# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-000707
**Filing Date:** 2026-1
**Character Count:** 36105
**Document Hash:** 1fa7a01b7fac0ad00bbe758d1ed59cc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000707.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000910472-26-000707

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260228

**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:** 26567803

**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

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.4%** | **Shares** | **Value** |
| **Communications - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. <sup>(a)</sup> | &nbsp;&nbsp;1685 | &nbsp;&nbsp;$1009096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;11351 | &nbsp;&nbsp;821245 |
|  |  | &nbsp;&nbsp;1830341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefónica S.A. - ADR | &nbsp;&nbsp;344932 | &nbsp;&nbsp;1479758 |
| **Consumer Discretionary - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Company Ltd. - ADR | &nbsp;&nbsp;84288 | &nbsp;&nbsp;1056129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Services - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. <sup>(a)</sup> | &nbsp;&nbsp;17171 | &nbsp;&nbsp;1090874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;26775 | &nbsp;&nbsp;2216702 |
| **Consumer Staples - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vita Coco Company, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;34111 | &nbsp;&nbsp;1821869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honest Company, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;109851 | &nbsp;&nbsp;295499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;27624 | &nbsp;&nbsp;766566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)</sup> | &nbsp;&nbsp;27995 | &nbsp;&nbsp;1044493 |
| **Energy - 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Renewable Energy - 10.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. <sup>(a)</sup> | &nbsp;&nbsp;13944 | &nbsp;&nbsp;3805597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;21047 | &nbsp;&nbsp;1928326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc. <sup>(a)</sup> | &nbsp;&nbsp;48197 | &nbsp;&nbsp;975989 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.4% (Continued)** | **Shares** | **Value** |
| **Energy - 10.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Renewable Energy - 10.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S - ADR | &nbsp;&nbsp;332016 | &nbsp;&nbsp;$2619606 |
|  |  | &nbsp;&nbsp;9329518 |
| **Financials - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;59339 | &nbsp;&nbsp;2038888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;16396 | &nbsp;&nbsp;2106722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanlam Ltd. - ADR | &nbsp;&nbsp;158226 | &nbsp;&nbsp;1696183 |
|  |  | &nbsp;&nbsp;5841793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalgamated Financial Corporation | &nbsp;&nbsp;32754 | &nbsp;&nbsp;961330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lemonade, Inc. <sup>(a)</sup> | &nbsp;&nbsp;23915 | &nbsp;&nbsp;1868240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;24730 | &nbsp;&nbsp;845518 |
| **Health Care - 13.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 10.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiichi Sankyo Company Ltd. - ADR | &nbsp;&nbsp;33844 | &nbsp;&nbsp;832562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corporation <sup>(a)</sup> | &nbsp;&nbsp;12260 | &nbsp;&nbsp;2046807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;19922 | &nbsp;&nbsp;2506985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK plc - ADR | &nbsp;&nbsp;47689 | &nbsp;&nbsp;2282396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4915 | &nbsp;&nbsp;2131193 |
|  |  | &nbsp;&nbsp;9799943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG - ADR | &nbsp;&nbsp;59072 | &nbsp;&nbsp;1413002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20400 | &nbsp;&nbsp;1529388 |
| **Industrials - 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE - ADR | &nbsp;&nbsp;44501 | &nbsp;&nbsp;2387034 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.4% (Continued)** | **Shares** | **Value** |
| **Industrials - 15.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.7% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritiv Holdings Company - Class A | &nbsp;&nbsp;10509 | &nbsp;&nbsp;$1888782 |
|  |  | &nbsp;&nbsp;4275816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;17502 | &nbsp;&nbsp;1804981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stantec, Inc. | &nbsp;&nbsp;26998 | &nbsp;&nbsp;2606927 |
|  |  | &nbsp;&nbsp;4411908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Support Services - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;24856 | &nbsp;&nbsp;1201539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - Class A | &nbsp;&nbsp;46530 | &nbsp;&nbsp;1127887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;12123 | &nbsp;&nbsp;1705343 |
|  |  | &nbsp;&nbsp;2833230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Professional Services - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brambles Ltd. - ADR | &nbsp;&nbsp;47090 | &nbsp;&nbsp;1489127 |
| **Real Estate - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Developments Ltd. - ADR | &nbsp;&nbsp;202472 | &nbsp;&nbsp;1125744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;17870 | &nbsp;&nbsp;1543075 |
| **Technology - 27.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | &nbsp;&nbsp;8583 | &nbsp;&nbsp;1867060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;6594 | &nbsp;&nbsp;2657118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;13743 | &nbsp;&nbsp;4006222 |
|  |  | &nbsp;&nbsp;8530400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 11.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;5121 | &nbsp;&nbsp;765692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4171 | &nbsp;&nbsp;1265231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;6195 | &nbsp;&nbsp;1240301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3423 | &nbsp;&nbsp;655196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;2220 | &nbsp;&nbsp;1092262 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.4% (Continued)** | **Shares** | **Value** |
| **Technology - 27.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 11.5% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;10406 | &nbsp;&nbsp;$1978493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE - ADR | &nbsp;&nbsp;8781 | &nbsp;&nbsp;2122807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;9171 | &nbsp;&nbsp;1454888 |
|  |  | &nbsp;&nbsp;10574870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7392 | &nbsp;&nbsp;2061259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Company | &nbsp;&nbsp;14730 | &nbsp;&nbsp;829299 |
|  |  | &nbsp;&nbsp;2890558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;9812 | &nbsp;&nbsp;3027787 |
| **Utilities - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corporation | &nbsp;&nbsp;40447 | &nbsp;&nbsp;1678146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;13010 | &nbsp;&nbsp;590264 |
| **Total Common Stocks** (Cost $61,983,632) | **Total Common Stocks** (Cost $61,983,632) | &nbsp;&nbsp;$87363427 |

---

---

| | | |
|:---|:---|:---|
| **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** | **NIA IMPACT SOLUTIONS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 4.5%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 3.88% <sup>(b)</sup> <br> (Cost $4,092,086) | &nbsp;&nbsp;4092086 | &nbsp;&nbsp;$4092086 |
| **Investments at Value - 99.9%** (Cost $66,075,718) | **Investments at Value - 99.9%** (Cost $66,075,718) | &nbsp;&nbsp;$91455513 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;75164 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$91530677 |

---

---

| | |
|:---|:---|
| A/S | &nbsp;&nbsp;&nbsp;- Aktieselskab |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| 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 November 30, 2025.

## 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:** NIA IMPACT SOLUTIONS FUND

- **b. EDGAR series identifier (if any):** S000076123

- **c. LEI of Series:** 5493004APNB4I0PFX287

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

- **a. Date of fiscal year-end:** 2026-02-28

- **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:** $91591873.66

**Total Liabilities:** $61197.06

**Net Assets:** $91530676.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235579 | 3.48%                | 3.85%                | -2.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $2982485.65                                |
| Month 2  | $1259354.45              | $2242521.49                                |
| Month 3  | $1095465.72              | $-3363475.08                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Micro Devices Inc.                  | Advanced Micro Devices, Inc.                        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      8583 | NS      | $1867059.99   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc.                                 | Stantec, Inc.                                       | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |     26998 | NS      | $2606926.88   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                  | Hologic, Inc.                                       | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     20400 | NS      | $1529388.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                              | First Solar, Inc.                                   | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     13944 | NS      | $3805596.48   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation                        | Atlassian Corporation Class A                       | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |      5121 | NS      | $765691.92    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                   | Stride, Inc.                                        | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     17171 | NS      | $1090873.63   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                 | Duolingo, Inc.                                      | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3423 | NS      | $655196.43    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated          | Vertex Pharmaceuticals, Inc.                        | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      4915 | NS      | $2131193.15   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                        | Robinhood Markets, Inc.                             | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     16396 | NS      | $2106722.04   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                 | Autodesk, Inc.                                      | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      4171 | NS      | $1265231.14   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods, Inc.                   | United Natural Foods, Inc.                          | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     27995 | NS      | $1044493.45   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology S.A.                      | Spotify Technology S.A.                             | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |      1685 | NS      | $1009095.95   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group               | California Water Service Group                      | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     13010 | NS      | $590263.70    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemonade Inc                                 | Lemonade, Inc.                                      | CUSIP: 52567D107<br>LEI: 5493009BKR06OXXU6853 | Long             | EC               | CORP              | US        |     23915 | NS      | $1868239.80   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc.                               | NEXTracker, Inc.                                    | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21047 | NS      | $1928326.14   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                           | Iron Mountain, Inc.                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     17870 | NS      | $1543074.50   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| City Developments Ltd.                       | City Developments Ltd. ADR                          | CUSIP: 177797305<br>LEI: 254900BPLPJS0RJ72373 | Long             | EC               | CORP              | SG        |    202472 | NS      | $1125744.32   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlam Ltd                                   | Sanlam Ltd. ADR                                     | CUSIP: 80104Q208<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |    158226 | NS      | $1696182.72   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corporation             | Brookfield Renewable Corporation                    | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | US        |     40447 | NS      | $1678146.03   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                       | SAP S.E. ADR                                        | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      8781 | NS      | $2122806.75   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                    | Toast, Inc. Class A                                 | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     24730 | NS      | $845518.70    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| The Honest Company Inc                       | Honest Company, Inc. (The)                          | CUSIP: 438333106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109851 | NS      | $295499.19    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica, S.A.                             | Telefonica S.A. ADR                                 | CUSIP: 879382208<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |    344932 | NS      | $1479758.28   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Brambles Ltd.                                | Brambles Ltd. ADR                                   | CUSIP: 105105209<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     47090 | NS      | $1489127.07   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp.                  | Amalgamated Financial Corporation                   | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32754 | NS      | $961329.90    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                    | eBay, Inc.                                          | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     26775 | NS      | $2216702.25   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                           | Vertiv Holdings Company                             | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     10509 | NS      | $1888782.57   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                         | GeneDx Holdings Corporation                         | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12260 | NS      | $2046807.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Grocers By Vitamin Cottage Inc.      | Natural Grocers by Vitamin Cottage, Inc.            | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |     27624 | NS      | $766566.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corporation         | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      9812 | NS      | $3027786.96   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                        | Schneider Electric S.E. ADR                         | CUSIP: 80687P106<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     44501 | NS      | $2387033.64   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2220 | NS      | $1092262.20   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                       | Daiichi Sankyo Company Ltd. Sponsored ADR           | CUSIP: 23381D102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     33844 | NS      | $832562.40    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc.                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      7392 | NS      | $2061259.20   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                       | Palo Alto Networks, Inc.                            | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     10406 | NS      | $1978492.78   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                  | Shopify, Inc. CLASS A                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      9171 | NS      | $1454887.44   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc    | HA Sustainable Infrastructure Capital, Inc. L, INC. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     59339 | NS      | $2038888.04   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems AS                       | Vestas Wind Systems A/S ADR                         | CUSIP: 925458101<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |    332016 | NS      | $2619606.24   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                              | Core & Main, Inc.                                   | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24856 | NS      | $1201539.04   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                  | Xylem Inc                                           | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     12123 | NS      | $1705342.41   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc.                                  | SUNRUN, INC.                                        | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |     48197 | NS      | $975989.25    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                         | Gilead Sciences, Inc.                               | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     19922 | NS      | $2506984.48   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                    | Fresenius Medical Care A.G. ADR                     | CUSIP: 358029106<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     59072 | NS      | $1413002.24   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                             | Zillow Group, Inc. Class A                          | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |     11351 | NS      | $821244.85    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                      | GSK plc ADR                                         | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     47689 | NS      | $2282395.54   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products, Inc.                 | Mueller Water Products, Inc. Series A               | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     46530 | NS      | $1127887.20   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd.                                  | BYD Company Ltd.                                    | CUSIP: 05606L100<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     84288 | NS      | $1056128.64   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                                 | Crane NXT Company                                   | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     14730 | NS      | $829299.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| The Vita Coco Company Inc                    | Vita Coco Company, Inc. (The)                       | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     34111 | NS      | $1821868.51   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Company Ltd. ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     13743 | NS      | $4006221.93   | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                        | AECOM                                               | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     17502 | NS      | $1804981.26   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      6594 | NS      | $2657118.24   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                    | First American Government Obligations Fund Class X  | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   4092086 | PA      | $4092086.38   | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                               | Cloudflare, Inc. Class A                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      6195 | NS      | $1240300.95   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Nia Impact Solutions Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer