05990K841<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EP               | CORP              | US        |     87360 | NS      | $2164780.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                  | Pebblebrook Hotel Trust 6.375% Preferred             | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    250000 | NS      | $4575000.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                    | American Homes 4 Rent 5.875% Preferred               | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |    312958 | NS      | $7338865.10   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises, Inc.              | Hovnanian Enterprises Inc 7.625% Preferred           | CUSIP: 442487112<br>LEI: 549300805N4EF0ROBT53 | Long             | EP               | CORP              | US        |    500000 | NS      | $8240000.00   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers, Inc.                       | Saul Centers, Inc. 6.000% Preferred                  | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    125000 | NS      | $2567500.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers, Inc.                       | Saul Centers, Inc. 6.125% Preferred                  | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    381000 | NS      | $8031480.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc           | Blackstone Mortgage Trust, Inc. Class A              | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |    425000 | NS      | $8096250.00   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                 | Extra Space Storage, Inc. REIT                       | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     25000 | NS      | $3663000.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co.              | DiamondRock Hospitality Company 8.250% Preferred     | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     66410 | NS      | $1662906.40   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                    | Farmland Partners, Inc.                              | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |    400000 | NS      | $4024000.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust        | National Storage Affiliates Trust 6.000% Preferred   | CUSIP: 637870205<br>LEI: 529900FS06O8GOYNR108 | Long             | EP               | CORP              | US        |    370000 | NS      | $8362000.00   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                    | Chatham Lodging Trust 6.625% Preferred               | CUSIP: 16208T201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    190000 | NS      | $3748700.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-21

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

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer