NPORT-EX 2 ultimus_2075.htm NPORT-EX FILE LS AUGUST 2023
LS
Opportunity
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
COMMON
STOCKS
-
LONG
-
DOMESTIC
—
77.66%
Shares
Fair
Value
Communication
Services
—
2.11%
Alphabet,
Inc.,
Class
A
(a)
14,600‌
$
1,988,082‌
Alphabet,
Inc.,
Class
C
(a)
9,900‌
1,359,765‌
3,347,847‌
Consumer
Discretionary
—
4.61%
Darden
Restaurants,
Inc.
(b)
9,050‌
1,407,366‌
eBay,
Inc.
(b)
27,675‌
1,239,286‌
Expedia
Group,
Inc.
(a)
13,977‌
1,514,967‌
Home
Depot,
Inc.
(The)
(b)
7,225‌
2,386,417‌
Texas
Roadhouse,
Inc.
7,375‌
767,738‌
7,315,774‌
Consumer
Staples
—
6.45%
Campbell
Soup
Co.
25,700‌
1,071,690‌
Church
&
Dwight
Co.,
Inc.
(b)
24,800‌
2,399,896‌
Colgate-Palmolive
Co.
27,575‌
2,025,935‌
Mondelez
International,
Inc.,
Class
A
(b)
38,600‌
2,750,636‌
Procter
&
Gamble
Co.
(The)
12,845‌
1,982,498‌
10,230,655‌
Energy
—
6.30%
Hess
Corp.
12,050‌
1,861,725‌
Pioneer
Natural
Resources
Co.
(b)
17,912‌
4,261,802‌
Schlumberger
Ltd.
(b)
65,550‌
3,864,828‌
9,988,355‌
Financials
—
28.18%
Arthur
J.
Gallagher
&
Co.
(b)
20,316‌
4,682,431‌
Banc
of
California,
Inc.
60,575‌
759,005‌
Berkshire
Hathaway,
Inc.,
Class
B
(a)
(b)
13,985‌
5,037,397‌
Brown
&
Brown,
Inc.
(b)
56,532‌
4,189,021‌
Cboe
Global
Markets,
Inc.
(b)
16,125‌
2,414,074‌
Citigroup,
Inc.
(b)
48,275‌
1,993,275‌
Federated
Hermes,
Inc.,
Class
B
(b)
37,891‌
1,317,091‌
Fidelity
National
Information
Services,
Inc.
(b)
30,362‌
1,696,021‌
Globe
Life,
Inc.
(b)
39,255‌
4,379,680‌
Goldman
Sachs
Group,
Inc.
(The)
2,225‌
729,155‌
Markel
Corp.
(a)
(b)
1,430‌
2,114,856‌
PJT
Partners,
Inc.,
Class
A
(b)
18,050‌
1,425,770‌
PNC
Financial
Services
Group,
Inc.
(The)
(b)
11,630‌
1,404,090‌
Primerica,
Inc.
(b)
13,150‌
2,642,624‌
Progressive
Corp.
(The)
(b)
31,380‌
4,188,289‌
SouthState
Corp.
14,175‌
1,024,852‌
Synovus
Financial
Corp.
22,150‌
685,764‌
Voya
Financial,
Inc.
(b)
21,612‌
1,505,924‌
W.R.
Berkley
Corp.
(b)
40,870‌
2,528,218‌
44,717,537‌
Health
Care
—
8.35%
Abbott
Laboratories
(b)
15,230‌
1,567,167‌
Cigna
Corp.
(b)
9,443‌
2,608,723‌
DENTSPLY
SIRONA,
Inc.
50,050‌
1,856,354‌
LS
Opportunity
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
COMMON
STOCKS
-
LONG
-
DOMESTIC
—
77.66%
-
continued
Shares
Fair
Value
Health
Care
—
8.35%
-
continued
Johnson
&
Johnson
(b)
10,029‌
$
1,621,489‌
Merck
&
Co.,
Inc.
(b)
33,674‌
3,669,793‌
Pfizer,
Inc.
(b)
54,625‌
1,932,632‌
13,256,158‌
Industrials
—
13.74%
Carrier
Global
Corp.
(b)
55,235‌
3,173,251‌
Curtiss-Wright
Corp.
(b)
11,650‌
2,423,083‌
Eaton
Corp.
PLC
(b)
18,550‌
4,273,363‌
General
Dynamics
Corp.
(b)
7,965‌
1,805,188‌
Leidos
Holdings,
Inc.
(b)
38,243‌
3,729,075‌
Otis
Worldwide
Corp.
(b)
22,930‌
1,961,662‌
Paychex,
Inc.
(b)
11,600‌
1,417,868‌
RTX
Corp.
(b)
16,360‌
1,407,614‌
Sensata
Technologies
Holding
PLC
(b)
42,500‌
1,598,850‌
21,789,954‌
Information
Technology
—
3.82%
Littelfuse,
Inc.
(b)
3,130‌
835,961‌
Microsoft
Corp.
(b)
6,490‌
2,127,163‌
Trimble,
Inc.
(a)
39,370‌
2,157,082‌
Zebra
Technologies
Corp.,
Class
A
(a)
3,435‌
944,659‌
6,064,865‌
Materials
—
2.80%
Axalta
Coating
Systems
Ltd.
(a)
30,800‌
871,640‌
Newmont
Goldcorp
Corp.
19,495‌
768,493‌
PPG
Industries,
Inc.
(b)
19,799‌
2,806,706‌
4,446,839‌
Real
Estate
—
1.30%
Howard
Hughes
Holdings
Inc
(a)
(b)
26,295‌
2,068,102‌
Total
Common
Stocks
-
Long
-
Domestic
(Cost $103,309,365)
123,226,086‌
COMMON
STOCKS
-
LONG
-
INTERNATIONAL
—
11.30%
Consumer
Staples
—
1.05%
Nestle
S.A.
13,850‌
1,668,240‌
Financials
—
6.37%
Everest
Re
Group
Ltd.
(b)
7,130‌
2,571,648‌
Fairfax
Financial
Holdings
Ltd.
4,476‌
3,690,373‌
Fidelis
Insurance
Holdings
Ltd.
(a)
89,185‌
1,278,913‌
First
BanCorp.
93,120‌
1,290,643‌
RenaissanceRe
Holdings
Ltd.
(b)
6,755‌
1,269,197‌
10,100,774‌
Health
Care
—
1.77%
Medtronic
PLC
(b)
34,450‌
2,807,675‌
LS
Opportunity
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
COMMON
STOCKS
-
LONG
-
INTERNATIONAL
—
11.30%
-
continued
Shares
Fair
Value
Industrials
—
1.58%
Pentair
PLC
(b)
35,750‌
$
2,511,795‌
Materials
—
0.53%
Agnico
Eagle
Mines
Ltd.
(b)
17,382‌
843,201‌
Total
Common
Stocks
-
Long
-
International
(Cost $15,335,504)
17,931,685‌
EXCHANGE-TRADED
FUNDS
—
0.87%
Aberdeen
Standard
Physical
Platinum
Shares
ETF
(a)
(b)
15,365‌
1,375,935‌
Total
Exchange-Traded
Funds
(Cost $1,490,428)
1,375,935‌
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
PUT
OPTIONS
PURCHASED
—
0.20%
Dollar
Tree,
Inc.  
80
$
978,880‌
$
135.00‌
1/19/2024
$
117,600‌
Industrial
Select
Sector
SPDR
Fund
(The)  
455
4,924,465‌
100.00‌
12/15/2023
43,225‌
Sysco
Corp.  
322
2,242,730‌
70.00‌
11/17/2023
86,135‌
Sysco
Corp.  
219
1,525,335‌
70.00‌
2/16/2024
85,410‌
Total
Put
Options
Purchased
(Cost
$283,539)
332,370‌
CALL
OPTIONS
PURCHASED
—
0.03%
Goldman
Sachs
Group,
Inc.
(The)
32
$
1,048,672‌
$
350.00‌
11/17/2023
$
18,880‌
Goldman
Sachs
Group,
Inc.
(The)
23
753,733‌
350.00‌
1/19/2024
24,725‌
Total
Call
Options
Purchased
(Cost
$91,161)
43,605‌
MONEY
MARKET
FUNDS
-
6.79%
Shares
Invesco
Treasury
Portfolio,
Institutional
Class,
5.25%
(c)
10,769,345‌
10,769,345‌
Total
Money
Market
Funds
(Cost
$10,769,345)
10,769,345‌
Total
Investments
—
96.85%
    (Cost
$131,279,342)
153,679,026‌
Other
Assets
in
Excess
of
Liabilities — 3.15%
4,997,726‌
NET
ASSETS
—
100.00%
$
158,676,752‌
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
held
as
collateral
for
securities
sold
short
and
written
options.
The
fair
value
of
this
collateral
on
August
31,
2023
was
$69,799,122.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.
ETF
-
Exchange-Traded
Fund
SPDR
-
Standard
&
Poor's
Depositary
Receipt
LS
Opportunity
Fund
Schedule
of
Securities
Sold
Short
August
31,
2023
-
(Unaudited)
COMMON
STOCKS
-
SHORT
-
DOMESTIC
-
(19.87)%
Shares
Fair
Value
Consumer
Discretionary
-
(3.15)%
Brinker
International,
Inc.
(a)
(18,990‌)
$
(621,543‌)
Harley-Davidson,
Inc.
(19,075‌)
(643,781‌)
McDonald's
Corp.
(5,200‌)
(1,461,980‌)
Service
Corp.
International
(35,925‌)
(2,267,227‌)
(4,994,531‌)
Consumer
Staples
-
(5.16)%
Dollar
Tree,
Inc.
(a)
(19,350‌)
(2,367,666‌)
Edgewell
Personal
Care
Co.
(37,750‌)
(1,455,640‌)
Hershey
Co.
(The)
(5,605‌)
(1,204,290‌)
Kimberly-Clark
Corp.
(10,860‌)
(1,399,094‌)
Sysco
Corp.
(25,425‌)
(1,770,851‌)
(8,197,541‌)
Financials
-
(6.73)%
Berkshire
Hills
Bancorp,
Inc.
(38,250‌)
(799,425‌)
Byline
Bancorp,
Inc.
(31,350‌)
(663,993‌)
CNO
Financial
Group,
Inc.
(48,300‌)
(1,130,220‌)
Enterprise
Financial
Services
Corp.
(27,100‌)
(1,049,041‌)
First
Hawaiian,
Inc.
(55,075‌)
(1,041,469‌)
Old
Republic
International
Corp.
(28,875‌)
(789,731‌)
Prudential
Financial,
Inc.
(13,759‌)
(1,302,565‌)
Travelers
Companies,
Inc.
(The)
(11,900‌)
(1,918,637‌)
Truist
Financial
Corp.
(44,175‌)
(1,349,546‌)
Washington
Trust
Bancorp,
Inc.
(22,700‌)
(635,600‌)
(10,680,227‌)
Health
Care
-
(1.50)%
UnitedHealth
Group,
Inc.
(2,325‌)
(1,108,048‌)
Zimmer
Biomet
Holdings,
Inc.
(10,650‌)
(1,268,628‌)
(2,376,676‌)
Information
Technology
-
(3.33)%
Amphenol
Corp.,
Class
A
(27,325‌)
(2,414,984‌)
Apple,
Inc.
(15,275‌)
(2,869,714‌)
(5,284,698‌)
TOTAL
COMMON
STOCKS
-
SHORT
-
DOMESTIC 
(Proceeds
Received $33,311,441)
(31,533,673‌)
COMMON
STOCKS
-
SHORT
-
INTERNATIONAL
-
(6.06)%
Financials
-
(6.06)%
Aon
PLC,
Class
A
(5,825‌)
(1,941,997‌)
Commonwealth
Bank
of
Australia
(31,705‌)
(2,099,149‌)
Muenchener
Rueckversicherungs-Gesellshaft
AG
(6,300‌)
(2,448,367‌)
Swiss
Re
AG
(22,375‌)
(2,175,822‌)
Westpac
Banking
Corp.
(66,720‌)
(948,943‌)
(9,614,278‌)
TOTAL
COMMON
STOCKS
-
SHORT
-
INTERNATIONAL 
(Proceeds
Received $9,580,411)
(9,614,278‌)
LS
Opportunity
Fund
Schedule
of
Securities
Sold
Short
(continued)
August
31,
2023
-
(Unaudited)
EXCHANGE-TRADED
FUNDS
-
(2.71)%
Shares
Fair
Value
Vanguard
Energy
ETF
(34,450‌)
$
(4,293,503‌)
TOTAL
EXCHANGE-TRADED
FUNDS 
(Proceeds
Received $4,285,798)
(4,293,503‌)
TOTAL
SECURITIES
SOLD
SHORT
-
(28.64)%
(Proceeds
Received
$47,177,650)
$
(45,441,454‌)
(a)
Non-dividend
expense
producing
security.
ETF
-
Exchange-Traded
Fund
The
sectors
shown
on
the
schedule
of
investments
and
schedule
of
securities
sold
short
are
based
on
the
Global
Industry
Classification
Standard,
or
GICS®
("GICS").  The
GICS
was
developed
by
and/or
is
the
exclusive
property
of
MSCI,
Inc.
and
Standard
&
Poor's
Financial
Services
LLC
("S&P").  GICS
is
a
service
mark
of
MSCI,
Inc.
and
S&P
and
has
been
licensed
for
use
by
Ultimus
Fund
Solutions,
LLC.
LS
Opportunity
Fund
Schedule
of
Written
Options
August
31,
2023
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
CALL
OPTIONS
WRITTEN
-
(0.07)%
Cboe
Global
Markets,
Inc.
(44)
$
(658,724
)
$
140.00
1/19/2024
$
(64,680
)
Cigna
Corp.
(78)
(2,154,828
)
330.00
1/19/2024
(16,185
)
Texas
Roadhouse,
Inc.
(40)
(416,400
)
105.00
1/19/2024
(25,200
)
Texas
Roadhouse,
Inc.
(29)
(301,890
)
110.00
1/19/2024
(11,745
)
Total
Call
Options
Written  (Premiums
Received
$345,664)
$
(117,810
)