July 26, 2024
WESTWOOD QUALITY VALUE FUND
TICKER SYMBOL: WHGQX
WESTWOOD QUALITY SMIDCAP FUND
TICKER SYMBOL: WWSMX
WESTWOOD QUALITY SMALLCAP FUND
TICKER SYMBOL: WWSYX
WESTWOOD QUALITY ALLCAP FUND
TICKER SYMBOL: WQAUX
WESTWOOD INCOME OPPORTUNITY FUND
TICKER SYMBOL: WHGOX
WESTWOOD ALTERNATIVE INCOME FUND
TICKER SYMBOL: WMNUX
ULTRA SHARES
Series of Ultimus Managers Trust
Supplement to the Prospectus
dated February 28, 2024, as supplemented
on March 14, 2024
This supplement updates certain information in the Prospectus for the Ultra Shares of the Westwood Quality Value Fund, Westwood Quality SMidCap Fund, Westwood Quality SmallCap Fund, Westwood Quality AllCap Fund, Westwood Income Opportunity Fund and Westwood Alternative Income Fund (each, a “Fund,” collectively, the “Funds”), each a series of the Ultimus Managers Trust, as set forth below. For more information or to obtain a copy of the Funds’ Prospectuses or Statement of Additional Information, free of charge, please visit the Funds’ website at www.westwoodfunds.com or call the Funds toll free at 1-877-FUND-WHG (1-877-386-3944).
Effective immediately, the following changes are made in the Prospectus for the Funds.
In accordance with regulatory changes requiring each Fund’s primary benchmark to represent the overall applicable market, each Fund’s primary benchmark is revised as noted below. A Fund’s secondary benchmark provides a means to compare the Fund’s average annual returns to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe.
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| Fund Name | Primary Benchmark |
Secondary Benchmark
|
| Westwood Quality Value Fund | Russell 3000 Index | Russell 1000 Value Index |
| Westwood Quality SMidCap Fund | Russell 3000 Index | Russell 2500 Value Index |
| Westwood Quality SmallCap Fund | Russell 3000 Index | Russell 2000 Value Index |
| Westwood Quality AllCap Fund | Russell 3000 Index | Russell 3000 Value Index |
| Westwood Income Opportunity Fund | Russell 3000 Index | 60% Bloomberg U.S. Aggregate Bond Index/40% S&P 500 Index |
| Westwood Alternative Income Fund | Bloomberg U.S. Aggregate Bond Index | FTSE 1-Month U.S. Treasury Bill Index |
The following replaces, in its entirety, under C Class Shares, the last paragraph under “Features” in the table in the section entitled “Purchasing, Selling and Exchanging Fund Shares – How to Choose a Share Class” on page 66 of the Prospectus:
C Class Shares automatically convert to A Class Shares after 5 years, provided that records held by the Funds or your financial intermediary verify C Class Shares have been held for at least 5 years. The original purchase date of C Class Shares of a Predecessor Fund will be used to calculate the conversion of C Class Shares to A Class Shares.
If you have any questions regarding the Funds, please call 1-877-FUND-WHG (1-877-386-3944).
Investors Should Retain this Supplement for Future Reference.
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