# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-001002
**Filing Date:** 2026-1
**Character Count:** 28816
**Document Hash:** cd1d86f0373e8bee354adca53801ae33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001002.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000910472-26-001002

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**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:** 26574172

**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

### Blue Current Global Dividend Fund (Series ID: S000046711)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000145852 | Institutional Class | BCGDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 93.6%** | **Shares** | **Value** |
| **Communications - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;1750 | &nbsp;&nbsp;$1133913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | &nbsp;&nbsp;300000 | &nbsp;&nbsp;1097973 |
| **Consumer Discretionary - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;10200 | &nbsp;&nbsp;2107014 |
| **Consumer Staples - 15.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | &nbsp;&nbsp;37635 | &nbsp;&nbsp;2751871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | &nbsp;&nbsp;28730 | &nbsp;&nbsp;2634254 |
|  |  | &nbsp;&nbsp;5386125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. | &nbsp;&nbsp;32500 | &nbsp;&nbsp;2905329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever plc - ADR | &nbsp;&nbsp;38200 | &nbsp;&nbsp;2314538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;62700 | &nbsp;&nbsp;2595709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;17350 | &nbsp;&nbsp;1917348 |
|  |  | &nbsp;&nbsp;4513057 |
| **Energy - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc - ADR | &nbsp;&nbsp;37080 | &nbsp;&nbsp;2735391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation | &nbsp;&nbsp;12560 | &nbsp;&nbsp;2201894 |
|  |  | &nbsp;&nbsp;4937285 |
| **Financials - 24.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 17.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;24400 | &nbsp;&nbsp;2085703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | &nbsp;&nbsp;16794 | &nbsp;&nbsp;2817194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;65000 | &nbsp;&nbsp;2304654 |

---

---

| | | |
|:---|:---|:---|
| **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 93.6% (Continued)** | **Shares** | **Value** |
| **Financials - 24.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 17.8% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;9611 | &nbsp;&nbsp;$3009012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. - ADR | &nbsp;&nbsp;177000 | &nbsp;&nbsp;2793060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;17600 | &nbsp;&nbsp;2128367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;43000 | &nbsp;&nbsp;1999500 |
|  |  | &nbsp;&nbsp;17137490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;18900 | &nbsp;&nbsp;3206574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE - ADR | &nbsp;&nbsp;26000 | &nbsp;&nbsp;1120600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;4200 | &nbsp;&nbsp;1812973 |
|  |  | &nbsp;&nbsp;2933573 |
| **Health Care - 15.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 12.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | &nbsp;&nbsp;30800 | &nbsp;&nbsp;2855776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;14462 | &nbsp;&nbsp;2992477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | &nbsp;&nbsp;24000 | &nbsp;&nbsp;1184400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | &nbsp;&nbsp;42500 | &nbsp;&nbsp;2032775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;38000 | &nbsp;&nbsp;2688287 |
|  |  | &nbsp;&nbsp;11753715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;6025 | &nbsp;&nbsp;3062447 |
| **Industrials - 13.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corporation | &nbsp;&nbsp;22395 | &nbsp;&nbsp;3917109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thales S.A. | &nbsp;&nbsp;7200 | &nbsp;&nbsp;1885663 |
|  |  | &nbsp;&nbsp;5802772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. - ADR | &nbsp;&nbsp;80000 | &nbsp;&nbsp;2559200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries Ltd. | &nbsp;&nbsp;10100 | &nbsp;&nbsp;1311484 |

---

---

| | | |
|:---|:---|:---|
| **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 93.6% (Continued)** | **Shares** | **Value** |
| **Industrials - 13.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | &nbsp;&nbsp;5600 | &nbsp;&nbsp;$1543808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;7100 | &nbsp;&nbsp;2073839 |
|  |  | &nbsp;&nbsp;3617647 |
| **Real Estate - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;23000 | &nbsp;&nbsp;1854490 |
| **Technology - 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 8.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;9450 | &nbsp;&nbsp;3807972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;10384 | &nbsp;&nbsp;1745447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;9000 | &nbsp;&nbsp;2623590 |
|  |  | &nbsp;&nbsp;8177009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5420 | &nbsp;&nbsp;2666694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX plc - ADR | &nbsp;&nbsp;43000 | &nbsp;&nbsp;1729030 |
| **Total Common Stocks** (Cost $52,480,912) | **Total Common Stocks** (Cost $52,480,912) | &nbsp;&nbsp;$90207359 |

---

---

| | | |
|:---|:---|:---|
| **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 6.1%** | **Shares** | **Value** |
| First American Government Obligations Fund - <br> Class Z, 3.88% <sup>(a)</sup> (Cost $5,870,366) | &nbsp;&nbsp;5870366 | &nbsp;&nbsp;$5870366 |
| **Investments at Value - 99.7%** (Cost $58,351,278) | **Investments at Value - 99.7%** (Cost $58,351,278) | &nbsp;&nbsp;$96077725 |
| **Other Assets in Excess of Liabilities - 0.3%** | **Other Assets in Excess of Liabilities - 0.3%** | &nbsp;&nbsp;253816 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$96331541 |

