# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-181090
**Filing Date:** 2025-7
**Character Count:** 36109
**Document Hash:** b9046d19446c192a6c68782a5e65ddaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-181090.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-181090

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20260228

**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:** 251157744

**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

### HVIA Equity Fund (Series ID: S000054831)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000172452 | Institutional Class | HVEIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.1%** | **Shares** | **Value** |
| **Communications - 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4200 | &nbsp;&nbsp;$950376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;11520 | &nbsp;&nbsp;1991232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;3350 | &nbsp;&nbsp;2169091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1100 | &nbsp;&nbsp;1327953 |
|  |  | &nbsp;&nbsp;5488276 |
| **Consumer Discretionary - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;12400 | &nbsp;&nbsp;2542124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. <sup>(a)</sup> | &nbsp;&nbsp;575 | &nbsp;&nbsp;1473892 |
|  |  | &nbsp;&nbsp;4016016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20000 | &nbsp;&nbsp;1001600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;10470 | &nbsp;&nbsp;878956 |
|  |  | &nbsp;&nbsp;1880556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;365 | &nbsp;&nbsp;1362560 |
| **Consumer Staples - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;1580 | &nbsp;&nbsp;207691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | &nbsp;&nbsp;7810 | &nbsp;&nbsp;527097 |
| **Energy - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;5700 | &nbsp;&nbsp;583110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | &nbsp;&nbsp;15620 | &nbsp;&nbsp;578721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;15800 | &nbsp;&nbsp;522190 |
|  |  | &nbsp;&nbsp;1100911 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.1% (Continued)** | **Shares** | **Value** |
| **Financials - 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp;49000 | &nbsp;&nbsp;$915320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;15400 | &nbsp;&nbsp;1360436 |
|  |  | &nbsp;&nbsp;2275756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3680 | &nbsp;&nbsp;971520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;1900 | &nbsp;&nbsp;1140855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;9980 | &nbsp;&nbsp;1277739 |
|  |  | &nbsp;&nbsp;2418594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;5604 | &nbsp;&nbsp;1309431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | &nbsp;&nbsp;8010 | &nbsp;&nbsp;2355341 |
| **Health Care - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;4500 | &nbsp;&nbsp;837495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;2030 | &nbsp;&nbsp;1497470 |
|  |  | &nbsp;&nbsp;2334965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;2615 | &nbsp;&nbsp;789495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | &nbsp;&nbsp;4630 | &nbsp;&nbsp;879237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;1550 | &nbsp;&nbsp;624371 |
|  |  | &nbsp;&nbsp;1503608 |
| **Industrials - 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;13700 | &nbsp;&nbsp;1232041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2000 | &nbsp;&nbsp;244260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;788875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | &nbsp;&nbsp;13300 | &nbsp;&nbsp;947891 |
|  |  | &nbsp;&nbsp;3213067 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.1% (Continued)** | **Shares** | **Value** |
| **Industrials - 14.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corporation <sup>(a)</sup> | &nbsp;&nbsp;24830 | &nbsp;&nbsp;$1032431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;3150 | &nbsp;&nbsp;1079064 |
|  |  | &nbsp;&nbsp;2111495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc. <sup>(a)</sup> | &nbsp;&nbsp;8300 | &nbsp;&nbsp;1301938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Support Services - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grainger (W.W.), Inc. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1087560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;1470 | &nbsp;&nbsp;1041319 |
|  |  | &nbsp;&nbsp;2128879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;3180 | &nbsp;&nbsp;615616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;14000 | &nbsp;&nbsp;442260 |
| **Materials - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | &nbsp;&nbsp;1800 | &nbsp;&nbsp;645858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Steel - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation | &nbsp;&nbsp;4070 | &nbsp;&nbsp;445095 |
| **Real Estate - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;9600 | &nbsp;&nbsp;1200192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;5393 | &nbsp;&nbsp;585680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;16958 | &nbsp;&nbsp;439382 |
|  |  | &nbsp;&nbsp;1025062 |
| **Technology - 29.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;3210 | &nbsp;&nbsp;2429585 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.1% (Continued)** | **Shares** | **Value** |
| **Technology - 29.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 9.0% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;26078 | &nbsp;&nbsp;$3523920 |
|  |  | &nbsp;&nbsp;5953505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 9.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2000 | &nbsp;&nbsp;830180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5100 | &nbsp;&nbsp;2347836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;5920 | &nbsp;&nbsp;1570991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1516635 |
|  |  | &nbsp;&nbsp;6265642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;8500 | &nbsp;&nbsp;1707225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation <sup>(a)</sup> | &nbsp;&nbsp;13900 | &nbsp;&nbsp;1112834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;23260 | &nbsp;&nbsp;1466310 |
|  |  | &nbsp;&nbsp;4286369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;5250 | &nbsp;&nbsp;1360065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;4610 | &nbsp;&nbsp;1683526 |
|  |  | &nbsp;&nbsp;3043591 |
| **Utilities - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | &nbsp;&nbsp;6000 | &nbsp;&nbsp;706320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;10800 | &nbsp;&nbsp;762912 |
|  |  | &nbsp;&nbsp;1469232 |
| **Total Common Stocks** (Cost $41,621,710) | **Total Common Stocks** (Cost $41,621,710) | &nbsp;&nbsp;$64223104 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 2.8%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 4.23% <sup>(b)</sup> <br> (Cost $1,879,399) | &nbsp;&nbsp;1879399 | &nbsp;&nbsp;$1879399 |
| **Investments at Value - 99.9%** (Cost $43,501,109) | **Investments at Value - 99.9%** (Cost $43,501,109) | &nbsp;&nbsp;$66102503 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;36090 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$66138593 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of May 31, 2025.

## 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:** HVIA EQUITY FUND

- **b. EDGAR series identifier (if any):** S000054831

- **c. LEI of Series:** 549300W5BJP3BPOMUW77

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $66189437.31

**Total Liabilities:** $50844.68

**Net Assets:** $66138592.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172452 | -6.78%               | -1.14%               | 6.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-896653.21              | $-3544396.74                               |
| Month 2  | $368117.71               | $-1067387.74                               |
| Month 3  | $0.00                    | $3899926.59                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Danaher Corporation                   | Danaher Corporation                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      4630 | NS      | $879237.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                  | United Rentals, Inc.                               | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1470 | NS      | $1041318.60   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                         | Prologis, Inc. REIT                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      5393 | NS      | $585679.80    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                  | Weyerhaeuser Company REIT                          | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     16958 | NS      | $439381.78    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                     | Exxon Mobil Corporation                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      5700 | NS      | $583110.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                 | Generac Holdings, Inc.                             | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      2000 | NS      | $244260.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.          | Mondelez International, Inc. Class A               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      7810 | NS      | $527096.90    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                      | MercadoLibre, Inc.                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       575 | NS      | $1473891.75   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                           | Trimble Inc                                        | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     13300 | NS      | $947891.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.               | UnitedHealth Group, Inc.                           | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2615 | NS      | $789494.65    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corporation                     | Fluor Corporation                                  | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     24830 | NS      | $1032431.40   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                             | Adobe, Inc.                                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2000 | NS      | $830180.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                       | CBRE Group, Inc.                                   | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      9600 | NS      | $1200192.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                       | Salesforce, Inc.                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5920 | NS      | $1570990.40   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                             | KLA Corporation                                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      3210 | NS      | $2429584.80   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                       | CSX Corporation                                    | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     14000 | NS      | $442260.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                     | Ciena Corporation                                  | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     13900 | NS      | $1112834.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                  | Blue Owl Capital Inc.                              | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49000 | NS      | $915320.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                 | Quanta Services, Inc.                              | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      3150 | NS      | $1079064.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                           | PepsiCo, Inc.                                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1580 | NS      | $207691.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc.    | Take-Two Interactive Software, Inc.                | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      4200 | NS      | $950376.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.             | First American Government Obligations Fund Class X | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1879399 | PA      | $1879399.42   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                     | Nucor Corporation                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      4070 | NS      | $445095.20    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                  | Chart Industries, Inc.                             | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      8300 | NS      | $1301938.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                              | Visa, Inc. Class A                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4610 | NS      | $1683525.90   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc            | Chipotle Mexican Grill, Inc.                       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $1001600.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                      | Amazon.com, Inc.                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     12400 | NS      | $2542124.00   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                          | NVIDIA Corporation                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     26078 | NS      | $3523920.14   | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp. | International Business Machines Corporation        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5250 | NS      | $1360065.00   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                         | Alphabet, Inc. Class C                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     11520 | NS      | $1991232.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation        | Charles Schwab Corporation (The)                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     15400 | NS      | $1360436.00   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                  | JPMorgan Chase & Company                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3680 | NS      | $971520.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                            | Apple, Inc.                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      8500 | NS      | $1707225.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                    | NextEra Energy, Inc.                               | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     10800 | NS      | $762912.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc.      | Marsh & McLennan Companies, Inc.                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      5604 | NS      | $1309430.64   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                  | Amphenol Corporation Class A                       | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     13700 | NS      | $1232041.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                      | Grainger (W.W.), Inc.                              | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1000 | NS      | $1087560.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                  | Schlumberger Ltd.                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     15800 | NS      | $522190.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | Meta Platforms, Inc. Class A Class A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3350 | NS      | $2169091.50   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                       | Eli Lilly & Company                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2030 | NS      | $1497470.10   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                        | ServiceNow, Inc.                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1500 | NS      | $1516635.00   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                         | Netflix, Inc.                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1100 | NS      | $1327953.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company          | Sherwin-Williams Company (The)                     | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1800 | NS      | $645858.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                       | Starbucks Corporation                              | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     10470 | NS      | $878956.50    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                        | AutoZone, Inc.                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       365 | NS      | $1362559.60   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                   | Cisco Systems, Inc.                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     23260 | NS      | $1466310.40   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.             | Rockwell Automation, Inc.                          | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      2500 | NS      | $788875.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                           | AbbVie, Inc.                                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      4500 | NS      | $837495.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                      | Duke Energy Corporation                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      6000 | NS      | $706320.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | Microsoft Corporation                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5100 | NS      | $2347836.00   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                        | Morgan Stanley                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      9980 | NS      | $1277739.40   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.        | Lincoln Electric Holdings, Inc.                    | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      3180 | NS      | $615616.20    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company              | American Express Company                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      8010 | NS      | $2355340.50   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                  | Baker Hughes, a GE Company                         | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15620 | NS      | $578721.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.             | Goldman Sachs Group, Inc. (The)                    | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1900 | NS      | $1140855.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc          | Thermo Fisher Scientific, Inc.                     | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1550 | NS      | $624371.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-23

**Name of Applicant:** HVIA Equity Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer