# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-005708
**Filing Date:** 2026-4
**Character Count:** 30723
**Document Hash:** bc6b000198e34b3a06727b65b8c91456
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005708.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000910472-26-005708

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**PERIOD START**: 20261130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 26896754

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Lyrical U.S. Value Equity Fund (Series ID: S000039711)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000123053 | Institutional Class | LYRIX           |
| C000138389 | Investor Class      | LYRBX           |
| C000236985 | C Class             | LYRCX           |
| C000236986 | A Class             | LRYAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **LYRICAL U.S. VALUE EQUITY FUND** | **LYRICAL U.S. VALUE EQUITY FUND** | **LYRICAL U.S. VALUE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **COMMON STOCKS - 98.3%** | **Shares** | **Value** |
| **Communications - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;267204 | &nbsp;&nbsp;$57633231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;543774 | &nbsp;&nbsp;41011435 |
|  |  | &nbsp;&nbsp;98644666 |
| **Consumer Discretionary - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;629337 | &nbsp;&nbsp;57181560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;58462 | &nbsp;&nbsp;16344806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corporation | &nbsp;&nbsp;575028 | &nbsp;&nbsp;19039177 |
| **Financials - 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;85793 | &nbsp;&nbsp;26268101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;93161 | &nbsp;&nbsp;43796849 |
|  |  | &nbsp;&nbsp;70064950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;123079 | &nbsp;&nbsp;28257707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;76954 | &nbsp;&nbsp;19520152 |
|  |  | &nbsp;&nbsp;47777859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings N.V. | &nbsp;&nbsp;373963 | &nbsp;&nbsp;55885031 |
| **Health Care - 13.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 13.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corporation <sup>(a)</sup> | &nbsp;&nbsp;572013 | &nbsp;&nbsp;25671944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;121098 | &nbsp;&nbsp;35096622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;108199 | &nbsp;&nbsp;57313010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. <sup>(a)</sup> | &nbsp;&nbsp;269779 | &nbsp;&nbsp;22227092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON plc <sup>(a)</sup> | &nbsp;&nbsp;172402 | &nbsp;&nbsp;18643552 |
|  |  | &nbsp;&nbsp;158952220 |

---

---

| | | |
|:---|:---|:---|
| **LYRICAL U.S. VALUE EQUITY FUND** | **LYRICAL U.S. VALUE EQUITY FUND** | **LYRICAL U.S. VALUE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.3% (Continued)** | **Shares** | **Value** |
| **Industrials - 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;475857 | &nbsp;&nbsp;$68666165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Support Services - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;109026 | &nbsp;&nbsp;31563027 |
| **Technology - 37.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | &nbsp;&nbsp;210144 | &nbsp;&nbsp;47704789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corporation | &nbsp;&nbsp;126617 | &nbsp;&nbsp;4153038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;1273716 | &nbsp;&nbsp;28747770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;540317 | &nbsp;&nbsp;40680467 |
|  |  | &nbsp;&nbsp;73581275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 15.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. <sup>(a)</sup> | &nbsp;&nbsp;145228 | &nbsp;&nbsp;22097893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. <sup>(a)</sup> | &nbsp;&nbsp;129292 | &nbsp;&nbsp;35084677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. <sup>(a)</sup> | &nbsp;&nbsp;889541 | &nbsp;&nbsp;56058874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;418180 | &nbsp;&nbsp;41412365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | &nbsp;&nbsp;158826 | &nbsp;&nbsp;24905505 |
|  |  | &nbsp;&nbsp;179559314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 10.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc. <sup>(a)</sup> | &nbsp;&nbsp;150474 | &nbsp;&nbsp;48919098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;677155 | &nbsp;&nbsp;34507819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;370570 | &nbsp;&nbsp;28333782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc. <sup>(a)</sup> | &nbsp;&nbsp;89290 | &nbsp;&nbsp;13321175 |
|  |  | &nbsp;&nbsp;125081874 |
| **Utilities - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;423514 | &nbsp;&nbsp;75792065 |
| **Total Common Stocks** (Cost $786,730,467) | **Total Common Stocks** (Cost $786,730,467) | &nbsp;&nbsp;$1125838778 |

---

---

| | | |
|:---|:---|:---|
| **LYRICAL U.S. VALUE EQUITY FUND** | **LYRICAL U.S. VALUE EQUITY FUND** | **LYRICAL U.S. VALUE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 1.7%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.56% <sup>(b)</sup> <br> (Cost $19,918,130) | &nbsp;&nbsp;19918130 | &nbsp;&nbsp;$19918130 |
| **Investments at Value - 100.0%** (Cost $806,648,597) | **Investments at Value - 100.0%** (Cost $806,648,597) | &nbsp;&nbsp;$1145756908 |
| **Liabilities in Excess of Other Assets - (0.0%) <sup>(c)</sup>** | **Liabilities in Excess of Other Assets - (0.0%) <sup>(c)</sup>** | &nbsp;&nbsp; (288391) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1145468517 |

---

N.V. - Naamloze Vennootschap <br> plc - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of February 28, 2026.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

---

| | | |
|:---|:---|:---|
| **LYRICAL INTERNATIONAL VALUE EQUITY FUND** | **LYRICAL INTERNATIONAL VALUE EQUITY FUND** | **LYRICAL INTERNATIONAL VALUE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **COMMON STOCKS - 98.7%** | **Shares** | **Value** |
| **Belgium - 3.6%** | **Belgium - 3.6%** | **Belgium - 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;3041 | &nbsp;&nbsp;$658003 |
| **Canada - 4.3%** | **Canada - 4.3%** | **Canada - 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linamar Corporation | &nbsp;&nbsp;4289 | &nbsp;&nbsp;295694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corporation | &nbsp;&nbsp;20017 | &nbsp;&nbsp;496021 |
|  |  | &nbsp;&nbsp;791715 |
| **Cayman Islands - 3.3%** | **Cayman Islands - 3.3%** | **Cayman Islands - 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd. - Class A <sup>(a)</sup> | &nbsp;&nbsp;145254 | &nbsp;&nbsp;612972 |
| **Finland - 3.7%** | **Finland - 3.7%** | **Finland - 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Konecranes OYJ | &nbsp;&nbsp;5808 | &nbsp;&nbsp;686160 |
| **France - 20.2%** | **France - 20.2%** | **France - 20.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ayvens S.A. | &nbsp;&nbsp;52204 | &nbsp;&nbsp;663169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;116520 | &nbsp;&nbsp;681136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elis S.A. | &nbsp;&nbsp;16736 | &nbsp;&nbsp;537329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel S.A. | &nbsp;&nbsp;19143 | &nbsp;&nbsp;829642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPIE S.A. | &nbsp;&nbsp;12019 | &nbsp;&nbsp;744601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;4774 | &nbsp;&nbsp;288868 |
|  |  | &nbsp;&nbsp;3744745 |
| **Germany - 7.5%** | **Germany - 7.5%** | **Germany - 7.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;10127 | &nbsp;&nbsp;623314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius SE & Company KGaA | &nbsp;&nbsp;12677 | &nbsp;&nbsp;760491 |
|  |  | &nbsp;&nbsp;1383805 |
| **Hong Kong - 4.2%** | **Hong Kong - 4.2%** | **Hong Kong - 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | &nbsp;&nbsp;94286 | &nbsp;&nbsp;776375 |
| **Ireland - 2.3%** | **Ireland - 2.3%** | **Ireland - 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON plc <sup>(a)</sup> | &nbsp;&nbsp;3874 | &nbsp;&nbsp;418934 |
| **Japan - 14.3%** | **Japan - 14.3%** | **Japan - 14.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Water, Inc. | &nbsp;&nbsp;16248 | &nbsp;&nbsp;225618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraftia Corporation | &nbsp;&nbsp;4938 | &nbsp;&nbsp;334080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Company Ltd. - ADR | &nbsp;&nbsp;36762 | &nbsp;&nbsp;516874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics Corporation | &nbsp;&nbsp;49135 | &nbsp;&nbsp;926639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corporation | &nbsp;&nbsp;27563 | &nbsp;&nbsp;633634 |
|  |  | &nbsp;&nbsp;2636845 |

---

---

| | | |
|:---|:---|:---|
| **LYRICAL INTERNATIONAL VALUE EQUITY FUND** | **LYRICAL INTERNATIONAL VALUE EQUITY FUND** | **LYRICAL INTERNATIONAL VALUE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.7% (Continued)** | **Shares** | **Value** |
| **Netherlands - 8.4%** | **Netherlands - 8.4%** | **Netherlands - 8.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings N.V. | &nbsp;&nbsp;5407 | &nbsp;&nbsp;$808022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronext N.V. | &nbsp;&nbsp;4505 | &nbsp;&nbsp;744839 |
|  |  | &nbsp;&nbsp;1552861 |
| **South Korea - 6.5%** | **South Korea - 6.5%** | **South Korea - 6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;334 | &nbsp;&nbsp;1211453 |
| **Sweden - 2.9%** | **Sweden - 2.9%** | **Sweden - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolution AB | &nbsp;&nbsp;8978 | &nbsp;&nbsp;541029 |
| **Switzerland - 9.0%** | **Switzerland - 9.0%** | **Switzerland - 9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;6314 | &nbsp;&nbsp;911110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | &nbsp;&nbsp;8891 | &nbsp;&nbsp;756227 |
|  |  | &nbsp;&nbsp;1667337 |
| **United Kingdom - 8.5%** | **United Kingdom - 8.5%** | **United Kingdom - 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group plc | &nbsp;&nbsp;9941 | &nbsp;&nbsp;712111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group plc | &nbsp;&nbsp;36049 | &nbsp;&nbsp;658589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistry Group plc <sup>(a)</sup> | &nbsp;&nbsp;22514 | &nbsp;&nbsp;211018 |
|  |  | &nbsp;&nbsp;1581718 |
| **Total Common Stocks** (Cost $16,287,870) | **Total Common Stocks** (Cost $16,287,870) | &nbsp;&nbsp;$18263952 |

---

---

| | | |
|:---|:---|:---|
| **LYRICAL INTERNATIONAL VALUE EQUITY FUND** | **LYRICAL INTERNATIONAL VALUE EQUITY FUND** | **LYRICAL INTERNATIONAL VALUE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 0.9%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.56% <sup>(b)</sup> <br> (Cost $157,863) | &nbsp;&nbsp;157863 | &nbsp;&nbsp;$157863 |
| **Investments at Value - 99.6%** (Cost $16,445,733) | **Investments at Value - 99.6%** (Cost $16,445,733) | &nbsp;&nbsp;$18421815 |
| **Other Assets in Excess of Liabilities - 0.4%** | **Other Assets in Excess of Liabilities - 0.4%** | &nbsp;&nbsp;74794 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$18496609 |

---

---

| | |
|:---|:---|
| AB | - Aktiebolag |
| ADR | - American Depositary Receipt |
| KGaA | - Kommanditgesellschaft auf Aktien |
| N.V. | - Naamloze Vennootschap |
| OYJ | - Julkinen Osakeyhtio |
| plc | - Public Limited Company |
| S.A. | - Societe Anonyme |
| SE | - Societe Europaea |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of February 28, 2026.

---

| | |
|:---|:---|
| **LYRICAL INTERNATIONAL VALUE EQUITY FUND** | **LYRICAL INTERNATIONAL VALUE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **Common Stocks by Sector/Industry** | **% of Net Assets** |
| **Communications - 7.0%** |  |
| Entertainment Content | 3.7% |
| Internet Media & Services | 3.3% |
| **Consumer Discretionary - 12.8%** |  |
| Automotive | 1.6% |
| Home Construction | 1.1% |
| Leisure Facilities & Services | 2.9% |
| Retail - Discretionary | 7.2% |
| **Consumer Staples - 4.2%** |  |
| Retail - Consumer Staples | 4.2% |
| **Financials - 12.5%** |  |
| Asset Management | 4.1% |
| Institutional Financial Services | 4.0% |
| Specialty Finance | 4.4% |
| **Health Care - 6.4%** |  |
| Health Care Facilities & Services | 6.4% |
| **Industrials - 29.2%** |  |
| Commercial Support Services | 2.9% |
| Electrical Equipment | 4.9% |
| Engineering & Construction | 5.8% |
| Industrial Support Services | 8.3% |
| Machinery | 3.7% |
| Transportation & Logistics | 3.6% |
| **Materials - 4.6%** |  |
| Chemicals | 4.6% |
| **Technology - 22.0%** |  |
| Semiconductors | 5.0% |
| Software | 2.7% |
| Technology Hardware | 12.8% |
| Technology Services | 1.5% |
|  | 98.7% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** LYRICAL U.S. VALUE EQUITY FUND

- **b. EDGAR series identifier (if any):** S000039711

- **c. LEI of Series:** 549300TMI4O41KM0XV37

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

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1146396624.49

**Total Liabilities:** $928107.51

**Net Assets:** $1145468516.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236986 | -4.55%               | -5.94%               | -6.18%               |
| Class ID C000123053 | 1.31%                | -0.21%               | -0.42%               |
| Class ID C000138389 | 1.27%                | -0.24%               | -0.42%               |
| Class ID C000236985 | 0.23%                | -1.32%               | -1.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-690407.14              | $15071168.94                               |
| Month 2  | $5245460.66              | $-7239755.78                               |
| Month 3  | $8161764.62              | $-12823228.05                              |

### Schedule of Portfolio Investments

| Name                                       | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Global Payments Inc                        | Global Payments, Inc.                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    370570 | NS      | $28333782.20  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                            | LKQ Corporation                                | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    575028 | NS      | $19039177.08  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.            | Affiliated Managers Group, Inc.                | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     85793 | NS      | $26268100.74  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                 | Corpay, Inc.                                   | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |    150474 | NS      | $48919097.40  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                            | Gen Digital, Inc.                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |   1273716 | NS      | $28747770.12  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                      | NXP Semiconductors N.V.                        | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |    210144 | NS      | $47704789.44  | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                      | Uber Technologies, Inc.                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    543774 | NS      | $41011435.08  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC         | Johnson Controls International plc             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |    475857 | NS      | $68666165.10  | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                              | Assurant, Inc.                                 | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |    123079 | NS      | $28257707.61  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                              | Centene Corporation                            | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    572013 | NS      | $25671943.44  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                     | F5, Inc.                                       | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |    129292 | NS      | $35084677.12  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                            | Primerica, Inc.                                | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     76954 | NS      | $19520151.64  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                           | NRG Energy, Inc.                               | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    423514 | NS      | $75792065.44  | 6.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                 | Ameriprise Financial, Inc.                     | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     93161 | NS      | $43796849.32  | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                    | WEX, Inc.                                      | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     89290 | NS      | $13321175.10  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                         | HCA Healthcare, Inc.                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    108199 | NS      | $57313010.30  | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc | Fidelity National Information Services, Inc.   | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    677155 | NS      | $34507818.80  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                            | Cigna Group (The)                              | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    121098 | NS      | $35096622.36  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                           | Concentrix Corporation                         | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |    126617 | NS      | $4153037.60   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TD Synnex Corp                             | TD SYNNEX Corporation                          | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    158826 | NS      | $24905505.06  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Incorporated                 | Lithia Motors, Inc. Class A                    | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     58462 | NS      | $16344805.96  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                | NetApp, Inc.                                   | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    418180 | NS      | $41412365.40  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc.            | SS&C Technologies Holdings, Inc.               | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    540317 | NS      | $40680466.93  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                  | WESCO International, Inc.                      | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |    109026 | NS      | $31563027.00  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                         | Henry Schein, Inc.                             | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |    269779 | NS      | $22227091.81  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Icon PLC                                   | ICON plc                                       | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    172402 | NS      | $18643552.28  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                  | eBay, Inc.                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    629337 | NS      | $57181559.82  | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                       | AerCap Holdings N.V.                           | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |    373963 | NS      | $55885030.72  | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                         | Invesco Treasury Portfolio Institutional Class | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  19918130 | PA      | $19918130.12  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                          | Expedia Group, Inc.                            | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |    267204 | NS      | $57633230.76  | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics, Inc.                    | Arrow Electronics, Inc.                        | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |    145228 | NS      | $22097892.48  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                  | Flex Ltd.                                      | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |    889541 | NS      | $56058873.82  | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-28

**Name of Applicant:** Lyrical U.S. Value Equity Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer