# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-020733
**Filing Date:** 2023-2
**Character Count:** 21960
**Document Hash:** 82b15098ef6797f8dc624b0038af31ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-020733.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001752724-23-020733

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 23605881

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

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

## Series and Classes Contracts Data

### Westwood Salient Select Income Fund (Series ID: S000077492)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000237966 | Westwood Salient Select Income Fund Institutional Shares |  |
| C000237968 | Westwood Salient Select Income Fund A Class Shares       |  |
| C000237969 | Westwood Salient Select Income Fund C Class Shares       |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** WESTWOOD SALIENT SELECT 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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $218774352.36

**Total Liabilities:** $256333.47

**Net Assets:** $218518018.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237966 | -1.49%               | 3.96%                | -0.59%               |
| Class ID C000237968 | -7.22%               | 0.85%                | -3.64%               |
| Class ID C000237969 | -2.52%               | 2.85%                | -1.62%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2438213.26             | $-1970376.22                               |
| Month 2  | $-1988821.78             | $10220724.42                               |
| Month 3  | $-790211.73              | $-2980729.56                               |

### 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      | $557070.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                       | Prologis, Inc. REIT                                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     45000 | NS      | $5072850.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust            | Hersha Hospitality Trust 6.500% Preferred             | CUSIP: 427825609<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |     50000 | NS      | $935250.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| RPT Realty                          | RPT Realty 7.250% Preferred                           | CUSIP: 74971D200<br>LEI: 549300344BKLXBZOOF93 | Long             | EP               | CORP              | US        |    185000 | NS      | $9246300.00   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust   | National Storage Affiliates Trust                     | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1806000.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation          | American Tower Corporation                            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     20000 | NS      | $4237200.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust            | Hersha Hospitality Trust 6.875% Preferred             | CUSIP: 427825401<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |    260000 | NS      | $5190900.00   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CorEnergy Infrastructure Trust, Inc | CorEnergy Infrastructure Trust, Inc. 7.375% Preferred | CUSIP: 21870U304<br>LEI: 549300RWMFYIPNXWXM78 | Long             | EP               | CORP              | US        |    141481 | NS      | $1612883.40   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust LP                | RLJ Lodging Trust                                     | CUSIP: 74965L200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    390000 | NS      | $9278100.00   | 4.25%             |  |  |  | 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        |    150000 | NS      | $3148500.00   | 1.44%             |  |  |  | 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        |    290000 | NS      | $7284800.00   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Retail Opportunity Investments Corp | Retail Opportunity Investments Corporation REIT       | CUSIP: 76131N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    397000 | NS      | $5966910.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust             | Pebblebrook Hotel Trust 5.700% Preferred              | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     90148 | NS      | $1487442.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust            | Hersha Hospitality Trust 6.500% Preferred             | CUSIP: 427825708<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |    275000 | NS      | $5087500.00   | 2.33%             |  |  |  | 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        |    133683 | NS      | $2733817.35   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                | Vornado Realty Trust 5.250% Preferred                 | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $401500.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc           | Spirit Realty Capital, Inc. 6.000% Preferred          | CUSIP: 84860W201<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EP               | CORP              | US        |    130000 | NS      | $2892500.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| iStar Inc                           | iStar, Inc. 7.650% Preferred                          | CUSIP: 45031U705<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |    400000 | NS      | $9812000.00   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                         | Centerspace 6.625% Preferred                          | CUSIP: 15202L206<br>LEI: 5493002LG2SH9EEHT720 | Long             | EP               | CORP              | US        |    158980 | NS      | $4014245.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc             | DigitalBridge Group, Inc. 7.150% Preferred            | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    160000 | NS      | $3001600.00   | 1.37%             |  |  |  | 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        |     42625 | NS      | $534091.25    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Urstadt Biddle Properties Inc.      | Urstadt Biddle Properties, Inc. 6.250% Preferred      | CUSIP: 917286882<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EP               | CORP              | US        |    345000 | NS      | $7534800.00   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Daily Income T                  | Sei Daily Income Trust - Government Fund              | CUSIP: 783965593<br>LEI: LTKY0J47NCTZPKTU4C46 | Long             | STIV             | RF                | US        |         1 | PA      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Site Centers Corp                   | Site Centers Corporation Preferred                    | CUSIP: 82981J877<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EP               | CORP              | US        |     25000 | NS      | $555000.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| iStar Inc                           | iStar, Inc. 7.500% Preferred                          | CUSIP: 45031U804<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |    300200 | NS      | $7342892.00   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart L.P.                      | CubeSmart REIT                                        | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $4427500.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                  | Outfront Media, Inc.                                  | CUSIP: 69007J106<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |    136000 | NS      | $2254880.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                 | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND CLASS X    | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   7218880 | PA      | $7218880.17   | 3.30%             |  |  |  | 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        |    100100 | NS      | $5214209.00   | 2.39%             |  |  |  | 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        |    222386 | NS      | $4065216.08   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Urstadt Biddle Properties Inc.      | Urstadt Biddle Properties, Inc. 5.875% Preferred      | CUSIP: 917286874<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EP               | CORP              | US        |    190000 | NS      | $3891200.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                      | EPR Properties 9.000% Preferred                       | CUSIP: 26884U307<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |    280000 | NS      | $7204400.00   | 3.30%             |  |  |  | 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        |    151000 | NS      | $2586630.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc          | Apple Hospitality REIT, Inc.                          | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    320000 | NS      | $5049600.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc          | Americold Realty Trust, Inc.                          | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |    145000 | NS      | $4104950.00   | 1.88%             |  |  |  | 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      | $4535976.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                | LXP Industrial Trust 6.500% Preferred                 | CUSIP: 529043309<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EP               | CORP              | US        |    205514 | NS      | $9761915.00   | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                  | UMH Properties, Inc. 6.375% Preferred                 | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |     48692 | NS      | $1083397.00   | 0.50%             |  |  |  | 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        |    150000 | NS      | $2475000.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| iStar Inc                           | iStar, Inc. 8.000% Preferred                          | CUSIP: 45031U408<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |     27100 | NS      | $671809.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                | Vornado Realty Trust 5.250% Preferred                 | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     60500 | NS      | $982520.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust             | Pebblebrook Hotel Trust 6.375% Preferred              | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    205000 | NS      | $3731000.00   | 1.71%             |  |  |  | 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        |    345000 | NS      | $7645200.00   | 3.50%             |  |  |  | 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      | $2461250.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers, Inc.                  | Saul Centers, Inc. 6.125% Preferred                   | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    380000 | NS      | $7942000.00   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.               | Sun Communities, Inc. REIT                            | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     32000 | NS      | $4576000.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc.       | Plymouth Industrial REIT, Inc. 7.500% Preferred       | CUSIP: 729640201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    100000 | NS      | $2498000.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co.         | DiamondRock Hospitality Company 8.250% Preferred      | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     15096 | NS      | $375588.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent               | American Homes 4 Rent 6.250% Preferred                | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     71000 | NS      | $1649038.90   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc               | FARMLAND PARTNERS, INC.                               | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |    200000 | NS      | $2492000.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc            | PHILLIPS EDISON & CO. INC. REIT                       | CUSIP: 71844V201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80000 | NS      | $2547200.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust   | National Storage Affiliates Trust 6.000% Preferred    | CUSIP: 637870205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    400000 | NS      | $8942000.00   | 4.09%             |  |  |  | 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      | $3807600.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-23

**Name of Applicant:** Westwood Salient Select Income Fund

**Signature:** Jennifer L. Leamer

**Name of Signer:** Jennifer L. Leamer

**Title:** Treasurer