# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-154349
**Filing Date:** 2025-6
**Character Count:** 20461
**Document Hash:** 1c4b8be1db0e1c083d3fcc312767fa8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154349.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154349

**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:** 251071208

**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 MLP & Energy Infrastructure Fund (Series ID: S000077491)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000237961 | Westwood Salient MLP & Energy Infrastructure Fund Institutional Shares | SMLPX           |
| C000237962 | Westwood Salient MLP & Energy Infrastructure Fund Ultra Fund           | SMRPX           |
| C000237963 | Westwood Salient MLP & Energy Infrastructure Fund C Class Shares       | SMFPX           |
| C000237964 | Westwood Salient MLP & Energy Infrastructure Fund A Class Shares       | SMAPX           |

## 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 MLP & ENERGY

- **b. EDGAR series identifier (if any):** S000077491

- **c. LEI of Series:** 549300VG7P29O2H2U782

**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:** $1221647124.56

**Total Liabilities:** $1895419.43

**Net Assets:** $1219751705.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237964 | 1.48%                | 0.37%                | -6.94%               |
| Class ID C000237961 | 1.46%                | 0.47%                | -6.98%               |
| Class ID C000237963 | 0.41%                | -0.63%               | -8.00%               |
| Class ID C000237962 | 1.49%                | 0.47%                | -6.98%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1705360.21              | $10518068.47                               |
| Month 2  | $2435625.33              | $-1201591.26                               |
| Month 3  | $-8934792.50             | $-90063915.20                              |

**Designated Index Information**

- **Index Name:** Alerian Midstream Energy Select Total Return Index (USD)

- **Index Identifier:** AMEIXUSDTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NextDecade Corp.                      | NextDecade Corporation                                      | CUSIP: 65342K105<br>LEI: 549300XB4GCLNGHFTT48 | Long             | EC               | CORP              | US        |   1102221 | NS      | $8244613.08   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corporation          | Pembina Pipeline Corporation                                | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    761209 | NS      | $29078183.80  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                               | MPLX LP                                                     | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |   1167077 | NS      | $59439231.61  | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                   | Cheniere Energy, Inc.                                       | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    326404 | NS      | $75435228.44  | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                 | Targa Resources Corp.                                       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    484616 | NS      | $82820874.40  | 6.79%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                       | GE Verona LLC                                               | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     11627 | NS      | $4311524.14   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Quanta Services Inc Call @ $330, Expiring May 2025          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -37 | NS      | $-6290.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Western Midstream Partners LP         | Western Midstream Partners, LP                              | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    758591 | NS      | $28523021.60  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultimus Managers Trust                | Westwood Salient Enhanced Energy Income ETF                 | CUSIP: 90386K571<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |    481115 | NS      | $9476762.71   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Cheniere Energy Inc Call @ $260, Expiring May 2025          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -163 | NS      | $-9780.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                   | Clearway Energy, Inc.                                       | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     84093 | NS      | $2467288.62   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP                 | Plains GP Holdings, L.P. Class A                            | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |   2736230 | NS      | $51003327.20  | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                         | Enbridge, Inc.                                              | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    955865 | NS      | $44629336.85  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek Logistics Partners Lp           | DELEK LOGISTICS PARTNERS, L.P.                              | CUSIP: 24664T103<br>LEI: 549300UVYITDIU51P724 | Long             | EC               | CORP              | US        |    107853 | NS      | $4233230.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Williams Cos Inc/The Call @ $62, Expiring May 2025          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -711 | NS      | $-15997.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Enterprise Products Partners L.P.     | Enterprise Products Partners L.P.                           | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |   1925914 | NS      | $57584828.60  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Solaris Energy Infrastructure Call @ $30, Expiring May 2025 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -918 | NS      | $-4590.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| First American Funds Inc.             | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U        | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2104018 | PA      | $2104017.96   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                    | Energy Transfer, L.P.                                       | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |   7140335 | NS      | $118101140.90 | 9.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                   | Kinder Morgan, Inc.                                         | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |   3157387 | NS      | $83039278.10  | 6.81%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                       | South Bow Corporation                                       | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | US        |    892073 | NS      | $22025282.37  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EMG Utica I Offshore Co-Investment LP | EMG Utica I Offshore Co-Investment LP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  16000000 | NS      | $13010520.00  | 1.07%             |  |  |  | No            |                  3 | On Loan: No      |
| TC Energy Corp                        | TC Energy Corporation                                       | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |   1271220 | NS      | $64082200.20  | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Solaris Energy Infrastructure Call @ $25, Expiring May 2025 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |        -6 | NS      | $-210.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Genesis Energy L.P.                   | Genisis Energy LP                                           | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |    657447 | NS      | $9033321.78   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                 | Quanta Services, Inc.                                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      7380 | NS      | $2160052.20   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultimus Managers Trust                | Westwood Salient Enhanced Midstream Income ETF              | CUSIP: 90386K589<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |   1565169 | NS      | $40482470.12  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Energy Transfer LP Call @ $18, Expiring May 2025            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -2142 | NS      | $-2142.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Solaris Energy Infrastructure Inc     | Solaris Oilfield Infrastucture, Inc.                        | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    918502 | NS      | $19417132.28  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)         | Williams Companies, Inc. (The)                              | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |   1423740 | NS      | $83388451.80  | 6.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibson Energy Inc.                    | Gibson Energy, Inc.                                         | CUSIP: 374825206<br>LEI: 549300WYW5D9I3FR0643 | Long             | EC               | CORP              | CA        |    414744 | NS      | $6526118.38   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                           | Vistra Energy Corporation                                   | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     30782 | NS      | $3990270.66   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                 | Eaton Corporation plc                                       | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |      6792 | NS      | $1999361.04   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Williams Cos Inc/The Call @ $61, Expiring May 2025          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -711 | NS      | $-2133.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | GE Vernova Inc Call @ $400, Expiring May 2025               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -73 | NS      | $-37960.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings Inc                  | Kinetik Holdings Inc                                        | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    763454 | NS      | $31561188.36  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Eaton Corp PLC Call @ $310, Expiring May 2025               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -33 | NS      | $-11550.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oneok Inc.                            | ONEOK, Inc.                                                 | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    717215 | NS      | $58926384.40  | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                      | DT Midstream, Inc.                                          | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    862238 | NS      | $83809533.60  | 6.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc              | Aris Water Solutions, Inc. Class A                          | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    289085 | NS      | $7215561.60   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation          | Antero Midstream Corporation                                | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1937271 | NS      | $32061835.05  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                          | Keyera Corporation                                          | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |   1455056 | NS      | $45168667.43  | 3.70%             |  |  |  | Yes           |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Quanta Services Inc Call @ $310, Expiring May 2025          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -36 | NS      | $-19908.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                     | Hess Midstream LP Class A                                   | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    830056 | NS      | $30853181.52  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | Vistra Corp Call @ $150, Expiring May 2025                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -153 | NS      | $-30753.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION      | GE Vernova Inc Call @ $380, Expiring May 2025               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -43 | NS      | $-51600.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Westwood Salient MLP & Energy Infrastructure Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer