# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-002509
**Filing Date:** 2025-10
**Character Count:** 20042
**Document Hash:** f942ba6eea7d85550b149737c31ec791
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002509.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002509

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20260531

**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:** 251426477

**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

### EVOLUTIONARY TREE INNOVATORS FUND (Series ID: S000069399)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000221442 | EVOLUTIONARY TREE INNOVATORS FUND I CLASS SHARES | INVNX           |
| C000234765 | EVOLUTIONARY TREE INNOVATORS FUND A CLASS SHARES | INVTX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** | **EVOLUTIONARY TREE INNOVATORS FUND** | **EVOLUTIONARY TREE INNOVATORS FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.7%** | **Shares** | **Value** |
| **Communications - 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Digital Media - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;1610 | &nbsp;&nbsp;$1189307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment - 9.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1035 | &nbsp;&nbsp;1250539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roblox Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;10200 | &nbsp;&nbsp;1270818 |
|  |  | &nbsp;&nbsp;2521357 |
| <br>**Consumer Discretionary - 21.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce - 21.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;10225 | &nbsp;&nbsp;2341525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. <sup>(a)</sup> | &nbsp;&nbsp;465 | &nbsp;&nbsp;1149903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR <sup>(a)</sup> | &nbsp;&nbsp;5585 | &nbsp;&nbsp;1041826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;7245 | &nbsp;&nbsp;1023573 |
|  |  | &nbsp;&nbsp;5556827 |
| <br>**Financials - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Services - 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;10145 | &nbsp;&nbsp;897427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. - Class A | &nbsp;&nbsp;2825 | &nbsp;&nbsp;348492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;1498 | &nbsp;&nbsp;526966 |
|  |  | &nbsp;&nbsp;1772885 |
| <br>**Health Care - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotechnology - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;argenx SE - ADR <sup>(a)</sup> | &nbsp;&nbsp;641 | &nbsp;&nbsp;456520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3090 | &nbsp;&nbsp;456393 |
|  |  | &nbsp;&nbsp;912913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Technology - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;829 | &nbsp;&nbsp;392361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corporation <sup>(a)</sup> | &nbsp;&nbsp;18851 | &nbsp;&nbsp;757245 |
|  |  | &nbsp;&nbsp;1149606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Pharmaceuticals - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma A/S - ADR <sup>(a)</sup> | &nbsp;&nbsp;3858 | &nbsp;&nbsp;749494 |
| <br>**Industrials - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defense IT & Services - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>(a)</sup> | &nbsp;&nbsp;802 | &nbsp;&nbsp;599326 |

---

---

| | | |
|:---|:---|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** | **EVOLUTIONARY TREE INNOVATORS FUND** | **EVOLUTIONARY TREE INNOVATORS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.7% (Continued)** | **Shares** | **Value** |
| **Industrials - 8.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defense IT & Services - 5.6% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;1730 | &nbsp;&nbsp;$829916 |
|  |  | &nbsp;&nbsp;1429242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mobility & Delivery Services - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7893 | &nbsp;&nbsp;739969 |
| <br>**Technology - 34.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Application Software - 16.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;4750 | &nbsp;&nbsp;844455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1471 | &nbsp;&nbsp;710743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1472 | &nbsp;&nbsp;1350501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2215 | &nbsp;&nbsp;1336797 |
|  |  | &nbsp;&nbsp;4242496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Infrastructure Software - 9.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4790 | &nbsp;&nbsp;2427045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*IT Security - 8.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. <sup>(a)</sup> | &nbsp;&nbsp;2105 | &nbsp;&nbsp;954112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;8585 | &nbsp;&nbsp;767499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1835 | &nbsp;&nbsp;508387 |
|  |  | &nbsp;&nbsp;2229998 |
| **Total Common Stocks** (Cost $15,355,352) | **Total Common Stocks** (Cost $15,355,352) | &nbsp;&nbsp;$24921139 |

---

---

| | | |
|:---|:---|:---|
| **EVOLUTIONARY TREE INNOVATORS FUND** | **EVOLUTIONARY TREE INNOVATORS FUND** | **EVOLUTIONARY TREE INNOVATORS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 2.2%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.20% <sup>(b)</sup><br> (Cost $571,762) | &nbsp;&nbsp;571762 | &nbsp;&nbsp;$571762 |
| **Investments at Value - 99.9%** (Cost $15,927,114) | **Investments at Value - 99.9%** (Cost $15,927,114) | &nbsp;&nbsp;$25492901 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;25912 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$25518813 |

---

---

| | |
|:---|:---|
| A/S | - Aktieselskab |
| ADR | - American Depositary Receipt |
| SE | - Societe Europaea |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of August 31, 2025.

## 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:** EVOLUTIONARY TREE INNOVATORS FUND

- **b. EDGAR series identifier (if any):** S000069399

- **c. LEI of Series:** 54930029KRF0J15JFC83

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $25548005.80

**Total Liabilities:** $29192.82

**Net Assets:** $25518812.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221442 | 6.67%                | 0.17%                | -0.86%               |
| Class ID C000234765 | 6.63%                | 0.17%                | -0.87%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $85101.95                | $1537625.73                                |
| Month 2  | $48162.96                | $17871.62                                  |
| Month 3  | $62049.77                | $-264202.32                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Rubrik Inc.               | Rubrik Inc.                                      | CUSIP: 781154109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8585 | NS      | $767499.00    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Roblox Corporation        | Roku Inc.                                        | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10200 | NS      | $1270818.00   | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation     | Atlassian Corporation Class A                    | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |      4750 | NS      | $844455.00    | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc       | KRYSTAL BIOTECH, INC.                            | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      3090 | NS      | $456393.00    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc        | Meta Platforms, Inc. Class A                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1610 | NS      | $1189307.00   | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc              | Synopsys, Inc.                                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      2215 | NS      | $1336796.80   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc            | ServiceNow, Inc.                                 | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1472 | NS      | $1350501.12   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc               | SHOPIFY, INC. CLASS A                            | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |      7245 | NS      | $1023573.60   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubspot Inc               | HubSpot, Inc.                                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      1471 | NS      | $710743.07    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                  | Visa, Inc. Class A                               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1498 | NS      | $526966.44    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd.                  | Sea Ltd.                                         | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      5585 | NS      | $1041825.90   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc       | Axon Enterprise, Inc.                            | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       802 | NS      | $599326.58    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                 | argenx SE                                        | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | US        |       641 | NS      | $456520.20    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyberark Software Ltd.    | Cyberark Software LTD.                           | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | US        |      2105 | NS      | $954112.30    | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc               | Zscaler, Inc.                                    | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      1835 | NS      | $508386.75    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc. | First American Treasury Obligations Fund Class X | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    571762 | PA      | $571761.76    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc     | Uber Technologies, Inc.                          | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      7893 | NS      | $739968.75    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.          | Amazon.com, Inc.                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     10225 | NS      | $2341525.00   | 9.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc          | MercadoLibre, Inc.                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       465 | NS      | $1149903.15   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.             | Netflix, Inc.                                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1035 | NS      | $1250538.75   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.   | Intuitive Surgical, Inc.                         | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       829 | NS      | $392361.56    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc       | Adobe, Inc.                                      | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10145 | NS      | $897426.70    | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Procept Biorobotics Corp. | PROCEPT BioRobotics Corporation                  | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18851 | NS      | $757244.67    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc      | TRADEWEB MARKETS INC. CLASS A                    | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2825 | NS      | $348492.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.   | CACI International, Inc.                         | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      1730 | NS      | $829915.60    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S       | Ascendis Pharma A/S                              | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | US        |      3858 | NS      | $749493.66    | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.           | Microsoft Corporation                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      4790 | NS      | $2427045.10   | 9.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-31

**Name of Applicant:** Evolutionary Tree Innovators Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer