# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-012947
**Filing Date:** 2023-1
**Character Count:** 24875
**Document Hash:** 15ee0c921c0a18c3310ae58039086445
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-012947.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001752724-23-012947

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 23553016

**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

### ADLER VALUE FUND (Series ID: S000062564)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000202991 | Institutional Class | ADLVX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** ADLER VALUE FUND

- **b. EDGAR series identifier (if any):** S000062564

- **c. LEI of Series:** 549300JNN26C473T9M10

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

- **a. Date of fiscal year-end:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4174693.94

**Total Liabilities:** $19799.00

**Net Assets:** $4154894.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202991 | -7.75%               | 12.67%               | 3.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-242844.90                                |
| Month 2  | $27546.50                | $361433.75                                 |
| Month 3  | $18677.09                | $103425.10                                 |

### Schedule of Portfolio Investments

| Name                             | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Paramount Global                 | Paramount Global Class B                                            | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |      4000 | NS      | $80320.00     | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Citigroup, Inc. Call @ $47.50, Expiring January 2023                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $2870.00      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Paramount Global Call @ $30, Expiring January 2023                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $50.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation              | Comcast Corporation Class A                                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       600 | NS      | $21984.00     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Altice USA, Inc. Call @ $12.00, Expiring January 2023               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        20 | NS      | $50.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Spectrum Brands Holdings, Inc. Call @ $75.00, Expiring January 2023 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $3637.50      | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Altice USA, Inc. Call @ $11, Expiring January 2023                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $50.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Viatris Inc                      | Viatris, Inc.                                                       | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     10935 | NS      | $120613.05    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Diebold Nixdorf, Inc. Call @ $3.00, Expiring February 2023          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $375.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated             | Corning, Inc.                                                       | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      3000 | NS      | $102390.00    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Pfizer, Inc. Call @ $47, Expiring January 2023                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $11700.00     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                 | Grainger (W.W.), Inc.                                               | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       200 | NS      | $120612.00    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | IHRT Call 12.50 Expires 01/20/2023                                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $112.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc.                   | Citigroup, Inc.                                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      2000 | NS      | $96820.00     | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Altice USA, Inc. Call @ $10, Expiring January 2023                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $300.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company     | Bristol-Myers Squibb Company                                        | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      3500 | NS      | $280980.00    | 6.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc            | Jackson Financial, Inc.                                             | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      4300 | NS      | $160605.00    | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | iHeartMedia,Inc. Call @ $7.5, Expiring April 2023                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $4562.50      | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc           | Equitable Holdings, Inc.                                            | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      4700 | NS      | $149178.00    | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                       | Diageo plc ADR                                                      | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | US        |       250 | NS      | $46637.50     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings Inc     | SPECTRUM BRANDS HOLDINGS, INC.                                      | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |      2100 | NS      | $111867.00    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Pfizer, Inc. Call @ $50, Expiring January 2023                      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $7520.00      | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holdings S.A.      | Itau Unibanco Holding S.A. ADR                                      | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | US        |     16800 | NS      | $83664.00     | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corporation                | Cigna Corporation                                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       600 | NS      | $197334.00    | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Equitable Holdings, Inc. Call @ $25, Expiring January 2023          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $3475.00      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | iHeartMedia,Inc. Call @ $15, Expiring January 2023                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $225.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Viatris, Inc. Call @ $12.50, Expiring January 2023                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        50 | NS      | $500.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Incorporated               | Aflac, Inc.                                                         | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      2700 | NS      | $194211.00    | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Diebold Nixdorf, Inc. Call @ $2.50, Expiring May 2023               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $1250.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Jackson Financial, Inc. Call @ $30.00, Expiring January 2023        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        35 | NS      | $30100.00     | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | iHeartMedia,Inc. Call @ $17.5, Expiring January 2023                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $75.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| O-I Glass Inc                    | 0-I Glass, Inc.                                                     | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10400 | NS      | $170664.00    | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | EQUITABLE HOLDINGS, INC Call @ $30.00, Expiring January 2023        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |        55 | NS      | $13887.50     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Corning, Inc. Call @ $32.00, Expiring January 2023                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        20 | NS      | $5700.00      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Viatris, Inc. Call @ $10.00, Expiring January 2023                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $5000.00      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Iheartmedia, Inc. Call @ $20.00, Expiring January 2023              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $225.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PG&E Corporation                 | PG&E Corporation                                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      9600 | NS      | $150720.00    | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice USA Inc.                  | Altice USA, Inc.                                                    | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |      3400 | NS      | $15504.00     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                      | Pfizer, Inc.                                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      4400 | NS      | $220572.00    | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Viatris, Inc. Call @ $15, Expiring January 2023                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       160 | NS      | $400.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation   | Charles Schwab Corporation (The)                                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2500 | NS      | $206350.00    | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Jackson Financial, Inc. Call @ $25, Expiring January 2023           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $6750.00      | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Bristol-Myers Squibb Company Call @ $67.50, Expiring March 2023     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $13625.00     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | GLW Call 37.00 Expires 01/20/2023                                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $990.00       | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Corning, Inc. Call @ $35.00, Expiring January 2023                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $1040.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated                        | FEDERATED HERMES TREASURY OBL SS                                    | CUSIP: 60934N872<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |    929422 | PA      | $929422.41    | 22.37%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Multiplan Corporation Call @ $7.5, Expiring January 2023            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $250.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                         | Bayer AG ADR                                                        | CUSIP: 072730302<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      8800 | NS      | $128128.00    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Diebold Nixdorf, Inc. Call @ $2.00, Expiring May 2023               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $975.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Bristol-Myers Squibb Company Call @ $72.50, Expiring March 2023     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $9175.00      | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Holdings Company Call @ $10, Expiring January 2023 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $5650.00      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Multiplan Corporation Call @ $5, Expiring January 2023              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       110 | NS      | $550.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Diebold Nixdorf Incorporated     | Diebold Nixdorf, Inc.                                               | CUSIP: 253651103<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |     15300 | NS      | $32895.00     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group Inc           | Berry Global Group, Inc.                                            | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |       200 | NS      | $11720.00     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | O-I Glass, Inc. Call @ $12.00, Expiring December 2022               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $2250.00      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Itau Unibanco ADR Call @ $5, Expiring January 20, 2023              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        20 | NS      | $1402.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc.                          | XP, Inc.                                                            | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | US        |      3595 | NS      | $62948.45     | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | VALVOLINE, INC. Call @ $30.00, Expiring December 2022               | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |        20 | NS      | $6100.00      | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Itau Unibanco ADR Call @ $5, Expiring January 20, 2023              | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |        10 | NS      | $1132.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Valvoline Inc                    | Valvoline, Inc.                                                     | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |      5800 | NS      | $191284.00    | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| iHeartMedia Inc                  | iHeartMedia,Inc.                                                    | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13700 | NS      | $110148.00    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-21

**Name of Applicant:** Adler Value Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** Assistant Treasurer