# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-009060
**Filing Date:** 2023-1
**Character Count:** 36477
**Document Hash:** 7cc44e77fe439a230877c9ecdec2d2eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009060.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009060

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 23544175

**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

### Nia Impact Solutions Fund (Series ID: S000076123)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000235579 | Nia Impact Solutions Fund | NIAGX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **COMMON STOCKS - 94.7%** | **Shares** | **Value** |
| **Communications - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLDT, Inc. - ADR | &nbsp;&nbsp;20716 | &nbsp;&nbsp;$618165 |
| **Consumer Discretionary - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;7210 | &nbsp;&nbsp;231009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Services - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. <sup>(a)</sup> | &nbsp;&nbsp;21027 | &nbsp;&nbsp;744566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2702 | &nbsp;&nbsp;356907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home & Office Products - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steelcase, Inc. - Class A | &nbsp;&nbsp;53528 | &nbsp;&nbsp;424477 |
| **Consumer Staples - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. - ADR | &nbsp;&nbsp;101945 | &nbsp;&nbsp;1067364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;16667 | &nbsp;&nbsp;312340 |
|  |  | &nbsp;&nbsp;1379704 |
| **Energy - 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corporation - Class A | &nbsp;&nbsp;39420 | &nbsp;&nbsp;1285486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Renewable Energy - 11.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameresco, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;7133 | &nbsp;&nbsp;467354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6291 | &nbsp;&nbsp;1085386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxeon Solar Technologies Ltd. <sup>(a)</sup> | &nbsp;&nbsp;13771 | &nbsp;&nbsp;317009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2800 | &nbsp;&nbsp;836808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunPower Corporation <sup>(a)</sup> | &nbsp;&nbsp;35550 | &nbsp;&nbsp;862088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc. <sup>(a)</sup> | &nbsp;&nbsp;17276 | &nbsp;&nbsp;562852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPI Composites, Inc. <sup>(a)</sup> | &nbsp;&nbsp;29252 | &nbsp;&nbsp;353364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S - ADR | &nbsp;&nbsp;91124 | &nbsp;&nbsp;769998 |
|  |  | &nbsp;&nbsp;5254859 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 94.7% (Continued)** | **Shares** | **Value** |
| **Financials - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanlam Ltd. - ADR | &nbsp;&nbsp;118234 | &nbsp;&nbsp;$769703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalgamated Financial Corporation | &nbsp;&nbsp;50994 | &nbsp;&nbsp;1360010 |
| **Health Care - 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 11.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Company Ltd. - ADR | &nbsp;&nbsp;15390 | &nbsp;&nbsp;508024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;18636 | &nbsp;&nbsp;1636800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5766 | &nbsp;&nbsp;1014297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Company | &nbsp;&nbsp;24341 | &nbsp;&nbsp;633353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4522 | &nbsp;&nbsp;1430760 |
|  |  | &nbsp;&nbsp;5223234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | &nbsp;&nbsp;14713 | &nbsp;&nbsp;1120542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;1917 | &nbsp;&nbsp;1073942 |
|  |  | &nbsp;&nbsp;2194484 |
| **Industrials - 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Support Services - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc. <sup>(a)</sup> | &nbsp;&nbsp;9360 | &nbsp;&nbsp;1157832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schnitzer Steel Industries, Inc. - Class A | &nbsp;&nbsp;22536 | &nbsp;&nbsp;773661 |
|  |  | &nbsp;&nbsp;1931493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE - ADR | &nbsp;&nbsp;31661 | &nbsp;&nbsp;925134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;17793 | &nbsp;&nbsp;1512405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stantec, Inc. | &nbsp;&nbsp;27538 | &nbsp;&nbsp;1362305 |
|  |  | &nbsp;&nbsp;2874710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;7262 | &nbsp;&nbsp;815886 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 94.7% (Continued)** | **Shares** | **Value** |
| **Materials - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chr. Hansen Holding A/S - ADR | &nbsp;&nbsp;36609 | &nbsp;&nbsp;$561399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | &nbsp;&nbsp;4107 | &nbsp;&nbsp;1080593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brambles Ltd. - ADR | &nbsp;&nbsp;23937 | &nbsp;&nbsp;396397 |
| **Real Estate - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Developments Ltd. - ADR | &nbsp;&nbsp;71478 | &nbsp;&nbsp;443164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;11833 | &nbsp;&nbsp;1330739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;29510 | &nbsp;&nbsp;957304 |
|  |  | &nbsp;&nbsp;2288043 |
| **Technology - 23.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies AG - ADR | &nbsp;&nbsp;28894 | &nbsp;&nbsp;974306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STMicroelectronics N.V. | &nbsp;&nbsp;21508 | &nbsp;&nbsp;836231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;13550 | &nbsp;&nbsp;1124379 |
|  |  | &nbsp;&nbsp;2934916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 9.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;2236 | &nbsp;&nbsp;294146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2018 | &nbsp;&nbsp;407535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. <sup>(a)</sup> | &nbsp;&nbsp;18594 | &nbsp;&nbsp;988457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materialise N.V. - ADR <sup>(a)</sup> | &nbsp;&nbsp;30868 | &nbsp;&nbsp;297876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6643 | &nbsp;&nbsp;1128646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6227 | &nbsp;&nbsp;183074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Splunk, Inc. <sup>(a)</sup> | &nbsp;&nbsp;10518 | &nbsp;&nbsp;817038 |
|  |  | &nbsp;&nbsp;4116772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;5856 | &nbsp;&nbsp;866863 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 94.7% (Continued)** | **Shares** | **Value** |
| **Technology - 23.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;10536 | &nbsp;&nbsp;$1568811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer N.V. - ADR | &nbsp;&nbsp;7418 | &nbsp;&nbsp;817760 |
|  |  | &nbsp;&nbsp;2386571 |
| **Utilities - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azure Power Global Ltd. <sup>(a)</sup> | &nbsp;&nbsp;53958 | &nbsp;&nbsp;308100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;9195 | &nbsp;&nbsp;597032 |
| **Total Common Stocks** (Cost $42,125,203) | **Total Common Stocks** (Cost $42,125,203) | &nbsp;&nbsp;$42369677 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 5.2%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 3.67% <sup>(b)</sup> | &nbsp;&nbsp;2122995 | &nbsp;&nbsp;$2122995 |
| First American Treasury Obligations Fund - Class X, 3.75% <sup>(b)</sup> | &nbsp;&nbsp;216757 | &nbsp;&nbsp;216757 |
| **Total Money Market Funds** (Cost $2,339,752) | **Total Money Market Funds** (Cost $2,339,752) | &nbsp;&nbsp;$2339752 |
| **Investments at Value - 99.9%** (Cost $44,464,955) | **Investments at Value - 99.9%** (Cost $44,464,955) | &nbsp;&nbsp;$44709429 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;50374 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$44759803 |

---

---

| | |
|:---|:---|
| A/S | - Aktieselskab |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| N.V. | - Naamloze Vennootschap |
| S.A. | - Societe Anonyme |
| SE | - Societe Europaea |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of November 30, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** NIA IMPACT SOLUTIONS FUND

- **b. EDGAR series identifier (if any):** S000076123

- **c. LEI of Series:** 5493004APNB4I0PFX287

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

- **a. Date of fiscal year-end:** 2023-02-28

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $44793410.81

**Total Liabilities:** $33607.67

**Net Assets:** $44759803.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235579 | -9.00%               | 4.30%                | 9.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $173263.33               | $-3916037.40                               |
| Month 2  | $0.00                    | $1663818.92                                |
| Month 3  | $0.00                    | $3705379.63                                |

### Schedule of Portfolio Investments

| Name                                                      | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Stantec Inc.                                              | STANTEC, INC.                                              | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |     27538 | NS      | $1362304.86   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                               | Hologic, Inc.                                              | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     14713 | NS      | $1120542.08   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                           | First Solar, Inc.                                          | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      6291 | NS      | $1085386.23   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation                                     | Atlassian Corp plc                                         | CUSIP: 049468101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      2236 | NS      | $294145.80    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                                | Stride, Inc.                                               | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     21027 | NS      | $744566.07    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Incorporation                                      | Rapid7, Inc.                                               | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |      6227 | NS      | $183073.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corporation                          | Brookfield Renewable Corporation                           | CUSIP: 11284V105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     39420 | NS      | $1285486.20   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaredge Technologies Inc                                | SolarEdge Technologies, Inc.                               | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |      2800 | NS      | $836808.00    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated                       | Vertex Pharmaceuticals, Inc.                               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      4522 | NS      | $1430760.80   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                              | Autodesk, Inc.                                             | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      2018 | NS      | $407535.10    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                              | Thermo Fisher Scientific, Inc.                             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1917 | NS      | $1073941.74   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                            | California Water Service Group                             | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      9195 | NS      | $597031.35    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                              | Organon & Co.                                              | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |     24341 | NS      | $633352.82    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| City Developments Ltd                                     | City Developments Ltd. ADR                                 | CUSIP: 177797305<br>LEI: 254900BPLPJS0RJ72373 | Long             | EC               | CORP              | SG        |     71478 | NS      | $443163.60    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Maxeon Solar Technologies Limited                         | Maxeon Solar Technologies Ltd.                             | CUSIP: Y58473102<br>LEI: 5493007JPB074ITT6Y72 | Long             | EC               | CORP              | US        |     13771 | NS      | $317008.42    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Materialise NV                                            | MATERIALISE NV ADR                                         | CUSIP: 57667T100<br>LEI: 5493004CXYDPCZ5RQK28 | Long             | EC               | CORP              | US        |     30868 | NS      | $297876.20    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                               | Moderna, Inc.                                              | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      5766 | NS      | $1014297.06   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlam Ltd                                                | Sanlam Ltd. ADR                                            | CUSIP: 80104Q208<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | US        |    118234 | NS      | $769703.34    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                                  | Etsy, Inc.                                                 | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      2702 | NS      | $356907.18    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Chr. Hansen Holding AS                                    | Chr Hansen Holding A/S ADR                                 | CUSIP: 12545M207<br>LEI: 549300MKPW8ZF3E8MW37 | Long             | EC               | CORP              | US        |     36609 | NS      | $561399.02    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                                     | Rivian Automotive, Inc.                                    | CUSIP: 76954A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7210 | NS      | $231008.40    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunpower Corporation                                      | SunPower Corporation                                       | CUSIP: 867652406<br>LEI: 549300TXO070764WUH65 | Long             | EC               | CORP              | US        |     35550 | NS      | $862087.50    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                                              | Ameresco, Inc.                                             | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |      7133 | NS      | $467354.16    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brambles Ltd.                                             | Brambles Ltd. ADR                                          | CUSIP: 105105209<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     23937 | NS      | $396396.72    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Schnitzer Steel Industries Inc.                           | Schnitzer Steel Industries, Inc. Class A                   | CUSIP: 806882106<br>LEI: 549300F62TK8VRDSM285 | Long             | EC               | CORP              | US        |     22536 | NS      | $773660.88    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp.                               | Amalgamated Financial Corporation                          | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50994 | NS      | $1360009.98   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                              | Fortinet, Inc.                                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     18594 | NS      | $988457.04    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corporation               | International Business Machines Corporation                | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     10536 | NS      | $1568810.40   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                                     | Schneider Electric SE ADR                                  | CUSIP: 80687P106<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     31661 | NS      | $925134.42    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc                               | AMN Healthcare Services, Inc.                              | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |      9360 | NS      | $1157832.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Azure Power Global Limited                                | Azure Power Global Ltd.                                    | CUSIP: V0393H103<br>LEI: 54930085G5UQETD7JX48 | Long             | EC               | CORP              | US        |     53958 | NS      | $308100.18    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Splunk Inc                                                | Splunk, Inc.                                               | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Long             | EC               | CORP              | US        |     10518 | NS      | $817038.24    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                                    | Daiichi Sankyo Company Ltd. Sponsored ADR                  | CUSIP: 23381D102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     15390 | NS      | $508023.90    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                | Apple, Inc.                                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5856 | NS      | $866863.68    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                    | Palo Alto Networks, Inc.                                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      6643 | NS      | $1128645.70   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITA L, INC. | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29510 | NS      | $957304.40    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems AS                                    | Vestas Wind Systems A/S ADR                                | CUSIP: 925458101<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |     91124 | NS      | $769997.80    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                               | Xylem, Inc.                                                | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      7262 | NS      | $815885.70    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc.                                               | SUNRUN, INC.                                               | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |     17276 | NS      | $562852.08    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                                     | Gilead Sciences, Inc.                                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     18636 | NS      | $1636799.88   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                                             | Steelcase, Inc. Class A                                    | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |     53528 | NS      | $424477.04    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TPI Composites Inc.                                       | TPI Composites, Inc.                                       | CUSIP: 87266J104<br>LEI: 549300TI9H56OIY0QE39 | Long             | EC               | CORP              | US        |     29252 | NS      | $353364.16    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                                  | Infineon Technologies AG ADR                               | CUSIP: 45662N103<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | US        |     28894 | NS      | $974305.68    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics N.V.                                   | Stmicroelectronics NV - NY Registry Shares                 | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |     21508 | NS      | $836231.04    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.              | Taiwan Semiconductor Manufacturing Company Ltd. ADR        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     13550 | NS      | $1124379.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                                     | AECOM                                                      | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     17793 | NS      | $1512405.00   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                                       | First American Treasury Obligations Fund Class X           | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    216757 | PA      | $216757.14    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Incorporated                           | Carlisle Cos., Inc.                                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      4107 | NS      | $1080592.77   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer NV                                         | Wolters Kluwer N.V. ADR                                    | CUSIP: 977874205<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      7418 | NS      | $817760.32    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| PLDT Inc.                                                 | PHILIPPINE LONG DISTANCE TELEPHONE COMPANY ADR             | CUSIP: 69344D408<br>LEI: 254900ADE8GQHM5P2648 | Long             | EC               | CORP              | PH        |     20716 | NS      | $618165.44    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                                       | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND CLASS X         | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2122995 | PA      | $2122995.29   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hain Celestial Group Inc                              | Hain Celestial Group, Inc. (The)                           | CUSIP: 405217100<br>LEI: 5493000S8QXWHLIXDP75 | Long             | EC               | CORP              | US        |     16667 | NS      | $312339.58    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                                 | Danone S.A. ADR                                            | CUSIP: 23636T100<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    101945 | NS      | $1067364.15   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                                  | Digital Realty Trust, Inc. REIT                            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     11833 | NS      | $1330739.18   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Nia Impact Solutions Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** Assistant Treasurer