# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-181084
**Filing Date:** 2025-7
**Character Count:** 17038
**Document Hash:** 50c4ac536c61234d0be89502942880a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-181084.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-181084

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**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:** 251157738

**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** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 77.3%** | **Shares** | **Value** |
| **Accommodation and Food Services - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Restaurants and Other Eating Places - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;123864 | &nbsp;&nbsp;$58689240 |
| **Administrative and Support and Waste Management and Remediation Services - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Credit Bureaus - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | &nbsp;&nbsp;92669 | &nbsp;&nbsp;44418105 |
| **Construction - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Residential Building Construction - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4226 | &nbsp;&nbsp;30071920 |
| **Educational Services - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Colleges, Universities, and Professional Schools - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;336585 | &nbsp;&nbsp;30706650 |
| **Finance and Insurance - 22.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Direct Insurance (except Life, Health, and Medical) Carriers - 7.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;518587 | &nbsp;&nbsp;49286508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;159550 | &nbsp;&nbsp;45460582 |
|  |  | &nbsp;&nbsp;94747090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Direct Life, Health and Medical Insurance Carriers - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;165353 | &nbsp;&nbsp;49921724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Transactions Processing, Reserve, and Clearinghouse Activities - 10.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;113138 | &nbsp;&nbsp;66253613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;175510 | &nbsp;&nbsp;64094497 |
|  |  | &nbsp;&nbsp;130348110 |
| **Information - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Motion Picture and Video Production - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;279170 | &nbsp;&nbsp;31557377 |

---

---

| | | |
|:---|:---|:---|
| **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 - 77.3% (Continued)** | **Shares** | **Value** |
| **Manufacturing - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engine, Turbine, and Power Transmission Equipment - 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;199412 | &nbsp;&nbsp;$64106970 |
| **Retail Trade - 26.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive Parts and Accessories Retailers - 16.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;33414 | &nbsp;&nbsp;124735799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;53125 | &nbsp;&nbsp;72648437 |
|  |  | &nbsp;&nbsp;197384236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Clothing and Clothing Accessories Retailers - 10.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;710577 | &nbsp;&nbsp;99544732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;186248 | &nbsp;&nbsp;23634871 |
|  |  | &nbsp;&nbsp;123179603 |
| **Transportation and Warehousing - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Freight Transportation Arrangement - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;337394 | &nbsp;&nbsp;38034426 |
| **Wholesale Trade - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Supplies Merchant Wholesalers - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | &nbsp;&nbsp;836462 | &nbsp;&nbsp;34579339 |
| **Total Common Stocks** (Cost $652,073,705) | **Total Common Stocks** (Cost $652,073,705) | &nbsp;&nbsp;$927744790 |

---

---

| | | |
|:---|:---|:---|
| **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** | **MARSHFIELD CONCENTRATED OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 22.7%** | **Shares** | **Value** |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Shares, 4.15% <sup>(b)</sup> | &nbsp;&nbsp;102701200 | &nbsp;&nbsp;$102701200 |
| Vanguard Treasury Money Market Fund - Investor Shares, 4.23% <sup>(b)</sup> | &nbsp;&nbsp;169410236 | &nbsp;&nbsp;169410236 |
| **Total Money Market Funds** (Cost $272,111,436) | **Total Money Market Funds** (Cost $272,111,436) | &nbsp;&nbsp;$272111436 |
| **Investments at Value - 100.0%** (Cost $924,185,141) | **Investments at Value - 100.0%** (Cost $924,185,141) | &nbsp;&nbsp;$1199856226 |
| **Liabilities in Excess of Other Assets – (0.0%)** <sup>(c)</sup> | **Liabilities in Excess of Other Assets – (0.0%)** <sup>(c)</sup> | &nbsp;&nbsp; (611) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1199855615 |

---

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

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

<sup>(c)</sup> Rounds to less than 0.01%.

## 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:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $1201758488.51

**Total Liabilities:** $1902874.00

**Net Assets:** $1199855614.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000164234 | -1.39%               | -0.28%               | 1.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39432.90                | $-15873016.98                              |
| Month 2  | $1376431.06              | $-4154234.81                               |
| Month 3  | $0.00                    | $15771242.83                               |

### 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        |    113138 | NS      | $66253612.80  | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                         | Walt Disney Company (The)                                 | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    279170 | NS      | $31557376.80  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                             | Ross Stores, Inc.                                         | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    710577 | NS      | $99544731.93  | 8.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                | Fastenal Company                                          | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    836462 | NS      | $34579339.08  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc. | Expeditors International of Washington, Inc.              | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    337394 | NS      | $38034425.62  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp.                                | Moody's Corporation                                       | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     92669 | NS      | $44418105.08  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                    | O'Reilly Automotive, Inc.                                 | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     53125 | NS      | $72648437.50  | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                     | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    165353 | NS      | $49921724.23  | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                | Cummins, Inc.                                             | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |    199412 | NS      | $64106969.76  | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                     | NVR, Inc.                                                 | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |      4226 | NS      | $30071920.18  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                              | AutoZone, Inc.                                            | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     33414 | NS      | $124735798.56 | 10.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                    | Visa, Inc. Class A                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    175510 | NS      | $64094496.90  | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                 | Progressive Corporation (The)                             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    159550 | NS      | $45460581.50  | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                          | Domino's Pizza, Inc.                                      | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |    123864 | NS      | $58689240.48  | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                      | TJX Companies, Inc. (The)                                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    186248 | NS      | $23634871.20  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Admiral Funds Inc.                 | Vanguard Treasury Money Market Fund Investor Class        | CUSIP: 921932109<br>LEI: 5493001VGEE37B6RMO86 | Long             | STIV             | RF                | US        | 169410236 | PA      | $169410236.12 | 14.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                     | Strategic Education, Inc.                                 | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |    336585 | NS      | $30706649.55  | 2.56%             |  |  |  | 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        | 102701200 | PA      | $102701200.19 | 8.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                     | Arch Capital Group Ltd.                                   | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    518587 | NS      | $49286508.48  | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-23

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

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer