0001752724-23-058104.txt : 20230316 0001752724-23-058104.hdr.sgml : 20230316 20230316093049 ACCESSION NUMBER: 0001752724-23-058104 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230316 DATE AS OF CHANGE: 20230316 EFFECTIVENESS DATE: 20230316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ultimus Managers Trust CENTRAL INDEX KEY: 0001545440 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-22680 FILM NUMBER: 23737415 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 0001545440 S000077488 Westwood Broadmark Tactical Growth Fund C000237949 Westwood Broadmark Tactical Growth Fund C Class Shares C000237950 Westwood Broadmark Tactical Growth Fund F Class Shares C000237951 Westwood Broadmark Tactical Growth Fund Institutional Shares C000237952 Westwood Broadmark Tactical Growth Fund A Class Shares 0001545440 S000077489 Westwood Broadmark Tactical Plus Fund C000237953 Westwood Broadmark Tactical Plus Fund A Class Shares C000237954 Westwood Broadmark Tactical Plus Fund C Class Shares C000237955 Westwood Broadmark Tactical Plus Fund F Class Shares C000237956 Westwood Broadmark Tactical Plus Fund Institutional Shares 0001545440 S000077490 Westwood Salient Global Real Estate Fund C000237957 Westwood Salient Global Real Estate Fund F Class Shares C000237958 Westwood Salient Global Real Estate Fund A Class Shares C000237959 Westwood Salient Global Real Estate Fund C Class Shares C000237960 Westwood Salient Global Real Estate Fund Institutional Shares 0001545440 S000077491 Westwood Salient MLP & Energy Infrastructure Fund C000237961 Westwood Salient MLP & Energy Infrastructure Fund Institutional Shares C000237962 Westwood Salient MLP & Energy Infrastructure Fund Ultra Fund C000237963 Westwood Salient MLP & Energy Infrastructure Fund C Class Shares C000237964 Westwood Salient MLP & Energy Infrastructure Fund A Class Shares C000237965 Westwood Salient MLP & Energy Infrastructure Fund F Class Shares 0001545440 S000077492 Westwood Salient Select Income Fund C000237966 Westwood Salient Select Income Fund Institutional Shares C000237967 Westwood Salient Select Income Fund F Class Shares C000237968 Westwood Salient Select Income Fund A Class Shares C000237969 Westwood Salient Select Income Fund C Class Shares N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001545440 XXXXXXXX 811-22680 false false false N-1A S000077489 true S000077491 true S000077490 true S000077488 true S000077492 true Ultimus Managers Trust 811-22680 0001545440 549300FU214TAR7BFY91 225 Pictoria Drive Suite 450 Cincinnati 45246-1617 US-OH US 513-587-3400 U.S. Bank, N.A. 425 Walnut Street Cincinnati 45242-3956 513-455-8102 Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder Westwood Management Corp 200 Crescent Court Suite 1200 Dallas 75201 2140756-6900 Accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder Ultimus Fund Solutions, LLC 225 Pictoria Drive Suite 450 Cincinnati 45246-1617 513-587-3400 Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder N N N N-1A 33 Y Robert E. Morrison N/A N Janine L. Cohen N/A N Jacqueline A. Williams N/A N Dave Carson 001291823 Y Clifford N. Schireson N/A N David M. Deptula N/A N Gweneth K. Gosselink 002569618 225 Pictoria Drive Suite 450 Cincinnati 45246-1617 XXXXXX N N N N N N Ultimus Fund Distributors, LLC 008-52643 000104177 N/A N N BBD, LLP 552 N/A N N N N N N N Westwood Broadmark Tactical Plus Fund S000077489 549300KBTHPOJ5JVIL35 Y 4 4 0 N/A N N Y N N/A 0.00000000 0.00000000 Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2)) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y N Salient Advisors, L.P. 801-61449 000122833 549300GCPDUQTO1V4M03 N Broadmark Asset Management LLC 801-57807 000109422 549300SOYGSKVHHIIW16 N N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 54930000F4ZO33MV32P92 N N U.S. Bank, National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Citigroup, Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 30189.80000000 Credit Suisse Group AG 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 49610.86000000 Morgan Stanley & Co., LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 14188.55000000 Morgan Stanley 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 122092.70000000 216081.91000000 0.00000000 Y 72736105.15000000 N N N N Westwood Salient MLP & Energy Infrastructure Fund S000077491 549300VG7P29O2H2U782 Y 4 4 0 N/A Y N Y N N/A 0.00000000 0.00000000 Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 32a-4 (17 CFR 270.32a-4) Rule 17a-8 (17 CFR 270.17a-8) Y N Y N Westwood Management Corp 801-18727 000110269 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 54930000F4ZO33MV32P92 N N U.S. Bank, National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Alliance Bernstein Holding, L.P. N/A 000106998 549300EKK5IRKRYY4K34 86267.18000000 Piper Sandler Companies 008-15204 000000665 549300GRQCWQ3XGH0H10 81510.34000000 Tudor, Pickering, Holt & Company 008-66251 000129772 254900QNRC4536M3YW31 100051.34000000 Northern Trust Securities, Inc. 008-23689 000007927 3CHSO99JSPHD9HGNYJ46 67856.00000000 Wells Fargo Securities Co., LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 181990.35000000 Seaport Global Securities, LLC 008-253535 000116270 54930028D6D0G5RZJ888 178778.00000000 Jefferies Group 008-15074 000002347 58PU97L1C0WSRCWADL48 152164.20000000 Royal Bank of Canada N/A 000112284 549300HXQQQCCUBS2Z23 66355.00000000 UBS Group AG 008-16267 000008174 ETYRV6ORNFJB5NONI676 67172.17000000 Cantor Fitzgerald, L.P 008-00201 000000134 5493004J7H4GCPG6OB62 85371.45000000 1607877.45000000 Citigroup, Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 15683394.30000000 Barclays 008-41342 000019714 AC28XWWI3WIBK2824319 25195937.50000000 Merrill 008-07221 000007691 8NAV47T0Y26Q87Y0QP81 3356518.00000000 44235849.80000000 Y 913963968.15999997 N N N N Westwood Salient Global Real Estate Fund S000077490 549300LYVXZCT5OJPB58 Y 3 3 0 N/A N N Y N N/A 0.00000000 0.00000000 Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y Y Y N Westwood Management Corp 801-18727 000110269 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N N U.S. Bank, National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Citigroup, Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 109.60000000 Raymond James Financial, Inc. 008-17983 000006694 BJXJW0QPHK3JR8A9D249 8.03999999 Northern Trust Securities, Inc. 008-23689 000007927 3CHSO99JSPHD9HGNYJ46 1557.16000000 Bloomberg Tradebook, LLC 008-49219 000040881 549300P0PVQNO43T7K36 8903.56000000 SunTrust Banks, Inc. 008-17212 000006271 CSVTK36R0PNGXEM7NS14 674.73000000 The Bank of America Corporation 008-69787 000019714 AC28XWWI3WIBK2824319 352.04000000 Evercore, Inc. 008-49830 000042405 5493008F0LRLS5N8LZ81 636.12000000 Robert W. Baird & Co. 008-00497 000008158 549300772UJAHRD6LO53 894.60000000 Stifel Financial Corp. 008-01447 000000793 5WUVMA08EYG4KEUPW589 485.52000000 13621.37000000 0.00000000 Y 24602676.93000000 N N N N Westwood Broadmark Tactical Growth Fund S000077488 549300H1ABOEPTWVJV75 Y 3 3 0 N/A N N Y N N/A 0.00000000 0.00000000 Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4 (17 CFR 270.18f-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2)) N N N N Westwood Management Corp 801-18727 000110269 N/A N Broadmark Asset Management LLC 801-57807 000109422 549300SOYGSKVHHIIW16 N N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 54930000F4ZO33MV32P92 N N U.S. Bank, National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Credit Suisse Group AG 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 50868.39000000 Morgan Stanley & Co., LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 1617.35000000 Citigroup, Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 1039.50000000 Morgan Stanley 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 112071.89000000 165597.13000000 0.00000000 Y 292187216.73000002 N N N N Westwood Salient Select Income Fund S000077492 549300LYVXZCT5OJPB58 Y 3 3 0 N/A N N Y N N/A 0.00000000 0.00000000 Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y Y Y N Westwood Management Corp 801-18727 000110269 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N N Intercontinental Exchange, Inc. 54930000F4ZO33MV32P92 N N U.S. Bank, National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N N SunTrust Banks, Inc. 008-17212 000006271 CSVTK36R0PNGXEM7NS14 14094.86000000 Raymond James Financial, Inc. 008-17983 000006694 BJXJW0QPHK3JR8A9D249 12496.32000000 JonesTrading Institutional Services, LLC 008-26089 000006888 2138008JJ5PA8H5UIL69 15228.34000000 Northern Trust Securities, Inc. 008-23689 000007927 3CHSO99JSPHD9HGNYJ46 18132.45000000 The Bank of America Corporation 008-69787 000283942 549300HN4UKV1E2R3U73 13072.04000000 Stifel Financial Corp. 008-01447 000000793 5WUVMA08EYG4KEUPW589 21032.45000000 Bloomberg Tradebook, LLC 008-49219 000040881 549300P0PVQNO43T7K36 271095.98000000 Robert W. Baird & Co. 008-00497 000008158 549300772UJAHRD6LO53 11822.80000000 Citigroup, Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 7690.40000000 Evercore, Inc. 008-49830 000042405 5493008F0LRLS5N8LZ81 21613.20000000 411966.73000000 Brown Brothers Harriman & Co. 008-69731 000282732 5493006KMX1VFTPYPW14 773550.00000000 Raymond James Financial, Inc. 008-17983 000006694 BJXJW0QPHK3JR8A9D249 12581500.00000000 Bloomberg Tradebook, LLC 008-49219 000040881 549300P0PVQNO43T7K36 173269.48000000 Captial One Financial Corporation N/A 000127236 ZUE8T73ROZOF6FLBAR73 193300.00000000 Morgan Stanley 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 6365000.00000000 Stifel Financial Corp. 008-01447 000000793 5WUVMA08EYG4KEUPW589 98704.00000000 Cantor Fitzgerald, L.P 008-00201 000000134 5493004J7H4GCPG6OB62 8481305.76000000 Wells Fargo & Company 008-65876 000126292 VYVVCKR63DVZZN70PB21 4255000.00000000 Janney Montgomery Scott, LLC 008-00462 000000463 549300QQRY1JCFQHYS08 2261786.10000000 Cabrera Capital Markets, LLC 008-26406 000010081 254900BIRJU76JRBK985 5216814.19000000 40970291.93000000 Y 255797956.43000001 N N N N true INTERNAL CONTROL RPT 2 umt_ncen.htm

bbd

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

To the Board of Trustees of Ultimus Managers Trust

and the Shareholders of Westwood Salient Global Real Estate Fund, Westwood Salient Select Income Fund, Westwood Broadmark Tactical Growth Fund, Westwood Salient MLP & Energy Infrastructure Fund, and Westwood Broadmark Tactical Plus Fund

 

 

In planning and performing our audits of the financial statements of Westwood Salient Global Real Estate Fund, Westwood Salient Select Income Fund, Westwood Broadmark Tactical Growth Fund, Westwood Salient MLP & Energy Infrastructure Fund, and Westwood Broadmark Tactical Plus Fund, each a series of shares of beneficial interest in Ultimus Managers Trust (the “Funds”), as of December 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.

 

 

 
 

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2022.

 

This report is intended solely for the information and use of management and the Board of Trustees of Ultimus Managers Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

 

/s/ BBD, LLP

 

BBD, LLP

 

 

Philadelphia, Pennsylvania

March 1, 2023