# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-006135
**Filing Date:** 2025-12
**Character Count:** 21477
**Document Hash:** f3277e95f7a889286030e2467ae5d359
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006135.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006135

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**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:** 251605338

**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:** 2025-10-31

**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:** $258375401.20

**Total Liabilities:** $501684.91

**Net Assets:** $257873716.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237966 | 2.64%                | 0.93%                | -1.83%               |
| Class ID C000237968 | 2.63%                | 0.91%                | -1.87%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1276091.16             | $6880481.83                                |
| Month 2  | $188102.58               | $-764699.79                                |
| Month 3  | $-2613430.06             | $-3406518.64                               |

### 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      | $685100.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                    | Crown Castle, Inc. REIT                              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     50000 | NS      | $4511000.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company            | Lamar Advertising Company Class A                    | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     30000 | NS      | $3557700.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                       | Public Storage                                       | CUSIP: 74460W461<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      1732 | NS      | $28924.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                       | Public Storage                                       | CUSIP: 74460W552<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      4086 | NS      | $78532.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.           | Essex Property Trust, Inc. REIT                      | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     30000 | NS      | $7553100.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust LP                 | RLJ Lodging Trust                                    | CUSIP: 74965L200<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | EP               | CORP              | US        |    375000 | NS      | $9375000.00   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE Finance Trust Inc.            | TPG RE Finance Trust, Inc. Series C                  | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       600 | NS      | $10506.00     | 0.00%             |  |  |  | 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      | $6841600.00   | 2.65%             |  |  |  | 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      | $2038817.04   | 0.79%             |  |  |  | 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      | $7619671.66   | 2.95%             |  |  |  | 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      | $8591567.40   | 3.33%             |  |  |  | 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        |    447333 | NS      | $9376099.68   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                | Triumph Financial, Inc. Series A                     | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |    200000 | NS      | $4740000.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                       | Public Storage                                       | CUSIP: 74460W420<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     50000 | NS      | $835500.00    | 0.32%             |  |  |  | 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        |  13925031 | PA      | $13925031.31  | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties              | COPT Defense Properties REIT                         | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    300000 | NS      | $8451000.00   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                   | Vail Resorts, Inc.                                   | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     26000 | NS      | $3856580.00   | 1.50%             |  |  |  | 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   | 1.84%             |  |  |  | No            |                  3 | On Loan: No      |
| Centerspace                          | Cyberspace REIT                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |    125000 | NS      | $7406250.00   | 2.87%             |  |  |  | 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      | $3909009.60   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)         | Merchants Bancorp                                    | CUSIP: 58844R850<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |    196055 | NS      | $4646503.50   | 1.80%             |  |  |  | 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        |    428878 | NS      | $6428881.22   | 2.49%             |  |  |  | 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      | $4637984.56   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                | Invitation Homes, Inc.                               | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |    170000 | NS      | $4785500.00   | 1.86%             |  |  |  | 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      | $1896338.70   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.        | Sunstone Hotel Investors Inc                         | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |    166508 | NS      | $3486677.52   | 1.35%             |  |  |  | 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      | $1124473.35   | 0.44%             |  |  |  | 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      | $5606230.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                       | EPR Properties 9.000% Preferred                      | CUSIP: 26884U307<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |    283506 | NS      | $8544870.84   | 3.31%             |  |  |  | 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      | $3218494.50   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                       | Public Storage                                       | CUSIP: 74460W578<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      7069 | NS      | $140107.58    | 0.05%             |  |  |  | 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      | $1625655.60   | 0.63%             |  |  |  | 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   | 1.75%             |  |  |  | No            |                  3 | On Loan: No      |
| EPR Properties                       | EPR Properties                                       | CUSIP: 26884U505<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |    107775 | NS      | $2139333.75   | 0.83%             |  |  |  | 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      | $5145600.00   | 2.00%             |  |  |  | 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      | $8981300.00   | 3.48%             |  |  |  | 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      | $1977023.04   | 0.77%             |  |  |  | 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      | $10249728.79  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                | Regency Centers Corporation Series B                 | CUSIP: 758849871<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |     96953 | NS      | $2280334.56   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc Of California Inc.              | Banc of California, Inc.                             | CUSIP: 05990K841<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EP               | CORP              | US        |     87360 | NS      | $2176137.60   | 0.84%             |  |  |  | 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      | $4872500.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                | American Homes 4 Rent 5.875% Preferred               | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |    307132 | NS      | $7573875.12   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises, Inc.          | Hovnanian Enterprises Inc 7.625% Preferred           | CUSIP: 442487112<br>LEI: 549300805N4EF0ROBT53 | Long             | EP               | CORP              | US        |    515000 | NS      | $10500850.00  | 4.07%             |  |  |  | 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      | $2721250.00   | 1.06%             |  |  |  | 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      | $8122920.00   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc       | Blackstone Mortgage Trust, Inc. Class A              | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |    400000 | NS      | $7392000.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.             | Extra Space Storage, Inc. REIT                       | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     50000 | NS      | $6677000.00   | 2.59%             |  |  |  | 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      | $1686814.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc             | Phillips Edison & Company, Inc. REIT                 | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |    140000 | NS      | $4737600.00   | 1.84%             |  |  |  | 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      | $8469300.00   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                | Chatham Lodging Trust 6.625% Preferred               | CUSIP: 16208T201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    173492 | NS      | $3487189.20   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

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

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer