# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001580642-25-007038
**Filing Date:** 2025-11
**Character Count:** 178390
**Document Hash:** 0390a9bcf18233ca6cf010a54afccd66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007038.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001580642-25-007038

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251454860

**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

### Blue Current Global Dividend Fund (Series ID: S000046711)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145852 | Institutional Class | BCGDX           |

### Marshfield Concentrated Opportunity Fund (Series ID: S000052208)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000164234 | Marshfield Concentrated Opportunity Fund | MRFOX           |

### Meehan Focus Fund (Series ID: S000056709)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000179800 | Meehan Focus Fund | MEFOX           |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission**

**Washington, D.C. 20549**

**form n-csr**

**certified shareholder report of registered management investment COMPANIES**

Investment Company Act file number <u>811-22680</u>

**<u>Ultimus Managers Trust</u>**

(Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Karen Jacoppo-Wood</u>

Ultimus Fund Solutions, LLC 225&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, Ohio 45246

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(513) 587-3400</u>

Date of fiscal year end: <u>August 31</u> <br>Date of reporting period: <u>August 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) # Blue Current Global Dividend Fund

## Institutional Class (BCGDX)

### Annual Shareholder Report - August 31, 2025
![Image](i4d4ce443bd43d7eae42e23ef.jpg)

## Fund Overview
This annual shareholder report contains important information about Blue Current Global Dividend Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://bluecurrentfunds.com/resources/**. You can also request this information by contacting us at (800) 514-3583. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $109 | 1.00% |

---

## How did the Fund perform during the reporting period?
Incorporating a developed-market perspective that spans the major regions of the world, the Fund identifies and invests in global leaders that meet our investment standards predicated on free cash flow and capital returns to shareholders. This pan-regional and sector approach enables our investment team to capitalize on opportunities across various stages of the business and economic cycle. As a result, we are not solely reliant on momentum or narrow market tailwinds to successfully deliver returns. The past twelve months exemplify our approach as we successfully identified opportunities across diverse regions and sectors of the global economy.

Over the trailing 12-month period, the financial sector was the Fund's top contributor to overall performance. Led by investments in Mitsubishi UFJ Financial Group, Inc. ADR, BNP Paribas S.A., and Morgan Stanley, financials benefitted from the global rise in yields, a thawing of capital markets activity following a challenging period, and robust appreciation in public equities – contributing to the growth in overall wealth and asset management. The technology sector was also a major contributor to the trailing 12-month period. Through investments in Broadcom, Inc. and Taiwan Semiconductor Manufacturing Company Ltd. - ADR, the Fund benefitted from the continued growth and adoption of Artificial Intelligence (AI). Driven by growth in the hyperscaler's capital expenditures, we believe that investments in leading edge semiconductors will remain resilient as AI demands more power efficient processing to maximize machine learning. Due to rising geopolitical tensions, the Fund's investments in companies with exposure to defense and aerospace spending also made material contributions to the Fund's performance over the period.

Due to deglobalization and increasing trade barriers, we believe that the investment landscape now favors regional and even country-specific brand champions that have the financial and economic support of local governments. This business and trade segmentation marks a secular shift in the way that investors will allocate capital and requires a global or holistic view of the world, supporting our process of emphasizing quality businesses that reward shareholders through dividend growth.

## How has the Fund performed over the last ten years?

### Total Return Based on $100,000 Investment
![Growth of 10K Chart](i0f128fc5191a6e4bca1a041b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Blue Current Global Dividend Fund - Institutional Class** | **MSCI World High Dividend Yield Index** | **MSCI World Index** |
| **Aug-2015** | $100000 | $100000 | $100000 |
| **Aug-2016** | $108920 | $110972 | $106684 |
| **Aug-2017** | $123701 | $123999 | $123951 |
| **Aug-2018** | $130604 | $131976 | $140194 |
| **Aug-2019** | $134400 | $135301 | $140560 |
| **Aug-2020** | $139050 | $137692 | $164154 |
| **Aug-2021** | $180641 | $169151 | $213013 |
| **Aug-2022** | $162351 | $156317 | $180901 |
| **Aug-2023** | $183353 | $173431 | $209129 |
| **Aug-2024** | $230500 | $203405 | $260230 |
| **Aug-2025** | $270506 | $221212 | $301025 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Blue Current Global Dividend Fund - Institutional Class | 17.36% | 14.24% | 10.46% |
| MSCI World High Dividend Yield Index | 8.75% | 9.95% | 8.26% |
| MSCI World Index | 15.68% | 12.89% | 11.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 514-3583 or visit https://bluecurrentfunds.com/ for updated performance information.***

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i2055066d770bf7cd45030a0a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.2% |
| Consumer Discretionary | 2.4% |
| Communications | 3.3% |
| Real Estate | 3.7% |
| Money Market Funds | 4.2% |
| Energy | 5.4% |
| Technology | 13.2% |
| Industrials | 14.2% |
| Health Care | 14.4% |
| Consumer Staples | 16.1% |
| Financials | 25.3% |

---

### **Fund Statistics** 
* Net Assets$89,914,275

* Number of Portfolio Holdings41

* Advisory Fee (net of waivers)$467,622

* Portfolio Turnover33%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibe63ed62cc24288e4495056f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.9% |
| Money Market Funds | 4.1% |

---

### Country Weighting (% of net assets)
![Group By Country Chart](i9f83e56a1b6108f6aa9945ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.5% |
| Canada | 2.1% |
| Taiwan Province of China | 2.3% |
| Netherlands | 2.8% |
| Switzerland | 4.6% |
| Singapore | 4.8% |
| Germany | 5.7% |
| Japan | 6.8% |
| France | 7.6% |
| United Kingdom | 13.5% |
| United States | 46.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;RTX Corporation | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Shell plc - ADR | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Danone S.A. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. - ADR | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Coca-Cola Company (The) | &nbsp;&nbsp;2.9% |

---

## Material Fund Changes
SCS Capital Management LLC (the "Advisor") became advisor to the Fund on February 1, 2025. A new advisory agreement with the Advisor was approved by the Fund's shareholders at a special meeting held on May 15, 2025.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://bluecurrentfunds.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i4d4ce443bd43d7eae42e23ef.jpg)

Blue Current Global Dividend Fund - Institutional Class (BCGDX)

Annual Shareholder Report - August 31, 2025

TSR-AR 083125-BCGDX

# Marshfield Concentrated Opportunity Fund
(MRFOX)

### Annual Shareholder Report - August 31, 2025
![Image](i501d61db312f2bbce3edd6d1.jpg)

## Fund Overview
This annual shareholder report contains important information about Marshfield Concentrated Opportunity Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://marshfieldfunds.com/fund-documents/**. You can also request this information by contacting us at (855) 691-5288.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Marshfield Concentrated Opportunity Fund | $104 | 0.99% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; As we've noted previously, we invest with the goal of outperforming, not belonging. We eschew the current darlings of the stock market in favor of our own independent assessment of what makes for a good company and a good price at which to buy it. Our strategy and discipline involve a high degree of patience and the willingness to hold cash, even as the market surges ahead (and, we should add, a high tolerance for the discomfort that accompanies that strategy). We do not place any weight whatsoever on what other market participants are buying or on what the S&P 500<sup>®</sup> Index holds. We only invest in industries we understand well and that have competitive attributes that allow for the capture of economic rents and in companies that are well-positioned to capture such rents.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; While we invest bottom-up and try to avoid producing narratives around short-term performance, there are a few story arcs that can help explain the Fund's performance over the past year. The industries with the greatest positive impact on the Fund's performance were auto parts retailing, industrials, and payments. The first continues to be resilient, especially in light of the further aging of the "carpark" and the reluctance on the part of consumers to buy new vehicles. Industrials responded to a stronger economy and, perhaps, to buying in anticipation of tariffs. Payments companies responded to buoyancy in spending, both domestically and cross-border. The laggards in our portfolio included property-casualty insurance, in part responding to reversion to the mean (having been the top group the previous year), and in part from disfavor as these companies gradually emerge from a hard (read "profitable") insurance market. The remaining two laggards were idiosyncratic: a homebuilder and a for-profit university. The former likely reflects higher mortgage rates, and the latter an economic environment not in its "sweet spot".

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i269ff7cdc952fcfd6afad088.jpg)

---

| | | |
|:---|:---|:---|
| | **Marshfield Concentrated Opportunity Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Aug-2016** | $10610 | $10604 |
| **Aug-2017** | $12655 | $12326 |
| **Aug-2018** | $15781 | $14749 |
| **Aug-2019** | $18483 | $15180 |
| **Aug-2020** | $21342 | $18510 |
| **Aug-2021** | $25919 | $24279 |
| **Aug-2022** | $25345 | $21553 |
| **Aug-2023** | $30784 | $24989 |
| **Aug-2024** | $38431 | $31770 |
| **Aug-2025** | $42546 | $36815 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 29, 2015)** |
| Marshfield Concentrated Opportunity Fund | 10.71% | 14.80% | 16.15% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.42% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (855) 691-5288 or visit https://marshfieldfunds.com/fund-facts/ for updated performance information.***

## **Fund Statistics** 
* Net Assets$1,278,685,355

* Number of Portfolio Holdings19

* Advisory Fee (net of waivers)$9,539,091

* Portfolio Turnover6%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5b2e85976bf286cda72cc4cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.0% |
| Money Market Funds | 17.0% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ib8b5ca949a4e4c14e6c70baf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Educational Services | 2.1% |
| Information | 2.7% |
| Construction | 2.8% |
| Wholesale Trade | 3.3% |
| Transportation and Warehousing | 3.3% |
| Administrative and Support and Waste Management and Remediation Services | 3.9% |
| Accommodation and Food Services | 4.7% |
| Manufacturing | 6.5% |
| Money Market Funds | 17.0% |
| Finance and Insurance | 25.7% |
| Retail Trade | 27.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;AutoZone, Inc. | &nbsp;&nbsp;11.2% |
| &nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;3.9% |

---

## Material Fund Changes
No material changes occurred during the year ended August 31, 2025.

![Image](i501d61db312f2bbce3edd6d1.jpg)

# Marshfield Concentrated Opportunity Fund (MRFOX)

## Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://marshfieldfunds.com/fund-documents/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 083125-MRFOX

# Meehan Focus Fund
(MEFOX)

### Annual Shareholder Report - August 31, 2025

## Fund Overview
This annual shareholder report contains important information about Meehan Focus Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **www.meehanmutualfunds.com**. You can also request this information by contacting us at (866) 884-5968. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Meehan Focus Fund | $109 | 1.00% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For the 12 months ended August 31, 2025, the Fund returned 18.76%, outpacing the 15.88% return of its primary benchmark, the S&P 500<sup>®</sup> Index. Despite a sharp and short-term market sell-off during the spring related to new potential tariff policies in the United States, global stocks managed to post solid gains during the reporting period. Steadily rising corporate earnings, still-low unemployment, and resilient consumer and business spending were key drivers of positive market returns.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintains significant exposure to large-capitalization technology stocks and that group drove a substantial portion of the Fund's outperformance during the reporting period. Top fund holdings including Broadcom, Inc., Alphabet, Inc., NVIDIA Corporation, and Microsoft Corporation continued to benefit from ongoing, robust spending related to the build out of artificial intelligence capabilities. Outside of the technology sector, Fund holdings such as United Rentals, Inc. (Industrials), Charles Schwab Corporation (Financials), and Williams-Sonoma, Inc. (Consumer Discretionary) also contributed to the Fund's solid results over the past 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;The Health Care sector was the only S&P 500<sup>®</sup> Index sector that generated negative returns during the reporting period, and two Fund holdings in that sector, Vertex Pharmaceuticals, Inc. and Thermo-Fisher Scientific, Inc., were among the Fund's weakest performers over the past 12 months. Global semiconductor equipment maker Applied Materials, Inc. and homebuilder Lennar Corporation also detracted from performance.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8fdf21ea986a0ebc43a2a535.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Meehan Focus Fund** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **Aug-2015** | $10000 | $10000 | $10000 |
| **Aug-2016** | $9994 | $11255 | $11317 |
| **Aug-2017** | $11574 | $13082 | $12714 |
| **Aug-2018** | $13812 | $15655 | $14398 |
| **Aug-2019** | $13918 | $16112 | $14706 |
| **Aug-2020** | $17816 | $19647 | $15212 |
| **Aug-2021** | $24275 | $25770 | $20269 |
| **Aug-2022** | $21063 | $22876 | $19355 |
| **Aug-2023** | $25523 | $26524 | $22699 |
| **Aug-2024** | $33347 | $33721 | $28062 |
| **Aug-2025** | $39601 | $39076 | $29769 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Meehan Focus Fund | 18.76% | 17.32% | 14.75% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| S&P 500<sup>®</sup> Value Index | 6.08% | 14.37% | 11.53% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$175,559,916

* Number of Portfolio Holdings27

* Advisory Fee (net of waivers)$1,182,313

* Portfolio Turnover2%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id47fe6ad380ff4b749004a9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.9% |
| Money Market Funds | 3.1% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i24285c370782bd37c3fe87c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.7% |
| Energy | 2.2% |
| Money Market Funds | 3.1% |
| Health Care | 6.2% |
| Communications | 7.3% |
| Industrials | 13.0% |
| Financials | 13.7% |
| Consumer Discretionary | 15.2% |
| Technology | 37.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;Microsoft Corporation - Class A | &nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;8.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Alphabet, Inc. - Classes A & C | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B | &nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;3.5% |

---

## Material Fund Changes
Effective October 3, 2024, Paul P. Meehan became the Fund's sole portfolio manager; no changes were made to the Fund's investment objectives or strategies.

# Meehan Focus Fund (MEFOX)

## Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.meehanmutualfunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 083125-MEFOX

(b) Not applicable

**Item 2.** **Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3.** **Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Janine L. Cohen. Ms. Cohen is "independent" for purposes of this Item.

**Item 4.** **Principal Accountant Fees and Services.**

(a) <u>Audit Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements were $45,900 and $43,800 with respect to the registrant's fiscal years ended August 31, 2025 and 2024, respectively.

(b) <u>Audit-Related Fees</u>. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under
 paragraph (a) of this Item.

(c) <u>Tax Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice,
 and tax planning were $10,200 and $10,200 with respect to the registrant's fiscal years ended August 31, 2025 and 2024, respectively.
 The services comprising these fees are the preparation of the registrant's federal income and excise tax returns.

(d) <u>All Other Fees</u>. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant,
 other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less
 than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the
 most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent
 employees.

(g) During
 the fiscal years ended August 31, 2025 and 2024, aggregate non-audit fees of $10,200 and $10,200, respectively, were billed by the registrant's
 accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal years by the registrant's
 accountant for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio
 management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
 control with the adviser that provides ongoing services to the registrant.

(h) The
 principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not
 applicable

(j) Not
 applicable

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant(s) schedule(s) of
 investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ![](umt-blue_001.jpg)

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**INSTITUTIONAL CLASS (BCGDX)**

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

August 31, 2025

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.0%** | **Shares** | **Value** |
| **Communications — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1750 | $1292725 |
| &nbsp;&nbsp;&nbsp;*Telecommunications — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 500000 | 1680876 |
| **Consumer Discretionary — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 10200 | 2170560 |
| **Consumer Staples — 16.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | 37635 | 2596438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 28730 | 2552948 |
|  |  | 5149386 |
| &nbsp;&nbsp;&nbsp;*Food — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. <sup>(a)</sup> | 32500 | 2712924 |
| &nbsp;&nbsp;&nbsp;*Household Products — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever plc - ADR | 38200 | 2414240 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. <sup>(a)</sup> | 62700 | 2512784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 17350 | 1682603 |
|  |  | 4195387 |
| **Energy — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 5.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc - ADR | 37080 | 2739470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation | 12560 | 2107066 |
|  |  | 4846536 |
| **Financials — 25.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 18.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. <sup>(a)</sup> | 24400 | 2192891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | 16794 | 2642368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG <sup>(a)</sup> | 65000 | 2284047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 9611 | 2896948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. - ADR | 177000 | 2706330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada | 17600 | 1850567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 43000 | 2013260 |
|  |  | 16586411 |

---

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.0% (Continued)** | **Shares** | **Value** |
| **Financials — 25.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 21900 | $3295512 |
| &nbsp;&nbsp;&nbsp;*Insurance — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE - ADR <sup>(a)</sup> | 26000 | 1099592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE <sup>(a)</sup> | 4200 | 1775841 |
|  |  | 2875433 |
| **Health Care — 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 11.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR <sup>(a)</sup> | 30800 | 2460920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 14462 | 2562232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR <sup>(a)</sup> | 24000 | 1355040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG - ADR <sup>(a)</sup> | 42500 | 1732725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandoz Group AG <sup>(a)</sup> | 38000 | 2384930 |
|  |  | 10495847 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 6025 | 2433859 |
| **Industrials — 14.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corporation | 26295 | 4170387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thales S.A. | 7200 | 1894048 |
|  |  | 6064435 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. - ADR | 80000 | 2174400 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries Ltd. | 10100 | 1261752 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | 5600 | 1293992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 7100 | 1987858 |
|  |  | 3281850 |
| **Real Estate — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*REITs — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 57000 | 1797210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 23000 | 1565840 |
|  |  | 3363050 |
| **Technology — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 7.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 11150 | 3315899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 10384 | 1669020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 9000 | 2077830 |
|  |  | 7062749 |

---

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.0% (Continued)** | **Shares** | **Value** |
| **Technology — 13.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Software — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 5420 | $2746260 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX plc - ADR <sup>(a)</sup> | 43000 | 2006810 |
| **Total Common Stocks** (Cost $55,326,627) |  | $88111002 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 4.2%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class Z, 4.18% <sup>(b)</sup> (Cost $3,791,702) | 3791702 | $3791702 |
| **Investments at Value — 102.2%** (Cost $59,118,329) |  | $91902704 |
| **Liabilities in Excess of Other Assets — (2.2%)** |  | (1988429) |
| **Net Assets — 100.0%** |  | $89914275 |

---

A/S - 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 August 31, 2025.

See accompanying notes to financial statements.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**SUMMARY OF COMMON STOCKS BY COUNTRY**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net<br> Assets** |
| United States | $41597669 | 46.3% |
| United Kingdom | 12174388 | 13.5% |
| France | 6799863 | 7.6% |
| Japan | 6142482 | 6.8% |
| Germany | 5159480 | 5.7% |
| Singapore | 4323244 | 4.8% |
| Switzerland | 4117655 | 4.6% |
| Netherlands | 2512784 | 2.8% |
| Taiwan Province of China | 2077830 | 2.3% |
| Canada | 1850567 | 2.1% |
| Denmark | 1355040 | 1.5% |
|  | $88111002 | 98.0% |

---

See accompanying notes to financial statements.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

**August 31, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $59118329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $91902704 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold | 941751 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 187871 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 99666 |
| &nbsp;&nbsp;&nbsp;Other assets | 13400 |
| Total assets | 93145392 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 3136443 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 45764 |
| &nbsp;&nbsp;&nbsp;Payable to Trustees (Note 4) | 777 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 29350 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 18783 |
| Total liabilities | 3231117 |
| **CONTINGENCIES AND COMMITMENTS (Note 7)** |  |
| **NET ASSETS** | $89914275 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $53898022 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 36016253 |
| **NET ASSETS** | $89914275 |
| **PRICING OF INSTITUTIONAL SHARES (Note 1)** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $89914275 |
| &nbsp;&nbsp;&nbsp;Shares of Institutional Shares outstanding<br> (unlimited number of shares authorized, no par value) | 4858956 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share <sup>(a)</sup> (Note 2) | $18.50 |

---

<sup>(a)</sup> Redemption fee may apply to redemptions of shares held for 7 days or less.

See accompanying notes to financial statements.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**STATEMENT OF OPERATIONS**

**For the Year Ended August 31, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $2255490 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends | (145727) |
| &nbsp;&nbsp;&nbsp;Tax reclaims received | 18942 |
| Total investment income | 2128705 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 787474 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 85868 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 49238 |
| &nbsp;&nbsp;&nbsp;Legal fees | 25891 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 25078 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 21705 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 21234 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 18600 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 16122 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 14558 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 12000 |
| &nbsp;&nbsp;&nbsp;Tax reclaims collection expense | 10712 |
| &nbsp;&nbsp;&nbsp;Pricing fees | 3670 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 3086 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3017 |
| &nbsp;&nbsp;&nbsp;Other expenses | 19114 |
| Total expenses | 1117367 |
| &nbsp;&nbsp;&nbsp;Fee reductions by the Adviser (Note 4) | (319852) |
| Net expenses | 797515 |
| **NET INVESTMENT INCOME** | 1331190 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2904008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions (Note 2) | 110240 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 8974377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations (Note 2) | (24676) |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES** | 11963949 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $13295139 |

---

See accompanying notes to financial statements.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1331190 | $1385951 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2904008 | 2462465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 110240 | (2935) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 8974377 | 12088225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (24676) | 21316 |
| Net increase in net assets from operations | 13295139 | 15955022 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| Institutional Shares | (2897796) | (1409877) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 8643820 | 8323226 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 1626285 | 839254 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees collected (Note 2) | 5260 | 132 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (7182557) | (10088101) |
| Net increase (decrease) in Institutional Shares net assets from capital share transactions | 3092808 | (925489) |
| **TOTAL INCREASE IN NET ASSETS** | 13490151 | 13619656 |
| **NET ASSETS** |  |  |
| Beginning of year | 76424124 | 62804468 |
| End of year | $89914275 | $76424124 |
| **CAPITAL SHARES ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 520382 | 586525 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 101058 | 57375 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (430497) | (702405) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 190943 | (58505) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 4668013 | 4726518 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 4858956 | 4668013 |

---

See accompanying notes to financial statements.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**INSTITUTIONAL SHARES**

**FINANCIAL HIGHLIGHTS**

**Per Share Data for a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| Net asset value at beginning of year | $16.37 | $13.29 | $12.40 | $15.06 | $11.74 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.28 | 0.29 | 0.28 | 0.48 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 2.46 | 3.09 | 1.28 | (1.88) | 3.32 |
| Total from investment operations | 2.74 | 3.38 | 1.56 | (1.40) | 3.49 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.30) | (0.28) | (0.49) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.35) |  | (0.39) | (0.77) |  |
| Total distributions | (0.61) | (0.30) | (0.67) | (1.26) | (0.17) |
| Proceeds from redemption fees collected (Note 2) | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |  |
| Net asset value at end of year | $18.50 | $16.37 | $13.29 | $12.40 | $15.06 |
| Total return <sup>(b)</sup> | 17.36% | 25.71% | 12.94% | (10.12 %) | 29.91% |
| Net assets at end of year (000's) | $89914 | $76424 | $62804 | $51286 | $52031 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 1.40 %<sup>(c)</sup> | 1.43% | 1.48% | 1.49% | 1.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(d)</sup> | 1.00 %<sup>(c)</sup> | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(d)</sup> | 1.67% | 2.04% | 2.18% | 3.43% | 1.27% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 33% | 46% | 60% | 60% | 53% |

---

<sup>(a)</sup> Amount rounds to less than $0.01 per share.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over periods covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees (Note 4).

<sup>(c)</sup> Includes 0.01% of tax reclaims collection expense.

<sup>(d)</sup> Ratio was determined after management fee reductions by the Adviser (Note 4).

See accompanying notes to financial statements.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS**

**August 31, 2025**

**1. Organization**

Blue Current Global Dividend Fund (the "Fund") is a diversified series of Ultimus Managers Trust (the "Trust"), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. Other series of the Trust are not incorporated in this report.

The investment objective of the Fund is to seek current income and capital appreciation.

The Fund currently offers one class of shares: Institutional Class shares (sold without any sales loads or distribution fees and subject to a $100,000 initial investment requirement).

**2. Significant Accounting Policies**

The following is a summary of the Fund's significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Segment reporting** – The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. The intent of ASU 2023-07 is, through segment disclosures, to enable investors to better understand an entity's overall performance. SCS Capital Management, LLC ("SCS" or the "Adviser") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Securities valuation** – The Fund values its portfolio securities including common stocks at fair value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern Time) on each day the NYSE is open for business. The Fund generally values its listed securities on the basis of the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than exchange-traded funds, if any, but including money market funds, are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value as determined by SCS, as the Fund's valuation designee, in accordance with procedures adopted by the Board of Trustees (the "Board") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"). Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund's NAV may differ from quoted or published prices for the same securities. Securities traded on foreign exchanges are typically fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service. GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The Fund's foreign equity securities actively traded in foreign markets may be classified as Level 2 despite the availability of closing prices because such securities are typically fair valued by an independent pricing service. The Board has authorized the Fund to retain an

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

independent pricing service to determine the fair value of its foreign securities because the value of such securities may be materially affected by events occurring before the Fund's pricing time but after the close of the primary markets or exchanges on which such foreign securities are traded. These intervening events might be country-specific (e.g., natural disaster, economic or political developments, interest rate change); issuer specific (e.g., earnings report or merger announcement); or U.S. market-specific (such as a significant movement in the U.S. market that is deemed to affect the value of foreign securities). The pricing service uses an automated system that incorporates a model based on multiple parameters, including a security's local closing price, relevant general and sector indices, currency fluctuations, trading in depositary receipts and futures, if applicable, and/or research valuations by its staff, in determining what it believes is the fair value of the securities.

The following is a summary of the Fund's investments based on the inputs used to value the investments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $69410909 | $18700093 | $— | $88111002 |
| Money Market Funds | 3791702 |  |  | 3791702 |
| Total | $73202611 | $18700093 | $— | $91902704 |

---

Refer to the Fund's Schedule of Investments for a listing of the common stocks by sector and industry type. The Fund did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the year ended August 31, 2025.

**Foreign currency translation** – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;A. The fair
 values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases
 and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time
 on the respective date of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund
 does not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused
 by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on
 investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

of dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

The Fund may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

**Share valuation** – The NAV per share of the Fund is calculated daily by dividing the total value of the assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to the NAV per share, except that shareholders of the Fund are subject to a redemption fee equal to 2.00% of the value of Fund shares redeemed within 7 days of purchase, excluding involuntary redemptions of accounts that fall below the minimum investment amount or the redemption of Fund shares representing reinvested dividends, capital gain distributions, or capital appreciation. During the years ended August 31, 2025 and 2024, proceeds from redemption fees, recorded in capital, totaled $5,260 and $132, respectively.

**Investment income** – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Interest income is accrued as earned. The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REIT's taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. The Fund may also invest in master limited partnerships ("MLPs") whose distributions generally are comprised of ordinary income, capital gains and return of capital from the MLP. For financial statement purposes, the Fund records all income received as ordinary income. This amount may be subsequently revised based on information received from the MLPs after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Fund. Withholding taxes on foreign dividends have been recorded for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Common expenses** – Common expenses of the Trust are allocated among the Fund and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Distributions to shareholders** – Distributions to shareholders arising from net investment income are declared and paid quarterly to shareholders. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date. The tax character of distributions paid during the years ended August 31, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions** |
| August 31, 2025 | $1265168 | $1632628 | $2897796 |
| August 31, 2024 | $1409877 | $— | $1409877 |

---

On September 30, 2025, the Fund paid an ordinary income dividend of $0.0846 per share to shareholders of record on September 29, 2025.

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, each as of the date of the financial statements, and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal income tax** – The Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the 12 months ended October 31) plus undistributed amounts from prior years. The following information is computed on a tax basis for each item as of August 31, 2025:

---

| | |
|:---|:---|
| Tax cost of portfolio investments | $59116672 |
| Gross unrealized appreciation | $32888845 |
| Gross unrealized depreciation | (102813) |
| Net unrealized appreciation on investments | 32786032 |
| Net unrealized appreciation on foreign currency translation | 4673 |
| Undistributed ordinary income | 321673 |
| Undistributed long-term capital gains | 2903875 |
| Distributable earnings | $36016253 |

---

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The difference between the federal income tax cost of investments and the financial cost is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales and the tax treatment of the cost of securities received as in-kind subscriptions at the inception of the Fund.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Fund identifies its major tax jurisdiction as U.S. federal.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statement of Operations. During the year ended August 31, 2025, the Fund did not incur any interest or penalties.

**3. Investment Transactions**

During the year ended August 31, 2025, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $28,266,476 and $25,384,994, respectively.

**4. Transactions with Related Parties**

INVESTMENT ADVISORY AGREEMENT

Edge Capital Group, LLC ("Edge Capital") previously served as the investment adviser to the Fund pursuant to an investment advisory agreement (the "Prior Advisory Agreement") between the Trust, on behalf of the Fund, and Edge Capital dated September 8, 2023.

On January 15, 2025, Focus Financial Partners Inc. ("Focus"), the parent company of Edge Capital, announced an internal restructuring of Edge Capital (the "Transaction") that resulted in the transfer of Edge Capital's assets and liabilities on February 1, 2025 (the "Closing Date") to SCS Capital Management LLC ("SCS"), another wholly-owned subsidiary of Focus. As a result of the Transaction, the Prior Advisory Agreement terminated as of the Closing Date.

At meetings held on January 28, January 31 and March 3, 2025 (the "Meetings"), the Board of Trustees (the "Board"), including all of the Trustees who are not "interested persons" of the Trust (as defined by the 1940 Act) (the "Independent Trustees"), unanimously voted to approve, and to recommend that shareholders approve, a new advisory agreement between SCS and the Trust, on behalf of the Fund (the "New Advisory Agreement").

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

In connection with the Transaction, shareholders were asked to approve the New Advisory Agreement, on substantially the same terms as the Prior Advisory Agreement, which would become effective upon its approval by the Fund's shareholders.

Pending shareholder approval of the New Advisory Agreement, SCS acted as the investment adviser to the Fund pursuant to an interim advisory agreement (the "Interim Advisory Agreement") between the Trust and SCS pursuant to Rule 15a-4 under the 1940 Act, which was also approved by the Board at the January 31, 2025 Meeting, and took effect on the Closing Date. The Interim Advisory Agreement terminated upon the approval of the New Advisory Agreement by shareholders.

As described under "Shareholder Voting Results," at a Special Shareholder Meeting held on May 15, 2025, Fund shareholders of record as of the close of business on March 18, 2025 voted to approve the New Advisory Agreement.

The Fund's investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.99% of its average daily net assets.

Pursuant to an Expense Limitation Agreement between the Fund and the Adviser (the "ELA"), the Adviser had agreed, until January 1, 2026, to reduce its management fees and reimburse other expenses to limit total annual operating expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividends expenses on securities sold short; costs to organize the Fund; acquired fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Fund's business) to an amount not exceeding 0.99% of the average daily net assets of the Institutional Class shares. Accordingly, under the ELA, the Adviser reduced its management fees in the amount of $319,852 during the year ended August 31, 2025.

Under the terms of the ELA, management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause the Fund's total annual operating expenses to exceed the lesser of (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. As of August 31, 2025, the Adviser may seek recoupment of investment advisory fee reductions in the amount of $898,430 no later than the dates stated below:

---

| | |
|:---|:---|
| August 31, 2026 | $277576 |
| August 31, 2027 | 301002 |
| August 31, 2028 | 319852 |
| Total | $898430 |

---

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting, and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Fund's portfolio securities.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and are not paid by the Fund for serving in such capacities.

TRUSTEE COMPENSATION

Each member of the Board (a "Trustee") who is not an "interested person" (as defined by the 1940 Act, as amended) of the Trust ("Independent Trustee") receives an annual retainer and meeting fees, plus reimbursements for travel and other meeting-related expenses.

PRINCIPAL HOLDER OF FUND SHARES

As of August 31, 2025, the following shareholder owned of record 25% or more of the outstanding shares of the Fund:

---

| | |
|:---|:---|
| **Name of Record Owner** | **% Ownership** |
| Pershing, LLC (for the benefit of multiple shareholders) | 66% |

---

A beneficial owner of 25% or more of the Fund's outstanding shares may be considered a controlling person. The shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**5. Sector Risk**

If the Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

in the Fund and increase the volatility of the Fund's net asset value per share. From time to time, a particular set of circumstances may affect this sector or companies within the sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund's portfolio will be adversely affected. As of August 31, 2025, the Fund had 25.3% of the value of its net assets invested in stocks within the Financials sector.

**6. Foreign Investment Risk**

Compared with investing in the U.S., investing in foreign markets involves a greater degree and variety of risk. Investors in foreign markets may face delayed settlements, currency controls, and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar's value versus other currencies may erode or reverse gains or increase losses from investments denominated in foreign currencies. Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, impose limits on ownership or nationalize a company or industry. Any of these actions could have a severe effect on security prices and impair an investor's ability to bring its capital or income back to the U.S. The value of foreign securities may be affected by incomplete, less frequent, or inaccurate financial information about their issuers, social upheavals, or political actions ranging from tax code changes to government collapse. Foreign companies may also receive less coverage by market analysts than U.S. companies and may be subject to different reporting standards or regulatory requirements than those applicable to U.S. companies.

**7. Contingencies and Commitments**

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations, warranties, and general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**8. Subsequent Events**

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events other than the ordinary income dividend distributed to shareholders on September 30, 2025, as discussed in Note 2.

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**REPORT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

To the Shareholders of Blue Current Global Dividend Fund and

Board of Trustees of Ultimus Managers Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Blue Current Global Dividend Fund (the "Fund"), a series of Ultimus Managers Trust, as of August 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**REPORT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2014.

![](umt-blue_002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

October 28, 2025

**BLUE CURRENT GLOBAL DIVIDEND FUND**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

At a Special Shareholder Meeting held on May 15, 2025, Fund shareholders of record as of the close of business on March 18, 2025 voted to approve the following proposal:

**Proposal 1:** To approve a new Investment Advisory Agreement between the Trust, on behalf of the Fund, and SCS Capital Management LLC.

---

| | | |
|:---|:---|:---|
| **Total Shares Voted\*** | **Shares Voted in Favor** | **Shares Voted Against or Abstain** |
| 2,454,226 (52.02)% | 2,446,158 (99.67%) | 8,068 (0.33%) |

---

\* as a percentage of the total voting securities of the Fund voted at the Meeting at which quorum was present.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not Applicable.

**OTHER FEDERAL TAX INFORMATION (Unaudited)**

For the fiscal year ended August 31, 2025, the Fund designated $1,632,628 as long-term capital gain distributions.

**Qualified Dividend Income** – The Fund designates 100% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue code, as qualified dividend income eligible for the reduced tax rate.

**Dividends Received Deduction** – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distributions that qualifies under tax law. For the fiscal year ended August 31, 2025, 56.49% of ordinary income dividends qualified for the corporate dividends received deduction.

![](umt-mco_001.jpg)

**Annual Financial Statements and Additional Information**

**August 31, 2025**

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 82.9%** | **Shares** | **Value** |
| **Accommodation and Food Services — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Restaurants and Other Eating Places — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 130342 | $59735739 |
| **Administrative and Support and Waste Management and Remediation Services — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Credit Bureaus — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | 96575 | 49230072 |
| **Construction — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Residential Building Construction — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. <sup>(a)</sup> | 4459 | 36196601 |
| **Educational Services — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Colleges, Universities, and Professional Schools — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 334866 | 27241349 |
| **Finance and Insurance — 25.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Direct Insurance (except Life, Health, and Medical) Carriers — 8.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 545289 | 49910302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | 255720 | 63178183 |
|  |  | 113088485 |
| &nbsp;&nbsp;&nbsp;*Direct Life, Health and Medical Insurance Carriers — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 259853 | 80520649 |
| &nbsp;&nbsp;&nbsp;*Financial Transactions Processing, Reserve, and Clearinghouse Activities — 10.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 119238 | 70981189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 181374 | 63803746 |
|  |  | 134784935 |
| **Information — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Motion Picture and Video Production — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 285595 | 33808736 |

---

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 82.9% (Continued)** | **Shares** | **Value** |
| **Manufacturing — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Engine, Turbine, and Power Transmission Equipment — 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 208405 | $83036888 |
| **Retail Trade — 27.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Automotive Parts and Accessories Retailers — 17.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | 34034 | 142892770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 777219 | 80582066 |
|  |  | 223474836 |
| &nbsp;&nbsp;&nbsp;*Clothing and Clothing Accessories Retailers — 10.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 724126 | 106562382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 196048 | 26782117 |
|  |  | 133344499 |
| **Transportation and Warehousing — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Freight Transportation Arrangement — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 354170 | 42691652 |
| **Wholesale Trade — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Industrial Supplies Merchant Wholesalers — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | 858483 | 42632266 |
| **Total Common Stocks** (Cost $724,117,712) |  | $1059786707 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 17.0%** | **Shares** | **Value** |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Shares, 4.11% <sup>(b)</sup> | 94022545 | $94022545 |
| Vanguard Treasury Money Market Fund - Investor Shares, 4.23% <sup>(b)</sup> | 123216423 | 123216423 |
| **Total Money Market Funds** (Cost $217,238,968) |  | $217238968 |
| **Investments at Value — 99.9%** (Cost $941,356,680) |  | $1277025675 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 1659680 |
| **Net Assets — 100.0%** |  | $1278685355 |

---

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

See accompanying notes to financial statements.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

**August 31, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $941356680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $1277025675 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 638925 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold | 1056543 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 1438476 |
| &nbsp;&nbsp;&nbsp;Other assets | 41645 |
| Total assets | 1280201264 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 400608 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 947076 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 90920 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 77305 |
| Total liabilities | 1515909 |
| **CONTINGENCIES AND COMMITMENTS (Note 5)** |  |
| **NET ASSETS** | $1278685355 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $924702530 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 353982825 |
| **NET ASSETS** | $1278685355 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | 36922650 |
| Net asset value, offering price and redemption price per share <sup>(a)</sup> (Note 2) | $34.63 |

---

<sup>(a)</sup> Shares redeemed within 90 days of purchase are subject to a 2% redemption fee.

See accompanying notes to financial statements.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**STATEMENT OF OPERATIONS**

**For the Year Ended August 31, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $21986486 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 10422354 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 643248 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 116280 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 114991 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 107872 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 106491 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 98775 |
| &nbsp;&nbsp;&nbsp;Legal fees | 25891 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 24679 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 21301 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 17700 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 17064 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 8149 |
| &nbsp;&nbsp;&nbsp;Other expenses | 19661 |
| Total expenses | 11744456 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) | (883263) |
| Net expenses | 10861193 |
| **NET INVESTMENT INCOME** | 11125293 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 13817184 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 92493907 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 106311091 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $117436384 |

---

See accompanying notes to financial statements.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $11125293 | $5528042 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 13817184 | 33765364 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 92493907 | 121214943 |
| Net increase in net assets resulting from operations | 117436384 | 160508349 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (44994880) | (2918097) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 378803992 | 377045578 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 43563448 | 2835203 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees collected (Note 2) | 370827 | 195521 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (172455306) | (114746208) |
| Net increase in net assets from capital share transactions | 250282961 | 265330094 |
| **TOTAL INCREASE IN NET ASSETS** | 322724465 | 422920346 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 955960890 | 533040544 |
| &nbsp;&nbsp;&nbsp;End of year | $1278685355 | $955960890 |
| **CAPITAL SHARES ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 11615418 | 12767207 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 1342066 | 101802 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5283299) | (3891223) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 7674185 | 8977786 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 29248465 | 20270679 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 36922650 | 29248465 |

---

See accompanying notes to financial statements.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**FINANCIAL HIGHLIGHTS**

**Per Share Data for a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| Net asset value at beginning of year | $32.68 | $26.30 | $21.73 | $23.76 | $20.10 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.32 | 0.19 | 0.13 | (0.01) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 3.07 | 6.31 | 4.51 | (0.46) | 4.27 |
| Total from investment operations | 3.39 | 6.50 | 4.64 | (0.47) | 4.21 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.13) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.13) |  | (0.05) | (1.56) | (0.56) |
| Total distributions | (1.45) | (0.13) | (0.08) | (1.56) | (0.56) |
| Proceeds from redemption fees collected (Note 2) | 0.01 | 0.01 | 0.01 | 0.00 <sup>(a)</sup> | 0.01 |
| Net asset value at end of year | $34.63 | $32.68 | $26.30 | $21.73 | $23.76 |
| Total return <sup>(b)</sup> | 10.71% | 24.84% | 21.46% | (2.21 %) | 21.44% |
| Net assets at end of year (000's) | $1278685 | $955961 | $533041 | $311576 | $286116 |
| Ratios/supplementary data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 1.07% | 1.09% | 1.11% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(c)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 1.01% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(c)</sup> | 1.01% | 0.75% | 0.61% | (0.04 %) | (0.31%) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 6% | 25% | 0% | 3% | 24% |

---

<sup>(a)</sup> Amount rounds to less than $0.01 per share.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholders would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4).

<sup>(c)</sup> Ratio was determined after management fee reductions and/or expense reimbursements (Note 4).

See accompanying notes to financial statements.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**August 31, 2025**

**1. Organization**

Marshfield Concentrated Opportunity Fund (the "Fund") is a non-diversified series of Ultimus Managers Trust (the "Trust"), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. Other series of the Trust are not incorporated in this report.

The investment objective of the Fund is to seek the dual goals of capital preservation and the long-term growth of principal, while targeting a pattern of performance at variance with that of the market.

**2. Significant Accounting Policies**

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The following is a summary of the Fund's significant accounting policies used in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Segment reporting** – The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. The intent of ASU 2023-07 is, through segment disclosures, to enable investors to better understand an entity's overall performance. Marshfield Associates, Inc., the Fund's investment adviser, (the "Adviser") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Fund's financial statements.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Securities valuation** – The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Fund values its listed securities, including common stocks, on the basis of the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other registered open-end investment companies that are not listed on an exchange, including money market funds, are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). Fixed income securities, if any, are generally valued using prices provided by an independent pricing service. The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities, and various relationships between securities in determining these prices. In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value as determined by the Adviser, as the Fund's valuation designee, in accordance with procedures adopted by the Board of Trustees (the "Board") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"). Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund's NAV may differ from quoted or published prices for the same securities.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

Fixed income securities held by the Fund, if any, are classified as Level 2 since values are based on prices provided by an independent pricing service that utilizes various "other significant observable inputs" including bid and ask quotations, prices of similar securities, and interest rates, among other factors.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the Fund's investments by the inputs used to value the investments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1059786707 | $— | $— | $1059786707 |
| Money Market Funds | 217238968 |  |  | 217238968 |
| Total | $1277025675 | $— | $— | $1277025675 |

---

Refer to the Fund's Schedule of Investments for a listing of the common stocks by sector and industry type. The Fund did not hold derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the year ended August 31, 2025.

**Share valuation** – The NAV per share of the Fund is calculated daily by dividing the total value of the Fund's assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to the NAV, except that shares of the Fund are subject to a redemption fee of 2% if redeemed within 90 days of the date of purchase. During the years ended August 31, 2025 and 2024, proceeds from the redemption fees, recorded in capital, totaled $370,827 and $195,521, respectively.

**Investment income** – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Interest income is accrued as earned.

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Common expenses** – Common expenses of the Trust are allocated among the Fund and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

**Distributions to shareholders** – The Fund will distribute to shareholders any net investment income dividends and net realized capital gains distributions at least once each year. The amount of such dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

Dividends and distributions are recorded on the ex-dividend date. The tax character of the Fund's distributions paid to shareholders during the years ended August 31, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions** |
| 8/31/2025 | $25734382 | $19260498 | $44994880 |
| 8/31/2024 | $2918097 | $— | $2918097 |

---

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal income tax** – The Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the 12 months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of August 31, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $941363991 |
| Gross unrealized appreciation | $347120796 |
| Gross unrealized depreciation | (11459112) |
| Net unrealized appreciation | 335661684 |
| Undistributed ordinary income | 7750106 |
| Undistributed long-term capital gains | 10571035 |
| Distributable earnings | $353982825 |

---

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The values of the federal income tax cost of investments and the financial statement cost of investments may be temporarily different ("book/tax differences"). These book/tax differences are due to the timing of the recognition of capital gains or losses under income tax regulations and GAAP, primarily due to the tax deferral of losses on wash sales.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Fund identifies its major tax jurisdiction as U.S. Federal.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statement of Operations. During the year ended August 31, 2025, the Fund did not incur any interest or penalties.

**3. Investment Transactions**

During the year ended August 31, 2025, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $289,835,636 and $48,015,963, respectively.

**4. Transactions with Related Parties**

INVESTMENT ADVISORY AGREEMENT

The Fund's investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.95% of its average daily net assets.

Pursuant to an Expense Limitation Agreement ("ELA") between the Fund and the Adviser, the Adviser has contractually agreed, until January 1, 2026, to reduce its management fees and reimburse other expenses to limit total annual operating expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Fund; acquired fund fees and expenses; extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Fund's business), to an amount not exceeding 0.99% of the Fund's average daily net assets. Accordingly, during the year ended August 31, 2025, the Adviser reduced its management fees by $883,263.

Under the terms of the ELA, investment advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 36 months after such fees and expenses were incurred, provided the repayments do not cause total annual operating expenses to exceed the lesser of: (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

the expenses to be repaid were incurred. As of August 31, 2025, the Adviser may seek repayment of management fee reductions and expense reimbursements in the amount of $2,123,909 no later than the dates as stated below:

---

| | |
|:---|:---|
| August 31, 2026 | $512269 |
| August 31, 2027 | 728377 |
| August 31, 2028 | 883263 |
| Total | $2123909 |

---

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting, and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Fund's portfolio securities.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and are not paid by the Trust or the Fund for serving in such capacities.

TRUSTEE COMPENSATION

Each member of the Board (a "Trustee") who is not an "interested person" (as defined by the 1940 Act, as amended) of the Trust ("Independent Trustee") receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting-related expenses.

PRINCIPAL HOLDER OF FUND SHARES

As of August 31, 2025, the following shareholder owned of record 25% or more of the outstanding shares of the Fund:

---

| | |
|:---|:---|
| **Name of Record Owner** | **% Ownership** |
| RBC Capital Markets, LLC (for the benefit of its customers) | 49% |

---

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

A beneficial owner of 25% or more of the Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**5. Contingencies and Commitments**

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**6. Non-Diversification Risk**

The Fund is a "non-diversified fund," which means that it may invest more of its assets in the securities of a single issuer or a small number of issuers than a diversified fund. Non-diversification increases the risk that the Fund's share price could decrease to a larger extent than a Fund that is diversified because of the poor performance of a single investment.

**7. Sector Risk**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development generally affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. This may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments, may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio could be adversely affected if it has significant holdings of securities of issuers in that sector. As of August 31, 2025, the Fund had 27.9% and 25.7% of the value of its net assets invested in stocks in the Retail Trade and Finance and Insurance sectors, respectively.

**8. Subsequent Event**

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of Marshfield Concentrated Opportunity Fund and

Board of Trustees of Ultimus Managers Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Marshfield Concentrated Opportunity Fund (the "Fund"), a series of Ultimus Managers Trust, as of August 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2016.

![](umt-mco_002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

October 28, 2025

**MARSHFIELD CONCENTRATED OPPORTUNITY FUND**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**FEDERAL TAX INFORMATION (Unaudited)**

For the fiscal year ended August 31, 2025, the Fund designated $19,260,498 as long-term capital gain distributions.

**Qualified Dividend Income** – The Fund designates 21.58% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

**Dividends Received Deduction** – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal year ended August 31, 2025, 21.62% of ordinary income dividends qualifies for the corporate dividends received deduction.

**MEEHAN FOCUS FUND**

**ANNUAL FINANCIAL STATEMENTS**

**AND ADDITIONAL INFORMATION**

**August 31, 2025**

&nbsp;&nbsp;This report is for the information of the shareholders of Meehan Focus Fund. Its use in connection with any offering of the Fund's shares is authorized only in a case of concurrent or prior delivery of the Fund's current prospectus. Investors should refer to the Fund's prospectus for a description of risk factors associated with investments in the Fund.

---

| | |
|:---|:---|
| Meehan Focus Fund | Distributor: |
| A Series of Ultimus Managers Trust | Ultimus Fund Distributors, LLC |
| 7250 Woodmont Avenue, Suite 315 | 225 Pictoria Drive, Suite 450 |
| Bethesda, MD 20814 | Cincinnati, OH 45246 |
| (866) 884-5968 | (800) 933-8413 |

---

**MEEHAN FOCUS FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 96.9%** | **Shares** | **Value** |
| **Communications — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Internet Media & Services — 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 25640 | $5459012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 34830 | 7437250 |
|  |  | 12896262 |
| **Consumer Discretionary — 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;E-Commerce Discretionary — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 41435 | 9488615 |
| &nbsp;&nbsp;&nbsp;Home Construction — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corporation - Class A | 16000 | 2130240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | 8000 | 282480 |
|  |  | 2412720 |
| &nbsp;&nbsp;&nbsp;Retail - Discretionary — 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 39600 | 10219176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 23860 | 4490213 |
|  |  | 14709389 |
| **Energy — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas Producers — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc - ADR | 52850 | 3904558 |
| **Financials — 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Asset Management — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 2925 | 3296885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | 12200 | 2091080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 65000 | 6229600 |
|  |  | 11617565 |
| &nbsp;&nbsp;&nbsp;Insurance — 7.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 24850 | 12499053 |
| **Health Care — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Biotech & Pharma — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG - ADR | 20420 | 2584151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 14800 | 5787096 |
|  |  | 8371247 |

---

**MEEHAN FOCUS FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 96.9% (Continued)** | **Shares** | **Value** |
| **Health Care — 6.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 5000 | $2463600 |
| **Industrials — 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | 37275 | 3984325 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 15750 | 15062355 |
| &nbsp;&nbsp;&nbsp;*Machinery — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | 7800 | 3733392 |
| **Real Estate — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*REITs — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 16500 | 2980890 |
| **Technology — 37.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 18.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 35365 | 5685278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 60090 | 17870165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 54600 | 9510228 |
|  |  | 33065671 |
| &nbsp;&nbsp;&nbsp;*Software — 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 30060 | 15231101 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 7.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 55645 | 12917430 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. <sup>(a)</sup> | 6500 | 898170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 11000 | 3869580 |
|  |  | 4767750 |
| **Total Common Stocks** (Cost $42,041,081) |  | $170105923 |

---

**MEEHAN FOCUS FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 3.1%** | **Shares** | **Value** |
| Allspring Heritage Money Market Fund - Institutional Class, 4.17% <sup>(b)</sup> (Cost $5,459,356) | 5459356 | $5459356 |
| **Investments at Value — 100.0%** (Cost $47,500,437) |  | $175565279 |
| **Liabilities in Excess of Other Assets — (0.0%)** <sup>(c)</sup> |  | (5363) |
| **Net Assets — 100.0%** |  | $175559916 |

---

ADR - American Depositary Receipt

AG - Aktiengesellschaft

plc - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of August 31, 2025.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

**MEEHAN FOCUS FUND**

**STATEMENT OF ASSETS AND LIABILITIES August 31, 2025**

---

| | |
|:---|:---|
| **ASSETS** | **** |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $47500437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $175565279 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 10180 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 107439 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 15272 |
| &nbsp;&nbsp;&nbsp;Other assets | 25055 |
| TOTAL ASSETS | 175723225 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 6200 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 120163 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 21446 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 15500 |
| TOTAL LIABILITIES | 163309 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 5)** |  |
| **NET ASSETS** | $175559916 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $47281270 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 128278646 |
| **NET ASSETS** | $175559916 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | 2572928 |
| Net asset value, offering price and redemption price per share <sup>(a)</sup> (Note 2) | $68.23 |

---

<sup>(a)</sup> Redemption price may differ from the net asset value per share depending upon the length of time held.

See accompanying notes to financial statements.

**MEEHAN FOCUS FUND**

**STATEMENT OF OPERATIONS**

**For the Year Ended August 31, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1893919 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net of reclaims received) | (12479) |
| TOTAL INVESTMENT INCOME | 1881440 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 1258278 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 149894 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 52524 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 33250 |
| &nbsp;&nbsp;&nbsp;Legal fees | 29820 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 22077 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 21301 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 17700 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 17386 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 13864 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 6320 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 6220 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3695 |
| &nbsp;&nbsp;&nbsp;Other expenses | 16484 |
| TOTAL EXPENSES | 1648813 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) | (75965) |
| NET EXPENSES | 1572848 |
| **NET INVESTMENT INCOME** | 308592 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 630936 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 6593901 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 20797403 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 28022240 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $28330832 |

---

See accompanying notes to financial statements.

**MEEHAN FOCUS FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $308592 | $224841 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 630936 | 585685 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 6593901 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 20797403 | 34974683 |
| Net increase in net assets resulting from operations | 28330832 | 35785209 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (1435407) | (464317) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6231269 | 3595424 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 1418264 | 452405 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees collected (Note 2) | 494 |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (12301613) | (1888744) |
| Net increase (decrease) in net assets from capital share transactions | (4651586) | 2159085 |
| **TOTAL INCREASE IN NET ASSETS** | 22243839 | 37479977 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 153316077 | 115836100 |
| &nbsp;&nbsp;&nbsp;End of year | $175559916 | $153316077 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 101835 | 71695 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 22890 | 9341 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (196289) | (37001) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (71564) | 44035 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 2644492 | 2600457 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 2572928 | 2644492 |

---

See accompanying notes to financial statements.

**MEEHAN FOCUS FUND**

**FINANCIAL HIGHLIGHTS**

**Per Share Data for a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| Net asset value at beginning of year | $57.98 | $44.54 | $37.05 | $44.21 | $32.80 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.12 | 0.08 | 0.18 | 0.01 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 10.70 | 13.54 | 7.60 | (5.56) | 11.76 |
| Total from investment operations | 10.82 | 13.62 | 7.78 | (5.55) | 11.79 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.18) | (0.05) | (0.01) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.51) |  | (0.24) | (1.60) | (0.26) |
| Total distributions | (0.57) | (0.18) | (0.29) | (1.61) | (0.38) |
| Proceeds from redemption fees collected (Note 2) | 0.00 <sup>(b)</sup> |  |  |  |  |
| Net asset value at end of year | $68.23 | $57.98 | $44.54 | $37.05 | $44.21 |
| Total return <sup>(c)</sup> | 18.76% | 30.65% | 21.18% | (13.23%) | 36.25% |
| Net assets at end of year (000's) | $175560 | $153316 | $115836 | $96982 | $106288 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets <sup>(d)</sup> | 1.05% | 1.06% | 1.09% | 1.08% | 1.09% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(d)(e)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(a)(d)(e)</sup> | 0.20% | 0.18% | 0.45% | 0.03% | 0.07% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 2% | 5% | 6% | 13% | 4% |

---

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies, if any, in which the Fund invests.

<sup>(b)</sup> Amount rounds to less than $0.01 per share.

<sup>(c)</sup> Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. Had the Adviser not reduced its fees, total returns would have been lower.

<sup>(d)</sup> The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of expenses of the underlying investments companies, if any, in which the Fund invests.

<sup>(e)</sup> Ratio was determined after management fee reductions (Note 4).

See accompanying notes to financial statements.

**MEEHAN FOCUS FUND**

**NOTES TO FINANCIAL STATEMENTS**

**August 31, 2025**

**1. Organization**

Meehan Focus Fund (the "Fund") is a non-diversified series of Ultimus Managers Trust (the "Trust"). The Trust is an open-end management investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. The Fund was reorganized into the Trust on October 23, 2017. It was formerly a series of Meehan Mutual Funds, Inc. Other series of the Trust are not incorporated into this report.

The Fund's investment objective is to seek long-term growth of capital.

**2. Significant Accounting Policies**

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The following is a summary of the Fund's significant accounting policies used in the preparation of its financial statements. These policies are in conformity with accounting principals generally accepted in the United States of America ("GAAP").

**Segment reporting –** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. The intent of ASU 2023-07 is, through segment disclosures, to enable investors to better understand an entity's overall performance. Edgemoor Investment Advisors, Inc., the Fund's investment adviser, (the "Adviser") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**Securities valuation** – The Fund's portfolio securities are valued at fair value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open. Securities, including common

**MEEHAN FOCUS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

stocks and exchange-traded funds ("ETFs"), if any, listed on the NYSE or other exchanges are valued on the basis of their last sale price on the exchanges on which they are primarily traded. If there are no sales on that day, the securities are valued at the closing mean price on the NYSE or other primary exchange for that day. NASDAQ listed securities are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the last mean price as reported by NASDAQ. Securities traded in the over-the-counter market are valued at the last reported sale price, if available, otherwise at the most recently quoted mean price. Investments representing shares of money market funds and other open-end investment companies, except for ETFs, are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value as determined by the Adviser, as the Fund's valuation designee, in accordance with procedures adopted by the Board of Trustees (the "Board") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"). Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund's NAV may differ from quoted or published prices for the same securities.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

**MEEHAN FOCUS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following is a summary of the Fund's investments by the inputs used to value the investments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $170105923 | $— | $— | $170105923 |
| Money Market Funds | 5459356 |  |  | 5459356 |
| Total | $175565279 | $— | $— | $175565279 |

---

Refer to the Fund's Schedule of Investments for a listing of the common stocks by sector and industry type. The Fund did not hold derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the year ended August 31, 2025.

**Foreign currency translation –** Securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases
 and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time
 on the respective date of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Fund does not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those
 caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses
 on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies and 2) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

The Fund may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

**Share valuation** – The NAV per share of the Fund is calculated daily by dividing the total value of the Fund's assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to the NAV per share, except that shares of the Fund are subject to a redemption fee of 2% if redeemed within 7 calendar days of the date of purchase. During the years ended August 31, 2025 and 2024, proceeds from redemption fees, recorded in capital, totaled $494 and $0, respectively.

**MEEHAN FOCUS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Investment income** – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Interest income is accrued as earned. The Fund may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. Withholding taxes on foreign dividends have been recorded in accordance with the Fund's understanding of the applicable country's rules and tax rates.

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Common expenses** – Common expenses of the Trust are allocated among the Fund and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.

**Distributions to shareholders** – Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year. Distributions to shareholders are recorded on the ex-dividend date. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. The tax character of distributions paid during the years ended August 31, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions** |
| August 31, 2025 | $250972 | $1184435 | $1435407 |
| August 31, 2024 | $464317 | $— | $464317 |

---

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal income tax** – The Fund has qualified and intends to continue to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). By so qualifying, the Fund will not be subject to federal income taxes to the extent that it distributes its net investment income and any net realized capital gains in accordance with the Code.

**MEEHAN FOCUS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of August 31, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $47500437 |
| Gross unrealized appreciation | $128073047 |
| Gross unrealized depreciation | (8205) |
| Net unrealized appreciation | 128064842 |
| Undistributed ordinary income | 213804 |
| Distributable earnings | $128278646 |

---

During the year ended August 31, 2025, a shareholder took delivery of securities from the Fund, rather than cash, in exchange for the redemption of shares. The total fair value of these in-kind redemptions was $7,082,188 for 112,469 shares of the Fund. The Fund realized $6,593,901 of net capital gains resulting from the in-kind redemptions. The Fund recognizes a gain on in-kind redemptions to the extent that the value of the distributed securities on the date of redemption exceeds the cost of those securities and recognizes a loss to the extent that the cost of those securities exceeds the value of the distributed securities on the date of redemption. Such net gains are not taxable to the Fund and are not required to be distributed to shareholders. The Fund has reclassified this amount against paid-in capital on the Statement of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statements and income tax reporting requirements, has no effect on the Fund's net assets or NAV per share.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions taken on federal income tax returns for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Fund identifies its major tax jurisdiction as U.S. Federal.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statement of Operations. During the year ended August 31, 2025, the Fund did not incur any interest or penalties.

**MEEHAN FOCUS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**3. Investment Transactions**

During the year ended August 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, and in-kind transactions, if any, were $3,124,592 and $3,183,293, respectively.

**4. Transactions with Related Parties**

INVESTMENT ADVISORY AGREEMENT

The Fund's investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.80% of its average daily net assets.

Pursuant to an Expense Limitation Agreement ("ELA"), the Adviser has contractually agreed, until March 1, 2026, to reduce management fees and reimburse other expenses to the extent necessary to limit total annual operating expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Fund; acquired fund fees and expenses; and extraordinary expenses, such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Fund's business) to an amount not exceeding 1.00% of the Fund's average daily net assets. Accordingly, during the year ended August 31, 2025, the Adviser reduced its management fees in the amount of $75,965.

Under the terms of the ELA, management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 36 months after such fees and expenses were incurred, provided the repayments do not cause total annual operating expenses to exceed the lesser of: (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. As of August 31, 2025, the Adviser may seek recoupment of management fee reductions totaling $244,750 no later than the dates listed below:

---

| | |
|:---|:---|
| August 31, 2026 | $90098 |
| August 31, 2027 | 78687 |
| August 31, 2028 | 75965 |
| Total | $244750 |

---

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Fund's portfolio securities.

**MEEHAN FOCUS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as the principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

Certain officers of the Trust are also officers of Ultimus and are not paid by the Trust or the Fund for serving in such capacities.

TRUSTEE COMPENSATION

Each member of the Board (a "Trustee") who is not an "interested person" (as defined by the 1940 Act, as amended) of the Trust ("Independent Trustee") receives an annual retainer and meetings fees, plus reimbursement for travel and other meeting-related expenses.

**5. Contingencies and Commitments**

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

**6. Non-Diversification Risk**

The Fund is a non-diversified Fund. As a result, the Fund's holdings may be more concentrated in a limited number of securities and the value of its shares may be more sensitive than a diversified fund to any single economic, business, political, or regulatory occurrence.

**7. Sector Risk**

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. Occasionally, market conditions, regulatory changes or other developments may negatively impact a particular sector. As of August 31, 2025, the Fund had 37.6% of the value of its net assets invested in stocks within the Technology sector.

**MEEHAN FOCUS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**8. Subsequent Events**

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

**MEEHAN FOCUS FUND**

**REPORT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

To the Shareholders of Meehan Focus Fund and

Board of Trustees of Ultimus Managers Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Meehan Focus Fund (the "Fund"), a series of Ultimus Managers Trust, as of August 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2010.

![](umt-mff_001.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

October 28, 2025

**MEEHAN FOCUS FUND**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**FEDERAL TAX INFORMATION (Unaudited)**

For the year ended August 31, 2025 the Fund designated $1,184,435 as long-term capital gain distributions.

**Qualified Dividend Income –** The Fund designates 100% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax.

**Dividends Received Deduction –** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distributions that qualifies under tax law. For the year ended August 31, 2025, 100% of ordinary income dividends qualified for the corporate dividends received deduction.

(b) Included
 in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There has been no material changes to the manner in which shareholders may recommend nominees to the Registrant's Board of Trustees or the Nominations & Governance Committee (the "Committee"). The Registrant does not have formal procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees. While the Registrant does not have formal procedure, the Committee shall to the extent required under applicable law, when identifying potential candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90
 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded
 that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly
 during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed,
 summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the
 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal
 control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) [Code of Ethics is filed herewith](umt_ex99codeeth.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](umt_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the
 Act (17 CFR 270.30a-2(b)): [Attached hereto](umt_ex99-906cert.htm)

---

| | |
|:---|:---|
| Exhibit 99.CODE ETH | [Code of Ethics](umt_ex99codeeth.htm) |
| Exhibit 99.CERT | [Certifications required by Rule 30a-2(a) under the Act](umt_ex99cert.htm) |
| Exhibit 99.906CERT | [Certifications required by Rule 30a-2(b) under the Act](umt_ex99-906cert.htm) |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Ultimus
 Managers Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Todd E. Heim |
|  | Todd E. Heim, President and Principal Executive Officer |

---

Date <u>November 5, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Todd E. Heim |
|  | Todd E. Heim, President and Principal Executive Officer |

---

Date <u>November 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Daniel D. Bauer |
|  | Daniel D. Bauer, Treasurer and Principal Financial Officer |

---

Date <u>November 5, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**Exhibit 99.CODE ETH**

**ULTIMUS MANAGERS TRUST**

![](umt-coe_001.jpg)

**Code Of Ethics For Principal Executive And**

**Principal Financial Officers**

**Effective: October 1, 2013**

**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for Ultimus Managers Trust (the "Trust") applies to the Trust's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust or the Trust's investment advisers (the "investment advisers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and an investment adviser or a third party service provider of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust and/or for the investment adviser or third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser(s) or third party service provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

● report at least annually any affiliations or other relationships that could potentially present a conflict of interest with the Trust.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust (the "CCO"), who may choose to seek the assistance of legal counsel to the Trust ("Trust Counsel"), if such situations might have a material adverse effect on the Trust. Examples of these include:

● service as a director on the board of any public company;

● the receipt of non-nominal gifts from affiliates of the Fund or the Fund's service providers;

● the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment advisers, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust;

● each Covered Officer shall not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's management and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Trust and the investment advisers and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

● it is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands this Code;

● annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

● notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO may seek the advise of Trust Counsel regarding specific situations in which questions are presented under the Code and the CCO has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>1</sup> will be considered by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

<sup>1</sup> For this purpose, the term "waiver" includes the approval by the Trust of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Trust's management.

● the CCO shall (with the assistance of Trust Counsel if requested) take all appropriate action to investigate any reported potential violations;

● if, after such investigation, the CCO believes that no violation has occurred, then no further action is required;

● any matter that the CCO believes may be a violation shall be reported to the Trustees of the Trust who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Trust (the "Independent Trustees");

● if the Independent Trustees concur that a violation may have occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable Trust policies and procedures; notification to appropriate personnel or the board of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the investment advisers' and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**VII.** **Confidentiality** 

All reports and records of the Trust prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than an investment adviser to any series of the Trust to which such reports or records relate, the Board, the CCO and Trust Counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE** 

**AND** 

**PRINCIPAL FINANCIAL OFFICERS**

**CERTIFICATE OF COMPLIANCE**

As a Covered Officer as defined in the Code of Ethics For Principal Executive and Principal Financial Officers of Ultimus Managers Trust (the "Code"), I hereby certify that I have received and have read and fully understand the Code, and I recognize that I am subject to the Code. I further certify that I will comply with the requirements of the Code.

---

| |
|:---|
| Signature |
| Name (Please Print) |
| Date |

---

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Todd E. Heim, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this report on Form N-CSR of Ultimus Managers Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 5, 2025 | /s/ Todd E. Heim |
|  |  | Todd E. Heim, President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Daniel D. Bauer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Ultimus Managers Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 5, 2025 | /s/ Daniel D. Bauer |
| | | Daniel D. Bauer, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>certifications</u>**

Todd E. Heim, President and Principal Executive Officer, and Daniel D. Bauer, Principal Financial Officer, of Ultimus Managers Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended August 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Ultimus Managers Trust | Ultimus Managers Trust |
| /s/ Todd E. Heim | /s/ Daniel D. Bauer |
| Todd E. Heim, President and Principal Executive Officer | Daniel D. Bauer, Treasurer and Principal Financial Officer |

---

Date: November 5, 2025 Date: November 5, 2025

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Ultimus Managers Trust and will be retained by The Ultimus Managers Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.