# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-182869
**Filing Date:** 2025-7
**Character Count:** 26331
**Document Hash:** f450b6b99d768112a15d1e38f0d3eb1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182869.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001752724-25-182869

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20250831

**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:** 251164170

**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** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 90.8%** | **Shares** | **Value** |
| **Communications - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;2400 | &nbsp;&nbsp;$1553976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | &nbsp;&nbsp;500000 | &nbsp;&nbsp;1476735 |
| **Consumer Discretionary - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;8000 | &nbsp;&nbsp;1434720 |
| **Consumer Staples - 18.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The) | &nbsp;&nbsp;37635 | &nbsp;&nbsp;2713483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | &nbsp;&nbsp;28730 | &nbsp;&nbsp;2637127 |
|  |  | &nbsp;&nbsp;5350610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. | &nbsp;&nbsp;32500 | &nbsp;&nbsp;2779004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever plc - ADR | &nbsp;&nbsp;38200 | &nbsp;&nbsp;2438688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;62700 | &nbsp;&nbsp;2646517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;21350 | &nbsp;&nbsp;2107672 |
|  |  | &nbsp;&nbsp;4754189 |
| **Energy - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc - ADR | &nbsp;&nbsp;33380 | &nbsp;&nbsp;2210423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corporation | &nbsp;&nbsp;12560 | &nbsp;&nbsp;1983601 |
|  |  | &nbsp;&nbsp;4194024 |
| **Financials - 25.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 19.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;30900 | &nbsp;&nbsp;2706384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. - ADR | &nbsp;&nbsp;16794 | &nbsp;&nbsp;2317572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;65000 | &nbsp;&nbsp;1800405 |

---

---

| | | |
|:---|:---|:---|
| **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 - 90.8% (Continued)** | **Shares** | **Value** |
| **Financials - 25.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 19.2% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;9611 | &nbsp;&nbsp;$2537304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. - ADR | &nbsp;&nbsp;177000 | &nbsp;&nbsp;2499240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;26600 | &nbsp;&nbsp;2618456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;43000 | &nbsp;&nbsp;1698500 |
|  |  | &nbsp;&nbsp;16177861 |
| &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;21900 | &nbsp;&nbsp;2803857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE - ADR | &nbsp;&nbsp;26000 | &nbsp;&nbsp;1029340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;4200 | &nbsp;&nbsp;1665981 |
|  |  | &nbsp;&nbsp;2695321 |
| **Health Care - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 6.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | &nbsp;&nbsp;30800 | &nbsp;&nbsp;2243164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;14462 | &nbsp;&nbsp;2244647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG - ADR | &nbsp;&nbsp;30000 | &nbsp;&nbsp;1209000 |
|  |  | &nbsp;&nbsp;5696811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;6025 | &nbsp;&nbsp;2297875 |
| **Industrials - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 7.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corporation | &nbsp;&nbsp;26295 | &nbsp;&nbsp;3588742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thales S.A. | &nbsp;&nbsp;9700 | &nbsp;&nbsp;2971198 |
|  |  | &nbsp;&nbsp;6559940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. - ADR | &nbsp;&nbsp;80000 | &nbsp;&nbsp;2224000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;7100 | &nbsp;&nbsp;1754552 |

---

---

| | | |
|:---|:---|:---|
| **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 - 90.8% (Continued)** | **Shares** | **Value** |
| **Real Estate - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Reits - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;23000 | &nbsp;&nbsp;$1478440 |
| **Technology - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 7.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;11150 | &nbsp;&nbsp;2699080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;10384 | &nbsp;&nbsp;1507757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;9000 | &nbsp;&nbsp;1739880 |
|  |  | &nbsp;&nbsp;5946717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5420 | &nbsp;&nbsp;2495151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELX plc - ADR | &nbsp;&nbsp;43000 | &nbsp;&nbsp;2318560 |
| **Total Common Stocks** (Cost $48,219,073) | **Total Common Stocks** (Cost $48,219,073) | &nbsp;&nbsp;$76431031 |
| **MONEY MARKET FUNDS - 8.4%** | **Shares** | **Value** |
| First American Government Obligations Fund - <br> Class Z, 4.19% <sup>(a)</sup> (Cost $7,041,204) | &nbsp;&nbsp;7041204 | &nbsp;&nbsp;$7041204 |
| **Investments at Value - 99.2%** (Cost $55,260,277) | **Investments at Value - 99.2%** (Cost $55,260,277) | &nbsp;&nbsp;$83472235 |
| **Other Assets in Excess of Liabilities - 0.8%** | **Other Assets in Excess of Liabilities - 0.8%** | &nbsp;&nbsp;680823 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$84153058 |

---

---

| | |
|:---|:---|
| 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 May 31, 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** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **Country** | **Value** | **% of Net Assets** |
| United States | &nbsp;&nbsp;$34899357 | &nbsp;&nbsp;41 .5% |
| United Kingdom | &nbsp;&nbsp;11847962 | &nbsp;&nbsp;14 .1% |
| France | &nbsp;&nbsp;8456586 | &nbsp;&nbsp;10 .1% |
| Japan | &nbsp;&nbsp;4723240 | &nbsp;&nbsp;5 .6% |
| Germany | &nbsp;&nbsp;4495726 | &nbsp;&nbsp;5 .3% |
| Singapore | &nbsp;&nbsp;3794307 | &nbsp;&nbsp;4 .5% |
| Netherlands | &nbsp;&nbsp;2646517 | &nbsp;&nbsp;3 .1% |
| Canada | &nbsp;&nbsp;2618456 | &nbsp;&nbsp;3 .1% |
| Taiwan Province of China | &nbsp;&nbsp;1739880 | &nbsp;&nbsp;2 .1% |
| Switzerland | &nbsp;&nbsp;1209000 | &nbsp;&nbsp; 1.4% |
|  | &nbsp;&nbsp;$76431031 | &nbsp;&nbsp;90.8% |

---

## 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:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $84341663.87

**Total Liabilities:** $188606.21

**Net Assets:** $84153057.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000145852 | -0.28%               | 1.10%                | 5.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $308509.08               | $-583429.50                                |
| Month 2  | $392651.36               | $399773.86                                 |
| Month 3  | $88536.52                | $3453513.33                                |

### 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      | $2318560.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                             | Roche Holding AG ADR                                | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     30000 | NS      | $1209000.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                    | Groupe DANONE                                       | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     32500 | NS      | $2779003.77   | 3.30%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                      | DBS Group Holdings Ltd. Sponsored ADR               | CUSIP: 23304Y100<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | US        |     16794 | NS      | $2317572.00   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                    | First American Government Obligations Fund Class Z  | CUSIP: 31846V567<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   7041204 | PA      | $7041203.61   | 8.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd.                                 | Hitachi Ltd. ADR                                    | CUSIP: 433578507<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     80000 | NS      | $2224000.00   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corporation                        | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     43000 | NS      | $1698500.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                    | RTX Corporation                                     | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     26295 | NS      | $3588741.60   | 4.26%             |  |  |  | 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      | $2646516.87   | 3.14%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca plc ADR                                 | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | US        |     30800 | NS      | $2243164.00   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     14462 | NS      | $2244647.02   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc. Class A Class A                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2400 | NS      | $1553976.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     11150 | NS      | $2699080.50   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                           | HCA Healthcare, Inc.                                | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      6025 | NS      | $2297874.75   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                    | Shell plc                                           | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | US        |     33380 | NS      | $2210423.60   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Company                            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9611 | NS      | $2537304.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Telecommunications Ltd.            | Singapore Telecommunications Ltd.                   | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    500000 | NS      | $1476735.10   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada                      | National Bank of Canada                             | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |     26600 | NS      | $2618455.98   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                 | Unilever plc Sponsored ADR                          | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     38200 | NS      | $2438688.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart, Inc.                                       | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     21350 | NS      | $2107672.00   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                   | Allianz SE                                          | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      4200 | NS      | $1665981.10   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                | QUALCOMM, Inc.                                      | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     10384 | NS      | $1507756.80   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5420 | NS      | $2495151.20   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC           | Coca-Cola Europacific Partners plc                  | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | US        |     28730 | NS      | $2637126.70   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                        | Targa Resources Corp.                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     12560 | NS      | $1983600.80   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods, Inc.                  | Dick's Sporting Goods, Inc.                         | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      8000 | NS      | $1434720.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                                    | Thales SA                                           | CUSIP: F9156M108<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      9700 | NS      | $2971197.97   | 3.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                 | Norfolk Southern Corporation                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      7100 | NS      | $1754552.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                           | Coca-Cola Company (The)                             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     37635 | NS      | $2713483.50   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                   | Allianz SE Unsponsored ADR                          | CUSIP: 018820100<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     26000 | NS      | $1029340.00   | 1.22%             |  |  |  | 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      | $2499240.00   | 2.97%             |  |  |  | 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      | $1739880.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                               | BNP Paribas                                         | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     30900 | NS      | $2706384.29   | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                      | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     21900 | NS      | $2803857.00   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                  | Ventas, Inc. REIT                                   | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     23000 | NS      | $1478440.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                             | DEUTSCHE BANK AG                                    | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |     65000 | NS      | $1800404.42   | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-23

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

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer