# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-181087
**Filing Date:** 2025-7
**Character Count:** 16873
**Document Hash:** 83ed23eb0ac1ab3656d20861e43fd8da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-181087.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-181087

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251157741

**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:** 2025-05-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3936326.61

**Total Liabilities:** $17404.00

**Net Assets:** $3918922.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202991 | -2.65%               | -2.87%               | 3.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-116413.20                                |
| Month 2  | $-1575.81                | $-104493.19                                |
| Month 3  | $-312.07                 | $113642.84                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $20, Expiring September 2025       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $810.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corporation              | Comcast Corporation Class A                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       600 | NS      | $20742.00     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.       | Alibaba Group Holding Ltd. ADR                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      1500 | NS      | $170760.00    | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | SCHLUMBERGER LTD Call @ $35.00, Expiring January 2026      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $1517.50      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company    | Becton, Dickinson and Company                              | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       600 | NS      | $103554.00    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Schlumberger LTD Call @ $40, Expiring August 2025          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $450.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | COMCAST CORP Call @ $35, Expiring September 2025           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $1910.00      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc     | Citizens Financial Group, Inc.                             | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       500 | NS      | $20175.00     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | XP, Inc. Call @ $15.00, Expiring January 2026              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $13250.00     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Viatris Inc                      | Viatris, Inc.                                              | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     12435 | NS      | $109303.65    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated             | Corning, Inc.                                              | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      1800 | NS      | $89262.00     | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc.                     | Coupang Inc                                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      7500 | NS      | $210375.00    | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                   | Citigroup, Inc.                                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3200 | NS      | $241024.00    | 6.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc.    | Walgreen Boots Alliance, Inc.                              | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |     13000 | NS      | $146250.00    | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc            | Jackson Financial, Inc.                                    | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      5500 | NS      | $450505.00    | 11.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc           | Equitable Holdings, Inc.                                   | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      4800 | NS      | $253776.00    | 6.48%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | AMCOR PLC Call @ $9.00, Expiring December 2025             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $2550.00      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| The Cigna Group                  | Cigna Group (The)                                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       400 | NS      | $126656.00    | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | MAGNERA CORPORATION Call @ $17.50, Expiring September 2025 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $250.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Incorporated               | Aflac, Inc.                                                | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      2500 | NS      | $258850.00    | 6.61%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | AMCOR PLC Call @ $10.00, Expiring December 2025            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        26 | NS      | $1170.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                    | O-I Glass, Inc.                                            | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6700 | NS      | $87837.00     | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited             | Schlumberger Ltd.                                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      2900 | NS      | $95845.00     | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                 | PG&E Corporation                                           | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     10000 | NS      | $168800.00    | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice USA Inc.                  | Altice USA, Inc.                                           | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |      9000 | NS      | $20790.00     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                        | Amcor plc                                                  | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | US        |     10550 | NS      | $96110.50     | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Citigroup, Inc. Call @ $65.00, Expiring September 2025     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $18495.00     | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc.                  | Salesforce, Inc.                                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |        40 | NS      | $10614.80     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation   | Charles Schwab Corporation (The)                           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2700 | NS      | $238518.00    | 6.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Viatris, Inc. Call @ $10.00, Expiring January 2027         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         3 | NS      | $396.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust   | FEDERATED HERMES TREASURY OBL SS                           | CUSIP: 60934N872<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |    553929 | PA      | $553928.80    | 14.13%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | NOVO NORDISK A/S Call @ $70.00, Expiring September 2025    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $8470.00      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                         | Bayer AG ADR                                               | CUSIP: 072730302<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      5250 | NS      | $37117.50     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                    | Medtronic plc                                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |      1200 | NS      | $99576.00     | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $17.00, Expiring September 2025    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $1110.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | SCHLUMBERGER LTD Call @ $40.00, Expiring September 2025    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $245.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                          | XP, Inc.                                                   | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | US        |      7115 | NS      | $137746.40    | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $17.00, Expiring January 2026      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $4400.00      | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                 | Novo Nordisk A/S ADR                                       | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      1500 | NS      | $107250.00    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Adler Value Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer