<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001545440</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000068142</seriesId>
        <classId>C000218236</classId>
        <classId>C000218237</classId>
        <classId>C000236987</classId>
        <classId>C000236988</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Ultimus Managers Trust</regName>
      <regFileNumber>811-22680</regFileNumber>
      <regCik>0001545440</regCik>
      <regLei>549300FU214TAR7BFY91</regLei>
      <regStreet1>225 Pictoria Drive</regStreet1>
      <regStreet2>Suite 450</regStreet2>
      <regCity>Cincinnati</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
      <regPhone>513-587-3400</regPhone>
      <seriesName>LYRICAL INTERNATIONAL VALUE EQUITY FUND</seriesName>
      <seriesId>S000068142</seriesId>
      <seriesLei>549300OXKW7B0Q1UMD04</seriesLei>
      <repPdEnd>2024-11-30</repPdEnd>
      <repPdDate>2024-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>13273352.81</totAssets>
      <totLiabs>20516.66</totLiabs>
      <netAssets>13252836.15</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000218236" rtn1="3.02272300" rtn2="-3.91197100" rtn3="6.87017600"/>
          <monthlyTotReturn classId="C000218237" rtn1="3.02776700" rtn2="-3.91831200" rtn3="6.79698200"/>
          <monthlyTotReturn classId="C000236987" rtn1="1.94614700" rtn2="-4.96653200" rtn3="5.81434000"/>
          <monthlyTotReturn classId="C000236988" rtn1="-3.00635800" rtn2="-9.37734400" rtn3="0.63954900"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="81903.60000000" netUnrealizedAppr="269772.55000000"/>
        <othMon2 netRealizedGain="431.44000000" netUnrealizedAppr="-508696.30000000"/>
        <othMon3 netRealizedGain="-106604.54000000" netUnrealizedAppr="802142.12000000"/>
      </returnInfo>
      <mon1Flow redemption="2181.96000000" reinvestment="0.00000000" sales="41700.00000000"/>
      <mon2Flow redemption="24348.01000000" reinvestment="0.00000000" sales="52350.00000000"/>
      <mon3Flow redemption="12.60000000" reinvestment="0.00000000" sales="0.00000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Ashtead Group</name>
        <lei>2138007UTBN8X9K1A235</lei>
        <title>Ashtead Group plc </title>
        <cusip>G05320109</cusip>
        <identifiers>
          <isin value="GB0000536739"/>
        </identifiers>
        <balance>8343.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.78465000"/>
        <valUSD>611165.16000000</valUSD>
        <pctVal>4.611580140904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vistry Group PLC</name>
        <lei>2138001KOWN7CG9SLK53</lei>
        <title>Vistry Group plc </title>
        <cusip>G9424B107</cusip>
        <identifiers>
          <isin value="GB0001859296"/>
        </identifiers>
        <balance>21508.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.78465000"/>
        <valUSD>356399.44000000</valUSD>
        <pctVal>2.689231466881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Babcock International Group PLC</name>
        <lei>213800TSKOLX4EU6L377</lei>
        <title>Babcock International Group PLC </title>
        <cusip>G0689Q152</cusip>
        <identifiers>
          <isin value="GB0009697037"/>
        </identifiers>
        <balance>38374.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.78465000"/>
        <valUSD>277078.14000000</valUSD>
        <pctVal>2.090708259454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open Text Corp</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>Open Text Corpation </title>
        <cusip>683715106</cusip>
        <identifiers>
          <isin value="CA6837151068"/>
        </identifiers>
        <balance>12931.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36258000"/>
        <valUSD>378464.59000000</valUSD>
        <pctVal>2.855725263003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linamar Corp</name>
        <lei>549300LW6VIYFRMFBU20</lei>
        <title>Linamar Corporation </title>
        <cusip>53278L107</cusip>
        <identifiers>
          <isin value="CA53278L1076"/>
        </identifiers>
        <balance>4516.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36258000"/>
        <valUSD>235348.50000000</valUSD>
        <pctVal>1.775834978537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bollore SE</name>
        <lei>969500LEKCHH6VV86P94</lei>
        <title>Bollore </title>
        <cusip>F10659260</cusip>
        <identifiers>
          <isin value="FR0000039299"/>
        </identifiers>
        <balance>91699.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>617488.11000000</valUSD>
        <pctVal>4.659290305947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd. - GDR </title>
        <cusip>796050888</cusip>
        <identifiers>
          <isin value="US7960508882"/>
        </identifiers>
        <balance>431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>577109.00000000</valUSD>
        <pctVal>4.354607523009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Volkswagen Aktiengesellschaft</name>
        <lei>529900NNUPAGGOMPXZ31</lei>
        <title>Volkswagon AG Preferred</title>
        <cusip>D94523103</cusip>
        <identifiers>
          <isin value="DE0007664039"/>
        </identifiers>
        <balance>3999.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>502419.18000000</valUSD>
        <pctVal>3.791031401229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teleperformance SE</name>
        <lei>9695004GI61FHFFNRG61</lei>
        <title>TELEPERFORMANCE </title>
        <cusip>F9120F106</cusip>
        <identifiers>
          <isin value="FR0000051807"/>
        </identifiers>
        <balance>3266.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>373529.85000000</valUSD>
        <pctVal>2.818489912440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Water Inc.</name>
        <lei>N/A</lei>
        <title>Air Water, Inc. </title>
        <cusip>J00662114</cusip>
        <identifiers>
          <isin value="JP3160670000"/>
        </identifiers>
        <balance>17370.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.26900000"/>
        <valUSD>254110.85000000</valUSD>
        <pctVal>1.917407316621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kyudenko Corp</name>
        <lei>N/A</lei>
        <title>Kyudenko Corporation </title>
        <cusip>J38425104</cusip>
        <identifiers>
          <isin value="JP3247050002"/>
        </identifiers>
        <balance>5401.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.26900000"/>
        <valUSD>219927.35000000</valUSD>
        <pctVal>1.659473847792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nintendo Co Ltd.</name>
        <lei>353800FEEXU6I9M0ZF27</lei>
        <title>Nintendo Company Ltd. ADR</title>
        <cusip>654445303</cusip>
        <identifiers>
          <isin value="US6544453037"/>
        </identifiers>
        <balance>42299.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>574420.42000000</valUSD>
        <pctVal>4.334320695574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sony Group Corp.</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>Sony Corporation </title>
        <cusip>J76379106</cusip>
        <identifiers>
          <isin value="JP3435000009"/>
        </identifiers>
        <balance>5934.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.26900000"/>
        <valUSD>487173.49000000</valUSD>
        <pctVal>3.675994213510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Kaken Co Ltd</name>
        <lei>N/A</lei>
        <title>SK Kaken Co., Ltd. </title>
        <cusip>J75573105</cusip>
        <identifiers>
          <isin value="JP3162650000"/>
        </identifiers>
        <balance>774.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.26900000"/>
        <valUSD>38577.79000000</valUSD>
        <pctVal>0.291090824359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco</name>
        <lei>549300UJV6OHYATSFU27</lei>
        <title>Invesco Treasury Portfolio Institutional Class</title>
        <cusip>825252406</cusip>
        <identifiers>
          <isin value="US8252524066"/>
        </identifiers>
        <balance>110256.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>110256.79000000</valUSD>
        <pctVal>0.831948639159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suncor Energy Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy, Inc. </title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
        </identifiers>
        <balance>16656.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>679897.92000000</valUSD>
        <pctVal>5.130206940647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Konecranes Oyj</name>
        <lei>549300EF0CDEQZBMA096</lei>
        <title>Konecranes OYJ </title>
        <cusip>X4550J108</cusip>
        <identifiers>
          <isin value="FI0009005870"/>
        </identifiers>
        <balance>6150.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>353854.58000000</valUSD>
        <pctVal>2.670029086566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Catalana Occidente S A</name>
        <lei>959800H2P9S8MS95DT42</lei>
        <title>Grupo Catalana Occidente S.A. </title>
        <cusip>E5701Q116</cusip>
        <identifiers>
          <isin value="ES0116920333"/>
        </identifiers>
        <balance>8935.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>370578.93000000</valUSD>
        <pctVal>2.796223584187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rexel, S.A.</name>
        <lei>969500N6AVPA51648T62</lei>
        <title>Rexel S.A. </title>
        <cusip>F7782J366</cusip>
        <identifiers>
          <isin value="FR0010451203"/>
        </identifiers>
        <balance>21284.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>646689.59000000</valUSD>
        <pctVal>4.879631670387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Julius Baer Gruppe AG</name>
        <lei>5299007MF0604ZGJER92</lei>
        <title>Julius Baer Group Ltd. </title>
        <cusip>H4414N103</cusip>
        <identifiers>
          <isin value="CH0102484968"/>
        </identifiers>
        <balance>8472.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.90223000"/>
        <valUSD>508992.34000000</valUSD>
        <pctVal>3.840629539511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Entain PLC</name>
        <lei>213800GNI3K45LQR8L28</lei>
        <title>Entain PLC </title>
        <cusip>G3167C109</cusip>
        <identifiers>
          <isin value="IM00B5VQMV65"/>
        </identifiers>
        <balance>30642.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.78465000"/>
        <valUSD>267060.38000000</valUSD>
        <pctVal>2.015118703478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ald S.A.</name>
        <lei>969500E7V019H9NP7427</lei>
        <title>Ayvens SA </title>
        <cusip>F0195N108</cusip>
        <identifiers>
          <isin value="FR0013258662"/>
        </identifiers>
        <balance>41594.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>312414.48000000</valUSD>
        <pctVal>2.357340545555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Auto1 Group</name>
        <lei>391200S2LPXG5ZD5G304</lei>
        <title>Auto1 Group SE </title>
        <cusip>D0R06D102</cusip>
        <identifiers>
          <isin value="DE000A2LQ884"/>
        </identifiers>
        <balance>17412.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>132647.42000000</valUSD>
        <pctVal>1.000898362423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exor Nv</name>
        <lei>5493002ENHZ6NYET7405</lei>
        <title>Exor N.V. </title>
        <cusip>N3140A107</cusip>
        <identifiers>
          <isin value="NL0012059018"/>
        </identifiers>
        <balance>5832.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>654807.56000000</valUSD>
        <pctVal>4.940886257014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euronext N.V.</name>
        <lei>724500QJ4QSZ3H9QU415</lei>
        <title>Euronext N.V. </title>
        <cusip>N3113K397</cusip>
        <identifiers>
          <isin value="NL0006294274"/>
        </identifiers>
        <balance>6619.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>651618.60000000</valUSD>
        <pctVal>4.916823784922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elis SA</name>
        <lei>969500UX71LCE8MAY492</lei>
        <title>Elis S.A. </title>
        <cusip>F2976F106</cusip>
        <identifiers>
          <isin value="FR0012435121"/>
        </identifiers>
        <balance>16374.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>416214.17000000</valUSD>
        <pctVal>3.140566783510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CK Hutchison Holdings Ltd.</name>
        <lei>254900Z8HM1VEPOQ2G79</lei>
        <title>CK Hutchison Holdings Ltd. </title>
        <cusip>G21765105</cusip>
        <identifiers>
          <isin value="KYG217651051"/>
        </identifiers>
        <balance>87269.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.82030000"/>
        <valUSD>426147.42000000</valUSD>
        <pctVal>3.215518664659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPIE SA</name>
        <lei>969500TJNS5GSFWJ8X85</lei>
        <title>SPIE SA </title>
        <cusip>F8691R101</cusip>
        <identifiers>
          <isin value="FR0012757854"/>
        </identifiers>
        <balance>12106.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92180000"/>
        <valUSD>500686.42000000</valUSD>
        <pctVal>3.777956765880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Johnson Controls International PLC</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>Johnson Controls International plc </title>
        <cusip>G51502105</cusip>
        <identifiers>
          <isin value="IE00BY7QL619"/>
        </identifiers>
        <balance>7430.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>534291.30000000</valUSD>
        <pctVal>4.031524225854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AerCap Holdings N.V.</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AerCap Holdings N.V. </title>
        <cusip>N00985106</cusip>
        <identifiers>
          <isin value="NL0000687663"/>
        </identifiers>
        <balance>7502.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>695510.42000000</valUSD>
        <pctVal>5.248011913283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNH Industrial N.V.</name>
        <lei>549300WGC2HZ5J67V817</lei>
        <title>CNH Industrial NV </title>
        <cusip>N20944109</cusip>
        <identifiers>
          <isin value="NL0010545661"/>
        </identifiers>
        <balance>35487.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>374742.72000000</valUSD>
        <pctVal>2.827641689360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-06-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Lyrical International Value Equity Fund</ncom:nameOfApplicant>
      <ncom:signature>Daniel D. Bauer</ncom:signature>
      <ncom:signerName>Daniel D. Bauer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