---

---

| | |
|:---|:---|
| A/S | - Aktieselskab |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| N.V. | - Naamloze Vennootschap |
| plc | - Public Limited Company |
| S.A. | - Societe Anonyme |
| SE | - Societe Europaea |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** |
| **SUMMARY OF COMMON STOCKS BY COUNTRY** | **SUMMARY OF COMMON STOCKS BY COUNTRY** | **SUMMARY OF COMMON STOCKS BY COUNTRY** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **Country** | **Value** | **% of Net Assets** |
| United States | &nbsp;&nbsp;$41991409 | &nbsp;&nbsp;43 .6% |
| United Kingdom | &nbsp;&nbsp;12268989 | &nbsp;&nbsp;12 .7% |
| France | &nbsp;&nbsp;6876695 | &nbsp;&nbsp;7 .2% |
| Japan | &nbsp;&nbsp;6663744 | &nbsp;&nbsp;6 .9% |
| Germany | &nbsp;&nbsp;5238227 | &nbsp;&nbsp;5 .4% |
| Switzerland | &nbsp;&nbsp;4721062 | &nbsp;&nbsp;4 .9% |
| Singapore | &nbsp;&nbsp;3915167 | &nbsp;&nbsp;4 .1% |
| Taiwan Province of China | &nbsp;&nbsp;2623590 | &nbsp;&nbsp;2 .7% |
| Netherlands | &nbsp;&nbsp;2595709 | &nbsp;&nbsp;2 .7% |
| Canada | &nbsp;&nbsp;2128367 | &nbsp;&nbsp;2 .2% |
| Denmark | &nbsp;&nbsp;1184400 | &nbsp;&nbsp;1 .2% |
|  | &nbsp;&nbsp;$90207359 | &nbsp;&nbsp;93 .6% |

---

## 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:** BLUE CURRENT GLOBAL DIVIDEND FUND

- **b. EDGAR series identifier (if any):** S000046711

- **c. LEI of Series:** 549300EEN5GFTBAEPO74

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $96487165.26

**Total Liabilities:** $155624.51

**Net Assets:** $96331540.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000145852 | 2.51%                | 1.48%                | 3.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $2124282.55                                |
| Month 2  | $0.00                    | $1356728.58                                |
| Month 3  | $1317078.26              | $1459359.44                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Relx PLC                                     | RELX plc ADR                                        | CUSIP: 759530108<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     43000 | NS      | $1729030.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                             | Roche Holding A.G. ADR                              | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     42500 | NS      | $2032775.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                    | Danone S.A.                                         | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     32500 | NS      | $2905329.06   | 3.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                      | DBS Group Holdings Ltd. Sponsored ADR               | CUSIP: 23304Y100<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     16794 | NS      | $2817193.50   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd.                       | Daikin Industries Ltd.                              | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     10100 | NS      | $1311483.91   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Funds Inc.                    | First American Government Obligations Fund Class Z  | CUSIP: 31846V567<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   5870366 | PA      | $5870365.89   | 6.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd.                                 | Hitachi Ltd. ADR                                    | CUSIP: 433578507<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     80000 | NS      | $2559200.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corporation                        | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     43000 | NS      | $1999500.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                    | RTX Corporation                                     | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     22395 | NS      | $3917109.45   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                | Koninklijke Ahold Delhaize N.V.                     | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     62700 | NS      | $2595708.70   | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca plc ADR                                 | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     30800 | NS      | $2855776.00   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     14462 | NS      | $2992477.04   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc. Class A                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1750 | NS      | $1133912.50   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      9450 | NS      | $3807972.00   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                            | FedEx Corporation                                   | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      5600 | NS      | $1543808.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                           | HCA Healthcare, Inc.                                | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      6025 | NS      | $3062447.25   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                              | Sandoz Group A.G.                                   | CUSIP: H7140B103<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |     38000 | NS      | $2688286.58   | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                    | Shell plc                                           | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     37080 | NS      | $2735391.60   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Company                            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9611 | NS      | $3009011.88   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Telecommunications Ltd.            | Singapore Telecommunications Ltd.                   | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    300000 | NS      | $1097973.00   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada                      | National Bank of Canada                             | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |     17600 | NS      | $2128366.82   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                 | Unilever plc Sponsored ADR                          | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     38200 | NS      | $2314538.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart, Inc.                                       | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     17350 | NS      | $1917348.50   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                   | Allianz S.E.                                        | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      4200 | NS      | $1812973.59   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                | QUALCOMM, Inc.                                      | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     10384 | NS      | $1745446.56   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5420 | NS      | $2666694.20   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC           | Coca-Cola Europacific Partners plc                  | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     28730 | NS      | $2634253.70   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                        | Targa Resources Corporation                         | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     12560 | NS      | $2201893.60   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods, Inc.                  | Dick's Sporting Goods, Inc.                         | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     10200 | NS      | $2107014.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                                    | Thales S.A.                                         | CUSIP: F9156M108<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      7200 | NS      | $1885662.85   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                             | Novo Nordisk A/S ADR                                | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     24000 | NS      | $1184400.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation                 | Norfolk Southern Corporation                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      7100 | NS      | $2073839.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                           | Coca-Cola Company (The)                             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     37635 | NS      | $2751871.20   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                   | Allianz S.E. Unsponsored ADR                        | CUSIP: 018820100<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     26000 | NS      | $1120600.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.          | Mitsubishi UFJ Financial Group, Inc. ADR            | CUSIP: 606822104<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    177000 | NS      | $2793060.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Company Ltd. ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      9000 | NS      | $2623590.00   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                               | BNP Paribas S.A.                                    | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     24400 | NS      | $2085703.19   | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                      | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     18900 | NS      | $3206574.00   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                  | Ventas, Inc. REIT                                   | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     23000 | NS      | $1854490.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                             | Deutsche Bank A.G.                                  | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |     65000 | NS      | $2304654.42   | 2.39%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** Blue Current Global Dividend Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer