# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001580642-25-006943
**Filing Date:** 2025-11
**Character Count:** 189120
**Document Hash:** 91bdb5a1cc525ca7cb2305987ab05f45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006943.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001580642-25-006943

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251444842

**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

### HVIA Equity Fund (Series ID: S000054831)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000172452 | Institutional Class | HVEIX           |

### Blueprint Adaptive Growth Allocation Fund (Series ID: S000068289)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000218613 | Institutional Class | BLUIX           |

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

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

?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 COMPANY**

Investment Company Act file number <u>811-22680</u>

**<u>Ultimus Managers Trust</u>**

(Exact name of registrant as specified in charter)

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

<u>Karen Jacoppo-Wood</u>

Ultimus Fund Solutions, LLC 225&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, Ohio&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45246

(Name and address of agent for service)

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

Date of fiscal year end: <u>February 28</u> <br>Date of reporting period: <u>August 31, 2025</u>

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) # Blueprint Adaptive Growth Allocation Fund

# Institutional Class (BLUIX)

# Semi-Annual Shareholder Report - August 31, 2025
![Image](i6ddf10db8d657b2545730dfc.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Blueprint Adaptive Growth Allocation Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/blueprint/**. You can also request this information by contacting us at (866) 983-4525.

## What were the Fund's annualized costs for the last six months?
(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 | $65 | 1.25% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The recovery in equities that began in late April produced sustained uptrends in the reporting period which allowed the Fund to capitalize. Specifically, U.S. large cap stocks in the growth and technology sectors performed well and due to overweight allocations in the portfolio pushed overall performance ahead of a passive, diversified benchmark by over 150 bps.

&nbsp;&nbsp;&nbsp;&nbsp; The trends in technology and growth sectors were led by NVIDIA Corporation, Microsoft Corporation, and Broadcom, Inc. While also generally considered a tech name, Tesla failed to follow some of its peers but moved more sideways than down. The Fund harvested losses in the position for tax purposes and positive trends appear to be slowly returning. Duolingo started the period on a high note before receding quickly. The Fund exited this position by the end of the quarter. Costco Wholesale Corporation has been choppy and generally moved lower after also starting the reporting period off well. It currently has a mix of uptrends and downtrends depending on timeframe.

&nbsp;&nbsp;&nbsp;&nbsp; After shifting back into a primarily 'risk-on' stance by May, the Fund maintained this overall allocation throughout the last reporting period and continues to hold it as the new reporting period begins. As tariff uncertainty has abated somewhat and monetary policy stances have softened, the environment for stocks has improved, driving volatility lower and prices higher. These types of trends are favorable, if not ideal, for the Fund's tactical momentum-based strategy.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i84dd421717f25c38ed2c85e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Blueprint Adaptive Growth Allocation Fund - Institutional Class** | **Morningstar Global Allocations Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2020** | $10000 | $10000 | $10000 |
| **Aug-2020** | $11430 | $12152 | $13649 |
| **Aug-2021** | $13374 | $14330 | $17903 |
| **Aug-2022** | $11741 | $11999 | $15893 |
| **Aug-2023** | $12247 | $12996 | $18427 |
| **Aug-2024** | $14827 | $15206 | $23428 |
| **Aug-2025** | $15993 | $16820 | $27148 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (March 31, 2020) |
| Blueprint Adaptive Growth Allocation Fund - Institutional Class | 7.86% | 6.95% | 9.05% |
| Morningstar Global Allocations Index | 10.61% | 6.72% | 10.07% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 20.24% |

---

**Past performance does not guarantee future results. Call (866) 983-4525 or visit https://blueprintip.com/systematic-investing-strategies/risk-managed-global-fund-blueprint-adaptive-growth-allocation/#performance for current month-end performance.**

**Blueprint Adaptive Growth Allocation Fund (the "Fund") is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.**

### **Fund Statistics** 
* Net Assets$191,027,567

* Number of Portfolio Holdings237

* Advisory Fee (net of recoupments)$918,527

* Portfolio Turnover142%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](ia79228440c7853f69597dbe0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 84.2% |
| Exchange-Traded Funds | 15.1% |
| Money Market Funds | 0.7% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)
![Group By Sector Chart](i1c36b902f7c577348b6f7f9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.7% |
| Utilities | 1.5% |
| Materials | 1.7% |
| Energy | 2.1% |
| Consumer Staples | 3.9% |
| Health Care | 3.9% |
| Real Estate | 4.7% |
| Consumer Discretionary | 6.9% |
| Industrials | 8.2% |
| Communications | 9.9% |
| Exchange-Traded Funds | 15.1% |
| Financials | 15.6% |
| Technology | 25.6% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 6.2% |
| Microsoft Corporation | 5.7% |
| Apple, Inc. | 5.0% |
| Amazon.com, Inc. | 3.4% |
| Alphabet, Inc. - Classes A & C | 3.0% |
| Meta Platforms, Inc. - Class A | 2.5% |
| iShares Gold Trust | 2.4% |
| Broadcom, Inc. | 2.1% |
| Xtrackers Harvest CSI 300 China A-Shares ETF | 1.7% |
| iShares MSCI South Korea ETF | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended August 31, 2025.

![Image](i6ddf10db8d657b2545730dfc.jpg)

# Blueprint Adaptive Growth Allocation Fund - Institutional Class (BLUIX)

#### Semi-Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 083125-BLUIX

# HVIA Equity Fund

## Institutional Class (HVEIX)

### Semi-Annual Shareholder Report - August 31, 2025
![Image](ic327a807755db26fb1fa3e7f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HVIA Equity Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/hvia/**. You can also request this information by contacting us at (888) 209-8710. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(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 | $52 | 0.99% |

---

## How did the Fund perform during the reporting period?
For the six months ended August 31, 2025, the Fund returned 7.57%, modestly behind the S&P 500's 9.21%. Market conditions were shaped by cooling inflation, weakening labor data, and shifting Fed expectations. Early in the period, sticky services inflation and firm demand supported risk assets; as hiring slowed and prior payrolls were revised lower, employment concerns mounted—culminating in the Fed's September rate cut. A narrow advance led by a few mega-cap tech stocks created a difficult backdrop for diversified portfolios.

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

With regards to sector allocations' impact on performance, the strongest contributors were Industrials (+1.68%), Financials (+0.61%), and Communication Services (+0.31%). Industrials benefited from both overweight and selection—United Retals, Inc., Quanta Services, Inc., Rockwell Automation, Inc., and Generac Holidngs, Inc. each delivered > 40%. Financials saw solid gains from Goldman Sachs Group, Inc., Charles Schwab Corporation, and American Express Company. Communication Services was aided by Meta Platforms, Inc. and Netflix, Inc. The weakest sectors were Information Technology (–1.65%), where strong absolute gains (Fund +18.7%) lagged the benchmark (+23.4%) given underweights to index leaders; Consumer Discretionary (–1.51%); and Health Care (–0.59%).

Index Concentration Impact: Underweights to the top three index holdings cost –1.53% in active contribution was as follows: NVIDIA Corporation: our largest holding, (+52.7% 6 mts end 8/31): underweight detracted –0.65% CTR, Microsoft Corporation: Our relative underweight (+30.9% 6 mts end 8/31) cost –0.99% and Apple, Inc. (–2.2% 6 mts end 8/31): underweight helped +0.11% CTR.

The following holdings were the strongest by total return, with Amphenol Corporation and United Rentals, Inc. together contributing over +1.5% of the total fund return: Amphenol Corporation +72.3%, United Rentals, Inc. +55.6% and NVIDIA Corporation +52.7%. The following holdings were at the bottom by total return: UnitedHealth Group, Inc. -32.9%, Starbucks Corporation -22.5% and Chipotle Mexican Grill, Inc. -22.4%.

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

During the volatility of March and April, we leaned into dislocations, adding high-conviction names with superior growth profiles at attractive valuations. Notably, Amphenol Corporation, initiated during this period, was the Fund's best performer. We also added Rockwell Automation, Inc. and MercadoLibre, Inc., both aligned with our long-term growth and quality framework.

The Fund continues to emphasize high-quality U.S. companies with durable growth, strong balance sheets and operating efficiencies. This approach delivered competitive absolute results while mitigating volatility, even as benchmark concentration and labor-market-driven policy shifts challenged relative returns.

## How has the Fund performed since inception?

### Total Return Based on $25,000 Investment
![Growth of 10K Chart](ibb067ed96f33aef5425d106c.jpg)

---

| | | |
|:---|:---|:---|
| | **HVIA Equity Fund - Institutional Class** | **S&P 500<sup>®</sup> Index** |
| **Oct-2016** | $25000 | $25000 |
| **Aug-2017** | $30118 | $29144 |
| **Aug-2018** | $35300 | $34875 |
| **Aug-2019** | $36319 | $35894 |
| **Aug-2020** | $47796 | $43768 |
| **Aug-2021** | $61673 | $57408 |
| **Aug-2022** | $52659 | $50962 |
| **Aug-2023** | $62378 | $59088 |
| **Aug-2024** | $77272 | $75122 |
| **Aug-2025** | $83930 | $87051 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (October 3, 2016)** |
| HVIA Equity Fund - Institutional Class | 8.62% | 11.92% | 14.56% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 15.03% |

---

***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$71,495,161

* Number of Portfolio Holdings56

* Advisory Fee (net of waivers)$182,781

* Portfolio Turnover9%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i390896074846a5918ddf7d0f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i22b0058a56fd14e17c73fc1b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.6% |
| Consumer Staples | 1.0% |
| Materials | 1.8% |
| Utilities | 2.1% |
| Energy | 2.7% |
| Real Estate | 3.6% |
| Health Care | 6.9% |
| Consumer Discretionary | 10.6% |
| Communications | 10.7% |
| Financials | 14.3% |
| Industrials | 15.8% |
| Technology | 29.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;American Express Company | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Microsoft Corporation - Class A | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Chart Industries, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;2.3% |

---

## Material Fund Changes
Effective October 8, 2025, Hudson Valley Investment Advisors, Inc. changed its name to Orange Investment Advisors, Inc. The Adviser's name change does not affect the investment objective or principal investment strategies of the Fund, the Adviser personnel who provide services to the Fund, the name of the Fund or the ownership or structure of the Adviser.

![Image](ic327a807755db26fb1fa3e7f.jpg)

# HVIA Equity Fund (HVEIX)

## Semi-Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 083125-HVEIX

# Nia Impact Solutions Fund
(NIAGX)

### Semi-Annual Shareholder Report - August 31, 2025
![Image](id11f118cd55a3c1d7f39dce1.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Nia Impact Solutions Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **www.niaimpactfunds.com**. You can also request this information by contacting us at (833) 571-2833. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(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** |
| Nia Impact Solutions Fund | $52 | 0.99% |

---

## How did the Fund perform during the reporting period?
During the period March 1 to August 31, the Fund returned 8.58%, relative to the MSCI ACWI IMI Index which returned 11.68%. Top-performing sectors for the Fund were Financials, Industrials and Materials while bottom performing sectors were Technology, Health Care and Consumer Staples.

Within the Financials sector, fintech holdings Robinhood Markets, Inc. - Class A and B Corp Lemonade, Inc. posted strong gains on robust earnings and deregulation-driven optimism. The Industrials sector also contributed positively to performance, led by engineering and infrastructure firms Stantec, Inc. and AECOM, which benefited from resilient demand and spending in public infrastructure as well as environmental engineering. Performance in the materials sector was driven by the acquisition of Radius Recycling by Toyota Tsusho at a 115% premium to its March 12 closing price, highlighting strong strategic interest in circular economy assets.

Detractors were concentrated in the Technology sector, where cyber security focused Fortinet, Inc. and Atlassian Corporation - Class A declined amid investor concerns over AI-driven software disruption. The Health Care sector lagged, with Organon and Vertex Pharmaceuticals, Inc. underperforming due to limited pipeline progress and competitive pressures. The Consumer Staples sector was another area of weakness; United Natural Foods, Inc. faced a major cyberattack in June that disrupted operations and weighed heavily on share price, while The Honest Company, Inc. struggled under tariff-related margin pressure.

Macro themes played a decisive role over the period. The introduction of tariffs pressured margins in consumer staples and select industrials. Expectations of Federal Reserve rate cuts provided support to rate-sensitive sectors, although uncertainty arose from volatility around Federal Reserve governor appointments, affecting industrials with residential exposure and utilities. In contrast, deregulation provided a structural boost for fintech, while renewable energy companies faced regulatory headwinds, partially offset by stronger-than-expected earnings from names such as Vestas Wind Systems A/S - ADR.

Overall, while sector-level headwinds in IT, Health Care, and Consumer Staples weighed on relative returns, the portfolio remains positioned to benefit from long-term themes such as fintech deregulation, infrastructure investment, and the global transition to renewable energy, while maintaining disciplined exposure to companies driving measurable impact.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i14b63d703e9ca39980fbefa5.jpg)

---

| | | |
|:---|:---|:---|
| | **Nia Impact Solutions Fund** | **MSCI ACWI IMI Index** |
| **May-2022** | $10000 | $9999 |
| **Aug-2022** | $10220 | $9905 |
| **Aug-2023** | $10205 | $11225 |
| **Aug-2024** | $12637 | $13765 |
| **Aug-2025** | $13978 | $15899 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 10, 2022)** |
| Nia Impact Solutions Fund | 10.61% | 10.65% |
| MSCI ACWI IMI Index | 15.48% | 15.04% |

---

***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$86,576,520

* Number of Portfolio Holdings54

* Advisory Fee (net of waivers)$239,902

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9703276e78519c999f661688.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i93d020f5ecb15c81c3abdd28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Utilities | 2.3% |
| Materials | 3.0% |
| Real Estate | 3.1% |
| Money Market Funds | 4.0% |
| Consumer Staples | 4.0% |
| Communications | 4.5% |
| Consumer Discretionary | 6.9% |
| Energy | 6.9% |
| Financials | 11.1% |
| Health Care | 11.7% |
| Industrials | 16.2% |
| Technology | 26.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3.7% |
| Stantec, Inc. | 3.4% |
| Stride, Inc. | 3.3% |
| Palo Alto Networks, Inc. | 3.0% |
| First Solar, Inc. | 2.9% |
| SAP SE - ADR | 2.8% |
| International Business Machines Corporation | 2.7% |
| Xylem, Inc. | 2.7% |
| Schneider Electric SE - ADR | 2.5% |
| AECOM | 2.5% |

---

## Material Fund Changes
Effective June 30, 2025, the Adviser has contractually agreed, until June 30, 2026, to reduce 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, 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 (collectively, the "Excluded Expenses")) to 0.97% of the Fund's average daily net assets. Prior to June 30, 2025, the Adviser had contractually agreed, until June 30, 2025, to reduce management fees and reimburse other Expenses to the extent necessary to limit total annual fund operating expenses (exclusive of any Excluded Expenses) to 0.99% of the Fund's average daily net assets.

![Image](id11f118cd55a3c1d7f39dce1.jpg)

# Nia Impact Solutions Fund (NIAGX)

## Semi-Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.niaimpactfunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 083125-NIAGX

(b) Not applicable

**Item 2.** **Code of Ethics.**

Not required

**Item 3.** **Audit Committee Financial Expert.**

Not required

**Item 4.** **Principal Accountant Fees and Services.**

Not required

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant's schedule 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) ![](bluix_001.jpg)

