# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-009068
**Filing Date:** 2023-1
**Character Count:** 36309
**Document Hash:** bd8705ce5ae03135cfe60091b8f573e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009068.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009068

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 23544182

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **COMMON STOCKS - 95.5%** | **Shares** | **Value** |
| **Communications - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) <sup>(a)</sup> | &nbsp;&nbsp;4585 | &nbsp;&nbsp;$448734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C <sup>(a)</sup> | &nbsp;&nbsp;10800 | &nbsp;&nbsp;1095660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;6485 | &nbsp;&nbsp;252785 |
| **Consumer Discretionary - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4800 | &nbsp;&nbsp;463392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Construction - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corporation - Class A | &nbsp;&nbsp;4000 | &nbsp;&nbsp;351320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | &nbsp;&nbsp;370 | &nbsp;&nbsp;601975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;3200 | &nbsp;&nbsp;327040 |
|  |  | &nbsp;&nbsp;929015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;400 | &nbsp;&nbsp;1031600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;430 | &nbsp;&nbsp;139316 |
|  |  | &nbsp;&nbsp;1170916 |
| **Consumer Staples - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;2850 | &nbsp;&nbsp;528704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelēz International, Inc. - Class A | &nbsp;&nbsp;5850 | &nbsp;&nbsp;395519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estée Lauder Companies, Inc. (The) - Class A | &nbsp;&nbsp;350 | &nbsp;&nbsp;82526 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.5% (Continued)** | **Shares** | **Value** |
| **Consumer Staples - 7.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corporation | &nbsp;&nbsp;3900 | &nbsp;&nbsp;$997152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;7000 | &nbsp;&nbsp;605570 |
| **Energy - 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 7.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;18900 | &nbsp;&nbsp;527499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | &nbsp;&nbsp;9850 | &nbsp;&nbsp;674922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;12006 | &nbsp;&nbsp;495728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;9250 | &nbsp;&nbsp;1029895 |
|  |  | &nbsp;&nbsp;2728044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;9252 | &nbsp;&nbsp;476940 |
| **Financials - 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;20365 | &nbsp;&nbsp;770815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;4713 | &nbsp;&nbsp;651243 |
|  |  | &nbsp;&nbsp;1422058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;8050 | &nbsp;&nbsp;749213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;5000 | &nbsp;&nbsp;865900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | &nbsp;&nbsp;4100 | &nbsp;&nbsp;646119 |
| **Health Care - 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;6300 | &nbsp;&nbsp;1015434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;1500 | &nbsp;&nbsp;556620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;7000 | &nbsp;&nbsp;350910 |
|  |  | &nbsp;&nbsp;1922964 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.5% (Continued)** | **Shares** | **Value** |
| **Health Care - 12.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;1800 | &nbsp;&nbsp;$985968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | &nbsp;&nbsp;2650 | &nbsp;&nbsp;724536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1150 | &nbsp;&nbsp;250792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp;2114 | &nbsp;&nbsp;295389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;675 | &nbsp;&nbsp;378149 |
|  |  | &nbsp;&nbsp;1648866 |
| **Industrials - 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corporation <sup>(a)</sup> | &nbsp;&nbsp;19366 | &nbsp;&nbsp;650891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3081 | &nbsp;&nbsp;440552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Support Services - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1629 | &nbsp;&nbsp;575086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;443640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;30790 | &nbsp;&nbsp;1006525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Company <sup>(a)</sup> | &nbsp;&nbsp;6150 | &nbsp;&nbsp;245447 |
|  |  | &nbsp;&nbsp;1251972 |
| **Materials - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | &nbsp;&nbsp;1785 | &nbsp;&nbsp;444786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Steel - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation | &nbsp;&nbsp;5940 | &nbsp;&nbsp;890703 |
| **Real Estate - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;1500 | &nbsp;&nbsp;331875 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.5% (Continued)** | **Shares** | **Value** |
| **Real Estate - 5.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 5.6% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;4800 | &nbsp;&nbsp;$565392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;5740 | &nbsp;&nbsp;685586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;14196 | &nbsp;&nbsp;464351 |
|  |  | &nbsp;&nbsp;2047204 |
| **Technology - 23.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | &nbsp;&nbsp;12792 | &nbsp;&nbsp;993043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;3050 | &nbsp;&nbsp;1199108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;5900 | &nbsp;&nbsp;998457 |
|  |  | &nbsp;&nbsp;3190608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1050 | &nbsp;&nbsp;362176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4935 | &nbsp;&nbsp;1259116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3800 | &nbsp;&nbsp;608950 |
|  |  | &nbsp;&nbsp;2230242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;8065 | &nbsp;&nbsp;1193862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation <sup>(a)</sup> | &nbsp;&nbsp;15750 | &nbsp;&nbsp;708120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;15156 | &nbsp;&nbsp;753556 |
|  |  | &nbsp;&nbsp;2655538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;2200 | &nbsp;&nbsp;477400 |
| **Utilities - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corporation (The) | &nbsp;&nbsp;15150 | &nbsp;&nbsp;438138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | &nbsp;&nbsp;6580 | &nbsp;&nbsp;657540 |
|  |  | &nbsp;&nbsp;1095678 |
| **Total Common Stocks** (Cost $24,421,841) | **Total Common Stocks** (Cost $24,421,841) | &nbsp;&nbsp;$35161665 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 4.6%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 3.67% <sup>(b)</sup> (Cost $1,691,645) | &nbsp;&nbsp;1691645 | &nbsp;&nbsp;$1691645 |
| **Investments at Value - 100.1%** (Cost $26,113,486) | **Investments at Value - 100.1%** (Cost $26,113,486) | &nbsp;&nbsp;$36853310 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (24409) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$36828901 |

---

<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:** HVIA EQUITY FUND

- **b. EDGAR series identifier (if any):** S000054831

- **c. LEI of Series:** 549300W5BJP3BPOMUW77

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $36947120.32

**Total Liabilities:** $118219.07

**Net Assets:** $36828901.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172452 | -10.33%              | 9.68%                | 5.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-67609.96               | $-3601143.23                               |
| Month 2  | $0.00                    | $3059630.06                                |
| Month 3  | $-95986.44               | $1897834.20                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Danaher Corporation              | Danaher Corporation                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2650 | NS      | $724536.50    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.             | United Rentals, Inc.                               | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1629 | NS      | $575085.87    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                   | Home Depot, Inc. (The)                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       430 | NS      | $139315.70    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                    | Prologis, Inc. REIT                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4800 | NS      | $565392.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                     | Illumina, Inc.                                     | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      1150 | NS      | $250792.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company             | Weyerhaeuser Company REIT                          | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     14196 | NS      | $464351.16    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation          | Exxon Mobil Corporation                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      9250 | NS      | $1029895.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                | Sysco Corporation                                  | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      7000 | NS      | $605570.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.     | Advanced Micro Devices, Inc.                       | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     12792 | NS      | $993042.96    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.     | Mondelez International, Inc. Class A               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      5850 | NS      | $395518.50    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.          | UnitedHealth Group, Inc.                           | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1800 | NS      | $985968.00    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corporation               | Lennar Corporation Class A                         | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      4000 | NS      | $351320.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corporation                | Fluor Corporation                                  | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     19366 | NS      | $650891.26    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                        | Adobe, Inc.                                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1050 | NS      | $362176.50    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                   | salesforce.com, Inc.                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3800 | NS      | $608950.00    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corporation                  | KLA-Tencor Corporation                             | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      3050 | NS      | $1199107.50   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                  | CSX Corporation                                    | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     30790 | NS      | $1006525.10   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                | Ciena Corporation                                  | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     15750 | NS      | $708120.00    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation       | American Tower Corporation                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      1500 | NS      | $331875.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                      | PepsiCo, Inc.                                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      2850 | NS      | $528703.50    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc         | Simon Property Group, Inc. REIT                    | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      5740 | NS      | $685585.60    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC              | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND CLASS X | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1691645 | PA      | $1691645.34   | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                | Nucor Corporation                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      5940 | NS      | $890703.00    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc             | Chart Industries, Inc.                             | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      3081 | NS      | $440552.19    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation         | Devon Energy Corporation                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      9850 | NS      | $674922.00    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                         | Visa, Inc. Class A                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2200 | NS      | $477400.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc       | Chipotle Mexican Grill, Inc.                       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       370 | NS      | $601975.20    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| The AES Corporation              | AES Corporation                                    | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     15150 | NS      | $438138.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                 | Amazon.com, Inc.                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      4800 | NS      | $463392.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                     | NVIDIA Corporation                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      5900 | NS      | $998457.00    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                    | Alphabet, Inc. Class C                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     10800 | NS      | $1095660.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.           | Southwest Airlines Company                         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      6150 | NS      | $245446.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.             | JPMorgan Chase & Company                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4713 | NS      | $651242.34    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                       | Apple, Inc.                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      8065 | NS      | $1193861.95   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.      | Verizon Communications, Inc.                       | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      6485 | NS      | $252785.30    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc. | Marsh & McLennan Companies, Inc.                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      5000 | NS      | $865900.00    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| The Estee Lauder Companies Inc.  | Estee Lauder Companies, Inc. (The) Class A         | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |       350 | NS      | $82526.50     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited             | Schlumberger Ltd.                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      9252 | NS      | $476940.60    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Perkinelmer, Inc.                | PerkinElmer, Inc.                                  | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |      2114 | NS      | $295389.22    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                  | Eli Lilly & Company                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1500 | NS      | $556620.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation      | Bank of America Corporation                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     20365 | NS      | $770815.25    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company     | Sherwin-Williams Company (The)                     | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1785 | NS      | $444786.30    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corporation            | Starbucks Corporation                              | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      3200 | NS      | $327040.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                   | AutoZone, Inc.                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       400 | NS      | $1031600.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                      | Pfizer, Inc.                                       | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      7000 | NS      | $350910.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.              | Cisco Systems, Inc.                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     15156 | NS      | $753556.32    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company              | Walt Disney Company (The)                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      4585 | NS      | $448733.95    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                      | AbbVie, Inc.                                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      6300 | NS      | $1015434.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                 | Duke Energy Corporation                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      6580 | NS      | $657539.40    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc               | Coterra Energy, Inc.                               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     18900 | NS      | $527499.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation            | Microsoft Corporation                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      4935 | NS      | $1259115.90   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                   | Morgan Stanley                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      8050 | NS      | $749213.50    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.   | Lincoln Electric Holdings, Inc.                    | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      3000 | NS      | $443640.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation       | Dollar General Corporation                         | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      3900 | NS      | $997152.00    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company         | American Express Company                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      4100 | NS      | $646119.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Incorporation           | Enbridge, Inc.                                     | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     12006 | NS      | $495727.74    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc     | Thermo Fisher Scientific, Inc.                     | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       675 | NS      | $378148.50    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** HVIA Equity Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** Assistant Treasurer