Ultimus Managers Trust
225 Pictoria Drive, Suite 450
Cincinnati, Ohio 45246
August 26, 2016
FILED VIA EDGAR
Division of Investment Management
United States Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: | Response to Staff’s Comments on Form N-1A for Ultimus Managers Trust (the “Trust”), on behalf of its series, Ladder Select Bond Fund (the “Fund”) (File Nos. 811-22680; 333-180308) |
Dear Lauren Sprague:
Set forth below is a summary of the additional comments provided by the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”), which you provided orally on August 24, 2016. These additional comments relate to the Trust’s Post-Effective Amendment No. 70, filed on May 16, 2016 (Accession No. 0001398344-16-013443), and the Trust’s response letters filed on July 21, 2016, August 11, 2016, and August 17, 2016 in connection with the Staff’s previous comments thereto. Following each additional comment is the Trust’s response.
RESPONSE LETTER
1. | In the Trust’s response letter dated August 17, 2016, the Trust provided data that supported its earlier assertions that the actual sale price of Commercial Mortgage Backed Securities will approximate the evaluated price provided by the independent pricing agent. Please provide additional data points. |
Response: Please see Table 1 below.
We acknowledge that:
· | the Trust is responsible for the adequacy and accuracy of the disclosure in Trust filings; |
· | the Commission or Staff comments or changes to disclosure in response to Staff comments in the filing reviewed by the staff do not foreclose the Commission from taking any action with respect to the filing; and |
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· | the Trust may not assert this action as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
Thank you for your comments. Please contact me at (513) 587-3454 if you have any questions.
Sincerely,
/s/ Bo J. Howell
Bo J. Howell
Secretary
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Table 1
Trade Date | Tran Code | Shares/Par | Principal (Base) | CUSIP | Security Description (Short) | Trade Price | Trade Date IDC Price | Difference $ | Difference % | Moody's | S&P | Rule 144A |
2/23/15 | SELL | (150,000.00) | 148,781.25 | 92890KBG9 | WF-RBS FRN 9/15/24 | 99.19 | 99.11 | 0.07 | 0.07% | A3 | NA | No |
3/19/15 | SELL | (120,000.00) | 121,518.75 | 80281CAG0 | SANTANDER 2.73 10/15/19 | 101.27 | 100.63 | 0.64 | 0.63% | A1 | NA | No |
3/20/15 | SELL | (290,000.00) | 309,541.02 | 12592KBH6 | COMM MORT FRN 9/10/24 | 106.74 | 106.78 | (0.04) | -0.04% | A3 | NA | No |
3/20/15 | SELL | (130,000.00) | 134,712.50 | 38378NF32 | GNMA 3.40 2/16/47 | 103.63 | 102.27 | 1.35 | 1.32% | AAA | AAA | No |
5/29/15 | SELL | (120,000.00) | 108,037.50 | 12634NBA5 | CSAIL MORT FR 6/15/57 | 90.03 | 90.98 | (0.95) | -1.04% | NR | NA | No |
10/27/15 | SELL | (40,000.00) | 39,537.50 | 06054ABD0 | BACM 2015-UBS7 FR 9/15/25 | 98.84 | 98.49 | 0.36 | 0.36% | NR | NA | No |
12/4/15 | SELL | (30,000.00) | 30,527.34 | 03065CAF6 | AMERICREDIT 3.31 10/8/19 | 101.76 | 101.61 | 0.15 | 0.15% | AA3 | A+ | No |
2/18/16 | SELL | (180,000.00) | 181,891.41 | 03065EAG0 | AMERICREDIT 2.86 12/9/19 | 101.05 | 101.39 | (0.34) | -0.33% | A2 | NA | No |
3/7/16 | SELL | (75,000.00) | 73,968.75 | 03064LAF7 | AMERICREDIT 2.54 6/8/20 | 98.63 | 99.05 | (0.42) | -0.43% | NA | BBB | No |
3/21/16 | SELL | (800,000.00) | 853,687.50 | 12591UAH6 | COMM MORT 4.199 3/10/47 | 106.71 | 106.59 | 0.12 | 0.12% | AAA | NA | No |
3/23/16 | SELL | (160,000.00) | 160,050.00 | 80283WAG4 | SANTANDER 2.76 2/18/20 | 100.03 | 100.37 | (0.34) | -0.34% | BAA2 | NA | No |
4/13/16 | SELL | (1,045,000.00) | 1,025,896.09 | 12632NAG5 | COMM MORT FR 6/11/27 | 98.17 | 98.18 | (0.01) | -0.01% | NA | BBB- | Yes |
4/14/16 | SELL | (280,000.00) | 282,592.19 | 03065EAG0 | AMERICREDIT 2.86 12/9/19 | 100.93 | 100.70 | 0.22 | 0.22% | A2 | NA | No |
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4/15/16 | SELL | (1,000,000.00) | 906,679.69 | 30293WAE2 | FREMF 2015K50 3.7786 8/25 | 90.67 | 91.07 | (0.40) | -0.44% | NA | NA | No |
4/25/16 | SELL | (135,000.00) | 135,727.73 | 80284BAG9 | SANTANDER 3.02 04/15/21 | 100.54 | 100.42 | 0.12 | 0.12% | BAA2 | BBB+ | No |
4/27/16 | SELL | (415,000.00) | 387,100.98 | 30288BAE5 | FREMF 2015-K721 11/25/47 | 93.28 | 91.58 | 1.70 | 1.86% | BAA2 | NA | Yes |
4/27/16 | SELL | (360,000.00) | 370,856.25 | 46639EAL5 | JPMBB FRN 12/15/22 | 103.02 | 101.34 | 1.68 | 1.66% | A2 | A+ | Yes |
4/28/16 | SELL | (305,000.00) | 302,426.56 | 12632NAF7 | COMM MORT FR 6/11/27 | 99.16 | 98.80 | 0.35 | 0.36% | NA | BBB | Yes |
5/2/16 | SELL | (180,000.00) | 174,487.50 | 12635FAZ7 | CSAIL MORT FR 8/15/48 | 96.94 | 95.71 | 1.23 | 1.28% | NR | NA | No |
5/5/16 | SELL | (275,000.00) | 272,153.32 | 126281BF0 | CSAIL MORT FRN 4/15/50 | 98.96 | 98.59 | 0.37 | 0.38% | NR | NA | No |
5/10/16 | SELL | (25,000.00) | 26,327.15 | 46635GAQ3 | JPMBB FRN 11/15/43 | 105.31 | 104.44 | 0.87 | 0.83% | NA | BBB+ | Yes |
5/10/16 | SELL | (410,000.00) | 413,507.42 | 46640JAX5 | JPMCC FRN 1/15/46 | 100.86 | 101.51 | (0.65) | -0.64% | A3 | A- | No |
5/25/16 | SELL | (250,000.00) | 253,671.88 | 03062AAG1 | AMERICREDIT 3.13 10/8/20 | 101.47 | 101.72 | (0.26) | -0.25% | BAA2 | BBB | No |
6/3/16 | SELL | (730,000.00) | 709,925.00 | 9497EMAG0 | WFHET 05-4 FRN 12/25/35 | 97.25 | 96.14 | 1.11 | 1.16% | NA | BBB+ | No |
6/6/16 | SELL | (659,590.58) | 663,713.02 | 30711XBJ2 | CONN AVE SEC FRN 8/25/28 | 100.63 | 100.58 | 0.05 | 0.05% | BAA3 | NA | No |
6/8/16 | SELL | (240,000.00) | 241,837.50 | 80283XAG2 | SANTANDER 2.65 8/17/20 | 100.77 | 100.93 | (0.16) | -0.16% | BAA2 | BBB+ | No |
6/10/16 | SELL | (230,000.00) | 231,725.00 | 03064VAF5 | AMERICREDIT 2.57 7/8/20 | 100.75 | 100.59 | 0.16 | 0.16% | BAA1 | BBB | No |
6/29/16 | SELL | (1,140,000.00) | 1,160,840.63 | 80283YAG0 | SANTANDER 3.10 11/16/20 | 101.83 | 101.53 | 0.30 | 0.30% | BAA2 | BBB+ | No |
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7/12/16 | SELL | (1,000,000.00) | 1,012,500.00 | 02529CAE1 | AMERICAN CR 4.25 10/12/20 | 101.25 | 101.26 | (0.01) | -0.01% | NR | BBB | Yes |
7/12/16 | SELL | (280,000.00) | 285,468.75 | 12594CBK5 | COMM MORT FR 2/10/49 | 101.95 | 98.53 | 3.42 | 3.47% | NR | NA | No |
7/14/16 | SELL | (520,000.00) | 533,792.19 | 02529EAC1 | AMERICAN CR 5.55 06/13/22 | 102.65 | 102.51 | 0.14 | 0.14% | NR | BBB | No |
7/14/16 | SELL | (365,000.00) | 379,585.74 | 02529TAE4 | AMERICAN CR FRN 05/12/22 | 104.00 | 101.65 | 2.35 | 2.31% | NA | BBB | Yes |
7/14/16 | SELL | (330,000.00) | 339,693.75 | 80284MAG5 | SANTANDER 3.53 08/16/21 | 102.94 | 103.47 | (0.54) | -0.52% | BAA2 | NA | No |
7/15/16 | SELL | (390,000.00) | 417,787.50 | 46640UAK8 | JPMBB FRN 1/15/47 | 107.13 | 106.52 | 0.61 | 0.57% | A3 | NA | No |
7/18/16 | SELL | (350,000.00) | 341,072.27 | 30295AAN8 | FREMF 2016-K722 7/25/49 | 97.45 | 95.30 | 2.15 | 2.26% | NA | A- | Yes |
7/21/16 | SELL | (40,000.00) | 40,800.00 | 80284AAG1 | SANTANDER 3.21 01/15/21 | 102.00 | 102.19 | (0.19) | -0.18% | A3 | NR | No |
7/25/16 | SELL | (250,000.00) | 264,765.63 | 617459AJ1 | MORGAN STANLEY FRN 6/44 | 105.91 | 106.12 | (0.21) | -0.20% | BAA2 | NA | Yes |
7/28/16 | SELL | (500,000.00) | 532,890.63 | 92935JAN5 | WF-RBS COMM FRN 02/15/44 | 106.58 | 106.55 | 0.03 | 0.03% | BAA2 | NR | Yes |
8/17/16 | SELL | (735,000.00) | 693,857.23 | 46640JAC1 | JPMCC FRN 1/15/46 | 94.40 | 94.14 | 0.26 | 0.27% | BAA3 | BBB | Yes |
Mean Difference = | 0.39 | 0.40% | ||||||||||
Median Difference= | 0.14 | 0.14% | ||||||||||
Standard Deviation = | 0.90 | 0.0092 |
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