Yes, it will be with one router terminating multiple subnets. In my lab, I have just the one subnet. ACLs would allow you to keep traffic separate. Again, this may not be a feasible solution for you. But without some L3 device that Campus supports, you will not get the IPs and hostnames of your end hosts via UT acquisition. You could still get IPs from DHCP snooping or UTLite, but those would not be resolved to hostnames.
MIBS, SMMPv1, SMMPv2, SMMPv3 and management