# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-001001
**Filing Date:** 2026-1
**Character Count:** 15375
**Document Hash:** 516d7ed3b84a99dc5436f71aec2775f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001001.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000910472-26-001001

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 26574171

**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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** ADLER VALUE FUND

- **b. EDGAR series identifier (if any):** S000062564

- **c. LEI of Series:** 549300JNN26C473T9M10

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

- **a. Date of fiscal year-end:** 2026-05-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4300516.99

**Total Liabilities:** $13375.00

**Net Assets:** $4287141.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202991 | 3.05%                | -1.35%               | -0.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5039.72                 | $127866.44                                 |
| Month 2  | $0.00                    | $-58007.35                                 |
| Month 3  | $0.00                    | $-14904.95                                 |

### Schedule of Portfolio Investments

| Name                             | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| THE OPTIONS CLEARING CORPORATION | Coupang, Inc. 06/18/2026 30 Call                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $2500.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation              | Comcast Corporation Class A                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       600 | NS      | $16014.00     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $15.00, Expiring March 2026     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $1820.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.       | Alibaba Group Holding Ltd. ADR                          | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      1500 | NS      | $235950.00    | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | SCHLUMBERGER LTD Call @ $35.00, Expiring September 2025 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $1190.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company    | Becton Dickinson & Company                              | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       600 | NS      | $116412.00    | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc     | Citizens Financial Group, Inc.                          | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       500 | NS      | $27050.00     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | XP, Inc. Call @ $15.00, Expiring January 2026           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $12625.00     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                      | Viatris, Inc.                                           | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     12435 | NS      | $132930.15    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated             | Corning, Inc.                                           | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      1800 | NS      | $151560.00    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc.                     | Coupang Inc                                             | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      7500 | NS      | $211200.00    | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                   | Citigroup, Inc.                                         | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3700 | NS      | $383320.00    | 8.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc            | Jackson Financial, Inc.                                 | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      5500 | NS      | $539055.00    | 12.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc           | Equitable Holdings, Inc.                                | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      4800 | NS      | $224112.00    | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | AMCOR PLC Call @ $9.00, Expiring December 2025          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $210.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                  | Cigna Group (The)                                       | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       400 | NS      | $110912.00    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Incorporated               | Aflac, Inc.                                             | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      2500 | NS      | $275775.00    | 6.43%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | AMCOR PLC Call @ $10.00, Expiring December 2025         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        26 | NS      | $78.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                    | O-I Glass, Inc.                                         | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6900 | NS      | $93012.00     | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                         | Schlumberger N.V.                                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      2900 | NS      | $105096.00    | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                 | PG&E Corporation                                        | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     10000 | NS      | $161200.00    | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Optimum Communications Inc.      | Altice USA, Inc.                                        | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |      9000 | NS      | $17100.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                  | Salesforce, Inc.                                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       500 | NS      | $115270.00    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation   | Charles Schwab Corporation (The)                        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2700 | NS      | $250371.00    | 5.84%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Viatris, Inc. Call @ $10.00, Expiring January 2027      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        13 | NS      | $2632.50      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                    | Netflix, Inc.                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1000 | NS      | $107580.00    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust   | FEDERATED HERMES TREASURY OBL SS                        | CUSIP: 60934N872<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |    513556 | PA      | $513555.53    | 11.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                         | Bayer A.G. ADR                                          | CUSIP: 072730302<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      5250 | NS      | $46226.25     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                    | Medtronic plc                                           | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      1300 | NS      | $136929.00    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation 06/18/2026 15 Call                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $6915.00      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SYCARGHTS                        | SYCARGHTS                                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |     13000 | NS      | $6890.00      | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| XP Inc.                          | XP, Inc.                                                | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |      7415 | NS      | $146149.65    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $17.00, Expiring January 2026   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $875.00       | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | SLB Ltd. 03/20/2026 32.5 Call                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $2465.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                 | Novo Nordisk A/S ADR                                    | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      2300 | NS      | $113505.00    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Adler Value Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer