# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001580642-25-005107
**Filing Date:** 2025-8
**Character Count:** 45385
**Document Hash:** a9d000dc1ba83d7d111f94077a7762ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005107.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001580642-25-005107

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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-PX
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251212964

**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

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001545440

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Registered Management Investment Company

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Ultimus Managers Trust

**Address:** 225 Pictoria Drive, Suite 450,, Cincinnati, OH 45246

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

**Name of agent for service:** Karen Jacoppo-Wood

**Agent Address:** 225 Pictoria Drive, Suite 450,, Cincinnati, OH 45246

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 811-22680

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 549300FU214TAR7BFY91

**Report Type (check only one):**

Institutional Manager.

- [ ] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [x] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                 | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                           | VOTE CATEGORY                           |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          60470 |                0 | For all     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 2 Ratification of Ernst  Young LLP as CPA                  | AUDIT-RELATED                           |          60470 |                0 | For         |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 3 Proposal for Right to Act by Written Consent             | SHAREHOLDER RIGHTS AND DEFENSES         |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 4 Proposal for financial performance policy                | SHAREHOLDER RIGHTS AND DEFENSES         |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 5 Proposal for report on charitable partnerships           | OTHER SOCIAL ISSUES                     |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 6 Proposal regarding request to cease CEI participation    | OTHER SOCIAL ISSUES                     |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 7 Proposal regarding disclosure on climate goals           | ENVIRONMENT OR CLIMATE                  |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 8 Proposal for equal shareholder voting                    | SHAREHOLDER RIGHTS AND DEFENSES         |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 9 Proposal for report re humman rights risks in CAHRA      | OTHER SOCIAL ISSUES                     |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 10 Proposal re risks of discrimination in GenAI            | OTHER SOCIAL ISSUES                     |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 11 Proposal regarding report on AI data usage oversight    | OTHER SOCIAL ISSUES                     |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 12 Proposal for report on AI-driven targeted ad policies   | OTHER SOCIAL ISSUES                     |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 13 Proposal regarding lobbying activities for child safety | OTHER SOCIAL ISSUES                     |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Alphabet Inc                   | 02079K305 | 06/06/2025     | 14 Proposal for report on online safety for children       | OTHER SOCIAL ISSUES                     |          60470 |                0 | Against     |                                    60470 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          41435 |                0 | For all     |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 2 Approval of Ernst  Young LLP as CPA                      | AUDIT-RELATED                           |          41435 |                0 | For         |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 3 Advisory approval of executive compensation              | SECTION 14A SAY-ON-PAY VOTES            |          41435 |                0 | For         |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 4 Proposal for separation of CEO and Board Chair           | CORPORATE GOVERNANCE                    |          41435 |                0 | For         |                                    41435 | AGAINST                     |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 5 Proposal for report on Advertising Risks                 | OTHER SOCIAL ISSUES                     |          41435 |                0 | Against     |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 6 Proposal re alternative emissions reporting              | ENVIRONMENT OR CLIMATE                  |          41435 |                0 | Against     |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 7 Proposal for report on Data Centers climate impact       | ENVIRONMENT OR CLIMATE                  |          41435 |                0 | Against     |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 8 Proposal for report on AI oversight by Board             | OTHER SOCIAL ISSUES                     |          41435 |                0 | Against     |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 9 Proposal requesting report on packaging materials        | OTHER SOCIAL ISSUES                     |          41435 |                0 | Against     |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 10 Proposal for report on swarehouse working conditions    | DIVERSITY, EQUITY, AND INCLUSION        |          41435 |                0 | Against     |                                    41435 | FOR                         |  |
| Amazon.Com, Inc.               | 023135106 | 05/21/2025     | 11 Proposal for report on data usage in AI offerings       | OTHER SOCIAL ISSUES                     |          41435 |                0 | Against     |                                    41435 | FOR                         |  |
| Apple Inc                      | 037833100 | 02/24/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          55645 |                0 | For all     |                                    55645 | FOR                         |  |
| Apple Inc                      | 037833100 | 02/24/2025     | 2 Appointment of Ernst  Young LLP as CPA                   | AUDIT-RELATED                           |          55645 |                0 | For         |                                    55645 | FOR                         |  |
| Apple Inc                      | 037833100 | 02/24/2025     | 3 Advisory vote on executive compensation                  | SECTION 14A SAY-ON-PAY VOTES            |          55645 |                0 | For         |                                    55645 | FOR                         |  |
| Apple Inc                      | 037833100 | 02/24/2025     | 4 Proposal re "Ethical AI Data Acquisition and Usage"      | OTHER SOCIAL ISSUES                     |          55645 |                0 | Against     |                                    55645 | FOR                         |  |
| Apple Inc                      | 037833100 | 02/24/2025     | 5 Proposal re "Report on Child Sex Abuse Identifying SW"   | OTHER SOCIAL ISSUES                     |          55645 |                0 | Against     |                                    55645 | FOR                         |  |
| Apple Inc                      | 037833100 | 02/24/2025     | 6 Proposal re "Request to Cease DEI Efforts"               | OTHER SOCIAL ISSUES                     |          55645 |                0 | Against     |                                    55645 | FOR                         |  |
| Apple Inc                      | 037833100 | 02/24/2025     | 7 Proposal for "Report on Charitable Giving"               | OTHER SOCIAL ISSUES                     |          55645 |                0 | Against     |                                    55645 | FOR                         |  |
| Applied Materials, Inc.        | 038222105 | 03/06/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          35365 |                0 | For all     |                                    35365 | FOR                         |  |
| Applied Materials, Inc.        | 038222105 | 03/06/2025     | 2 Approval of named executive officer compensation         | SECTION 14A SAY-ON-PAY VOTES            |          35365 |                0 | For         |                                    35365 | FOR                         |  |
| Applied Materials, Inc.        | 038222105 | 03/06/2025     | 3 Appointment of KPMG LLP as auditor                       | AUDIT-RELATED                           |          35365 |                0 | For         |                                    35365 | FOR                         |  |
| Berkshire Hathaway Inc         | 084670702 | 05/03/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          24850 |                0 | For all     |                                    24850 | FOR                         |  |
| Berkshire Hathaway Inc         | 084670702 | 05/03/2025     | 2 Proposal for report on costs of environmental activities | ENVIRONMENT OR CLIMATE                  |          24850 |                0 | Against     |                                    24850 | FOR                         |  |
| Berkshire Hathaway Inc         | 084670702 | 05/03/2025     | 3 Proposal to disclose highest NEO's pay ratio             | SECTION 14A SAY-ON-PAY VOTES            |          24850 |                0 | Against     |                                    24850 | FOR                         |  |
| Berkshire Hathaway Inc         | 084670702 | 05/03/2025     | 4 Report on civil rights  non-discrimination               | DIVERSITY, EQUITY, AND INCLUSION        |          24850 |                0 | Against     |                                    24850 | FOR                         |  |
| Berkshire Hathaway Inc         | 084670702 | 05/03/2025     | 5 Proposal for independent racial descrimination audit     | DIVERSITY, EQUITY, AND INCLUSION        |          24850 |                0 | Against     |                                    24850 | FOR                         |  |
| Berkshire Hathaway Inc         | 084670702 | 05/03/2025     | 6 Proposal for Company's diversity  inclusion strategy     | DIVERSITY, EQUITY, AND INCLUSION        |          24850 |                0 | Against     |                                    24850 | FOR                         |  |
| Berkshire Hathaway Inc         | 084670702 | 05/03/2025     | 7 Proposal to disclose clean energy financing ratio        | ENVIRONMENT OR CLIMATE                  |          24850 |                0 | Against     |                                    24850 | FOR                         |  |
| Berkshire Hathaway Inc         | 084670702 | 05/03/2025     | 8 Proposal for board committee for AI development          | OTHER SOCIAL ISSUES                     |          24850 |                0 | Against     |                                    24850 | FOR                         |  |
| Blackrock Inc                  | 09247X101 | 05/15/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |           2925 |                0 | For all     |                                     2925 | FOR                         |  |
| Blackrock Inc                  | 09247X101 | 05/15/2025     | 2 Approve named executive officer compensation             | SECTION 14A SAY-ON-PAY VOTES            |           2925 |                0 | For         |                                     2925 | FOR                         |  |
| Blackrock Inc                  | 09247X101 | 05/15/2025     | 3 Appointment of Deloitte  Touche LLP as CPA               | AUDIT-RELATED                           |           2925 |                0 | For         |                                     2925 | FOR                         |  |
| Blackrock Inc                  | 09247X101 | 05/15/2025     | 4 Proposal re Report on risk of Stakeholder Capitalism     | SHAREHOLDER RIGHTS AND DEFENSES         |           2925 |                0 | Against     |                                     2925 | FOR                         |  |