**Blueprint Adaptive**

**Growth Allocation Fund**

**Institutional Class: (BLUIX)**

**Semi-Annual Financial Statements**

**and Additional Information**

**August 31, 2025**

**(Unaudited)**

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0%** | **Shares** | **Value** |
| **Communications — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite — 0.0% <sup>(a)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A <sup>(b)</sup> | 138 | $36650 |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. - ADR | 24534 | 420513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 5222 | 618180 |
|  |  | 1038693 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 7.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 14888 | 3169804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 12143 | 2592895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Trader Group plc - ADR | 153024 | 408574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 125 | 699881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 6381 | 4713645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(b)</sup> | 1886 | 2278759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. - ADR | 38186 | 470452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A <sup>(b)</sup> | 3913 | 552829 |
|  |  | 14886839 |
| &nbsp;&nbsp;&nbsp;*Telecommunications — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 29970 | 877821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG - ADR | 30396 | 1114287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1378 | 347242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 11760 | 520145 |
|  |  | 2859495 |
| **Consumer Discretionary — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apparel & Textile Products — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kering S.A. - ADR | 8944 | 240236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 3165 | 244876 |
|  |  | 485112 |
| &nbsp;&nbsp;&nbsp;*Automotive — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari N.V. | 480 | 229061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG - ADR | 29278 | 456151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corporation - ADR | 2315 | 450430 |
|  |  | 1135642 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary — 6.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Consumer Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. <sup>(b)</sup> | 1498 | $196163 |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(b)</sup> | 28547 | 6537263 |
| &nbsp;&nbsp;&nbsp;*Home & Office Products — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 3501 | 293909 |
| &nbsp;&nbsp;&nbsp;*Home Construction — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 1376 | 269380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geberit AG - ADR | 6084 | 446383 |
|  |  | 715763 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amadeus IT Group S.A. - ADR | 5326 | 446798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 1972 | 618301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A <sup>(b)</sup> | 2243 | 235066 |
|  |  | 1300165 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(b)</sup> | 963 | 171192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fast Retailing Comapny Ltd. - ADR | 14248 | 444324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 2682 | 1090957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 1482 | 382445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wesfarmers Ltd. - ADR <sup>(b)</sup> | 17113 | 513390 |
|  |  | 2602308 |
| **Consumer Staples — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 3653 | 228933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | 6021 | 415389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo plc - ADR | 2043 | 228469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 1830 | 272029 |
|  |  | 1144820 |
| &nbsp;&nbsp;&nbsp;*Food — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 1887 | 218213 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Consumer Staples — 3.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Household Products — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal S.A. - ADR | 5106 | $475216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever plc - ADR | 7376 | 466163 |
|  |  | 941379 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 932 | 460892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 627 | 591462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. <sup>(b)</sup> | 2537 | 356550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 17395 | 1686967 |
|  |  | 3095871 |
| &nbsp;&nbsp;&nbsp;*Tobacco & Cannabis — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 4599 | 309099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco plc - ADR | 8547 | 486239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 4362 | 729021 |
|  |  | 1524359 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corporation <sup>(b)</sup> | 6408 | 497261 |
| **Energy — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP plc - ADR | 13240 | 466445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 5184 | 832550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 4887 | 509128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 9713 | 469526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 6703 | 766086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc - ADR | 6186 | 457022 |
|  |  | 3500757 |
| &nbsp;&nbsp;&nbsp;*Renewable Energy — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S - ADR | 73272 | 482130 |
| **Financials — 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 6662 | 437827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 4611 | 441918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group plc | 4255 | 188582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 5894 | 382226 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Financials — 15.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 1.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corporation | 2755 | $317624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | 11860 | 480567 |
|  |  | 2248744 |
| &nbsp;&nbsp;&nbsp;*Banking — 6.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. - ADR | 56737 | 540704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 19271 | 977810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal | 4003 | 484363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) | 7955 | 496869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc - ADR | 22648 | 444580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. - ADR | 23359 | 1051389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 4551 | 439490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia - ADR | 3992 | 444629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | 3052 | 480202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 3095 | 325408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corporation | 13358 | 301891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc - ADR | 7194 | 463797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. - ADR | 12901 | 487529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 8222 | 2478275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group plc - ADR | 105613 | 456248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. - ADR | 31009 | 474128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. - ADR | 77437 | 511084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd. - ADR | 33585 | 469854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 3396 | 493643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) | 6226 | 467822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | 4487 | 219100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 9640 | 792215 |
|  |  | 13301030 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (The) | 1994 | 210566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 418 | 471145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG - ADR | 7790 | 229415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 996 | 320264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 910 | 678178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges and Clearing Ltd. - ADR | 23496 | 1376396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 1535 | 305849 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Financials — 15.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 3.4% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A | 32327 | $2012032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 3611 | 543383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 470 | 156881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Company | 2526 | 222995 |
|  |  | 6527104 |
| &nbsp;&nbsp;&nbsp;*Insurance — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. - ADR | 12898 | 489866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE - ADR | 28026 | 1185276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA S.A. - ADR | 8871 | 413876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | 2974 | 1495862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 11058 | 588949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 18021 | 229588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corporation | 6746 | 269638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. - ADR | 28043 | 447566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Re AG - ADR | 9555 | 433510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. - ADR | 10550 | 453650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 3310 | 231237 |
|  |  | 6239018 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen N.V. - ADR <sup>(b)</sup> | 13688 | 229685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | 1564 | 518122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | 1681 | 381957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc. <sup>(b)</sup> | 1812 | 341616 |
|  |  | 1471380 |
| **Health Care — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 5021 | 1056418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | 5763 | 460464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Company Ltd. - ADR | 9325 | 222774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3270 | 369412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK plc - ADR | 11539 | 457752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 6382 | 1130699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 3448 | 290046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG - ADR | 3795 | 480257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 7745 | 191766 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Health Care — 3.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.8% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | 10722 | $437136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. - ADR | 4578 | 226520 |
|  |  | 5323244 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 3215 | 235177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corporation | 2333 | 284066 |
|  |  | 519243 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 4830 | 640748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. - ADR | 2995 | 456737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 3671 | 340705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 466 | 229608 |
|  |  | 1667798 |
| **Industrials — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus SE - ADR | 9221 | 480875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems plc - ADR | 4506 | 424645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(b)</sup> | 2114 | 496114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corporation | 862 | 412165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation | 756 | 245375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG - ADR | 1125 | 431561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings plc - ADR | 33785 | 488193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corporation | 3688 | 584917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safran S.A. - ADR | 5574 | 461249 |
|  |  | 4025094 |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. <sup>(b)</sup> | 1031 | 249719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recruit Holdings Company Ltd. - ADR | 38914 | 444787 |
|  |  | 694506 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Company | 1542 | 239827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Company | 1646 | 217272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | 4223 | 1162170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. - ADR | 15331 | 416697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 868 | 190526 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Industrials — 8.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 1.8% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens AG - ADR | 8797 | $1221727 |
|  |  | 3448219 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity, Inc. | 609 | 198820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric plc | 3850 | 348001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE - ADR | 4602 | 226131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG - ADR <sup>(b)</sup> | 3945 | 418565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>(b)</sup> | 928 | 173638 |
|  |  | 1365155 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 902 | 634449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. <sup>(b)</sup> | 626 | 158046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1551 | 961620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 1985 | 213884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. <sup>(b)</sup> | 1782 | 323771 |
|  |  | 2291770 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc. <sup>(b)</sup> | 964 | 192183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 2780 | 266713 |
|  |  | 458896 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 828 | 218244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. - Class A <sup>(b)</sup> | 4325 | 279914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 4096 | 469156 |
|  |  | 967314 |
| &nbsp;&nbsp;&nbsp;*Machinery — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1333 | 558580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corporation | 3704 | 198757 |
|  |  | 757337 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG - ADR | 9608 | 437548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kone OYJ - B Shares - ADR | 14498 | 455092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest, Inc. <sup>(b)</sup> | 1736 | 210751 |
|  |  | 1103391 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Industrials — 8.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Transportation Equipment — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volvo AB - B Shares - ADR | 15425 | $473918 |
| **Materials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 2364 | 1130677 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brambles Ltd. - ADR | 16289 | 552849 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. - ADR | 8172 | 455752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto plc - ADR | 3695 | 231750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Company Ltd. - ADR | 67174 | 455440 |
|  |  | 1142942 |
| &nbsp;&nbsp;&nbsp;*Steel — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corporation | 1977 | 476220 |
| **Real Estate — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Services — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. <sup>(b)</sup> | 1082 | 330626 |
| &nbsp;&nbsp;&nbsp;*REITs — 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 4973 | 171121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 4980 | 493717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 3603 | 604007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corporation | 18935 | 425848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 2407 | 306291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 7674 | 326682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | 17897 | 1051628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation | 1474 | 301949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 6999 | 1264439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | 11649 | 793064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 26088 | 881253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 12097 | 2035683 |
|  |  | 8655682 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Technology — 25.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | 4655 | $757043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 299 | 222043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 13368 | 3975510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 68174 | 11874547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 1713 | 275331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech Corporation <sup>(b)</sup> | 3514 | 204128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2567 | 519766 |
|  |  | 17828368 |
| &nbsp;&nbsp;&nbsp;*Software — 7.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. - Class A <sup>(b)</sup> | 3302 | 224338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. <sup>(b)</sup> | 1400 | 303828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 403 | 268801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 21458 | 10872554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | 4620 | 1044721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A <sup>(b)</sup> | 6174 | 967527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE - ADR | 785 | 213646 |
|  |  | 13895415 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 40934 | 9502419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 10958 | 757088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. <sup>(b)</sup> | 7540 | 404295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 920 | 249973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Company Ltd. - ADR | 20313 | 453792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corporation - ADR | 18560 | 510771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | 1595 | 236172 |
|  |  | 12114510 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian plc - ADR | 8569 | 442931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 1257 | 306067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 2651 | 1578114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX plc - ADR | 4834 | 225603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 7263 | 2554978 |
|  |  | 5107693 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.0% (Continued)** | **Shares** | **Value** |
| **Utilities — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | 2182 | $267273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel S.p.A. - ADR | 51233 | 470319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 5829 | 439332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid plc - ADR | 5738 | 404931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 6287 | 452978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OGE Energy Corporation | 5241 | 234063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 2954 | 272654 |
|  |  | 2541550 |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Company | 3028 | 262649 |
| **Total Common Stocks** (Cost $131,709,589) |  | $160415134 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 15.1%** | **Shares** | **Value** |
| Direxion Daily S&P 500 Bull 3X | 14500 | $2798645 |
| Direxion Daily TSLA Bull 2X Shares | 153000 | 1880370 |
| Global X MSCI Greece ETF | 3477 | 219364 |
| iShares China Large-Cap ETF | 75177 | 2925137 |
| iShares Gold Trust <sup>(b)</sup> | 71732 | 4669753 |
| iShares MSCI Brazil ETF | 30405 | 896947 |
| iShares MSCI Chile ETF | 17005 | 557934 |
| iShares MSCI China ETF | 49699 | 3047046 |
| iShares MSCI Mexico ETF | 13069 | 809494 |
| iShares MSCI Qatar ETF | 11556 | 231120 |
| iShares MSCI South Korea ETF | 43257 | 3124886 |
| iShares MSCI Taiwan ETF | 20466 | 1203810 |
| iShares MSCI Thailand ETF | 7211 | 412830 |
| iShares MSCI Turkey ETF | 6131 | 216363 |
| iShares MSCI UAE ETF | 10262 | 198878 |
| ProShares Ultra S&P 500 | 18947 | 1994740 |
| WisdomTree Floating Rate Treasury Fund | 9507 | 478107 |
| Xtrackers Harvest CSI 300 China A-Shares ETF | 100254 | 3203115 |
| **Total Exchange-Traded Funds** (Cost $24,146,953) |  | $28868539 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.7%** | **Shares** | **Value** |
| Federated Hermes Government Obligations Fund - Institutional Class, 4.17% <sup>(c)</sup> | 657890 | $657890 |
| First American Government Obligations Fund - Class X, 4.22% <sup>(c)</sup> | 661362 | 661362 |
| **Total Money Market Funds** (Cost $1,319,252) |  | $1319252 |
| **Investments at Value — 99.8%** (Cost $157,175,794) |  | $190602925 |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 424642 |
| **Net Assets — 100.0%** |  | $191027567 |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

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

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

A/S - Aktieselskab

AB - Aktiebolag

ADR - American Depositary Receipt

AG - Aktiengesellschaft

N.V. - Naamloze Vennootschap

OYJ - Julkinen Osakeyhtio

plc - Public Limited Company

S.A. - Societe Anonyme

SE - Societe Europaea

S.p.A. - Societa per azioni

See accompanying notes to financial statements.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

**August 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $157175794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $190602925 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 460016 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 150615 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 62502 |
| &nbsp;&nbsp;&nbsp;Other assets | 35384 |
| Total assets | 191311442 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 135 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 80087 |
| &nbsp;&nbsp;&nbsp;Payable to the Adviser (Note 4) | 162049 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 22205 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 19399 |
| Total liabilities | 283875 |
| **CONTINGENCIES AND COMMITMENTS (Note 8)** |  |
| **NET ASSETS** | $191027567 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $150040861 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 40986706 |
| **NET ASSETS** | $191027567 |
| **NET ASSET VALUE PER SHARE:** |  |
| **INSTITUTIONAL CLASS** |  |
| Net assets applicable to Institutional Class | $191027567 |
| Institutional Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 12234547 |
| Net asset value, offering price and redemption price per share (Note 2) | $15.61 |

---

See accompanying notes to financial statements.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**STATEMENT OF OPERATIONS**

**For the Six Months Ended August 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1996012 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes (net of reclaims received) | (123310) |
| Total investment income | 1872702 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 866049 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 84401 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 26721 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 20669 |
| &nbsp;&nbsp;&nbsp;Legal fees | 14540 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 10639 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 10621 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 10268 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 10010 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9650 |
| &nbsp;&nbsp;&nbsp;Shareholder report expense | 6968 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 3078 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1867 |
| &nbsp;&nbsp;&nbsp;Other expenses | 11670 |
| Total Expenses | 1087151 |
| &nbsp;&nbsp;&nbsp;Management fees recouped (Note 4) | 52478 |
| Net Expenses | 1139629 |
| **NET INVESTMENT INCOME** | 733073 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions | 7872313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 6 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (104681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 235 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES** | 7767873 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $8500946 |

---

See accompanying notes to financial statements.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Month Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> February 28,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $733073 | $690023 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions | 7872313 | 5815263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 6 | (400) |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distributions from regulated investment companies |  | 6005 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (104681) | 11954490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 235 | (204) |
| Net increase in net assets resulting from operations | 8500946 | 18465177 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (847893) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 26288553 | 66454995 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders |  | 847852 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (28335233) | (42456858) |
| Net increase (decrease) in Institutional Class net assets from capital share transactions | (2046680) | 24845989 |
| **TOTAL INCREASE IN NET ASSETS** | 6454266 | 42463273 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 184573301 | 142110028 |
| &nbsp;&nbsp;&nbsp;End of period | $191027567 | $184573301 |

---

See accompanying notes to financial statements.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | |
|:---|:---|:---|
| | **Six Month Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> February 28,<br> 2025** |
| **CAPITAL SHARES ACTIVITY** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1815488 | 4615660 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders |  | 56599 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1967429) | (2979491) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (151941) | 1692768 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 12386488 | 10693720 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 12234547 | 12386488 |

---

See accompanying notes to financial statements.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**INSTITUTIONAL CLASS**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Month Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> February 28,<br> 2025** | **Year Ended<br> February 29,<br> 2024** | **Year Ended<br> February 28,<br> 2023** | **Year Ended<br> February 28,<br> 2022** | **Period Ended<br> February 28,<br> 2021 <sup>(a)</sup>** |
| Net asset value at beginning of period | $14.90 | $13.29 | $11.05 | $12.74 | $12.04 | $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)(c)</sup> | 0.06 | 0.06 | 0.08 | 0.09 | 0.07 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 0.65 | 1.62 | 2.24 | (1.72) | 0.69 | 2.06 |
| Total from investment operations | 0.71 | 1.68 | 2.32 | (1.63) | 0.76 | 2.08 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.07) | (0.08) | (0.06) | (0.06) | (0.04) |
| Net asset value at end of period | $15.61 | $14.90 | $13.29 | $11.05 | $12.74 | $12.04 |
| Total return <sup>(d)</sup> | 4.77 %<sup>(e)</sup> | 12.64% | 21.07% | (12.82%) | 6.29% | 20.80 %<sup>(e)</sup> |
| Net assets at end of period (000's) | $191028 | $184573 | $142110 | $94207 | $80032 | $53273 |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**INSTITUTIONAL CLASS**

**FINANCIAL HIGHLIGHTS (Continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Month Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> February 28,<br> 2025** | **Year Ended<br> February 29,<br> 2024** | **Year Ended<br> February 28,<br> 2023** | **Year Ended<br> February 28,<br> 2022** | **<br>Period Ended<br> February 28,<br> 2021 <sup>(a)</sup>** |
| **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets <sup>(f)</sup> | 1.19 %<sup>(g)</sup> | 1.21% | 1.28% | 1.33% | 1.40% | 1.93 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(f)(h)</sup> | 1.25 %<sup>(g)</sup> | 1.25% | 1.25% | 1.25% | 1.26 %<sup>(i)</sup> | 1.35 %<sup>(g)(i)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(f)(h)</sup> | 0.80 %<sup>(g)</sup> | 0.42% | 0.66% | 0.76% | 0.54% | 0.20 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 142 %<sup>(e)</sup> | 151% | 244% | 278% | 130% | 95 %<sup>(e)</sup> |

---

<sup>(a)</sup> Represents the period from the commencement of operations (March 31, 2020) through February 28, 2021.

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

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

<sup>(d)</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 have been lower had the Adviser not reduced management fees and/or reimbursed expenses (Note 4).

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

<sup>(f)</sup> Ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of income and expenses of the underlying investment companies in which the Fund invests.

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

<sup>(h)</sup> Ratio was determined after management fees reductions, expense reimbursements and/or recoupments (Note 4).

<sup>(i)</sup> Includes costs to organize the Fund of 0.01% and 0.10%<sup>(g)</sup> for the year ended February 28, 2022 and period ended February 28, 2021, respectively, which are excluded from the Expense Limitation Agreement (Note 4).

See accompanying notes to financial statements.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**NOTES TO FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**1. Organization**

Blueprint Adaptive Growth Allocation Fund (the "Fund") is a 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 Fund commenced operations on March 31, 2020.

The investment objective of the Fund is to seek capital appreciation while managing risk.

The Fund currently offers one class of shares: Institutional Class shares (sold without any sales loads and distribution and/or shareholder servicing fees and requiring a $5,000 initial investment).

**2. Significant Accounting Policies**

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"). The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Segment reporting** – Blueprint Fund Management, LLC, the Fund's investment adviser, (the "Adviser") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Fund's financial statements.

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

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

listed securities, including common stocks and Exchange-Traded Funds ("ETFs"), 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, if any, 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. 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 net asset value ("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.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following is a summary of the Fund's investments and the level of inputs used to value the investments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $160415134 | $— | $— | $160415134 |
| Exchange-Traded Funds | 28868539 |  |  | 28868539 |
| Money Market Funds | 1319252 |  |  | 1319252 |
| Total | $190602925 | $— | $— | $190602925 |

---

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 six months ended August 31, 2025.

**Foreign currency translation** – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases
 and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time
 on the respective date of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Fund does not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those
 caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses
 on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions, and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

**Cash** – The Fund's cash, if any, is held in a bank account with balances which, at times, may exceed United States federally insured limits set by the Federal Deposit Insurance Corporation. The Fund maintains these balances with a high quality financial institution and may incur charges on cash overdrafts.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION 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, if any, 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.

**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. The tax character of distributions paid to shareholders by the Fund during the year ended February 29, 2024, was ordinary income. No distributions were paid to shareholders during the six months ended August 31, 2025.

**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 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 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.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following information is computed on a tax basis for each item as of February 28, 2025:

---

| | |
|:---|:---|
| Cost of investments | $151549316 |
| Gross unrealized appreciation | $34939592 |
| Gross unrealized depreciation | (2332917) |
| Net unrealized appreciation | 32606675 |
| Net unrealized depreciation on foreign currency translation | (204) |
| Accumulated capital and other losses | (120711) |
| Distributable earnings | $32485760 |

---

As of February 28, 2025, the Fund had short-term capital loss carryforwards of $69,306 for federal income tax purposes. These capital loss carryforwards, which do not expire, may be utilized in the current or future years to offset net realized capital gains, if any.

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

---

| | |
|:---|:---|
| Cost of investments | $158209299 |
| Gross unrealized appreciation | $33010041 |
| Gross unrealized depreciation | (616415) |
| Net unrealized appreciation | $32393626 |
| Net unrealized appreciation on foreign currencies | $31 |

---

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 and adjustments to basis for grantor trusts and passive foreign investment companies.

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 the current and 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 on the Statement of Operations. During the six months ended August 31, 2025, the Fund did not incur any interest or penalties.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**3. Investment Transactions**

During the six months ended August 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, amounted to $256,451,665 and $256,292,132, respectively.

**4. Transactions with Related Parties**

ADVISORY AND SUB-ADVISORY AGREEMENTS

Pursuant to the terms of the Advisory Agreement the Adviser serves as the investment adviser to the Fund. The Adviser provides the Fund with the selection of a sub-investment advisor and the compliance and managerial oversight of that sub-adviser and its services to the Fund. The Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.95% of average daily net assets.

Blueprint Investment Partners, LLC (the "Sub-Adviser") serves as the Funds sub-adviser. Pursuant to the Sub-Advisory Agreement, the Sub-Adviser provides the Fund with a continuous program of investing the Fund's assets and determining the composition of the Fund's portfolio. For its services, the Adviser pays the Sub-Adviser an investment sub-advisory fee computed at the annual rate of 0.20% of the Fund's average daily net assets. The Fund does not directly pay the sub-advisory fee.

Pursuant to an Expense Limitation Agreement ("ELA") between the Fund and the Adviser, the Adviser has agreed contractually, until June 30, 2026, to reduce its management fees and reimburse other expenses to the extent necessary to limit total annual fund operating expenses (excluding brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses, costs to organize the Fund, 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 1.25% of average daily net assets for Institutional Class shares. Accordingly, during the six months ended August 31, 2025, the Adviser did not reduce its management fees.

Management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause total annual fund operating expenses (exclusive of such reductions and reimbursements) 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. Prior to June 30, 2026, the agreement may not be modified or terminated without the approval of the Board. After June 30, 2026, the ELA may continue from year-to-year provided such continuance is approved by the Board. The ELA may be terminated by the Adviser, or the Board, without approval by the other

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

party, at the end of the then current term upon not less than 90 days' notice to the other parties as set forth in the ELA. As of August 31, 2025, the Adviser may seek repayment of management fee reductions and expense reimbursements no later than the dates below:

---

| | |
|:---|:---|
| February 28, 2027 | $26675 |
| Total | $26675 |

---

During the six months ended August 31, 2025, the Adviser recouped $52,478 of prior management fee reductions and expense reimbursements.

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 Funds. 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 Trust or 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 August 31, 2025, the following shareholder owned of record 25% or more of the outstanding shares of the Fund:

---

| | |
|:---|:---|
| **NAME OF RECORD OWNERS** | **% OWNERSHIP** |
| **Institutional Class** |  |
| Charles Schwab & Company, Inc. (for the benefit of its customers) | 81% |

---

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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. Derivative Transactions**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of**<br> **Derivative** | **Risk** | **Location** | **Realized**<br> **Gains** | **Location** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Equity call options purchased | Equity | Net realized gains on investment transactions | $151173 | Net change in unrealized appreciation (depreciation) on investments | $— |

---

As of August 31, 2025, the Fund did not hold any derivative securities.

**6. 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 six months ended August 31, 2025, the Fund did not incur any borrowing costs by the custodian.

**7. 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 August 31, 2025, the Fund had 25.6% of the value of its net assets invested in stocks within the Technology sector.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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. Investment in Other Investment Companies**

The Fund may invest a significant portion of its assets in shares of one or more investment companies, including ETFs, open-end mutual funds and money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies.

**10. 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.

**BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND**

**OTHER 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.

**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.

![](hveix_001.jpg)

**HVIA EQUITY FUND**

**INSTITUTIONAL CLASS (HVEIX)**

*Managed by*

*Orange Investment Advisors, Inc.*

*(formerly known as Hudson Valley Investment Advisors, Inc.)*

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

**August 31, 2025**

**(Unaudited)**

**HVIA EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Communications — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 5805 | $1354132 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 8.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 11520 | 2459866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 3350 | 2474645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | 1100 | 1329075 |
|  |  | 6263586 |
| **Consumer Discretionary — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 12400 | 2839600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. <sup>(a)</sup> | 575 | 1421923 |
|  |  | 4261523 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 20000 | 842800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | 10470 | 923349 |
|  |  | 1766149 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | 365 | 1532464 |
| **Consumer Staples — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 1580 | 234867 |
| &nbsp;&nbsp;&nbsp;*Food — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 7810 | 479846 |
| **Energy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 5700 | 651453 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | 15620 | 709148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 15800 | 582072 |
|  |  | 1291220 |
| **Financials — 14.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 49000 | 907480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 15400 | 1475936 |
|  |  | 2383416 |

---

**HVIA EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3% (Continued)** | **Shares** | **Value** |
| **Financials — 14.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Banking — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 3680 | $1109226 |
| &nbsp;&nbsp;&nbsp;Institutional Financial Services — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 1900 | 1415975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 9980 | 1501790 |
|  |  | 2917765 |
| &nbsp;&nbsp;&nbsp;Insurance — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 5604 | 1153359 |
| &nbsp;&nbsp;&nbsp;Specialty Finance — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | 8010 | 2653553 |
| **Health Care — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Biotech & Pharma — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 4500 | 946800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | 2030 | 1487137 |
|  |  | 2433937 |
| &nbsp;&nbsp;&nbsp;Health Care Facilities & Services — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2615 | 810310 |
| &nbsp;&nbsp;&nbsp;Medical Equipment & Devices — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | 4630 | 952947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1550 | 763716 |
|  |  | 1716663 |
| **Industrials — 15.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 13700 | 1491382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 2000 | 370500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 2500 | 858575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | 13300 | 1074906 |
|  |  | 3795363 |
| &nbsp;&nbsp;&nbsp;Engineering & Construction — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corporation <sup>(a)</sup> | 24830 | 1018527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 3150 | 1190574 |
|  |  | 2209101 |

---

**HVIA EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3% (Continued)** | **Shares** | **Value** |
| **Industrials — 15.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc. <sup>(a)</sup> | 8300 | $1654688 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grainger (W.W.), Inc. | 1000 | 1013500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1470 | 1405820 |
|  |  | 2419320 |
| &nbsp;&nbsp;&nbsp;*Machinery — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 3180 | 771563 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | 14000 | 455140 |
| **Materials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 1800 | 658494 |
| &nbsp;&nbsp;&nbsp;*Steel — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation | 4070 | 605331 |
| **Real Estate — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Services — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 9600 | 1556352 |
| &nbsp;&nbsp;&nbsp;*REITs — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 5393 | 613616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | 16958 | 438703 |
|  |  | 1052319 |
| **Technology — 29.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 10.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | 3210 | 2799120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 26078 | 4542266 |
|  |  | 7341386 |
| &nbsp;&nbsp;&nbsp;*Software — 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 2000 | 713400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 5100 | 2584119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 5920 | 1517000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 1500 | 1376190 |
|  |  | 6190709 |

---

**HVIA EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.3% (Continued)** | **Shares** | **Value** |
| **Technology — 29.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Technology Hardware — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 8500 | $1973190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation <sup>(a)</sup> | 13900 | 1306183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 23260 | 1607034 |
|  |  | 4886407 |
| &nbsp;&nbsp;&nbsp;Technology Services — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 5250 | 1278322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 4610 | 1621706 |
|  |  | 2900028 |
| **Utilities — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Electric Utilities — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | 6000 | 734940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 10800 | 778140 |
|  |  | 1513080 |
| **Total Common Stocks** (Cost $42,006,867) |  | $71022750 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 0.6%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 4.22% <sup>(b)</sup> (Cost $417,952) | 417952 | $417952 |
| **Investments at Value — 99.9%** (Cost $42,424,819) |  | $71440702 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 54459 |
| **Net Assets — 100.0%** |  | $71495161 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**HVIA EQUITY FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

**August 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $42424819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $71440702 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 28214 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 65036 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 258 |
| &nbsp;&nbsp;&nbsp;Other assets | 23282 |
| TOTAL ASSETS | 71557492 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 1000 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 34520 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 12876 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 13935 |
| TOTAL LIABILITIES | 62331 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 6)** |  |
| **NET ASSETS** | $71495161 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $40885032 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 30610129 |
| **NET ASSETS** | $71495161 |
| **PRICING OF INSTITUTIONAL SHARES (NOTE 1)** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to Institutional Shares | $71495161 |
| &nbsp;&nbsp;&nbsp;Shares of Institutional Shares outstanding (unlimited number of shares authorized, no par value) | 2620562 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Note 2) | $27.28 |

---

See accompanying notes to financial statements.

**HVIA EQUITY FUND**

**STATEMENT OF OPERATIONS**

**For the Six Months Ended August 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| &nbsp;&nbsp;&nbsp;Dividend income | $384143 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 245374 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 36581 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 21841 |
| &nbsp;&nbsp;&nbsp;Legal fees | 14909 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 11363 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 11118 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 10621 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9650 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 6000 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 5048 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 4461 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 2601 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1575 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9720 |
| TOTAL EXPENSES | 390862 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) | (62593) |
| NET EXPENSES | 328269 |
| **NET INVESTMENT INCOME** | 55874 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized losses from investments | (528332) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5702632 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 5174300 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $5230174 |

---

See accompanying notes to financial statements.

**HVIA EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> August 31,<br> 2025<br> (Unaudited)** | <br>**Year Ended**<br> **February 28,**<br> **2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $55874 | $130451 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investments | (528332) | 3236600 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5702632 | 1017952 |
| Net increase in net assets resulting from operations | 5230174 | 4385003 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  | (1572848) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6040939 | 14075364 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders |  | 3488 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (5236474) | (6994695) |
| Net increase in Institutional Shares net assets from capital share transactions | 804465 | 7084157 |
| **TOTAL INCREASE IN NET ASSETS** | 6034639 | 9896312 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 65460522 | 55564210 |
| &nbsp;&nbsp;&nbsp;End of period | $71495161 | $65460522 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 250432 | 555661 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 138 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (211107) | (272820) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 39325 | 282979 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 2581237 | 2298258 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 2620562 | 2581237 |

---

See accompanying notes to financial statements.

**HVIA EQUITY FUND**

**INSTITUTIONAL SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> Feb. 28,<br> 2025** | **Year Ended<br> Feb. 29,<br> 2024** | **Year Ended<br> Feb. 28,<br> 2023** | **Year Ended<br> Feb. 28,<br> 2022** | **Year Ended<br> Feb. 28,<br> 2021** |
| Net asset value at beginning of period | $25.36 | $24.18 | $18.16 | $21.67 | $19.38 | $14.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.02 | 0.05 | 0.07 | 0.15 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.90 | 1.77 | 6.32 | (2.08) | 2.88 | 5.45 |
| Total from investment operations | 1.92 | 1.82 | 6.39 | (1.93) | 2.90 | 5.47 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.06) | (0.09) | (0.13) | (0.03) | (0.00)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.58) | (0.28) | (1.45) | (0.58) | (0.09) |
| Total distributions |  | (0.64) | (0.37) | (1.58) | (0.61) | (0.09) |
| Net asset value at end of period | $27.28 | $25.36 | $24.18 | $18.16 | $21.67 | $19.38 |
| Total return <sup>(b)</sup> | 7.57 %<sup>(c)</sup> | 7.57% | 35.36% | (8.62%) | 14.66% | 39.10% |
| Net assets at end of period (000's) | $71495 | $65461 | $55564 | $35178 | $37732 | $30410 |
| **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 1.18 %<sup>(d)</sup> | 1.19% | 1.34% | 1.40% | 1.35% | 1.59% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(e)</sup> | 0.99 %<sup>(d)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(e)</sup> | 0.17 %<sup>(d)</sup> | 0.21% | 0.39% | 0.80% | 0.09% | 0.13% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 9 %<sup>(c)</sup> | 19% | 23% | 30% | 11% | 11% |

---

<sup>(a)</sup> Amount rounds to less than $0.01 per share.

<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 shareholders 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 management fees and/or reimbursed expenses.

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

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

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

See accompanying notes to financial statements.

**HVIA EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**1. Organization**

HVIA Equity 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 investment objective of the Fund is to seek growth at a reasonable price.

The Fund currently offers one class of shares: Institutional Class shares (sold without any sales loads or distribution fees and subject to a $25,000 initial investment requirement). As of August 31, 2025, the Investor Class shares (to be sold without any sales load, but subject to a distribution fee of up to 0.25% of the class's average daily net assets and subject to a $2,500 initial investment requirement) are not currently offered. When both classes are offered, each share class will represent an ownership interest in the same investment portfolio.

**2. Significant Accounting Policies**

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

**Segment reporting** – The Fund adopted 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. The intent of ASU 2023-07 is, through segment disclosures, to enable investors to better understand an entity's overall performance. Orange Investment Advisors, Inc. (formerly Hudson Valley Investment Advisors, Inc.), the Fund's investment adviser, (the "Adviser") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement –** In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by

**HVIA EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Fund's financial statements.

**Securities valuation** – The Fund values its portfolio securities at fair 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 common stocks 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 registered open-end investment companies that are not listed on an exchange, including money market funds, are valued at their net asset value ("NAV") as reported by such companies. The Fund values securities traded in the over-the-counter market at the last sale price, if available, otherwise at the most recently quoted mean price. 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 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.

**HVIA EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following is a summary of the Fund's investments and the level of inputs used to value the investments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $71022750 | $— | $— | $71022750 |
| Money Market Funds | 417952 |  |  | 417952 |
| Total | $71440702 | $— | $— | $71440702 |

---

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 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 six months ended August 31, 2025.

**Foreign currency translation** – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases
 and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time
 on the respective date of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Fund does not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those
 caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses
 on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions, and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

**Cash** – The Fund's cash, if any, is held in a bank account with balances which, at times, may exceed United States federally insured limits set by the Federal Deposit Insurance Corporation. The Fund maintains these balances with a high-quality financial institution and may incur charges on cash overdrafts.

**HVIA EQUITY 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 its 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 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** – The Fund will distribute to shareholders any net investment income dividends and net realized capital gains distributions at least once each year. 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 the Fund's distributions during the periods ended August 31, 2025 and February 28, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions** |
| August 31, 2025 | $— | $— | $— |
| February 28, 2025 | $156140 | $1416708 | $1572848 |

---

**Estimates –** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions which 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.

**HVIA EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 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 February 28, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $41935921 |
| Gross unrealized appreciation | $25200660 |
| Gross unrealized depreciation | (1887409) |
| Net unrealized appreciation | 23313251 |
| Undistributed long-term capital gains | 2066704 |
| Distributable earnings | $25379955 |

---

The federal tax cost, unrealized appreciation (depreciation) as of August 31, 2025 is as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $42424819 |
| Gross unrealized appreciation | $30411488 |
| Gross unrealized depreciation | (1395605) |
| Net unrealized appreciation | $29015883 |

---

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 the current and 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. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statement of Operations. During the six months ended August 31, 2025, the Fund did not incur any interest of penalties.

**3. Investment Transactions**

During the six months ended August 31, 2025, cost of purchases and proceeds from sales of investment securities, other than short-term investments, amounted to $7,571,843 and $5,547,017, respectively.

**HVIA EQUITY 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. 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 0.74% of its average daily net assets.

Pursuant to an Expense Limitation Agreement ("ELA"), the Adviser has contractually agreed, until July 1, 2026, to reduce management fees and reimburse other expenses to the extent necessary to limit total annual operating expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expense 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 0.99% of average daily net assets of the Institutional Class shares and 1.24% of the average daily net assets of the Investor Class shares. Accordingly, the Adviser reduced its management fees in the amount of $62,593 during the six months ended August 31, 2025.

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 three years after such fees and expenses were incurred, provided the repayments do not cause 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 August 31, 2025, the Adviser may seek repayment of management fee reductions and expense reimbursements in the amount of $406,119 no later than the dates listed below:

---

| | |
|:---|:---|
| February 28, 2026 | $72776 |
| February 28, 2027 | 144543 |
| February 29, 2028 | 126207 |
| August 31, 2028 | 62593 |
| Total | $406119 |

---

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.

**HVIA EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 the principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is currently 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 Trust or the Fund for serving in such capacities.

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 HOLDER OF FUND SHARES

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

---

| | |
|:---|:---|
| **NAME OF RECORD OWNER** | **% Ownership** |
| Pershing, LLC (for the benefit of its customers) | 99.8% |

---

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. 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 August 31, 2025, the Fund had 29.8% of the value of its net assets invested in stocks within the Technology sector.

**HVIA EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**6. Contingencies and Commitments**

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from the 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. 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 except the following:

Effective October 8, 2025, Hudson Valley Investment Advisors, Inc. changed its name to Orange Investment Advisors, Inc. The Adviser's name change does not affect the investment objective or principal investment strategies of the Fund, the Adviser personnel who provide services to the Fund, the name of the Fund or the ownership or structure of the Adviser.

**HVIA EQUITY 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.

**Remuneration 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 HVIA Equity Fund's (the "Fund") Investment Advisory Agreement with Hudson Valley Investment Advisors, Inc. (the "Adviser" or "HVIA") for an additional one-year term (the "Advisory Agreement"). The Board approved the continuance of the Advisory Agreement at a meeting held on April 22-23, 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 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 HVIA, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by HVIA, the Board took into account its familiarity with HVIA's management through Board meetings, discussions and reports during the preceding year. The Board also took into account HVIA's compliance policies and procedures based on discussion with HVIA and the Chief Compliance Officer. The quality of administrative and other services, including HVIA's role in coordinating the activities of the Fund's other service providers,

**HVIA EQUITY FUND**

**ADDITIONAL INFORMATION (Continued)**

was also considered. They also considered HVIA's relationship with its affiliates and the resources available to them, as well as potential conflicts of interest. The Board discussed the nature and extent of the services provided by HVIA including, without limitation, HVIA's provision of a continuous investment program for the Fund. The Board considered the qualifications and experience of HVIA's portfolio managers who were responsible for the day-to day management of the Fund's portfolio. The Board also considered HVIA's succession planning for the portfolio managers of the Fund. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by HVIA 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 HVIA's assertion that there were no accounts HVIA managed that were comparable to the Fund. 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 HVIA's commitment to limit the Fund's expenses under the Fund's expense limitation agreement until at least July 1, 2026. The Board noted that the 0.74% 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 0.99% 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 HVIA's assertion that the size of the Fund 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 January 31, 2025, 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 one-year period ended January 31, 2025, ranking in the third quartile, while the Fund had outperformed the peer group median for the three- and five-year periods, ranking in the second and first quartiles, respectively. The Board noted HVIA'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 of the Fund's investment approach. The Board also took into account the supplemental peer group HVIA provided and its performance as compared to the Fund for the one-, three-, five- and year to date periods.

**HVIA EQUITY FUND**

**ADDITIONAL INFORMATION (Continued)**

***<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 HVIA 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 HVIA's assertion 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 HVIA and its affiliates and the direct and indirect benefits derived by HVIA and its affiliates from the Fund. The information considered by the Board included operating profit margin information for the Fund as well as HVIA's business as a whole. The Board considered HVIA's commitment to contractually limit the Fund's net operating expenses. The Board reviewed the profitability of HVIA's relationship with the Fund both before and after-tax expenses and considered whether HVIA has the financial wherewithal to continue to provide services to the Fund, noting its ongoing commitment to provide support and services to the Fund as needed.

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

The Board also noted that HVIA derives benefits to its reputation and other benefits from its association with the Fund. The Board recognized that HVIA 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 HVIA's level of profitability 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) HVIA demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (b) HVIA 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 HVIA 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.

![](nia_001.jpg)

**Nia Impact Solutions Fund**

**Semi-Annual Financial Statements**

**and Additional Information**

**August 31, 2025**

**(Unaudited)**

**NIA IMPACT SOLUTIONS FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.9%** | **Shares** | **Value** |
| **Communications — 4.5%** | | |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. <sup>(a)</sup> | 1685 | $1148968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc. - Class A <sup>(a)</sup> | 11351 | 924879 |
|  |  | 2073847 |
| &nbsp;&nbsp;&nbsp;*Telecommunications — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefónica S.A. - ADR | 344932 | 1845386 |
| **Consumer Discretionary — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Automotive — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Company Ltd. - ADR | 84288 | 1150531 |
| &nbsp;&nbsp;&nbsp;*Consumer Services — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. <sup>(a)</sup> | 17171 | 2802137 |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 22076 | 2000306 |
| **Consumer Staples — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vita Coco Company, Inc. (The) <sup>(a)</sup> | 34111 | 1219127 |
| &nbsp;&nbsp;&nbsp;*Household Products — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honest Company, Inc. (The) <sup>(a)</sup> | 109851 | 435010 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 27624 | 1062143 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)</sup> | 27995 | 791699 |
| **Energy — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Renewable Energy — 6.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. <sup>(a)</sup> | 13005 | 2538446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A <sup>(a)</sup> | 22815 | 1534537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S - ADR | 288277 | 1896863 |
|  |  | 5969846 |
| **Financials — 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 59339 | 1675733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 19680 | 2047310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanlam Ltd. - ADR | 158226 | 1661373 |
|  |  | 5384416 |

---

**NIA IMPACT SOLUTIONS FUND**

**SCHEDULE OF INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.9% (Continued)** | **Shares** | **Value** |
| **Financials — 11.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalgamated Financial Corporation | 64550 | $1864849 |
| &nbsp;&nbsp;&nbsp;*Insurance — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lemonade, Inc. <sup>(a)</sup> | 23915 | 1265104 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast, Inc. - Class A <sup>(a)</sup> | 24730 | 1115323 |
| **Health Care — 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 8.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Company Ltd. - ADR | 33844 | 808533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corporation <sup>(a)</sup> | 10332 | 1337891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 17835 | 2014820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK plc - ADR | 38161 | 1513847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 4915 | 1921863 |
|  |  | 7596954 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG - ADR | 44380 | 1140566 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | 20400 | 1369248 |
| **Industrials — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE - ADR | 44501 | 2186668 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 17502 | 2185825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stantec, Inc. | 26998 | 2933872 |
|  |  | 5119697 |
| &nbsp;&nbsp;&nbsp;*Machinery — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - Class A | 46530 | 1226531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 16813 | 2380048 |
|  |  | 3606579 |
| &nbsp;&nbsp;&nbsp;*Professional Services — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brambles Ltd. - ADR | 47090 | 1598234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer N.V. - ADR | 11742 | 1476909 |
|  |  | 3075143 |
| **Materials — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 5437 | 2098084 |

---

**NIA IMPACT SOLUTIONS FUND**

**SCHEDULE OF INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.9% (Continued)** | **Shares** | **Value** |
| **Materials — 3.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo Corporation | 10712 | $494144 |
| **Real Estate — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Developments Ltd. - ADR | 202472 | 1030583 |
| &nbsp;&nbsp;&nbsp;*REITs — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 17870 | 1649937 |
| **Technology — 26.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | 8583 | 1395853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 13743 | 3172847 |
|  |  | 4568700 |
| &nbsp;&nbsp;&nbsp;*Software — 15.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation - Class A <sup>(a)</sup> | 5121 | 910411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | 2760 | 868572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A <sup>(a)</sup> | 4246 | 886183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. <sup>(a)</sup> | 3423 | 1019575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. <sup>(a)</sup> | 25768 | 2029745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 2220 | 1124852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 13658 | 2602122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE - ADR <sup>(a)</sup> | 8781 | 2389837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A <sup>(a)</sup> | 9171 | 1295679 |
|  |  | 13126976 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7392 | 1715979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Company | 14730 | 879823 |
|  |  | 2595802 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 9812 | 2389124 |
| **Utilities — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corporation | 40447 | 1363064 |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Water Service Group | 13010 | 610559 |
| **Total Common Stocks (Cost $59,483,289)** |  | $83001552 |

---

**NIA IMPACT SOLUTIONS FUND**

**SCHEDULE OF INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 4.0%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 4.22% <sup>(b)</sup> (Cost $3,490,921) | 3490921 | $3490921 |
| **Investments at Value — 99.9% (Cost $62,974,210)** |  | $86492473 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 84047 |
| **Net Assets — 100.0%** |  | $86576520 |

---

A/S - Aktieselskab

ADR - American Depositary Receipt

AG - Aktiengesellschaft

N.V. - Naamloze Vennootschap

plc - Public Limited Company

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 August 31, 2025.

See accompanying notes to financial statements.

**NIA IMPACT SOLUTIONS FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

**August 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $62974210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $86492473 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 1017 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 92005 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 27500 |
| &nbsp;&nbsp;&nbsp;Other assets | 37293 |
| Total assets | 86650288 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 45350 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 13606 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 14812 |
| Total liabilities | 73768 |
| **CONTINGENCIES AND COMMITMENTS (Note 7)** |  |
| **NET ASSETS** | $86576520 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $65784888 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 20791632 |
| **NET ASSETS** | $86576520 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 6278506 |
| Net asset value, offering price and redemption price per share (Note 2) | $13.79 |

---

See accompanying notes to financial statements.

**NIA IMPACT SOLUTIONS FUND**

**STATEMENT OF OPERATIONS**

**For the Six Months Ended August 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $749839 |
| &nbsp;&nbsp;&nbsp;Foreign witholding taxes on dividends (net of reclaims received) | (85963) |
| Total investment income | 663876 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 387017 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 44168 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 21678 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 18113 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 14665 |
| &nbsp;&nbsp;&nbsp;Legal fees | 12788 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 10621 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9650 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 7500 |
| &nbsp;&nbsp;&nbsp;Borrowing costs (Note 5) | 4138 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 4136 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 4035 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 1783 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1619 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9720 |
| Total expenses | 551631 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) | (147115) |
| Net expenses | 404516 |
| **NET INVESTMENT INCOME** | 259360 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments transactions | 559803 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5130257 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 5690060 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $5949420 |

---

See accompanying notes to financial statements.

**NIA IMPACT SOLUTIONS FUND**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> August 31,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **February 28,**<br> **2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $259360 | $414776 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 559803 | (420878) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5130257 | 11113632 |
| Net increase in net assets resulting from operations | 5949420 | 11107530 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  | (499753) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3826343 | 7595995 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders |  | 487176 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (11399289) | (3919547) |
| Net increase (decrease) in net assets from capital share transactions | (7572946) | 4163624 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1623526) | 14771401 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 88200046 | 73428645 |
| &nbsp;&nbsp;&nbsp;End of period | $86576520 | $88200046 |
| **CAPITAL SHARES ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 287579 | 609212 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 39900 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (951837) | (317132) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (664258) | 331980 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 6942764 | 6610784 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 6278506 | 6942764 |

---

See accompanying notes to financial statements.

**NIA IMPACT SOLUTIONS FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> August 31,**<br>**2025**<br>**(Unaudited)** | **Year Ended**<br>**February 28,**<br>**2025** | **Year Ended**<br>**February 29,**<br>**2024** | **Period Ended**<br>**February 28,**<br>**2023<sup>(a)</sup>** |
| Net asset value at beginning of period | $12.70 | $11.11 | $10.29 | $10.00 |
| Income from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.04 | 0.06 | 0.06 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains on investments | 1.05 | 1.60 | 0.82 | 0.29 <sup>(b)</sup> |
| Total from investment operations | 1.09 | 1.66 | 0.88 | 0.31 |
| Less distributions from net investment income |  | (0.07) | (0.06) | (0.02) |
| Net asset value at end of period | $13.79 | $12.70 | $11.11 | $10.29 |
| Total return <sup>(c)</sup> | 8.58 %<sup>(d)</sup> | 14.98% | 8.53% | 3.16 %<sup>(d)</sup> |
| Net assets at end of period (000's) | $86577 | $88200 | $73429 | $49446 |
| **Ratios/supplementary data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets | 1.35 %<sup>(e)(f)</sup> | 1.37% | 1.45 %<sup>(g)</sup> | 1.57 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(h)</sup> | 0.99 %<sup>(e)(f)(i)</sup> | 0.99% | 0.99 %<sup>(g)</sup> | 0.99 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(h)</sup> | 0.64 %<sup>(f)</sup> | 0.51% | 0.64% | 0.30 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 14 %<sup>(d)</sup> | 17% | 18% | 10 %<sup>(d)</sup> |

---

<sup>(a)</sup> Represents the period from the commencement of operations (May 10, 2022) through February 28, 2023.

<sup>(b)</sup> Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statement of Operations for the same 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 (Note 4).

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

<sup>(e)</sup> Includes 0.01% of borrowing costs (Note 5).

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

<sup>(g)</sup> Includes costs to organize the Fund of 0.02% and 0.01%<sup>(f)</sup> for the year ended February 29, 2024 and the period ended February 28, 2023 (Note 4).

<sup>(h)</sup> Ratio was determined after management fee reductions by the Adviser (Note 4).

<sup>(i)</sup> Contractual expense limitation agreement changed from 0.99% to 0.97% effective June 30, 2025 (Note 4).

See accompanying notes to financial statements.

**NIA IMPACT SOLUTIONS FUND**

**NOTES TO FINANCIAL STATEMENTS**

**August 31, 2025 (Unaudited)**

**1. Organization**

Nia Impact Solutions Fund (the "Fund") is a 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 Fund commenced operations on May 10, 2022.

The investment objective of the Fund is to seek to achieve long-term capital appreciation by investing in companies that contribute towards advancements in the areas of diversity and inclusion, sustainability and/or social justice.

**2. Significant Accounting Policies**

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("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").

**Segment reporting** – The Fund adopted 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. The intent of ASU 2023-07 is, through segment disclosures, to enable investors to better understand an entity's overall performance. Nia Impact Capital, the Fund's investment adviser, (the "Adviser") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Fund's financial statements.

**Securities valuation** – The Fund values its portfolio securities including common stocks at fair 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

**NIA IMPACT SOLUTIONS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 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 SCS, 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. Securities traded on foreign exchanges are typically fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service. 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 Fund's foreign equity securities actively traded in foreign markets may be classified as Level 2 despite the availability of closing prices because such securities are typically fair valued by an independent pricing service. The Board has authorized the Fund to retain an independent pricing service to determine the fair value of its foreign securities because the value of such securities may be materially affected by events occurring before the Fund's pricing time but after the close of the primary markets or exchanges on which such foreign securities are traded. These intervening events might be country-specific (e.g., natural disaster, economic or political developments, interest rate change); issuer specific (e.g., earnings report or merger announcement); or U.S. market-specific (such as a significant movement in the U.S. market that is deemed to affect the

**NIA IMPACT SOLUTIONS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

value of foreign securities). The pricing service uses an automated system that incorporates a model based on multiple parameters, including a security's local closing price, relevant general and sector indices, currency fluctuations, trading in depositary receipts and futures, if applicable, and/ or research valuations by its staff, in determining what it believes is the fair value of the securities.

The following is a summary of the Fund's investments based on the inputs used to value the investments as of August 31, 2025, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $83001552 | $— | $— | $83001552 |
| Money Market Funds | 3490921 |  |  | 3490921 |
| Total | $86492473 | $— | $— | $86492473 |

---

Refer to the Fund's Schedule of Investments for a listing of 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 six months ended August 31, 2025.

**Cash** – The Fund's cash, if any, is held in a bank account with balances which, at times, may exceed United States federally insured limits set by the Federal Deposit Insurance Corporation. 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. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. 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. Interest income, if any, is accrued as earned.

**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 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. For the year ended February 28, 2025, the tax character of all distributions paid to shareholders was ordinary income. For the six months ended August 31, 2025, no distributions were paid to shareholders.

**NIA IMPACT SOLUTIONS 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 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 February 28, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $69994999 |
| Gross unrealized appreciation | $23895812 |
| Gross unrealized depreciation | (5546967) |
| Net unrealized appreciation | 18348845 |
| Accumulated capital and other losses | (3506633) |
| Distributable earnings | $14842212 |

---

The federal tax cost, unrealized appreciation (depreciation) as of August 31, 2025 is as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $63000526 |
| Gross unrealized appreciation | $25603747 |
| Gross unrealized depreciation | (2111800) |
| Net unrealized appreciation | $23491947 |

---

The values of federal income tax cost of investments and the financial statement cost of investments may be temporarily different ("book/tax differences"). These book/tax differences are due to the timing of the recognition of capital gains or losses under income tax regulations and GAAP, primarily due to the tax deferral of losses on wash sales.

As of February 28, 2025, the Fund had short-term capital loss carryforwards of $1,557,225 and long-term capital loss carryforwards of $1,863,319, for federal income tax purposes, which may be carried forward indefinitely. This capital loss carryforward is available to offset net realized gains in the current and future years, thereby reducing future taxable gains.

**NIA IMPACT SOLUTIONS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 the current and 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 on the Statement of Operations. During the six months ended August 31, 2025, the Fund did not incur any interest penalties.

**3. Investment Transactions**

During the six months ended August 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, amounted to $11,039,269 and $16,814,144, 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 0.95% of average daily net assets.

Effective June 30, 2025, pursuant to an Expense Limitation Agreement ("ELA") between the Fund and the Adviser, the Adviser has agreed contractually, until June 30, 2026, 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, 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 0.97% of the Fund's average daily net assets. Prior to June 30, 2025, the Adviser had contractually agreed to reduce its management fees and reimburse other expenses to the extent necessary to limit total annual fund operating expenses to an amount not exceeding 0.99% of the Fund's average daily net assets. Accordingly, during the six months ended August 31, 2025, the Adviser reduced its management fees in the amount of $147,115.

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 three years after such date that fees and expenses were incurred, provided that the repayments do not cause 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. Prior to June 30, 2026, this agreement may not be modified or terminated without the approval of the Fund's Board.

**NIA IMPACT SOLUTIONS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

This agreement will terminate automatically if the Fund's investment advisory agreement with the Adviser is terminated. As of August 31, 2025, the Adviser may seek repayment of management fee reductions and expense reimbursements in the amount of $861,951 no later than the dates listed below:

---

| | |
|:---|:---|
| February 28, 2026 | $124051 |
| February 28, 2027 | 278666 |
| February 29, 2028 | 312119 |
| August 31, 2028 | 147115 |
| Total | $861951 |

---

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, except not limited to, postage, supplies and certain costs related to the pricing of the Fund's portfolio securities.

Under the terms of the 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 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 Trust or 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 meetings fees, plus reimbursement for travel and other meeting-related expenses.

PRINCIPAL HOLDER OF FUND SHARES

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

---

| | |
|:---|:---|
| **Name of Record Owner** | **% Ownership** |
| Northern Trust (for the benefit of its customers) | 44% |
| NFS, LLC (for the benefit of its customers) | 26% |

---

**NIA IMPACT SOLUTIONS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 six months ended August 31, 2025, the Fund incurred $4,138 of borrowing costs.

**6. ESG Investing Risk**

The Fund's incorporation of environmental, social and/or governance ("ESG") considerations in its investment process may cause it to make different investments than funds that have a similar investment universe and/or investment style except that do not incorporate such considerations in their investment strategy processes. In applying ESG criteria to its investment decisions, the Fund may forgo higher yielding investments that it would invest in absent the application of its ESG investing criteria. The Fund's investment process may affect the Fund's exposure to certain investments, which may impact the Fund's relative investment performance depending on whether such investments are in or out of favor with the market. In addition, the Fund's investments in certain companies may be susceptible to various factors that may impact their businesses or operations, including costs associated with government budgetary constraints that impact publicly funded projects and clean energy initiatives, the effects of general economic conditions throughout the world, increased competition from other providers of services, unfavorable tax laws or accounting policies and high leverage. The Fund's Adviser relies on available information to assist in the ESG evaluation process, and the process employed for the Fund may differ from processes employed for other funds. The Fund will seek to identify companies that it believes meet its ESG criteria based on data provided by third parties. The data provided by third parties may be incomplete, inaccurate or unavailable, which could cause the Adviser to incorrectly assess a company's ESG practices.

**7. 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 August 31, 2025, the Fund had 25.7% of the value of its net assets invested in stocks within the Technology sector.

**NIA IMPACT SOLUTIONS FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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 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.

**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.

**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.

(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.**

Included under Item 7

**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 HVIA Equity Fund and not applicable for Nia Impact Solutions Fund and Blueprint Adaptive Growth Allocation 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.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Not required

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](umt_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the
 Act (17 CFR 270.30a-2(b)): [Attached hereto](umt_ex99-906cert.htm)

Exhibit 99.CERT [Certifications required by Rule 30a-2(a) under the Act](umt_ex99cert.htm)

Exhibit 99.906CERT [Certifications required by Rule 30a-2(b) under the Act](umt_ex99-906cert.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) Ultimus
 Managers Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Todd E. Heim |
|  | Todd E. Heim, President and Principal Executive Officer |

---

Date <u>November 3, 2025</u>

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)\* | /s/ Todd E. Heim |
|  | Todd E. Heim, President and Principal Executive Officer |

---

Date <u>November 3, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Daniel D. Bauer |
|  | Daniel D. Bauer, Treasurer and Principal Financial Officer |

---

Date <u>November 3, 2025</u>

\* 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;&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;&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;&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;&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;&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;&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: | November 3, 2025 | /s/ Todd E. Heim |
|  |  | Todd E. Heim, President and Principal Executive Officer |

---

**<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;&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;&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;&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;&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;&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;&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: | November 3, 2025 | /s/ Daniel D. Bauer |
| | | 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 August 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 |
| /s/ Todd E. Heim | /s/ Daniel D. Bauer |
| Todd E. Heim, President and Principal Executive Officer | Daniel D. Bauer, Treasurer and Principal Financial Officer |

---

Date: November 3, 2025 Date: November 3, 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 The Ultimus Managers Trust and will be retained by The 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.