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Form N-PX · fund registrantSEC filer no. 1545440

Ultimus Managers Trust

fund voting report

Vote records reported
10,382year to 30 June 2026
Against management
8.3%869 of 10,471 marked votes
Say-on-pay support
84.6%for, of for + against + abstain
Shareholder-proposal support
22.4%for, of for + against + abstain
87.0% for10.9% against2.1% other8.3% against management10,572 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

Ultimus Managers Trust reported 10,382 vote records for the year to 30 June 2026. It marked 8.3% of its votes as cast against management (869 of 10,471), 2.1 percentage points above the median fund registrant, which was 6.2%.

Weighted by the number of shares voted, the against-management share is 5.8%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 84.6% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 22.4% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in CORPORATE GOVERNANCE (21.4% of 552), OTHER SOCIAL ISSUES (15.4% of 149) and OTHER (15.4% of 78).

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share8.3%6.2%10.6%
Say-on-pay support rate84.6%91.6%86.0%
Shareholder-proposal support rate22.4%27.5%33.9%
Shares on loan, share of shares held0.00%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS7,1776,6264037.2%
SECTION 14A SAY-ON-PAY VOTES69556210414.5%
AUDIT-RELATED809774354.3%
INVESTMENT COMPANY MATTERS55020.0%
SHAREHOLDER RIGHTS AND DEFENSES1633612712.9%
EXTRAORDINARY TRANSACTIONS108122.2%
CAPITAL STRUCTURE216206103.3%
COMPENSATION455421285.2%
CORPORATE GOVERNANCE56645211221.4%
ENVIRONMENT OR CLIMATE957884.3%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE944904.3%
DIVERSITY, EQUITY, AND INCLUSION1821611.1%
OTHER SOCIAL ISSUES1492712015.4%
OTHER120662015.4%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202415,5168.1%86.2%24.5%
year to 30 June 202513,4027.0%86.7%24.2%
year to 30 June 202610,3828.3%84.6%22.4%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, Ultimus Managers Trust voted against management on 57 of the 422 it marked either way (13.5%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

A further 3 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 231 proposals from security holders that could be told apart in the filings and on which it cast a vote, Ultimus Managers Trust voted for 62 (26.8%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Microsoft Corporation5 Dec 2025Report on Al Data Usage Oversight
Amazon.com, Inc.20 May 2026Shareholder proposal requesting a mandatory independent board chair policy
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding a report on AI data usage oversight
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
JPMorgan Chase & Co.19 May 2026Independent board chairman
Johnson & Johnson23 Apr 2026Independent Board Chair
The Home Depot, Inc.21 May 2026Shareholder Proposal Regarding Independent Board Chair
CHEVRON CORPORATION27 May 2026Adopt an Independent Chair
Walmart Inc.4 Jun 2026Report on Immigration Policy & Enforcement
PEPSICO, INC.6 May 2026Shareholder Proposal - Independent Board Chair.
Tesla, Inc.6 Nov 2025A shareholder proposal to amend the bylaws to repeal 3% derivative suit ownership threshold.
Tesla, Inc.6 Nov 2025A shareholder proposal to amend Article X of the bylaws.
Tesla, Inc.6 Nov 2025A shareholder proposal to seek shareholder approval before adopting an amendment to the bylaws pursuant to...
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Tesla, Inc.6 Nov 2025Shareholder proposal: CORPORATE GOVERNANCE
Advanced Micro Devices, Inc.13 May 2026Stockholder proposal requesting changes to the stockholder right to call a special meeting.
McDonald's Corporation20 May 2026Advisory Vote to Adopt Policy for an Independent Chair.
McDonald's Corporation20 May 2026Advisory Vote on Shareholders' Right to Act by Written Consent.
International Business Machines Corporation28 Apr 2026Stockholder Proposal Requesting a Right to Act by Written Consent
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Texas Instruments Incorporated16 Apr 2026Stockholder proposal to permit stockholders to act by written consent.
The Goldman Sachs Group, Inc.29 Apr 2026Shareholder Proposal Regarding Lobbying Disclosure
The Goldman Sachs Group, Inc.29 Apr 2026Shareholder Proposal Regarding Special Shareholder Meeting Thresholds
Comcast Corporation10 Jun 2026Adopt policy to have an independent chair
Gilead Sciences, Inc.30 Apr 2026To vote on a stockholder proposal requesting an independent Board Chair policy
Deere & Company25 Feb 2026Shareholder proposal on shareholder right to act by written consent
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
LOCKHEED MARTIN CORPORATION12 May 2026Stockholder Proposal Requiring Independent Board Chairman
Micron Technology, Inc.15 Jan 2026Reduce Ownership Threshold for Shareholders to Call Special Meeting
Palo Alto Networks, Inc.9 Dec 2025To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding...
Palo Alto Networks, Inc.9 Dec 2025To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding a...
Mondelez International, Inc.20 May 2026Shareholder proposal requesting a report on objective evaluation of plastics packaging policies
EXXON MOBIL CORPORATION27 May 2026Require Independent Board Chair
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026Shareholder Proposal Regarding Data Protection Impact Assessment
Meta Platforms, Inc.27 May 2026Shareholder proposal: OTHER SOCIAL ISSUES
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding report on Al data usage oversight.

Shares on loan

Ultimus Managers Trust reported no shares on loan for the year to 30 June 2026. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

328 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
Westwood Quality Value Fund7289.8%85.1%32.1%
Westwood Income Opportunity Fund6769.5%81.4%29.1%
Westwood Quality SMidCap Fund6506.6%91.4%87.5%
Westwood Quality SmallCap Fund6298.1%93.9%not reported
Westwood Enhanced Income Opportunity ETF5859.6%75.7%23.2%
Westwood Multi-Asset Income Fund4887.9%83.9%23.6%
Lyrical International Value Equity Fund4495.1%85.7%not reported
Lyrical U.S. Value Equity Fund4030.7%96.8%8.3%
Westwood LBRTY Global Equity ETF39110.8%82.8%35.9%
Westwood Salient Enhanced Energy Income ETF2746.2%95.5%57.1%
Westwood Salient Enhanced Midstream Income ETF1644.3%92.9%not reported
Westwood Real Estate Income Fund12011.7%63.6%not reported
Westwood Quality AllCap Fund9610.4%100.0%14.3%
Westwood Quality MidCap Fund7112.9%100.0%not reported
Evolutionary Tree Innovators Fund540.7%100.0%9.1%
Westwood Alternative Income Fund1414.3%not reportednot reported
Westwood Broadmark Tactical Growth Fund120.0%not reportednot reported
S00007718010.0%not reportednot reported
S00007718110.0%not reportednot reported
S00007718210.0%not reportednot reported
S00007718310.0%not reportednot reported
S00007718410.0%not reportednot reported
S00007718510.0%not reportednot reported
S00007718610.0%not reportednot reported
S00007718710.0%not reportednot reported
S00007718810.0%not reportednot reported
S00007718910.0%not reportednot reported
S00007719010.0%not reportednot reported
S00007719110.0%not reportednot reported
S00007719210.0%not reportednot reported
S00007719310.0%not reportednot reported
S00007719410.0%not reportednot reported
S00007719510.0%not reportednot reported
S00007719610.0%not reportednot reported
S00007719710.0%not reportednot reported
S00007719810.0%not reportednot reported
S00007719910.0%not reportednot reported
S00007720010.0%not reportednot reported
S00007720110.0%not reportednot reported
S00007720210.0%not reportednot reported
S00007720310.0%not reportednot reported
S00007720410.0%not reportednot reported
S0000772051100.0%not reportednot reported
S00007720610.0%not reportednot reported
S00007720710.0%not reportednot reported
S00007720810.0%not reportednot reported
S00007720910.0%not reportednot reported
S0000772101100.0%not reportednot reported
S00007721110.0%not reportednot reported
S0000772121100.0%not reportednot reported
S00007721310.0%not reportednot reported
S00007721410.0%not reportednot reported
S00007721510.0%not reportednot reported
S00007721610.0%not reportednot reported
S00007721710.0%not reportednot reported
S00007721810.0%not reportednot reported
S00007721910.0%not reportednot reported
S0000772201100.0%not reportednot reported
S00007722110.0%not reportednot reported
S00007722210.0%not reportednot reported

The 60 series with the most vote records are shown, of 328.

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did Ultimus Managers Trust vote on executive pay?

In the year to 30 June 2026 Ultimus Managers Trust reported 663 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 561 were for (84.6%), 102 against and 0 abstentions. Counting one item per company meeting, it voted against management on 57 of the 422 say-on-pay items it marked either way. A further 3 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does Ultimus Managers Trust vote against management?

8.3% of the time in the year to 30 June 2026: 869 of the 10,471 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did Ultimus Managers Trust support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 91 votes on proposals from security holders in the year to 30 June 2026 and voted for 4 of them (4.4%). Across every category it voted for 22.4% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by Ultimus Managers Trust (filer no. 1545440), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.