| Blackrock Inc                  | 09247X101 | 05/15/2025     | 5 Proposal re Democratic Reform of the Board Election      | SHAREHOLDER RIGHTS AND DEFENSES         |           2925 |                0 | Against     |                                     2925 | FOR                         |  |
| Broadcom Inc.                  | 11135F101 | 04/21/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          60090 |                0 | For all     |                                    60090 | FOR                         |  |
| Broadcom Inc.                  | 11135F101 | 04/21/2025     | 2 Ratification of PricewaterhouseCoopers as CPA            | AUDIT-RELATED                           |          60090 |                0 | For         |                                    60090 | FOR                         |  |
| Broadcom Inc.                  | 11135F101 | 04/21/2025     | 3 Approve named Executive Compensation                     | SECTION 14A SAY-ON-PAY VOTES            |          60090 |                0 | For         |                                    60090 | FOR                         |  |
| Deere  Company                 | 244199105 | 02/26/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |           7800 |                0 | For all     |                                     7800 | FOR                         |  |
| Deere  Company                 | 244199105 | 02/26/2025     | 2 Advisory vote to approve executive compensation          | SECTION 14A SAY-ON-PAY VOTES            |           7800 |                0 | For         |                                     7800 | FOR                         |  |
| Deere  Company                 | 244199105 | 02/26/2025     | 3 Ratification of Deloitte  Touche as CPA                  | AUDIT-RELATED                           |           7800 |                0 | For         |                                     7800 | FOR                         |  |
| Deere  Company                 | 244199105 | 02/26/2025     | 4 Proposal re racial and gender hiring stats               | DIVERSITY, EQUITY, AND INCLUSION        |           7800 |                0 | Against     |                                     7800 | FOR                         |  |
| Deere  Company                 | 244199105 | 02/26/2025     | 5 Proposal re create meritocratic workplcae                | DIVERSITY, EQUITY, AND INCLUSION        |           7800 |                0 | Against     |                                     7800 | FOR                         |  |
| Deere  Company                 | 244199105 | 02/26/2025     | 6 Proposal re corporate financial sustainability report    | ENVIRONMENT OR CLIMATE                  |           7800 |                0 | Against     |                                     7800 | FOR                         |  |
| Deere  Company                 | 244199105 | 02/26/2025     | 7 Proposal for civil rights audit                          | DIVERSITY, EQUITY, AND INCLUSION        |           7800 |                0 | Against     |                                     7800 | FOR                         |  |
| Deere  Company                 | 244199105 | 02/26/2025     | 8 Proposal for report on charitable giving                 | OTHER SOCIAL ISSUES                     |           7800 |                0 | Against     |                                     7800 | FOR                         |  |
| Johnson Controls International | G51502105 | 03/12/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          37275 |                0 | For all     |                                    37275 | FOR                         |  |
| Johnson Controls International | G51502105 | 03/12/2025     | 2 Appointment/payment of PricewaterhouseCoopers            | AUDIT-RELATED                           |          37275 |                0 | For         |                                    37275 | FOR                         |  |
| Johnson Controls International | G51502105 | 03/12/2025     | 3 Authorize market purchases of Company shares             | CAPITAL STRUCTURE                       |          37275 |                0 | For         |                                    37275 | FOR                         |  |
| Johnson Controls International | G51502105 | 03/12/2025     | 4 Determine price to re-allot treasury shares              | CAPITAL STRUCTURE                       |          37275 |                0 | For         |                                    37275 | FOR                         |  |
| Johnson Controls International | G51502105 | 03/12/2025     | 5 Approve named executive officer compenstaion             | SECTION 14A SAY-ON-PAY VOTES            |          37275 |                0 | For         |                                    37275 | FOR                         |  |
| Johnson Controls International | G51502105 | 03/12/2025     | 6 Approve authority to allot up to 20% issued capital      | CAPITAL STRUCTURE                       |          37275 |                0 | For         |                                    37275 | FOR                         |  |
| Johnson Controls International | G51502105 | 03/12/2025     | 7 Approve pre-emptive rights to 20% issued capital         | CAPITAL STRUCTURE                       |          37275 |                0 | For         |                                    37275 | FOR                         |  |
| Lennar Corporation             | 526057104 | 04/09/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          16000 |                0 | For all     |                                    16000 | FOR                         |  |
| Lennar Corporation             | 526057104 | 04/09/2025     | 2 Approve named executive officer compensation             | SECTION 14A SAY-ON-PAY VOTES            |          16000 |                0 | For         |                                    16000 | FOR                         |  |
| Lennar Corporation             | 526057104 | 04/09/2025     | 3 Ratification of Deloitte  Touche LLP as CPA              | AUDIT-RELATED                           |          16000 |                0 | For         |                                    16000 | FOR                         |  |
| Lennar Corporation             | 526057104 | 04/09/2025     | 4 Proposal for an Independent Board Chairman               | INVESTMENT COMPANY MATTERS              |          16000 |                0 | For         |                                    16000 | AGAINST                     |  |
| Lennar Corporation             | 526057104 | 04/09/2025     | 5 Proposal reg reuction of greenhouse gas emissions        | ENVIRONMENT OR CLIMATE                  |          16000 |                0 | Against     |                                    16000 | FOR                         |  |
| Lennar Corporation             | 526057104 | 04/09/2025     | 6 Proposal regarding LGBTQ equity and inclusion            | DIVERSITY, EQUITY, AND INCLUSION        |          16000 |                0 | Against     |                                    16000 | FOR                         |  |
| Lowe's Companies Inc           | 548661107 | 05/30/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          39600 |                0 | For all     |                                    39600 | FOR                         |  |
| Lowe's Companies Inc           | 548661107 | 05/30/2025     | 2 Approve named executive officer compensation             | SECTION 14A SAY-ON-PAY VOTES            |          39600 |                0 | For         |                                    39600 | FOR                         |  |
| Lowe's Companies Inc           | 548661107 | 05/30/2025     | 3 Appointment of Deloitte  Touche LLP as CPA firm          | AUDIT-RELATED                           |          39600 |                0 | For         |                                    39600 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          39600 |                0 | For all     |                                    39600 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 2 Approve named executive officer compensation             | SECTION 14A SAY-ON-PAY VOTES            |          30060 |                0 | For         |                                    30060 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 3 Selection of Deloitte  Touche LLP as auditor             | AUDIT-RELATED                           |          30060 |                0 | For         |                                    30060 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 4 Report on risks of weapons development                   | OTHER SOCIAL ISSUES                     |          30060 |                0 | Against     |                                    30060 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 5 Assessment of investing in Bitcoin                       | OTHER SOCIAL ISSUES                     |          30060 |                0 | Against     |                                    30060 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 6 Report on operations in human rights hot spots           | HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE |          30060 |                0 | Against     |                                    30060 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 7 Report on AI and Tools for Oil  Gas Dev and Prod         | OTHER SOCIAL ISSUES                     |          30060 |                0 | Against     |                                    30060 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 8 Report on AI misinformation and disinformation           | OTHER SOCIAL ISSUES                     |          30060 |                0 | Against     |                                    30060 | FOR                         |  |
| Microsoft Corporation          | 594918104 | 12/10/2024     | 9 Report on AI Data Sourcing Accountability                | OTHER SOCIAL ISSUES                     |          30060 |                0 | Against     |                                    30060 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 1 Approval of annual report/financial statements           | AUDIT-RELATED                           |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 2 Discharge from liability of the Members of Board         | CORPORATE GOVERNANCE                    |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 3 Approval of profits and declaration of dividend          | INVESTMENT COMPANY MATTERS              |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 4 Reduction of share capital                               | CAPITAL STRUCTURE                       |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 5 Further share repurchases                                | CAPITAL STRUCTURE                       |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 6 Advisory vote on electronic participation at meeting     | SHAREHOLDER RIGHTS AND DEFENSES         |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 7 Votes on compensation for Directors and Exec Comm        | COMPENSATION                            |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 8 Election of Directors                                    | DIRECTOR ELECTIONS                      |          20420 |                0 | For All     |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 9 Election of Compensation Committee                       | CORPORATE GOVERNANCE                    |          20420 |                0 | For All     |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 10 Re-election of Auditor                                  | AUDIT-RELATED                           |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 11 Re-election of the Independent Proxy                    | CORPORATE GOVERNANCE                    |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Novartis AG                    | 66987V109 | 03/07/2025     | 12 General instructions                                    | CORPORATE GOVERNANCE                    |          20420 |                0 | For         |                                    20420 | FOR                         |  |
| Nvidia Corporation             | 67066G104 | 06/25/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          54600 |                0 | For all     |                                    54600 | FOR                         |  |
| Nvidia Corporation             | 67066G104 | 06/25/2025     | 2 Approval of Executive Compensation                       | SECTION 14A SAY-ON-PAY VOTES            |          54600 |                0 | For         |                                    54600 | FOR                         |  |
| Nvidia Corporation             | 67066G104 | 06/25/2025     | 3 Selection of PricewaterouseCoopers LLP as CPA            | AUDIT-RELATED                           |          54600 |                0 | For         |                                    54600 | FOR                         |  |
| Nvidia Corporation             | 67066G104 | 06/25/2025     | 4 Approve Amended Certificate of Incorporation             | CAPITAL STRUCTURE                       |          54600 |                0 | For         |                                    54600 | FOR                         |  |
| Nvidia Corporation             | 67066G104 | 06/25/2025     | 5 Proposal re holding period for shareholder meetings      | CORPORATE GOVERNANCE                    |          54600 |                0 | Against     |                                    54600 | FOR                         |  |
| Nvidia Corporation             | 67066G104 | 06/25/2025     | 6 Proposal re director resignation governance policy       | OTHER SOCIAL ISSUES                     |          54600 |                0 | Against     |                                    54600 | FOR                         |  |
| Nvidia Corporation             | 67066G104 | 06/25/2025     | 7 Proposal re reporting on workforce data                  | DIVERSITY, EQUITY, AND INCLUSION        |          54600 |                0 | Against     |                                    54600 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 1 Annual report and accounts to be received                | AUDIT-RELATED                           |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 2 Approval of directors renumeration report                | COMPENSATION                            |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 3 - 14 Election of directors                               | DIRECTOR ELECTIONS                      |          52850 |                0 | For all     |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 15 Reappointment of auditors                               | AUDIT-RELATED                           |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 16 Renumeration of auditors                                | AUDIT-RELATED                           |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 17 Authority to allot shares                               | INVESTMENT COMPANY MATTERS              |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 18 Disapplication of pre-emptive rights                    | INVESTMENT COMPANY MATTERS              |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 19 Authority to make on market purchases of stock          | CAPITAL STRUCTURE                       |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 20 Authority to make off market purchases of stock         | CAPITAL STRUCTURE                       |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 21 Authority to make certain donations                     | OTHER SOCIAL ISSUES                     |          52850 |                0 | For         |                                    52850 | FOR                         |  |
| Shell PLC                      | 780259305 | 05/20/2025     | 22 Shareholder resolution                                  | ENVIRONMENT OR CLIMATE                  |          52850 |                0 | Against     |                                    52850 | FOR                         |  |
| Simon Property Group, Inc.     | 828806109 | 05/14/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          16500 |                0 | For All     |                                    16500 | FOR                         |  |
| Simon Property Group, Inc.     | 828806109 | 05/14/2025     | 2 Approval of Executive Officer Compensation               | SECTION 14A SAY-ON-PAY VOTES            |          16500 |                0 | For         |                                    16500 | FOR                         |  |
| Simon Property Group, Inc.     | 828806109 | 05/14/2025     | 3 Approval of Ernst  Young LLP as CPA                      | AUDIT-RELATED                           |          16500 |                0 | For         |                                    16500 | FOR                         |  |
| Simon Property Group, Inc.     | 828806109 | 05/14/2025     | 4 Approve Redomestication of Company to State of Indiana   | OTHER                                   |          16500 |                0 | For         |                                    16500 | FOR                         |  |
| Charles Schwab                 | 808513105 | 05/22/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          65000 |                0 | For all     |                                    65000 | FOR                         |  |
| Charles Schwab                 | 808513105 | 05/22/2025     | 2 Ratification of selection of Independent Auditors        | AUDIT-RELATED                           |          65000 |                0 | For         |                                    65000 | FOR                         |  |
| Charles Schwab                 | 808513105 | 05/22/2025     | 3 Approval of named Executive Officer Compensation         | SECTION 14A SAY-ON-PAY VOTES            |          65000 |                0 | For         |                                    65000 | FOR                         |  |
| Charles Schwab                 | 808513105 | 05/22/2025     | 4 Proposal for declassification of Board of Directors      | CORPORATE GOVERNANCE                    |          65000 |                0 | Against     |                                    65000 | FOR                         |  |
| Thermo Fisher Scientific       | 883556102 | 05/21/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |           5000 |                0 | For all     |                                     5000 | FOR                         |  |
| Thermo Fisher Scientific       | 883556102 | 05/21/2025     | 2 Approval of named Executive officer compensation         | SECTION 14A SAY-ON-PAY VOTES            |           5000 |                0 | For         |                                     5000 | FOR                         |  |
| Thermo Fisher Scientific       | 883556102 | 05/21/2025     | 3 Approve PricewaterhouseCoopers LLP as CPA firm           | AUDIT-RELATED                           |           5000 |                0 | For         |                                     5000 | FOR                         |  |
| Thermo Fisher Scientific       | 883556102 | 05/21/2025     | 4 Shareholder proposal re special meetings                 | CORPORATE GOVERNANCE                    |           5000 |                0 | Against     |                                     5000 | FOR                         |  |
| United Rentals Inc             | 911363109 | 05/08/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          15750 |                0 | For all     |                                    15750 | FOR                         |  |
| United Rentals Inc             | 911363109 | 05/08/2025     | 2 Ratification of appointment of CPA firm                  | AUDIT-RELATED                           |          15750 |                0 | For         |                                    15750 | FOR                         |  |
| United Rentals Inc             | 911363109 | 05/08/2025     | 3 Advisory approval of Executive Compensation              | SECTION 14A SAY-ON-PAY VOTES            |          15750 |                0 | For         |                                    15750 | FOR                         |  |
| United Rentals Inc             | 911363109 | 05/08/2025     | 4 Proposal for majority vote for election of Directors     | CORPORATE GOVERNANCE                    |          15750 |                0 | Against     |                                    15750 | FOR                         |  |
| Vertex Pharmaceuticals Inc     | 92532F100 | 05/14/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          14800 |                0 | For all     |                                    14800 | FOR                         |  |
| Vertex Pharmaceuticals Inc     | 92532F100 | 05/14/2025     | 2 Approve Ernst  Young LLP as CPA firm                     | AUDIT-RELATED                           |          14800 |                0 | For         |                                    14800 | FOR                         |  |
| Vertex Pharmaceuticals Inc     | 92532F100 | 05/14/2025     | 3 Approval of named executive officer compensation         | SECTION 14A SAY-ON-PAY VOTES            |          14800 |                0 | For         |                                    14800 | FOR                         |  |
| Vertex Pharmaceuticals Inc     | 92532F100 | 05/14/2025     | 4 Proposal re excessive golden parachutes                  | COMPENSATION                            |          14800 |                0 | Against     |                                    14800 | FOR                         |  |
| Visa Inc.                      | 92826C839 | 01/28/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          11000 |                0 | For all     |                                    11000 | FOR                         |  |
| Visa Inc.                      | 92826C839 | 01/28/2025     | 2 Appointment of KPMG LLP as CPA firm                      | AUDIT-RELATED                           |          11000 |                0 | For         |                                    11000 | FOR                         |  |
| Visa Inc.                      | 92826C839 | 01/28/2025     | 3 Advisory vote on named executive compensation            | SECTION 14A SAY-ON-PAY VOTES            |          11000 |                0 | For         |                                    11000 | FOR                         |  |
| Visa Inc.                      | 92826C839 | 01/28/2025     | 4 Shareholder proposal re gender compensation guides       | DIVERSITY, EQUITY, AND INCLUSION        |          11000 |                0 | Against     |                                    11000 | FOR                         |  |
| Visa Inc.                      | 92826C839 | 01/28/2025     | 5 Shareholder proposal re merchant category codes          | OTHER SOCIAL ISSUES                     |          11000 |                0 | Against     |                                    11000 | FOR                         |  |
| Visa Inc.                      | 92826C839 | 01/28/2025     | 6 Shareholder proposal re director election resign guides  | CORPORATE GOVERNANCE                    |          11000 |                0 | Against     |                                    11000 | FOR                         |  |
| Visa Inc.                      | 92826C839 | 01/28/2025     | 7 Shareholder proposal re transparency in lobbying         | OTHER SOCIAL ISSUES                     |          11000 |                0 | Against     |                                    11000 | FOR                         |  |
| Williams-Sonoma Inc            | 969904101 | 06/11/2025     | 1 Election of Directors                                    | DIRECTOR ELECTIONS                      |          23860 |                0 | For all     |                                    23860 | FOR                         |  |
| Williams-Sonoma Inc            | 969904101 | 06/11/2025     | 2 Advisory vote to approve executive compensation          | SECTION 14A SAY-ON-PAY VOTES            |          23860 |                0 | For         |                                    23860 | FOR                         |  |
| Williams-Sonoma Inc            | 969904101 | 06/11/2025     | Approval of Deloitte  Touche LLP as CPA                    | AUDIT-RELATED                           |          23860 |                0 | For         |                                    23860 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Ultimus Managers Trust

**By (Signature):** /s/ Todd E. Heim

**By (Printed Signature):** /s/ Todd E. Heim

**By (Title):** President and Principal Executive Officer

**Date:** 08/13/2025