# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-009057
**Filing Date:** 2023-1
**Character Count:** 16606
**Document Hash:** 004d8618a57807542d0dbda92fa7c55e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009057.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009057

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230831

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 23544170

**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

### Marshfield Concentrated Opportunity Fund (Series ID: S000052208)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000164234 | Marshfield Concentrated Opportunity Fund | MRFOX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **COMMON STOCKS - 83.1%** | **Shares** | **Value** |
| **Accommodation and Food Services - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Restaurants and Other Eating Places - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;43847 | &nbsp;&nbsp;$17044644 |
| **Administrative and Support and Waste Management and Remediation Services - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Credit Bureaus - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | &nbsp;&nbsp;38844 | &nbsp;&nbsp;11586000 |
| **Construction - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Residential Building Construction - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2406 | &nbsp;&nbsp;11161458 |
| **Educational Services - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Colleges, Universities, and Professional Schools - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;186271 | &nbsp;&nbsp;15236968 |
| **Finance and Insurance - 26.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Direct Insurance (except Life, Health, and Medical) Carriers - 12.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. <sup>(a)</sup> | &nbsp;&nbsp;549567 | &nbsp;&nbsp;32924559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;108314 | &nbsp;&nbsp;14313695 |
|  |  | &nbsp;&nbsp;47238254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Transactions Processing, Reserve, and Clearinghouse Activities - 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;47835 | &nbsp;&nbsp;17048394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;72516 | &nbsp;&nbsp;15735972 |
|  |  | &nbsp;&nbsp;32784366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment Banking and Securities Intermediation - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;50304 | &nbsp;&nbsp;19424890 |
| **Manufacturing - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engine, Turbine, and Power Transmission Equipment - 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;83746 | &nbsp;&nbsp;21033645 |

---

---

| | | |
|:---|:---|:---|
| **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 83.1% (Continued)** | **Shares** | **Value** |
| **Retail Trade - 28.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive Parts and Accessories Retailers - 15.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;14101 | &nbsp;&nbsp;$36366479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;26693 | &nbsp;&nbsp;23077166 |
|  |  | &nbsp;&nbsp;59443645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Clothing and Clothing Accessories Retailers - 13.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;259809 | &nbsp;&nbsp;30571725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;254237 | &nbsp;&nbsp;20351672 |
|  |  | &nbsp;&nbsp;50923397 |
| **Transportation and Warehousing - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Freight Transportation Arrangement - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;137222 | &nbsp;&nbsp;15925985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Rail Transportation - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;30042 | &nbsp;&nbsp;6532032 |
| **Wholesale Trade - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Supplies Merchant Wholesalers - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | &nbsp;&nbsp;176852 | &nbsp;&nbsp;9109647 |
| **Total Common Stocks** (Cost $221,523,837) | **Total Common Stocks** (Cost $221,523,837) | &nbsp;&nbsp;$317444931 |
| **MONEY MARKET FUNDS - 16.6%** | **Shares** | **Value** |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Shares, 3.72% <sup>(b)</sup> | &nbsp;&nbsp;23670787 | &nbsp;&nbsp;$23670787 |
| Vanguard Treasury Money Market Fund - Investor Shares, 3.63% <sup>(b)</sup> | &nbsp;&nbsp;39828930 | &nbsp;&nbsp;39828930 |
| **Total Money Market Funds** (Cost $63,499,717) | **Total Money Market Funds** (Cost $63,499,717) | &nbsp;&nbsp;$63499717 |
| **Investments at Value - 99.7%** (Cost $285,023,554) | **Investments at Value - 99.7%** (Cost $285,023,554) | &nbsp;&nbsp;$380944648 |
| **Other Assets in Excess of Liabilities - 0.3%** | **Other Assets in Excess of Liabilities - 0.3%** | &nbsp;&nbsp;1165407 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$382110055 |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** MARSHFIELD CONCENTRATED OPPORTUNITY FUND

- **b. EDGAR series identifier (if any):** S000052208

- **c. LEI of Series:** 549300PVFMDDT83BPB42

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

- **a. Date of fiscal year-end:** 2023-08-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $382563728.04

**Total Liabilities:** $453672.59

**Net Assets:** $382110055.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000164234 | -4.79%               | 12.08%               | 7.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.04                   | $-15183069.34                              |
| Month 2  | $0.00                    | $36558614.34                               |
| Month 3  | $3539.90                 | $25791956.14                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MasterCard Incorporated                     | Mastercard, Inc. Class A                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     47835 | NS      | $17048394.00  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                             | Ross Stores, Inc.                                         | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    259809 | NS      | $30571725.03  | 8.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                | Fastenal Company                                          | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    176852 | NS      | $9109646.52   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc. | Expeditors International of Washington, Inc.              | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    137222 | NS      | $15925985.32  | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp                                 | Moody's Corporation                                       | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     38844 | NS      | $11585999.88  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                    | O'Reilly Automotive, Inc.                                 | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     26693 | NS      | $23077166.22  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                | Cummins, Inc.                                             | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     83746 | NS      | $21033645.36  | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                     | NVR, Inc.                                                 | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |      2406 | NS      | $11161458.06  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                              | AutoZone, Inc.                                            | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     14101 | NS      | $36366479.00  | 9.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                    | Visa, Inc. Class A                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     72516 | NS      | $15735972.00  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                   | Goldman Sachs Group, Inc. (The)                           | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     50304 | NS      | $19424889.60  | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                 | Progressive Corporation (The)                             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    108314 | NS      | $14313695.10  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc                           | Domino's Pizza, Inc.                                      | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     43847 | NS      | $17044644.31  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                   | Union Pacific Corporation                                 | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     30042 | NS      | $6532032.06   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                      | TJX Companies, Inc. (The)                                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    254237 | NS      | $20351671.85  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Admiral F                          | Vanguard Treasury Money Market Fund Investor Class        | CUSIP: 921932109<br>LEI: 5493001VGEE37B6RMO86 | Long             | STIV             | RF                | US        |  39828930 | PA      | $39828929.71  | 10.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                     | Strategic Education, Inc.                                 | CUSIP: 86272C103<br>LEI: 0PYXF82EO1UCNGL5I740 | Long             | EC               | CORP              | US        |    186271 | NS      | $15236967.80  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                         | GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENT S FUND | CUSIP: 38142B500<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |  23670787 | PA      | $23670787.40  | 6.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                     | Arch Capital Group Ltd.                                   | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    549567 | NS      | $32924558.97  | 8.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Marshfield Concentrated Opportunity Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** Assistant Treasurer