# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-000711
**Filing Date:** 2026-1
**Character Count:** 34166
**Document Hash:** 1e31a0435785e9a0b6f93a1eebb3ee8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000711.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000910472-26-000711

**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:** 26567807

**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, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.3%** | **Shares** | **Value** |
| **Communications - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5633 | &nbsp;&nbsp;$1386112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;9595 | &nbsp;&nbsp;3071551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;3150 | &nbsp;&nbsp;2041043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | &nbsp;&nbsp;11000 | &nbsp;&nbsp;1183380 |
|  |  | &nbsp;&nbsp;6295974 |
| **Consumer Discretionary - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;13164 | &nbsp;&nbsp;3070108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. <sup>(a)</sup> | &nbsp;&nbsp;628 | &nbsp;&nbsp;1301078 |
|  |  | &nbsp;&nbsp;4371186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20000 | &nbsp;&nbsp;690400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;13063 | &nbsp;&nbsp;1137918 |
|  |  | &nbsp;&nbsp;1828318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;365 | &nbsp;&nbsp;1443330 |
| **Consumer Staples - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;1580 | &nbsp;&nbsp;235009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | &nbsp;&nbsp;7810 | &nbsp;&nbsp;449622 |
| **Energy - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;6172 | &nbsp;&nbsp;715458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | &nbsp;&nbsp;15197 | &nbsp;&nbsp;762890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;19985 | &nbsp;&nbsp;724256 |
|  |  | &nbsp;&nbsp;1487146 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.3% (Continued)** | **Shares** | **Value** |
| **Financials - 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp;49000 | &nbsp;&nbsp;$735000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;15188 | &nbsp;&nbsp;1408383 |
|  |  | &nbsp;&nbsp;2143383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3486 | &nbsp;&nbsp;1091397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;1625 | &nbsp;&nbsp;1342315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;7227 | &nbsp;&nbsp;1226133 |
|  |  | &nbsp;&nbsp;2568448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;4393 | &nbsp;&nbsp;805896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | &nbsp;&nbsp;6141 | &nbsp;&nbsp;2243123 |
| **Health Care - 10.3%** |  |  |
| &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;6244 | &nbsp;&nbsp;1421759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;2062 | &nbsp;&nbsp;2217619 |
|  |  | &nbsp;&nbsp;3639378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;2615 | &nbsp;&nbsp;862349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | &nbsp;&nbsp;6024 | &nbsp;&nbsp;1366123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;2274 | &nbsp;&nbsp;1343547 |
|  |  | &nbsp;&nbsp;2709670 |
| **Industrials - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 5.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;11926 | &nbsp;&nbsp;1680373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2000 | &nbsp;&nbsp;303260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;2108 | &nbsp;&nbsp;834473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | &nbsp;&nbsp;11637 | &nbsp;&nbsp;947485 |
|  |  | &nbsp;&nbsp;3765591 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.3% (Continued)** | **Shares** | **Value** |
| **Industrials - 12.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Construction - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corporation <sup>(a)</sup> | &nbsp;&nbsp;23655 | &nbsp;&nbsp;$1015509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;2842 | &nbsp;&nbsp;1321189 |
|  |  | &nbsp;&nbsp;2336698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Support Services - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grainger (W.W.), Inc. | &nbsp;&nbsp;748 | &nbsp;&nbsp;709575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;984 | &nbsp;&nbsp;802137 |
|  |  | &nbsp;&nbsp;1511712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;2783 | &nbsp;&nbsp;666334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;11432 | &nbsp;&nbsp;404236 |
| **Materials - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | &nbsp;&nbsp;1800 | &nbsp;&nbsp;618642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Steel - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation | &nbsp;&nbsp;4485 | &nbsp;&nbsp;715313 |
| **Real Estate - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;9009 | &nbsp;&nbsp;1457926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;5071 | &nbsp;&nbsp;651776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;16958 | &nbsp;&nbsp;376637 |
|  |  | &nbsp;&nbsp;1028413 |
| **Technology - 29.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 9.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation | &nbsp;&nbsp;2330 | &nbsp;&nbsp;2738845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;21630 | &nbsp;&nbsp;3828510 |
|  |  | &nbsp;&nbsp;6567355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3400 | &nbsp;&nbsp;1088442 |

---

---

| | | |
|:---|:---|:---|
| **HVIA EQUITY FUND** | **HVIA EQUITY FUND** | **HVIA EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.3% (Continued)** | **Shares** | **Value** |
| **Technology - 29.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 9.0% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5100 | &nbsp;&nbsp;$2509251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;5815 | &nbsp;&nbsp;1340590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1637 | &nbsp;&nbsp;1329915 |
|  |  | &nbsp;&nbsp;6268198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 6.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;8371 | &nbsp;&nbsp;2334253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation <sup>(a)</sup> | &nbsp;&nbsp;5977 | &nbsp;&nbsp;1220563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;14966 | &nbsp;&nbsp;1151484 |
|  |  | &nbsp;&nbsp;4706300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | &nbsp;&nbsp;5152 | &nbsp;&nbsp;1589804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;4610 | &nbsp;&nbsp;1541769 |
|  |  | &nbsp;&nbsp;3131573 |
| **Utilities - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | &nbsp;&nbsp;6000 | &nbsp;&nbsp;743640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;10443 | &nbsp;&nbsp;901126 |
|  |  | &nbsp;&nbsp;1644766 |
| **Investments at Value - 99.3%** (Cost $39,486,486) | **Investments at Value - 99.3%** (Cost $39,486,486) | &nbsp;&nbsp;$69098856 |
| **Other Assets in Excess of Liabilities - 0.7%** | **Other Assets in Excess of Liabilities - 0.7%** | &nbsp;&nbsp;501537 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$69600393 |

---

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

## 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:** 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:** $69652637.16

**Total Liabilities:** $52243.69

**Net Assets:** $69600393.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172452 | 3.78%                | 3.25%                | 0.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $2715283.56                                |
| Month 2  | $3153329.82              | $-837143.09                                |
| Month 3  | $1309894.90              | $-1281653.04                               |

### 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        |      6024 | NS      | $1366122.72   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                  | United Rentals, Inc.                        | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       984 | NS      | $802137.12    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                         | Prologis, Inc. REIT                         | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      5071 | NS      | $651775.63    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                  | Weyerhaeuser Company REIT                   | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     16958 | NS      | $376637.18    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                     | Exxon Mobil Corporation                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      6172 | NS      | $715458.24    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                 | Generac Holdings, Inc.                      | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      2000 | NS      | $303260.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.          | Mondelez International, Inc. Class A        | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      7810 | NS      | $449621.70    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                      | MercadoLibre, Inc.                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       628 | NS      | $1301077.84   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                           | Trimble, Inc.                               | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     11637 | NS      | $947484.54    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.               | UnitedHealth Group, Inc.                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2615 | NS      | $862348.55    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corporation                     | Fluor Corporation                           | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     23655 | NS      | $1015509.15   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                             | Adobe, Inc.                                 | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      3400 | NS      | $1088442.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                       | CBRE Group, Inc.                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      9009 | NS      | $1457926.47   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                       | Salesforce, Inc.                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5815 | NS      | $1340590.10   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                             | KLA Corporation                             | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      2330 | NS      | $2738845.10   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                       | CSX Corporation                             | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     11432 | NS      | $404235.52    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                     | Ciena Corporation                           | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      5977 | NS      | $1220563.17   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                  | Blue Owl Capital, Inc.                      | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49000 | NS      | $735000.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                 | Quanta Services, Inc.                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      2842 | NS      | $1321188.96   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                           | PepsiCo, Inc.                               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1580 | NS      | $235009.20    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc.    | Take-Two Interactive Software, Inc.         | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      5633 | NS      | $1386112.31   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                     | Nucor Corporation                           | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      4485 | NS      | $715312.65    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                              | Visa, Inc. Class A                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4610 | NS      | $1541768.40   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc            | Chipotle Mexican Grill, Inc.                | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $690400.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                      | Amazon.com, Inc.                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     13164 | NS      | $3070108.08   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                          | NVIDIA Corporation                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     21630 | NS      | $3828510.00   | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp. | International Business Machines Corporation | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5152 | NS      | $1589804.16   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                         | Alphabet, Inc. Class C                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      9595 | NS      | $3071551.40   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation        | Charles Schwab Corporation (The)            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     15188 | NS      | $1408383.24   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                  | JPMorgan Chase & Company                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3486 | NS      | $1091396.88   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                            | Apple, Inc.                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      8371 | NS      | $2334253.35   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                    | NextEra Energy, Inc.                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     10443 | NS      | $901126.47    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc.      | Marsh & McLennan Companies, Inc.            | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      4393 | NS      | $805895.85    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                  | Amphenol Corporation Class A                | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     11926 | NS      | $1680373.40   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| W.w. Grainger Inc.                    | WW Grainger, Inc.                           | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       748 | NS      | $709575.24    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                              | Schlumberger N.V.                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     19985 | NS      | $724256.40    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | Meta Platforms, Inc. Class A                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3150 | NS      | $2041042.50   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                       | Eli Lilly & Company                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2062 | NS      | $2217619.14   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                        | ServiceNow, Inc.                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1637 | NS      | $1329915.17   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                         | Netflix, Inc.                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     11000 | NS      | $1183380.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company          | Sherwin-Williams Company (The)              | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1800 | NS      | $618642.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                       | Starbucks Corporation                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     13063 | NS      | $1137917.93   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                        | AutoZone, Inc.                              | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       365 | NS      | $1443330.45   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                   | Cisco Systems, Inc.                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     14966 | NS      | $1151484.04   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.             | Rockwell Automation, Inc.                   | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      2108 | NS      | $834472.88    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                           | AbbVie, Inc.                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      6244 | NS      | $1421758.80   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                      | Duke Energy Corporation                     | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      6000 | NS      | $743640.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | Microsoft Corporation                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5100 | NS      | $2509251.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                        | Morgan Stanley                              | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      7227 | NS      | $1226132.82   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.        | Lincoln Electric Holdings, Inc.             | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      2783 | NS      | $666333.69    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company              | American Express Company                    | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      6141 | NS      | $2243123.07   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                  | Baker Hughes Company Class A                | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15197 | NS      | $762889.40    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.             | Goldman Sachs Group, Inc. (The)             | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1625 | NS      | $1342315.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc          | Thermo Fisher Scientific, Inc.              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      2274 | NS      | $1343547.42   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** HVIA Equity Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer