# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-005710
**Filing Date:** 2026-4
**Character Count:** 29527
**Document Hash:** 632d920dd0aa68f737cc3ccd7512fe15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005710.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000910472-26-005710

**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:** 26896756

**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** |
| **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 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:** 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:** $18518996.17

**Total Liabilities:** $22386.86

**Net Assets:** $18496609.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218236 | 2.39%                | 3.64%                | 3.51%                |
| Class ID C000218237 | 2.39%                | 3.64%                | 3.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7272.52                 | $213542.25                                 |
| Month 2  | $45729.00                | $331799.68                                 |
| Month 3  | $40463.15                | $602631.92                                 |

### 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 S.E.                                  | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |     10127 | NS      | $623313.79    | 3.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PLC    | Babcock International Group plc                | CUSIP: G0689Q152<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |     36049 | NS      | $658589.07    | 3.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Linamar Corp                       | Linamar Corporation                            | CUSIP: 53278L107<br>LEI: 549300LW6VIYFRMFBU20 | Long             | EC               | CORP              | CA        |      4289 | NS      | $295694.40    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                 | Invesco Treasury Portfolio Institutional Class | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |    157863 | PA      | $157862.78    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.        | Samsung Electronics Co. Ltd. - GDR             | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |       334 | NS      | $1211453.30   | 6.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Open Text Corp                     | Open Text Corporation                          | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     20017 | NS      | $496021.14    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd.                   | Nintendo Company Ltd. ADR                      | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     36762 | NS      | $516873.72    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd.                 | Grab Holdings Ltd.                             | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | SG        |    145254 | NS      | $612971.88    | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                   | Sony Group Corporation                         | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     27563 | NS      | $633633.58    | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Konecranes Oyj                     | Konecranes OYJ                                 | CUSIP: X4550J108<br>LEI: 549300EF0CDEQZBMA096 | Long             | EC               | CORP              | FI        |      5808 | NS      | $686160.35    | 3.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                 | Teleperformance S.E.                           | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      4774 | NS      | $288867.57    | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Vistry Group PLC                   | Vistry Group plc                               | CUSIP: G9424B107<br>LEI: 2138001KOWN7CG9SLK53 | Long             | EC               | CORP              | GB        |     22514 | NS      | $211018.22    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                  | Ashtead Group plc                              | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |      9941 | NS      | $712111.35    | 3.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Icon PLC                           | ICON plc                                       | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      3874 | NS      | $418934.36    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ayvens SA                          | Ayvens S.A.                                    | CUSIP: F0195N108<br>LEI: 969500E7V019H9NP7427 | Long             | EC               | CORP              | FR        |     52204 | NS      | $663169.01    | 3.59%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kraftia Corp.                      | Kraftia Corporation                            | CUSIP: J38425104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4938 | NS      | $334080.00    | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Bollore SE                         | Bollore S.E.                                   | CUSIP: F10659260<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |    116520 | NS      | $681136.35    | 3.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                            | Elis S.A.                                      | CUSIP: F2976F106<br>LEI: 969500UX71LCE8MAY492 | Long             | EC               | CORP              | FR        |     16736 | NS      | $537329.19    | 2.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp.          | Renesas Electronics Corporation                | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |     49135 | NS      | $926639.35    | 5.01%             |  |  |  | No            |                  2 | On Loan: No      |
| D'Ieteren Group                    | D'ieteren Group                                | CUSIP: B49343187<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      3041 | NS      | $658002.39    | 3.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                       | Evolution A.B.                                 | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |      8978 | NS      | $541028.96    | 2.93%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd.         | CK Hutchison Holdings Ltd.                     | CUSIP: G21765105<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | HK        |     94286 | NS      | $776374.68    | 4.20%             |  |  |  | No            |                  2 | On Loan: No      |
| EURONEXT                           | Euronext N.V.                                  | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |      4505 | NS      | $744838.95    | 4.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Air Water Inc.                     | Air Water, Inc.                                | CUSIP: J00662114<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16248 | NS      | $225618.20    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel, S.A.                        | Rexel S.A.                                     | CUSIP: F7782J366<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |     19143 | NS      | $829641.39    | 4.49%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings N.V.               | AerCap Holdings N.V.                           | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |      5407 | NS      | $808022.08    | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co. KGaA            | Fresenius S.E. & Company KGaA                  | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     12677 | NS      | $760490.85    | 4.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group AG               | Julius Baer Group Ltd.                         | CUSIP: H4414N103<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |      8891 | NS      | $756227.47    | 4.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC | Johnson Controls International plc             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |      6314 | NS      | $911110.20    | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIE SA                            | SPIE S.A.                                      | CUSIP: F8691R101<br>LEI: 969500TJNS5GSFWJ8X85 | Long             | EC               | CORP              | FR        |     12019 | NS      | $744600.70    | 4.03%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer