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      LIVE
      
        
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        811-22680
      
      
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        false
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          S000057335
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          S000042074
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          S000066472
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      Ultimus Managers Trust
      811-22680
      0001545440
      549300FU214TAR7BFY91
      225 Pictoria Drive
      Suite 450
      Cincinnati
      45246-1617
      US-OH
      US
      513-587-3400
      
        
      
      
        
          Wavelength Capital Management, LLC
          545 Madison Avenue
          16th Floor
          New York
          
          10022
          502-410-1912
          Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder
        
        
          Karner Blue Capital, LLC
          7315 Wisconsin Avenue
          #400
          Bethesda
          
          20814
          845-294-6127
          Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder
        
        
          Evolutionary Tree Capital Management LLC
          1199 N. Fairfax Street
          Suite 801
          Alexandria
          
          22314
          703-544-2300
          Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder
        
        
          Adler Asset Management, LLC
          600 Third Avenue
          Suite 226
          New York
          
          10016
          845-294-6127
          Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder
        
        
          U.S. Bank, N.A.
          425 Walnut Street
          Cincinnati
          
          45242-3956
          513-455-8102
          Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder
        
        
          Ultimus Fund Solutions, LLC
          225 Pictoria Drive
          Suite 450
          Cincinnati
          
          45246-1617
          513-587-3400
          Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder
        
        
          Kempner Capital Management, Inc.
          2201 Market Street
          12th Floor
          Galveston
          
          77550
          212-715-3170
          Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder
        
      
      N
      N
      N
      N-1A
      26
      Y
      
        
          Robert E. Morrison
          N/A
          N
          
            
          
        
        
          Janine L. Cohen
          N/A
          N
          
            
          
        
        
          Jacqueline A. Williams
          N/A
          N
          
            
          
        
        
          David R. Carson
          N/A
          Y
          
            
          
        
        
          Clifford N. Schireson
          N/A
          N
          
            
          
        
        
          David M. Deptula
          N/A
          N
          
            
          
        
      
      
        
          Gweneth K. Gosselink
          002569618
          225 Pictoria Drive
          Suite 450
          Cincinnati
          
          45246-1617
          XXXXXX
          N
          
            
          
        
      
      
        
      
      N
      N
      N
      
      N
      N
      
        
          Northern Lights Distributors, LLC
          008-52643
          000104177
          N/A
          
          N
        
        
          Ultimus Fund Distributors, LLC
          008-52643
          000104177
          N/A
          
          N
        
      
      Y
      
        
          BBD, LLP
          552
          N/A
          
        
      
      N
      N
      N
      N
      N
      N
      N
    
    
      
        Kempner Multi-Cap Deep Value Fund
        S000057335
        549300G85QLXC2OKXF25
        N
        2
        0
        0
        
          
          
        
        N/A
        N
        N
        Y
        N
        N/A
        0.00000000
        0.00000000
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
        
        Y
        N
        N
        N
        
          
            Kempner Capital Management, Inc.
            801-17585
            000104784
            N/A
            
            N
          
        
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            N/A
            
            N
            N
          
        
        N
        
          
            ICE Data Services Limited
            54930000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            U.S. Bank, N.A.
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC file number
            
            N
            N
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC file number
            
            N
            N
          
        
        N
        
          
            OPPENHEIMER & CO., INC.
            008-04077
            000000249
            254900VH02JQR2L8XD64
            
            23423.59999999
          
          
            PIPER JAFFRAY CO.
            008-15204
            000000665
            549300GRQCWQ3XGH0H10
            
            9054.00000000
          
          
            EVERCORE GROUP LLC
            008-49830
            000042405
            5493008F0LRLS5N8LZ81
            
            13457.48000000
          
          
            MORGAN STANLEY & CO., LLC
            008-15869
            000008209
            9R7GPTSO7KV3UQJZQ078
            
            2947.60000000
          
          
            WELLS FARGO SECURITIES, LLC
            008-65876
            000126292
            VYVVCKR63DVZZN70PB21
            
            10812.20000000
          
          
            CORNERSTONE MACRO LLC
            008-69293
            000168152
            25490003PASAH33YSQ08
            
            470.00000000
          
        
        60164.88000000
        0.00000000
        N
        85115453.00000000
        N
        N
        N
        N
      
      
        Evolutionary Tree Innovators Fund
        S000069399
        54930029KRF0J15JFC83
        N
        2
        1
        0
        
          
          
        
        N/A
        Y
        N
        Y
        N
        N/A
        0.00000000
        0.00000000
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
        
        Y
        Y
        Y
        N
        
          
            Evolutionary Tree Capital Management, LLC
            801-119228
            000291127
            N/A
            
            N
          
        
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            N/A
            
            N
            N
          
        
        N
        
          
            ICE Data Services Limited
            5493000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            U.S. Bank, N.A.
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC file number
            
            N
            N
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC file number
            
            N
            N
          
        
        N
        
          
            RBC CAPITAL MARKETS LLC
            008-45411
            000031194
            549300LCO2FLSSVFFR64
            
            30234.59000000
          
        
        30234.59000000
        0.00000000
        N
        32396663.91000000
        N
        N
        N
        N
      
      
        Wavelength Interest Rate Neutral Fund
        S000042074
        549300P8Q6IFOHV2AT44
        N
        1
        0
        0
        
          
        
        
          Fund of Funds
        
        N
        N
        Y
        
          N
          N
        
        
          
            U.S. Bank, N.A.
            6BYL5QZYBDK8S7L73M02
            N
            
              
                
              
              N
            
          
        
        
          
        
        
          Revenue sharing split
          Non-revenue sharing split (other than administrative fee)
          Administrative fee
          Cash collateral reinvestment fee
        
        48971264.45000000
        515188.30000000
        
          Rule 18f-4 (17 CFR 270.18f-4)
          Rule 12d1-1 (17 CFR 270.12d1-1)
        
        Y
        Y
        Y
        N
        
          
            Wavelength Capital Management, LLC
            801-78192
            N/A
            N/A
            
            N
          
        
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            N/A
            
            N
            N
          
        
        N
        
          
            Bloomberg Finance L P
            5493001KJTIIGC8Y1R12
            
            N
          
          
            ICE Data Services Limited
            54930000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            U.S. Bank, N.A.
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC file number
            
            N
            N
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC file number
            
            N
            N
          
        
        N
        
          
            INTERACTIVE BROKERS
            008-47257
            000036418
            50OBSE5T5521O6SMZR28
            
            6559.43000000
          
          
            INSTINET LLC
            008-23669
            000007897
            549300MGMN3RKMU8FT57
            
            11713.50000000
          
        
        18272.93000000
        0.00000000
        N
        183165257.39000000
        N
        N
        N
        N
      
      
        Karner Blue Biodiversity Impact Fund
        S000066472
        549300RPYJD0ILVO8U76
        N
        1
        0
        0
        
          
        
        N/A
        N
        N
        Y
        N
        N/A
        0.00000000
        0.00000000
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
        
        Y
        Y
        Y
        N
        
          
            Karner Blue Capital, LLC
            021-337600
            000290714
            N/A
            
            N
          
        
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            N/A
            
            N
            N
          
        
        N
        
          
            ICE Data Services Limited
            54930000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            U.S. Bank, N.A.
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC file number
            
            N
            N
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC file number
            
            N
            N
          
        
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            INSTINET LLC
            008-23669
            000007897
            549300MGMN3RKMU8FT57
            
            7484.33000000
          
        
        7484.33000000
        0.00000000
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        10386206.74252050
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        Adler Value Fund
        S000062564
        549300JNN26C473T9M10
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        2
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        1
        
          
        
        N/A
        Y
        N
        Y
        N
        N/A
        0.00000000
        0.00000000
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
        
        Y
        Y
        Y
        N
        
          
            Adler Asset Management, Inc.
            801-113287
            000293512
            N/A
            
            N
          
        
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            N/A
            
            N
            N
          
        
        N
        
          
            ICE Data Services Limited
            54930000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            Fifth Third Securities, Inc.
            5493003IMO3TYX51WE43
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        Y
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC File Number
            
            N
            N
          
        
        N
        
          
            Ultimus Fund Solutions, LLC
            084-05829
            SEC File Number
            
            N
            N
          
        
        N
        
          
            J.P. MORGAN SECURITIES LLC
            008-35008
            000000079
            ZBUT11V806EZRVTWT807
            
            45.00000000
          
          
            INTERACTIVE BROKERS
            008-47257
            000036418
            50OBSE5T5521O6SMZR28
            
            1061.79000000
          
        
        1106.79000000
        
          
            INTERACTIVE BROKERS
            008-47257
            000036418
            50OBSE5T5521O6SMZR28
            
            376001.64000000
          
        
        376001.64000000
        Y
        4099148.95517808
        N
        N
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        N
      
    
    
      true
    
    
  

[BBD, LLP Logo]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Ultimus Managers Trust

and the Shareholders of Evolutionary Tree Innovators Fund

In planning and performing our audit of the financial statements of Evolutionary Tree Innovators Fund, a series of shares of beneficial interest in Ultimus Managers Trust (the “Fund”), as of May 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of May 31, 2022.

This report is intended solely for the information and use of management and the shareholders of Evolutionary Tree Innovators Fund, the Board of Trustees of Ultimus Managers Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP

Philadelphia, Pennsylvania

July 20, 2022

[BBD, LLP Logo]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Ultimus Managers Trust

and the Shareholders of Adler Value Fund

In planning and performing our audit of the financial statements of Adler Value Fund, a series of shares of beneficial interest in Ultimus Managers Trust (the “Fund”), as of May 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of May 31, 2022.

This report is intended solely for the information and use of management and the shareholders of Adler Value Fund, the Board of Trustees of Ultimus Managers Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP

Philadelphia, Pennsylvania

July 20, 2022

[BBD, LLP Logo]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Ultimus Managers Trust

and the Shareholders of Wavelength Interest Rate Neutral Fund

In planning and performing our audit of the financial statements of Wavelength Interest Rate Neutral Fund, a series of shares of beneficial interest in Ultimus Managers Trust (the “Fund”), as of May 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of May 31, 2022.

This report is intended solely for the information and use of management and the shareholders of Wavelength Interest Rate Neutral Fund, the Board of Trustees of Ultimus Managers Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP

Philadelphia, Pennsylvania

July 20, 2022

[BBD, LLP Logo]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Ultimus Managers Trust

and the Shareholders of Karner Blue Biodiversity Impact Fund

In planning and performing our audit of the financial statements of Karner Blue Biodiversity Impact Fund, a series of shares of beneficial interest in Ultimus Managers Trust (the “Fund”), as of May 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of May 31, 2022.

This report is intended solely for the information and use of management and the shareholders of Karner Blue Biodiversity Impact Fund, the Board of Trustees of Ultimus Managers Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP

Philadelphia, Pennsylvania

July 20, 2022

[BBD, LLP Logo]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Ultimus Managers Trust

and the Shareholders of Kempner Multi-Cap Deep Value Fund

In planning and performing our audit of the financial statements of Kempner Multi-Cap Deep Value Fund, a series of shares of beneficial interest in Ultimus Managers Trust (the “Fund”), as of May 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of May 31, 2022.

This report is intended solely for the information and use of management and the shareholders of Kempner Multi-Cap Deep Value Fund, the Board of Trustees of Ultimus Managers Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP

Philadelphia, Pennsylvania

July 20, 2022