# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-004633
**Filing Date:** 2026-3
**Character Count:** 32866
**Document Hash:** 9464f3bd85895d0c778573d462805c95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-004633.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000910472-26-004633

**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:** 26817005

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **AFFILIATED EXCHANGE-TRADED FUNDS - 4.1%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Energy Income ETF | &nbsp;&nbsp;481115 | &nbsp;&nbsp;$10957394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Salient Enhanced Midstream Income ETF | &nbsp;&nbsp;1565169 | &nbsp;&nbsp;42823024 |
| **Total Affiliated Exchange-Traded Funds** (Cost $50,094,282) |  | &nbsp;&nbsp;$53780418 |
| **MASTER LIMITED PARTNERSHIPS <sup>(a)</sup> - 22.5%** | **Shares** | **Value** |
| **Crude & Refined Products - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners, L.P. | &nbsp;&nbsp;107853 | &nbsp;&nbsp;$5359216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy, L.P. | &nbsp;&nbsp;506778 | &nbsp;&nbsp;8417583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P. | &nbsp;&nbsp;1112359 | &nbsp;&nbsp;62180867 |
|  |  | &nbsp;&nbsp;75957666 |
| **Gathering & Processing - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners, L.P. | &nbsp;&nbsp;751603 | &nbsp;&nbsp;31161460 |
| **Natural Gas Liquids Infrastructure - 14.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;6787370 | &nbsp;&nbsp;125226977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;1819874 | &nbsp;&nbsp;60401618 |
|  |  | &nbsp;&nbsp;185628595 |
| **Total Master Limited Partnerships** (Cost $191,975,544) | **Total Master Limited Partnerships** (Cost $191,975,544) | &nbsp;&nbsp;$292747721 |
| **MLP RELATED COMPANIES - 72.6%** | **Shares** | **Value** |
| **Crude & Refined Products - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;1959134 | &nbsp;&nbsp;$95684105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Energy, Inc. | &nbsp;&nbsp;182386 | &nbsp;&nbsp;3591114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A <sup>(b)</sup> | &nbsp;&nbsp;1236701 | &nbsp;&nbsp;25327636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corporation | &nbsp;&nbsp;617057 | &nbsp;&nbsp;17524419 |
|  |  | &nbsp;&nbsp;142127274 |
| **Exploration & Production - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A <sup>(c)</sup> | &nbsp;&nbsp;354536 | &nbsp;&nbsp;7778520 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MLP RELATED COMPANIES - 72.6% (Continued)** | **Shares** | **Value** |
| **Gathering & Processing - 19.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corporation | &nbsp;&nbsp;1920888 | &nbsp;&nbsp;$36151112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;799185 | &nbsp;&nbsp;100713294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMG Utica I Offshore Co-Investment L.P. and Subsidiary <sup>(d)(e)(f)</sup> | &nbsp;&nbsp;11947424 | &nbsp;&nbsp;7875037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMG Utica Midstream Fund L.P. and Subsidiaries <sup>(d)(e)(f)</sup> | &nbsp;&nbsp;4052576 | &nbsp;&nbsp;4296282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A <sup>(b)</sup> | &nbsp;&nbsp;1159491 | &nbsp;&nbsp;41127146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | &nbsp;&nbsp;363879 | &nbsp;&nbsp;14886290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation <sup>(b)</sup> | &nbsp;&nbsp;252281 | &nbsp;&nbsp;50703435 |
|  |  | &nbsp;&nbsp;255752596 |
| **Liquefied Natural Gas - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;267325 | &nbsp;&nbsp;56544584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corporation <sup>(c)</sup> | &nbsp;&nbsp;1102221 | &nbsp;&nbsp;5830749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A <sup>(b)</sup> | &nbsp;&nbsp;454014 | &nbsp;&nbsp;4449337 |
|  |  | &nbsp;&nbsp;66824670 |
| **Natural Gas Liquids Infrastructure - 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyera Corporation | &nbsp;&nbsp;1845993 | &nbsp;&nbsp;62512384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. <sup>(b)</sup> | &nbsp;&nbsp;436182 | &nbsp;&nbsp;34541253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corporation | &nbsp;&nbsp;673337 | &nbsp;&nbsp;27997352 |
|  |  | &nbsp;&nbsp;125050989 |
| **Natural Gas Pipelines - 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;3677305 | &nbsp;&nbsp;112121029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corporation | &nbsp;&nbsp;1110273 | &nbsp;&nbsp;65139717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) <sup>(b)</sup> | &nbsp;&nbsp;1495015 | &nbsp;&nbsp;100554709 |
|  |  | &nbsp;&nbsp;277815455 |
| **Oilfield Services & Equipment - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. <sup>(b)</sup> | &nbsp;&nbsp;330464 | &nbsp;&nbsp;18238308 |
| **Renewable Energy Infrastructure - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | &nbsp;&nbsp;389067 | &nbsp;&nbsp;14064772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc <sup>(b)</sup> | &nbsp;&nbsp;10580 | &nbsp;&nbsp;3718024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. <sup>(b)</sup> | &nbsp;&nbsp;170555 | &nbsp;&nbsp;26031809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. <sup>(b)</sup> | &nbsp;&nbsp;9950 | &nbsp;&nbsp;4722569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. - Class A <sup>(c)</sup> | &nbsp;&nbsp;241515 | &nbsp;&nbsp;2279902 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MLP RELATED COMPANIES - 72.6% (Continued)** | **Shares** | **Value** |
| **Renewable Energy Infrastructure - 4.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corporation <sup>(b)</sup> | &nbsp;&nbsp;24767 | &nbsp;&nbsp;$3921854 |
|  |  | &nbsp;&nbsp;54738930 |
| **Total MLP Related Companies** (Cost $618,762,617) | **Total MLP Related Companies** (Cost $618,762,617) | &nbsp;&nbsp;$948326742 |
| **MONEY MARKET FUNDS - 0.5%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 3.63% <sup>(g)</sup><br> (Cost $5,959,155) | &nbsp;&nbsp;5959155 | &nbsp;&nbsp;$5959155 |
| **Investments at Value - 99.7%** (Cost $866,791,598) | **Investments at Value - 99.7%** (Cost $866,791,598) | &nbsp;&nbsp;$1300814036 |
| **Other Assets in Excess of Liabilities - 0.3%** | **Other Assets in Excess of Liabilities - 0.3%** | &nbsp;&nbsp;3051628 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1303865664 |

---

---

| | |
|:---|:---|
| MLP | - Master Limited Partnership |
| plc | - Public Limited Company |

---

<sup>(a)</sup> The security is considered a non-income producing security as any distributions received during the last 12 months (if applicable) are treated as return of capital per Generally Accepted Accounting Principles.

<sup>(b)</sup> All or a portion of the security covers a written call option. The total value of securities as of January 31, 2026 was $313,336,080.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> These securities are exempt from registration under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions except from registration, normally to qualified institutional buyers, or to the public if the securities are subsequently registered.

<sup>(e)</sup> Security determined to be illiquid under procedures approved by the Fund's Board of Trustees and represents 0.9% of net assets.

<sup>(f)</sup> Investment is valued using the Fund's pro rata net asset value (or its equivalent) as a practical expedient.

<sup>(g)</sup> The rate shown is the 7-day effective yield as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND** | **WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE 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;Eaton Corporation plc, 02/20/26 | &nbsp;&nbsp;$380 .00 | 52 | $1827384 | &nbsp;&nbsp;&nbsp;&nbsp;$13260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream, L.P. - Class A, 02/20/26 | &nbsp;&nbsp;37 .00 | 1159 | 4110973 | &nbsp;&nbsp;&nbsp;&nbsp;15067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 02/20/26 | &nbsp;&nbsp;200 .00 | 426 | 6502038 | &nbsp;&nbsp;&nbsp;&nbsp;6390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 02/20/26 | &nbsp;&nbsp;85 .00 | 436 | 3452684 | &nbsp;&nbsp;&nbsp;&nbsp;15260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings, L.P. - Class A, 02/20/26 | &nbsp;&nbsp;21 .00 | 3390 | 6942720 | &nbsp;&nbsp;&nbsp;&nbsp;57630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc., 02/20/26 | &nbsp;&nbsp;500 .00 | 49 | 2325687 | &nbsp;&nbsp;&nbsp;&nbsp;52871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., 02/20/26 | &nbsp;&nbsp;65 .00 | 1056 | 5828064 | &nbsp;&nbsp;&nbsp;&nbsp;185856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation, 02/20/26 | &nbsp;&nbsp;220 .00 | 252 | 5064696 | &nbsp;&nbsp;&nbsp;&nbsp;18900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - Class A, 02/20/26 | &nbsp;&nbsp;11 .50 | 2270 | 2224600 | &nbsp;&nbsp;&nbsp;&nbsp;43130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corporation, 02/20/26 | &nbsp;&nbsp;210 .00 | 85 | 1345975 | &nbsp;&nbsp;&nbsp;&nbsp;1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The), 02/20/26 | &nbsp;&nbsp;70 .00 | 2990 | 20110740 | &nbsp;&nbsp;&nbsp;&nbsp;179400 |
| **Total Written Option Contracts** (Premiums $728,372) | **Total Written Option Contracts** (Premiums $728,372) |  | $59735561 | &nbsp;&nbsp;&nbsp;&nbsp;$589039 |
| The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $31,253,095. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $31,253,095. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $31,253,095. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $31,253,095. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $31,253,095. |

---

## 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:** 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:** $1308736342.42

**Total Liabilities:** $4870678.08

**Net Assets:** $1303865664.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237961 | 4.84%                | -0.86%               | 7.54%                |
| Class ID C000237962 | 4.87%                | -0.86%               | 7.54%                |
| Class ID C000237963 | 4.77%                | -0.96%               | 7.44%                |
| Class ID C000237964 | 4.86%                | -0.95%               | 7.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4278294.64             | $55269553.72                               |
| Month 2  | $152578.98               | $-14098147.85                              |
| Month 3  | $5974047.04              | $82889815.88                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kinetik Holdings Inc              | Kinetik Holdings, Inc.                                 | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    363879 | NS      | $14886289.89  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation      | Antero Midstream Corporation                           | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1920888 | NS      | $36151112.16  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc               | Cheniere Energy, Inc.                                  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    267325 | NS      | $56544584.00  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc               | Clearway Energy, Inc.                                  | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |    389067 | NS      | $14064772.05  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                  | DT Midstream, Inc.                                     | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    799185 | NS      | $100713293.70 | 7.72%             |  |  |  | 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      | $5359215.57   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                     | Enbridge, Inc.                                         | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |   1959134 | NS      | $95684104.56  | 7.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                | Energy Transfer, L.P.                                  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |   6787370 | NS      | $125226976.50 | 9.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P. | Enterprise Products Partners, L.P.                     | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |   1819874 | NS      | $60401618.06  | 4.63%             |  |  |  | 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        |   5959155 | PA      | $5959154.53   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesis Energy L.P.               | Genesis Energy, L.P.                                   | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |    506778 | NS      | $8417582.58   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                 | Hess Midstream, L.P. Class A                           | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1159491 | NS      | $41127145.77  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.               | Kinder Morgan, Inc.                                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |   3677305 | NS      | $112121029.45 | 8.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                           | MPLX, L.P.                                             | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |   1112359 | NS      | $62180868.10  | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                  | NRG Energy, Inc.                                       | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    170555 | NS      | $26031809.65  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NextDecade Corp.                  | NextDecade Corporation                                 | CUSIP: 65342K105<br>LEI: 549300XB4GCLNGHFTT48 | Long             | EC               | CORP              | US        |   1102221 | NS      | $5830749.09   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                        | ONEOK, Inc.                                            | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    436182 | NS      | $34541252.58  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corporation      | Pembina Pipeline Corporation                           | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    673337 | NS      | $27997352.46  | 2.15%             |  |  |  | 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        |   1236701 | NS      | $25327636.48  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.             | Quanta Services, Inc.                                  | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      9950 | NS      | $4722568.50   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc     | Shoals Technologies Group, Inc.                        | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    241515 | NS      | $2279901.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc | Solaris Energy Infrastructure, Inc.                    | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    330464 | NS      | $18238308.16  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                   | South Bow Corporation                                  | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    617057 | NS      | $17524418.80  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.             | Targa Resources Corporation                            | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    252281 | NS      | $50703435.38  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                    | TC Energy Corporation                                  | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |   1110273 | NS      | $65139716.91  | 5.00%             |  |  |  | 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      | $10957394.13  | 0.84%             |  |  |  | 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      | $42823023.84  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global Inc                | VENTURE GLOBAL INC - CL A                              | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               | CORP              | US        |    454014 | NS      | $4449337.20   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                       | Vistra Corporation                                     | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     24767 | NS      | $3921854.45   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Waterbridge Infrastructure LLC    | WaterBridge Infrastructure, LLC                        | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    354536 | NS      | $7778519.84   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP     | Western Midstream Partners, L.P.                       | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    751603 | NS      | $31161460.38  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)     | Williams Companies, Inc. (The)                         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |   1495015 | NS      | $100554708.90 | 7.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                      | Keyera Corporation                                     | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |   1845993 | NS      | $62512383.86  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibson Energy Inc.                | Gibson Energy, Inc.                                    | CUSIP: 374825206<br>LEI: 549300WYW5D9I3FR0643 | Long             | EC               | CORP              | CA        |    182386 | NS      | $3591114.08   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EMG MS LP                         | EMG Utica Midstream Fund L.P.                          | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |   4052576 | NS      | $4296281.71   | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EMG OFF SH                        | EMG Utica I Offshore Co-Invesment L.P.                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |  11947424 | NS      | $7875037.00   | 0.60%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Eaton Corp plc 02/20/2026 380 Call                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -52 | NS      | $-13260.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC             | Eaton Corp plc                                         | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     10580 | NS      | $3718023.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Hess Midstream, L.P. 02/20/2026 37 Call                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -1159 | NS      | $-15067.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | NRG Energy, Inc. 02/20/2026 200 Call                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -426 | NS      | $-6390.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | ONEOK, Inc. 02/20/2026 85 Call                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -436 | NS      | $-15260.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Plains GP Holdings, L.P. 02/20/2026 21 Call            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -3390 | NS      | $-57630.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Quanta Services, Inc. 02/20/2026 500 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -49 | NS      | $-52871.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Solaris Energy Infrastructure, Inc. 02/20/2026 65 Call | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -1056 | NS      | $-185856.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Targa Resources Corporation 02/20/2026 220 Call        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -252 | NS      | $-18900.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Venture Global, Inc. 02/20/2026 11.5 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -2270 | NS      | $-43130.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Vistra Corporation 02/20/2026 210 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -85 | NS      | $-1275.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION  | Williams Companies, Inc. (The) 02/20/2026 70 Call      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -2990 | NS      | $-179400.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer