# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-000706
**Filing Date:** 2026-1
**Character Count:** 17016
**Document Hash:** d784ee822f682da6cf9a1fe36ca9e744
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000706.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000910472-26-000706

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**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:** 26567802

**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

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 79.7%** | **Shares** | **Value** |
| **Accommodation and Food Services - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Restaurants and Other Eating Places - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;133157 | &nbsp;&nbsp;$55876672 |
| **Administrative and Support and Waste Management and Remediation Services - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Credit Bureaus - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | &nbsp;&nbsp;98494 | &nbsp;&nbsp;48338885 |
| **Construction - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Residential Building Construction - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4593 | &nbsp;&nbsp;34480983 |
| **Educational Services - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Colleges, Universities, and Professional Schools - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;279910 | &nbsp;&nbsp;21838578 |
| **Finance and Insurance - 27.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Direct Insurance (except Life, Health, and Medical) <br> Carriers - 11.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. <sup>(a)</sup> | &nbsp;&nbsp;558531 | &nbsp;&nbsp;52457231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;412872 | &nbsp;&nbsp;94460985 |
|  |  | &nbsp;&nbsp;146918216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Direct Life, Health and Medical Insurance Carriers - 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;267827 | &nbsp;&nbsp;88321310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Transactions Processing, Reserve, and Clearinghouse Activities - 9.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;121918 | &nbsp;&nbsp;67119517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;185569 | &nbsp;&nbsp;62061696 |
|  |  | &nbsp;&nbsp;129181213 |
| **Information - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Motion Picture and Video Production - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;291420 | &nbsp;&nbsp;30444648 |

---

---

| | | |
|:---|:---|:---|
| **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 79.7% (Continued)** | **Shares** | **Value** |
| **Manufacturing - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engine, Turbine, and Power Transmission Equipment - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;132533 | &nbsp;&nbsp;$65998783 |
| **Retail Trade - 26.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive Parts and Accessories Retailers - 15.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;34334 | &nbsp;&nbsp;135767966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;698119 | &nbsp;&nbsp;70998703 |
|  |  | &nbsp;&nbsp;206766669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Clothing and Clothing Accessories Retailers - 10.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;614628 | &nbsp;&nbsp;108395794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;199645 | &nbsp;&nbsp;30330068 |
|  |  | &nbsp;&nbsp;138725862 |
| **Transportation and Warehousing - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Freight Transportation Arrangement - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;367089 | &nbsp;&nbsp;53925374 |
| **Wholesale Trade - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Supplies Merchant Wholesalers - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | &nbsp;&nbsp;689177 | &nbsp;&nbsp;27842751 |
| **Total Common Stocks** (Cost $716,339,442) | **Total Common Stocks** (Cost $716,339,442) | &nbsp;&nbsp;$1048659944 |

---

---

| | | |
|:---|:---|:---|
| **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 20.4%** | **Shares** | **Value** |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Shares, 3.83% <sup>(b)</sup> | &nbsp;&nbsp;144255565 | &nbsp;&nbsp;$144255565 |
| Vanguard Treasury Money Market Fund - Investor Shares, 3.90% <sup>(b)</sup> | &nbsp;&nbsp;124505934 | &nbsp;&nbsp;124505934 |
| **Total Money Market Funds** (Cost $268,761,499) | **Total Money Market Funds** (Cost $268,761,499) | &nbsp;&nbsp;$268761499 |
| **Investments at Value - 100.1%** (Cost $985,100,941) | **Investments at Value - 100.1%** (Cost $985,100,941) | &nbsp;&nbsp;$1317421443 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (1720620) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1315700823 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of November 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** MARSHFIELD CONCENTRATED OPPORTUNITY FUND

- **b. EDGAR series identifier (if any):** S000052208

- **c. LEI of Series:** 549300PVFMDDT83BPB42

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $1319100322.37

**Total Liabilities:** $3399499.03

**Net Assets:** $1315700823.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000164234 | 1.16%                | -4.54%               | 4.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-899346.82              | $14783000.82                               |
| Month 2  | $796566.99               | $-60558517.04                              |
| Month 3  | $19406147.91             | $42427024.07                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MasterCard Incorporated                     | Mastercard, Inc. Class A                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    121918 | NS      | $67119516.54  | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                         | Walt Disney Company (The)                                 | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    291420 | NS      | $30444647.40  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                             | Ross Stores, Inc.                                         | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    614628 | NS      | $108395794.08 | 8.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                | Fastenal Company                                          | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    689177 | NS      | $27842750.80  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc. | Expeditors International of Washington, Inc.              | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    367089 | NS      | $53925374.10  | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp.                                | Moody's Corporation                                       | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     98494 | NS      | $48338885.32  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                    | O'Reilly Automotive, Inc.                                 | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    698119 | NS      | $70998702.30  | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                     | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    267827 | NS      | $88321309.79  | 6.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                | Cummins, Inc.                                             | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |    132533 | NS      | $65998783.34  | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                     | NVR, Inc.                                                 | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |      4593 | NS      | $34480982.97  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                              | AutoZone, Inc.                                            | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     34334 | NS      | $135767966.22 | 10.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                    | Visa, Inc. Class A                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    185569 | NS      | $62061696.36  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                 | Progressive Corporation (The)                             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    412872 | NS      | $94460984.88  | 7.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                          | Domino's Pizza, Inc.                                      | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |    133157 | NS      | $55876671.91  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                      | TJX Companies, Inc. (The)                                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    199645 | NS      | $30330068.40  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Admiral Funds Inc.                 | Vanguard Treasury Money Market Fund Investor Class        | CUSIP: 921932109<br>LEI: 5493001VGEE37B6RMO86 | Long             | STIV             | RF                | US        | 124505934 | PA      | $124505934.41 | 9.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                     | Strategic Education, Inc.                                 | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |    279910 | NS      | $21838578.20  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                         | GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENT S FUND | CUSIP: 38142B500<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        | 144255565 | PA      | $144255564.89 | 10.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                     | Arch Capital Group Ltd.                                   | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    558531 | NS      | $52457231.52  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** Marshfield Concentrated Opportunity Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer