# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-181077
**Filing Date:** 2025-7
**Character Count:** 16930
**Document Hash:** 0d08c975299cd257af91fa1b72ceed13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-181077.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-181077

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250531

**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:** 251157731

**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

### Kempner Multi-Cap Deep Value Fund (Series ID: S000057335)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000182952 | Institutional Class | FIKDX           |
| C000182953 | Investor Class      | FAKDX           |

## 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:** KEMPNER MULTI-CAP DEEP VALUE FUND

- **b. EDGAR series identifier (if any):** S000057335

- **c. LEI of Series:** 549300G85QLXC2OKXF25

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

- **a. Date of fiscal year-end:** 2025-05-31

- **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:** $90059820.68

**Total Liabilities:** $93502.90

**Net Assets:** $89966317.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000182952 | -2.50%               | -5.92%               | 4.10%                |
| Class ID C000182953 | -2.56%               | -6.00%               | 4.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $282989.54               | $-2933283.40                               |
| Month 2  | $598119.81               | $-6236936.17                               |
| Month 3  | $674381.55               | $2643554.62                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Walt Disney Company                          | Walt Disney Company (The)                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     28700 | NS      | $3244248.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc.                                | Teradyne, Inc.                                      | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     21000 | NS      | $1650600.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems, Inc.                                 | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     35620 | NS      | $2245484.80   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                       | Micron Technology, Inc.                             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     43800 | NS      | $4137348.00   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corporation                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     24221 | NS      | $2477808.30   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                | Rio Tinto plc ADR                                   | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | US        |     15100 | NS      | $897393.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International, Inc.                   | Baxter International, Inc.                          | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     56500 | NS      | $1723250.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                       | Diamondback Energy, Inc.                            | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      4600 | NS      | $618930.00    | 0.69%             |  |  |  | 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        |     27770 | NS      | $5368496.40   | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                 | Citizens Financial Group, Inc.                      | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     54950 | NS      | $2217232.50   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                             | Merck & Company, Inc.                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     31500 | NS      | $2420460.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                 | LyondellBasell Industries N.V. Class A              | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |     22000 | NS      | $1242780.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                   | Chubb Ltd.                                          | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      5500 | NS      | $1634600.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                      | BLACK STONE MINERALS, L.P.                          | CUSIP: 09225M101<br>LEI: 0C0OFK66613BCRQJ7F34 | Long             | EC               | CORP              | US        |    169300 | NS      | $2260155.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                    | First American Treasury Obligations Fund Class X    | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  13420761 | PA      | $13420761.39  | 14.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                   | Zimmer Biomet Holdings, Inc.                        | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     26850 | NS      | $2474764.50   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                           | CONMED Corporation                                  | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |     43500 | NS      | $2468625.00   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                            | Tyson Foods, Inc.                                   | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     41200 | NS      | $2313792.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc           | Easterly Government Properties, Inc.                | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     89840 | NS      | $1952223.20   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corporation                         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     69420 | NS      | $3063504.60   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                          | Global Payments, Inc.                               | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     35750 | NS      | $2703057.50   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                         | Schlumberger Ltd.                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     51155 | NS      | $1690672.75   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                    | FMC Corporation                                     | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     28482 | NS      | $1155229.92   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corporation                        | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     49400 | NS      | $1951300.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                   | L3Harris Technologies, Inc.                         | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      4852 | NS      | $1185537.68   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                    | Realty Income Corporation REIT                      | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     25500 | NS      | $1443810.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | Citigroup, Inc.                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     37260 | NS      | $2806423.20   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                      | UnitedHealth Group, Inc.                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6835 | NS      | $2063554.85   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                       | Equitable Holdings, Inc.                            | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     43850 | NS      | $2318349.50   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                            | Everest Group Ltd.                                  | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |      3100 | NS      | $1076289.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                       | Lincoln National Corporation                        | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     74850 | NS      | $2480529.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet, Inc. Class C                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13800 | NS      | $2385330.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                       | BP plc ADR                                          | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | US        |     22120 | NS      | $643692.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                               | BHP Billiton Ltd. ADR                               | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | US        |      6900 | NS      | $338031.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                            | Eversource Energy                                   | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     13600 | NS      | $881416.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC             | Sensata Technologies Holding plc                    | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | US        |     97120 | NS      | $2530947.20   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.      | International Flavors & Fragrances, Inc.            | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     22500 | NS      | $1722600.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                    | Shell plc                                           | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | US        |     39454 | NS      | $2612643.88   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Kempner Multi-Cap Deep Value Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer