# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-009053
**Filing Date:** 2023-1
**Character Count:** 31208
**Document Hash:** 50eab5ca1c18d1a9bda28b6bad6e304f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009053.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009053

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 23544167

**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, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **COMMON STOCKS - 93.5%** | **Shares** | **Value** |
| **Consumer Staples - 24.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | &nbsp;&nbsp;31165 | &nbsp;&nbsp;$1982405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola European Partners plc | &nbsp;&nbsp;30930 | &nbsp;&nbsp;1642074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo plc - ADR | &nbsp;&nbsp;6996 | &nbsp;&nbsp;1305104 |
|  |  | &nbsp;&nbsp;4929583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. - ADR | &nbsp;&nbsp;56000 | &nbsp;&nbsp;586320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. | &nbsp;&nbsp;22500 | &nbsp;&nbsp;1183998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Company (The) | &nbsp;&nbsp;30200 | &nbsp;&nbsp;1188370 |
|  |  | &nbsp;&nbsp;2958688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc - ADR | &nbsp;&nbsp;37550 | &nbsp;&nbsp;548981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc <sup>(a)</sup> | &nbsp;&nbsp;6000 | &nbsp;&nbsp;430702 |
|  |  | &nbsp;&nbsp;979683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 8.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. - Class A | &nbsp;&nbsp;36000 | &nbsp;&nbsp;754200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;55400 | &nbsp;&nbsp;1616465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;3400 | &nbsp;&nbsp;568038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;11850 | &nbsp;&nbsp;1806177 |
|  |  | &nbsp;&nbsp;4744880 |
| **Energy - 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 10.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP plc <sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;1792024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;24550 | &nbsp;&nbsp;1013822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc - ADR | &nbsp;&nbsp;29900 | &nbsp;&nbsp;1748253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation | &nbsp;&nbsp;18560 | &nbsp;&nbsp;1380678 |
|  |  | &nbsp;&nbsp;5934777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;19750 | &nbsp;&nbsp;1018113 |

---

---

| | | |
|:---|:---|:---|
| **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 - 93.5% (Continued)** | **Shares** | **Value** |
| **Financials - 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 8.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;27100 | &nbsp;&nbsp;$1524682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | &nbsp;&nbsp;7800 | &nbsp;&nbsp;807066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;9843 | &nbsp;&nbsp;1360106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;15400 | &nbsp;&nbsp;1098250 |
|  |  | &nbsp;&nbsp;4790104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;15800 | &nbsp;&nbsp;1470506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE - ADR | &nbsp;&nbsp;28000 | &nbsp;&nbsp;597800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;2900 | &nbsp;&nbsp;619802 |
|  |  | &nbsp;&nbsp;1217602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company | &nbsp;&nbsp;5665 | &nbsp;&nbsp;892747 |
| **Health Care - 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 13.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | &nbsp;&nbsp;28400 | &nbsp;&nbsp;1930348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;8462 | &nbsp;&nbsp;1506236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc. | &nbsp;&nbsp;15800 | &nbsp;&nbsp;1739896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | &nbsp;&nbsp;7800 | &nbsp;&nbsp;971880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi - ADR | &nbsp;&nbsp;27000 | &nbsp;&nbsp;1224450 |
|  |  | &nbsp;&nbsp;7372810 |
| **Industrials - 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corporation | &nbsp;&nbsp;17795 | &nbsp;&nbsp;1756722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway Company | &nbsp;&nbsp;9800 | &nbsp;&nbsp;1258614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;6650 | &nbsp;&nbsp;1445910 |
|  |  | &nbsp;&nbsp;2704524 |
| **Materials - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide S.A. | &nbsp;&nbsp;9268 | &nbsp;&nbsp;1351003 |

---

---

| | | |
|:---|:---|:---|
| **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 - 93.5% (Continued)** | **Shares** | **Value** |
| **Materials - 5.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 3.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien Ltd. | &nbsp;&nbsp;5700 | &nbsp;&nbsp;$458280 |
|  |  | &nbsp;&nbsp;1809283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ - ADR | &nbsp;&nbsp;15000 | &nbsp;&nbsp;548550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | &nbsp;&nbsp;14200 | &nbsp;&nbsp;521945 |
|  |  | &nbsp;&nbsp;1070495 |
| **Real Estate - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;6700 | &nbsp;&nbsp;789193 |
| **Technology - 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE Semiconductor Industries N.V. | &nbsp;&nbsp;10260 | &nbsp;&nbsp;669136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3125 | &nbsp;&nbsp;1721969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;13284 | &nbsp;&nbsp;1680293 |
|  |  | &nbsp;&nbsp;4071398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;7920 | &nbsp;&nbsp;2020708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX plc - ADR | &nbsp;&nbsp;40000 | &nbsp;&nbsp;1127200 |
| **Utilities - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;17400 | &nbsp;&nbsp;1473780 |
| **Total Common Stocks** (Cost $43,926,868) | **Total Common Stocks** (Cost $43,926,868) | &nbsp;&nbsp;$54241993 |
| **PREFERRED STOCKS - 2.0%** | **Shares** | **Value** |
| **Consumer Discretionary - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Automobiles - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagon AG <sup>(a)</sup> (Cost $1,116,985) | &nbsp;&nbsp;7500 | &nbsp;&nbsp;$1109197 |

---

---

| | | |
|:---|:---|:---|
| **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 - 4.3%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class Z, 3.63% <sup>(a)</sup> (Cost $2,475,314) | &nbsp;&nbsp;2475314 | &nbsp;&nbsp;$2475314 |
| **Investments at Value - 99.8%** (Cost $46,402,182) | **Investments at Value - 99.8%** (Cost $46,402,182) | &nbsp;&nbsp;$56717307 |
| **Other Assets in Excess of Liabilities - 0.2%** | **Other Assets in Excess of Liabilities - 0.2%** | &nbsp;&nbsp;106259 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$56823566 |

---

---

| | |
|:---|:---|
| A/S | - Aktieselskab |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| N.V. | - Naamloze Vennootschap |
| OYJ | - Julkinen Osakeyhtio |
| 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, 2022.

---

| | | |
|:---|:---|:---|
| **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** | **BLUE CURRENT GLOBAL DIVIDEND FUND** |
| **SUMMARY OF COMMON & PREFERRED STOCKS BY COUNTRY** | **SUMMARY OF COMMON & PREFERRED STOCKS BY COUNTRY** | **SUMMARY OF COMMON & PREFERRED STOCKS BY COUNTRY** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **Country** | **Value** | **% of Net Assets** |
| United States | &nbsp;&nbsp;$26556047 | &nbsp;&nbsp;46 .8% |
| United Kingdom | &nbsp;&nbsp;10524686 | &nbsp;&nbsp;18 .5% |
| France | &nbsp;&nbsp;5870453 | &nbsp;&nbsp;10 .3% |
| Canada | &nbsp;&nbsp;3828966 | &nbsp;&nbsp;6 .8% |
| Germany | &nbsp;&nbsp;2326799 | &nbsp;&nbsp;4 .1% |
| Netherlands | &nbsp;&nbsp;2285601 | &nbsp;&nbsp;4 .0% |
| Finland | &nbsp;&nbsp;1070495 | &nbsp;&nbsp;1 .9% |
| Denmark | &nbsp;&nbsp;971880 | &nbsp;&nbsp;1 .7% |
| Singapore | &nbsp;&nbsp;807066 | &nbsp;&nbsp;1 .4% |
|  | &nbsp;&nbsp;$54241993 | &nbsp;&nbsp;95 .5% |

---

## 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:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $56929442.71

**Total Liabilities:** $105876.54

**Net Assets:** $56823566.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000145852 | -8.07%               | 6.61%                | 8.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-649664.93              | $-3598810.01                               |
| Month 2  | $-1249387.39             | $4457658.97                                |
| Month 3  | $-66593.93               | $4215065.19                                |

### 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        |     40000 | NS      | $1127200.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                   | Merck & Company, Inc.                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     15800 | NS      | $1739896.00   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                          | Groupe DANONE                                      | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     22500 | NS      | $1183998.20   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC        | Reckitt Benckiser Group plc                        | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | US        |      6000 | NS      | $430702.18    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd             | DBS Group Holdings Ltd. Sponsored ADR              | CUSIP: 23304Y100<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | US        |      7800 | NS      | $807066.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                | First American Government Obligations Fund Class Z | CUSIP: 31846V567<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2475314 | PA      | $2475313.64   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corporation  | Raytheon Technologies Corporation                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     17795 | NS      | $1756722.40   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV      | Koninklijke Ahold Delhaize N.V.                    | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     55400 | NS      | $1616464.64   | 2.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Incorporation             | ENBRIDGE, INC.                                     | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     24550 | NS      | $1013821.78   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                    | AstraZeneca plc ADR                                | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | US        |     28400 | NS      | $1930348.00   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company           | American Express Company                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      5665 | NS      | $892747.35    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                  | Johnson & Johnson                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      8462 | NS      | $1506236.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                        | Nutrien Ltd.                                       | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      5700 | NS      | $458280.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                             | BP PLC                                             | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    300000 | NS      | $1792024.30   | 3.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                       | Broadcom, Inc.                                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3125 | NS      | $1721968.75   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                      | Prologis, Inc. REIT                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      6700 | NS      | $789193.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Company  | Canadian National Railway Company                  | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      9800 | NS      | $1258614.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Corporation            | UPM-Kymmene Oyj ADR                                | CUSIP: 915436208<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     15000 | NS      | $548550.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC        | Reckitt Benckiser Group plc ADR                    | CUSIP: 756255204<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | US        |     37550 | NS      | $548981.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextera Energy Inc                 | NextEra Energy, Inc.                               | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17400 | NS      | $1473780.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide S.A.(L')               | Air Liquide SA                                     | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |      9268 | NS      | $1351003.01   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| The Kraft Heinz Company            | Kraft Heinz Company (The)                          | CUSIP: 500754106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30200 | NS      | $1188370.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                          | Shell plc                                          | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | US        |     29900 | NS      | $1748253.00   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.               | JPMorgan Chase & Company                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9843 | NS      | $1360105.74   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                         | Diageo plc ADR                                     | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | US        |      6996 | NS      | $1305103.80   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited               | Schlumberger Ltd.                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     19750 | NS      | $1018112.50   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation          | Union Pacific Corporation                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      6650 | NS      | $1445909.50   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen Aktiengesellschaft      | Volkswagon AG Preferred                            | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |      7500 | NS      | $1109197.18   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada            | National Bank of Canada                            | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |     15400 | NS      | $1098250.02   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV     | BE Semiconductor Industries N.V.                   | CUSIP: N13107144<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |     10260 | NS      | $669135.97    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Walmart Inc                        | Walmart, Inc.                                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     11850 | NS      | $1806177.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                         | Allianz SE                                         | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      2900 | NS      | $619802.06    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                      | QUALCOMM, Inc.                                     | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     13284 | NS      | $1680293.16   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                             | Sanofi ADR                                         | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     27000 | NS      | $1224450.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation              | Microsoft Corporation                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7920 | NS      | $2020708.80   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC | Coca-Cola European Partners plc                    | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | US        |     30930 | NS      | $1642073.70   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corporation                 | Target Corporation                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      3400 | NS      | $568038.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Co                 | Targa Resources Corp.                              | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     18560 | NS      | $1380678.40   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                   | Novo Nordisk A/S ADR                               | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      7800 | NS      | $971880.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                          | Danone S.A. ADR                                    | CUSIP: 23636T100<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     56000 | NS      | $586320.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Companies Inc           | Albertsons Companies, Inc.                         | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |     36000 | NS      | $754200.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| The Coca-Cola Company              | Coca-Cola Company (The)                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     31165 | NS      | $1982405.65   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                         | Allianz SE Unsponsored ADR                         | CUSIP: 018820100<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     28000 | NS      | $597800.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Corporation            | UPM-Kymmene OYJ                                    | CUSIP: X9518S108<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     14200 | NS      | $521944.80    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                     | BNP Paribas                                        | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     27100 | NS      | $1524681.83   | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                     | Morgan Stanley                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     15800 | NS      | $1470506.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-21

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

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** Assistant Treasurer