# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-002497
**Filing Date:** 2025-10
**Character Count:** 29051
**Document Hash:** 011de3d2742e9c0e332e96531a60f9ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002497.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002497

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251130

**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:** 251426465

**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 International Value Equity Fund (Series ID: S000068142)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000218236 | Institutional Class | LYRWX           |
| C000218237 | Investor Class      | LYRNX           |

## 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** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.5%** | **Shares** | **Value** |
| **Communications - 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 10.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;283391 | &nbsp;&nbsp;$60872387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;581692 | &nbsp;&nbsp;54533625 |
|  |  | &nbsp;&nbsp;115406012 |
| **Consumer Discretionary - 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automotive - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient plc <sup>(a)</sup> | &nbsp;&nbsp;198831 | &nbsp;&nbsp;4931009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corporation | &nbsp;&nbsp;130836 | &nbsp;&nbsp;14391960 |
|  |  | &nbsp;&nbsp;19322969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;665235 | &nbsp;&nbsp;60276943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;60360 | &nbsp;&nbsp;20322005 |
| &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;591414 | &nbsp;&nbsp;19291924 |
| **Financials - 16.4%** |  |  |
| &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;90113 | &nbsp;&nbsp;20259205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;94969 | &nbsp;&nbsp;48890991 |
|  |  | &nbsp;&nbsp;69150196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;127263 | &nbsp;&nbsp;27439175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;79653 | &nbsp;&nbsp;21453739 |
|  |  | &nbsp;&nbsp;48892914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings N.V. | &nbsp;&nbsp;417164 | &nbsp;&nbsp;51519754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corporation | &nbsp;&nbsp;264133 | &nbsp;&nbsp;15903448 |
|  |  | &nbsp;&nbsp;67423202 |
| **Health Care - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 10.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corporation <sup>(a)</sup> | &nbsp;&nbsp;548922 | &nbsp;&nbsp;15940695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;121866 | &nbsp;&nbsp;36665823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;111639 | &nbsp;&nbsp;45097691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. <sup>(a)</sup> | &nbsp;&nbsp;277373 | &nbsp;&nbsp;19299613 |
|  |  | &nbsp;&nbsp;117003822 |

---

---

| | | |
|:---|:---|:---|
| **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 - 98.5% (Continued)** | **Shares** | **Value** |
| **Industrials - 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;498470 | &nbsp;&nbsp;$53281458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Support Services - 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;84605 | &nbsp;&nbsp;80911146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;112151 | &nbsp;&nbsp;24655276 |
|  |  | &nbsp;&nbsp;105566422 |
| **Materials - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor plc | &nbsp;&nbsp;2381592 | &nbsp;&nbsp;20553139 |
| **Technology - 29.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corporation | &nbsp;&nbsp;129369 | &nbsp;&nbsp;6825508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;1297924 | &nbsp;&nbsp;39197305 |
|  |  | &nbsp;&nbsp;46022813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 12.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. <sup>(a)</sup> | &nbsp;&nbsp;151957 | &nbsp;&nbsp;19196728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. <sup>(a)</sup> | &nbsp;&nbsp;133345 | &nbsp;&nbsp;41755653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. <sup>(a)</sup> | &nbsp;&nbsp;1042645 | &nbsp;&nbsp;55906625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | &nbsp;&nbsp;161655 | &nbsp;&nbsp;23936256 |
|  |  | &nbsp;&nbsp;140795262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 12.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc. <sup>(a)</sup> | &nbsp;&nbsp;153965 | &nbsp;&nbsp;50141782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;680573 | &nbsp;&nbsp;47510801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;362956 | &nbsp;&nbsp;32237752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc. <sup>(a)</sup> | &nbsp;&nbsp;92784 | &nbsp;&nbsp;15898538 |
|  |  | &nbsp;&nbsp;145788873 |
| **Utilities - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;450559 | &nbsp;&nbsp;65583368 |
| **Total Common Stocks** (Cost $702,362,857) | **Total Common Stocks** (Cost $702,362,857) | &nbsp;&nbsp;$1114681322 |

---

---

| | | |
|:---|:---|:---|
| **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 - 1.5%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 4.16% <sup>(b)</sup> <br> (Cost $16,796,633) | &nbsp;&nbsp;16796633 | &nbsp;&nbsp;$16796633 |
| **Investments at Value - 100.0%** (Cost $719,159,490) | **Investments at Value - 100.0%** (Cost $719,159,490) | &nbsp;&nbsp;$1131477955 |
| **Liabilities in Excess of Other Assets – (0.0%) <sup>(c)</sup>** | **Liabilities in Excess of Other Assets – (0.0%) <sup>(c)</sup>** | &nbsp;&nbsp; (140640) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1131337315 |

---

---

| | |
|:---|:---|
| N.V. | - Naamloze Vennootschap |
| 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 August 31, 2025.

<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** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.3%** | **Shares** | **Value** |
| **Belgium - 4.0%** | **Belgium - 4.0%** | **Belgium - 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;1806 | &nbsp;&nbsp;$391393 |
| **Canada - 5.1%** | **Canada - 5.1%** | **Canada - 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linamar Corporation | &nbsp;&nbsp;2604 | &nbsp;&nbsp;142210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corporation | &nbsp;&nbsp;10495 | &nbsp;&nbsp;347196 |
|  |  | &nbsp;&nbsp;489406 |
| **Finland - 3.1%** | **Finland - 3.1%** | **Finland - 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Konecranes OYJ | &nbsp;&nbsp;3604 | &nbsp;&nbsp;297116 |
| **France - 21.2%** | **France - 21.2%** | **France - 21.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ayvens S.A. | &nbsp;&nbsp;33127 | &nbsp;&nbsp;367070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;66552 | &nbsp;&nbsp;388586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elis S.A. | &nbsp;&nbsp;10100 | &nbsp;&nbsp;276787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel S.A. | &nbsp;&nbsp;12701 | &nbsp;&nbsp;411245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPIE S.A. | &nbsp;&nbsp;6842 | &nbsp;&nbsp;379254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;2838 | &nbsp;&nbsp;218997 |
|  |  | &nbsp;&nbsp;2041939 |
| **Germany - 8.2%** | **Germany - 8.2%** | **Germany - 8.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;6072 | &nbsp;&nbsp;375755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius SE & Company KGaA | &nbsp;&nbsp;7669 | &nbsp;&nbsp;417030 |
|  |  | &nbsp;&nbsp;792785 |
| **Hong Kong - 4.1%** | **Hong Kong - 4.1%** | **Hong Kong - 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | &nbsp;&nbsp;60220 | &nbsp;&nbsp;398450 |
| **Japan - 15.5%** | **Japan - 15.5%** | **Japan - 15.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Water, Inc. | &nbsp;&nbsp;9798 | &nbsp;&nbsp;170331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyudenko Corporation | &nbsp;&nbsp;2969 | &nbsp;&nbsp;142891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Company Ltd. - ADR | &nbsp;&nbsp;17778 | &nbsp;&nbsp;397160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics Corporation | &nbsp;&nbsp;32922 | &nbsp;&nbsp;384261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corporation | &nbsp;&nbsp;14635 | &nbsp;&nbsp;399964 |
|  |  | &nbsp;&nbsp;1494607 |
| **Jersey - 3.9%** | **Jersey - 3.9%** | **Jersey - 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor plc | &nbsp;&nbsp;43480 | &nbsp;&nbsp;375232 |
| **Netherlands - 8.9%** | **Netherlands - 8.9%** | **Netherlands - 8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings N.V. | &nbsp;&nbsp;3675 | &nbsp;&nbsp;453863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronext N.V. | &nbsp;&nbsp;2442 | &nbsp;&nbsp;403160 |
|  |  | &nbsp;&nbsp;857023 |
| **South Korea - 4.0%** | **South Korea - 4.0%** | **South Korea - 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;309 | &nbsp;&nbsp;382191 |

---

---

| | | |
|:---|:---|:---|
| **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 - 99.3% (Continued)** | **Shares** | **Value** |
| **Sweden - 4.0%** | **Sweden - 4.0%** | **Sweden - 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolution AB | &nbsp;&nbsp;4469 | &nbsp;&nbsp;$387249 |
| **Switzerland - 8.6%** | **Switzerland - 8.6%** | **Switzerland - 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | &nbsp;&nbsp;4025 | &nbsp;&nbsp;430232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | &nbsp;&nbsp;5577 | &nbsp;&nbsp;402767 |
|  |  | &nbsp;&nbsp;832999 |
| **United Kingdom - 8.7%** | **United Kingdom - 8.7%** | **United Kingdom - 8.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group plc | &nbsp;&nbsp;5485 | &nbsp;&nbsp;404105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group plc | &nbsp;&nbsp;23642 | &nbsp;&nbsp;324563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistry Group plc <sup>(a)</sup> | &nbsp;&nbsp;13527 | &nbsp;&nbsp;111704 |
|  |  | &nbsp;&nbsp;840372 |
| **Total Common Stocks** (Cost $8,936,263) | **Total Common Stocks** (Cost $8,936,263) | &nbsp;&nbsp;$9580762 |
| **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 4.16% <sup>(b)</sup> <br> (Cost $21,536) | &nbsp;&nbsp;21536 | &nbsp;&nbsp;$21536 |
| **Investments at Value - 99.5%** (Cost $8,957,799) | **Investments at Value - 99.5%** (Cost $8,957,799) | &nbsp;&nbsp;$9602298 |
| **Other Assets in Excess of Liabilities - 0.5%** | **Other Assets in Excess of Liabilities - 0.5%** | &nbsp;&nbsp;47104 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$9649402 |

---

---

| | |
|:---|:---|
| 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 August 31, 2025.

---

| | |
|:---|:---|
| **LYRICAL INTERNATIONAL VALUE EQUITY FUND** | **LYRICAL INTERNATIONAL VALUE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **Common Stocks by Sector/Industry** | **% of Net Assets** |
| **Communications - 4.0%** |  |
| Entertainment Content | 4.0% |
| **Consumer Discretionary - 10.5%** |  |
| Automotive | 1.5% |
| Home Construction | 1.2% |
| Leisure Facilities & Services | 4.0% |
| Retail - Discretionary | 3.8% |
| **Consumer Staples - 4.1%** |  |
| Retail - Consumer Staples | 4.1% |
| **Energy - 4.1%** |  |
| Oil & Gas Services & Equipment | 4.1% |
| **Financials - 13.1%** |  |
| Asset Management | 4.2% |
| Institutional Financial Services | 4.2% |
| Specialty Finance | 4.7% |
| **Health Care - 4.3%** |  |
| Health Care Facilities & Services | 4.3% |
| **Industrials - 27.6%** |  |
| Commercial Support Services | 2.9% |
| Electrical Equipment | 4.4% |
| Engineering & Construction | 5.4% |
| Industrial Support Services | 8.4% |
| Machinery | 3.1% |
| Transportation & Logistics | 3.4% |
| **Materials - 9.5%** |  |
| Chemicals | 5.6% |
| Containers & Packaging | 3.9% |
| **Technology - 22.1%** |  |
| Semiconductors | 4.0% |
| Software | 3.6% |
| Technology Hardware | 12.2% |
| Technology Services | 2.3% |
|  | 99.3% |

---

## 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 INTERNATIONAL VALUE EQUITY FUND

- **b. EDGAR series identifier (if any):** S000068142

- **c. LEI of Series:** 549300OXKW7B0Q1UMD04

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**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:** $9676574.81

**Total Liabilities:** $27172.74

**Net Assets:** $9649402.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218236 | 5.59%                | -2.09%               | 3.13%                |
| Class ID C000218237 | 5.45%                | -2.03%               | 3.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $130942.24                                 |
| Month 2  | $49853.26                | $-100095.38                                |
| Month 3  | $4186.43                 | $-18868.40                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Brenntag SE                        | Brenntag AG                                    | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |      6072 | NS      | $375754.98    | 3.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PLC    | Babcock International Group PLC                | CUSIP: G0689Q152<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |     23642 | NS      | $324563.18    | 3.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Linamar Corp                       | Linamar Corporation                            | CUSIP: 53278L107<br>LEI: 549300LW6VIYFRMFBU20 | Long             | EC               | CORP              | CA        |      2604 | NS      | $142210.51    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                 | Invesco Treasury Portfolio Institutional Class | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |     21536 | PA      | $21535.64     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.        | Samsung Electronics Co. Ltd. - GDR             | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |       309 | NS      | $382190.70    | 3.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Open Text Corp                     | Open Text Corpation                            | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     10495 | NS      | $347196.11    | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd.                   | Nintendo Company Ltd. ADR                      | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     17778 | NS      | $397160.52    | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                   | Sony Corporation                               | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     14635 | NS      | $399964.04    | 4.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Konecranes Oyj                     | Konecranes OYJ                                 | CUSIP: X4550J108<br>LEI: 549300EF0CDEQZBMA096 | Long             | EC               | CORP              | FI        |      3604 | NS      | $297116.37    | 3.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                 | TELEPERFORMANCE                                | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      2838 | NS      | $218996.29    | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Amcor PLC                          | Amcor plc                                      | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | US        |     43480 | NS      | $375232.40    | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistry Group PLC                   | Vistry Group plc                               | CUSIP: G9424B107<br>LEI: 2138001KOWN7CG9SLK53 | Long             | EC               | CORP              | GB        |     13527 | NS      | $111703.53    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                  | Ashtead Group plc                              | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | US        |      5485 | NS      | $404104.69    | 4.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Ayvens SA                          | Ayvens SA                                      | CUSIP: F0195N108<br>LEI: 969500E7V019H9NP7427 | Long             | EC               | CORP              | FR        |     33127 | NS      | $367069.87    | 3.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyudenko Corp                      | Kyudenko Corporation                           | CUSIP: J38425104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2969 | NS      | $142890.61    | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Bollore SE                         | Bollore                                        | CUSIP: F10659260<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |     66552 | NS      | $388585.82    | 4.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                            | Elis S.A.                                      | CUSIP: F2976F106<br>LEI: 969500UX71LCE8MAY492 | Long             | EC               | CORP              | FR        |     10100 | NS      | $276787.29    | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp.          | Renesas Electronics Corporation                | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |     32922 | NS      | $384261.03    | 3.98%             |  |  |  | No            |                  2 | On Loan: No      |
| D'Ieteren Group                    | s.a. D'Ieteren n.v.                            | CUSIP: B49343187<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      1806 | NS      | $391393.44    | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                       | Evolution Gaming Group AB                      | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |      4469 | NS      | $387249.32    | 4.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd.         | CK Hutchison Holdings Ltd.                     | CUSIP: G21765105<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | HK        |     60220 | NS      | $398450.01    | 4.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext N.V.                      | Euronext N.V.                                  | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |      2442 | NS      | $403159.87    | 4.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Air Water Inc.                     | Air Water, Inc.                                | CUSIP: J00662114<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9798 | NS      | $170330.50    | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel, S.A.                        | Rexel S.A.                                     | CUSIP: F7782J366<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |     12701 | NS      | $411245.26    | 4.26%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings N.V.               | AerCap Holdings N.V.                           | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |      3675 | NS      | $453862.50    | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co. KGaA            | Fresenius SE & Company KGaA                    | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |      7669 | NS      | $417030.14    | 4.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group AG               | Julius Baer Group Ltd.                         | CUSIP: H4414N103<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |      5577 | NS      | $402767.30    | 4.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC | Johnson Controls International plc             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |      4025 | NS      | $430232.25    | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIE SA                            | SPIE SA                                        | CUSIP: F8691R101<br>LEI: 969500TJNS5GSFWJ8X85 | Long             | EC               | CORP              | FR        |      6842 | NS      | $379253.81    | 3.93%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-31

**Name of Applicant:** Lyrical International Value Equity Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer