Ultimus Managers Trust（0001545440）半年股东报告
Ultimus Managers Trust (0001545440) (Filer)
Ultimus Managers Trust 提交截至2026年8月31日的半年度股东报告，涵盖2026年3月1日至8月31日。
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
| Investment Company Act file number | 811-22680 | |
| Ultimus Managers Trust |
| (Exact name of registrant as specified in charter) |
| 225 Pictoria Drive, Suite 450 Cincinnati, Ohio | 45246 | |
| (Address of principal executive offices) | (Zip code) | |
| Karen Jacoppo-Wood |
| Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 |
| (Name and address of agent for service) |
| Registrant’s telephone number, including area code: | (513) 587-3400 | |
| Date of fiscal year end: | February 28 | |
| Date of reporting period: | August 31, 2026 | |
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
| (a) | Tailored Shareholder Reports |
Blueprint Adaptive Growth Allocation Fund
Institutional Class (BLUIX)
Semi-Annual Shareholder Report - August 31, 2026
Fund Overview
This semi-annual shareholder report contains important information about Blueprint Adaptive Growth Allocation Fund (the "Fund") for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/blueprint/. You can also request this information by contacting us at (866) 983-4525.
What were the Fund’s annualized costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class | $59 | 1.16% |
How did the Fund perform during the reporting period?
After taking advantage of the outperformance by the so-called Magnificent 7 stocks over the last few years, a reversal has occurred in 2026 where these same 7 stocks have, on average, underperformed the broader market. When such reversals occur, trend following strategies will typically underperform during those periods. Over the long haul, this is a small price to pay for the benefits achieved with a systematic trend approach. In the context of lengthier time frames, the Fund continues to provide returns consistent with the managers’ mandate for helping advisors and their clients reach their financial goals with appropriate downside protection in place.
Similar to the Magnificent 7, Korean stocks experienced a retracement that saw it move from a top performer in prior quarters to a bottom performer. After briefly reducing exposure going into August, it is now fully invested as the new quarter begins. Other leaders such as Broadcom, Inc. and Alphabet, Inc. - Classes A & C on the other hand, remain in partial downtrends and thus are now underweight.
Aside from these changes within sectors, there were no material changes at the asset class or sector level. Overall, equities continue to be overweight with substantial allocations to international equities. Bonds of any significant duration remain underweight.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
Blueprint Adaptive Growth Allocation Fund - Institutional Class | S&P 500® Index | |
|---|---|---|
Mar-2020 | $10,000 | $10,000 |
Aug-2020 | $11,430 | $13,649 |
Aug-2021 | $13,374 | $17,903 |
Aug-2022 | $11,741 | $15,893 |
Aug-2023 | $12,247 | $18,427 |
Aug-2024 | $14,827 | $23,428 |
Aug-2025 | $15,993 | $27,148 |
Aug-2026 | $18,452 | $32,680 |
Average Annual Total Returns
1 Year | 5 Years | Since Inception (March 31, 2020) | |
|---|---|---|---|
Blueprint Adaptive Growth Allocation Fund - Institutional Class | 15.38% | 6.65% | 10.01% |
S&P 500® Index | 20.38% | 12.79% | 20.26% |
Past performance does not guarantee future results. Call (866) 983-4525 or visit https://blueprintip.com/systematic-investing-strategies/risk-managed-global-fund-blueprint-adaptive-growth-allocation/#performance for current month-end performance.
Fund Statistics
- Net Assets$253,839,659
- Number of Portfolio Holdings308
- Advisory Fee $1,203,227
- Portfolio Turnover111%
Asset Weighting (% of total investments)
Value | Value |
|---|---|
Common Stocks | 84.3% |
Exchange-Traded Funds | 14.7% |
Money Market Funds | 1.0% |
What did the Fund invest in?
Sector Weighting (% of net assets)
Value | Value |
|---|---|
Other Assets in Excess of Liabilities | 0.4% |
Utilities | 0.6% |
Money Market Funds | 1.0% |
Materials | 1.9% |
Consumer Staples | 3.0% |
Communications | 3.2% |
Energy | 3.5% |
Consumer Discretionary | 4.9% |
Health Care | 7.4% |
Real Estate | 8.9% |
Industrials | 10.0% |
Financials | 13.1% |
Exchange-Traded Funds | 14.7% |
Technology | 27.4% |
Top 10 Holdings (% of net assets)
Holding Name | % of Net Assets |
|---|---|
Apple, Inc. | 6.0% |
NVIDIA Corporation | 5.3% |
Microsoft Corporation | 3.9% |
Amazon.com, Inc. | 2.8% |
iShares MSCI Taiwan ETF | 2.8% |
iShares Gold Trust | 2.4% |
Alphabet, Inc. - Classes A & C | 2.2% |
iShares MSCI South Korea ETF | 1.9% |
Direxion Daily S&P 500 Bull 3X ETF | 1.7% |
Micron Technology, Inc. | 1.3% |
Material Fund Changes
No material changes occurred during the period ended August 31, 2026.
Blueprint Adaptive Growth Allocation Fund - Institutional Class (BLUIX)
Semi-Annual Shareholder Report - August 31, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/blueprint/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
TSR-SAR 083126-BLUIX
HVIA Equity Fund
Institutional Class (HVEIX)
Semi-Annual Shareholder Report - August 31, 2026
Fund Overview
This semi-annual shareholder report contains important information about HVIA Equity Fund (the "Fund") for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/hvia/. You can also request this information by contacting us at (888) 209-8710. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s annualized costs for the last six months?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class | $53 | 0.99% |
How did the Fund perform during the reporting period?
For the 6-month period ending 8/31/2026, the Fund performed in-line with the S&P 500® Index, delivering a 12.28% return versus a 12.37% return for the index. Since its inception on October 3, 2016, the Fund has delivered 15.12% average annual returns to investors, versus 15.56% average annual returns for the S&P 500® Index. During the recent 6-month period, the Fund benefitted from strong performance in recent additions to the portfolio – especially from names like Marathon Petroleum Corporation (MPC, +50.48%), Tenet Healthcare Corporation (THC, +51.67%) and Jones Lang LaSalle, Inc. (JLL, +29.60%), along with long-time portfolio holdings such as Nucor Corporation (NUE, +41.96%), Cisco Systems, Inc. (CSCO, +40.31%) and ServiceNow, Inc (NOW, +37.02%).
The weakest performers in the Fund for the period were AutoZone, Inc. (AZO, -20.35%), Generac Holdings, Inc. (GNRC, -17.74%), and Netflix, Inc. (NFLX, -15.78%).
From an attribution perspective, an overweight position (4.51% portfolio weight vs 3.84% index weight) combined with strong stock performance (+23.70%) in Amazon.com, Inc. (AMZN) added 89 basis points in return relative to the index. Likewise, a 1.97% weight in the portfolio and strong performance from Marathon Petroleum Corporation (MPC), combined with only a 0.16% weight in the index, added 49 basis points in return. International Business Machines Corporation (IBM) was the largest detractor from portfolio attribution with a significant portfolio overweight (2% versus a small index weight 0.33%), combined with slightly negative stock performance (-1.22% for the period), subtracted 70 basis points in relative return. Strong security selection across the portfolio contributed +31.0 basis points to portfolio return, with the strongest security selection in Industrials (+1.06%) and the weakest security selection in Technology (-2.66%).
For asset allocation across sectors, our long-time underweight in Consumer Staples continued to benefit the portfolio as the sector declined 5.77% during the period, with our underweight contributing +79 basis points to portfolio return. Asset allocation impacted the portfolio most negatively in the Technology sector as the Fund remained slightly underweight during the period that saw a strong rally in the sector (+30.23%).
How has the Fund performed since inception?
Total Return Based on $25,000 Investment
HVIA Equity Fund - Institutional Class | S&P 500® Index | |
|---|---|---|
Oct-2016 | $25,000 | $25,000 |
Aug-2017 | $30,118 | $29,144 |
Aug-2018 | $35,300 | $34,875 |
Aug-2019 | $36,319 | $35,894 |
Aug-2020 | $47,796 | $43,768 |
Aug-2021 | $61,673 | $57,408 |
Aug-2022 | $52,659 | $50,962 |
Aug-2023 | $62,378 | $59,088 |
Aug-2024 | $77,272 | $75,122 |
Aug-2025 | $83,930 | $87,051 |
Aug-2026 | $100,870 | $104,792 |
Average Annual Total Returns
1 Year | 5 Years | Since Inception (October 3, 2016) | |
|---|---|---|---|
HVIA Equity Fund - Institutional Class | 20.18% | 10.34% | 15.12% |
S&P 500® Index | 20.38% | 12.79% | 15.56% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 209-8710.
Fund Statistics
- Net Assets$55,154,796
- Number of Portfolio Holdings51
- Advisory Fee (net of waivers)$125,792
- Portfolio Turnover13%
Asset Weighting (% of total investments)
Value | Value |
|---|---|
Common Stocks | 98.3% |
Money Market Funds | 1.7% |
What did the Fund invest in?
Sector Weighting (% of net assets)
Value | Value |
|---|---|
Consumer Staples | 1.2% |
Money Market Funds | 1.7% |
Utilities | 2.5% |
Real Estate | 3.0% |
Materials | 4.0% |
Energy | 5.3% |
Consumer Discretionary | 9.0% |
Health Care | 9.0% |
Communications | 9.1% |
Industrials | 9.4% |
Financials | 13.0% |
Technology | 32.8% |
Top 10 Holdings (% of net assets)
Holding Name | % of Net Assets |
|---|---|
NVIDIA Corporation | 5.6% |
Microsoft Corporation | 5.1% |
Amazon.com, Inc. | 4.9% |
Alphabet, Inc. - Class C | 4.4% |
KLA Corporation | 3.9% |
Apple, Inc. | 3.9% |
Eli Lilly & Company | 3.1% |
Meta Platforms, Inc. - Class A | 3.0% |
American Express Company | 3.0% |
Visa, Inc. - Class A | 2.9% |
Material Fund Changes
Orange Investment Advisors, Inc. proposes to reorganize the Fund into the Federated Hermes MDT All Cap Core Fund, a series of Federated Hermes MDT Series with a similar investment objective and strategies (the “Reorganization”). The Trust's Board of Trustees approved the Agreement and Plan of Reorganization (the “Plan”) for the Reorganization. The Reorganization is expected to close in Q42026, subject to the fulfillment of closing conditions, including the approval of the Plan by the Fund’s shareholders. The Plan will be submitted to Fund shareholders for approval at the forthcoming special meeting of shareholders. There is no assurance that the Fund's shareholders will approve the proposal. More detailed information regarding the Reorganization and the proposal to be voted upon at the special meeting will be provided in a forthcoming proxy statement/prospectus in connection with the special meeting.
HVIA Equity Fund (HVEIX)
Semi-Annual Shareholder Report - August 31, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/hvia/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
TSR-SAR 083126-HVEIX
Nia Impact Solutions Fund
(NIAGX)
Semi-Annual Shareholder Report - August 31, 2026
Fund Overview
This semi-annual shareholder report contains important information about Nia Impact Solutions Fund (the "Fund") for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at www.niaimpactfunds.com. You can also request this information by contacting us at (833) 571-2833.
What were the Fund’s annualized costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Nia Impact Solutions Fund | $51 | 0.97% |
How did the Fund perform during the reporting period?
During the period March 1 to August 31, 2026, the Fund returned 8.49%, compared with 9.25% for the MSCI ACWI IMI Index. Consumer Discretionary, Consumer Staples and Communication Services were the strongest contributors to relative performance, while Industrials, Utilities and Energy sectors were the largest detractors.
Among individual stocks, there were several positive contributors, including Advanced Micro Devices, Inc. (“AMD”) and Palo Alto Networks, Inc. (“PANW”). Woman led AMD benefited from accelerating demand for artificial intelligence infrastructure, including continued demand for its EPYC processors and Instinct GPUs. PANW, offering cyber security globally, also benefited from continued growth in cybersecurity spending as enterprises increased investment in securing cloud and artificial intelligence-related infrastructure.
Despite Industrials being one of the bottom performing sectors, Frontdoor Inc., a growing home repair and warranty app, was one of the top individual contributors to performance. Consumer Staples benefited from strong performance by United Natural Foods, Inc., a large organic grocery distributor. These gains helped offset weakness in other sectors. The Industrials sector was a significant detractor. Engineering and infrastructure holdings including Stantec, Inc. and AECOM detracted from relative performance during the period.
Utilities, primarily Brookfield Renewable Corporation detracted from performance due to its high leverage in a high interest rate environment which made investors apprehensive. In addition, the portfolio’s lack of exposure to traditional oil, gas and coal was a relative short-term headwind as these holdings performed strongly during the period due to the ongoing geopolitical conflicts resulting in short supply for these commodities. Losses within Energy were partially offset by companies like Vestas Wind Systems A/S - ADR, a wind turbine manufacturer that reported strong demand via increasing orders and reliable earnings.
Overall, strong security selection within Consumer Staples and Consumer Discretionary contributed positively yet was not sufficient to offset unfavorable sector positioning and security selection elsewhere in the portfolio. In particular, stock selection within the Energy sector, due to lack of exposure to incumbent economy oil and gas stocks, and weakness among select Industrials contributed to the Fund’s modest underperformance relative to the MSCI ACWI IMI Index.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
Nia Impact Solutions Fund | MSCI ACWI IMI Index | |
|---|---|---|
May-2022 | $10,000 | $9,999 |
Aug-2022 | $10,220 | $9,905 |
Aug-2023 | $10,205 | $11,225 |
Aug-2024 | $12,637 | $13,765 |
Aug-2025 | $13,978 | $15,899 |
Aug-2026 | $15,590 | $19,452 |
Average Annual Total Returns
1 Year | Since Inception (May 10, 2022) | |
|---|---|---|
Nia Impact Solutions Fund | 11.53% | 10.85% |
MSCI ACWI IMI Index | 22.35% | 16.69% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (833) 571-2833.
Fund Statistics
- Net Assets$90,336,073
- Number of Portfolio Holdings57
- Advisory Fee (net of waivers)$264,654
- Portfolio Turnover21%
Asset Weighting (% of total investments)
Value | Value |
|---|---|
Common Stocks | 97.8% |
Money Market Funds | 2.1% |
Right | 0.1% |
What did the Fund invest in?
Sector Weighting (% of net assets)
Value | Value |
|---|---|
Other Assets in Excess of Liabilities | 0.1% |
Materials | 1.4% |
Money Market Funds | 2.1% |
Communications | 2.1% |
Real Estate | 3.7% |
Utilities | 4.4% |
Consumer Staples | 4.4% |
Consumer Discretionary | 5.9% |
Energy | 7.0% |
Financials | 11.2% |
Health Care | 14.7% |
Industrials | 15.8% |
Technology | 27.2% |
Top 10 Holdings (% of net assets)
Holding Name | % of Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3.9% |
Palo Alto Networks, Inc. | 3.8% |
eBay, Inc. | 3.3% |
Vertex Pharmaceuticals, Inc. | 3.2% |
HA Sustainable Infrastructure Capital, Inc. | 3.0% |
Vestas Wind Systems A/S - ADR | 3.0% |
Gilead Sciences, Inc. | 2.9% |
Frontdoor, Inc. | 2.7% |
SAP SE - ADR | 2.6% |
GSK plc - ADR | 2.6% |
Material Fund Changes
No material changes occurred during the period ended August 31, 2026.
Nia Impact Solutions Fund (NIAGX)
Semi-Annual Shareholder Report - August 31, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.niaimpactfunds.com), including its:
Prospectus
Financial information
Holdings
Proxy voting information
TSR-SAR 083126-NIAGX
| (b) | Not applicable |
Item 2. Code of Ethics.
Not required
Item 3. Audit Committee Financial Expert.
Not required
Item 4. Principal Accountant Fees and Services.
Not required
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) The Registrant’s schedule of investments is included in the Financial Statements under Item 7 of this form.
(b) Not applicable
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies |
(a)
Blueprint Adaptive
Growth Allocation Fund
Institutional Class: (BLUIX)
Semi-Annual Financial Statements
and Additional Information
August 31, 2026
(Unaudited)
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS |
| August 31, 2026 (Unaudited) |
| COMMON STOCKS — 83.9% | Shares | Value | ||||||
| Communications — 3.2% | ||||||||
| Entertainment Content — 0.4% | ||||||||
| Bandai Namco Holdings, Inc. - ADR | 34,453 | $ | 612,575 | |||||
| Walt Disney Company (The) | 2,106 | 226,500 | ||||||
| 839,075 | ||||||||
| Internet Media & Services — 2.4% | ||||||||
| Alphabet, Inc. - Class A | 9,116 | 3,093,515 | ||||||
| Alphabet, Inc. - Class C | 7,271 | 2,438,766 | ||||||
| Booking Holdings, Inc. | 2,094 | 416,894 | ||||||
| Uber Technologies, Inc. (a) | 2,585 | 195,555 | ||||||
| 6,144,730 | ||||||||
| Telecommunications — 0.4% | ||||||||
| AT&T, Inc. | 8,810 | 228,091 | ||||||
| Deutsche Telekom AG - ADR | 9,170 | 303,160 | ||||||
| Verizon Communications, Inc. | 10,622 | 531,313 | ||||||
| 1,062,564 | ||||||||
| Consumer Discretionary — 4.9% | ||||||||
| Apparel & Textile Products — 0.4% | ||||||||
| CIE Financiere Richemont S.A. - ADR | 31,513 | 746,543 | ||||||
| Kering S.A. - ADR | 10,183 | 299,075 | ||||||
| 1,045,618 | ||||||||
| Automotive — 0.7% | ||||||||
| BorgWarner, Inc. | 6,997 | 448,928 | ||||||
| Ferrari N.V. | 1,434 | 606,008 | ||||||
| General Motors Company | 4,090 | 353,049 | ||||||
| Toyota Motor Corporation - ADR | 1,548 | 304,244 | ||||||
| 1,712,229 | ||||||||
| E-Commerce Discretionary — 2.8% | ||||||||
| Amazon.com, Inc. (a) | 27,709 | 7,197,967 | ||||||
| Home Construction — 0.1% | ||||||||
| Armstrong World Industries, Inc. | 1,435 | 247,652 | ||||||
| Leisure Facilities & Services — 0.3% | ||||||||
| Madison Square Garden Sports Corporation (a) | 580 | 223,143 | ||||||
| Starbucks Corporation | 4,539 | 482,269 | ||||||
| 705,412 | ||||||||
1
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Consumer Discretionary — 4.9% (Continued) | ||||||||
| Retail - Discretionary — 0.6% | ||||||||
| Fast Retailing Company Ltd. - ADR | 6,741 | $ | 303,480 | |||||
| Industria de Diseno Textil S.A. - ADR | 39,716 | 665,243 | ||||||
| Wesfarmers Ltd. - ADR | 20,128 | 572,641 | ||||||
| 1,541,364 | ||||||||
| Wholesale - Discretionary — 0.0% (b) | ||||||||
| OPENLANE, Inc. (a) | 2,133 | 75,935 | ||||||
| Consumer Staples — 3.0% | ||||||||
| Beverages — 0.9% | ||||||||
| Anheuser-Busch InBev S.A./N.V. - ADR | 3,797 | 300,343 | ||||||
| Coca-Cola Company (The) | 16,032 | 1,421,557 | ||||||
| Diageo plc - ADR | 6,505 | 597,484 | ||||||
| 2,319,384 | ||||||||
| Food — 0.2% | ||||||||
| Mondelez International, Inc. - Class A | 3,520 | 218,486 | ||||||
| Nestlé S.A. - ADR | 3,071 | 298,655 | ||||||
| 517,141 | ||||||||
| Household Products — 0.7% | ||||||||
| Colgate-Palmolive Company | 2,035 | 182,784 | ||||||
| Haleon plc - ADR | 60,190 | 603,706 | ||||||
| L’Oreal S.A. - ADR | 6,681 | 595,745 | ||||||
| Unicharm Corporation - ADR | 99,393 | 306,130 | ||||||
| 1,688,365 | ||||||||
| Retail - Consumer Staples — 0.6% | ||||||||
| Casey’s General Stores, Inc. | 989 | 743,936 | ||||||
| Five Below, Inc. (a) | 1,761 | 434,685 | ||||||
| PriceSmart, Inc. | 1,487 | 252,805 | ||||||
| Target Corporation | 1,318 | 212,040 | ||||||
| 1,643,466 | ||||||||
| Tobacco & Cannabis — 0.5% | ||||||||
| Altria Group, Inc. | 2,219 | 151,957 | ||||||
| British American Tobacco plc - ADR | 5,366 | 298,189 | ||||||
| Philip Morris International, Inc. | 4,521 | 846,783 | ||||||
| 1,296,929 | ||||||||
| Wholesale - Consumer Staples — 0.1% | ||||||||
| Chefs’ Warehouse, Inc. (The) (a) | 1,772 | 199,297 | ||||||
2
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Energy — 3.5% | ||||||||
| Oil & Gas Producers — 2.8% | ||||||||
| Antero Midstream Corporation | 6,691 | $ | 150,012 | |||||
| BP plc - ADR | 14,129 | 605,710 | ||||||
| Chevron Corporation | 5,186 | 1,069,042 | ||||||
| ConocoPhillips | 3,380 | 447,816 | ||||||
| DT Midstream, Inc. | 1,150 | 150,673 | ||||||
| Enbridge, Inc. | 5,974 | 302,105 | ||||||
| Equinor ASA - ADR | 15,468 | 662,030 | ||||||
| ExxonMobil Holdings Corporation | 11,428 | 1,839,337 | ||||||
| HF Sinclair Corporation | 3,567 | 362,443 | ||||||
| Par Pacific Holdings, Inc. (a) | 2,561 | 204,675 | ||||||
| Shell plc - ADR | 6,901 | 631,097 | ||||||
| TotalEnergies SE | 7,079 | 625,147 | ||||||
| 7,050,087 | ||||||||
| Oil & Gas Services & Equipment — 0.5% | ||||||||
| TechnipFMC plc | 14,555 | 1,137,473 | ||||||
| Renewable Energy — 0.2% | ||||||||
| Vestas Wind Systems A/S - ADR | 54,738 | 602,118 | ||||||
| Financials — 13.1% | ||||||||
| Asset Management — 0.8% | ||||||||
| Affiliated Managers Group, Inc. | 1,041 | 383,286 | ||||||
| Charles Schwab Corporation (The) | 4,037 | 443,343 | ||||||
| Federated Hermes, Inc. - Class B | 2,314 | 147,286 | ||||||
| HA Sustainable Infrastructure Capital, Inc. | 3,731 | 147,561 | ||||||
| UBS Group AG | 13,568 | 756,009 | ||||||
| Victory Capital Holdings, Inc. - Class A | 1,599 | 188,698 | ||||||
| 2,066,183 | ||||||||
| Banking — 6.9% | ||||||||
| Ameris Bancorp | 2,063 | 173,808 | ||||||
| Axos Financial, Inc. (a) | 1,932 | 186,998 | ||||||
| Banco Bilbao Vizcaya Argentaria S.A. - ADR | 27,750 | 803,640 | ||||||
| Banco Santander S.A. - ADR | 56,737 | 826,091 | ||||||
| Bank of America Corporation | 17,534 | 1,086,056 | ||||||
| Bank of Montreal | 4,003 | 681,751 | ||||||
| Bank of Nova Scotia (The) | 7,748 | 710,182 | ||||||
| Barclays plc - ADR | 26,374 | 702,603 | ||||||
| BNP Paribas S.A. - ADR | 10,992 | 656,882 | ||||||
3
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Financials — 13.1% (Continued) | ||||||||
| Banking — 6.9% (Continued) | ||||||||
| Citigroup, Inc. | 6,805 | $ | 895,674 | |||||
| DBS Group Holdings Ltd. - ADR | 3,052 | 740,171 | ||||||
| Fifth Third Bancorp | 2,961 | 159,213 | ||||||
| First Horizon Corporation | 16,296 | 396,319 | ||||||
| HSBC Holdings plc - ADR | 7,194 | 741,989 | ||||||
| Intesa Sanpaolo S.p.A. - ADR | 14,792 | 697,739 | ||||||
| JPMorgan Chase & Company | 7,164 | 2,550,527 | ||||||
| Lloyds Banking Group plc - ADR | 112,454 | 660,105 | ||||||
| Mitsubishi UFJ Financial Group, Inc. - ADR | 34,134 | 776,548 | ||||||
| Mizuho Financial Group, Inc. - ADR | 77,437 | 823,930 | ||||||
| Royal Bank of Canada | 3,396 | 693,293 | ||||||
| Sumitomo Mitsui Financial Group, Inc. - ADR | 27,633 | 714,037 | ||||||
| Toronto-Dominion Bank (The) | 6,226 | 752,786 | ||||||
| US Bancorp | 5,817 | 358,211 | ||||||
| Wells Fargo & Company | 8,224 | 710,471 | ||||||
| 17,499,024 | ||||||||
| Institutional Financial Services — 1.8% | ||||||||
| Bank of New York Mellon Corporation (The) | 2,616 | 421,909 | ||||||
| BlackRock, Inc. | 364 | 420,642 | ||||||
| Deutsche Boerse AG - ADR | 19,405 | 648,127 | ||||||
| Goldman Sachs Group, Inc. (The) | 776 | 796,098 | ||||||
| Hong Kong Exchanges and Clearing Ltd. - ADR | 11,178 | 605,624 | ||||||
| Interactive Brokers Group, Inc. - Class A | 3,925 | 381,863 | ||||||
| Morgan Stanley | 3,816 | 814,029 | ||||||
| StoneX Group, Inc. (a) | 2,156 | 147,643 | ||||||
| Virtu Financial, Inc. - Class A | 4,441 | 291,507 | ||||||
| 4,527,442 | ||||||||
| Insurance — 2.8% | ||||||||
| Allianz SE - ADR | 28,026 | 1,459,594 | ||||||
| AXA S.A. - ADR | 12,577 | 627,592 | ||||||
| Berkshire Hathaway, Inc. - Class B (a) | 5,052 | 2,546,360 | ||||||
| Hanover Insurance Group, Inc. (The) | 1,099 | 248,495 | ||||||
| Mercury General Corporation | 1,945 | 198,312 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 24,485 | 293,085 | ||||||
| Sompo Holdings, Inc. - ADR | 31,736 | 675,977 | ||||||
| Sony Financial Group, Inc. - ADR | 3,712 | 18,115 | ||||||
| Tokio Marine Holdings, Inc. - ADR | 13,826 | 663,648 | ||||||
| Unum Group | 4,325 | 403,176 | ||||||
| 7,134,354 | ||||||||
4
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Financials — 13.1% (Continued) | ||||||||
| Specialty Finance — 0.8% | ||||||||
| Adyen N.V. - ADR (a) | 23,961 | $ | 289,928 | |||||
| American Express Company | 1,398 | 461,578 | ||||||
| Annaly Capital Management, Inc. | 18,523 | 424,547 | ||||||
| Capital One Financial Corporation | 1,620 | 347,506 | ||||||
| Enova International, Inc. (a) | 948 | 214,931 | ||||||
| FirstCash Holdings, Inc. | 1,347 | 288,891 | ||||||
| 2,027,381 | ||||||||
| Health Care — 7.4% | ||||||||
| Biotech & Pharma — 6.3% | ||||||||
| AbbVie, Inc. | 4,509 | 1,156,198 | ||||||
| Amgen, Inc. | 1,386 | 595,814 | ||||||
| Arrowhead Pharmaceuticals, Inc. (a) | 6,963 | 573,681 | ||||||
| Bristol-Myers Squibb Company | 4,968 | 331,912 | ||||||
| CSL Ltd. - ADR | 9,794 | 299,305 | ||||||
| Elanco Animal Health, Inc. (a) | 15,436 | 369,229 | ||||||
| Eli Lilly & Company | 2,200 | 2,544,806 | ||||||
| Exelixis, Inc. (a) | 8,786 | 480,067 | ||||||
| Gilead Sciences, Inc. | 3,435 | 502,678 | ||||||
| GSK plc - ADR | 6,196 | 311,349 | ||||||
| Johnson & Johnson | 10,456 | 2,779,728 | ||||||
| Krystal Biotech, Inc. (a) | 1,155 | 415,061 | ||||||
| Ligand Pharmaceuticals, Inc. (a) | 1,076 | 305,692 | ||||||
| Merck & Company, Inc. | 10,082 | 1,489,716 | ||||||
| Novartis AG - ADR | 4,150 | 631,049 | ||||||
| Novo Nordisk A/S - ADR | 5,926 | 268,625 | ||||||
| Pfizer, Inc. | 14,398 | 409,767 | ||||||
| Protagonist Therapeutics, Inc. (a) | 2,912 | 430,248 | ||||||
| PTC Therapeutics, Inc. (a) | 1,778 | 123,642 | ||||||
| Roche Holding AG - ADR | 10,941 | 587,532 | ||||||
| Roivant Sciences Ltd. (a) | 20,949 | 725,673 | ||||||
| Sanofi S.A. - ADR | 6,756 | 299,696 | ||||||
| TG Therapeutics, Inc. (a) | 5,192 | 281,926 | ||||||
| 15,913,394 | ||||||||
| Health Care Facilities & Services — 0.5% | ||||||||
| CVS Health Corporation | 1,618 | 151,946 | ||||||
| Medpace Holdings, Inc. (a) | 497 | 295,213 | ||||||
| UnitedHealth Group, Inc. | 2,488 | 968,852 | ||||||
| 1,416,011 | ||||||||
5
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Health Care — 7.4% (Continued) | ||||||||
| Medical Equipment & Devices — 0.6% | ||||||||
| Abbott Laboratories | 2,254 | $ | 248,752 | |||||
| Danaher Corporation | 1,638 | 349,811 | ||||||
| Penumbra, Inc. (a) | 782 | 252,664 | ||||||
| Thermo Fisher Scientific, Inc. | 927 | 572,052 | ||||||
| 1,423,279 | ||||||||
| Industrials — 10.0% | ||||||||
| Aerospace & Defense — 2.6% | ||||||||
| AAR Corporation (a) | 1,678 | 216,949 | ||||||
| Airbus SE - ADR | 10,032 | 571,122 | ||||||
| ATI, Inc. (a) | 5,634 | 1,150,463 | ||||||
| BAE Systems plc - ADR | 5,318 | 575,354 | ||||||
| Boeing Company (The) (a) | 1,092 | 226,896 | ||||||
| Curtiss-Wright Corporation | 968 | 563,889 | ||||||
| General Dynamics Corporation | 653 | 242,491 | ||||||
| Honeywell Aerospace, Inc. (a) | 811 | 128,227 | ||||||
| Lockheed Martin Corporation | 581 | 326,075 | ||||||
| Rolls-Royce Holdings plc - ADR | 36,570 | 742,737 | ||||||
| RTX Corporation | 3,690 | 766,524 | ||||||
| Safran S.A. - ADR | 6,636 | 645,417 | ||||||
| Woodward, Inc. | 1,167 | 396,570 | ||||||
| 6,552,714 | ||||||||
| Commercial Support Services — 0.5% | ||||||||
| Aramark | 6,391 | 359,877 | ||||||
| Recruit Holdings Company Ltd. - ADR | 45,195 | 1,020,051 | ||||||
| 1,379,928 | ||||||||
| Diversified Industrials — 1.1% | ||||||||
| 3M Company | 1,281 | 220,114 | ||||||
| Emerson Electric Company | 1,472 | 224,392 | ||||||
| General Electric Company | 2,920 | 980,273 | ||||||
| Hitachi Ltd. - ADR | 17,320 | 587,667 | ||||||
| Siemens AG - ADR | 4,124 | 682,110 | ||||||
| 2,694,556 | ||||||||
| Electrical Equipment — 1.5% | ||||||||
| ABB Ltd. - ADR | 6,119 | 596,297 | ||||||
| Bloom Energy Corporation - Class A (a) | 2,900 | 598,270 | ||||||
| Johnson Controls International plc | 4,079 | 563,881 | ||||||
| nVent Electric plc | 5,397 | 813,598 | ||||||
| Powell Industries, Inc. | 665 | 119,520 | ||||||
6
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Industrials — 10.0% (Continued) | ||||||||
| Electrical Equipment — 1.5% (Continued) | ||||||||
| Schneider Electric SE - ADR | 8,719 | $ | 596,205 | |||||
| Siemens Energy AG - ADR | 19,725 | 652,306 | ||||||
| 3,940,077 | ||||||||
| Engineering & Construction — 1.0% | ||||||||
| Comfort Systems USA, Inc. | 387 | 598,155 | ||||||
| Dycom Industries, Inc. (a) | 829 | 241,413 | ||||||
| Frontdoor, Inc. (a) | 2,846 | 230,156 | ||||||
| Granite Construction, Inc. | 1,087 | 131,049 | ||||||
| IES Holdings, Inc. (a) | 1,896 | 574,488 | ||||||
| MasTec, Inc. (a) | 1,010 | 242,178 | ||||||
| MYR Group, Inc. (a) | 409 | 119,191 | ||||||
| Sterling Infrastructure, Inc. (a) | 705 | 331,399 | ||||||
| 2,468,029 | ||||||||
| Industrial Intermediate Products — 0.5% | ||||||||
| AZZ, Inc. | 1,142 | 156,637 | ||||||
| EnPro, Inc. | 587 | 173,881 | ||||||
| Mueller Industries, Inc. | 10,338 | 645,194 | ||||||
| RBC Bearings, Inc. (a) | 480 | 237,245 | ||||||
| 1,212,957 | ||||||||
| Industrial Support Services — 0.4% | ||||||||
| ADI Global Distribution, Inc. (a) | 2,081 | 45,501 | ||||||
| API Group Corporation (a) | 7,446 | 292,255 | ||||||
| Applied Industrial Technologies, Inc. | 812 | 263,072 | ||||||
| WESCO International, Inc. | 1,373 | 467,369 | ||||||
| 1,068,197 | ||||||||
| Machinery — 0.9% | ||||||||
| Caterpillar, Inc. | 688 | 548,660 | ||||||
| Deere & Company | 600 | 392,946 | ||||||
| Donaldson Company, Inc. | 4,118 | 374,285 | ||||||
| ESCO Technologies, Inc. | 806 | 220,062 | ||||||
| Lincoln Electric Holdings, Inc. | 1,213 | 341,132 | ||||||
| Watts Water Technologies, Inc. - Class A | 884 | 323,323 | ||||||
| 2,200,408 | ||||||||
| Transportation & Logistics — 1.3% | ||||||||
| Canadian National Railway Company | 5,410 | 674,897 | ||||||
| Canadian Pacific Kansas City Ltd. | 6,717 | 622,599 | ||||||
| DHL Group - ADR | 21,789 | 708,273 | ||||||
7
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Industrials — 10.0% (Continued) | ||||||||
| Transportation & Logistics — 1.3% (Continued) | ||||||||
| FedEx Corporation | 607 | $ | 198,732 | |||||
| International Seaways, Inc. | 1,748 | 172,423 | ||||||
| Ryder System, Inc. | 943 | 230,526 | ||||||
| Union Pacific Corporation | 2,049 | 616,073 | ||||||
| United Parcel Service, Inc. - Class B | 957 | 99,748 | ||||||
| 3,323,271 | ||||||||
| Transportation Equipment — 0.2% | ||||||||
| Volvo AB - B Shares - ADR | 16,381 | 590,207 | ||||||
| Materials — 1.9% | ||||||||
| Chemicals — 0.3% | ||||||||
| Linde plc | 1,239 | 606,590 | ||||||
| NewMarket Corporation | 165 | 148,120 | ||||||
| Sensient Technologies Corporation | 1,308 | 176,502 | ||||||
| 931,212 | ||||||||
| Metals & Mining — 1.3% | ||||||||
| BHP Group Ltd. - ADR | 8,395 | 788,458 | ||||||
| Hecla Mining Company | 27,011 | 536,709 | ||||||
| Rio Tinto plc - ADR | 5,769 | 591,322 | ||||||
| Royal Gold, Inc. | 2,996 | 783,364 | ||||||
| Sumitomo Metal Mining Company Ltd. - ADR | 33,443 | 577,895 | ||||||
| 3,277,748 | ||||||||
| Steel — 0.3% | ||||||||
| Carpenter Technology Corporation | 1,455 | 693,191 | ||||||
| Real Estate — 8.9% | ||||||||
| REITs — 8.9% | ||||||||
| American Healthcare REIT, Inc. | 7,976 | 440,355 | ||||||
| American Homes 4 Rent - Class A | 13,387 | 445,787 | ||||||
| BXP, Inc. | 6,497 | 441,731 | ||||||
| Digital Realty Trust, Inc. | 7,076 | 1,313,235 | ||||||
| EastGroup Properties, Inc. | 1,132 | 225,834 | ||||||
| Equinix, Inc. | 2,124 | 2,223,233 | ||||||
| Equity LifeStyle Properties, Inc. | 7,472 | 474,098 | ||||||
| Essex Property Trust, Inc. | 2,309 | 653,355 | ||||||
| Federal Realty Investment Trust | 1,726 | 200,268 | ||||||
| Host Hotels & Resorts, Inc. | 24,896 | 545,969 | ||||||
8
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Real Estate — 8.9% (Continued) | ||||||||
| REITs — 8.9% (Continued) | ||||||||
| Invitation Homes, Inc. | 22,546 | $ | 656,990 | |||||
| Iron Mountain, Inc. | 8,866 | 1,022,693 | ||||||
| Kimco Realty Corporation | 12,670 | 300,406 | ||||||
| Lamar Advertising Company - Class A | 3,510 | 523,025 | ||||||
| Omega Healthcare Investors, Inc. | 3,805 | 173,965 | ||||||
| Prologis, Inc. | 16,904 | 2,365,208 | ||||||
| Public Storage | 5,172 | 1,587,752 | ||||||
| Realty Income Corporation | 10,568 | 647,607 | ||||||
| Regency Centers Corporation | 3,341 | 249,807 | ||||||
| Simon Property Group, Inc. | 9,715 | 2,062,689 | ||||||
| Sun Communities, Inc. | 2,029 | 246,361 | ||||||
| Ventas, Inc. | 14,060 | 1,281,850 | ||||||
| Vivmark Residential | 25,897 | 1,686,958 | ||||||
| Welltower, Inc. | 10,808 | 2,553,282 | ||||||
| WP Carey, Inc. | 3,576 | 250,177 | ||||||
| 22,572,635 | ||||||||
| Technology — 27.4% | ||||||||
| Semiconductors — 11.3% | ||||||||
| ACM Research, Inc. - Class A (a) | 3,559 | 259,166 | ||||||
| Advanced Micro Devices, Inc. (a) | 4,236 | 1,993,970 | ||||||
| Advantest Corporation - ADR | 3,775 | 790,598 | ||||||
| Aehr Test Systems (a) | 1,288 | 102,100 | ||||||
| Applied Materials, Inc. | 1,171 | 536,775 | ||||||
| ASML Holding N.V. - ADR | 498 | 844,613 | ||||||
| AXT, Inc. (a) | 1,829 | 110,856 | ||||||
| Broadcom, Inc. | 7,054 | 2,612,378 | ||||||
| Intel Corporation (a) | 8,152 | 729,686 | ||||||
| Lam Research Corporation | 3,192 | 962,356 | ||||||
| Marvell Technology, Inc. | 513 | 108,582 | ||||||
| Micron Technology, Inc. | 3,492 | 3,347,885 | ||||||
| NVIDIA Corporation | 61,195 | 13,510,632 | ||||||
| Penguin Solutions, Inc. (a) | 5,043 | 247,510 | ||||||
| Sandisk Corporation (a) | 425 | 665,847 | ||||||
| Semtech Corporation (a) | 902 | 119,930 | ||||||
| SiTime Corporation (a) | 210 | 118,738 | ||||||
| SK hynix, Inc. - ADR | 1,569 | 258,226 | ||||||
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1,606 | 667,004 | ||||||
9
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Technology — 27.4% (Continued) | ||||||||
| Semiconductors — 11.3% (Continued) | ||||||||
| Texas Instruments, Inc. | 1,338 | $ | 349,098 | |||||
| Tokyo Electron Ltd. - ADR | 1,712 | 300,165 | ||||||
| 28,636,115 | ||||||||
| Software — 5.7% | ||||||||
| Constellation Software, Inc. - ADR (a) | 55,708 | 633,957 | ||||||
| Microsoft Corporation | 19,312 | 9,796,784 | ||||||
| Nebius Group N.V. - Class A (a) | 1,190 | 245,521 | ||||||
| Palantir Technologies, Inc. - Class A (a) | 5,666 | 1,056,029 | ||||||
| Salesforce, Inc. | 776 | 199,851 | ||||||
| SAP SE - ADR | 1,366 | 301,736 | ||||||
| Shopify, Inc. - Class A (a) | 3,871 | 570,469 | ||||||
| Twilio, Inc. - Class A (a) | 6,930 | 1,632,916 | ||||||
| 14,437,263 | ||||||||
| Technology Hardware — 8.7% | ||||||||
| Apple, Inc. | 47,950 | 15,192,957 | ||||||
| Applied Optoelectronics, Inc. (a) | 1,532 | 164,981 | ||||||
| Arista Networks, Inc. (a) | 1,729 | 338,348 | ||||||
| Ciena Corporation (a) | 1,581 | 605,207 | ||||||
| Cisco Systems, Inc. | 11,602 | 1,281,905 | ||||||
| Flex Ltd. (a) | 7,007 | 765,515 | ||||||
| Lumentum Holdings, Inc. (a) | 676 | 618,378 | ||||||
| Nintendo Company Ltd. - ADR | 21,505 | 300,425 | ||||||
| Seagate Technology Holdings plc | 610 | 505,312 | ||||||
| Sony Group Corporation - ADR | 12,179 | 299,116 | ||||||
| TD SYNNEX Corporation | 1,595 | 403,296 | ||||||
| TTM Technologies, Inc. (a) | 2,678 | 318,468 | ||||||
| Viasat, Inc. (a) | 10,961 | 737,346 | ||||||
| Western Digital Corporation | 1,000 | 450,550 | ||||||
| 21,981,804 | ||||||||
| Technology Services — 1.7% | ||||||||
| CACI International, Inc. - Class A (a) | 760 | 473,488 | ||||||
| Experian plc - ADR | 7,336 | 301,583 | ||||||
| Kaspi.KZ JSC - ADR | 5,942 | 624,742 | ||||||
| Mastercard, Inc. - Class A | 2,033 | 1,198,067 | ||||||
| RELX plc - ADR | 8,128 | 296,103 | ||||||
| Visa, Inc. - Class A | 4,134 | 1,568,315 | ||||||
| 4,462,298 | ||||||||
10
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 83.9% (Continued) | Shares | Value | ||||||
| Utilities — 0.6% | ||||||||
| Electric Utilities — 0.5% | ||||||||
| Enel S.p.A. - ADR | 27,444 | $ | 300,237 | |||||
| Iberdrola S.A. - ADR | 6,390 | 595,293 | ||||||
| IDACORP, Inc. | 727 | 98,988 | ||||||
| National Grid plc - ADR | 3,783 | 299,462 | ||||||
| 1,293,980 | ||||||||
| Gas & Water Utilities — 0.1% | ||||||||
| UGI Corporation | 6,131 | 235,737 | ||||||
| Total Common Stocks (Cost $170,374,772) | $ | 212,986,201 | ||||||
| EXCHANGE-TRADED FUNDS — 14.7% | Shares | Value | ||||||
| Chesapeake Trend-Following Fixed Income ETF (a) | 55,000 | $ | 1,131,900 | |||||
| ClearShares Ultra-Short Maturity ETF | 32,666 | 3,267,907 | ||||||
| Direxion Daily S&P 500 Bull 3X ETF | 15,267 | 4,386,667 | ||||||
| Global X MSCI Argentina ETF | 1,417 | 133,977 | ||||||
| Global X MSCI Greece ETF | 4,382 | 373,303 | ||||||
| iShares Gold Trust (a) | 71,732 | 6,004,686 | ||||||
| iShares MSCI Brazil ETF | 36,522 | 1,315,888 | ||||||
| iShares MSCI Chile ETF | 43,118 | 1,746,279 | ||||||
| iShares MSCI Hong Kong ETF | 29,636 | 678,961 | ||||||
| iShares MSCI India ETF (a) | 21,265 | 1,056,870 | ||||||
| iShares MSCI Malaysia ETF | 8,841 | 250,996 | ||||||
| iShares MSCI Mexico ETF | 11,801 | 905,373 | ||||||
| iShares MSCI Peru and Global Exposure ETF | 2,533 | 231,921 | ||||||
| iShares MSCI Poland ETF | 8,554 | 377,231 | ||||||
| iShares MSCI South Africa ETF | 13,573 | 956,897 | ||||||
| iShares MSCI South Korea ETF | 27,061 | 4,894,252 | ||||||
| iShares MSCI Taiwan ETF | 66,340 | 7,166,710 | ||||||
| iShares MSCI Thailand ETF | 5,120 | 370,534 | ||||||
| iShares MSCI Turkey ETF | 4,320 | 174,226 | ||||||
| Roundhill Memory ETF (a) | 11,192 | 636,825 | ||||||
| Xtrackers Harvest CSI 300 China A-Shares ETF | 34,500 | 1,184,385 | ||||||
| Total Exchange-Traded Funds (Cost $28,094,142) | $ | 37,245,788 | ||||||
11
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| MONEY MARKET FUNDS — 1.0% | Shares | Value | ||||||
| Federated Hermes Government Obligations Fund - Institutional Class, 3.51% (c) | 171,170 | $ | 171,170 | |||||
| First American Government Obligations Fund - Class X, 3.59% (c) | 2,294,412 | 2,294,412 | ||||||
| Total Money Market Funds (Cost $2,465,582) | $ | 2,465,582 | ||||||
| Investments at Value — 99.6% (Cost $200,934,496) | $ | 252,697,571 | ||||||
| Other Assets in Excess of Liabilities — 0.4% | 1,142,088 | |||||||
| Net Assets — 100.0% | $ | 253,839,659 | ||||||
| (a) | Non-income producing security. |
| (b) | Percentage rounds to less than 0.1%. |
| (c) | The rate shown is the 7-day effective yield as of August 31, 2026. |
| A/S - Aktieselskab |
| AB - Aktiebolag |
| ADR - American Depositary Receipt |
| AG - Aktiengesellschaft |
| ASA - Aksjeselskop |
| N.V. - Naamloze Vennootschap |
| plc - Public Limited Company |
| S.A. - Societe Anonyme |
| SE - Societe Europaea |
| S.p.A. - Societa per azioni |
See accompanying notes to financial statements.
12
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| STATEMENT OF ASSETS AND LIABILITIES |
| August 31, 2026 (Unaudited) |
| ASSETS | ||||
| Investments: | ||||
| At cost | $ | 200,934,496 | ||
| At value (Note 2) | $ | 252,697,571 | ||
| Receivable for capital shares sold | 1,441,844 | |||
| Dividends receivable | 203,873 | |||
| Tax reclaims receivable | 92,544 | |||
| Other assets | 39,020 | |||
| Total assets | 254,474,852 | |||
| LIABILITIES | ||||
| Due to broker | 150 | |||
| Payable for capital shares redeemed | 386,863 | |||
| Payable to the Adviser (Note 4) | 204,954 | |||
| Payable to administrator (Note 4) | 26,835 | |||
| Other accrued expenses | 16,391 | |||
| Total liabilities | 635,193 | |||
| CONTINGENCIES AND COMMITMENTS (Note 7) | — | |||
| NET ASSETS | $ | 253,839,659 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in capital | $ | 190,385,898 | ||
| Accumulated earnings | 63,453,761 | |||
| NET ASSETS | $ | 253,839,659 | ||
| NET ASSET VALUE PER SHARE: | ||||
| INSTITUTIONAL CLASS | ||||
| Net assets applicable to Institutional Class | $ | 253,839,659 | ||
| Institutional Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 14,709,009 | |||
| Net asset value, offering price and redemption price per share (Note 2) | $ | 17.26 | ||
See accompanying notes to financial statements.
13
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| STATEMENT OF OPERATIONS |
| For the Six Months Ended August 31, 2026 (Unaudited) |
| INVESTMENT INCOME | ||||
| Dividend income | $ | 2,247,849 | ||
| Foreign withholding taxes (net of reclaims received) | (96,592 | ) | ||
| Total investment income | 2,151,257 | |||
| EXPENSES | ||||
| Management fees (Note 4) | 1,203,227 | |||
| Administration fees (Note 4) | 109,296 | |||
| Fund accounting fees (Note 4) | 31,041 | |||
| Registration and filing fees | 23,372 | |||
| Custodian and bank service fees | 15,669 | |||
| Compliance service fees (Note 4) | 12,838 | |||
| Legal fees | 11,581 | |||
| Trustees’ fees and expenses (Note 4) | 11,193 | |||
| Transfer agent fees (Note 4) | 11,016 | |||
| Audit and tax services fees | 10,336 | |||
| Shareholder report expense | 5,997 | |||
| Postage and supplies | 5,224 | |||
| Insurance expense | 1,892 | |||
| Other expenses | 12,088 | |||
| Total Expenses | 1,464,770 | |||
| NET INVESTMENT INCOME | 686,487 | |||
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES | ||||
| Net realized gains from: | ||||
| Investment transactions | 8,077,092 | |||
| Foreign currency transactions | 196 | |||
| Net change in unrealized appreciation (depreciation) on: | ||||
| Investments | (1,479,650 | ) | ||
| Foreign currency translations | (9 | ) | ||
| NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES | 6,597,629 | |||
| NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,284,116 | ||
See accompanying notes to financial statements.
14
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| Six Months Ended | Year Ended | |||||||
| August 31, 2026 | February 28, | |||||||
| (Unaudited) | 2026 | |||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 686,487 | $ | 1,069,194 | ||||
| Net realized gains (losses) from: | ||||||||
| Investment transactions | 8,077,092 | 12,163,206 | ||||||
| Foreign currency transactions | 196 | (8 | ) | |||||
| Long-term capital gain distributions from regulated investment companies | — | 36,851 | ||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||
| Investments | (1,479,650 | ) | 19,710,913 | |||||
| Foreign currency translations | (9 | ) | 225 | |||||
| Net change in net assets resulting from operations | 7,284,116 | 32,980,381 | ||||||
| FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | ||||||||
| Institutional Class | — | (9,296,495 | ) | |||||
| CAPITAL SHARE TRANSACTIONS | ||||||||
| Institutional Class | ||||||||
| Proceeds from shares sold | 43,098,104 | 69,347,717 | ||||||
| Net asset value of shares issued in reinvestment of distributions to shareholders | — | 9,290,499 | ||||||
| Payments for shares redeemed | (31,156,759 | ) | (52,281,205 | ) | ||||
| Net change in Institutional Class net assets from capital share transactions | 11,941,345 | 26,357,011 | ||||||
| TOTAL CHANGE IN NET ASSETS | 19,225,461 | 50,040,897 | ||||||
| NET ASSETS | ||||||||
| Beginning of period | 234,614,198 | 184,573,301 | ||||||
| End of period | $ | 253,839,659 | $ | 234,614,198 | ||||
| CAPITAL SHARES ACTIVITY | ||||||||
| Institutional Class | ||||||||
| Shares sold | 2,552,716 | 4,430,563 | ||||||
| Shares issued in reinvestment of distributions to shareholders | — | 575,263 | ||||||
| Shares redeemed | (1,803,856 | ) | (3,432,165 | ) | ||||
| Net change in shares outstanding | 748,860 | 1,573,661 | ||||||
| Shares outstanding at beginning of period | 13,960,149 | 12,386,488 | ||||||
| Shares outstanding at end of period | 14,709,009 | 13,960,149 | ||||||
See accompanying notes to financial statements.
15
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| INSTITUTIONAL CLASS |
| FINANCIAL HIGHLIGHTS |
| Per Share Data for a Share Outstanding Throughout Each Period |
| Six Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| August 31, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
| 2026 | February 28, | February 28, | February 29, | February 28, | February 28, | |||||||||||||||||||
| (Unaudited) | 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||||
| Net asset value at beginning of period | $ | 16.81 | $ | 14.90 | $ | 13.29 | $ | 11.05 | $ | 12.74 | $ | 12.04 | ||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (a)(b) | 0.05 | 0.08 | 0.06 | 0.08 | 0.09 | 0.07 | ||||||||||||||||||
| Net realized and unrealized gains (losses) on investments and foreign currencies . | 0.40 | 2.53 | 1.62 | 2.24 | (1.72 | ) | 0.69 | |||||||||||||||||
| Total from investment operations | 0.45 | 2.61 | 1.68 | 2.32 | (1.63 | ) | 0.76 | |||||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.09 | ) | (0.07 | ) | (0.08 | ) | (0.06 | ) | (0.06 | ) | |||||||||||||
| Net realized gains | — | (0.61 | ) | — | — | — | — | |||||||||||||||||
| Total distributions | — | (0.70 | ) | (0.07 | ) | (0.08 | ) | (0.06 | ) | (0.06 | ) | |||||||||||||
| Net asset value at end of period | $ | 17.26 | $ | 16.81 | $ | 14.90 | $ | 13.29 | $ | 11.05 | $ | 12.74 | ||||||||||||
| Total return (c) | 2.68 | % (d) | 17.72 | % | 12.64 | % | 21.07 | % | (12.82 | %) | 6.29 | % | ||||||||||||
| Net assets at end of period (000’s) | $ | 253,840 | $ | 234,614 | $ | 184,573 | $ | 142,110 | $ | 94,207 | $ | 80,032 | ||||||||||||
16
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| INSTITUTIONAL CLASS |
| FINANCIAL HIGHLIGHTS (Continued) |
| Per Share Data for a Share Outstanding Throughout Each Period |
| Six Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| August 31, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
| 2026 | February 28, | February 28, | February 29, | February 28, | February 28, | |||||||||||||||||||
| (Unaudited) | 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||||
| Ratios/supplementary data: | ||||||||||||||||||||||||
| Ratio of total expenses to average net assets (e) | 1.16 | % (f) | 1.19 | % | 1.21 | % | 1.28 | % | 1.33 | % | 1.40 | % | ||||||||||||
| Ratio of net expenses to average net assets (e)(g) | 1.16 | % (f) | 1.23 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.26 | % (h) | ||||||||||||
| Ratio of net investment income to average net assets (b)(e)(g) | 0.54 | % (f) | 0.54 | % | 0.42 | % | 0.66 | % | 0.76 | % | 0.54 | % | ||||||||||||
| Portfolio turnover rate | 111 | % (d) | 196 | % | 151 | % | 244 | % | 278 | % | 130 | % | ||||||||||||
| (a) | Per share net investment income has been determined on the basis of average number of shares outstanding during the period. |
| (b) | Recognition of net investment income by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests. |
| (c) | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would have been lower had the Adviser not reduced management fees and/or reimbursed expenses and higher if the Fund was not recouping (Note 4). |
| (d) | Not annualized. |
| (e) | Ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of the underlying investment companies in which the Fund invests. |
| (f) | Annualized. |
| (g) | Ratio was determined after management fees reductions, expense reimbursements and/or recoupments (Note 4). |
| (h) | Includes costs to organize the Fund of 0.01% for the year ended February 28, 2022 which are excluded from the Expense Limitation Agreement (Note 4). |
See accompanying notes to financial statements.
17
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS |
| August 31, 2026 (Unaudited) |
1. Organization
Blueprint Adaptive Growth Allocation Fund (the “Fund”) is a diversified series of Ultimus Managers Trust (the “Trust”). The Trust is an open-end management investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. Other series of the Trust are not incorporated in this report. The Fund commenced operations on March 31, 2020.
The investment objective of the Fund is to seek capital appreciation while managing risk.
The Fund currently offers one class of shares: Institutional Class shares (sold without any sales loads and distribution and/or shareholder servicing fees and requiring a $5,000 initial investment).
2. Significant Accounting Policies
The following is a summary of the Fund’s significant accounting policies used in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”
Segment reporting – The management team of Blueprint Fund Management, LLC (the “Adviser”) acts as the Fund’s chief operating decision maker (“CODM”). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.
Securities valuation – The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Fund values its listed securities, including common stocks and Exchange-Traded Funds (“ETFs”), on the basis of the security’s last sale price on the security’s primary exchange, if available, otherwise at the exchange’s most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Option contracts, if any, are valued at the closing price on the exchanges on which they are primarily traded; if no closing price is available at the time of valuation, the option will be valued at the mean of the closing bid and ask prices for that day. When using a quoted price and when the market for the security is considered active, the security will be classified as Level 1 within the fair value
18
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value as determined by the Adviser, as the Fund’s valuation designee, in accordance with procedures adopted by the Board of Trustees (the “Board”) pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”). Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund’s net asset value (“NAV”) may differ from quoted or published prices for the same securities.
GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
| ● | Level 1 – quoted prices in active markets for identical securities |
| ● | Level 2 – other significant observable inputs |
| ● | Level 3 – significant unobservable inputs |
The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
The following is a summary of the Fund’s investments and the level of inputs used to value the investments as of August 31, 2026:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 212,986,201 | $ | — | $ | — | $ | 212,986,201 | ||||||||
| Exchange-Traded Funds | 37,245,788 | — | — | 37,245,788 | ||||||||||||
| Money Market Funds | 2,465,582 | — | — | 2,465,582 | ||||||||||||
| Total | $ | 252,697,571 | $ | — | $ | — | $ | 252,697,571 | ||||||||
Refer to the Fund’s Schedule of Investments for a listing of the common stocks by sector and industry type. The Fund did not hold any derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended August 31, 2026.
19
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Foreign currency translation – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:
| A. | The fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day. |
| B. | Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time on the respective date of such transactions. |
| C. | The Fund does not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. |
Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions, and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.
The Fund may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.
The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Fund will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Fund’s interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Fund’s interpretation of country-specific taxation of dividend income and related amounts reclaimable.
Cash – The Fund’s cash, if any, is held in a bank account with balances which, at times, may exceed United States federally insured limits set by the Federal Deposit Insurance Corporation. The Fund maintains these balances with a high quality financial institution and may incur charges on cash overdrafts.
20
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Share valuation – The NAV per share of each class of the Fund is calculated daily by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class. The offering price and redemption price per share of each class of the Fund is equal to the NAV per share of such class.
Investment income – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Interest income is accrued as earned. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Fund’s understanding of the applicable country’s rules and tax rates.
Investment transactions – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
Common expenses – Common expenses of the Trust are allocated among the Fund and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.
Distributions to shareholders – The Fund distributes to shareholders any net investment income dividends and net realized capital gains on an annual basis. The amount of such dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date. The tax character of distributions paid to shareholders by the Fund during the periods ended August 31, 2026 and February 28, 2026 was as follows:
| Long-Term | ||||||||||||
| Ordinary | Capital | Total | ||||||||||
| Period Ended | Income | Gains | Distributions | |||||||||
| August 31, 2026 | $ | — | $ | — | $ | — | ||||||
| February 28, 2026 | $ | 1,252,775 | $ | 8,043,720 | $ | 9,296,495 | ||||||
Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of net change in net assets from operations during the reporting period. Actual results could differ from those estimates.
21
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Federal tax – The Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.
In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund’s intention to declare as dividends in each calendar year equal to at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.
The following information is computed on a tax basis for each item as of February 28, 2026:
| Cost of investments | $ | 182,179,200 | ||
| Gross unrealized appreciation | $ | 52,296,209 | ||
| Gross unrealized depreciation | (831,992 | ) | ||
| Net unrealized appreciation | 51,464,217 | |||
| Net unrealized appreciation on foreign currency translation | 21 | |||
| Undistributed ordinary income | 695,469 | |||
| Undistributed capital gains | 4,009,938 | |||
| Distributable earnings | $ | 56,169,645 | ||
The following information is computed on a tax basis for each item as of August 31, 2026:
| Cost of investments | $ | 202,671,190 | ||
| Gross unrealized appreciation | $ | 51,975,405 | ||
| Gross unrealized depreciation | (1,949,024 | ) | ||
| Net unrealized appreciation | $ | 50,026,381 | ||
| Net unrealized appreciation on foreign currencies | $ | 12 | ||
The difference between the federal income tax cost of investments and the financial statement cost of investments is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales and adjustments to basis for grantor trusts and passive foreign investment companies.
The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” of being sustained assuming examination by tax authorities. Management has reviewed the Fund’s tax positions for the current and all open
22
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Fund identifies its major tax jurisdiction as U.S. Federal.
The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statement of Operations. During the six months ended August 31, 2026, the Fund did not incur any interest or penalties and no federal, state or local income taxes or any material income taxes in foreign jurisdictions were paid by the Fund.
3. Investment Transactions
During the six months ended August 31, 2026, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, amounted to $283,147,144 and $270,398,881, respectively.
4. Transactions with Related Parties
ADVISORY AND SUB-ADVISORY AGREEMENTS
Pursuant to the terms of the Advisory Agreement the Adviser serves as the investment adviser to the Fund. The Adviser provides the Fund with the selection of a sub-investment advisor and the compliance and managerial oversight of that sub-adviser and its services to the Fund. The Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.95% of average daily net assets.
Blueprint Investment Partners, LLC (the “Sub-Adviser”) serves as the Funds sub-adviser. Pursuant to the Sub-Advisory Agreement, the Sub-Adviser provides the Fund with a continuous program of investing the Fund’s assets and determining the composition of the Fund’s portfolio. For its services, the Adviser pays the Sub-Adviser an investment sub-advisory fee computed at the annual rate of 0.20% of the Fund’s average daily net assets. The Fund does not directly pay the sub-advisory fee.
Pursuant to an Expense Limitation Agreement (“ELA”) between the Fund and the Adviser, the Adviser has agreed contractually, until June 30, 2027, to reduce its management fees and reimburse other expenses to the extent necessary to limit total annual fund operating expenses (excluding brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses, costs to organize the Fund, extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Fund’s business) to 1.25% of average daily net assets for Institutional Class shares. Accordingly, during the six months ended August 31, 2026, the Adviser did not reduce its management fees.
Management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 36 months after such fees and expenses were incurred, provided that the repayments do not cause total annual fund operating expenses (exclusive of such reductions and reimbursements) to exceed the lesser of (i) the expense
23
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to June 30, 2027, the agreement may not be modified or terminated without the approval of the Board. After June 30, 2027, the ELA may continue from year-to-year provided such continuance is approved by the Board. The ELA may be terminated by the Adviser, or the Board, without approval by the other party, at the end of the then current term upon not less than 90 days’ notice to the other parties as set forth in the ELA.
As of August 31, 2026, no management fee reductions are available for recoupment.
OTHER SERVICE PROVIDERS
Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting, and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and certain costs related to the pricing of the Fund’s portfolio securities.
Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC (“NLCS”) provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus.
Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the “Distributor”) serves as principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.
Certain officers of the Trust are also officers of Ultimus and are not paid by the Trust or the Fund for serving in such capacities.
TRUSTEE COMPENSATION
Each member of the Board (a “Trustee”) who is not an “interested person” (as defined by the 1940 Act, as amended) of the Trust (“Independent Trustee”) receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting-related expenses.
PRINCIPAL HOLDER OF FUND SHARES
A beneficial owner of 25% or more of the Fund’s outstanding shares may be considered a controlling person. That shareholder’s vote could have a more significant effect on matters presented at a shareholders’ meeting. As of August 31, 2026, no individual shareholders owned of record 25% or more of outstanding shares of the Fund.
24
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
5. Borrowing Costs
From time to time, the Fund may have an overdrawn cash balance at the custodian or broker due to redemptions or market movements. When this occurs, the Fund will incur borrowing costs charged by the custodian or broker. During the six months ended August 31, 2026, the Fund did not incur any borrowing costs by the custodian or broker.
6. Sector Risk
If the Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s net asset value per share. From time to time, a particular set of circumstances may affect this sector or companies within the sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio will be adversely affected. As of August 31, 2026, the Fund had 27.4% of the value of its net assets invested in stocks within the Technology sector.
7. Contingencies and Commitments
The Fund indemnifies the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
8. Investment in Other Investment Companies
The Fund may invest a significant portion of its assets in shares of one or more investment companies, including ETFs, open-end mutual funds and money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies.
9. Subsequent Events
The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to
25
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.
26
| BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND |
| OTHER INFORMATION (Unaudited) |
Changes in and/or Disagreements with Accountants
There were no changes in and/or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Statement Regarding Basis for Approval of Investment Advisory Agreement
Not applicable.
27
 |
| HVIA EQUITY FUND |
| INSTITUTIONAL CLASS (HVEIX) |
| Managed by |
| Orange Investment Advisors, Inc. |
| SEMI-ANNUAL
FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION |
| August 31, 2026 |
| (Unaudited) |
| HVIA EQUITY FUND |
| SCHEDULE OF INVESTMENTS |
| August 31, 2026 (Unaudited) |
| COMMON STOCKS — 98.3% | Shares | Value | ||||||
| Communications — 9.1% | ||||||||
| Internet Media & Services — 9.1% | ||||||||
| Alphabet, Inc. - Class C | 7,192 | $ | 2,412,269 | |||||
| Meta Platforms, Inc. - Class A | 2,937 | 1,680,962 | ||||||
| Netflix, Inc. (a) | 11,633 | 942,855 | ||||||
| 5,036,086 | ||||||||
| Consumer Discretionary — 9.0% | ||||||||
| E-Commerce Discretionary — 6.8% | ||||||||
| Amazon.com, Inc. (a) | 10,491 | 2,725,247 | ||||||
| MercadoLibre, Inc. (a) | 520 | 1,006,824 | ||||||
| 3,732,071 | ||||||||
| Retail - Discretionary — 2.2% | ||||||||
| AutoZone, Inc. (a) | 405 | 1,211,452 | ||||||
| Consumer Staples — 1.2% | ||||||||
| Beverages — 0.4% | ||||||||
| PepsiCo, Inc. | 1,478 | 207,422 | ||||||
| Retail - Consumer Staples — 0.8% | ||||||||
| Costco Wholesale Corporation | 500 | 471,945 | ||||||
| Energy — 5.3% | ||||||||
| Oil & Gas Producers — 3.1% | ||||||||
| Exxon Mobil Corporation | 3,698 | 595,193 | ||||||
| Marathon Petroleum Corporation | 2,984 | 1,113,987 | ||||||
| 1,709,180 | ||||||||
| Oil & Gas Services & Equipment — 2.2% | ||||||||
| Baker Hughes Company | 9,114 | 579,195 | ||||||
| SLB Ltd. | 10,540 | 633,454 | ||||||
| 1,212,649 | ||||||||
| Financials — 13.0% | ||||||||
| Asset Management — 2.2% | ||||||||
| Charles Schwab Corporation (The) | 10,991 | 1,207,032 | ||||||
| Banking — 1.7% | ||||||||
| JPMorgan Chase & Company | 2,694 | 959,118 | ||||||
| Institutional Financial Services — 3.5% | ||||||||
| Goldman Sachs Group, Inc. (The) | 871 | 893,559 | ||||||
| Morgan Stanley | 4,949 | 1,055,721 | ||||||
| 1,949,280 | ||||||||
| Insurance — 2.6% | ||||||||
| Allstate Corporation (The) | 3,188 | 821,866 | ||||||
1
| HVIA EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 98.3% (Continued) | Shares | Value | ||||||
| Financials — 13.0% (Continued) | ||||||||
| Insurance — 2.6% (Continued) | ||||||||
| Marsh & McLennan Companies, Inc. | 3,080 | $ | 584,584 | |||||
| 1,406,450 | ||||||||
| Specialty Finance — 3.0% | ||||||||
| American Express Company | 5,019 | 1,657,123 | ||||||
| Health Care — 9.0% | ||||||||
| Biotech & Pharma — 5.4% | ||||||||
| AbbVie, Inc. | 5,029 | 1,289,536 | ||||||
| Eli Lilly & Company | 1,471 | 1,701,550 | ||||||
| 2,991,086 | ||||||||
| Health Care Facilities & Services — 1.7% | ||||||||
| Tenet Healthcare Corporation (a) | 3,510 | 933,344 | ||||||
| Medical Equipment & Devices — 1.9% | ||||||||
| Thermo Fisher Scientific, Inc. | 1,690 | 1,042,899 | ||||||
| Industrials — 9.4% | ||||||||
| Electrical Equipment — 3.5% | ||||||||
| Amphenol Corporation - Class A | 6,980 | 1,106,679 | ||||||
| Generac Holdings, Inc. (a) | 1,149 | 213,002 | ||||||
| Rockwell Automation, Inc. | 1,394 | 591,655 | ||||||
| 1,911,336 | ||||||||
| Engineering & Construction — 1.7% | ||||||||
| Quanta Services, Inc. | 1,568 | 951,917 | ||||||
| Industrial Support Services — 2.8% | ||||||||
| United Rentals, Inc. | 574 | 595,812 | ||||||
| WW Grainger, Inc. | 734 | 961,166 | ||||||
| 1,556,978 | ||||||||
| Machinery — 0.8% | ||||||||
| Lincoln Electric Holdings, Inc. | 1,525 | 428,876 | ||||||
| Transportation & Logistics — 0.6% | ||||||||
| CSX Corporation | 6,350 | 320,738 | ||||||
| Materials — 4.0% | ||||||||
| Chemicals — 1.0% | ||||||||
| Sherwin-Williams Company (The) | 1,642 | 556,326 | ||||||
| Metals & Mining — 1.9% | ||||||||
| Newmont Corporation | 8,249 | 1,039,869 | ||||||
2
| HVIA EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS — 98.3% (Continued) | Shares | Value | ||||||
| Materials — 4.0% (Continued) | ||||||||
| Steel — 1.1% | ||||||||
| Nucor Corporation | 2,501 | $ | 624,350 | |||||
| Real Estate — 3.0% | ||||||||
| Real Estate Services — 3.0% | ||||||||
| CBRE Group, Inc. - Class A (a) | 6,143 | 895,711 | ||||||
| Jones Lang LaSalle, Inc. (a) | 2,000 | 731,740 | ||||||
| 1,627,451 | ||||||||
| Technology — 32.8% | ||||||||
| Semiconductors — 10.4% | ||||||||
| KLA Corporation | 12,321 | 2,161,719 | ||||||
| Micron Technology, Inc. | 500 | 479,365 | ||||||
| NVIDIA Corporation | 13,933 | 3,076,128 | ||||||
| 5,717,212 | ||||||||
| Software — 8.4% | ||||||||
| Adobe, Inc. (a) | 2,214 | 648,237 | ||||||
| Microsoft Corporation | 5,587 | 2,834,229 | ||||||
| Salesforce, Inc. | 4,531 | 1,166,914 | ||||||
| 4,649,380 | ||||||||
| Technology Hardware — 9.1% | ||||||||
| Apple, Inc. | 6,746 | 2,137,470 | ||||||
| Arista Networks, Inc. (a) | 3,000 | 587,070 | ||||||
| Ciena Corporation (a) | 2,499 | 956,617 | ||||||
| Cisco Systems, Inc. | 11,998 | 1,325,659 | ||||||
| 5,006,816 | ||||||||
| Technology Services — 4.9% | ||||||||
| International Business Machines Corporation | 4,815 | 1,126,084 | ||||||
| Visa, Inc. - Class A | 4,216 | 1,599,424 | ||||||
| 2,725,508 | ||||||||
| Utilities — 2.5% | ||||||||
| Electric Utilities — 2.5% | ||||||||
| Duke Energy Corporation | 5,718 | 685,645 | ||||||
| NextEra Energy, Inc. | 8,349 | 687,457 | ||||||
| 1,373,102 | ||||||||
| Total Common Stocks (Cost $26,968,887) | $ | 54,216,996 | ||||||
3
| HVIA EQUITY FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| MONEY MARKET FUNDS — 1.7% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.59% (b) (Cost $933,406) | 933,406 | $ | 933,406 | |||||
| Investments at Value — 100.0% (Cost $27,902,293) | $ | 55,150,402 | ||||||
| Other Assets in Excess of Liabilities — 0.0% (c) | 4,394 | |||||||
| Net Assets — 100.0% | $ | 55,154,796 | ||||||
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of August 31, 2026. |
| (c) | Percentage rounds to less than 0.1%. |
See accompanying notes to financial statements.
4
| HVIA EQUITY FUND |
| STATEMENT OF ASSETS AND LIABILITIES |
| August 31, 2026 (Unaudited) |
| ASSETS | ||||
| Investments in securities: | ||||
| At cost | $ | 27,902,293 | ||
| At value (Note 2) | $ | 55,150,402 | ||
| Dividends receivable | 54,850 | |||
| Tax reclaims receivable | 258 | |||
| Other assets | 23,315 | |||
| TOTAL ASSETS | 55,228,825 | |||
| LIABILITIES | ||||
| Payable for capital shares redeemed | 38,409 | |||
| Payable to Adviser (Note 4) | 14,176 | |||
| Payable to administrator (Note 4) | 11,534 | |||
| Other accrued expenses | 9,910 | |||
| TOTAL LIABILITIES | 74,029 | |||
| CONTINGENCIES AND COMMITMENTS (NOTE 6) | — | |||
| NET ASSETS | $ | 55,154,796 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in capital | $ | 17,887,262 | ||
| Accumulated earnings | 37,267,534 | |||
| NET ASSETS | $ | 55,154,796 | ||
| PRICING OF INSTITUTIONAL SHARES (NOTE 1) | ||||
| Net assets applicable to Institutional Shares | $ | 55,154,796 | ||
| Shares of Institutional Shares outstanding (unlimited number of shares authorized, no par value) | 1,811,302 | |||
| Net asset value, offering price and redemption price per share (Note 2) | $ | 30.45 |
See accompanying notes to financial statements.
5
| HVIA EQUITY FUND |
| STATEMENT OF OPERATIONS |
| For the Six Months Ended August 31, 2026 (Unaudited) |
| INVESTMENT INCOME | ||||
| Dividend income | $ | 251,044 | ||
| EXPENSES | ||||
| Management fees (Note 4) | 201,287 | |||
| Administration fees (Note 4) | 30,678 | |||
| Fund accounting fees (Note 4) | 21,915 | |||
| Legal fees | 19,327 | |||
| Registration and filing fees | 11,833 | |||
| Transfer agent fees (Note 4) | 11,517 | |||
| Trustees’ fees and expenses (Note 4) | 11,193 | |||
| Audit and tax services fees | 10,336 | |||
| Compliance fees (Note 4) | 6,000 | |||
| Shareholder reporting expense | 5,987 | |||
| Custody and bank service fees | 3,583 | |||
| Postage and supplies | 1,585 | |||
| Insurance expense | 1,522 | |||
| Other expenses | 8,021 | |||
| TOTAL EXPENSES | 344,784 | |||
| Less fee reductions by the Adviser (Note 4) | (75,495 | ) | ||
| NET EXPENSES | 269,289 | |||
| NET INVESTMENT LOSS | (18,245 | ) | ||
| REALIZED AND UNREALIZED GAINS ON INVESTMENTS | ||||
| Net realized gains from investments | 4,072,093 | |||
| Net change in unrealized appreciation (depreciation) on investments | 2,211,333 | |||
| NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS | 6,283,426 | |||
| NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,265,181 |
See accompanying notes to financial statements.
6
| HVIA EQUITY FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| Six Months | ||||||||
| Ended | Year | |||||||
| August 31, | Ended | |||||||
| 2026 | February 28, | |||||||
| (Unaudited) | 2026 | |||||||
| FROM OPERATIONS | ||||||||
| Net investment loss | $ | (18,245 | ) | $ | (16,977 | ) | ||
| Net realized gains from investments | 4,072,093 | 8,648,219 | ||||||
| Net change in unrealized appreciation (depreciation) on investments | 2,211,333 | 1,723,525 | ||||||
| Net increase in net assets resulting from operations | 6,265,181 | 10,354,767 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | ||||||||
| Institutional Shares | — | (4,732,369 | ) | |||||
| CAPITAL SHARE TRANSACTIONS | ||||||||
| Institutional Shares | ||||||||
| Proceeds from shares sold | 6,505 | 6,128,352 | ||||||
| Net asset value of shares issued in reinvestment of distributions to shareholders | — | 21,113 | ||||||
| Payments for shares redeemed | (4,750,848 | ) | (23,598,427 | ) | ||||
| Net change in Institutional Shares net assets from capital share transactions | (4,744,343 | ) | (17,448,962 | ) | ||||
| TOTAL CHANGE IN NET ASSETS | 1,520,838 | (11,826,564 | ) | |||||
| NET ASSETS | ||||||||
| Beginning of period | 53,633,958 | 65,460,522 | ||||||
| End of period | $ | 55,154,796 | $ | 53,633,958 | ||||
| CAPITAL SHARE ACTIVITY | ||||||||
| Institutional Shares | ||||||||
| Shares sold | 250 | 253,609 | ||||||
| Shares reinvested | — | 769 | ||||||
| Shares redeemed | (166,318 | ) | (858,245 | ) | ||||
| Net change in shares outstanding | (166,068 | ) | (603,867 | ) | ||||
| Shares outstanding at beginning of period | 1,977,370 | 2,581,237 | ||||||
| Shares outstanding at end of period | 1,811,302 | 1,977,370 | ||||||
See accompanying notes to financial statements.
7
| HVIA EQUITY FUND |
| INSTITUTIONAL SHARES |
| FINANCIAL HIGHLIGHTS |
Per Share Data for a Share Outstanding Throughout Each Period
| Six Months | ||||||||||||||||||||||||
| Ended | Year | Year | Year | Year | Year | |||||||||||||||||||
| Aug. 31, | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| 2026 | Feb. 28, | Feb. 28, | Feb. 29, | Feb. 28, | Feb. 28, | |||||||||||||||||||
| (Unaudited) | 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||||
| Net asset value at beginning of period | $ | 27.12 | $ | 25.36 | $ | 24.18 | $ | 18.16 | $ | 21.67 | $ | 19.38 | ||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) | (0.01 | ) | (0.01 | ) | 0.05 | 0.07 | 0.15 | 0.02 | ||||||||||||||||
| Net realized and unrealized gains (losses) on investments and foreign currencies | 3.34 | 3.88 | 1.77 | 6.32 | (2.08 | ) | 2.88 | |||||||||||||||||
| Total from investment operations | 3.33 | 3.87 | 1.82 | 6.39 | (1.93 | ) | 2.90 | |||||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.02 | ) | (0.06 | ) | (0.09 | ) | (0.13 | ) | (0.03 | ) | |||||||||||||
| Net realized gains | — | (2.09 | ) | (0.58 | ) | (0.28 | ) | (1.45 | ) | (0.58 | ) | |||||||||||||
| Total distributions | — | (2.11 | ) | (0.64 | ) | (0.37 | ) | (1.58 | ) | (0.61 | ) | |||||||||||||
| Net asset value at end of period | $ | 30.45 | $ | 27.12 | $ | 25.36 | $ | 24.18 | $ | 18.16 | $ | 21.67 | ||||||||||||
| Total return (a) | 12.28 | % (b) | 15.14 | % | 7.57 | % | 35.36 | % | (8.62 | %) | 14.66 | % | ||||||||||||
| Net assets at end of period (000’s) | $ | 55,155 | $ | 53,634 | $ | 65,461 | $ | 55,564 | $ | 35,178 | $ | 37,732 | ||||||||||||
| Ratios/supplementary data: | ||||||||||||||||||||||||
| Ratio of total expenses to average net assets | 1.27 | % (c) | 1.19 | % | 1.19 | % | 1.34 | % | 1.40 | % | 1.35 | % | ||||||||||||
| Ratio of net expenses to average net assets (d) | 0.99 | % (c) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d) | (0.07 | %) (c) | (0.03 | %) | 0.21 | % | 0.39 | % | 0.80 | % | 0.09 | % | ||||||||||||
| Portfolio turnover rate | 13 | % (b) | 17 | % | 19 | % | 23 | % | 30 | % | 11 | % | ||||||||||||
| (a) | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses. |
| (b) | Not annualized. |
| (c) | Annualized. |
| (d) | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
See accompanying notes to financial statements.
8
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS |
| August 31, 2026 (Unaudited) |
1. Organization
HVIA Equity Fund (the “Fund”) is a diversified series of Ultimus Managers Trust (the “Trust”), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. Other series of the Trust are not incorporated in this report. The Fund commenced operations on October 3, 2016.
The investment objective of the Fund is to seek growth at a reasonable price.
The Fund currently offers one class of shares: Institutional Class shares (sold without any sales loads or distribution fees and subject to a $25,000 initial investment requirement). As of August 31, 2026, the Investor Class shares (to be sold without any sales load, but subject to a distribution fee of up to 0.25% of the class’s average daily net assets and subject to a $2,500 initial investment requirement) are not currently offered. When both classes are offered, each share class will represent an ownership interest in the same investment portfolio.
2. Significant Accounting Policies
The following is a summary of the Fund’s significant accounting policies. The policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies”, including Accounting Standards Update 2013-08.
Segment reporting – The management team of Orange Investment Advisors, Inc. (formerly named Hudson Valley Investment Advisors, Inc.), the Fund’s investment adviser, (the “Adviser”) acts as the Fund’s chief operating decision maker (“CODM”). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.
Securities valuation – The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Fund values its common stocks on the basis of the security’s last sale price on the security’s primary exchange, if available, otherwise at the exchange’s most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other registered open-end investment companies that are not listed on an exchange, including money market funds, are valued at their net asset value (“NAV”) as reported by
9
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
such companies. The Fund values securities traded in the over-the-counter market at the last sale price, if available, otherwise at the most recently quoted mean price. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value as determined by the Adviser, as the Fund’s valuation designee, in accordance with procedures adopted by the Board of Trustees (the “Board”) pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”). Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund’s NAV may differ from quoted or published prices for the same securities.
GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
| ● | Level 1 – quoted prices in active markets for identical securities |
| ● | Level 2 – other significant observable inputs |
| ● | Level 3 – significant unobservable inputs |
The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
The following is a summary of the Fund’s investments and the level of inputs used to value the investments as of August 31, 2026:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 54,216,996 | $ | — | $ | — | $ | 54,216,996 | ||||||||
| Money Market Funds | 933,406 | — | — | 933,406 | ||||||||||||
| Total | $ | 55,150,402 | $ | — | $ | — | $ | 55,150,402 | ||||||||
10
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Refer to the Fund’s Schedule of Investments for a listing of the common stocks by sector and industry type. The Fund did not have any derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended August 31, 2026.
Foreign currency translation – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:
| A. | The fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day. |
| B. | Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time on the respective date of such transactions. |
| C. | The Fund does not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. |
Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions, and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.
The Fund may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.
The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Fund will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Fund’s interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Fund’s interpretation of country-specific taxation of dividend income and related amounts reclaimable.
11
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Cash – The Fund’s cash, if any, is held in a bank account with balances which, at times, may exceed United States federally insured limits set by the Federal Deposit Insurance Corporation. The Fund maintains these balances with a high-quality financial institution and may incur charges on cash overdrafts.
Share valuation – The NAV per share of each class of the Fund is calculated daily by dividing the total value of its assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class. The offering price and redemption price per share of each class of the Fund is equal to the NAV per share of such class.
Investment income – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Interest income is accrued as earned. Withholding taxes on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Investment transactions – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
Common expenses – Common expenses of the Trust are allocated among the Fund and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.
Distributions to shareholders – The Fund will distribute to shareholders any net investment income dividends and net realized capital gains distributions at least once each year. The amount of such dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date. The tax character of the Fund’s distributions during the periods ended August 31, 2026 and February 28, 2026 was as follows:
| Ordinary | Long-Term | Total | ||||||||||
| Period Ended | Income | Capital Gains | Distributions | |||||||||
| August 31, 2026 | $ | — | $ | — | $ | — | ||||||
| February 28, 2026 | $ | 37,793 | $ | 4,694,576 | $ | 4,732,369 | ||||||
Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.
12
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Federal income tax – The Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.
In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the 12 months ended October 31) plus undistributed amounts from prior years.
The following information is computed on a tax basis for each item as of February 28, 2026:
| Tax cost of investments | $ | 28,663,513 | ||
| Gross unrealized appreciation | $ | 26,020,459 | ||
| Gross unrealized depreciation | (1,036,245 | ) | ||
| Net unrealized appreciation | 24,984,214 | |||
| Undistributed long-term capital gains | 6,072,909 | |||
| Accumulated capital and other losses | (54,770 | ) | ||
| Distributable earnings | $ | 31,002,353 | ||
The federal tax cost, unrealized appreciation (depreciation) as of August 31, 2026 is as follows:
| Tax cost of investments | $ | 27,942,857 | ||
| Gross unrealized appreciation | $ | 27,616,926 | ||
| Gross unrealized depreciation | (409,381 | ) | ||
| Net unrealized appreciation | $ | 27,207,545 | ||
The values of federal income tax cost of investments and the financial statement cost of investments may be temporarily different (“book/tax differences”). These book/tax differences are due to the timing of the recognition of capital gains or losses under income tax regulations and GAAP, primarily due to the tax deferral of losses on wash sales.
The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” of being sustained assuming examination by tax authorities. Management has reviewed the Fund’s tax positions for the current and all open tax periods (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.
13
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
The Fund identifies its major tax jurisdiction as U.S. Federal. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statement of Operations. During the six months ended August 31, 2026, the Fund did not incur any interest or penalties and no federal, state or local income taxes or any material income taxes in foreign jurisdictions were paid by the Fund.
3. Investment Transactions
During the six months ended August 31, 2026, cost of purchases and proceeds from sales of investment securities, other than short-term investments, amounted to $6,701,416 and $11,729,487, respectively.
4. Transactions with Related Parties
INVESTMENT ADVISORY AGREEMENT
The Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.74% of its average daily net assets.
Pursuant to an Expense Limitation Agreement (“ELA”), the Adviser has contractually agreed, until July 1, 2027, to reduce management fees and reimburse other expenses to the extent necessary to limit total annual operating expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expense on securities sold short, costs to organize the Fund, acquired fund fees and expenses, extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.99% of average daily net assets of the Institutional Class shares and 1.24% of the average daily net assets of the Investor Class shares. Accordingly, the Adviser reduced its management fees in the amount of $75,495 during the six months ended August 31, 2026.
14
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Under the terms of the ELA, management fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 36 months after such fees and expenses were incurred, provided the repayments do not cause total annual operating expenses to exceed the lesser of: (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. As of August 31, 2026, the Adviser may seek repayment of management fee reductions and expense reimbursements in the amount of $408,761 no later than the dates listed below:
| February 28, 2027 | $ | 73,009 | ||
| February 29, 2028 | 126,207 | |||
| February 28, 2029 | 134,050 | |||
| August 31, 2029 | 75,495 | |||
| Total | $ | 408,761 | ||
OTHER SERVICE PROVIDERS
Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Fund’s portfolio securities.
Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC (“NLCS”) provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus.
Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the “Distributor”) serves as the principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is currently compensated by the Adviser (not the Fund) for acting as principal underwriter.
Certain officers of the Trust are also officers of Ultimus and are not paid by the Trust or the Fund for serving in such capacities.
TRUSTEE COMPENSATION
Each member of the Board who is not an “interested person” (as defined by the 1940 Act, as amended) of the Trust receives an annual retainer and meeting fees, plus reimbursement for travel and other meeting-related expenses.
PRINCIPAL HOLDER OF FUND SHARES
A beneficial owner of 25% or more of a Fund’s outstanding shares may be considered a controlling person. That shareholder’s vote could have a more significant effect on matters presented at a shareholders’ meeting. As of August 31, 2026, no individual shareholders owned of record 25% or more of the outstanding shares of the Fund.
5. Sector Risk
If the Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant
15
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s net asset value per share. From time to time, a particular set of circumstances may affect this sector or companies within the sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio will be adversely affected. As of August 31, 2026, the Fund had 32.8% of the value of its net assets invested in stocks within the Technology sector.
6. Contingencies and Commitments
The Fund indemnifies the Trust’s officers and Trustees for certain liabilities that might arise from the performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
7. Subsequent Events
The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events except the following:
The Adviser proposes to reorganize the Fund into the Federated Hermes MDT All Cap Core Fund (the “Federated Hermes Fund”), a series of Federated Hermes MDT Series with a similar investment objective and strategies (the “Reorganization”). At a meeting held on July 20-21, 2026 (the “Meeting”), the Board of Trustees of the Trust approved the Agreement and Plan of Reorganization (the “Plan”) for the Reorganization. Pursuant to the Plan, the Fund will transfer all or substantially all of its assets (except for deferred or prepaid expenses, amounts reserved for payment of Fund liabilities and any additional cash received by the Fund after the closing date of the Reorganization (the “Closing Date”) in excess of accrued Fund liabilities recorded on the Fund’s books on or before the Closing Date that is retained by the Adviser, which, with respect to the Reorganization, currently are not expected to be material in amount when the Reorganization is consummated on the Closing Date) to the Federated Hermes Fund. In exchange for the transfer of these assets, the Federated Hermes Fund will simultaneously issue to the Fund a number of full and fractional shares of the Federated Hermes Fund equal in value to the aggregate net asset value of the shares of
16
| HVIA EQUITY FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
the Fund calculated as of 4:00 p.m. on the Closing Date. The Reorganization is expected to close in the fourth quarter of 2026, subject to the fulfillment of closing conditions, including the approval of the Plan by the Fund’s shareholders.
At the Meeting, the Board, comprised solely of Trustees who are not “interested persons” of the Trust (as defined by the 1940 Act), unanimously voted to approve, and to recommend that shareholders approve, the Plan. The Plan will be submitted to the Fund’s shareholders for approval at the forthcoming special meeting of the Fund’s shareholders (the “Special Meeting”). There is no assurance that the shareholders of the Fund will approve the proposal with respect to the Fund.
More detailed information regarding the Reorganization and the proposal to be voted upon at the Special Meeting will be provided in a forthcoming proxy statement/prospectus in connection with the Special Meeting.
17
| HVIA EQUITY FUND |
| ADDITIONAL INFORMATION (Unaudited) |
Changes in and/or Disagreements with Accountants
There were no changes in and/or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Remuneration Paid to Directors, Officers and Others Refer to the financial statements included herein.
Statement Regarding Basis for Approval of Investment Advisory Agreement
The Board of Trustees (the “Board”), including the Independent Trustees voting separately, has reviewed and approved the continuance of the HVIA Equity Fund’s (the “Fund” or “HVIA Fund”) Investment Advisory Agreement with Orange Investment Advisors, Inc. (formerly named Hudson Valley Investment Advisors, Inc.) (the “Adviser” or “Orange”) for an additional one-year term (the “Advisory Agreement”). The Board approved the continuance of the Advisory Agreement at a meeting held on April 28-30, 2026, at which all of the Trustees were present (the “Meeting”).
Prior to the Meeting, the Adviser provided a response to a letter sent by the counsel to the Independent Trustees, on their behalf, requesting various information relevant to the Independent Trustees’ consideration of the renewal of the Advisory Agreement with respect to the Fund. In approving the continuance of the Advisory Agreement, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Agreement. The principal areas of review by the Independent Trustees were (1) the nature, extent and quality of the services provided by the Adviser, (2) the investment performance of the Fund, (3) the costs of the services provided and profits realized by the Adviser from the Adviser’s relationship with the Fund, (4) the financial condition of the Adviser, (5) the fall out benefits derived by the Adviser and its affiliates from its relationship with the Fund and (6) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s shareholders. The Independent Trustees’ evaluation of the quality of the Adviser’s services also took into consideration their knowledge gained through presentations and reports from the Adviser over the course of the preceding year. The Independent Trustees’ analysis of these factors is set forth below.
Nature, Extent and Quality of Services
The Board evaluated the level and depth of knowledge of Orange, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by Orange, the Board took into account its familiarity with Orange’s management through Board meetings, discussions and reports during the preceding year. The Board also took into account Orange’s compliance policies and procedures based on discussion with Orange and the Trust’s Chief Compliance Officer. The quality of administrative and other
18
| HVIA EQUITY FUND |
| ADDITIONAL INFORMATION (Continued) |
services, including Orange’s role in coordinating the activities of the HVIA Fund’s other service providers, was also considered. The Board also considered Orange’s relationship with its affiliates and the resources available to them, as well as potential conflicts of interest. The Board discussed the nature and extent of the services provided by Orange including, without limitation, Orange’s provision of a continuous investment program for the HVIA Fund. The Board considered the qualifications and experience of Orange’s portfolio manager who is responsible for the day-to day management of the Fund’s portfolio. The Board also considered Orange’s succession planning for the Fund. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the HVIA Fund by Orange under the Advisory Agreement.
Advisory Fees and Expenses and Comparative Accounts
The Board compared the advisory fee and total expense ratio for the HVIA Fund with various comparative data. In particular, the Board compared the HVIA Fund’s advisory fee and overall expense ratio to the median advisory fees and expense ratios for its custom peer group provided by Broadridge. The Board noted Orange’s assertion that there were no accounts Orange managed that were comparable to the HVIA Fund. In reviewing the comparison in fees and expense ratios between the HVIA Fund and comparable funds, the Board also considered the differences in types of funds being compared, the styles of investment management, the size of the HVIA Fund relative to the comparable funds, and the nature of the investment strategies. The Board also considered Orange’s commitment to limit the HVIA Fund’s expenses under the HVIA Fund’s expense limitation agreement until at least July 1, 2027. The Board noted that the 0.74% advisory fee for the HVIA Fund was higher than the median and average for the other funds in its Broadridge custom peer group. The Board further noted that the overall net expense ratio for the HVIA Fund of 0.99% was higher than the median and average expense ratio for the other funds in the HVIA Fund’s custom peer group. The Board took into consideration Orange’s assertion that the size of the HVIA Fund and unique aspects of its investment strategy differentiated the HVIA Fund’s fees and expenses from those of its peers.
Fund Performance
The Board also considered, among other data, the HVIA Fund’s performance results during certain periods ended January 31, 2026, and noted that the Board reviews on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. The Board noted that the HVIA Fund had underperformed the peer group median for the one-year period ended January 31, 2026, ranking in the third quartile, while the Fund had outperformed the peer group median for the one-, three- and five-year periods, ranking in the first, second and first quartiles, respectively. The Board noted Orange’s response in the Section 15(c) request for information and at the Meeting that the HVIA Fund should be distinguished from the peer group funds because of the HVIA Fund’s investment approach.
19
| HVIA EQUITY FUND |
| ADDITIONAL INFORMATION (Continued) |
Economies of Scale
The Board also considered the effect of the HVIA Fund’s growth and size on its performance and expenses. The Board noted that Orange limited fees and/or reimbursed expenses for the HVIA Fund in order to reduce the Fund’s operating expenses to targeted levels. The Board considered the effective advisory fee under the Advisory Agreement as a percentage of assets at different asset levels and possible economies of scale that might be realized if the assets of the HVIA Fund increased. The Board noted that the advisory fee schedule for the HVIA Fund currently did not have breakpoints and considered Orange’s assertion that adding breakpoints was not appropriate at this time. The Board noted that if the HVIA Fund’s assets increase over time, the HVIA Fund might realize other economies of scale if assets increase proportionally more than certain other expenses.
Financial Condition of the Adviser and Adviser Profitability
Additionally, the Board took into consideration the financial condition and profitability of Orange and its affiliates and the direct and indirect benefits derived by Orange and its affiliates from the HVIA Fund. The information considered by the Board included operating profit margin information for the HVIA Fund as well as Orange’s business as a whole. The Board considered Orange’s commitment to contractually limit the HVIA Fund’s net operating expenses. The Board reviewed the profitability of Orange’s relationship with the HVIA Fund both before and after-tax expenses and considered whether Orange has the financial wherewithal to continue to provide services to the HVIA Fund, noting its ongoing commitment to provide support and services to the HVIA Fund as needed.
Fall-Out Benefits
The Board also noted that Orange derives benefits to its reputation and other benefits from its association with the HVIA Fund. The Board recognized that Orange should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the HVIA Fund and the entrepreneurial risk that it assumes as investment adviser. Based upon its review, the Board concluded that Orange’s level of profitability from its relationship with the HVIA Fund was reasonable and not excessive.
In considering the renewal of the Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them. The Board concluded the following: (a) Orange demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (b) Orange maintains an appropriate compliance program; (c) the overall performance of the HVIA Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; and (d) the HVIA Fund’s advisory fees are reasonable in light of the services received by the Fund from Orange and the other factors considered. Based on their conclusions, the Trustees determined with respect to the HVIA Fund that continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders.
20
Nia Impact Solutions Fund
Semi-Annual Financial Statements
and Additional Information
August 31, 2026
(Unaudited)
| NIA IMPACT SOLUTIONS FUND |
| SCHEDULE OF INVESTMENTS |
| August 31, 2026 (Unaudited) |
| COMMON STOCKS — 97.8% | Shares | Value | ||||||
| Communications — 2.1% | ||||||||
| Internet Media & Services — 0.8% | ||||||||
| Spotify Technology S.A. (a) | 1,347 | $ | 732,256 | |||||
| Telecommunications — 1.3% | ||||||||
| Telefónica S.A. - ADR | 276,794 | 1,162,535 | ||||||
| Consumer Discretionary — 5.9% | ||||||||
| Automotive — 0.9% | ||||||||
| BYD Company Ltd. - ADR | 68,953 | 760,552 | ||||||
| Consumer Services — 1.7% | ||||||||
| Stride, Inc. (a) | 17,835 | 1,546,116 | ||||||
| E-Commerce Discretionary — 3.3% | ||||||||
| eBay, Inc. | 28,976 | 3,000,754 | ||||||
| Consumer Staples — 4.4% | ||||||||
| Beverages — 1.9% | ||||||||
| Vita Coco Company, Inc. (The) (a) | 29,363 | 1,724,048 | ||||||
| Retail - Consumer Staples — 0.8% | ||||||||
| Natural Grocers by Vitamin Cottage, Inc. | 26,086 | 713,974 | ||||||
| Wholesale - Consumer Staples — 1.7% | ||||||||
| United Natural Foods, Inc. (a) | 36,124 | 1,584,399 | ||||||
| Energy — 7.0% | ||||||||
| Renewable Energy — 7.0% | ||||||||
| First Solar, Inc. (a) | 10,864 | 2,193,441 | ||||||
| Nextpower, Inc. - Class A (a) | 13,536 | 1,110,358 | ||||||
| Sunrun, Inc. (a) | 38,861 | 333,039 | ||||||
| Vestas Wind Systems A/S - ADR | 248,425 | 2,732,675 | ||||||
| 6,369,513 | ||||||||
| Financials — 11.2% | ||||||||
| Asset Management — 7.4% | ||||||||
| HA Sustainable Infrastructure Capital, Inc. | 69,141 | 2,734,527 | ||||||
| Robinhood Markets, Inc. - Class A (a) | 21,409 | 2,243,877 | ||||||
| Sanlam Ltd. - ADR | 158,226 | 1,694,600 | ||||||
| 6,673,004 | ||||||||
| Banking — 2.0% | ||||||||
| Amalgamated Financial Corporation | 38,592 | 1,855,118 | ||||||
1
| NIA IMPACT SOLUTIONS FUND |
| SCHEDULE OF INVESTMENTS |
| COMMON STOCKS — 97.8% (Continued) | Shares | Value | ||||||
| Financials — 11.2% (Continued) | ||||||||
| Insurance — 1.1% | ||||||||
| Lemonade, Inc. (a) | 18,594 | $ | 971,165 | |||||
| Specialty Finance — 0.7% | ||||||||
| Toast, Inc. - Class A (a) | 17,827 | 607,722 | ||||||
| Health Care — 14.7% | ||||||||
| Biotech & Pharma — 11.9% | ||||||||
| Daiichi Sankyo Company Ltd. - ADR | 28,854 | 521,103 | ||||||
| GeneDx Holdings Corporation (a) | 17,567 | 1,489,857 | ||||||
| Gilead Sciences, Inc. | 17,801 | 2,604,998 | ||||||
| GSK plc - ADR | 47,387 | 2,381,197 | ||||||
| ImmunityBio, Inc. (a) | 103,267 | 820,973 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 5,284 | 2,877,244 | ||||||
| 10,695,372 | ||||||||
| Health Care Facilities & Services — 1.2% | ||||||||
| Fresenius Medical Care AG - ADR | 47,114 | 1,071,373 | ||||||
| Medical Equipment & Devices — 1.6% | ||||||||
| Natera, Inc. (a) | 4,566 | 1,470,069 | ||||||
| Industrials — 15.8% | ||||||||
| Electrical Equipment — 5.1% | ||||||||
| Advanced Energy Industries, Inc. | 2,543 | 704,055 | ||||||
| Schneider Electric SE - ADR | 29,043 | 1,985,960 | ||||||
| Vertiv Holdings Company - Class A | 7,341 | 1,899,264 | ||||||
| 4,589,279 | ||||||||
| Engineering & Construction — 4.8% | ||||||||
| Frontdoor, Inc. (a) | 30,379 | 2,456,750 | ||||||
| Stantec, Inc. | 25,336 | 1,849,528 | ||||||
| 4,306,278 | ||||||||
| Industrial Intermediate Prod — 1.6% | ||||||||
| Valmont Industries, Inc. | 3,019 | 1,417,903 | ||||||
| Industrial Support Services — 0.9% | ||||||||
| Core & Main, Inc. - Class A (a) | 19,829 | 851,854 | ||||||
| Machinery — 2.0% | ||||||||
| Mueller Water Products, Inc. - Class A | 38,291 | 924,345 | ||||||
| Xylem, Inc. | 8,367 | 921,290 | ||||||
| 1,845,635 | ||||||||
| Professional Services — 1.4% | ||||||||
| Brambles Ltd. - ADR | 44,834 | 1,253,559 | ||||||
2
| NIA IMPACT SOLUTIONS FUND |
| SCHEDULE OF INVESTMENTS |
| COMMON STOCKS — 97.8% (Continued) | Shares | Value | ||||||
| Materials — 1.4% | ||||||||
| Metals & Mining — 1.4% | ||||||||
| Steel Dynamics, Inc. | 5,325 | $ | 1,238,701 | |||||
| Real Estate — 3.7% | ||||||||
| Real Estate Owners & Developers — 1.5% | ||||||||
| City Developments Ltd. - ADR | 202,472 | 1,325,179 | ||||||
| REITs — 2.2% | ||||||||
| Iron Mountain, Inc. | 17,441 | 2,011,820 | ||||||
| Technology — 27.2% | ||||||||
| Semiconductors — 9.5% | ||||||||
| Advanced Micro Devices, Inc. (a) | 3,596 | 1,692,709 | ||||||
| Applied Materials, Inc. | 2,361 | 1,082,259 | ||||||
| Broadcom, Inc. | 6,147 | 2,276,480 | ||||||
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 8,578 | 3,562,615 | ||||||
| 8,614,063 | ||||||||
| Software — 10.7% | ||||||||
| Akamai Technologies, Inc. (a) | 12,455 | 1,352,862 | ||||||
| Autodesk, Inc. (a) | 3,563 | 921,142 | ||||||
| Cloudflare, Inc. - Class A (a) | 5,107 | 1,558,197 | ||||||
| Palo Alto Networks, Inc. (a) | 9,046 | 3,456,748 | ||||||
| SAP SE - ADR | 10,831 | 2,392,460 | ||||||
| 9,681,409 | ||||||||
| Technology Hardware — 4.6% | ||||||||
| Apple, Inc. | 5,135 | 1,627,025 | ||||||
| Arista Networks, Inc. (a) | 9,863 | 1,930,090 | ||||||
| Crane NXT Company | 12,519 | 612,179 | ||||||
| 4,169,294 | ||||||||
| Technology Services — 2.4% | ||||||||
| International Business Machines Corporation | 9,111 | 2,130,789 | ||||||
| Utilities — 4.4% | ||||||||
| Electric Utilities — 2.7% | ||||||||
| Brookfield Renewable Corporation | 51,204 | 1,646,209 | ||||||
| SSE plc - ADR | 23,607 | 777,851 | ||||||
| 2,424,060 | ||||||||
| Gas & Water Utilities — 1.7% | ||||||||
| California Water Service Group | 31,022 | 1,550,169 | ||||||
| Total Common Stocks (Cost $60,964,689) | $ | 88,347,962 | ||||||
3
| NIA IMPACT SOLUTIONS FUND |
| SCHEDULE OF INVESTMENTS |
| RIGHT — 0.0% (b) | Shares | Value | ||||||
| Financials — 0.0% (b) | ||||||||
| Asset Management — 0.0% (b) | ||||||||
| TPG, Inc. - CVR (Cost $29,297) (a)(c) | 16,276 | $ | 29,297 | |||||
| MONEY MARKET FUNDS — 2.1% | Shares | Value | ||||||
| First American Government Obligations Fund -Class X, 3.59% (d) (Cost $1,868,894) | 1,868,894 | $ | 1,868,894 | |||||
| Investments at Value — 99.9% (Cost $62,862,880) | $ | 90,246,153 | ||||||
| Other Assets in Excess of Liabilities — 0.1% | 89,920 | |||||||
| Net Assets — 100.0% | $ | 90,336,073 | ||||||
| A/S | - Aktieselskab |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| CVR | - Contingent Value Right |
| plc | - Public Limited Company |
| S.A. | - Société Anonyme |
| SE | - Societas Europaea |
| (a) | Non-income producing security. |
| (b) | Percentage rounds to less than 0.1%. |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | The rate shown is the 7-day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
4
| NIA IMPACT SOLUTIONS FUND |
| STATEMENT OF ASSETS AND LIABILITIES |
| August 31, 2026 (Unaudited) |
| ASSETS | ||||
| Investments in securities: | ||||
| At cost | $ | 62,862,880 | ||
| At value (Note 2) | $ | 90,246,153 | ||
| Receivable for capital shares sold | 16,917 | |||
| Dividends receivable | 101,731 | |||
| Tax reclaims receivable | 37,431 | |||
| Other assets | 32,013 | |||
| Total assets | 90,434,245 | |||
| LIABILITIES | ||||
| Payable for capital shares redeemed | 28,339 | |||
| Payable to Adviser (Note 4) | 44,900 | |||
| Payable to administrator (Note 4) | 14,206 | |||
| Other accrued expenses | 10,727 | |||
| Total liabilities | 98,172 | |||
| CONTINGENCIES AND COMMITMENTS (Note 8) | — | |||
| NET ASSETS | $ | 90,336,073 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in capital | $ | 60,450,117 | ||
| Accumulated earnings | 29,885,956 | |||
| NET ASSETS | $ | 90,336,073 | ||
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 5,888,457 | |||
| Net asset value, offering price and redemption price per share (Note 2) | $ | 15.34 |
See accompanying notes to financial statements.
5
| NIA IMPACT SOLUTIONS FUND |
| STATEMENT OF OPERATIONS |
| For the Six Months Ended August 31, 2026 (Unaudited) |
| INVESTMENT INCOME | ||||
| Dividends | $ | 737,316 | ||
| Foreign withholding taxes on dividends (net of reclaims received) | (55,724 | ) | ||
| Total investment income | 681,592 | |||
| EXPENSES | ||||
| Management fees (Note 4) | 426,715 | |||
| Administration fees (Note 4) | 48,341 | |||
| Fund accounting fees (Note 4) | 22,846 | |||
| Transfer agent fees (Note 4) | 18,364 | |||
| Registration and filing fees | 17,930 | |||
| Legal fees | 11,581 | |||
| Trustees’ fees and expenses (Note 4) | 11,193 | |||
| Audit and tax services fees | 10,336 | |||
| Compliance fees (Note 4) | 7,500 | |||
| Shareholder reporting expenses | 4,430 | |||
| Custodian and bank service fees | 4,230 | |||
| Postage and supplies | 2,888 | |||
| Insurance expense | 1,590 | |||
| Borrowing costs (Note 5) | 361 | |||
| Other expenses | 9,817 | |||
| Total expenses | 598,122 | |||
| Less fee reductions by the Adviser (Note 4) | (162,061 | ) | ||
| Net expenses | 436,061 | |||
| NET INVESTMENT INCOME | 245,531 | |||
| REALIZED AND UNREALIZED GAINS ON INVESTMENTS | ||||
| Net realized gains from investment transactions | 2,799,010 | |||
| Net change in unrealized appreciation (depreciation) on investments | 3,975,416 | |||
| NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS | 6,774,426 | |||
| NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,019,957 |
See accompanying notes to financial statements.
6
| NIA IMPACT SOLUTIONS FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| Six Months | ||||||||
| Ended | Year | |||||||
| August 31, | Ended | |||||||
| 2026 | February 28, | |||||||
| (Unaudited) | 2026 | |||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 245,531 | $ | 214,779 | ||||
| Net realized gains from investment transactions | 2,799,010 | 3,026,835 | ||||||
| Net change in unrealized appreciation (depreciation) on investments | 3,975,416 | 5,019,851 | ||||||
| Net change in net assets resulting from operations | 7,019,957 | 8,261,465 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | — | (237,678 | ) | |||||
| FROM CAPITAL SHARE TRANSACTIONS | ||||||||
| Proceeds from shares sold | 6,701,933 | 11,286,566 | ||||||
| Net asset value of shares issued in reinvestment of distributions to shareholders | — | 231,596 | ||||||
| Payments for shares redeemed | (17,821,845 | ) | (13,305,967 | ) | ||||
| Net change in net assets from capital share transactions | (11,119,912 | ) | (1,787,805 | ) | ||||
| TOTAL CHANGE IN NET ASSETS | (4,099,955 | ) | 6,235,982 | |||||
| NET ASSETS | ||||||||
| Beginning of period | 94,436,028 | 88,200,046 | ||||||
| End of period | $ | 90,336,073 | $ | 94,436,028 | ||||
| CAPITAL SHARES ACTIVITY | ||||||||
| Shares sold | 449,964 | 805,083 | ||||||
| Shares reinvested | — | 16,321 | ||||||
| Shares redeemed | (1,239,773 | ) | (1,085,902 | ) | ||||
| Net change in shares outstanding | (789,809 | ) | (264,498 | ) | ||||
| Shares outstanding, beginning of period | 6,678,266 | 6,942,764 | ||||||
| Shares outstanding, end of period | 5,888,457 | 6,678,266 | ||||||
See accompanying notes to financial statements.
7
| NIA IMPACT SOLUTIONS FUND |
| FINANCIAL HIGHLIGHTS |
| Per Share Data for a Share Outstanding Throughout each Period |
| Six Months | ||||||||||||||||||||
| Ended | ||||||||||||||||||||
| August 31, | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
| 2026 | February 28, | February 28, | February 29, | February 28, | ||||||||||||||||
| (Unaudited) | 2026 | 2025 | 2024 | 2023(a) | ||||||||||||||||
| Net asset value at beginning of period | $ | 14.14 | $ | 12.70 | $ | 11.11 | $ | 10.29 | $ | 10.00 | ||||||||||
| Income from investment operations: | ||||||||||||||||||||
| Net investment income | 0.04 | 0.03 | 0.06 | 0.06 | 0.02 | |||||||||||||||
| Net realized and unrealized gains on investments | 1.16 | 1.45 | 1.60 | 0.82 | 0.29 | (b) | ||||||||||||||
| Total from investment operations | 1.20 | 1.48 | 1.66 | 0.88 | 0.31 | |||||||||||||||
| Less distributions from net investment income | — | (0.04 | ) | (0.07 | ) | (0.06 | ) | (0.02 | ) | |||||||||||
| Net asset value at end of period | $ | 15.34 | $ | 14.14 | $ | 12.70 | $ | 11.11 | $ | 10.29 | ||||||||||
| Total return (c) | 8.49 | % (d) | 11.63 | % | 14.98 | % | 8.53 | % | 3.16 | % (d) | ||||||||||
| Net assets at end of period (000’s) | $ | 90,336 | $ | 94,436 | $ | 88,200 | $ | 73,429 | $ | 49,446 | ||||||||||
| Ratios/supplementary data: | ||||||||||||||||||||
| Ratio of total expenses to average net assets | 1.33 | % (e)(f) | 1.35 | % (f) | 1.37 | % | 1.45 | %(g) | 1.57 | % (e)(g) | ||||||||||
| Ratio of net expenses to average net assets (h) | 0.97 | % (e)(f) | 0.98 | % (f)(i) | 0.99 | % | 0.99 | %(g) | 0.99 | % (e)(g) | ||||||||||
| Ratio of net investment income to average net assets (h) | 0.55 | % (e) | 0.25 | % | 0.51 | % | 0.64 | % | 0.30 | % (e) | ||||||||||
| Portfolio turnover rate | 21 | % (d) | 29 | % | 17 | % | 18 | % | 10 | % (d) | ||||||||||
| (a) | Represents the period from the commencement of operations (May 10, 2022) through February 28, 2023. |
| (b) | Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized gains (losses) on the Statement of Operations for the same period. |
| (c) | Total return is a measure of the change in value of an investment in the Fund over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total return would be lower if the Adviser had not reduced fees (Note 4). |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Includes 0.00%(j) of borrowing costs (Note 5). |
| (g) | Includes costs to organize the Fund of 0.02% and 0.01%(e) for the year ended February 29, 2024 and the period ended February 28, 2023 (Note 4). |
| (h) | Ratio was determined after management fee reductions by the Adviser (Note 4). |
| (i) | Contractual expense limitation agreement changed from 0.99% to 0.97% effective June 30, 2025 (Note 4). |
| (j) | Percentage rounds to less than 0.01%. |
See accompanying notes to financial statements.
8
| NIA IMPACT SOLUTIONS FUND |
| NOTES TO FINANCIAL STATEMENTS |
| August 31, 2026 (Unaudited) |
1. Organization
Nia Impact Solutions Fund (the “Fund”) is a diversified series of Ultimus Managers Trust (the “Trust”). The Trust is an open-end management investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012. Other series of the Trust are not incorporated in this report. The Fund commenced operations on May 10, 2022.
The investment objective of the Fund is to seek to achieve long-term capital appreciation by investing in companies that contribute towards advancements in the areas of diversity and inclusion, sustainability and/or social justice.
2. Significant Accounting Policies
The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies”, including Accounting Standard Update 2013-08. The following is a summary of the Fund’s significant accounting policies used in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Segment reporting – The management team of Nia Impact Capital, the Fund’s investment adviser, (the “Adviser”) acts as the Fund’s chief operating decision maker (“CODM”). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.
Securities valuation – The Fund values its portfolio securities including common stocks at fair value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern Time) on each day the NYSE is open for business. The Fund generally values its listed securities on the basis of the security’s last sale price on the security’s primary exchange, if available, otherwise at the exchange’s most recently quoted mean price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than exchange-traded funds, if any, but including money market funds, are valued at their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value as determined by the Adviser, as the Fund’s valuation designee (“Valuation Designee”), in accordance with procedures adopted by the Board of Trustees (the “Board”) pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”). Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending
9
| NIA IMPACT SOLUTIONS FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund’s NAV may differ from quoted or published prices for the same securities. Securities traded on foreign exchanges are typically fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service.
GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
| ● | Level 1 – quoted prices in active markets for identical securities |
| ● | Level 2 – other significant observable inputs |
| ● | Level 3 – significant unobservable inputs |
The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
The following is a summary of the Fund’s investments based on the inputs used to value the investments as of August 31, 2026, by security type:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 88,347,962 | $ | — | $ | — | $ | 88,347,962 | ||||||||
| Right | — | — | 29,297 | 29,297 | ||||||||||||
| Money Market Funds | 1,868,894 | — | — | 1,868,894 | ||||||||||||
| Total | $ | 90,216,856 | $ | — | $ | 29,297 | $ | 90,246,153 | ||||||||
Refer to the Fund’s Schedule of Investments for a listing of common stocks by sector and industry type.
The following is a reconciliation of Level 3 instruments held in the Fund for which significant unobservable inputs were used to determine fair value for the six months ended August 31, 2026:
| Net changes in | ||||||||||||||||||||
| Value as of | unrealized | Value as of | ||||||||||||||||||
| February 28, | Received via | appreciation | August 31, | |||||||||||||||||
| Investments in Securities | 2026 | corporate action | Sales | (depreciation) | 2026 | |||||||||||||||
| Right | $ | — | $ | 29,297 | $ | — | $ | — | $ | 29,297 | ||||||||||
| Total | $ | — | $ | 29,297 | $ | — | $ | — | $ | 29,297 | ||||||||||
10
| NIA IMPACT SOLUTIONS FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
The total change in unrealized appreciation (depreciation) included in the Fund attributable to Level 3 investments still held as of August 31, 2026, was $0.
The following table summarizes the valuation techniques used and unobservable inputs developed by the Valuation Designee in conformity with guidelines adopted by and subject to review by the Board to determine the fair value of the Level 3 instruments:
| Impact to | |||||||||||||||
| Valuation from | |||||||||||||||
| Fair Value as of | Valuation | Unobservable | an Increase in | ||||||||||||
| Investments in Securities | August 31, 2026 | Technique | Input | Value/Range | Input* | ||||||||||
| Right | $ | 29,297 | Adjusted trade price | Discount Factor | 100 | % | N/A | ||||||||
| * | This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. |
Cash – The Fund’s cash, if any, is held in a bank account with balances which, at times, may exceed United States federally insured limits set by the Federal Deposit Insurance Corporation. The Fund maintains these balances with a high quality financial institution and may incur charges on cash overdrafts.
Share valuation – The NAV per share of the Fund is calculated daily by dividing the total value of the Fund’s assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to the NAV per share.
Investment income – Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Interest income, if any, is accrued as earned.
The Fund may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.
The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Fund will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Fund’s interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Fund’s interpretation of country-specific taxation of dividend income and related amounts reclaimable.
Investment transactions – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
11
| NIA IMPACT SOLUTIONS FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Common expenses – Common expenses of the Trust are allocated among the Fund and the other series of the Trust based on the relative net assets of each series, the number of series in the Trust, or the nature of the services performed and the relative applicability to each series.
Distributions to shareholders – The Fund distributes to shareholders any net investment income dividends and net realized capital gains on an annual basis. The amount of such dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date. For the year ended February 28, 2026, the tax character of all distributions paid to shareholders was ordinary income. For the six months ended August 31, 2026, no distributions were paid to shareholders.
Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of change in net assets from operations during the reporting period. Actual results could differ from those estimates.
Federal income tax – The Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.
In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund’s intention to declare as dividends in each calendar year equal to at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.
The following information is computed on a tax basis for each item as of February 28, 2026:
| Tax cost of investments | $ | 67,796,663 | ||
| Gross unrealized appreciation | $ | 27,152,587 | ||
| Gross unrealized depreciation | (3,771,046 | ) | ||
| Net unrealized appreciation | 23,381,541 | |||
| Accumulated capital and other losses | (515,542 | ) | ||
| Distributable earnings | $ | 22,865,999 | ||
The federal tax cost, unrealized appreciation (depreciation) as of August 31, 2026 is as follows:
| Tax cost of investments | $ | 62,980,378 | |
| Gross unrealized appreciation | $ | 29,956,624 | |
| Gross unrealized depreciation | (2,690,849) | ||
| Net unrealized appreciation | $ | 27,265,775 | |
12
| NIA IMPACT SOLUTIONS FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
The values of federal income tax cost of investments and the financial statement cost of investments may be temporarily different (“book/tax differences”). These book/tax differences are due to the timing of the recognition of capital gains or losses under income tax regulations and GAAP, primarily due to the tax deferral of losses on wash sales.
As of February 28, 2026, the Fund had short-term capital loss carryforwards of $406,554 for federal income tax purposes, which may be carried forward indefinitely. This capital loss carryforward is available to offset net realized gains in the current and future years, thereby reducing future taxable gains.
The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” of being sustained assuming examination by tax authorities. Management has reviewed the Fund’s tax positions for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.
The Fund identifies its major tax jurisdiction as U.S. Federal. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax on the Statement of Operations. During the six months ended August 31, 2026, the Fund did not incur any interest or penalties and no federal, state or local income taxes or any material income taxes in foreign jurisdictions were paid by the Fund.
3. Investment Transactions
During the six months ended August 31, 2026, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, amounted to $17,690,994 and $21,195,388, respectively.
4. Transactions with Related Parties
INVESTMENT ADVISORY AGREEMENT
The Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. The Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.95% of average daily net assets.
Pursuant to an Expense Limitation Agreement (“ELA”) between the Fund and the Adviser, the Adviser has agreed contractually, until June 30, 2027, to reduce its management fees and reimburse other expenses to the extent necessary to limit total annual fund operating expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, costs to organize the Fund, acquired fund fees and expenses, and extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.97% of the Fund’s average daily net assets. Accordingly, during the six months ended August 31, 2026, the Adviser reduced its management fees in the amount of $162,061.
13
| NIA IMPACT SOLUTIONS FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
Under the terms of the ELA, management fee reductions and/or expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 36 months after such date that fees and expenses were incurred, provided that the repayments do not cause total annual fund operating expenses to exceed the lesser of (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to June 30, 2027, this agreement may not be modified or terminated without the approval of the Fund’s Board.
This agreement will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. As of August 31, 2026, the Adviser may seek repayment of management fee reductions and expense reimbursements in the amount of $929,569 no later than the dates listed below:
| February 28, 2027 | $ | 135,846 | |
| February 29, 2028 | 312,119 | ||
| February 28, 2029 | 319,543 | ||
| August 31, 2029 | 162,061 | ||
| Total | $ | 929,569 | |
OTHER SERVICE PROVIDERS
Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including, except not limited to, postage, supplies and certain costs related to the pricing of the Fund’s portfolio securities.
Under the terms of the Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC (“NLCS”) provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus.
Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the “Distributor”) serves as the principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.
Certain officers of the Trust are also officers of Ultimus and are not paid by the Trust or the Fund for serving in such capacities.
TRUSTEE COMPENSATION
Each member of the Board (a “Trustee”) who is not an “interested person” (as defined by the 1940 Act, as amended) of the Trust (“Independent Trustee”) receives an annual retainer and meetings fees, plus reimbursement for travel and other meeting-related expenses.
14
| NIA IMPACT SOLUTIONS FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
PRINCIPAL HOLDER OF FUND SHARES
A beneficial owner of 25% or more of the Fund’s outstanding shares may be considered a controlling person. That shareholder’s vote could have a more significant effect on matters presented at a shareholders’ meeting. As of August 31, 2026, no individual shareholders of record owned more than 25% of the outstanding shares of the Fund.
5. Borrowing Costs
From time to time, the Fund may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Fund will incur borrowing costs charged by the custodian. During the six months ended August 31, 2026, the Fund incurred $361 of borrowing costs.
6. ESG Investing Risk
The Fund’s incorporation of environmental, social and/or governance (“ESG”) considerations into its investment process may cause it to make different investments than funds that have a similar investment universe and/or investment style except that do not incorporate such considerations in their investment strategy processes. In applying ESG criteria to its investment decisions, the Fund may forgo higher yielding investments that it would invest in absent the application of its ESG investing criteria. The Fund’s investment process may affect the Fund’s exposure to certain investments, which may impact the Fund’s relative investment performance depending on whether such investments are in or out of favor with the market. In addition, the Fund’s investments in certain companies may be susceptible to various factors that may impact their businesses or operations, including costs associated with government budgetary constraints that impact publicly funded projects and clean energy initiatives, the effects of general economic conditions throughout the world, increased competition from other providers of services, unfavorable tax laws or accounting policies and high leverage. The Fund’s Adviser relies on available information to assist in the ESG evaluation process, and the process employed for the Fund may differ from processes employed for other funds. The Fund will seek to identify companies that it believes meet its ESG criteria based on data provided by third parties. The data provided by third parties may be incomplete, inaccurate or unavailable, which could cause the Adviser to incorrectly assess a company’s ESG practices.
7. Sector Risk
If the Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s net asset value per share. From time to time, a particular set of circumstances may affect this sector or companies within the sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio will be adversely affected. As of August 31, 2026, the Fund had 27.2% of the value of its net assets invested in securities within the Technology sector.
15
| NIA IMPACT SOLUTIONS FUND |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
8. Contingencies and Commitments
The Fund indemnifies the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
9. Subsequent Events
The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.
16
| ADDITIONAL INFORMATION (Unaudited) |
Changes in and/or Disagreements with Accountants
There were no changes in and/or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Statement Regarding Basis for Approval of Investment Advisory Agreement
Not applicable.
17
(b) Included in (a)
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Included under Item 7
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Included under Item 7 for HVIA Equity Fund and not applicable for Nia Impact Solutions Fund and Blueprint Adaptive Growth Allocation Fund
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable
| Item 15. | Submission of Matters to a Vote of Security Holders. |
There has been no material changes to the manner in which shareholders may recommend nominees to the Registrant’s Board of Trustees or the Nominations & Governance Committee (the “Committee”). The Registrant does not have formal procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees. While the Registrant does not have formal procedure, the Committee shall to the extent required under applicable law, when identifying potential candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder.
| Item 16. | Controls and Procedures. |
(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable
| Item 18. | Recovery of Erroneously Awarded Compensation. |
(a) Not applicable
(b) Not applicable
| Item 19. | Exhibits. |
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Not required
(a)(2) Not applicable
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto
(a)(4) Not applicable
(a)(5) Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto
| Exhibit 99.CERT | Certifications required by Rule 30a-2(a) under the Act |
| Exhibit 99.906CERT | Certifications required by Rule 30a-2(b) under the Act |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Ultimus Managers Trust | |||
| By (Signature and Title)* | /s/ Todd E. Heim | |||
| Todd E. Heim, President and Principal Executive Officer | ||||
| Date | November 3, 2026 | |||
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||||
| By (Signature and Title)* | /s/ Todd E. Heim | |||
| Todd E. Heim, President and Principal Executive Officer | ||||
| Date | November 3, 2026 | |||
| By (Signature and Title)* | /s/ Daniel D. Bauer | |||
| Daniel D. Bauer, Treasurer and Principal Financial Officer | ||||
| Date | November 3, 2026 | |||
* Print the name and title of each signing officer under his or her signature.
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