# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-009054
**Filing Date:** 2023-1
**Character Count:** 27921
**Document Hash:** 069d8e086e5fe5510384dd0723954f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009054.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009054

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230531

**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:** 23544166

**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

### KARNER BLUE BIODIVERSITY IMPACT FUND (Series ID: S000066472)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000214377 | Butterfly Class | KAIBX           |

## 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:** KARNER BLUE BIODIVERSITY IMPACT FUND

- **b. EDGAR series identifier (if any):** S000066472

- **c. LEI of Series:** 549300RPYJD0ILVO8U76

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

- **a. Date of fiscal year-end:** 2023-05-31

- **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:** $9618195.83

**Total Liabilities:** $15136.37

**Net Assets:** $9603059.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214377 | -9.96%               | 8.10%                | 8.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-70120.62               | $-823690.98                                |
| Month 2  | $-204718.23              | $868723.40                                 |
| Month 3  | $-30865.37               | $810242.64                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UBS Group AG                                   | UBS Group AG                                             | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |      7175 | NS      | $132307.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ChargePoint Holdings Inc                       | Chargepoint Holdings, Inc. CL A                          | CUSIP: 15961R105<br>LEI: 254900DVN9TAC2GIPG25 | Long             | EC               | CORP              | US        |      7222 | NS      | $89697.24     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                            | Analog Devices, Inc.                                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       560 | NS      | $96269.60     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                 | Ing Groep N.V. ADR                                       | CUSIP: 456837103<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | US        |     12653 | NS      | $153354.36    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| The Lion Electric Company                      | THE LION ELECTRIC, CO.                                   | CUSIP: 536221104<br>LEI: 894500XKOKXHCZ99CE73 | Long             | EC               | CORP              | US        |     18803 | NS      | $52272.34     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Panasonic Corp                                 | Panasonic Corporation ADR                                | CUSIP: 69832A205<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | US        |     13605 | NS      | $126390.45    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation                     | Carrier Global Corporation                               | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |      3460 | NS      | $153347.20    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                          | Quanta Services, Inc.                                    | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      1125 | NS      | $168615.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company                   | Bristol-Myers Squibb Company                             | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      1805 | NS      | $144905.40    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems AS                         | Vestas Wind Systems A/S ADR                              | CUSIP: 925458101<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |     12950 | NS      | $109427.50    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                          | Microsoft Corporation                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       950 | NS      | $242383.00    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Agco Corporation                               | AGCO Corporation                                         | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |       980 | NS      | $130065.60    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Proterra Inc                                   | PROTERRA, INC.                                           | CUSIP: 74374T109<br>LEI: 549300KN6Y54A0I8GX14 | Long             | EC               | CORP              | US        |     21225 | NS      | $117586.50    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                  | Prologis, Inc. REIT                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |       830 | NS      | $97765.70     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Company, Inc.                             | Trex Company, Inc.                                       | CUSIP: 89531P105<br>LEI: 549300ER482WJT9UUX16 | Long             | EC               | CORP              | US        |      1536 | NS      | $70487.04     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                  | Alphabet, Inc. Class A                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1285 | NS      | $129772.15    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Metals Group Ltd                     | Fortescue Metals Group Ltd ADR                           | CUSIP: 34959A206<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |      3315 | NS      | $88245.30     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart, Inc.                                            | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       940 | NS      | $143274.80    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                         | Sanofi ADR                                               | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      3645 | NS      | $165300.75    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corporation                             | Target Corporation                                       | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       900 | NS      | $150363.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                   | Autodesk, Inc.                                           | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       530 | NS      | $107033.50    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                          | Schneider Electric SE ADR                                | CUSIP: 80687P106<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      5950 | NS      | $173859.00    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holdings, Ltd.                           | Roche Holding AG ADR                                     | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      3069 | NS      | $125583.48    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                           | Weyerhaeuser Company REIT                                | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      2840 | NS      | $92896.40     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods, Inc.                          | TreeHouse Foods, Inc.                                    | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |      3180 | NS      | $157187.40    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                      | Tesla, Inc.                                              | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       389 | NS      | $75738.30     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                            | Walt Disney Company (The)                                | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |       500 | NS      | $48935.00     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                             | ENPHASE ENERGY, INC.                                     | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       885 | NS      | $283722.15    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin | Cie Generale des Etablissements Michelin Unsponsored ADR | CUSIP: 59410T106<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |      4208 | NS      | $58869.92     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                            | Newmont Corporation                                      | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      2477 | NS      | $117583.19    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co.                             | Levi Strauss & Co                                        | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |      6025 | NS      | $99593.25     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp.                           | GLADSTONE LAND CORPORATION                               | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |      4800 | NS      | $98592.00     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                            | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND CLASS X       | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    281092 | PA      | $281092.19    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                   | Iridium Communications, Inc.                             | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      2571 | NS      | $136520.10    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co (The)                               | Hershey Company (The)                                    | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       625 | NS      | $146981.25    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Limited                                    | ABB Ltd. ADR                                             | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |      4550 | NS      | $143279.50    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                          | Freeport-McMoRan, Inc.                                   | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      4386 | NS      | $174562.80    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                               | Novo Nordisk A/S ADR                                     | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      1615 | NS      | $201229.00    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd                    | Murata Manufacturing Company Ltd. ADR                    | CUSIP: 626425102<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | US        |      6850 | NS      | $93845.00     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company                      | Commercial Metals Company                                | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      2890 | NS      | $142245.80    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                                | Blue Bird Corporation                                    | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     16975 | NS      | $200474.75    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.                 | Air Products & Chemicals, Inc.                           | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |       505 | NS      | $156630.80    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                | Deere & Company                                          | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       285 | NS      | $125685.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                    | Trimble, Inc.                                            | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      1575 | NS      | $94106.25     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc                  | Shoals Technologies Group, Inc.                          | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5115 | NS      | $148181.55    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                               | Merck & Company, Inc.                                    | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1500 | NS      | $165180.00    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                          | Eaton Corporation plc                                    | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |      1145 | NS      | $187150.25    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Stem Inc                                       | Stem, Inc.                                               | CUSIP: 85859N102<br>LEI: 549300GVWIYFILN5V546 | Long             | EC               | CORP              | US        |     11455 | NS      | $149716.85    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                                 | Kroger Company (The)                                     | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      2930 | NS      | $144126.70    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HeidelbergCement AG                            | HeidelbergCement AG                                      | CUSIP: 42281P205<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | US        |      8650 | NS      | $94674.25     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca plc ADR                                      | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | US        |      2550 | NS      | $173323.50    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Schnitzer Steel Industries Inc.                | Schnitzer Steel Industries, Inc. Class A                 | CUSIP: 806882106<br>LEI: 549300F62TK8VRDSM285 | Long             | EC               | CORP              | US        |      3500 | NS      | $120155.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                        | CRH plc ADR                                              | CUSIP: 12626K203<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |      3730 | NS      | $150505.50    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                 | Citigroup, Inc.                                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      2025 | NS      | $98030.25     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial N.V.                            | CNH INDUSTRIAL NV                                        | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |      9455 | NS      | $151658.20    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | Novartis AG ADR                                          | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      1585 | NS      | $141952.60    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Array Technologies Inc                         | Array Technologies, Inc.                                 | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |     10145 | NS      | $212436.30    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian S.p.A.                                | Prysmian S.p.A- Unsponsoree ADR ADR                      | CUSIP: 74440L106<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |      9750 | NS      | $170625.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Livent Corporation                             | Livent Corporation                                       | CUSIP: 53814L108<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | EC               | CORP              | US        |      6620 | NS      | $185293.80    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaredge Technologies Inc                     | SolarEdge Technologies, Inc.                             | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |       635 | NS      | $189776.10    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. (The)                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       405 | NS      | $156390.75    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Orsted A/S                                     | Orsted A/S Unsponsored ADR Sponsored ADR                 | CUSIP: 68750L102<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |      3050 | NS      | $88450.00     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                    | PepsiCo, Inc.                                            | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       785 | NS      | $145625.35    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar, Inc.                                        | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       600 | NS      | $103518.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd                          | Daikin Industrials, LTD. ADR                             | CUSIP: 23381B106<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |      9860 | NS      | $161605.40    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal                               | Bank of Montreal                                         | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |      1330 | NS      | $130113.90    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Axa SA                                         | AXA S.A. ADR                                             | CUSIP: 054536107<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |      3825 | NS      | $108132.75    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                              | MP Materials Corp.                                       | CUSIP: 553368101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4195 | NS      | $139483.75    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                 | BNP Paribas S.A. ADR                                     | CUSIP: 05565A202<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      6142 | NS      | $173142.98    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-16

**Name of Applicant:** Karner Blue Biodiversity Impact Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** Assistant Treasurer