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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services Limited</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank, N.A.</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
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            <idNumberDesc>SEC File No.</idNumberDesc>
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            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BARCLAYS CAPITAL, INC.</brokerName>
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          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
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          <broker>
            <brokerName>Jones Trading Institutional Services LLC</brokerName>
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            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>44</grossCommission>
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          <broker>
            <brokerName>Sanders Morris Harris, Inc</brokerName>
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            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>28</grossCommission>
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        <aggregateCommission>4733</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>12692367</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Lyrical U.S. Value Equity Fund</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional" sharesOutstandingClassId="C000123053" sharesOutstandingTickerSymbol="LYRIX"/>
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        <fundType>N/A</fundType>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Lyrical Asset Management LP</investmentAdviserName>
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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services Limited</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank, N.A.</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
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          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>INSTINET LLC</brokerName>
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          <broker>
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          <broker>
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            <grossCommission>12788</grossCommission>
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          <broker>
            <brokerName>BOFA SECURITIES, INC.</brokerName>
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            <grossCommission>27871</grossCommission>
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          <broker>
            <brokerName>JONES TRADING INSTITUTIONAL SERVICES LLC</brokerName>
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            <grossCommission>2405</grossCommission>
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        <aggregateCommission>72836</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>765728671</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Q3 All-Season Active Rotation ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000077993</mgmtInvSeriesId>
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        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
            <isIndexFundExclusive>Y</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>16.45</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>17.41</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>8.40</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>8.40</indexFundReturnDailyStdevAfterExpense>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Q3 Asset Management Corporation</investmentAdviserName>
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            <investmentAdviserStateCountry investmentAdviserState="US-MI" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services Limited</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L P</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
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          <custodian>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
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            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
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            <adminName>Ultimus Fund Solutions, LLC</adminName>
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          <broker>
            <brokerName>GTS MISCHLER </brokerName>
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        <aggregateCommission>150395</aggregateCommission>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>77443670</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
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    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo>
      <exchangeTradedFund>
        <fundName>Q3 All-Season Active Rotation ETF</fundName>
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          <securityExchange fundExchange="CBSX" fundsTickerSymbol="QVOY"/>
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        <authorizedParticipants>
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        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>10000</creationUnitNumOfShares>
        <averagePercentagePurchased>2.97</averagePercentagePurchased>
        <standardDeviationPurchased>3.96</standardDeviationPurchased>
        <creationUnitPurchasedInKind>97.09</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>3.96</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>7.77</averagePercentageRedeemed>
        <percentSDRedeemed>20.73</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>92.23</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>20.73</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>200</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>200</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>200</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>200</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Ultimus Managers Trust" signedDate="2025-02-06" signature="Karen Jacoppo-Wood" title="Secretary"/>
  </formData>
</edgarSubmission>
