# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001580642-25-004891
**Filing Date:** 2025-8
**Character Count:** 249455
**Document Hash:** 379b661b91272ca0b04728d004f5648e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004891.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001580642-25-004891

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**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:** 251188289

**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

### Wavelength Fund (Series ID: S000042074)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000130673 | Wavelength Fund | WAVLX           |

### Kempner Multi-Cap Deep Value Fund (Series ID: S000057335)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000182952 | Institutional Class | FIKDX           |
| C000182953 | Investor Class      | FAKDX           |

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

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

### EVOLUTIONARY TREE INNOVATORS FUND (Series ID: S000069399)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000221442 | EVOLUTIONARY TREE INNOVATORS FUND I CLASS SHARES | INVNX           |
| C000234765 | EVOLUTIONARY TREE INNOVATORS FUND A CLASS SHARES | INVTX           |

?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> <br>

<u>Ultimus Managers Trust</u> <br> (Exact name of registrant as specified in charter) <br>

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

<u>Karen Jacoppo-Wood</u> <br>

<u>Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246</u> <br> (Name and address of agent for service) <br>

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

---

| | |
|:---|:---|
| Date of fiscal year end: | May 31 |
| Date of reporting period: | May 31, 2025 |

---

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 the 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) # Adler Value Fund

## Institutional Class (ADLVX)

#### Annual Shareholder Report - May 31, 2025
![Image](ice7c2f74a679487307597d5f.jpg)

## Fund Overview
This annual shareholder report contains important information about Adler Value Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://www.adlervaluefund.com/fund-literature**. You can also request this information by contacting us at (800) 408-4682.

## 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** |
| Adler Value Fund - Institutional Class | $130 | 1.25% |

---

## How did the Fund perform during the reporting period?
As the fiscal year progressed, the market narrative began to shift from inflation, the slowing pace of growth in the U.S. economy, and the likelihood and number of cuts in the federal funds rate to include the impact of trade and tariff policies on the U.S. economy.

With continued U.S. job growth, moderate U.S. unemployment, and U.S. inflation above the Federal Reserve's 2% target, the U.S. capital markets reflected expectations for fewer federal funds rate cuts. This development was balanced against the impact of tariff and trade policies. This competition between the level of interest rates (higher for longer) and the relative strength of the U.S. economy (continued growth vs. possibility of a recession) remained a durable theme in U.S. equity markets.

For the fiscal year ended May 31, 2025, the Fund's performance reflected its differences with the S&P 500<sup>®</sup> Index. The Fund owns one Megacap company (defined by S&P as the top 50 market capitalization companies in the S&P 500<sup>®</sup> Index) representing 0.3% of the Fund's assets. Megacap companies represent in excess of 50% of the S&P 500<sup>®</sup> Index. Information Technology represents 32% of the S&P 500<sup>®</sup> Index. Information Technology companies represent 2.5% of the Fund's assets. The Fund's holdings in the S&P 500<sup>®</sup> Index represent 45% of the Fund's assets. The mean market capitalization of the S&P 500<sup>®</sup> Index is approximately $104 billion. The Fund's weighted average mean market capitalization is approximately $48 billion.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibd93d67c1033467fbddd6e30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Adler Value Fund - Institutional Class** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** | **S&P 1000<sup>®</sup> Value Index** |
| **Aug-2018** | $10000 | $10000 | $10000 | $9997 |
| **May-2019** | $9890 | $9844 | $9644 | $8807 |
| **May-2020** | $10000 | $11108 | $10051 | $7898 |
| **May-2021** | $15578 | $15587 | $14055 | $13658 |
| **May-2022** | $15321 | $15540 | $14402 | $13202 |
| **May-2023** | $13201 | $15994 | $14837 | $12477 |
| **May-2024** | $15787 | $20502 | $18403 | $14905 |
| **May-2025** | $17006 | $23275 | $19330 | $15287 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 16, 2018)** |
| Adler Value Fund - Institutional Class | 7.72% | 11.20% | 8.14% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 13.25% |
| S&P 500<sup>®</sup> Value Index | 5.04% | 13.97% | 10.19% |
| S&P 1000<sup>®</sup> Value Index | 2.48% | 14.12% | 6.45% |

---

***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$3,918,923

* Number of Portfolio Holdings39

* Advisory Fee (net of waivers)$0

* Portfolio Turnover22%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic177820592b477877c047ebb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 84.4% |
| Money Market Funds | 14.2% |
| Purchased Options | 1.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1409965be0bee1a2018cab95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Communications | 1.1% |
| Purchased Options | 1.4% |
| Energy | 2.5% |
| Technology | 2.6% |
| Consumer Staples | 3.7% |
| Utilities | 4.3% |
| Materials | 4.7% |
| Consumer Discretionary | 9.7% |
| Money Market Funds | 14.1% |
| Health Care | 14.9% |
| Financials | 40.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Jackson Financial, Inc. - Class A | 11.5% |
| Aflac, Inc. | 6.6% |
| Equitable Holdings, Inc. | 6.5% |
| Citigroup, Inc. | 6.2% |
| Charles Schwab Corporation (The) | 6.1% |
| Coupang, Inc. | 5.4% |
| Alibaba Group Holding Ltd. - ADR | 4.3% |
| PG&E Corporation | 4.3% |
| Walgreens Boots Alliance, Inc. | 3.7% |
| XP, Inc. - Class A | 3.5% |

---

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

![Image](i8c0ac6df78cd84e6b0f546ad.jpg)

## Adler Value Fund - Institutional Class (ADLVX)

#### Annual Shareholder Report - May 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-ADLVX

# Evolutionary Tree Innovators Fund

## A Class Shares (INVTX)

#### Annual Shareholder Report - May 31, 2025
![Image](i4daa8c20efabb8caab64e7cb.jpg)

## Fund Overview
This annual shareholder report contains important information about Evolutionary Tree Innovators Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://mutualfund.evolutionarytree.com/resources-materials**. You can also request this information by contacting us at (833) 517-1010.

## 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** |
| A Class Shares | $136 | 1.22% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Fund delivered positive investment results for the fiscal year, significantly ahead of the benchmark despite various economic headwinds. Across holdings, business fundamentals continue to be strong (revenue growth of 20-25% growth on average) and the companies in aggregate are expanding margins while reinvesting in their businesses, sustaining healthy earnings growth.

&nbsp;&nbsp;&nbsp;&nbsp; These are the signals we focus on as long-term investors, and it is gratifying to see business drivers contributing to investment results.

&nbsp;&nbsp;&nbsp;&nbsp; The strong business results by Fund holdings were sustained despite multiple geopolitical headwinds, including the trade war. We believe many portfolio holdings are well-positioned because of the following characteristics we tend to prioritize, such as:

1.&nbsp;&nbsp;&nbsp;&nbsp; Secular growth drivers: We believe each company in the portfolio benefits from a combination of multi-year secular trends and important innovations—growth drivers that are less reliant on the general economy—that can sustain growth over coming years.

2.&nbsp;&nbsp;&nbsp;&nbsp; Mission-critical businesses: We own many companies whose products or services are essential to their customers—often viewed as "must have" solutions versus "nice to have."

3.&nbsp;&nbsp;&nbsp;&nbsp; Pricing power: Companies we own in the portfolio often have pricing power—the ability to pass on higher costs (such as tariffs) or adjust their pricing to protect profitability.

4.&nbsp;&nbsp;&nbsp;&nbsp; Imperative demand drivers: We own a number of companies that are experiencing durable demand because their offerings are "imperative" in the current environment. Clear-cut examples include cybersecurity, AI technology, and public safety technology.

5.&nbsp;&nbsp;&nbsp;&nbsp; Resilient business models with lower risk of supply chain disruption: While no business is entirely immune to broader economic pressures, the majority of our companies held in the portfolio have durable, recurring-revenue business models that tend to be less sensitive to dips in spending. Our assessment of supply chain risk also reveals a generally lower risk of disruption for our companies.

&nbsp;&nbsp;&nbsp;&nbsp; We want you to know that we remain at the helm and are navigating various headwinds in a thoughtful and prudent fashion. As you might expect, we recommend staying the course as history has shown that markets eventually recover from various economic and geopolitical events—and that reacting to them out of fear can lead to sub-optimal outcomes.

&nbsp;&nbsp;&nbsp;&nbsp; Overall, we remain confident in Fund holdings because they are generally supported by long term secular growth drivers, in many cases have mission critical products, often exhibit pricing power, and predominantly offer recurring revenue models with limited supply chain exposure.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment\*
![Chart showing performance over last 10 years or since inception](ie787bb26acb0079927ffc874.jpg)

---

| | | |
|:---|:---|:---|
| | **Evolutionary Tree Innovators Fund - A Class Shares** | **S&P 500<sup>®</sup> Index** |
| **Feb-2022** | $9427 | $10000 |
| **May-2022** | $6868 | $9484 |
| **May-2023** | $7626 | $9761 |
| **May-2024** | $9020 | $12513 |
| **May-2025** | $11125 | $14205 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (February 28, 2022)** |
| Evolutionary Tree Innovators Fund - A Class Shares |  |  |
| Without Load | 23.34% | 5.22% |
| With Load\* | 16.23% | 3.33% |
| S&P 500<sup>®</sup> Index | 13.52% | 11.40% |

---

***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.***

***\* Reflects the maximum sales charge applicable to A Class Shares.***

## **Fund Statistics** 
* Net Assets$24,266,963

* Number of Portfolio Holdings27

* Advisory Fee (net of waivers)$7,449

* Portfolio Turnover38%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i509e1be244b0290dd3cb2c77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.2% |
| Money Market Funds | 4.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i188e122a57b88eeaae1f2f6f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 4.5% |
| Money Market Funds | 4.8% |
| Industrials | 9.8% |
| Communications | 13.1% |
| Health Care | 13.3% |
| Consumer Discretionary | 17.9% |
| Technology | 36.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 9.2% |
| Amazon.com, Inc. | 8.8% |
| ServiceNow, Inc. | 6.2% |
| CyberArk Software Ltd. | 5.4% |
| Netflix, Inc. | 5.1% |
| MercadoLibre, Inc. | 4.9% |
| PROCEPT BioRobotics Corporation | 4.6% |
| Meta Platforms, Inc. - Class A | 4.3% |
| Synopsys, Inc. | 4.2% |
| Uber Technologies, Inc. | 4.2% |

---

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

![Image](i4daa8c20efabb8caab64e7cb.jpg)

# Evolutionary Tree Innovators Fund - A Class Shares (INVTX)

#### Annual Shareholder Report - May 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-INVTX

# Evolutionary Tree Innovators Fund

## I Class Shares (INVNX)

#### Annual Shareholder Report - May 31, 2025
![Image](i3c610fa1d3c8c936592941ff.jpg)

## Fund Overview
This annual shareholder report contains important information about Evolutionary Tree Innovators Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://mutualfund.evolutionarytree.com/resources-materials**. You can also request this information by contacting us at (833) 517-1010.

## 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** |
| I Class Shares | $108 | 0.97% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Fund delivered positive investment results for the fiscal year, significantly ahead of the benchmark despite various economic headwinds. Across holdings, business fundamentals continue to be strong (revenue growth of 20-25% growth on average) and the companies in aggregate are expanding margins while reinvesting in their businesses, sustaining healthy earnings growth.

&nbsp;&nbsp;&nbsp;&nbsp; These are the signals we focus on as long-term investors, and it is gratifying to see business drivers contributing to investment results.

&nbsp;&nbsp;&nbsp;&nbsp; The strong business results by Fund holdings were sustained despite multiple geopolitical headwinds, including the trade war. We believe many portfolio holdings are well-positioned because of the following characteristics we tend to prioritize, such as:

1.&nbsp;&nbsp;&nbsp;&nbsp; Secular growth drivers: We believe each company in the portfolio benefits from a combination of multi-year secular trends and important innovations—growth drivers that are less reliant on the general economy—that can sustain growth over coming years.

2.&nbsp;&nbsp;&nbsp;&nbsp; Mission-critical businesses: We own many companies whose products or services are essential to their customers—often viewed as "must have" solutions versus "nice to have."

3.&nbsp;&nbsp;&nbsp;&nbsp; Pricing power: Companies we own in the portfolio often have pricing power—the ability to pass on higher costs (such as tariffs) or adjust their pricing to protect profitability.

4.&nbsp;&nbsp;&nbsp;&nbsp; Imperative demand drivers: We own a number of companies that are experiencing durable demand because their offerings are "imperative" in the current environment. Clear-cut examples include cybersecurity, AI technology, and public safety technology.

5.&nbsp;&nbsp;&nbsp;&nbsp; Resilient business models with lower risk of supply chain disruption: While no business is entirely immune to broader economic pressures, the majority of our companies held in the portfolio have durable, recurring-revenue business models that tend to be less sensitive to dips in spending. Our assessment of supply chain risk also reveals a generally lower risk of disruption for our companies.

&nbsp;&nbsp;&nbsp;&nbsp; We want you to know that we remain at the helm and are navigating various headwinds in a thoughtful and prudent fashion. As you might expect, we recommend staying the course as history has shown that markets eventually recover from various economic and geopolitical events—and that reacting to them out of fear can lead to sub-optimal outcomes.

&nbsp;&nbsp;&nbsp;&nbsp; Overall, we remain confident in Fund holdings because they are generally supported by long term secular growth drivers, in many cases have mission critical products, often exhibit pricing power, and predominantly offer recurring revenue models with limited supply chain exposure.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ib6bda248ae4a61f770c44743.jpg)

---

| | | |
|:---|:---|:---|
| | **Evolutionary Tree Innovators Fund - I Class Shares** | **S&P 500<sup>®</sup> Index** |
| **Sep-2020** | $10000 | $10000 |
| **May-2021** | $12730 | $12508 |
| **May-2022** | $6863 | $12470 |
| **May-2023** | $7641 | $12835 |
| **May-2024** | $9058 | $16452 |
| **May-2025** | $11202 | $18677 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 9, 2020)** |
| Evolutionary Tree Innovators Fund - I Class Shares | 23.66% | 2.43% |
| S&P 500<sup>®</sup> Index | 13.52% | 14.14% |

---

***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$24,266,963

* Number of Portfolio Holdings27

* Advisory Fee (net of waivers)$7,449

* Portfolio Turnover38%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i07c2f845c459c509ae1a1ced.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.2% |
| Money Market Funds | 4.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0ee3016b6c3c6ae4e9885503.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 4.5% |
| Money Market Funds | 4.8% |
| Industrials | 9.8% |
| Communications | 13.1% |
| Health Care | 13.3% |
| Consumer Discretionary | 17.9% |
| Technology | 36.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 9.2% |
| Amazon.com, Inc. | 8.8% |
| ServiceNow, Inc. | 6.2% |
| CyberArk Software Ltd. | 5.4% |
| Netflix, Inc. | 5.1% |
| MercadoLibre, Inc. | 4.9% |
| PROCEPT BioRobotics Corporation | 4.6% |
| Meta Platforms, Inc. - Class A | 4.3% |
| Synopsys, Inc. | 4.2% |
| Uber Technologies, Inc. | 4.2% |

---

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

![Image](i3c610fa1d3c8c936592941ff.jpg)

# Evolutionary Tree Innovators Fund - I Class Shares (INVNX)

#### Annual Shareholder Report - May 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-INVNX

# Kempner Multi-Cap Deep Value Fund

# Institutional Class (FIKDX)

#### Annual Shareholder Report - May 31, 2025

## Fund Overview
This annual shareholder report contains important information about Kempner Multi-Cap Deep Value Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund under Mutual Fund Documents at **https://kempnercapital.com/**. You can also request this information by contacting us at (800) 665-9778.

## 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 | $95 | 0.94% |

---

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

Some of what benefited the Fund during the last reporting period reversed and led to underperformance against the applicable benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;Interest rates held steady and led to middling returns in the Fund's bank holdings while insurance positions generally held up and did well. Energy-related stocks performed poorly as the price of oil declined over the reporting period. Positions tied to electric vehicle production, specifically Teradyne, Inc. and Sensata Technologies Holding plc, underperformed as government tax credits were at risk of ending.

&nbsp;&nbsp;&nbsp;&nbsp;Oddly enough, the Fund's two largest holdings (Taiwan Semiconductor Manufacturing Company and Micron Technology, Inc.) largely cancelled each other out as one contributed the most to the Fund's positive attribution while the other contributed the most to the Fund's negative attribution. Even more rare is that both positions are in the Semiconductor sector.

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

### Total Return Based on $500,000 Investment
![Chart showing performance over last 10 years or since inception](i50e97f22606510f7ac6f7adf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Kempner Multi-Cap Deep Value Fund - Institutional Class** | **MSCI World Index** | **S&P 500<sup>®</sup> Value Index** |
| **May-2015** | $500000 | $500000 | $500000 |
| **May-2016** | $454595 | $480180 | $502263 |
| **May-2017** | $523432 | $559042 | $576144 |
| **May-2018** | $596293 | $623711 | $627634 |
| **May-2019** | $559968 | $621900 | $635021 |
| **May-2020** | $529119 | $664160 | $661785 |
| **May-2021** | $822867 | $933982 | $925468 |
| **May-2022** | $801392 | $889000 | $948270 |
| **May-2023** | $721500 | $907418 | $976925 |
| **May-2024** | $956346 | $1133541 | $1211722 |
| **May-2025** | $979000 | $1289024 | $1272784 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Kempner Multi-Cap Deep Value Fund - Institutional Class | 2.37% | 13.10% | 6.95% |
| MSCI World Index | 13.72% | 14.18% | 9.93% |
| S&P 500<sup>®</sup> Value Index | 5.04% | 13.97% | 9.79% |

---

***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$89,966,318

* Number of Portfolio Holdings38

* Advisory Fee $550,032

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0141e73de54298dbd122c012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 85.1% |
| Money Market Funds | 14.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6e62041bc31447302ae180c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Utilities | 1.0% |
| Consumer Staples | 2.6% |
| Real Estate | 3.8% |
| Industrials | 4.1% |
| Materials | 5.9% |
| Communications | 6.3% |
| Energy | 11.4% |
| Health Care | 12.4% |
| Money Market Funds | 14.9% |
| Technology | 17.9% |
| Financials | 19.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 6.0% |
| Micron Technology, Inc. | 4.6% |
| Walt Disney Company (The) | 3.6% |
| Bank of America Corporation | 3.4% |
| Citigroup, Inc. | 3.1% |
| Global Payments, Inc. | 3.0% |
| Shell plc - ADR | 2.9% |
| Sensata Technologies Holding plc | 2.8% |
| Lincoln National Corporation | 2.8% |
| Exxon Mobil Corporation | 2.8% |

---

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

# Kempner Multi-Cap Deep Value Fund - Institutional Class (FIKDX)

#### Annual Shareholder Report - May 31, 2025

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

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-FIKDX

# Kempner Multi-Cap Deep Value Fund

# Investor Class (FAKDX)

#### Annual Shareholder Report - May 31, 2025

## Fund Overview
This annual shareholder report contains important information about Kempner Multi-Cap Deep Value Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund under Mutual Fund Documents at **https://kempnercapital.com/**. You can also request this information by contacting us at (800) 665-9778.

## 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** |
| Investor Class | $120 | 1.19% |

---

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

Some of what benefited the Fund during the last reporting period reversed and led to underperformance against the applicable benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;Interest rates held steady and led to middling returns in the Fund's bank holdings while insurance positions generally held up and did well. Energy-related stocks performed poorly as the price of oil declined over the reporting period. Positions tied to electric vehicle production, specifically Teradyne, Inc. and Sensata Technologies Holding plc, underperformed as government tax credits were at risk of ending.

&nbsp;&nbsp;&nbsp;&nbsp;Oddly enough, the Fund's two largest holdings (Taiwan Semiconductor Manufacturing Company and Micron Technology, Inc.) largely cancelled each other out as one contributed the most to the Fund's positive attribution while the other contributed the most to the Fund's negative attribution. Even more rare is that both positions are in the Semiconductor sector.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i777f3293be5a51a112943709.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Kempner Multi-Cap Deep Value Fund - Investor Class** | **MSCI World Index** | **S&P 500<sup>®</sup> Value Index** |
| **May-2015** | $10000 | $10000 | $10000 |
| **May-2016** | $9070 | $9604 | $10045 |
| **May-2017** | $10422 | $11181 | $11523 |
| **May-2018** | $11838 | $12474 | $12553 |
| **May-2019** | $11098 | $12438 | $12700 |
| **May-2020** | $10459 | $13283 | $13236 |
| **May-2021** | $16220 | $18680 | $18509 |
| **May-2022** | $15768 | $17780 | $18965 |
| **May-2023** | $14157 | $18148 | $19539 |
| **May-2024** | $18724 | $22671 | $24234 |
| **May-2025** | $19116 | $25780 | $25456 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Kempner Multi-Cap Deep Value Fund - Investor Class | 2.09% | 12.82% | 6.69% |
| MSCI World Index | 13.72% | 14.18% | 9.93% |
| S&P 500<sup>®</sup> Value Index | 5.04% | 13.97% | 9.79% |

---

***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$89,966,318

* Number of Portfolio Holdings38

* Advisory Fee $550,032

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6e8a14c956af4d5ee304d6ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 85.1% |
| Money Market Funds | 14.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9b89e444151161e2b09d2b3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Utilities | 1.0% |
| Consumer Staples | 2.6% |
| Real Estate | 3.8% |
| Industrials | 4.1% |
| Materials | 5.9% |
| Communications | 6.3% |
| Energy | 11.4% |
| Health Care | 12.4% |
| Money Market Funds | 14.9% |
| Technology | 17.9% |
| Financials | 19.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 6.0% |
| Micron Technology, Inc. | 4.6% |
| Walt Disney Company (The) | 3.6% |
| Bank of America Corporation | 3.4% |
| Citigroup, Inc. | 3.1% |
| Global Payments, Inc. | 3.0% |
| Shell plc - ADR | 2.9% |
| Sensata Technologies Holding plc | 2.8% |
| Lincoln National Corporation | 2.8% |
| Exxon Mobil Corporation | 2.8% |

---

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

# Kempner Multi-Cap Deep Value Fund - Investor Class (FAKDX)

#### Annual Shareholder Report - May 31, 2025

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

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-FAKDX

# Wavelength Fund
(WAVLX)

#### Annual Shareholder Report - May 31, 2025
![Image](ib9660adbd652ae0d37ac5b37.jpg)

## Fund Overview
The Wavelength Fund seeks to generate attractive total returns in fixed income markets using a systematic, factor-based approach that applies to quantitative tools to process fundamental market and economic information.

This annual shareholder report contains important information about Wavelength Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://www.wavelengthfunds.com/fund-resources**. You can also request this information by contacting us at (866) 896-9292. **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** |
| Wavelength Fund | $103 | 0.99% |

---

## How did the Fund perform during the reporting period?
During the fiscal year ended May 31, 2025, the Fund generated strong positive results and outperformed the Bloomberg U.S. Aggregate Bond Index. The Fund effectively managed an uptick in volatility driven by changing policy conditions and geopolitical tensions, producing profits across fixed income markets, including government, inflation-linked, corporate, and emerging market exposures, through a period of instability. The Fund's use of its current investment strategies did not cause performance to materially deviate from the manager's expectations given the uncertainty of the markets and the underlying factors driving them over the period.

## How has the Fund performed over the last ten years?
Over the last ten years, the Fund has generated positive results and outperformed the Bloomberg U.S. Aggregate Bond Index. While volatility has increased in markets over the period, the Fund has targeted a similar level of volatility as the Bloomberg U.S. Aggregate Bond Index and generated a differentiated return for investors over the economic cycle.

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibc61fc101b1cbde4908ae350.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Wavelength Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P/BGCantor 0-3 Month U.S. Treasury Bill Index** |
| **May-2015** | $10000 | $10000 | $10000 |
| **May-2016** | $9663 | $10299 | $10011 |
| **May-2017** | $10323 | $10462 | $10050 |
| **May-2018** | $10525 | $10423 | $10172 |
| **May-2019** | $11123 | $11090 | $10399 |
| **May-2020** | $11781 | $12134 | $10573 |
| **May-2021** | $12769 | $12085 | $10583 |
| **May-2022** | $11936 | $11091 | $10597 |
| **May-2023** | $11683 | $10854 | $10950 |
| **May-2024** | $12378 | $10995 | $11556 |
| **May-2025** | $13263 | $11596 | $12114 |

---

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.

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Wavelength Fund | 7.15% | 2.40% | 2.86% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| S&P/BGCantor 0-3 Month U.S. Treasury Bill Index | 4.83% | 2.76% | 1.94% |

---

## **Fund Statistics** 
* Net Assets$70,313,166

* Number of Portfolio Holdings30

* Advisory Fee (net of waivers)$439,185

* Portfolio Turnover72%

***Past performance does not guarantee future results. Call (866) 896-9292 or visit https://www.wavelengthfunds.com/fund-resources for current month-end performance.***

## **Asset Weighting (% of total investments exposure)**![Asset Group Chart](i015e88837ead0d6d910516a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 16.6% |
| Commodities Futures | 1.4% |
| Exchange-Traded Funds | 50.0% |
| Index Futures | 5.0% |
| Money Market Funds | 4.1% |
| Treasury Futures | 22.9% |

---

## What did the Fund invest in?
The Fund invested in a wide range of markets using predominantly exchange-traded funds and futures instruments.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Mortgage-Backed Securities ETF | 12.5% |
| Invesco Senior Loan ETF | 10.8% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 10.1% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 9.4% |
| iShares Broad USD High Yield Corporate Bond ETF | 7.5% |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 6.8% |
| iShares TIPS Bond ETF | 6.3% |
| VanEck Emerging Markets High Yield Bond ETF | 5.4% |
| iShares National Muni Bond ETF | 4.6% |
| SPDR Bloomberg Convertible Securities ETF | 3.9% |

---

## Material Fund Changes
Effective July 31, 2025, the Fund changed its distribution frequency from quarterly to monthly and reduced the minimum initial investment from $10,000 for regular accounts to $2,500 for regular accounts.

## Change In Or Disagreement With Accountants
During the year ended May 31, 2025, there were no changes in or disagreements with accountants.

## Householding
If you wish to receive a copy of this document at a new address, contact (866) 896-9292.

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.wavelengthfunds.com/](ia68ae540fe48123c2f8a4d06.jpg)

Additional information is available on the Fund's website (https://www.wavelengthfunds.com/fund-resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

## Available at the following firms:

# Wavelength Fund (WAVLX)

#### Annual Shareholder Report - May 31, 2025
TSR-AR 053125-WAVLX

![Image](ib9660adbd652ae0d37ac5b37.jpg)

(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 13(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 $60,750 and $58,000 with respect to the registrant's fiscal years ended May 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 $12,400 and $12,400 with respect to the registrant's fiscal years ended May 31, 2025 and 2024, respectively.
 The services comprising these fees are the preparation of the registrant's federal income and excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During
 the fiscal years ended May 31, 2025 and 2024, aggregate non-audit fees of $12,400 and $12,400, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) ---

| |
|:---|
| ![(ADLERVALUE FUND LOGO)](um001_v1.jpg) |
| Institutional Class (ADLVX) |
| **ANNUAL FINANCIAL STATEMENTS** |
| **AND ADDITIONAL INFORMATION** |
| **May 31, 2025** |
| *Managed by* |
| *Adler Asset Management, LLC* |
| For information or assistance in opening an account, |
| please call toll-free 1-800-408-4682. |

---

ADLER VALUE FUND <br> SCHEDULE OF INVESTMENTS <br> <u>May 31, 2025</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.3%** | **Shares** | **Value** |
| **Communications — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A <sup>(a)</sup> | 9000 | $20790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 600 | 20742 |
|  |  | 41532 |
| **Consumer Discretionary — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 9.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - ADR | 1500 | 170760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc. <sup>(a)</sup> | 7500 | 210375 |
|  |  | 381135 |
| **Consumer Staples — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 13000 | 146250 |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 2900 | 95845 |
| **Financials — 40.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 3200 | 241024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 500 | 20175 |
|  |  | 261199 |
| &nbsp;&nbsp;&nbsp;*Broker-Dealers — 9.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 2700 | 238518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc. - Class A | 7115 | 137746 |
|  |  | 376264 |
| &nbsp;&nbsp;&nbsp;*Insurance — 24.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 2500 | 258850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 4800 | 253776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc. - Class A | 5500 | 450505 |
|  |  | 963131 |
| **Health Care — 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG - ADR | 5250 | 37117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 1500 | 107250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | 12435 | 109304 |
|  |  | 253671 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | 400 | 126656 |

---

ADLER VALUE FUND <br> <u>SCHEDULE OF INVESTMENTS (Continued)</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.3% (Continued)** | **Shares** | **Value** |
| **Health Care — 14.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 600 | $103554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 1200 | 99576 |
|  |  | 203130 |
| **Materials — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor plc | 10550 | 96111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Inc. <sup>(a)</sup> | 6700 | 87837 |
|  |  | 183948 |
| **Technology — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Software — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 40 | 10615 |
| &nbsp;&nbsp;&nbsp;*Technology & Electronics — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 1800 | 89262 |
| **Utilities — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation | 10000 | 168800 |
| **Total Common Stocks** (Cost $2,466,724) |  | $3301438 |

---

ADLER VALUE FUND <br> <u>SCHEDULE OF INVESTMENTS (Continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PURCHASED OPTION**<br>**CONTRACTS — 1.4%** |<br>**Strike Price** | **Contracts<sup>\*</sup>** | **Contracts<sup>\*</sup>** | **Notional**<br>**Value** |<br>**Value** |
| **Call Option Contracts — 1.4%** |  |  |  |  |  |
| Amcor plc, 12/19/25 | $9.00 |  | 30 | $27330 | $2550 |
| Amcor plc, 12/19/25 | 10.00 |  | 26 | 23686 | 1170 |
| Citigroup, Inc., 09/19/25 | 65.00 |  | 15 | 112980 | 18495 |
| Comcast Corporation - Class A, 09/19/25 | 35.00 |  | 10 | 34570 | 1910 |
| Magnera Corporation, 09/19/25 | 17.50 |  | 5 | 6010 | 250 |
| Novo Nordisk A/S, 09/19/25 | 70.00 |  | 10 | 71500 | 8470 |
| PG&E Corporation, 09/19/25 | 17.00 |  | 10 | 16880 | 1110 |
| PG&E Corporation, 09/19/25 | 20.00 |  | 30 | 50640 | 810 |
| PG&E Corporation, 01/26/26 | 17.00 |  | 25 | 42200 | 4400 |
| Schlumberger Ltd., 08/15/25 | 40.00 |  | 15 | 49575 | 450 |
| Schlumberger Ltd., 09/19/25 | 40.00 |  | 5 | 16525 | 245 |
| Schlumberger Ltd., 01/16/26 | 35.00 |  | 5 | 16525 | 1517 |
| Viatris, Inc., 01/15/27 | 10.00 |  | 3 | 2637 | 396 |
| XP, Inc. - Class A, 01/16/26 | 15.00 |  | 25 | 48400 | 13250 |
| **Total Purchased Option Contracts** (Cost $49,379) | **Total Purchased Option Contracts** (Cost $49,379) | **Total Purchased Option Contracts** (Cost $49,379) |  | $519458 | $55023 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 14.1%** | **Shares** | **Value** |
| Federated Hermes Treasury Obligations Fund - Service Shares, 3.96% <sup>(b)(c)</sup> (Cost $553,929) | 553929 | $553929 |
| **Investments at Value — 99.8%** (Cost $3,070,032) |  | $3910390 |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 8533 |
| **Net Assets — 100.0%** |  | $3918923 |

---

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

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

<sup>(c)</sup> A portion of this security is held as collateral in a segregated account. The total value of the securities held as collateral as of May 31, 2025 was $100,145.

\* Each option contract has a multiplier of 100 shares.

A/S - Aktieselskab

ADR - American Depositary Receipt

AG - Aktiengesellschaft

plc - Public Limited Company

See accompanying notes to financial statements.

ADLER VALUE FUND <br> STATEMENT OF ASSETS AND LIABILITIES <br> <u>May 31, 2025</u>

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $3070032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $3910390 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser (Note 4) | 14910 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 6622 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 172 |
| &nbsp;&nbsp;&nbsp;Other assets | 4233 |
| Total assets | 3936327 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 8122 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 9282 |
| Total liabilities | 17404 |
| **CONTINGENCIES AND COMMITMENTS (Note 7)** |  |
| **NET ASSETS** | $3918923 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $3123267 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 795656 |
| **NET ASSETS** | $3918923 |
| **PRICING OF INSTITUTIONAL SHARES (Note 2)** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $3918923 |
| &nbsp;&nbsp;&nbsp;Shares of Institutional Shares outstanding (no par value, unlimited number of shares authorized) | 139845 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Note 2) | $28.02 |

---

See accompanying notes to financial statements.

ADLER VALUE FUND <br> STATEMENT OF OPERATIONS <br> <u>For the Year Ended May 31, 2025</u>

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $98561 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax on dividends (net reclaims received) | (1562) |
| Total investment income | 96999 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 40381 |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 38591 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 34144 |
| &nbsp;&nbsp;&nbsp;Legal fees | 25763 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 21352 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 17633 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 13505 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 12000 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 11977 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 9425 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 7238 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 3142 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2867 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9737 |
| Total expenses | 247755 |
| &nbsp;&nbsp;&nbsp;Less fee reductions and expense reimbursements by the Adviser (Note 4) | (199516) |
| Net expenses | 48239 |
| **NET INVESTMENT INCOME** | 48760 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments transactions | 229049 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6951 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 236000 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $284760 |

---

See accompanying notes to financial statements.

ADLER VALUE FUND <br> <u>STATEMENTS OF CHANGES IN NET ASSETS</u>

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $48760 | $64731 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 229049 | 58610 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6951 | 574917 |
| Net increase in net assets resulting from operations | 284760 | 698258 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2)** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (54003) | (48830) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 32550 | 27850 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 48630 | 44722 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (100645) | (665352) |
| Net decrease in Institutional Shares net assets from capital share transactions | (19465) | (592780) |
| **TOTAL INCREASE IN NET ASSETS** | 211292 | 56648 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 3707631 | 3650983 |
| &nbsp;&nbsp;&nbsp;End of year | $3918923 | $3707631 |
| **CAPITAL SHARES ACTIVITY** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1161 | 1159 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 1772 | 1784 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3609) | (26021) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (676) | (23078) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 140521 | 163599 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 139845 | 140521 |

---

See accompanying notes to financial statements.

ADLER VALUE FUND <br> INSTITUTIONAL SHARES <br> <u>FINANCIAL HIGHLIGHTS</u>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2023** | **Year Ended**<br>**May 31,**<br>**2022** | **Year Ended**<br>**May 31,**<br>**2021** |
| Net asset value at beginning of year | $26.38 | $22.32 | $27.70 | $30.50 | $19.82 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.35 | 0.40 | 0.31 | 0.95 <sup>(b)</sup> | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.68 | 3.96 | (4.03) | (1.35) | 10.92 |
| Total from investment operations | 2.03 | 4.36 | (3.72) | (0.40) | 10.99 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.30) |  | (2.30) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (1.66) | (0.10) |  |
| Total distributions | (0.39) | (0.30) | (1.66) | (2.40) | (0.31) |
| Net asset value at end of year | $28.02 | $26.38 | $22.32 | $27.70 | $30.50 |
| Total return <sup>(c)</sup> | 7.72% | 19.59% | (13.84%) | (1.64 %) | 55.78% |
| Net assets at end of year (000's) | $3919 | $3708 | $3651 | $4202 | $3795 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 6.41% | 6.15% | 5.88% | 5.65% | 8.42% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(d)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(d)</sup> | 1.26% | 1.66% | 1.25% | 3.23 % <sup>(b)</sup> | 0.27% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 22% | 31% | 23% | 45% | 0 % <sup>(e)</sup> |

---

<sup>(a)</sup> Per share net investment income has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> During the year ended May 31, 2022, the Fund received a large special dividend distribution from Meredith Corporation. Had the Fund not received this special dividend distribution, the net investment income per share and ratio of net investment income to average net assets would have been $0.82 and 2.79% lower, respectively.

<sup>(c)</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 shareholder 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 fees and reimbursed expenses (Note 4).

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

<sup>(e)</sup> Percentage rounds to less than 1%.

See accompanying notes to financial statements.

ADLER VALUE FUND <br> NOTES TO FINANCIAL STATEMENTS <br> <u>May 31, 2025</u>

**1. Organization**

Adler Value 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 to achieve long-term growth of capital.

The Fund currently offers one class of shares: Institutional Class shares (sold without any sales loads or distribution fees and subject to a $2,500 initial investment for all accounts, except for an IRA for which the minimum initial investment is $1,000).

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Adler Asset Management, LLC (the "Adviser"). The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

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

**Securities valuation** – The Fund values its portfolio securities at market 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. Option contracts are valued at the closing price on the exchanges on which they are primarily traded; if no closing price is available at the time of valuation, the option will be valued at the mean of the closing bid and ask prices for that day. Investments representing shares of money market funds and other open-end investment companies not traded on an exchange are valued at their net asset value ("NAV") as reported

ADLER VALUE FUND <br> <u>NOTES TO FINANCIAL STATEMENTS (Continued)</u>

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 next page). 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 in accordance with procedures established by and under the general supervision of the Board of Trustees of the Trust (the "Board"). 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

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 based on the inputs used to value the investments as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $3301438 | $— | $— | $3301438 |
| Purchased Option Contracts | 17231 | 37792 |  | 55023 |
| Money Market Funds | 553929 |  |  | 553929 |
| Total | $3872598 | $37792 | $— | $3910390 |

---

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 May 31, 2025.

ADLER VALUE FUND <br> <u>NOTES TO FINANCIAL STATEMENTS (Continued)</u>

**Share valuation** – The NAV per share of each class of the Fund is calculated daily by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class. The offering price and redemption price per share of each class of the Fund is equal to the NAV per share of such class.

**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. Withholding taxes on foreign dividends, if any, have been recorded 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.

**Distributions to shareholders** – Distributions to shareholders arising from net investment income and realized capital gains, if any, are declared and paid annually to shareholders. 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.

For the years ended May 31, 2025 and 2024, the tax character of distributions paid to shareholders was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Years**<br>**Ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Total**<br>**Distributions** |
| 5/31/2025 | $54003 | $— | $54003 |
| 5/31/2024 | $48830 | $— | $48830 |

---

**Purchased option contracts** – The Fund may use option contracts in any manner consistent with its investment objectives and as long as its use is consistent with relevant provisions of the Investment Company Act of 1940 (the "1940 Act"), as amended. The Fund may use options for speculative purposes as well as for the purpose of seeking to reduce the overall investment risk that would otherwise be associated with the securities in which the Fund invests. When the Fund purchases a call or put option, an amount equal to the total premium (the premium plus the commission) paid by the Fund is recorded as an asset on the Fund's Statement of Assets and Liabilities and is subsequently marked-to-market daily. Premiums paid in the purchase of options which expire are treated as realized losses. Premiums paid in the purchase of call options which are exercised increase the cost of the security purchased. Premiums paid in the purchase of put options which are exercised decrease the proceeds used to calculate the realized capital gain or loss on the sale of the security.

ADLER VALUE FUND <br> <u>NOTES TO FINANCIAL STATEMENTS (Continued)</u>

**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 amounts equal to 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 May 31, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $3072921 |
| Gross unrealized appreciation | $1150449 |
| Gross unrealized depreciation | (312980) |
| Net unrealized appreciation | 837469 |
| Undistributed ordinary income | 39856 |
| Accumulated capital and other losses | (81669) |
| Distributable earnings | $795656 |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments 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 due to the tax deferral of losses on wash sales.

As of May 31, 2025, the Fund had short-term capital loss carryforwards ("CLCFs") of $81,669 for federal income tax purposes. These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any.

During the year ended May 31, 2025, the Fund utilized $231,935 of CLCFs.

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 periods (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.

ADLER VALUE FUND <br> <u>NOTES TO FINANCIAL STATEMENTS (Continued)</u>

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

**3. Investment Transactions**

During the year ended May 31, 2025, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $751,279 and $1,124,648, 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 1.00% of its average daily net assets.

Pursuant to an Expense Limitation Agreement ("ELA") between the Fund and the Adviser, the Adviser has agreed, until December 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 1.25% of the Fund's average daily net assets of the Institutional Class shares. Accordingly, during the year ended May 31, 2025, the Adviser did not collect any of its management fees in the amount of $38,591 and reimbursed other operating expenses totaling $160,925.

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 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 May 31, 2025, the Adviser may seek recoupment of management fee reductions and expense reimbursements no later than the dates as stated below:

---

| | |
|:---|:---|
| May 31, 2026 | $180714 |
| May 31, 2027 | 190955 |
| May 31, 2028 | 199516 |
| Total | $571185 |

---

ADLER VALUE FUND <br> <u>NOTES TO FINANCIAL STATEMENTS (Continued)</u>

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 reimbursement for travel and other meeting-related expenses.

PRINCIPAL HOLDER OF FUND SHARES

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

---

| | |
|:---|:---|
| **NAME OF RECORD OWNER** | **% Ownership** |
| David R. Adler | 74% |

---

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.

ADLER VALUE FUND <br> <u>NOTES TO FINANCIAL STATEMENTS (Continued)</u>

**5. Derivative Transactions**

The location on the Statement of Assets and Liabilities of the derivative positions of the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value** | **Fair Value** | |
| <br>**Type of**<br>**Derivative** | <br>**Risk** | <br>**Location** |<br>**Asset**<br>**Derivatives** |<br>**Liability**<br>**Derivatives** | **Average**<br>**Monthly**<br>**Notional Value**<br>**During the**<br>**Year Ended**<br>**May 31, 2025\*** |
| Equity call options purchased | Equity | Investments in securities at value | $55023 | $— | $291899 |

---

\* The average monthly notional value generally represents the Fund's derivative activity throughout the year.

Realized and unrealized gains and losses associated with transactions in derivative instruments for the Fund during the year ended May 31, 2025 are recorded in the following locations on the Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Type of**<br>**Derivative** | <br>**Risk** | <br>**Location** |<br>**Realized**<br>**Losses** | <br>**Location** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Equity call options purchased | Equity | Net realized gains on investment transactions | $(34547) | Net change in unrealized appreciation (depreciation) on investments | $(25239) |

---

**6. 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 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 May 31, 2025, the Fund had 40.8% of the value of its net assets invested in stocks within the Financials sector.

ADLER VALUE FUND <br> <u>NOTES TO FINANCIAL STATEMENTS (Continued)</u>

**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.

ADLER VALUE FUND <br> REPORT OF INDEPENDENT REGISTERED <br> <u>PUBLIC ACCOUNTING FIRM</u>

**To the Shareholders of Adler Value 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 Adler Value Fund (the "Fund"), a series of Ultimus Managers Trust, as of May 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, and the financial highlights for each of the three 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 May 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 three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended May 31, 2022, and prior, were audited by another auditor whose report dated July 20, 2022, expressed an unqualified opinion on those financial highlights.

**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 audit 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 May 31, 2025, by correspondence with the custodian and broker. Our

ADLER VALUE FUND <br> REPORT OF INDEPENDENT REGISTERED <br> <u>PUBLIC ACCOUNTING FIRM (Continued)</u>

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 2023.

![(SIGNATURE)](um002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 29, 2025

ADLER VALUE FUND <br> <u>ADDITIONAL INFORMATION (Unaudited)</u>

**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.

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

Refer to the financial statements included herein.

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

The Board of Trustees (the "Board"), including the Independent Trustees voting separately, has reviewed and approved the continuance of the Adler Value Fund's (the "Fund") Investment Advisory Agreement with Adler Asset Management, LLC (the "Adviser" or "Adler") for an additional one-year term (the "Advisory Agreement"). The Board approved the continuance of the Advisory Agreement at a meeting held on January 27-28, 2025, at which all of the Trustees were present (the "Meeting").

Prior to the Meeting, the Adviser provided a response to a letter sent by the counsel to the Independent Trustees, on their behalf, requesting various information relevant to the Independent Trustees' consideration of the renewal of the Advisory Agreement with respect to the Fund. In approving the continuance of the Advisory Agreement, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Agreement. The principal areas of review by the Independent Trustees were: (1) the nature, extent and quality of the services provided by the Adviser; (2) the investment performance of the Fund; (3) the costs of the services provided and profits realized by the Adviser from the Adviser's relationship with the Fund; (4) the financial condition of the Adviser; (5) the fall out benefits derived by the Adviser and its affiliates (if any) from its relationship with the Fund and (6) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's shareholders. The Independent Trustees' evaluation of the quality of the Adviser's services also took into consideration their knowledge gained through presentations and reports from the Adviser over the course of the preceding year. The Independent Trustees' analysis of these factors is set forth below.

***<u>Nature, Extent and Quality of Services</u>***

The Board evaluated the level and depth of knowledge of Adler, including Mr. Adler's professional experience and qualifications. In evaluating the quality of services provided by Adler, the Board took into account its familiarity with Mr. Adler's management through Board meetings, discussions and reports during the preceding year. The Board also took into account Adler's compliance policies and procedures based on discussion with Mr. Adler and the CCO.

ADLER VALUE FUND <br> <u>ADDITIONAL INFORMATION (Unaudited) (Continued)</u>

The quality of administrative and other services, including Mr. Adler's role in coordinating the activities of the Fund's other service providers, was also considered. The Board noted that Adler did not have any affiliated relationships. The Board discussed the nature and extent of the services provided by Adler including, without limitation, Adler's provision of a continuous investment program for the Fund. The Board considered the qualifications and experience of Mr. Adler, who is responsible for the day-to day management of the Fund's portfolio. The Board also considered Mr. Adler's succession planning for the Fund. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by Adler under the Advisory Agreement.

***<u>Advisory Fees and Expenses and Comparative Accounts</u>***

The Board compared the advisory fee and total expense ratio for the Fund with various comparative data. In particular, the Board compared the Fund's advisory fee and overall expense ratio to the median advisory fees and expense ratios for its custom peer group provided by Broadridge Financial Solutions, Inc. ("Broadridge"). The Board noted that the Fund was Adler's sole client. In reviewing the comparison in fees and expense ratios between the Fund and comparable funds, the Board also considered the differences in types of funds being compared, the styles of investment management, the size of the Fund relative to the comparable funds, and the nature of the investment strategies. The Board also considered Adler's commitment to limit the Fund's expenses under the expense limitation agreement until at least December 1, 2026. The Board noted that the 1.00% advisory fee for the Fund was higher than the median and average for the other funds in its Broadridge custom peer group. The Board further noted that the overall net expense ratio for the Fund of 1.25% was higher than the median and average expense ratio for the other funds in the Fund's custom peer group. The Board took into consideration Mr. Adler's statement that the size of the Fund, its no-load sales offering and unique aspects of its investment strategy differentiated the Fund's fees and expenses from those of its peers.

***<u>Fund Performance</u>***

The Board also considered, among other data, the Fund's performance results during certain periods ended October 31, 2024, and noted that the Board reviews on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board noted that the Fund had underperformed the peer group median for the three- and five-year periods ended October 31, 2024, but had outperformed the peer group median for the one-year period. The Board noted Adler's response in the 15(c) request for information and at the Meeting that the Fund should be distinguished from the peer group funds because Broadridge characterized the Fund as a mid-cap value fund, with which Adler generally agreed. Adler noted the Broadridge peer group was not comprised of funds with holdings predominantly in mid-cap value stocks. The Board also took into account the impact of current market conditions on Fund performance, noting the underperformance of the overall market for value stocks.

ADLER VALUE FUND <br> <u>ADDITIONAL INFORMATION (Unaudited) (Continued)</u>

***<u>Economies of Scale</u>***

The Board also considered the effect of the Fund's growth and size on its performance and expenses. The Board noted that Adler limited fees and/or reimbursed expenses for the Fund in order to reduce the Fund's operating expenses to targeted levels. The Board considered the effective advisory fee under the Advisory Agreement as a percentage of assets at different asset levels and possible economies of scale that might be realized if the assets of the Fund increased. The Board noted that the advisory fee schedule for the Fund currently did not have breakpoints, and considered Mr. Adler's statement that adding breakpoints was not appropriate at this time. The Board noted that if the Fund's assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses.

***<u>Financial Condition of the Adviser and Adviser Profitability</u>***

Additionally, the Board took into consideration the financial condition and profitability of Adler and the direct and indirect benefits derived by Adler from the Fund. The information considered by the Board included operating profit margin information for Adler's business as a whole. The Board considered Adler's commitment to contractually limit the Fund's net operating expenses. The Board reviewed the profitability of Adler's relationship with the Fund both before and after-tax expenses, noting that Mr. Adler's relationship with the Fund was not profitable at this time. The Board considered whether Adler has the financial wherewithal to continue to provide services to the Fund, noting its ongoing commitment to provide support and resources to the Fund as needed.

***<u>Fall-Out Benefits</u>***

The Board also noted its belief that Adler may derive benefits to its reputation and other benefits from its association with the Fund. The Board recognized that Adler should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial risk that it assumes as investment adviser. Based upon its review, the Board concluded that Adler's level of profitability, if any, from its relationship with the Fund was reasonable and not excessive.

In considering the renewal of the Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them. The Board concluded the following: (a) Adler demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (b) Adler maintains an appropriate compliance program; (c) the overall performance of the Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; and (d) the Fund's advisory fees are reasonable in light of the services received by the Fund from Adler and the other factors considered. Based on their conclusions, the Trustees determined with respect to the Fund that continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders.

ADLER VALUE FUND <br> <u>FEDERAL TAX INFORMATION (Unaudited)</u>

**Qualified Dividend Income** – The Fund designates 92.96%, 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 a Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal period ended May 31, 2025, 94.31% of ordinary income dividends qualifies for the corporate dividends received deduction.

![(EVOLUTIONARY TREE LOGO)](um003_v1.jpg)

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **I Class Shares (INVNX)** |
| **A Class Shares (INVTX)** |
| **Annual Financial Statements** |
| **and Additional Information** |
| **May 31, 2025** |

---

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.3%** | **Shares** | **Value** |
| **Communications — 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Digital Media — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1620 | $1048934 |
| &nbsp;&nbsp;&nbsp;*Entertainment — 8.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | 1035 | 1249483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roblox Corporation - Class A <sup>(a)</sup> | 10275 | 893719 |
|  |  | 2143202 |
| **Consumer Discretionary — 17.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce — 17.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 10425 | 2137229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. <sup>(a)</sup> | 465 | 1191930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A <sup>(a)</sup> | 7395 | 792892 |
|  |  | 4122051 |
| &nbsp;&nbsp;&nbsp;*Restaurants — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweetgreen, Inc. - Class A <sup>(a)</sup> | 17025 | 228476 |
| **Financials — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Financial Services — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. - Class A <sup>(a)</sup> | 10305 | 534830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 1518 | 554358 |
|  |  | 1089188 |
| **Health Care — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotechnology — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;argenx SE - ADR <sup>(a)</sup> | 891 | 510775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. <sup>(a)</sup> | 3090 | 389216 |
|  |  | 899991 |
| &nbsp;&nbsp;&nbsp;*Medical Technology — 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 829 | 457890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corporation <sup>(a)</sup> | 19051 | 1104958 |
|  |  | 1562848 |
| &nbsp;&nbsp;&nbsp;*Pharmaceuticals — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma A/S - ADR <sup>(a)</sup> | 4653 | 757695 |

---

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.3% (Continued)** | **Shares** | **Value** |
| **Industrials — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Defense IT & Services — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>(a)</sup> | 817 | $613044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | 1755 | 751140 |
|  |  | 1364184 |
| &nbsp;&nbsp;&nbsp;*Mobility & Delivery Services — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. <sup>(a)</sup> | 12008 | 1010593 |
| **Technology — 36.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Application Software — 17.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc. <sup>(a)</sup> | 641 | 378126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com Ltd. <sup>(a)</sup> | 2875 | 855284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 1482 | 1498435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(a)</sup> | 2215 | 1027716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A <sup>(a)</sup> | 1895 | 469410 |
|  |  | 4228971 |
| &nbsp;&nbsp;&nbsp;*Financial Services Technology — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 27325 | 631208 |
| &nbsp;&nbsp;&nbsp;*Infrastructure Software — 9.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 4815 | 2216633 |
| &nbsp;&nbsp;&nbsp;*IT Security — 7.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. <sup>(a)</sup> | 3420 | 1309108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler, Inc. <sup>(a)</sup> | 1860 | 512802 |
|  |  | 1821910 |
| **Total Common Stocks** (Cost $14,851,392) |  | $23125884 |

---

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 4.8%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.23% <sup>(b)</sup> (Cost $1,157,817) | 1157817 | $1157817 |
| Investments at Value — 100.1% (Cost $16,009,209) |  | $24283701 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (16738) |
| **Net Assets — 100.0%** |  | $24266963 |

---

A/S - Aktieselskab

ADR - American Depositary Receipt

SE - Societe Europaea

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **May 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $16009209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $24283701 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 1562 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 10065 |
| &nbsp;&nbsp;&nbsp;Other assets | 21571 |
| Total assets | 24316899 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 15920 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 10753 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 10441 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees (Note 4) | 1298 |
| &nbsp;&nbsp;&nbsp;Accrued borrowing costs (Note 5) | 1125 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 10399 |
| Total liabilities | 49936 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 6)** |  |
| **NET ASSETS** | $24266963 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $25671199 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1404236) |
| **NET ASSETS** | $24266963 |
| **NET ASSET VALUE PER SHARE:** |  |
| **I CLASS SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to I Class Shares | $21426918 |
| &nbsp;&nbsp;&nbsp;I Class Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 985580 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 2) | $21.74 |
| **A CLASS SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to A Class Shares | $2840045 |
| &nbsp;&nbsp;&nbsp;A Class Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 131733 |
| &nbsp;&nbsp;&nbsp;Net asset value and redemption price per share (Note 2) | $21.56 |
| &nbsp;&nbsp;&nbsp;Maximum sales charge | 5.75% |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (Note 2) | $22.88 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended May 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $68389 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax on dividends | (168) |
| Total investment income | 68221 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 244209 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees - I Class Shares | 27250 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees - A Class Shares | 19352 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 44113 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 41751 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees - I Class Shares (Note 4) | 18248 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees - A Class Shares (Note 4) | 13685 |
| &nbsp;&nbsp;&nbsp;Legal fees | 25763 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 21352 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 17632 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 12000 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 9794 |
| &nbsp;&nbsp;&nbsp;Distribution fees - A Class Shares (Note 4) | 7946 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 7349 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 6283 |
| &nbsp;&nbsp;&nbsp;Networking fees | 6040 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3032 |
| &nbsp;&nbsp;&nbsp;Borrowing expense (Note 5) | 1125 |
| &nbsp;&nbsp;&nbsp;Other expenses | 15011 |
| Total expenses | 541935 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) | (236760) |
| Net expenses | 305175 |
| **NET INVESTMENT LOSS** | (236954) |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 4504937 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 2156692 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 6661629 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $6424675 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(236954) | $(199045) |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 4504937 | 1202460 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 2156692 | 3253314 |
| Net increase in net assets resulting from operations | 6424675 | 4256729 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| **I Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2294360 | 3943038 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (11277957) | (2535088) |
| Net increase (decrease) in I Class Shares net assets from capital share transactions | (8983597) | 1407950 |
| **A Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 923094 | 1989757 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (1958013) | (2484178) |
| Net decrease in A Class Shares net assets from capital share transactions | (1034919) | (494421) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3593841) | 5170258 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 27860804 | 22690546 |
| &nbsp;&nbsp;&nbsp;End of year | $24266963 | $27860804 |
| **CAPITAL SHARES ACTIVITY** |  |  |
| **I Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 111874 | 233005 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (533069) | (154972) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (421195) | 78033 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 1406775 | 1328742 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 985580 | 1406775 |
| **A Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 47086 | 125702 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (94193) | (148388) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (47107) | (22686) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 178840 | 201526 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 131733 | 178840 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **I CLASS SHARES** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2023** | **Year Ended**<br>**May 31,**<br>**2022** | **Period Ended**<br>**May 31,**<br>**2021 <sup>(a)</sup>** |
| Net asset value at beginning of period | $17.58 | $14.83 | $13.32 | $25.46 | $20.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(b)</sup> | (0.15) | (0.12) | (0.09) | (0.24) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 4.31 | 2.87 | 1.60 | (11.18) | 5.64 |
| Total from investment operations | 4.16 | 2.75 | 1.51 | (11.42) | 5.46 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.72) |  |
| Net asset value at end of period | $21.74 | $17.58 | $14.83 | $13.32 | $25.46 |
| Total return <sup>(c)</sup> | 23.66% | 18.54% | 11.34% | (46.09 %) | 27.30 % <sup>(d)</sup> |
| Net assets at end of period (000's) | $21427 | $24735 | $19711 | $11472 | $27923 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 1.66% | 1.77% | 2.08% | 1.59% | 1.65 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(f)</sup> | 0.97 % <sup>(g)</sup> | 0.97% | 0.97% | 1.00 % <sup>(g)</sup> | 0.97 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets <sup>(f)</sup> | (0.75 %) | (0.73%) | (0.66%) | (0.99 %) | (0.97 %) <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 38% | 57% | 84% | 169% | 33 % <sup>(d)</sup> |

---

<sup>(a)</sup> Represents the period from the commencement of operations (September 9, 2020) through May 31, 2021.

<sup>(b)</sup> Per share net investment loss has been determined on the basis of average number of shares outstanding during the period.

<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. The total return would be lower if the Adviser had not reduced fees and/ or reimbursed expenses (Note 4).

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

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

<sup>(g)</sup> Includes 0.00% (h) and 0.03% of borrowing costs for fiscal years ended May 31, 2025 and May 31, 2022, respectively (Note 5).

<sup>(h)</sup> Rounds to less than 0.01%.

See accompanying notes to financial statements.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **A CLASS SHARES** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2023** | **Period Ended**<br>**May 31,**<br>**2022 <sup>(a)</sup>** |
| Net asset value at beginning of period | $17.48 | $14.78 | $13.31 | $18.27 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(b)</sup> | (0.20) | (0.16) | (0.12) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 4.28 | 2.86 | 1.59 | (4.91) |
| Total from investment operations | 4.08 | 2.70 | 1.47 | (4.96) |
| Net asset value at end of period | $21.56 | $17.48 | $14.78 | $13.31 |
| Total return <sup>(c)</sup> | 23.34% | 18.27% | 11.04% | (27.15 %) <sup>(d)</sup> |
| Net assets at end of period (000's) | $2840 | $3126 | $2979 | $1 |
| **Ratios/supplementary data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 2.78% | 2.74% | 4.18% | 3706.34 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(f)</sup> | 1.22 % <sup>(h)</sup> | 1.22% | 1.22% | 1.22 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets <sup>(f)</sup> | (1.00 %) | (0.97%) | (0.87%) | (1.21 %) <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 38% | 57% | 84% | 169 % <sup>(g)</sup> |

---

<sup>(a)</sup> Represents the period from the commencement of operations (February 28, 2022) through May 31, 2022.

<sup>(b)</sup> Per share net investment loss has been determined on the basis of average number of shares outstanding during the period.

<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. The total return would be lower if the Adviser had not reduced fees and/ or reimbursed expenses (Note 4)

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

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

<sup>(g)</sup> Portfolio turnover rate for the period ended May 31, 2022 is calculated at the Fund level.

<sup>(h)</sup> Includes 0.00% (i) of borrowing costs (Note 5).

<sup>(i)</sup> Rounds to less than 0.01%.

See accompanying notes to financial statements.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **NOTES TO FINANCIAL STATEMENTS<br> May 31, 2025** |

---

**1. Organization**

Evolutionary Tree Innovators 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. Other series of the Trust are not incorporated in this report.

The investment objective of the Fund is to seek to achieve long-term growth of capital.

The Fund currently offers two classes of shares: I Class Shares (sold without any sales loads and distribution and/or service fees and requiring a $50,000 initial investment) and A Class Shares (sold subject to an initial maximum front-end sales load of 5.75% and a distribution (12b-1) fee of up to 0.25% of the average daily net assets attributable to A Class Shares, requiring a $1,000 initial investment and for purchases of $1,000,000 or more, a front end sales load is not charged but a 1% contingent deferred sales charge ("CDSC") may be charged if redeemed during the first 18 months) (each a "Class"). Each share class represents an ownership interest in the same investment portfolio.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Evolutionary Tree Capital Management, LLC (the "Adviser"), the Fund's investment adviser. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The Fund follows accounting and reporting guidance under FASB 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").

**Securities valuation** – The Fund values its portfolio securities at market 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

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

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 for the security 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 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

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 based on the inputs used to value the investments as of May 31, 2025, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $23125884 | $— | $— | $23125884 |
| Money Market Funds | 1157817 |  |  | 1157817 |
| Total | $24283701 | $— | $— | $24283701 |

---

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

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 any 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 May 31, 2025.

**Share valuation** – The NAV per share of each class of shares of the Fund is calculated daily by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class. The offering price and redemption price per share of I Class Shares is equal to the NAV per share. The maximum offering price per share of A Class Shares of the Fund is equal to the NAV per shares plus a sales load equal to 5.75% as a percentage of offering price. A Class Shares purchases of $1,000,000 or more, a front end sales load is not charged, but a CDSC of 1% may be charged if shares are redeemed during the first 18 months of purchase.

**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 market value of the security received. Interest income is accrued as earned. Withholding taxes on foreign dividends have been recorded 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.

**Allocation between classes** – Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of a Fund based upon its proportionate share of total net assets of that Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses which are not attributable to a specific class are allocated daily to each class of shares of a Fund based upon its proportionate share of total net assets of that Fund. Distribution fees, registration and filing fees and transfer agent fees are class specific expenses.

**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 distributes to shareholders any net investment income dividends and net realized capital gains on an annual basis. The amount of such dividends and distributions 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. There were no distributions paid to shareholders by the Fund during the years ended May 31, 2025 and 2024.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

**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 amounts equal to 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, if any.

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

---

| | |
|:---|:---|
| Cost of investments | $16680510 |
| Gross unrealized appreciation | 8255990 |
| Gross unrealized depreciation | (652799) |
| Net unrealized appreciation | 7603191 |
| Accumulated capital and other losses | (9007427) |
| Accumulated deficit | $(1404236) |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments 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.

Net qualified late year losses, incurred after December 31, 2024, and within the current taxable year are deemed to arise on the first day of the Fund's next taxable year. for the year ended May 31, 2025, the Fund deferred $99,356 of qualified late year losses to June 1, 2025.

As of May 31, 2025, the Fund had short-term and long-term capital loss carryforwards ("CLCFs") of $8,113,253 and $794,818, respectively, for federal income tax purposes. These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any.

**EVOLUTIONARY TREE INNOVATORS FUND<br> NOTES TO FINANCIAL STATEMENTS (Continued)**

For the year ended May 31, 2025, the Fund reclassified $230,445 of accumulated deficit against paid-in capital on the Statement of Assets and Liabilities due to net operating loss. Such reclassification, the result of permanent differences between the financial statement 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" of being 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 expense on the Statement of Operations. During the year ended May 31, 2025, the Fund did not incur any interest or penalties.

**3. Investment Transactions**

During the year ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, amounted to $11,079,809 and $21,353,860, 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. The Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.80% of average daily net assets.

Pursuant to an Expense Limitation Agreement ("ELA") between the Fund and the Adviser, the Adviser has agreed contractually, until October 31, 2025, to reduce its management fees and reimburse other expenses to the extent necessary to limit total annual fund 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 to exceed 0.97% of average daily net assets attributable to I Class Shares and 1.22% of average daily net assets attributable to A Class Shares. Accordingly, during the year ended May 31, 2025, the Adviser waived management fees in the amount of $236,760.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

Under the terms of the ELA, management fee reductions and/or expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 36 months after such date that fees and expenses were incurred, provided that the repayments do not cause total annual fund operating expenses to exceed: (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. Prior to October 31, 2025, this agreement may not be modified or terminated without the approval of the Fund's Board of Trustees. This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated. As of May 31, 2025, the Adviser may seek repayment of management fee reductions no later than the dates as stated below:

---

| | |
|:---|:---|
| May 31, 2026 | $248883 |
| May 31, 2027 | 233799 |
| May 31, 2028 | 236760 |
| Total | $719442 |

---

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 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. As of May 31, 2025, the Distributor did not collect any fees related to CDSC fees on redemptions of A Class Shares.

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

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

DISTRIBUTION PLAN

The Fund has adopted a plan of distribution (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, which permits A Class Shares of the Fund to directly incur or reimburse the Fund's principal underwriter for certain expenses related to the distribution of its shares. The annual limitation for payment of expenses pursuant to the Plan is 0.25% of the Fund's

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

average daily net assets allocable to A Class Shares. The Fund has not adopted a plan of distribution with respect to the I Class Shares. During the year ended May 31, 2025, the A Class Shares incurred $7,946 of distribution fees under the Plan.

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.

PRINCIPAL HOLDER OF FUND SHARES

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

---

| | |
|:---|:---|
| **NAME OF RECORD OWNERS** | **% Ownership** |
| &nbsp;&nbsp;&nbsp;Charles Schwab & Company (for the benefit of its customers) | 91% |

---

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. Borrowing Costs**

From time to time, the Fund may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Fund will incur borrowing costs charged by the custodian. During the year ended May 31, 2025, the Fund incurred $1,125 of borrowing costs.

**6. 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.

**7. 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.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

**8. 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 May 31, 2025, the Fund had 36.7% of the value of its net assets invested in stocks within the Technology sector.

**9. 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.

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **REPORT OF INDEPENDENT REGISTERED** |
| **PUBLIC ACCOUNTING FIRM** |

---

To the Shareholders of Evolutionary Tree Innovators 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 Evolutionary Tree Innovators Fund (the "Fund"), a series of Ultimus Managers Trust, as of May 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, and the financial highlights for each of the three 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 May 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 three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the year and period ended May 31, 2022, and prior, were audited by another auditor whose report dated July 20, 2022, expressed an unqualified opinion on those financial highlights.

**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 audit 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 May 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** |
| **REPORT OF INDEPENDENT REGISTERED** |
| **PUBLIC ACCOUNTING FIRM (Continued)** |

---

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 2023.

![(SIGNATURE)](um002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 29, 2025

---

| |
|:---|
| **EVOLUTIONARY TREE INNOVATORS 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.

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

Refer to the financial statements included herein.

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

Not applicable.

**KEMPNER MULTI-CAP DEEP VALUE FUND**

**Institutional Class (FIKDX)**

**Investor Class (FAKDX)**

**Annual Financial Statements and Additional Information**

**May 31, 2025**

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.9%** | **Shares** | **Value** |
| **Communications — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 28700 | $3244248 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 13800 | 2385330 |
| **Consumer Staples — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Food — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 41200 | 2313792 |
| **Energy — 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 9.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals, L.P. | 169300 | 2260155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP plc - ADR | 22120 | 643692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 4600 | 618930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 24221 | 2477808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc - ADR | 39454 | 2612644 |
|  |  | 8613229 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 51155 | 1690673 |
| **Financials — 19.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 11.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 69420 | 3063505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 37260 | 2806423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 54950 | 2217232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 49400 | 1951300 |
|  |  | 10038460 |
| &nbsp;&nbsp;&nbsp;*Insurance — 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 5500 | 1634600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 43850 | 2318350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 3100 | 1076289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation | 74850 | 2480529 |
|  |  | 7509768 |
| **Health Care — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 31500 | 2420460 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 6835 | 2063555 |

---

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.9% (Continued)** | **Shares** | **Value** |
| **Health Care — 12.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 7.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 56500 | $1723250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONMED Corporation | 43500 | 2468625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 26850 | 2474764 |
|  |  | 6666639 |
| **Industrials — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 4852 | 1185538 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 97120 | 2530947 |
| **Materials — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMC Corporation | 28482 | 1155230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 22500 | 1722600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A | 22000 | 1242780 |
|  |  | 4120610 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. - ADR | 6900 | 338031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto plc - ADR | 15100 | 897393 |
|  |  | 1235424 |
| **Real Estate — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*REITs — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. <sup>(a)</sup> | 89840 | 1952223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 25500 | 1443810 |
|  |  | 3396033 |
| **Technology — 17.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 12.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 43800 | 4137348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 27770 | 5368496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 21000 | 1650600 |
|  |  | 11156444 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 35620 | 2245485 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 35750 | 2703058 |

---

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.9% (Continued)** | **Shares** | **Value** |
| **Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 13600 | $881416 |
| **Total Common Stocks** (Cost $71,026,307) |  | $76401109 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 14.9%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.23% <sup>(b)</sup> (Cost $13,420,761) | 13420761 | $13420761 |
| **Investments at Value — 99.8%** (Cost $84,447,068) |  | $89821870 |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 144448 |
| **Net Assets — 100.0%** |  | $89966318 |

---

ADR - American Depositary Receipt

N.V. - Naamloze Vennootschap

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 May 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **May 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $84447068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $89821870 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 191849 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 37792 |
| &nbsp;&nbsp;&nbsp;Other assets | 8310 |
| Total assets | 90059821 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 44778 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 15650 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees (Note 4) | 4111 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 28964 |
| Total liabilities | 93503 |
| **NET ASSETS** | $89966318 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $77946295 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 12020023 |
| **NET ASSETS** | $89966318 |
| **NET ASSET VALUE PER SHARE:** |  |
| **INSTITUTIONAL CLASS** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Class | $77200500 |
| &nbsp;&nbsp;&nbsp;Institutional Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 6759260 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 2) | $11.42 |
| **INVESTOR CLASS** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Investor Class | $12765818 |
| &nbsp;&nbsp;&nbsp;Investor Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 1118501 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 2) | $11.41 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended May 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $2936435 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends | (14837) |
| Total investment income | 2921598 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 550032 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 100800 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 53039 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Investor Class (Note 4) | 40113 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 29140 |
| &nbsp;&nbsp;&nbsp;Legal fees | 25763 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 21352 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 19332 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 14988 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 13199 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 12000 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 7518 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3380 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 3144 |
| &nbsp;&nbsp;&nbsp;Other expenses | 26315 |
| Total expenses | 920115 |
| **NET INVESTMENT INCOME** | 2001483 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 6289269 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (6122249) |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 167020 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2168503 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
| | **Year**<br>**Ended**<br>**May 31,**<br>**2025** | **Year**<br>**Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2001483 | $1975629 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 6289269 | 5116499 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (6122249) | 16128109 |
| Net increase in net assets resulting from operations | 2168503 | 23220237 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6191848) | (3392854) |
| &nbsp;&nbsp;&nbsp;Investor Class | (1036183) | (812320) |
| Decrease in net assets from distributions to shareholders | (7228031) | (4205174) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6846204 | 29682 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 4442069 | 2573944 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (3811884) | (1152880) |
| Net increase in Institutional Class net assets from capital share transactions | 7476389 | 1450746 |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3082409 | 87699 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 812787 | 680680 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (9463826) | (1090495) |
| Net decrease in Investor Class net assets from capital share transactions | (5568630) | (322116) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3151769) | 20143693 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 93118087 | 72974394 |
| &nbsp;&nbsp;&nbsp;End of year | $89966318 | $93118087 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| | **Year**<br>**Ended**<br>**May 31,**<br>**2025** | **Year**<br>**Ended**<br>**May 31,**<br>**2024** |
| **CAPITAL SHARES ACTIVITY** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 541148 | 2625 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 384544 | 241821 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (322643) | (106627) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 603049 | 137819 |
| Shares outstanding at beginning of year | 6156211 | 6018392 |
| Shares outstanding at end of year | 6759260 | 6156211 |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 244528 | 8022 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 70200 | 64032 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (747586) | (105124) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (432858) | (33070) |
| Shares outstanding at beginning of year | 1551359 | 1584429 |
| Shares outstanding at end of year | 1118501 | 1551359 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **INSTITUTIONAL CLASS** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2025** | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2024** | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2023** | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2022** | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2021** |
| Net asset value at beginning of year | $12.08 | $9.60 | $11.48 | $12.79 | $8.77 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.26 | 0.26 | 0.21 | 0.17 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.03 | 2.78 | (1.35) | (0.49) | 4.53 |
| Total from investment operations | 0.29 | 3.04 | (1.14) | (0.32) | 4.68 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.25) | (0.21) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.67) | (0.31) | (0.53) | (0.84) | (0.50) |
| Total distributions | (0.95) | (0.56) | (0.74) | (0.99) | (0.66) |
| Net asset value at end of year | $11.42 | $12.08 | $9.60 | $11.48 | $12.79 |
| Total return <sup>(b)</sup> | 2.37% | 32.55% | (9.97%) | (2.61%) | 55.52% |
| Net assets at end of year (000's) | $77201 | $74390 | $57777 | $64995 | $69143 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 0.94% | 0.96% | 0.97% | 0.94% | 0.97% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets . | 2.18% | 2.47% | 2.05% | 1.39% | 1.46% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 44% | 37% | 34% | 33% | 21% |

---

<sup>(a)</sup> Per share net income has been determined on the basis of average number of shares outstanding during the period.

<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 shareholder would pay on Fund distributions, if any, or the redemption of Fund shares.

See accompanying notes to financial statements.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **INVESTOR CLASS** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2025** | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2024** | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2023** | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2022** | **For the**<br>**Year**<br>**Ended**<br>**May 31,**<br>**2021** |
| Net asset value at beginning of year | $12.07 | $9.59 | $11.47 | $12.77 | $8.76 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.23 | 0.24 | 0.19 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.02 | 2.77 | (1.35) | (0.48) | 4.51 |
| Total from investment operations | 0.25 | 3.01 | (1.16) | (0.34) | 4.64 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.22) | (0.19) | (0.12) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.67) | (0.31) | (0.53) | (0.84) | (0.50) |
| Total distributions | (0.91) | (0.53) | (0.72) | (0.96) | (0.63) |
| Net asset value at end of year | $11.41 | $12.07 | $9.59 | $11.47 | $12.77 |
| Total return <sup>(b)</sup> | 2.09% | 32.27% | (10.22%) | (2.79%) | 55.09% |
| Net assets at end of year (000's) | $12766 | $18728 | $15198 | $17626 | $19125 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 1.19% | 1.21% | 1.22% | 1.19% | 1.22% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets . | 1.95% | 2.22% | 1.79% | 1.14% | 1.21% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 44% | 37% | 34% | 33% | 21% |

---

<sup>(a)</sup> Per share net income has been determined on the basis of average number of shares outstanding during the period.

<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 shareholder would pay on Fund distributions, if any, or the redemption of Fund shares.

See accompanying notes to financial statements.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **May 31, 2025** |

---

**1.** **Organization** 

Kempner Multi-Cap Deep Value Fund (the "Fund") is a diversified series of Ultimus Managers Trust (the "Trust"). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund was reorganized into the Trust on April 28, 2017. Other series of the Trust are not incorporated in this report.

The investment objective of the Fund is to seek to generate a total pre-tax return, including capital growth and dividends, that is greater than the rate of inflation over a three-to-five-year period.

The Fund currently offers two classes of shares: Institutional Class shares (sold without any sales loads and distribution and/or shareholder servicing fees and requiring a $500,000 initial investment) and Investor Class shares (sold without any sales loads, but subject to a distribution and/or shareholder servicing fee of up to 0.25% of the average daily net assets attributable to Investor Class shares and requiring a $500 initial investment). Each share class represents an ownership interest in the same investment portfolio.

The Fund has adopted Financial Accounting Standards Board ("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. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Kempner Capital Management, Inc. (the "Adviser"). The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**2.** **Significant Accounting Policies** 

The Fund follows accounting and reporting guidance under 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").

**Securities valuation** – The Fund values its portfolio securities at market 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 on the basis of the security's last sale price on the security's primary exchange,

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

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 money market funds and other open-end investment companies are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market for the security 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 valuation designee, in accordance with procedures adopted by the Board of Trustees (the "Board") pursuant to Rule 2a-5 under 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

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 based on the inputs used to value the investments as of May 31, 2025 by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $76401109 | $— | $— | $76401109 |
| Money Market Funds | 13420761 |  |  | 13420761 |
| Total | $89821870 | $— | $— | $89821870 |

---

Refer to the Fund's Schedule of Investments for a listing of securities by sector and industry type. The Fund did not hold any 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 May 31, 2025.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

**Share valuation** – The NAV per share of each class of the Fund is calculated daily by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class. The offering price and redemption price per share of each class of the Fund is equal to the NAV per share of such class.

**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 market value of the security received. Interest income is accrued as earned. 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.

**Allocation between classes** – Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of the Fund based upon its proportionate share of total net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses which are not attributable to a specific class are allocated daily to each class of shares of the Fund based upon its proportionate share of total net assets of the Fund. Distribution fees are class specific expenses.

**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 intends to declare and distribute net investment income dividends on a quarterly basis. In addition, the Fund will declare and distribute net realized capital gains, if any, on an annual basis. The amount of such dividends and distributions 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 to shareholders by the Fund during the years ended May 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year**<br>**Ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Total**<br>**Distributions** |
| 5/31/2025 | $3398108 | $3829923 | $7228031 |
| 5/31/2024 | $3161973 | $1043201 | $4205174 |

---

**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.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

**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 (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 amounts equal to 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 May 31, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $84400043 |
| Gross unrealized appreciation | $12798389 |
| Gross unrealized depreciation | (7376562) |
| Net unrealized appreciation | 5421827 |
| Undistributed ordinary income | 2936429 |
| Undistributed long-term gains | 3661767 |
| Distributable earnings | $12020023 |

---

The difference between the federal income tax cost of investments and the financial statement cost is due to certain differences in the recognition of capital gains and losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are related to losses deferred due to Master Limited Partnerships.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" of being 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 expense on the Statement of Operations. During the year ended May 31, 2025, the Fund did not incur any interest or penalties.

**3.** **Investment Transactions** 

During the year ended May 31, 2025, cost of purchases and proceeds from sales of investment securities, other than short-term investments, amounted to $35,178,903 and $42,344,600, respectively.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

**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. The Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.59% of average daily net assets.

The Adviser has agreed contractually, until at least December 1, 2025, to reduce its management fees and reimburse other expenses to the extent necessary to limit total annual fund 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 1.05% and 1.30% of average daily net assets for Institutional Class and Investor Class shares, respectively.

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 that the repayments do not cause the Fund's total annual fund 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. This agreement will terminate automatically if the Investment Advisory Agreement is terminated. During the year ended May 31, 2025, the Adviser did not reduce its management fees or reimburse other expenses of the Fund.

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 an Anti-Money Laundering Officer and Chief Compliance 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 partially by the Adviser and partially by the Investor Class shares of 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.

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

DISTRIBUTION PLAN

The Fund has adopted a plan of distribution (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act, which permits Investor Class shares of the Fund to directly incur or reimburse the Fund's principal underwriter for certain expenses related to the distribution of Investor Class shares. The annual limitation for payment of expenses pursuant to the Plan is 0.25% of the Fund's average daily net assets allocable to Investor Class shares. The Fund has not adopted a plan of distribution with respect to Institutional Class shares. During the year ended May 31, 2025, Investor Class shares of the Fund incurred $40,113 of distribution fees under the Plan.

TRUSTEE COMPENSATION

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

PRINCIPAL HOLDERS OF FUND SHARES

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

---

| | |
|:---|:---|
| **NAME OF RECORD OWNERS** | **% Ownership** |
| &nbsp;&nbsp;&nbsp;&nbsp;Muir & Company (for the benefit of its customers) | 85% |

---

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. 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

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

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 except for the following:

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Per Share** |
| | <br>**Record**<br>**Date** | <br>**Ex-Date** | **Ordinary**<br>**Income** |
| Institutional Class | 06/26/2025 | 06/27/2025 | $0.0624 |
| Investor Class | 06/26/2025 | 06/27/2025 | $0.0554 |

---

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **REPORT OF INDEPENDENT REGISTERED <br> PUBLIC ACCOUNTING FIRM** |

---

To the Shareholders of Kempner Multi-Cap Deep Value 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 Kempner Multi-Cap Deep Value Fund (the "Fund"), a series of Ultimus Managers Trust, as of May 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, and the financial highlights for each of the three 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 May 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 three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended May 31, 2022, and prior, were audited by another auditor whose report dated July 20, 2022, expressed an unqualified opinion on those financial highlights.

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 audit 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 May 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 2023.

![(-s- COHEN & COMPANY, LTD.)](um002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 29, 2025

**KEMPNER MULTI-CAP DEEP VALUE FUND<br> 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

**Renumeration Paid to Directors, Officers and Others** Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** Not applicable

---

| |
|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **FEDERAL TAX INFORMATION (Unaudited)** |

---

For the year ended May 31, 2025, the Fund designated $3,829,923 as long-term capital gain distribution.

**Qualified Dividend Income** – The Fund designates 52.85% 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 year ended May 31, 2025, 43.58% of ordinary income dividends qualifies for the corporate dividends received deduction.

![(COVER PAGE)](um004_v1.jpg)

---

| |
|:---|
| **WAVELENGTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 89.3%** | **Shares** | **Value** |
| **Emerging Markets Debt — 17.2%** |  |  |
| iShares J.P. Morgan USD Emerging Markets Bond ETF <sup>(a)</sup> | 18600 | $1685160 |
| VanEck Emerging Markets High Yield Bond ETF | 194916 | 3816455 |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 193041 | 4764252 |
| Vanguard Emerging Markets Government Bond ETF | 28224 | 1808594 |
|  |  | 12074461 |
| **Master Limited Partnerships — 0.6%** |  |  |
| Global X MLP ETF | 9178 | 450823 |
| **Real Estate Investment Trusts (REITs) — 1.0%** |  |  |
| Vanguard Real Estate ETF | 8087 | 722331 |
| **U.S. Fixed Income — 70.5%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy |  |  |
| No K-1 ETF | 91699 | 1149905 |
| Invesco Senior Loan ETF <sup>(a)</sup> | 365701 | 7628523 |
| iShares Broad USD High Yield Corporate Bond ETF | 143215 | 5303251 |
| iShares National Muni Bond ETF <sup>(a)</sup> | 31296 | 3250090 |
| iShares Preferred & Income Securities ETF <sup>(a)</sup> | 84468 | 2553468 |
| iShares TIPS Bond ETF | 40611 | 4438376 |
| SPDR Bloomberg Convertible Securities ETF <sup>(a)</sup> | 34552 | 2756213 |
| SPDR Bloomberg Short Term High Yield Bond ETF <sup>(a)</sup> | 280963 | 7088697 |
| Vanguard Mortgage-Backed Securities ETF | 192168 | 8789764 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 131646 | 6584933 |
|  |  | 49543220 |
| Total Exchange-Traded Funds (Cost $62,574,750) |  | $62790835 |

---

---

| |
|:---|
| **WAVELENGTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 7.3%** | **Shares** | **Value** |
| DWS Government Money Market Series - Institutional Class, 4.25% <sup>(b)</sup> | 1289951 | $1289951 |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.18% <sup>(b)</sup> | 1289952 | 1289952 |
| Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Class, 4.17% <sup>(b)</sup> | 1289952 | 1289952 |
| Invesco Treasury Portfolio - Institutional Class, 4.23% <sup>(b)</sup> | 1289952 | 1289952 |
| **Total Money Market Funds** (Cost $5,159,807) |  | $5159807 |
| **COLLATERAL FOR SECURITIES LOANED — 29.6%** |  |  |
| First American Government Obligations Fund - Class X, 4.23% (Cost $20,817,214) <sup>(b)(c)</sup> | 20817214 | $20817214 |
| **Investments at Value — 126.2%** (Cost $88,551,771) |  | $88767856 |
| **Liabilities in Excess of Other Assets — (26.2%)** |  | (18454690) |
| **Net Assets — 100.0%** |  | $70313166 |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan as of May 31, 2025 was $20,384,674 (Note 6).

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

<sup>(c)</sup> This security was purchased with cash collateral held from securities on loan (Note 6).

See accompanying notes to financial statements.

---

| |
|:---|
| **WAVELENGTH FUND** |
| **SCHEDULE OF FUTURES CONTRACTS** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**FUTURES CONTRACTS** |<br>**Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Commodities Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;E-Mini Gold Future | 11 | 7/30/2025 | $1823470 | $(41131) |
| **Index Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;E-Mini Dow Jones Industrial Average Future | 2 | 6/23/2025 | 422940 | 14866 |
| &nbsp;&nbsp;&nbsp;E-Mini NASDAQ 100 Future | 4 | 6/23/2025 | 1710140 | 2011 |
| &nbsp;&nbsp;&nbsp;E-Mini S&P 500 Future | 7 | 6/21/2025 | 2070600 | 14872 |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Future | 36 | 6/23/2025 | 2068740 | 128874 |
| **Total Index Futures** |  |  | 6272420 | 160623 |
| **Treasury Futures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10-Year U.S. Treasury Note Future | 57 | 9/20/2025 | 6312750 | 12811 |
| &nbsp;&nbsp;&nbsp;2-Year U.S. Treasury Note Future | 50 | 10/1/2025 | 10371875 | 8752 |
| &nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 88 | 10/1/2025 | 9520500 | 16421 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond Future | 23 | 9/20/2025 | 2593969 | 13054 |
| **Total Treasury Futures** |  |  | 28799094 | 51038 |
| **Total Futures Contracts** |  |  | $36894984 | $170530 |

---

The average monthly notional value of futures contracts during the year ended May 31, 2025 was $38,258,271.

See accompanying notes to financial statements.

---

| |
|:---|
| **WAVELENGTH FUND** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **May 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $88551771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value\* (Note 2) | $88767856 |
| &nbsp;&nbsp;&nbsp;Margin deposits for futures contracts (Note 2) | 2153583 |
| &nbsp;&nbsp;&nbsp;Variation margin receivable (Notes 2 and 5) | 15962 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 30880 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold | 328962 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 30465 |
| &nbsp;&nbsp;&nbsp;Other assets | 14102 |
| Total assets | 91341810 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Variation margin payable (Notes 2 and 5) | 60276 |
| &nbsp;&nbsp;&nbsp;Payable for return of collateral received for securities on loan | 20817214 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 17620 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 76826 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 34659 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 8134 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 13915 |
| Total liabilities | 21028644 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)** |  |
| **NET ASSETS** | $70313166 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $90762393 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (20449227) |
| **NET ASSETS** | $70313166 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 7230550 |
| Net asset value, offering price and redemption price per share (Note 2) | $9.72 |
| \* Includes value of securities on loan (Note 6) | $20384674 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **WAVELENGTH FUND** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended May 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $3637439 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Note 6) | 98541 |
| &nbsp;&nbsp;&nbsp;Interest | 30842 |
| Total investment income | 3766822 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 681390 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 83960 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 43590 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 30442 |
| &nbsp;&nbsp;&nbsp;Legal fees | 29885 |
| &nbsp;&nbsp;&nbsp;Networking fees | 24379 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 21848 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 21352 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 18632 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 15200 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 11995 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 8373 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 8206 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3268 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12028 |
| Total expenses | 1014548 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) | (242205) |
| &nbsp;&nbsp;&nbsp;Less fee waivers by the administrator (Note 4) | (62500) |
| Net expenses | 709843 |
| **NET INVESTMENT INCOME** | 3056979 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 111297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (Note 5) | 1210410 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 550943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (Note 5) | (50967) |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FUTURES CONTRACTS** | 1821683 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4878662 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **WAVELENGTH FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**May 31,**<br>**2025** | **Year**<br>**Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3056979 | $4039865 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 111297 | (6793418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (Note 5) | 1210410 | (560286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gain distributions from regulated investment companies |  | 1100 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 550943 | 7619356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (Note 5) | (50967) | 254723 |
| Net increase in net assets resulting from operations | 4878662 | 4561340 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (3069681) | (4255450) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 29718815 | 19129955 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 2254265 | 2738282 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (32281645) | (62948733) |
| Net decrease in net assets from capital share transactions | (308565) | (41080496) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 1500416 | (40774606) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 68812750 | 109587356 |
| &nbsp;&nbsp;&nbsp;End of year | $70313166 | $68812750 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3075171 | 2032900 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 234000 | 293521 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3342261) | (6761722) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (33090) | (4435301) |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 7263640 | 11698941 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 7230550 | 7263640 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **WAVELENGTH FUND** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**May 31,**<br>**2025** | **Year**<br>**Ended**<br>**May 31,**<br>**2024** | **Year**<br>**Ended**<br>**May 31,**<br>**2023** | **Year**<br>**Ended**<br>**May 31,**<br>**2022** | **Year**<br>**Ended**<br>**May 31,**<br>**2021** |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of year | $9.47 | $9.37 | $9.98 | $10.99 | $10.35 |
| &nbsp;&nbsp;&nbsp;Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.42 | 0.45 | 0.41 | 0.19 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and futures contracts | 0.25 | 0.09 | (0.63) | (0.88) | 0.75 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.67 | 0.54 | (0.22) | (0.69) | 0.86 |
| &nbsp;&nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.44) | (0.39) | (0.16) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.16) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.42) | (0.44) | (0.39) | (0.32) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of year | $9.72 | $9.47 | $9.37 | $9.98 | $10.99 |
| &nbsp;&nbsp;&nbsp;Total return <sup>(b)</sup> | 7.15% | 5.95% | (2.12 %) <sup>(c)</sup> | (6.53%) | 8.39% |
| &nbsp;&nbsp;&nbsp;Net assets at end of year (000's) | $70313 | $68813 | $109587 | $159985 | $155862 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets <sup>(d)</sup> | 1.41% | 1.37% | 1.30% | 1.22% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(d)(e)</sup> | 0.99 % <sup>(f)</sup> | 0.99 % <sup>(f)</sup> | 0.99 % <sup>(g)</sup> | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(a)(d)(e)</sup> | 4.26 % <sup>(f)</sup> | 4.68 % <sup>(f)</sup> | 3.88 % <sup>(g)</sup> | 1.72% | 1.02% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 72% | 49% | 44% | 18% | 12% |

---

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

<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 shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser and/or administrator had not reduced fees and/or reimbursed expenses (Note 4).

<sup>(c)</sup> During the year ended May 31, 2023, the Adviser voluntarily refunded to the Fund all management fees paid in the amount of $289,118 for changes concerning the corporate ownership structure of the Adviser for the period from May 14, 2021 until August 12, 2021, which otherwise would have reduced the total return by 0.21%.

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

<sup>(e)</sup> Ratio was determined after management fee reductions and/or expense reimbursements and/or administrator waivers.

<sup>(f)</sup> Ratio excludes the voluntary waiver from Ultimus in the amounts of $62,500 for the year ended May 31, 2025 and $75,000 for the year ended May 31, 2024. The net expenses and net investment income to average net assets would have remained the same without the waiver since the Adviser would have reduced additional management fees.

<sup>(g)</sup> Ratio excludes the voluntary refund from the Adviser in the amount of $289,118, otherwise the net expenses and the net investment income to average net assets would have been 0.76% and 4.11%, respectively.

See accompanying notes to financial statements.

---

| |
|:---|
| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **May 31, 2025** |

---

**1. Organization**

Wavelength 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 Fund's portfolio may at times consist of primarily other investment companies, making it a "fund of funds".

The investment objective of the Fund is to seek total return.

The Fund has adopted Financial Accounting Standards Board ("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. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Wavelength Capital Management, LLC (the "Adviser") of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The Fund follows accounting and reporting guidance under 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").

**Securities and futures valuation** – The Fund values its portfolio securities at market 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. Exchange-traded funds ("ETFs") are valued at the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's 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. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. The Fund values its exchange-traded futures contracts at their last sale price as of the close of regular trading on the NYSE. Prices for these futures contracts are monitored daily by the Adviser, as the Fund's valuation designee, until the close of regular trading to determine if fair valuation is required.

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| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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When using a quoted price and when the market for the security is considered active, a 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 determined by the Adviser, in accordance with procedures adopted by the Trust's Board of Trustees (the "Board") pursuant to the 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.

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 following is a summary of the Fund's investments and other financial instruments and the inputs used to value the investments and other financial instruments as of May 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments in Securities</u> |  |  |  |  |
| Exchange-Traded Funds | $62790835 | $— | $— | $62790835 |
| Money Market Funds | 5159807 |  |  | 5159807 |
| Collateral for Securities Loaned | 20817214 |  |  | 20817214 |
| &nbsp;&nbsp;&nbsp;Total | $88767856 | $— | $— | $88767856 |
| <u>Other Financial Instruments</u> |  |  |  |  |
| Futures Contracts | $170530 | $— | $— | $170530 |
| &nbsp;&nbsp;&nbsp;Total | $170530 | $— | $— | $170530 |

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| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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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 May 31, 2025. Other Financial Instruments are future contracts which are valued at the unrealized appreciation (depreciation) as of May 31, 2025.

**Cash account** – The Fund's cash is held in a bank account with balances which, at times, may exceed United States federally insured limits by the Federal Deposit Insurance Corporation ("FDIC"). Cash held with a broker, if any, is not FDIC insured. The Fund maintains these balances with a high-quality financial institution and may incur charges on cash overdrafts.

**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.

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

**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 distributes to shareholders any net investment income on a quarterly basis and any net realized capital gains at least annually. The amount of such dividends and distributions 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 May 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Years**<br>**Ended** | **Ordinary**<br>**Income** | **Tax-Exempt**<br>**Distributions** | **Long-Term**<br>**Capital Gains** | **Total**<br>**Distributions** |
| 5/31/2025 | $2999925 | $69756 | $— | $3069681 |
| 5/31/2024 | $4106382 | $149068 | $— | $4255450 |

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**Futures contracts** – The Fund uses futures contracts to gain exposure to or to hedge against changes in the value of equities, real estate, interest rates or commodities. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. When the Fund purchases or sells a futures contract, no price is paid to or received by the Fund. Instead, the Fund is required to deposit in a segregated asset account an amount of cash or qualifying securities currently ranging from 2% to 10% of the contract amount. This is called the "initial margin deposit." Subsequent payments, known as "variation margin," are made or received by the Fund each day, depending on the daily

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| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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fluctuations in the fair value of the underlying asset. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. If market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The margin deposits for futures contracts and the variation receivable/payable are reported on the Statement of Assets and Liabilities.

**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 amounts equal to 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 May 31, 2025:

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| | |
|:---|:---|
| Tax cost of investments | $92266405 |
| Gross unrealized appreciation | $443037 |
| Gross unrealized depreciation | (3941586) |
| Net unrealized depreciation | (3498549) |
| Undistributed ordinary income | 529538 |
| Accumulated capital and other losses | (17480216) |
| Total accumulated deficit | $(20449227) |

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The value of the federal income tax cost of investments may temporarily differ from the financial statement cost. This book/tax difference is due to the recognition of capital gains or losses under income tax regulations and GAAP, primarily the tax deferral of losses on wash sales, the tax treatment of realized and unrealized gains and losses on futures contracts and adjustments to basis on publicly traded partnerships.

As of May 31, 2025, the Fund had short-term capital loss carryforwards and long-term capital loss carryforwards ("CLCF") of $2,628,907 and $14,851,309, respectively, for federal income tax purposes. These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any.

During the year ended May 31, 2025, the Fund utilized $1,020,621 of CLCF against current year gains.

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| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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For the year ended May 31, 2025, the Fund reclassified $2 of accumulated deficit against paid-in capital on the Statement of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income tax reporting had no effect on the Fund's net assets or its 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 for the 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 expense on the Statement of Operations. During the year ended May 31, 2025, the Fund did not incur any interest or penalties.

**3. Investment Transactions**

During the year ended May 31, 2025, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $46,317,168 and $46,114,448, respectively.

**4. Transactions with Related Parties**

INVESTMENT ADVISORY AGREEMENT

The Fund's investments are managed by the Adviser pursuant to the terms of an Advisory Agreement. Under the 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 between the Fund and the Adviser (the "ELA"), the Adviser has agreed, until October 1, 2025, 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; 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, under the ELA, the Adviser, reduced its management fees in the amount of $242,205 during the year ended May 31, 2025.

Under the terms of the ELA, management fee reductions and expense reimbursements by the Adviser are subject to recoupment by the Adviser for a period of three years after such fees and expenses were incurred, provided that the recoupments do not cause total annual operating expenses of the Fund 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

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| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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were incurred. As of May 31, 2025, the Adviser may seek recoupment of management fee reductions and expense reimbursements in the amount of $871,943 no later than the dates as stated below:

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| | | | |
|:---|:---|:---|:---|
| **May 31, 2026** | **May 31, 2027** | **May 31, 2028** | **Total** |
| $382131 | $247607 | $242205 | $871943 |

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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. During the year ended May 31, 2025, Ultimus voluntarily waived fees in the amount of $62,500. These voluntary waivers are not subject to recoupment by Ultimus.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides an Anti-Money Laundering Officer and Chief Compliance 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 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 HOLDERS OF FUND SHARES

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

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| | |
|:---|:---|
| **Name of Record Owner** | **% Ownership** |
| Charles Schwab & Co., Inc. (for the benefit of its customers) | 37% |
| National Financial Services, LLC (for the benefit of its customers) | 36% |

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| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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A shareholder owning of record or beneficially 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. Derivatives Transactions**

The Fund's positions in derivative instruments as of May 31, 2025 are recorded in the following location on the Statement of Assets and Liabilities:

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| | |
|:---|:---|
| **Derivative Investment Type** | **Location** |
| Futures contracts | Variation margin receivable (payable) |

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The following table sets forth the values of variation margin of the Fund as of May 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **Variation Margin** | **Variation Margin** | |
| <br>**Type of Derivative and Risk** | **Receivable** | **(Payable)** |<br>**Total** |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity | $— | $(15675) | $(15675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index | 270 | (43761) | (43491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury | 15692 | (840) | 14852 |
| **Total** | $15962 | $(60276) | $(44314) |

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The Fund's transactions in derivative instruments during the year ended May 31, 2025 are recorded in the following locations on the Statement of Operations:

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| | |
|:---|:---|
| **Derivative Investment Type** | **Location** |
| Futures contracts | Net realized gains from futures contracts |
| | Net change in unrealized appreciation (depreciation) on futures contracts |

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The following is a summary of the Fund's net realized gains and net change in unrealized appreciation (depreciation) on derivative instruments recognized on the Statement of Operations during the year ended May 31, 2025:

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| | | |
|:---|:---|:---|
| <br>**Type of Derivative and Risk** |<br>**Net**<br>**Realized Gains** | **Net Change**<br>**in Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Futures contracts** |  |  |
| &nbsp;&nbsp;&nbsp;Commodity | $624357 | $(23642) |
| &nbsp;&nbsp;&nbsp;Index | 321994 | 43546 |
| &nbsp;&nbsp;&nbsp;Treasury | 264059 | (70871) |
| **Total** | $1210410 | $(50967) |

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|:---|
| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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In the ordinary course of business, the Fund may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral securities and securities collateral on a counterparty basis.

As of May 31, 2025, the offsetting of financial assets and derivative assets is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets not**<br>**Offset on**<br>**Statement of**<br>**Assets and**<br>**Liabilities** | **Gross**<br>**Amounts of**<br>**Recognized**<br>**Liabilities**<br>**not**<br>**Offset on**<br>**Statement of**<br>**Assets and**<br>**Liabilities** |<br><br><br>**Derivatives**<br>**Available for**<br>**Offset** |<br><br>**Net**<br>**Amounts**<br>**Presented on**<br>**Statement of**<br>**Assets and**<br>**Liabilities** |<br><br><br><br>**Collateral**<br>**Pledged\*** |<br><br><br><br>**Net Amount** |
| Variation margin receivable - futures contracts | $15962 | $— | $(15962) | $— | $— | $— |
| Variation margin payable - futures contracts |  | (60276) | 15962 | (44314) | 44314 |  |
| Total subject to a master netting or similar arrangement | $15962 | $(60276) | $— | $(44314) | $44314 | $— |

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\* The amount is limited to the net amounts of financial assets and accordingly does not include excess collateral pledged.

**6. Securities Lending**

Under the terms of the Securities Lending Agreement (the "SLA") with U.S. Bank National Association ("U.S. Bank"), U.S. Bank is authorized to loan securities on behalf of the Fund to approved borrowers. The contractual maturity of securities lending transactions is on an overnight and continuous basis. In exchange, the Fund receives cash collateral in the amount of at least 102% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in a short-term investment instrument as noted on the Fund's Schedule of Investments. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. The SLA provides that after predetermined rebates to borrowers, the Fund retains a portion of its net securities lending income and pays U.S. Bank the remaining portion. The Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into an SLA with U.S. Bank that provides the Fund, in the event of default (such as

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| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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bankruptcy or borrower's failure to pay or perform), the right to net rights and obligations under such agreements and liquidate and set off collateral against the net amount owed to the Fund. The Fund's collateral was invested in a money market fund. As of May 31, 2025, the Fund had 29.6% of the value of its net assets invested in the money market fund. The annual report, along with the report of the independent public accounting firm is included in the money market fund's N-CSR available at www.sec.gov. As of May 31, 2025, the fair value of securities on loan and the collateral held were $20,384,674 and $20,817,214, respectively.

**7. Certain Investments and Risks**

The securities in which the Fund invests, as well as the risks associated with these securities, are described in the Fund's prospectus. Among these risks are those associated with investments in shares of ETFs. ETFs issue their shares to authorized participants in return for a specific basket of securities. The authorized participants then sell the ETF's shares on the secondary market. In other words, ETF shares are traded on a securities exchange based on their market value. Investments in ETFs are subject to the risk that the ETF's shares may trade at a premium (creating the risk that the Fund pays more than NAV for an ETF when making a purchase) or discount (creating the risk that the Fund receives less than NAV when selling an ETF) to the ETF's NAV. Investments in ETFs are also subject to index-tracking risk because the total return generated by the securities will be reduced by transaction costs and expenses not incurred by the indices. Certain securities comprising the index tracked by an ETF may, from time to time, temporarily be unavailable, which may further impede the ETF's ability to track its applicable index or match the index's performance. To the extent that the Fund invests in an ETF, the Fund incurs additional expenses because the Fund bears its pro-rata portion of such ETF's advisory fees and operational expenses. Finally, ETF shares are also subject to the risks applicable to the underlying basket of securities. As of May 31, 2025, the Fund had 89.3% of the value of its net assets invested in ETFs.

**8. 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.

**9. 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

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|:---|
| **WAVELENGTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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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 except for the following:

On June 30, 2025, the Fund paid an ordinary income dividend of $0.0862 per share to the shareholders of record on June 27, 2025.

Effective July 31, 2025, the Fund changed its distribution frequency from quarterly to monthly and reduced the minimum initial investment from $10,000 for regular accounts to $2,500 for regular accounts.

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|:---|
| **WAVELENGTH FUND** |
| **REPORT OF INDEPENDENT REGISTERED** |
| **PUBLIC ACCOUNTING FIRM** |

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To the Shareholders of Wavelength 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 schedules of investments and futures contracts, of Wavelength Fund (the "Fund"), a series of Ultimus Managers Trust, as of May 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, and the financial highlights for each of the three 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 May 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 three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended May 31, 2022, and prior, were audited by another auditor whose report dated July 20, 2022, expressed an unqualified opinion on those financial highlights.

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 audit 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 May 31, 2025, by correspondence with the custodian and brokers. Our

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|:---|
| **WAVELENGTH FUND** |
| **REPORT OF INDEPENDENT REGISTERED** |
| **PUBLIC ACCOUNTING FIRM (Continued)** |

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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 2023.

![(SIGNATURE)](um002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 29, 2025

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|:---|
| **WAVELENGTH FUND** |
| **ADDITIONAL INFORMATION (Unaudited)** |

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**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 May 31, 2025, the Fund designated $69,756 as tax-exempt income distributions.

(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.**

Included under Item 7 for Adler Value Fund and not applicable for Evolutionary Tree Innovators Fund, Kempner Multi-Cap Deep Value Fund and Wavelength Fund.

**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.**

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

(a)(2) Not applicable

(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): [Attached hereto](cert-99.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 207.30a-2(b)): [Attached hereto](cert-99_906.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)&nbsp;&nbsp;&nbsp;&nbsp; | Ultimus Managers Trust |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Todd E. Heim |
|  |  | Todd E. Heim, President and Principal Executive Officer |
| Date | August 6, 2025 |  |
| 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. | 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. | 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)\* | By (Signature and Title)\* | /s/ Todd E. Heim |
|  |  | Todd E. Heim, President and Principal Executive Officer |
| Date | August 6, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Daniel D. Bauer |
|  |  | Daniel D. Bauer, Treasurer and Principal Financial Officer |
| Date | August 6, 2025 |  |

---

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

## 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;(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;(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;(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;(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;(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;(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: August 6, 2025 | <u>/s/ Todd E. Heim</u> |
|  | Todd E. Heim, President and Principal Executive Officer |

---

EX-99.CERT

**<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;(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;(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;(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;(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;(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;(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: August 6, 2025 | <u>/s/ Daniel D. Bauer</u> |
|  | 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 May 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 |
| <u>/s/ Todd E. Heim</u> | <u>/s/ Daniel D. Bauer</u> |
| Todd E. Heim, President and Principal Executive Officer | Daniel D. Bauer, Treasurer and Principal Financial Officer |
| Date: August 6, 2025 | Date: August 6, 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 Ultimus Managers Trust and will be retained by 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.

## Ex-99.Code

---

| |
|:---|
| **ULTIMUS MANAGERS TRUST** |
| ![(ULTIMUS MANAGERS TRUST LOGO)](um005_v1.jpg) |
| **Code Of Ethics For Principal Executive And** |
| **Principal Financial Officers** |
| **Effective: October 1, 2013** |

---

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

**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 waivers1 will be considered by the Board.

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

● 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<br> FOR PRINCIPAL EXECUTIVE<br> AND<br> 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 |

---