# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-181082
**Filing Date:** 2025-7
**Character Count:** 35326
**Document Hash:** 211653a9cba8ef610536db9b41dafd31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-181082.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-181082

**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:** 251157737

**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

### Nia Impact Solutions Fund (Series ID: S000076123)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000235579 | Nia Impact Solutions Fund | NIAGX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 93.3%** | **Shares** | **Value** |
| **Communications - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. <sup>(a)</sup> | &nbsp;&nbsp;1685 | &nbsp;&nbsp;$1120761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;11351 | &nbsp;&nbsp;751096 |
|  |  | &nbsp;&nbsp;1871857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefónica S.A. - ADR | &nbsp;&nbsp;344932 | &nbsp;&nbsp;1831589 |
| **Consumer Discretionary - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Company Ltd. - ADR | &nbsp;&nbsp;14048 | &nbsp;&nbsp;1390752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Services - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20005 | &nbsp;&nbsp;3028557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;19121 | &nbsp;&nbsp;1399083 |
| **Consumer Staples - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vita Coco Company, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;23305 | &nbsp;&nbsp;829425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honest Company, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;109851 | &nbsp;&nbsp;552551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;27624 | &nbsp;&nbsp;1348880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)</sup> | &nbsp;&nbsp;27995 | &nbsp;&nbsp;855807 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 93.3% (Continued)** | **Shares** | **Value** |
| **Energy - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Renewable Energy - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. <sup>(a)</sup> | &nbsp;&nbsp;8591 | &nbsp;&nbsp;$1358066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S - ADR | &nbsp;&nbsp;288277 | &nbsp;&nbsp;1513454 |
|  |  | &nbsp;&nbsp;2871520 |
| **Financials - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;41776 | &nbsp;&nbsp;1046489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;23109 | &nbsp;&nbsp;1528660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanlam Ltd. - ADR | &nbsp;&nbsp;158226 | &nbsp;&nbsp;1575931 |
|  |  | &nbsp;&nbsp;4151080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalgamated Financial Corporation | &nbsp;&nbsp;64550 | &nbsp;&nbsp;1950701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lemonade, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20096 | &nbsp;&nbsp;673216 |
| **Health Care - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Company Ltd. - ADR | &nbsp;&nbsp;33844 | &nbsp;&nbsp;903635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corporation <sup>(a)</sup> | &nbsp;&nbsp;5915 | &nbsp;&nbsp;421266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;17835 | &nbsp;&nbsp;1963277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK plc - ADR | &nbsp;&nbsp;38161 | &nbsp;&nbsp;1565746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4915 | &nbsp;&nbsp;2172676 |
|  |  | &nbsp;&nbsp;7026600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG - ADR | &nbsp;&nbsp;44380 | &nbsp;&nbsp;1260392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20400 | &nbsp;&nbsp;1268268 |
| **Industrials - 21.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Support Services - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brambles Ltd. - ADR | &nbsp;&nbsp;47090 | &nbsp;&nbsp;1413642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer N.V. - ADR | &nbsp;&nbsp;11742 | &nbsp;&nbsp;2086319 |
|  |  | &nbsp;&nbsp;3499961 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 93.3% (Continued)** | **Shares** | **Value** |
| **Industrials - 21.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;22815 | &nbsp;&nbsp;$1293383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE - ADR | &nbsp;&nbsp;44501 | &nbsp;&nbsp;2231725 |
|  |  | &nbsp;&nbsp;3525108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 9.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;20555 | &nbsp;&nbsp;2257967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | &nbsp;&nbsp;5437 | &nbsp;&nbsp;2067039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stantec, Inc. | &nbsp;&nbsp;29529 | &nbsp;&nbsp;3039715 |
|  |  | &nbsp;&nbsp;7364721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - Class A | &nbsp;&nbsp;46530 | &nbsp;&nbsp;1141381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;16813 | &nbsp;&nbsp;2119110 |
|  |  | &nbsp;&nbsp;3260491 |
| **Materials - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo Corporation | &nbsp;&nbsp;10712 | &nbsp;&nbsp;567414 |
| **Real Estate - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Developments Ltd. - ADR | &nbsp;&nbsp;93091 | &nbsp;&nbsp;355608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;17870 | &nbsp;&nbsp;1763947 |
| **Technology - 26.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7791 | &nbsp;&nbsp;862697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;13743 | &nbsp;&nbsp;2656797 |
|  |  | &nbsp;&nbsp;3519494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 16.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;5121 | &nbsp;&nbsp;1063273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2760 | &nbsp;&nbsp;817291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;4246 | &nbsp;&nbsp;704369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3423 | &nbsp;&nbsp;1778625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. <sup>(a)</sup> | &nbsp;&nbsp;25768 | &nbsp;&nbsp;2622667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;13658 | &nbsp;&nbsp;2628072 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 93.3% (Continued)** | **Shares** | **Value** |
| **Technology - 26.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 16.3% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE - ADR | &nbsp;&nbsp;8781 | &nbsp;&nbsp;$2659414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;9171 | &nbsp;&nbsp;983314 |
|  |  | &nbsp;&nbsp;13257025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7392 | &nbsp;&nbsp;1484683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;9812 | &nbsp;&nbsp;2541897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;17696 | &nbsp;&nbsp;746417 |
|  |  | &nbsp;&nbsp;3288314 |
| **Utilities - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corporation | &nbsp;&nbsp;40447 | &nbsp;&nbsp;1188737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;13010 | &nbsp;&nbsp;614723 |
| **Total Common Stocks** (Cost $54,815,124) | **Total Common Stocks** (Cost $54,815,124) | &nbsp;&nbsp;$76000504 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 6.5%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 4.22% <sup>(b)</sup> <br> (Cost $5,260,319) | &nbsp;&nbsp;5260319 | &nbsp;&nbsp;$5260319 |
| **Investments at Value - 99.8%** (Cost $60,075,443) | **Investments at Value - 99.8%** (Cost $60,075,443) | &nbsp;&nbsp;$81260823 |
| **Other Assets in Excess of Liabilities - 0.2%** | **Other Assets in Excess of Liabilities - 0.2%** | &nbsp;&nbsp;169262 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$81430085 |

---

---

| | |
|:---|:---|
| A/S | &nbsp;&nbsp;&nbsp;&nbsp;- Aktieselskab |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| N.V. | - Naamloze Vennootschap |
| plc | - Public Limited Company |
| S.A. | - Societe Anonyme |
| SE | - Societe Europaea |

---

<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:** NIA IMPACT SOLUTIONS FUND

- **b. EDGAR series identifier (if any):** S000076123

- **c. LEI of Series:** 5493004APNB4I0PFX287

**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:** $81493897.38

**Total Liabilities:** $63812.45

**Net Assets:** $81430084.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235579 | -4.25%               | 2.80%                | 6.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1094244.67              | $-5124018.07                               |
| Month 2  | $-327825.86              | $2332294.51                                |
| Month 3  | $-987266.46              | $5589097.78                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Micro Devices Inc.                  | Advanced Micro Devices, Inc.                               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      7791 | NS      | $862697.43    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc.                                 | STANTEC, INC.                                              | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |     29529 | NS      | $3039715.26   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                  | Hologic, Inc.                                              | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     20400 | NS      | $1268268.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                              | First Solar, Inc.                                          | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      8591 | NS      | $1358065.28   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation                        | Atlassian Corporation Class A                              | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |      5121 | NS      | $1063273.23   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                   | Stride, Inc.                                               | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     20005 | NS      | $3028556.95   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                 | DUOLINGO                                                   | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3423 | NS      | $1778625.03   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated          | Vertex Pharmaceuticals, Inc.                               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      4915 | NS      | $2172675.75   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                        | Robinhood Markets Inc                                      | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     23109 | NS      | $1528660.35   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                 | Autodesk, Inc.                                             | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      2760 | NS      | $817291.20    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods, Inc.                   | United Natural Foods, Inc.                                 | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     27995 | NS      | $855807.15    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology S.A.                      | Spotify Technology S.A.                                    | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |      1685 | NS      | $1120760.90   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group               | California Water Service Group                             | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     13010 | NS      | $614722.50    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemonade Inc                                 | Lemonade, Inc.                                             | CUSIP: 52567D107<br>LEI: 5493009BKR06OXXU6853 | Long             | EC               | CORP              | US        |     20096 | NS      | $673216.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                              | Nextracker Inc - Class A                                   | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22815 | NS      | $1293382.35   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                           | Iron Mountain, Inc.                                        | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     17870 | NS      | $1763947.70   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| City Developments Ltd.                       | City Developments Ltd. ADR                                 | CUSIP: 177797305<br>LEI: 254900BPLPJS0RJ72373 | Long             | EC               | CORP              | SG        |     93091 | NS      | $355607.62    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlam Ltd                                   | Sanlam Ltd. ADR                                            | CUSIP: 80104Q208<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | US        |    158226 | NS      | $1575930.96   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corporation             | Brookfield Renewable Corporation                           | CUSIP: 11285B108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     40447 | NS      | $1188737.33   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                       | SAP AG ADR                                                 | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      8781 | NS      | $2659413.66   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                    | Toast Inc. Class A                                         | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     17696 | NS      | $746417.28    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| The Honest Company Inc                       | Honest Company, Inc. (The)                                 | CUSIP: 438333106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109851 | NS      | $552550.53    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica, S.A.                             | Telefonica S.A. ADR                                        | CUSIP: 879382208<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |    344932 | NS      | $1831588.92   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Brambles Ltd.                                | Brambles Ltd. ADR                                          | CUSIP: 105105209<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     47090 | NS      | $1413641.80   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp.                  | Amalgamated Financial Corporation                          | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64550 | NS      | $1950701.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                    | eBay, Inc.                                                 | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     19121 | NS      | $1399083.57   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                 | Fortinet, Inc.                                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     25768 | NS      | $2622667.04   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                         | Genedx Holdings Corp.                                      | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5915 | NS      | $421266.30    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Grocers By Vitamin Cottage Inc.      | Natural Grocers by Vitamin Cottage, Inc.                   | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |     27624 | NS      | $1348879.92   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corporation                | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      9812 | NS      | $2541896.72   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                        | Schneider Electric SE ADR                                  | CUSIP: 80687P106<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     44501 | NS      | $2231725.15   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp.                                | Sylvamo Corporation                                        | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     10712 | NS      | $567414.64    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                       | Daiichi Sankyo Company Ltd. Sponsored ADR                  | CUSIP: 23381D102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     33844 | NS      | $903634.80    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc.                                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      7392 | NS      | $1484683.20   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                       | Palo Alto Networks, Inc.                                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     13658 | NS      | $2628072.36   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                  | SHOPIFY, INC. CLASS A                                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |      9171 | NS      | $983314.62    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc    | HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITA L, INC. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     41776 | NS      | $1046488.80   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems AS                       | Vestas Wind Systems A/S ADR                                | CUSIP: 925458101<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |    288277 | NS      | $1513454.25   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                  | Xylem, Inc.                                                | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     16813 | NS      | $2119110.52   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                         | Gilead Sciences, Inc.                                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     17835 | NS      | $1963276.80   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                    | Fresenius Medical Care AG & Company KGaA ADR               | CUSIP: 358029106<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     44380 | NS      | $1260392.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                             | Zillow Group, Inc. Class A                                 | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |     11351 | NS      | $751095.67    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                      | GSK plc ADR                                                | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | US        |     38161 | NS      | $1565745.83   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products, Inc.                 | Mueller Water Products, Inc. Series A                      | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     46530 | NS      | $1141380.90   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd.                                  | BYD CO LTD ADR                                             | CUSIP: 05606L100<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | US        |     14048 | NS      | $1390752.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| The Vita Coco Company Inc                    | Vita Coco Company, Inc. (The)                              | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     23305 | NS      | $829424.95    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Company Ltd. ADR        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     13743 | NS      | $2656796.76   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                        | AECOM                                                      | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     20555 | NS      | $2257966.75   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.                      | Carlisle Cos., Inc.                                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      5437 | NS      | $2067038.66   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer NV                            | Wolters Kluwer N.V. ADR                                    | CUSIP: 977874205<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     11742 | NS      | $2086318.56   | 2.56%             |  |  |  | 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        |   5260319 | PA      | $5260318.75   | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                               | Cloudflare, Inc. Class A                                   | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      4246 | NS      | $704368.94    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Nia Impact Solutions Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer