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TM Fulcrum UCITS Funds

Interim Report & Accounts (unaudited)

for the period ended 30 September 202 5

TUTMAN LLP Authorised and regulated by the Financial Conduct Authority

Page 2

TM Fulcrum UCITS Funds

Contents Page

Management and Professional Service Providers' Details* 1

Report of the Authorised Corporate Director (“ACD”) * 2

Investment Objective, Po licy and Performance Comparator * 2

Report of the Investment Manager* 6

Constitution* 12

Sub - Fund Cross - Holdings* 12

Regulatory Disclosure 12

Certification of Interim Report & Accounts by Authorised Signatories 13

Note to the Financial Statements 14

TM Fulcrum Diversified Absolute Return Fund

Sub - Fund Information* 15

Task Force on Climate - Related Financial Disclosures 15

Portfolio Statement* 22

Statement of Total Return* 47

Statement of Change in Net Assets Attributable to Shareholders 47

Balance Sheet 48

Securities Financing Transactions 49

TM Fulcrum Diversified Core Absolute Return Fund

Sub - Fund Information* 50

Task Force on Climate - Related Financial Disclosures 50

Portfolio Statement* 54

Statement of Total Return* 76

Statement of Change in Net Assets Attributable to Shareholders 76

Balance Sheet 77

Securities Financing Transactions 78

Page 3

TM Fulcrum UCITS Funds

Contents (continued) Page

TM Fulcrum Income Fund

Sub - Fund Information* 79

Task Force on Climate - Related Financial Disclosures 79

Portfolio Statement* 84

Statement of Total Return* 107

Statement of Change in Net Assets Attributable to Shareholders 107

Balance Sheet 108

Distribution Tables 109

Securities Financing Transactions 112

* These collectively comprise the Authorised Corporate Director’s Report.

Page 4

TM Fulcrum UCITS Funds

Management and Professional Service Providers’ Details

Authorised Corporate Director (“ACD”): Members: TUTMAN LLP The members of the ACD are as follows: Exchange Building Thesis Unit Trust Management Limited - Designated Member St John’s Street Thesis Holdings Limited - Designated Member Chichester West Sussex PO19 1UP Thesis Unit Trust Management Limited is wholly owned by Tel: 01243 531234 Thesis Holdings Limited, a private limited company

Authorised and regulated by the Financial incorporated in Jersey with number 123560. Conduct Authority Custodian: Investment Manager: J.P. Morgan Chase Bank N.A. (London Branch) Fulcrum Asset Management LLP 25 Bank Street Marble Arch House Canary Wharf 66 Seymour Street London E14 5JP London W1H 5BT Authorised by the Prudential Regulation Authority Authorised and regulated by the Financial and subject to regulation by the Financial Conduct Authority Conduct Authority and limited regulation by the Prudential Regulation Authority Registrar and Transfer Agent: FNZ TA Services Limited Auditor: Level 7, 2 Redman Place Deloitte LLP Stratford E20 1JQ 3 Bedford Street Tel: 0330 0240 785 The Ewart Authorised and regulated by the Financial Belfast BT2 7 EP Conduct Authority

Depositary: NatWest Trustee and Depositary Services Limited House A, Floor 0, Gogarburn 175 Glasgow Road Edinburgh EH12 1HQ Authorised and regulated by the Financial Conduct Authority

Administrator and Fund Accountant: J.P. Morgan Europe Limited 25 Bank Street Canary Wharf London E14 5JP Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the

Prudential Regulation Authority.

Page 5

TM Fulcrum UCITS Funds

Report of the Authorised Corporate Director ("ACD") for the period ended 30 September 202 5

TUTMAN LLP, (the “ACD”) is pleased to present the ACD’s Interim Report & Accounts for the TM Fulcrum UCITS Funds (the “Company”) for the period ended 30 September 202 5. This Company is structured as an umbrella company with three Sub - Funds , namely TM Fulcrum Diversified Absolute Return Fund, TM Fulcrum Diversified Core Absolute Return Fund and TM Fulcrum Income Fund (the “Sub - Funds”).

I nvestment Objectives, Polic y and Performance Comparator

TM Fulcrum Diversified Absolute Return Fund

The investment objective of the Sub - Fund is to aim to achieve long - term absolute returns of inflation +3% to 5% in all market conditions over rolling five year annualised periods, with lower volatility than equity markets. In doing so the Sub Fund aims to achieve a positive return on a rolling three year basis. However, a positive return is not guaranteed and a capital loss may occur.

Investors should be aware that the investors’ capital is, in fact at risk, and there is no guarantee that these returns will be achieved, whether over rolling five year periods, or any time period.

In seeking to achieve its investment goal, the Sub - Fund will hold a diversified portfolio, typically consisting of equities, fixed income, commodity related instruments and cash. Investments may be made through collective investment schemes (including absolute return funds, index funds such as exchange traded funds (ETFs) and actively managed funds). Indirect exposure to commodities may be sought through investment in transferable securities, eligible index derivatives and collective investment schemes.

The Sub - Fund may use derivatives for investment purposes and for efficient portfolio management. The Sub - Fund will use hedging strategies to reduce risk over the short term without materially altering its risk profile.

The Sub - Fund will be managed without reference to a benchmark.

The Sub - Fund will be managed with a forward looking volatility cap of 12% *.

Inflation will be measured by reference to the Retail Prices Index.

The Company uses the UK Retail Price Index (RPI) for performance comparison purposes only and the benchmark is not a target benchmark and the Company is not constrained by it.

The ACD reserves the right to change the Reference Benchmark following consultation with the Depositary and in accordance with the rules in COLL. A change could arise, for example, where the ACD determines that an alternative may be more appropriate or a benchmark administrator has given notification of discontinuance of the benchmark. Shareholders will be notified of such a change, FCA approval will be applied for and the Prospectus updated and the change noted in the subsequent annual and half - yearly reports.

*Forward looking volatility refers to the estimated volatility that a portfolio is taking based on short term volatility forecasts, such as those implied from option prices. When assessing a portfolio’s risk, it is more insightful to examine the volatility that was taken at each point in time to achieve a return rather than the volatility that was realised, thus eliminating the role of luck. By limiting forward looking volatility to 12%, exposure to equities, commodities and credit, for example, are automatically limited at times of market stress when volatility typically spikes and the probability of losses is especially high. Further information is available on request.

Page 6

TM Fulcrum UCITS Funds

Report of the Authorised Corporate Director ("ACD") (continued) for the period ended 30 September 202 5

I nvestment Objectives, Policy and Performance Comparator (continued)

TM Fulcrum Diversified Core Absolute Return Fund

The investment objective of the Sub - Fund is to aim to achieve long - term absolute returns of inflation + 3% to 5% in all market conditions over rolling five year annualised periods, with lower volatility than equity markets. In doing so the Sub Fund aims to achieve a positive return on a rolling three year basis. However, a positive return is not guaranteed and a capital loss may occur.

Investors should be aware that the investors’ capital is, in fact at risk, and there is no guarantee that these returns will be achieved, whether over rolling five year periods, or any time period.

In seeking to achieve its investment goal, the Sub - Fund will hold a diversified portfolio, typically consisting of equities, commodity related instruments, fixed income and cash either directly or indirectly through the use of derivatives. Investments may be made through collective investment schemes (including index funds such as exchange traded funds (ETFs) and actively managed funds managed by the Investment Manager). Indirect exposure to commodities may be sought through investment in transferable securities, eligible index derivatives and collective investment schemes.

The Sub - Fund will use derivatives for investment purposes and for efficient portfolio management. Such use of derivatives may therefore, at times, increase the volatility of the Sub - Fund’s NAV and change the risk profile of the Sub Fund. The Sub - Fund will use hedging strategies to reduce risk over the short time without materially altering its risk profile.

The Sub - Fund will be managed without reference to a benchmark.

The Sub - Fund will be managed with a forward looking volatility cap of 12%.*

Inflation will be measured by reference to the Retail Prices Index.

Investments in collective investment schemes will not exceed 10% of the Sub - Fund's assets in aggregate.The Company uses the UK Retail Price Index (RPI) for performance comparison purposes only and the benchmark is not a target benchmark and the Company is not constrained by it.

The index has been selected as a benchmark for performance because the constituents are representative of the areas in which the Company itself is likely to invest, and it is therefore an appropriate comparator for the Company's performance. The ACD reserves the right to change the Reference Benchmark following consultation with the Depositary and in accordance with the rules in COLL. A change could arise, for example, where the ACD determines that an alternative may be more appropriate or a benchmark administrator has given notification of discontinuance of the benchmark. Shareholders will be notified of such a change, FCA approval will be applied for and the Prospectus updated and the change noted in the subsequent annual and half - yearly reports . *Forward looking volatility refers to the estimated volatility that a portfolio is taking based on short term volatility forecasts, such as those implied from option prices. When assessing a portfolio’s risk, it is more insightful to examine the volatility that was taken at each point in time to achieve a return rather than the volatility that was realised, thus eliminating the role of luck. By limiting forward looking volatility to 12%, exposure to equities, commodities and credit, for example, are automatically limited at times of market stress when volatility typically spikes and the probability of losses is especially high. Further information is available on request.

Page 7

TM Fulcrum UCITS Funds

Report of the Authorised Corporate Director ("ACD") (continued) for the period ended 30 September 202 5

I nvestment Objectives, Policy and Performance Comparator (continued)

TM Fulcrum Income Fund

The Sub - Fund aims to generate an annual income of 4.5% above the Bank of England Base Rate (before tax payable by the Sub - Fund) regardless of market conditions, subject to a total annual income aimed at 8%. In addition the Sub Fund aims to preserve capital through aiming to control volatility to be less than half the volatility of the equity markets (as measured by the MSCI World Total Return Index hedged to GBP) over rolling three year periods.

Investors should be aware that the investors’ capital is, in fact at risk, and there is no guarantee that these returns will be achieved, whether over rolling three year periods, or any time period.

The Sub - Fund seeks to achieve its objective by using a range of investment strategies and techniques to invest actively in a broad selection of asset classes across all economic sectors worldwide. These asset classes may include equities, equity related securities, debt securities (including those issued by corporate bodies, governments and/or supranational institutions), warrants, cash, near cash and money market instruments. Exposure to these asset classes may be gained directly or indirectly through derivatives or collective investment schemes (including but not limited to exchange traded funds) and any other UCITS eligible instrument.

The Sub - Fund may gain exposure to commodities through swaps on eligible commodity indices and investing in transferable securities in the commodities sector, such as exchange traded commodities.

The Sub - Fund’s investment strategies and techniques will make significant use of financial derivative instruments. The Sub - Fund’s use of derivatives may include eligible derivatives on currencies, interest rates, credit, commodity indices and equities, which, may be either exchange traded or off exchange. Such derivative usage can be for the purposes of efficient portfolio management and/or meeting the investment objective of the Sub - Fund. Such derivatives have the potential to increase significantly the Sub - Fund's risk profile.

The use of derivatives will be for purposes of efficient portfolio management and/or meeting the Sub - Fund's investment objective. Such derivatives have the potential to increase significantly the Sub - Fund's risk profile. The use of derivative instruments as part of the investment policy may mean that the Sub - Fund may, from time to time, have substantial holdings in liquid assets including deposits and money market instruments. These can be converted into cash in a short period of time.

The target income yield referred to in the investment objective will be measured from 1 April to 31 March each year, and will be measured daily using the prevailing Bank of England base rate and the daily net asset value of the Sub - Fund.

Income will be distributed monthly.

The Company uses the UK Retail Price Index (RPI) for performance comparison purposes only and the benchmark is not a target benchmark and the Company is not constrained by it.

Page 8

TM Fulcrum UCITS Funds

Report of the Authorised Corporate Director ("ACD") (continued) for the period ended 30 September 202 5

I nvestment Objectives, Policy and Performance Comparator (continued)

*Forward looking volatility refers to the estimated volatility that a portfolio is taking based on short term volatility forecasts, such as those implied from option prices. When assessing a portfolio’s risk, it is more insightful to examine the volatility that was taken at each point in time to achieve a return rather than the volatility that was realised, thus eliminating the role of luck. By limiting forward looking volatility to 12%, exposure to equities, commodities and credit, fo r example, are automatically limited at times of market stress when volatility typically spikes and the probability of losses is especially high. Further information is available on request.

Important Information

From time to time, major macroeconomic events occur and cause significant short - term volatility to capital markets. Russia’s military action is an example of such an event. We are monitoring the situation very closely and will continue to manage our funds in line with their respective objectives.

TUTMAN LLP Authorised Corporate Director 28 November 202 5

Page 9

TM Fulcrum UCITS Funds

Report of the Investment Manager for the period ended 30 September 202 5

Investment Report – TM Fulcrum Diversified Absolute Return Fund

Performance: Over the period from 1st April to 30th September 2025, TM Fulcrum Diversified Absolute Return Fund C Acc GBP Class returned +9.2%, net of fees.

Market Review: The period began with an unprecedented surge in trade policy uncertainty and a spike in volatility as the US administration announced tariffs on their major trading partners. The measures were quickly moderated following a period of intense market volatility and, by the end of June, equities had staged a powerful comeback.

As uncertainty continued to decline and global trade policy stabilised, equities continued to climb. This trend was supported by benign US inflation data and a rebound in US growth, as well as the strength of the global technology sector given capital expenditure related to AI. Global economic activity remained robust and commodity prices climbed, led by a strong surge in precious metals prices that extended beyond gold.

There was once again a good positive contribution from the long - only equities allocation in the Dynamic Asset Allocation sleeve, with positive returns also coming from the fixed income allocation. Diversifying Strategies were also positive over the period. The allocations to external managers were additive to performance across all strategies, and the trend following manager rebounded strongly after a challenging start to the period that had been characteri s ed by the absence of any notable trends.

There was also a significant positive contribution from our dynamic hedging decisions, which added to returns during the challenges of April’s volatility.

The contribution from the Discretionary Macro sleeve was strongly positive over the period. The best - performing components were Commodities (a tactical long position in precious metals), Equity Macro (a long position in UK equities), and Cross Asset (a long position in Brazilian rates and currency). Discretionary decisions in the fixed income sleeve fared well during April’s volatility, and again in June, while there was a broad range of themes in Thematic Equities contributing to performance (including AI - related positions).

There were negative contributions from our US dollar position, which we rotated from long to short (versus various currencies) in early April, and from Volatility, which was impacted by the sharp reversal in equities – specifically, by much of the equity market moving in sync, with little dispersion - in April. We remained long duration for much of the period, aside from some tactical trading in April. At the period end, a significant part of the duration was from the Dynamic Asset Allocation sleeve, where the fixed income weight has been steadily climbing, with much of the remaining duration in the UK, coming from the Discretionary Macro sleeve.

With a relatively robust outlook for US and global growth, we ended the period with a reasonable allocation to equities, somewhat higher than at the end of March. Again, a portion of this came from Dynamic Asset Allocation, while the Discretionary Macro portfolio had positions in Emerging Market and UK equities.

The other significant change was the move away from a long US dollar stance to a neutral / slightly short stance versus a selection of Emerging Market currencies.

We have a large number of idiosyncratic and tactical positions in place to benefit from potential shorter - term trends, given the ongoing degree of uncertainty, while our overall stance is broadly pro - cyclical.

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TM Fulcrum UCITS Funds

Report of the Investment Manager (continued) for the period ended 30 September 202 5

Largest Purchases and Sales:

As this strategy gains exposure primarily via derivatives, the largest purchases and sales are defined here as the opening and closing of trade strategies with the greatest risk contribution to the portfolio.

Largest purchases (/increase in risk):

Strategy Asset Class Euro Bunds Fixed Income US Treasuries Fixed Income USD vs JPY Currencies Brazilian rates Cross Asset UK equities Equity Macro

Largest sales (/reduction of risk):

Strategy Asset Class

Brazilian rates Cross Asset

CAD vs USD Currencies

Euro Bunds Fixed Income

US rates, 30 year Fixed Income

US Treasuries Fixed Income

Page 11

TM Fulcrum UCITS Funds

Report of the Investment Manager (continued) for the period ended 30 September 2025

Investment Report – TM Fulcrum Diversified Core Absolute Return Fund

Performance: Over the period from 1st April to 30th September 2025, TM Fulcrum Diversified Core Absolute Return Fund C Acc GBP Class returned +8.5%, net of fees.

There was once again a good positive contribution from the long - only equities allocation in the Dynamic Asset Allocation sleeve, with positive returns also coming from the fixed income allocation. Diversifying Strategies were also positive over the period as the trend - following manager rebounded strongly after a challenging start to the period that had been characteri s ed by the absence of any notable trends.

There was also a significant positive contribution from our dynamic hedging decisions, which added to returns during the challenges of April’s volatility.

We remained long duration for much of the period, aside from some tactical trading in April. At the period end, a significant part of the duration was from the Dynamic Asset Allocation sleeve, where the fixed income weight has been steadily climbing, with much of the remaining duration in the UK, coming from the Discretionary Macro sleeve.

The other significant change was the move away from a long US dollar stance to a neutral / slightly short stance versus a selection of Emerging Market currencies.

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TM Fulcrum UCITS Funds

Report of the Investment Manager (continued) for the period ended 30 September 2025

Largest Purchases and Sales:

Largest purchases (/increase in risk):

Strategy Asset Class

Euro Bunds Fixed Income US Treasuries Fixed Income Brazilian rates Cross Asset UK equities Equity Macro USD vs JPY Currencies

Largest sales (/reduction of risk):

Strategy Asset Class Brazilian rates Cross Asset CAD vs USD Currencies Euro Bunds Fixed Income US rates, 30 year Fixed Income US Treasuries Fixed Income

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TM Fulcrum UCITS Funds

Report of the Investment Manager (continued) for the period ended 30 September 202 5

Investment Report – TM Fulcrum Income Fund

Performance: Over the period from 1st April to 30th September 2025, TM Fulcrum Income Fund F Acc GBP Class returned +9.6%, net of fees.

There was once again a good positive contribution from the long - only equities allocation in the Dynamic Asset Allocation sleeve, with positive returns also coming from the fixed income allocation. Diversifying Strategies were also positive over the period, as the trend - following manager rebounded strongly after a challenging start to the period that had been characteri s ed by the absence of any notable trends.

There was also a significant positive contribution from our dynamic hedging decisions, which added to returns during the challenges of April’s volatility.

The other significant change was the move away from a long US dollar stance to a neutral / slightly short stance versus a selection of Emerging Market currencies.

Page 14

TM Fulcrum UCITS Funds

Report of the Investment Manager (continued) for the period ended 30 September 202 5

Largest Purchases and Sales:

Largest purchases (/increase in risk):

Strategy Asset Class

Euro Bunds Fixed Income US Treasuries Fixed Income USD vs JPY Currencies Brazilian rates Cross Asset

UK equities Equity Macro

Largest sales (/reduction of risk):

Strategy Asset Class Brazilian rates Cross Asset CAD vs USD Currencies Euro Bunds Fixed Income US rates, 30 year Fixed Income US Treasuries Fixed Income

Page 15

TM Fulcrum UCITS Funds

Constitution

TM Fulcrum UCITS Funds (the “Company”) is an open - ended investment company with variable capital ("ICVC") established pursuant to an authorisation order of the FCA on 22 February 2012 and is a UCITS retail scheme as d efined in rule 1.2.1R of the Collective Investment Schemes sourcebook ("COLL sourcebook"), as amended, and structured as an Umbrella Company. The Company is incorporated with registration number IC000939. The Head Office of the Company is Exchange Building, St John’s Street, Chichester, West Sussex, PO19 1UP and this is also the address for service of notices or other documents required or authorised to be served on the Company.

Shareholders are not be liable for the debts of the Company . Currently, the Company has three Sub - Funds as provided on page 2 . The base currency of the Company and each Sub - Fund is Pounds Sterling.

Sub -F unds established by the Company are segregated portfolios of assets, and accordingly, the assets of a sub - fund belong exclusively to that sub - fund, and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Company or any other sub - fund, and shall not be available for any such purpose.

Sub - Fund Cross Holdings

No S ub -F und held shares in any other S ub -F und within the Company during the current period or prior year . Regulatory Disclosure

This document has been issued by TUTMAN LLP (authorised and regulated by the Financial Conduct Authority).

Past performance is not necessarily a guide to future performance. The value of shares can go down as well as up and is not guaranteed. Changes in rates of exchange may also cause the value of shares to fluctuate. Any references in this report to other investments held within this Company should not be read as a recommendation to the investor to buy and sell the same, but are included as illustration only.

Page 16

TM Fulcrum UCITS Funds

Certification of Interim Report & Accounts by Authorised Signatories

In accordance with the requirements of the Open - Ended Investment Companies Regulations 2001 (the “OEIC Regulations”) and the Collective Investment Schemes Sourcebook (“COLL Sourcebook”), we hereby certify this Interim Report & Accounts (unaudited) on behalf of the ACD, TUTMAN LLP.

D.W. TYERMAN Authorised Signatory

S.E. NOONE Authorised Signatory

28 November 202 5

Page 17

TM Fulcrum UCITS Funds

Note to the Financial Statements for the period ended 30 September 202 5

A ccounting Policies The interim financial statements have been prepared on the same basis as the audited financial statements for the year ended 31 March 202 5 . They are in accordance with the United Kingdom Generally Accepted Accounting Practice (UK GAAP), as defined within the UK Financial Reporting Standard (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice ‘Financial Statements of UK Authorised Funds’ (the “SORP”), issued by the Investment Management Association (now known as the Investment Association) in May 2014 and amended in June 2017.

Page 18

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Sub - Fund information

Synthetic Risk and reward indicator ("SRRI")

Lower Risk Higher Risk

Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7

The SRRI table demonstrates where a Sub - Fund ranks in terms of risk and reward. The higher the risk the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the risk profile of the Sub - Fund. The shaded area on the table above shows the Sub - Fund’s ranking on the Synthetic Risk and Reward Indicator.

The risk rating of the Sub - Fund is category 3 due to the volatility of the Sub - Fund price which sits in a range of between 2% and 5%. The risk rating is calculated using historical data and a prescribed standard deviation methodology.

N on - base currency share classes may have a different Synthetic Risk and Reward Indicator, key investor information document details are available at https://www.tutman.co.uk . Task Force on Climate - Related Financial Disclosures (unaudited) A statement on the climate related financial disclosures is available at https://www.tutman.co.uk .

Page 19

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Sub - Fund information (continued)

Comparative Table s

GBP A Acc Accounting period: From 01.04.25 to 30.09.25 £

From 01.04.24 to 31.03.25 £

From 01.04.23 to 31.03.24 £

From 01.04.22 to 31.03.23 £ Change in net asset value per share Opening net asset value per share 152.18 145.32 134.97 138.55 Return before operating charges* 14.42 8.50 12.02 (1.57) Operating charges (0.90) (1.64) (1.67) (2.01) Return after operating charges* 13.52 6.86 10.35 (3.58) Distributions 0.00 (1.17) (0.58) 0.00 Retained distributions 0.00 1.17 0.58 0.00 Closing net asset value per share 165.70 152.18 145.32 134.97 *after direct transaction costs of (0.03) (0.07) (0.07) (0.07)

Performance Return after charges (%) ^ 8.88 4.72 7.67 (2.58)

Other information Closing net asset value (£'000) 1,335 1,541 1,471 3,129 Closing number of shares 8,054 10,124 10,124 23,185 Operating charges (%) † 1.15 1.10 1.13 1.45 Direct transaction costs (%) 0.02 0.05 0.05 0.05

Prices Highest share price 165.76 154.47 145.33 141.59 Lowest share price 149.74 141.83 132.10 132.83

Page 20

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Sub - Fund information (continued)

Comparative Table s (continued)

GBP C Acc Accounting period: From 01.04.25 to 30.09.25 £

From 01.04.24 to 31.03.25 £

From 01.04.23 to 31.03.24 £

From 01.04.22 to 31.03.23 £ Change in net asset value per share Opening net asset value per share 156.29 149.25 138.53 141.85 Return before operating charges* 14.81 8.72 12.30 (1.61) Operating charges (0.93) (1.68) (1.58) (1.71) Return after operating charges* 13.88 7.04 10.72 (3.32) Distributions 0.00 (1.20) (0.70) 0.00 Retained distributions 0.00 1.20 0.70 0.00 Closing net asset value per share 170.17 156.29 149.25 138.53 *after direct transaction costs of (0.03) (0.07) (0.08) (0.07)

Performance Return after charges (%) ^ 8.88 4.72 7.74 (2.34)

Other information Closing net asset value (£'000) 388,845 385,783 476,317 516,416 Closing number of shares 2,285,003 2,468,324 3,191,316 3,727,765 Operating charges (%) † 1.15 1.10 1.13 1.20 Direct transaction costs (%) 0.02 0.05 0.05 0.05

Prices Highest share price 170.25 158.65 149.26 144.98 Lowest share price 153.79 145.67 135.68 136.32

Page 21

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Sub - Fund information (continued)

Comparative Table s (continued)

GBP D Acc Accounting period: From 01.04.25 to 30.09.25 £

From 01.04.24 to 31.03.25 £

From 01.04.23 to 31.03.24 £

From 01.04.22 to 31.03.23 £ Change in net asset value per share Opening net asset value per share 138.19 130.96 120.65 122.61 Return before operating charges* 12.62 7.70 10.77 (1.40) Operating charges (0.28) (0.47) (0.46) (0.56) Return after operating charges* 12.34 7.23 10.31 (1.96) Distributions 0.00 (1.79) (1.50) (0.37) Retained distributions 0.00 1.79 1.50 0.37 Closing net asset value per share 150.53 138.19 130.96 120.65 *after direct transaction costs of (0.02) (0.06) (0.07) (0.06)

Performance Return after charges (%) ^ 8.93 5.52 8.55 (1.60)

Other information Closing net asset value (£'000) 1,186 991 1,024 335 Closing number of shares 7,876 7,170 7,821 2,777 Operating charges (%) † 0.40 0.35 0.38 0.45 Direct transaction costs (%) 0.02 0.05 0.05 0.05

Prices Highest share price 150.60 139.82 130.88 125.68 Lowest share price 135.65 127.81 118.41 118.68

Page 22

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Sub - Fund information (continued)

Comparative Table s (continued)

AUD C Acc - Hedged Accounting period: From 01.04.25 to 30.09.25 AUD$

From 01.04.24 to 31.03.25 AUD$

From 01.04.23 to 31.03.24 AUD$

From 01.04.22 to 31.03.23 AUD$ Change in net asset value per share Opening net asset value per share 170.39 163.84 153.68 158.08 Return before operating charges* 1 5 . 71 8.36 11.89 (2.50) Operating charges ( 1 . 01 ) (1.81) (1.73) (1.90) Return after operating charges* 14.70 6.55 10.16 (4.40) Distributions 0.00 (1.45) (0.78) 0.00 Retained distributions 0.00 1.45 0.78 0.00 Closing net asset value per share 185.09 170.39 163.84 153.68 *after direct transaction costs of (0.0 3 ) (0.08) (0.08) (0.08)

Performance Return after charges (%) ^ 8.63 4.00 6.61 (2.78)

Other information Closing net asset value (AUD$'000) 902 732 161 75 Closing number of shares 4,872 4,297 984 488 Operating charges (%) † 1.15 1.10 1.13 1.20 Direct transaction costs (%) 0.02 0.05 0.05 0.05

Prices Highest share price 185.18 173.03 163.89 161.53 Lowest share price 167.67 159.77 150.18 151.28

Page 23

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Sub - Fund information (continued)

Comparative Table s (continued)

EUR B Acc - Hedged Accounting period: From 01.04.25 to 30.09.25 €

From 01.04.24 to 31.03.25 €

From 01.04.23 to 31.03.24 €

From 01.04.22 to 31.03.23 A € Change in net asset value per share Opening net asset value per share – – – 110.98 Return before operating charges* – – – (0.84) Operating charges – – – (0.94) Return after operating charges* – – – (1.78) Distributions – – – 0.00 Retained distributions – – – 0.00 Closing net asset value per share – – – 109.20 *after direct transaction costs of – – – (0.05)

Performance Return after charges (%) ^ – – – (1.60)

Other information Closing net asset value (€'000) – – – 0.00 Closing number of shares – – – 0.00 Operating charges (%) † – – – 1.95 Direct transaction costs (%) – – – 0.05

Prices Highest share price – – – 113.34 Lowest share price – – – 108.48

A The closing net asset value per share was as at the closure date on 5 July 2022 .

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TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Sub - Fund information (continued)

Comparative Table s (continued)

EUR C Acc - Hedged Accounting period: From 01.04.25 to 30.09.25 €

From 01.04.24 to 31.03.25 €

From 01.04.23 to 31.03.24 €

From 01.04.22 to 31.03.23 € Change in net asset value per share Opening net asset value per share 120.67 117.00 110.17 114.83 Return before operating charges* 9 . 93 4.98 8.07 (3.29) Operating charges (0. 71 ) (1.31) (1.24) (1.37) Return after operating charges* 9.22 3.67 6.83 (4.66) Distributions 0.00 (0.94) (0.55) 0.00 Retained distributions 0.00 0.94 0.55 0.00 Closing net asset value per share 129.89 120.67 117.00 110.17 *after direct transaction costs of (0.02) (0.05) (0.06) (0.06)

Performance Return after charges (%) ^ 7.64 3.14 6.20 (4.06)

Other information Closing net asset value (€'000) 56,647 142,267 163,134 139,446 Closing number of shares 436,130 1,178,959 1,394,261 1,265,718 Operating charges (%) † 1.15 1.10 1.13 1.20 Direct transaction costs (%) 0.02 0.05 0.05 0.05

Prices Highest share price 129.94 122.79 117.05 117.26 Lowest share price 118.69 114.06 107.52 108.50

^Return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the Sub - Fund’s performance disclosed in the Investment Manager's report, which is calculated based on the latest published price.

† Operating charges, otherwise known as the OCF is the ratio of the sub - fund’s total disclosable costs (excluding overdraft interest) to the average net assets of the sub - fund . The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub - fund and is calculated based on the last period 's figures. Included within the OCF are synthetic costs which include the OCF of the underlying funds weighted on the basis of their investment proportion, when a sub - fund has invested 10% or more in other Collective Investment Schemes , however, Exchange Traded Commodities do not meet the definition of eligible transferable securities and therefore we do not treat them as Collective Investment Schemes for the purposes of OCF synthetic costs.

Page 25

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Collective Investment Schemes 41.73% (48.79%) AKO Global Fund A2 USD 31,933 5,389 1.22 Amundi Prime UK Mid and Small Cap Fund ETF DR - GBP 9,238 221 0.05 ATLAS Global Infrastructure Fund Series B GBP Unhedged Share Class (INC) 8,646 1,303 0.30 BlackRock Asia Pacific Diversified Equity Absolute Return Fund Class X2 GBP Hedged 30,582 5,763 1.31 BlueBay Funds - BlueBay Impact - Aligned Bond Fund - K - GBP 9,586 1,116 0.25 Cohen & Steers Global Real Estate Securities Fund Class I Acc (USD) Shares 113,343 1,669 0.38 Crabel Gemini Fund GBP Founder A Pooled Class Shares 54,007 6,350 1.44 FAST - Emerging Markets Fund I - ACC - GBP 51,621 6,756 1.53 Fidelity Funds - Absolute Return Global Equity Fund I - ACC - GBP (GBP/USD hedged) 5,352,511 7,574 1.72 Fulcrum Artificial Intelligence And Innovation Fund † 43,956 5,392 1.22 Fulcrum Equity Dispersion Fund Z GBP HSC C † 89,752 13,661 3.09 Fulcrum Thematic Equity Market Neutral Fund Z (GBP) HSC † 391,532 43,545 9.87 Global Asset Backed Securities Fund Share Class: ZHX (GBP) 75,122 1,858 0.42 HSBC Global Investment Funds - Global Securitised Credit Bond Class:XDHGBP 138,877 1,413 0.32 Invenomic US Equity Long/Short Fund GBP Founder Pooled Class Shares 23,149 3,884 0.88 KBI Global Sustainable Infrastructure C GBP ACC 123,857 1,397 0.32 KL Event Driven Fund Share Class A USD Shares 78,964 11,401 2.58 KLS Athos Event Driven Fund Class F (GBP Hedged) 81,635 9,331 2.11 Lazard Emerging Markets Corporate Debt Fund A Dist GBP Hedged 7,846 860 0.19 Lumyna - BlueCove Alternative Credit Fund - GBP X3 (acc) 59,661 6,318 1.43 Lumyna - MW TOPS Environmental Focus (Market Neutral) Fund - GBP A (acc) 76,434 11,346 2.57 Man GLG Absolute Value Fund Professional Accumulation Shares (Class CX) 5,934,195 9,429 2.13 Montanaro Global Select Fund Sterling Accumulation A Class 1,246,371 1,278 0.29 Pacific G10 Macro Rates GBP Z Accumulating (Hedged) 482,216 5,730 1.30 PGIM Emerging Market Local Currency Debt Fund - GBP I Distribution (Q) 21,849 1,700 0.38 PGIM Emerging Market Total Return Bond Fund - GBP - Hedged I Distribution (Q) 22,374 2,285 0.52 Redwheel Biodiversity Fund I GBP Accumulation 7,251 824 0.19 Redwheel Global Convertibles Fund Class S GBP HDG 12,943 1,794 0.41 Resolution Capital Global Property Securities CCF Class I USD Unhedged Accumulating 21,170 1,746 0.40 Robeco Smart Materials I GBP 3,429 808 0.18 SKY Harbor Global Funds - Global Short Maturity Responsible High Yield A Dist GBP 9,447 868 0.20 SuMI Trust Investment Funds Lux Japan Small Cap A JPY 46,423 4,832 1.09 Virtus GF Clean Energy Fund Class I Shares GBP Distributing 110,592 1,054 0.24 WisdomTree Brent Crude Oil 143,752 5,300 1.20 Collective Investment Schemes total 184,195 41.73

Page 26

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Equities 9.88% (10.73%) Australia 0.10% (0.11%) Atlas Arteria Ltd. 1,996 5 BHP Group Ltd. 200 4 BHP Group Ltd., ADR 982 41 0.01 Boss Energy Ltd. 1,168 1 Cochlear Ltd. 104 14 Coles Group Ltd. 816 9 CSL Ltd. 225 22 0.01 Fortescue Ltd. 861 8 Goodman Group, REIT 14,869 240 0.06 Paladin Energy Ltd. 1,331 6 Paladin Energy Ltd. 267 1 REA Group Ltd. 441 50 0.01 Transurban Group 2,205 15 Westpac Banking Corp. 1,666 32 0.01 448 0.10 Austria 0.00% (0.00%) Erste Group Bank AG 171 12 12 Belgium 0.04% (0.03%) CMB Tech NV 74 1 Elia Group SA/NV 1,732 148 0.04 Groupe Bruxelles Lambert NV 142 9 KBC Group NV 132 12 170 0.04 Bermuda 0.06% (0.08%) Arch Capital Group Ltd. 3,478 234 0.06 Nordic American Tankers Ltd. 374 1 Pacific Basin Shipping Ltd. 1,391 1 SFL Corp. Ltd. 'B' 221 1 Shenzhen International Holdings Ltd. 10,939 8 Stolt - Nielsen Ltd. 10 – Teekay Tankers Ltd. 'A' 52 2 247 0.06 Brazil 0.01% (0.01%) Cosan SA 5,927 5 CPFL Energia SA 583 3 Klabin SA 1,118 3 Sao Martinho S/A 619 2 Suzano SA 633 4 Vale SA, ADR 'B' 1,779 14 0.01 31 0.01 Canada 0.34% (0.37%) Bank of Nova Scotia (The) 608 29 0.01 Boralex, Inc. 'A' 664 10 Cameco Corp. 654 41 0.01

Page 27

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Canadian National Railway Co. 174 12 Canadian Pacific Kansas City Ltd. 457 25 0.01 Denison Mines Corp. 4,621 9 Dollarama, Inc. 3,378 330 0.07 Enbridge, Inc. 1,065 40 0.01 Energy Fuels, Inc. 706 8 GFL Environmental, Inc. 725 25 0.01 Gildan Activewear, Inc. 197 8 Hydro One Ltd. 2,283 60 0.01 Keyera Corp. 950 24 0.01 NexGen Energy Ltd. 3,401 23 0.01 Novanta, Inc. 58 4 Nutrien Ltd. 235 10 Parkland Corp. 3,752 77 0.02 Pembina Pipeline Corp. 362 11 Royal Bank of Canada 1,048 115 0.03 Shopify, Inc. 'A' 558 61 0.01 South Bow Corp. 146 3 TC Energy Corp. 763 31 0.01 TELUS Corp. 658 8 Waste Connections, Inc. 1,751 224 0.05 West Fraser Timber Co. Ltd. 965 49 0.01 WSP Global, Inc. 1,858 270 0.06 1,507 0.34 Cayman Islands 0.01% (0.01%) Alchip Technologies Ltd. 459 39 0.01 39 0.01 Chile 0.00% (0.00%) Sociedad Quimica y Minera de Chile SA, ADR 152 5 5 China 0.00% (0.00%) Zhejiang Expressway Co. Ltd. 'H' 16,456 11 11 Curacao 0.04% (0.06%) Schlumberger NV 6,806 174 0.04 174 0.04 Cyprus 0.00% (0.00%) Frontline plc 117 2 2 Denmark 0.12% (0.16%) D/S Norden A/S 35 1 Danske Bank A/S 3,599 114 0.03 DSV A/S 1,133 168 0.04 Netcompany Group A/S 1,884 53 0.01 NKT A/S 95 7 Novo Nordisk A/S 'B' 4,660 188 0.04 ROCKWOOL A/S 'B' 307 9 540 0.12

Page 28

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Faroe Islands 0.01% (0.01%) Bakkafrost P/F 1,471 50 0.01 50 0.01 Finland 0.00% (0.00%) Neste OYJ 299 4 Stora Enso OYJ 'R' 368 3 UPM - Kymmene OYJ 136 3 Wartsila OYJ Abp 132 3 13 France 0.17% (0.19%) Aeroports de Paris SA 48 5 Air Liquide SA 49 7 Arkema SA 122 6 Dassault Aviation SA 433 107 0.03 Eiffage SA 175 17 0.01 Engie SA 608 10 Gaztransport Et Technigaz SA 553 76 0.02 Getlink SE 535 7 Hermes International SCA 62 113 0.03 Legrand SA 23 3 LVMH Moet Hennessy Louis Vuitton SE 127 58 0.01 Nexans SA 97 11 Rexel SA 107 2 Sanofi SA 525 36 0.01 Schneider Electric SE 990 205 0.05 SCOR SE 385 10 SPIE SA 281 11 Veolia Environnement SA 1,122 28 0.01 Vinci SA 163 17 729 0.17 Germany 0.24% (0.24%) adidas AG 645 101 0.02 Bayer AG 911 23 0.01 Deutsche Boerse AG 51 10 E.ON SE 14,455 202 0.05 Fraport AG Frankfurt Airport Services Worldwide 172 11 HOCHTIEF AG 58 12 Rheinmetall AG 272 470 0.11 RWE AG 300 10 SAP SE 671 133 0.03 Siemens AG 341 68 0.02 Symrise AG 'A' 234 15 1,055 0.24 Hong Kong 0.01% (0.01%) AIA Group Ltd. 5,159 37 0.01 37 0.01 Ireland 0.35% (0.40%) Accenture plc 'A' 431 79 0.02 Aon plc 'A' 970 257 0.06

Page 29

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Bank of Ireland Group plc 1,089 13 CRH plc 997 89 0.02 Eaton Corp. plc 58 16 0.01 Kingspan Group plc 3,121 189 0.04 Linde plc 917 324 0.07 nVent Electric plc 2,959 217 0.05 Smurfit WestRock plc 93 3 Smurfit WestRock plc 45 1 Trane Technologies plc 1,091 342 0.08 1,530 0.35 Israel 0.00% (0.00%) Nova Ltd. 33 8 8 Italy 0.13% (0.11%) Brunello Cucinelli SpA 96 8 Enel SpA 5,752 40 0.01 Prysmian SpA 5,101 375 0.08 Terna - Rete Elettrica Nazionale 16,096 121 0.03 UniCredit SpA 635 36 0.01 580 0.13 Japan 0.41% (0.45%) Advantest Corp. 194 14 Capcom Co. Ltd. 426 9 Daihen Corp. 150 6 Daiichi Sankyo Co. Ltd. 6,157 102 0.02 Daikin Industries Ltd. 129 11 Disco Corp. 179 42 0.01 Fast Retailing Co. Ltd. 919 208 0.05 Fuji Electric Co. Ltd. 228 11 Fujikura Ltd. 968 70 0.02 Hitachi Ltd. 206 4 Iino Kaiun Kaisha Ltd. 76 – ITOCHU Corp. 614 26 0.01 Itochu Enex Co. Ltd. 9,092 90 0.02 Kawasaki Heavy Industries Ltd. 95 5 Kawasaki Kisen Kaisha Ltd. 77 1 KDDI Corp. 2,949 35 0.01 Maruwa Co. Ltd. 41 8 Micronics Japan Co. Ltd. 227 7 Mitsubishi Electric Corp. 741 14 Mitsubishi Heavy Industries Ltd. 98 2 Mitsui E&S Co. Ltd. 72 2 Mitsui OSK Lines Ltd. 42 1 MS&AD Insurance Group Holdings, Inc. 433 7 Nintendo Co. Ltd. 2,362 152 0.04 Nippon Sanso Holdings Corp. 574 15 0.01 Nippon Yusen KK 62 2 Niterra Co. Ltd. 419 12 Nitto Denko Corp. 786 14 NTT, Inc. 9,372 7 26

Page 30

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Panasonic Holdings Corp. 1,078 9 Recruit Holdings Co. Ltd. 4,056 162 0.04 Sakura Internet, Inc. 249 4 Secom Co. Ltd. 539 15 Shibaura Mechatronics Corp. 158 10 SoftBank Corp. 8,642 9 Sompo Holdings, Inc. 460 11 Sony Financial Group, Inc. 21,553 18 0.01 Sony Group Corp. 21,553 462 0.11 Sumitomo Electric Industries Ltd. 1,317 28 0.01 Sumitomo Mitsui Financial Group, Inc. 1,786 38 0.01 Tohoku Electric Power Co., Inc. 1,349 7 Tokio Marine Holdings, Inc. 880 28 0.01 Tokyo Electron Ltd. 6 1 Toyota Tsusho Corp. 646 13 Ulvac, Inc. 140 5 Unicharm Corp. 26,698 129 0.03 1,826 0.41 Jersey 0.00% (0.00%) Experian plc 256 9 Yellow Cake plc 1,164 7 16 Luxembourg 0.01% (0.01%) ArcelorMittal SA 245 6 Spotify Technology SA 67 35 0.01 41 0.01 Marshall Islands 0.00% (0.00%) Ardmore Shipping Corp. 41 – DHT Holdings, Inc. 196 2 Dorian LPG Ltd. 46 1 Genco Shipping & Trading Ltd. 20 – International Seaways, Inc. 59 2 Navigator Holdings Ltd. 22 – Navios Maritime Partners LP 30 1 Okeanis Eco Tankers Corp. 21 1 Scorpio Tankers, Inc. 29 1 Star Bulk Carriers Corp. 32 1 9 Mexico 0.01% (0.01%) Cemex SAB de CV, ADR 1,087 7 Grupo Aeroportuario del Pacifico SAB de CV, ADR 90 16 0.01 Grupo Aeroportuario del Sureste SAB de CV, ADR 57 14 37 0.01 Netherlands 0.06% (0.06%) Adyen NV 6 7 ASM International NV 25 11 ASML Holding NV 10 7 BE Semiconductor Industries NV 582 64 0.02 Ferrovial SE 674 29 0.01

Page 31

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets NXP Semiconductors NV 122 21 0.01 SBM Offshore NV 5,392 102 0.02 Wolters Kluwer NV 65 7 248 0.06 New Zealand 0.00% (0.00%) Auckland International Airport Ltd. 1,059 3 3 Norway 0.06% (0.08%) Aker Solutions ASA 31,009 69 0.02 Hoegh Autoliners ASA 128 1 Mowi ASA 6,582 103 0.03 Norsk Hydro ASA 881 4 Salmar ASA 1,251 50 0.01 TOMRA Systems ASA 698 8 Wallenius Wilhelmsen ASA 82 1 Yara International ASA 198 5 241 0.06 Portugal 0.00% (0.00%) Altri SGPS SA 165 1 Navigator Co. SA (The) 213 – 1 Singapore 0.00% (0.00%) BW LPG Ltd. 70 1 Hafnia Ltd. 210 1 Yangzijiang Shipbuilding Holdings Ltd. 2,350 4 6 South Africa 0.00% (0.00%) Sappi Ltd. 1,697 1 Valterra Platinum Ltd. 71 4 5 South Korea 0.02% (0.01%) Hanwha Ocean Co. Ltd. 19 1 HD Hyundai Electric Co. Ltd. 58 18 0.01 HD Hyundai Heavy Industries Co. Ltd. 12 3 LS Electric Co. Ltd. 72 11 Samsung Electronics Co. Ltd. 214 9 Samsung Heavy Industries Co. Ltd. 410 5 SK Hynix, Inc. 147 27 0.01 74 0.02 Spain 0.16% (0.15%) Aena SME SA 1,300 26 0.01 Amadeus IT Group SA 253 15 Banco Santander SA 59,060 457 0.10 EDP Renovaveis SA 1,562 15 Ence Energia y Celulosa SA 356 1 Iberdrola SA 12,124 170 0.04 Industria de Diseno Textil SA 476 20 0.01 Sacyr SA 5,204 16 720 0.16 28

Page 32

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Sweden 0.11% (0.10%) Alfa Laval AB 54 2 Assa Abloy AB 'B' 310 8 Atlas Copco AB 'A' 1,216 15 0.01 Atlas Copco AB 'B' 721 8 EQT AB 328 9 Holmen AB 'B' 36 1 Nibe Industrier AB 'B' 4,553 13 Saab AB 'B' 9,914 448 0.10 Svenska Cellulosa AB SCA 'B' 117 1 505 0.11 Switzerland 0.09% (0.11%) Amrize Ltd. 288 10 DSM - Firmenich AG 201 13 Flughafen Zurich AG 90 20 0.01 Givaudan SA 5 15 0.01 Holcim AG 239 15 Kuehne + Nagel International AG 41 6 Nestle SA 1,213 83 0.02 Novartis AG 930 87 0.02 Roche Holding AG 324 79 0.02 Schindler Holding AG 33 9 Swiss Re AG 83 11 VAT Group AG 10 3 Zurich Insurance Group AG 68 36 0.01 387 0.09 Taiwan 0.09% (0.06%) All Ring Tech Co. Ltd. 456 4 Allis Electric Co. Ltd. 1,023 3 Asia Vital Components Co. Ltd. 796 19 0.01 Compeq Manufacturing Co. Ltd. 213 – Delta Electronics, Inc. 494 10 Fortune Electric Co. Ltd. 1,076 15 0.01 Gigabyte Technology Co. Ltd. 1,170 9 Gold Circuit Electronics Ltd. 173 2 Hon Hai Precision Industry Co. Ltd. 744 4 ITEQ Corp. 482 1 Phison Electronics Corp. 333 6 Quanta Computer, Inc. 280 2 Shihlin Electric & Engineering Corp. 1,187 5 Taiwan Semiconductor Manufacturing Co. Ltd. 9,320 296 0.07 Taiwan Semiconductor Manufacturing Co. Ltd., ADR 53 11 Wistron Corp. 154 1 388 0.09 United Kingdom 0.28% (0.32%) 3i Group plc 270 11 Anglo American plc 543 15 0.01 Ashtead Group plc 121 6 AstraZeneca plc 710 79 0.02 Auto Trader Group plc 920 7 29

Page 33

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Barclays plc 4,055 15 Big Yellow Group plc, REIT 372 4 Compass Group plc 5,655 143 0.03 Computacenter plc 339 9 Future plc 7,020 46 0.01 HSBC Holdings plc 16,970 177 0.04 ICG plc 356 8 JD Sports Fashion plc 78,783 75 0.02 Lloyds Banking Group plc 17,137 14 London Stock Exchange Group plc 217 19 0.01 National Grid plc 740 8 NatWest Group plc 1,869 10 Reckitt Benckiser Group plc 195 11 RELX plc 850 30 0.01 Rightmove plc 1,163 8 Rio Tinto plc 605 30 0.01 Rio Tinto plc, ADR 280 14 Safestore Holdings plc, REIT 565 4 Savills plc 6,951 66 0.02 Segro plc, REIT 1,017 7 Softcat plc 490 8 SSE plc 6,461 113 0.03 Standard Chartered plc 18,144 260 0.06 TORM plc 'A' 73 1 Unilever plc 1,163 51 0.01 UNITE Group plc (The), REIT 901 7 1,256 0.28 United States of America 6.95% (7.58%) Abbott Laboratories 813 81 0.02 AbbVie, Inc. 1,417 244 0.06 Adobe, Inc. 290 76 0.02 Advanced Micro Devices, Inc. 1,089 131 0.03 Air Products and Chemicals, Inc. 21 4 Airbnb, Inc. 'A' 1,675 151 0.03 Akamai Technologies, Inc. 2,353 132 0.03 Allstate Corp. (The) 119 19 Alphabet, Inc. 'A' 3,973 717 0.16 Alphabet, Inc. 'C' 3,403 616 0.14 Amazon.com, Inc. 6,759 1,102 0.25 Ameren Corp. 2,254 175 0.04 American Express Co. 946 233 0.05 American Water Works Co., Inc. 938 97 0.02 AMETEK, Inc. 1,828 255 0.06 Amgen, Inc. 247 52 0.01 Amphenol Corp. 'A' 187 17 Antero Midstream Corp. 1,696 24 0.01 Apple, Inc. 10,358 1,958 0.44 Applied Materials, Inc. 1,118 170 0.04 AptarGroup, Inc. 1,282 127 0.03 Ares Management Corp. 'A' 929 110 0.03 Arista Networks, Inc. 192 21 0.01 30

Page 34

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Arthur J Gallagher & Co. 650 150 0.03 AT&T, Inc. 3,181 67 0.02 Autodesk, Inc. 944 223 0.05 Automatic Data Processing, Inc. 190 41 0.01 AutoZone, Inc. 60 191 0.04 Baker Hughes Co. 'A' 7,709 279 0.06 Bank of America Corp. 4,783 183 0.04 BellRing Brands, Inc. 285 8 BlackRock, Inc. 257 222 0.05 Blackstone, Inc. 329 42 0.01 Booz Allen Hamilton Holding Corp. 'A' 68 5 Boston Scientific Corp. 3,416 248 0.06 Bristol - Myers Squibb Co. 975 33 0.01 Broadcom, Inc. 4,236 1,037 0.24 Broadridge Financial Solutions, Inc. 43 8 Builders FirstSource, Inc. 55 5 Cadence Design Systems, Inc. 123 32 0.01 Cardinal Health, Inc. 80 9 Carrier Global Corp. 3,404 151 0.03 Casella Waste Systems, Inc. 'A' 134 9 Celsius Holdings, Inc. 332 14 Cencora, Inc. 1,376 319 0.07 Centene Corp. 166 4 Centrus Energy Corp. 'A' 30 7 Chipotle Mexican Grill, Inc. 'A' 3,902 114 0.03 Church & Dwight Co., Inc. 1,016 66 0.02 Cigna Group (The) 663 142 0.03 Cisco Systems, Inc. 2,733 139 0.03 Citigroup, Inc. 871 66 0.02 Clean Harbors, Inc. 317 55 0.01 CME Group, Inc. 158 32 0.01 CNX Resources Corp. 5,709 136 0.03 Colgate - Palmolive Co. 731 43 0.01 Comcast Corp. 'A' 1,813 42 0.01 Consolidated Edison, Inc. 1,166 87 0.02 Constellation Energy Corp. 58 14 Corpay, Inc. 871 186 0.04 Corteva, Inc. 291 15 CSX Corp. 685 18 CVS Health Corp. 604 34 0.01 D. R. Horton, Inc. 1,095 138 0.03 Danaher Corp. 1,433 211 0.05 Deckers Outdoor Corp. 616 46 0.01 Eagle Materials, Inc. 42 7 Ecolab, Inc. 145 30 0.01 Edison International 2,236 92 0.02 Edwards Lifesciences Corp. 457 26 0.01 Elevance Health, Inc. 423 102 0.02 Eli Lilly & Co. 837 474 0.11 Emerson Electric Co. 2,021 197 0.05 Energy Transfer LP 774 10 31

Page 35

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Enterprise Products Partners LP 697 16 EQT Corp. 510 21 0.01 Equifax, Inc. 38 7 Estee Lauder Cos., Inc. (The) 'A' 124 8 Eversource Energy 3,614 191 0.04 FactSet Research Systems, Inc. 20 4 Fair Isaac Corp. 56 62 0.01 FirstEnergy Corp. 236 8 Fiserv, Inc. 2,250 215 0.05 Fortinet, Inc. 297 19 Freeport - McMoRan, Inc. 529 15 GE Vernova, Inc. 43 20 0.01 Genesis Energy LP 495 6 Goldman Sachs Group, Inc. (The) 146 86 0.02 Hecla Mining Co. 17,110 154 0.04 Hubbell, Inc. 'B' 32 10 HubSpot, Inc. 13 5 Humana, Inc. 35 7 IDEXX Laboratories, Inc. 42 20 0.01 Illumina, Inc. 140 10 Ingersoll Rand, Inc. 3,376 207 0.05 Ingredion, Inc. 241 22 0.01 Insulet Corp. 697 160 0.04 Interactive Brokers Group, Inc. 'A' 5,680 290 0.07 Intercontinental Exchange, Inc. 266 33 0.01 International Business Machines Corp. 599 126 0.03 International Paper Co. 129 4 Intuit, Inc. 126 64 0.01 Johnson & Johnson 1,875 258 0.06 JPMorgan Chase & Co. 3,261 764 0.17 KB Home 122 6 Kinder Morgan, Inc. 1,233 26 0.01 KLA Corp. 66 53 0.01 Kroger Co. (The) 1,157 58 0.01 Lam Research Corp. 620 62 0.01 Lennar Corp. 'A' 1,021 96 0.02 Lennox International, Inc. 18 7 Louisiana - Pacific Corp. 38 3 Lowe's Cos., Inc. 262 49 0.01 Marsh & McLennan Cos., Inc. 229 34 0.01 Martin Marietta Materials, Inc. 43 20 0.01 Mastercard, Inc. 'A' 1,130 477 0.11 McDonald's Corp. 477 108 0.02 McKesson Corp. 507 291 0.07 Merck & Co., Inc. 2,013 125 0.03 Meta Platforms, Inc. 'A' 1,614 880 0.20 Mettler - Toledo International, Inc. 77 70 0.02 Microchip Technology, Inc. 174 8 Micron Technology, Inc. 2,329 289 0.07 Microsoft Corp. 5,037 1,938 0.44 Millrose Properties, Inc., REIT 510 13 32

Page 36

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Monster Beverage Corp. 5,179 259 0.06 Morgan Stanley 1,554 183 0.04 Mosaic Co. (The) 142 4 MPLX LP 680 25 0.01 MSCI, Inc. 'A' 166 70 0.02 Netflix, Inc. 330 294 0.07 Newmont Corp. 319 20 0.01 NextEra Energy, Inc. 1,944 109 0.03 NEXTracker, Inc. 'A' 297 16 NIKE, Inc. 'B' 558 29 0.01 Norfolk Southern Corp. 82 18 NRG Energy, Inc. 119 14 NVIDIA Corp. 17,420 2,414 0.55 NVR, Inc. 2 12 Oceaneering International, Inc. 3,444 63 0.01 Okta, Inc. 'A' 111 8 Omnicom Group, Inc. 94 6 ONEOK, Inc. 819 44 0.01 Oracle Corp. 1,913 399 0.09 Palo Alto Networks, Inc. 1,634 247 0.06 Paychex, Inc. 153 14 PayPal Holdings, Inc. 600 30 0.01 PepsiCo, Inc. 1,277 133 0.03 Pilgrim's Pride Corp. 349 11 Plains All American Pipeline LP 943 12 Procter & Gamble Co. (The) 2,758 315 0.07 Progressive Corp. (The) 1,807 331 0.08 Prologis, Inc., REIT 433 37 0.01 PTC, Inc. 498 75 0.02 Public Storage, REIT 176 38 0.01 PulteGroup, Inc. 76 7 QUALCOMM, Inc. 742 92 0.02 Quanta Services, Inc. 42 13 Republic Services, Inc. 'A' 2,235 381 0.09 ROBLOX Corp. 'A' 179 18 Roper Technologies, Inc. 732 271 0.06 Royal Gold, Inc. 1,487 222 0.05 S&P Global, Inc. 548 198 0.05 Salesforce, Inc. 596 105 0.02 Sempra 1,995 133 0.03 ServiceNow, Inc. 89 61 0.01 Simply Good Foods Co. (The) 369 7 Starbucks Corp. 527 33 0.01 Super Micro Computer, Inc. 245 9 Synopsys, Inc. 9 3 Take - Two Interactive Software, Inc. 868 167 0.04 Targa Resources Corp. 367 46 0.01 Teledyne Technologies, Inc. 20 9 Tesla, Inc. 1,914 632 0.14 Thermo Fisher Scientific, Inc. 692 249 0.06 TJX Cos., Inc. (The) 1,453 156 0.04 33

Page 37

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets T - Mobile US, Inc. 249 44 0.01 Trade Desk, Inc. (The) 'A' 195 7 Travelers Cos., Inc. (The) 1,558 323 0.07 Tyler Technologies, Inc. 15 6 Uber Technologies, Inc. 5,120 372 0.08 Union Pacific Corp. 143 25 0.01 UnitedHealth Group, Inc. 724 186 0.04 Uranium Energy Corp. 1,356 13 Verisk Analytics, Inc. 'A' 888 166 0.04 Verizon Communications, Inc. 2,001 65 0.02 Vertiv Holdings Co. 'A' 263 29 0.01 Visa, Inc. 'A' 2,113 535 0.12 Vital Farms, Inc. 986 30 0.01 Voya Financial, Inc. 119 7 Vulcan Materials Co. 81 19 Walmart, Inc. 6,900 528 0.12 Walt Disney Co. (The) 1,312 112 0.03 Waste Management, Inc. 1,095 180 0.04 Western Midstream Partners LP 335 10 WEX, Inc. 1,210 142 0.03 Williams Cos., Inc. (The) 788 37 0.01 Workday, Inc. 'A' 93 17 Zoetis, Inc. 'A' 125 14 30,655 6.95 Equities total 43,606 9.88

Government Bonds 23.79% (21.87%) France 16.77% (2.16%) France Treasury Bill BTF 0.00% 14/01/2026 €6,900,000 5,988 1.36 France Treasury Bill BTF 0.00% 28/01/2026 €29,000,000 25,146 5.70 France Treasury Bill BTF 0.00% 11/02/2026 €9,800,000 8,491 1.92 France Treasury Bill BTF 0.00% 25/03/2026 €17,600,000 15,213 3.45 France Treasury Bill BTF 0.00% 22/04/2026 €22,200,000 19,159 4.34 73,997 16.77 Japan 3.19% (0.00%) Japan Treasury Bill 0.00% 20/10/2025 JPY 2,800,000,000 14,080 3.19 14,080 3.19 Mexico 3.83% (0.00%) Mexican Bonos 8.50% 02/03/2028 MXN 4,106,700 16,904 3.83 16,904 3.83 United States of America 0.00% (19.71%) Government Bonds total 104,981 23.79

Corporate Bonds 6.97% (0.00%) Cayman Islands 3.19% (0.00%) Willow No. 2 Cayman Ltd. 0.00% 28/08/2099 $18,937,808 14,067 3.19 14,067 3.19

Page 38

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets France 0.53% (0.00%) BNP Paribas SA 0.00% 10/02/2026 JPY 309,030,000 1,783 0.40 BNP Paribas SA 0.00% 12/02/2026 €640,000 581 0.13 2,364 0.53 Ireland 3.19% (0.00%) Willow No. 2 Ireland plc 0.00% 31/12/2049 $18,937,808 14,067 3.19 14,067 3.19 United States of America 0.06% (0.00%) JPMorgan Chase & Co. 0.00% 28/01/2041 ZAR 36,400,000 282 0.06 282 0.06 Corporate Bonds total 30,780 6.97

Swaps (0.02)% ((0.39)%) Commodity Index Swap Goldman Sachs Pay 0.00% Receive CIND_GSISI267 09/10/2025 29,755,882 18 Commodity Index Swap J.P. Morgan Pay 0.00% Receive BCOM Index Excess Return 09/10/2025 40,478,299 1,368 0.31 Commodity Index Swap J.P. Morgan Pay 0.00% Receive CIND_XRJPFLC2 09/10/2025 29,705,564 (49) (0.01) Commodity Index Swap J.P. Morgan Pay 0.00% Receive BCOM Index Excess Return 09/10/2025 3,123,564 (15) Commodity Index Swap J.P. Morgan Pay USBCOM.CI Receive 0.00% 09/10/2025 20,940 – Credit Default Swap J.P. Morgan CDX.NA.HY.45 - V1 20/12/2030 10,209,000 (586) (0.13) Credit Default Swap J.P. Morgan ITRAXX.EUROPE.CROSSOVER.44 - V1 20/12/2030 5,577,000 (521) (0.12) Inflation Rate Swap J.P. Morgan Pay fixed 2.91% Receive floating USCPI 29/08/2028 28,845,700 (83) (0.02) Interest Rate Swap J.P. Morgan Pay fixed 3.35% Receive floating BBR 17/12/2030 6,577,500 (26) (0.01) Interest Rate Swap J.P. Morgan Pay fixed 3.91% Receive floating BBR 17/12/2035 4,184,500 (27) (0.01) Interest Rate Swap J.P. Morgan Pay fixed 6.62% Receive floating BUBOR 17/12/2035 974,492,400 (5) Interest Rate Swap J.P. Morgan Pay fixed 2.66% Receive floating CD_KSDA 17/12/2035 4,020,238,700 23 Interest Rate Swap J.P. Morgan Pay fixed 1.65% Receive floating CNREPOFIX=CFXS 1 week 17/12/2030 35,760,700 2 Interest Rate Swap J.P. Morgan Pay fixed 2.75% Receive floating ESTR 1 day 17/12/2075 4,194,200 (19) (0.01) Interest Rate Swap J.P. Morgan Pay fixed 3.92% Receive floating NIBOR 17/12/2035 13,000,000 14 Interest Rate Swap J.P. Morgan Pay fixed 3.81% Receive floating NIBOR 17/12/2045 26,134,700 43 0.01 Interest Rate Swap J.P. Morgan Pay fixed 2.92% Receive floating REPO_CORRA 1 day 17/12/2035 3,381,200 (4) Interest Rate Swap J.P. Morgan Pay fixed 4.65% Receive floating SONIA 1 day 17/12/2055 1,076,800 1 Interest Rate Swap J.P. Morgan Pay fixed 1.73% Receive floating SORA 1 day 17/12/2035 7,150,200 32 0.01 35

Page 39

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Interest Rate Swap J.P. Morgan Pay fixed 1.81% Receive floating THOR 1 day 17/09/2035 263,819,600 (3) Interest Rate Swap J.P. Morgan Pay fixed 1.38% Receive floating THOR 1 day 17/12/2035 72,652,400 15 Interest Rate Swap J.P. Morgan Pay fixed 7.82% Receive floating TIIEOIS 1 day 05/12/2035 27,180,300 (3) Interest Rate Swap J.P. Morgan Pay fixed 0.82% Receive floating TONAR 1 day 23/04/2028 2,385,160,700 48 0.01 Interest Rate Swap J.P. Morgan Pay fixed 1.11% Receive floating TONAR 1 day 17/12/2030 787,632,700 24 Interest Rate Swap J.P. Morgan Pay fixed 2.70% Receive floating TONAR 1 day 17/12/2065 142,435,000 (17) Interest Rate Swap J.P. Morgan Pay floating CDI 1 day Receive fixed 15.22% 04/01/2027 55,574,300 129 0.03 Interest Rate Swap J.P. Morgan Pay floating TONAR 1 day Receive fixed 0.74% 23/04/2027 2,357,037,200 (32) (0.01) Interest Rate Swap J.P. Morgan Pay floating SARON 1 day Receive fixed (0.09)% 17/12/2027 6,446,100 (5) Interest Rate Swap J.P. Morgan Pay floating SORA 1 day Receive fixed 1.15% 17/12/2027 10,385,400 (19) Interest Rate Swap J.P. Morgan Pay floating PRIBOR Receive fixed 3.60% 17/12/2027 172,774,500 (16) Interest Rate Swap J.P. Morgan Pay floating SONIA 1 day Receive fixed 3.65% 17/12/2027 8,280,200 (15) Interest Rate Swap J.P. Morgan Pay floating NIBOR Receive fixed 3.85% 17/12/2027 140,323,200 (54) (0.01) Interest Rate Swap J.P. Morgan Pay floating IBR 1 day Receive fixed 8.38% 17/12/2028 31,367,785,300 (19) Interest Rate Swap J.P. Morgan Pay floating THOR 1 day Receive fixed 1.07% 17/12/2030 154,000,000 (12) Interest Rate Swap J.P. Morgan Pay floating TWCPBA Receive fixed 1.73% 17/12/2030 6,544,000 – Interest Rate Swap J.P. Morgan Pay floating SHIRON 1 day Receive fixed 3.82% 17/12/2030 15,395,600 1 Interest Rate Swap J.P. Morgan Pay floating NIBOR Receive fixed 3.83% 17/12/2030 88,960,000 (69) (0.02) Interest Rate Swap J.P. Morgan Pay floating MIBOR 1 day Receive fixed 5.71% 17/12/2030 195,669,000 (3) Interest Rate Swap J.P. Morgan Pay floating BUBOR Receive fixed 6.25% 17/12/2030 1,625,066,200 (2) Interest Rate Swap J.P. Morgan Pay floating JIBAR Receive fixed 7.11% 17/12/2030 321,325,200 20 Interest Rate Swap J.P. Morgan Pay floating REPO_CORRA 1 day Receive fixed 2.40% 20/12/2030 33,900,900 (7) Interest Rate Swap J.P. Morgan Pay floating SOFR 1 day Receive fixed 3.55% 20/12/2030 2,488,700 (16) Interest Rate Swap J.P. Morgan Pay floating CDI 1 day Receive fixed 13.26% 02/01/2031 342,487,200 (131) (0.03) Interest Rate Swap J.P. Morgan Pay floating SARON 1 day Receive fixed 0.47% 17/12/2035 1,000,100 – –

Page 40

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Interest Rate Swap J.P. Morgan Pay floating TONAR 1 day Receive fixed 1.43% 17/12/2035 334,717,000 (16) Interest Rate Swap J.P. Morgan Pay floating ESTR 1 day Receive fixed 2.48% 17/12/2035 2,007,600 (9) Interest Rate Swap J.P. Morgan Pay floating STIBOR Receive fixed 2.62% 17/12/2035 22,201,500 (21) (0.01) Interest Rate Swap J.P. Morgan Pay floating PRIBOR Receive fixed 3.99% 17/12/2035 52,828,700 (29) (0.01) Interest Rate Swap J.P. Morgan Pay floating BBR Receive fixed 4.21% 17/12/2035 3,851,200 (15) Interest Rate Swap J.P. Morgan Pay floating WIBOR Receive fixed 4.49% 17/12/2035 149,000 – Interest Rate Swap J.P. Morgan Pay floating CLICP 1 day Receive fixed 5.17% 17/12/2035 3,141,098,700 (17) Interest Rate Swap J.P. Morgan Pay floating JIBAR Receive fixed 8.22% 17/12/2035 71,571,500 28 0.01 Interest Rate Swap J.P. Morgan Pay floating IBR 1 day Receive fixed 9.20% 17/12/2035 25,906,235,700 (4) Swaps total (103) (0.02)

Contracts for Difference 0.03% ((0.02)%) Brazil 0.00% (0.00%) JPFJBRL1 Index 165,099 13 13 European Union 0.01% ((0.01)%) BCIISHDF Index 3,650 24 0.01 24 0.01 Hong Kong 0.00% (0.00%) BEFSFULH Index 183,177 (5) GSMBCNPR Index 26,935 7 GSXACHRE Index 52,706 – 2 Japan 0.00% ((0.01)%) BEFSFULN Index 4,077,080 (9) GSMBSHJP Index 601,429 (3) GSXAJPAI Index 339,570 (3) TOPIX Bank Index 259,772 5 (10) South Korea 0.00% (0.00%) BEFSFULK Index 17,775,795 4 4 Taiwan 0.00% (0.01%) BEFSFULT Index 775,783 (3) (3) United Kingdom 0.03% ((0.01)%) MSFDROE Index 1,731,000 131 0.03 131 0.03

Page 41

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets United States of America (0.01)% (0.00%) BCIICROS Index 12,969 13 BEFSFUL1 Index 1,497 (3) BEFSFUL2 Index 2,498 (2) GS AI AT RISK Index (9,558) (2) GS US URANIUM Index 4,704 (11) GSCBBZAR Index 17,032 (43) (0.01) GSENNATG Index 4,708 3 GSMBCHC1 Index 6,887 (8) GSMBSASD Index 5,587 7 GSMBSH2E Index 17,072 21 GSMBSH2F Index (13,675) 7 GSMBSTIM Index 12,486 48 0.01 GSXACHAI Index 1,930 (2) GSXULOWD Index (14,126) (10) J.P.Morgan Equity BE Index 328,816 12 JP1XHUMN Index (32,760) (9) JP1XNEO Index 6,112 8 JP1XREAI Index 15,817 (58) (0.01) JPFURU1 Index 1,354 – (29) (0.01) Contracts for Difference total 132 0.03

Options 3.17% (2.86%) AUD/USD Call, 65.5, 05/12/2025 39 39 0.01 AUD/USD Call, 65, 05/12/2025 19 24 0.01 AUD/USD Call, 66, 05/12/2025 20 16 AUD/USD Call, 66.5, 05/12/2025 19 11 AUD/USD Call, 67, 05/12/2025 20 9 AUD/USD Put, 64, 05/12/2025 39 8 AUD/USD Call, 67.5, 05/12/2025 19 6 AUD/USD Call, 68, 05/12/2025 20 5 AUD/USD Put, 64.5, 05/12/2025 20 5 AUD/USD Put, 63.5, 05/12/2025 19 3 AUD/USD Put, 63, 05/12/2025 20 2 AUD/USD Put, 61.5, 05/12/2025 20 1 AUD/USD Put, 62.5, 05/12/2025 19 1 AUD/USD Put, 61, 05/12/2025 19 1 CAD/USD Put, 72.5, 05/12/2025 47 27 0.01 CAD/USD Put, 72, 05/12/2025 47 17 CAD/USD Call, 73, 05/12/2025 47 8 CAD/USD Put, 71.5, 05/12/2025 24 5 CAD/USD Call, 73.5, 05/12/2025 47 5 CAD/USD Put, 71, 05/12/2025 23 3 CAD/USD Put, 70.5, 05/12/2025 47 3 CAD/USD Call, 74, 05/12/2025 47 2 CAD/USD Call, 74.5, 05/12/2025 47 1 CBOE Volatility Index Call, 60, 22/10/2025 340 2 CBOE Volatility Index Call, 65, 22/10/2025 340 1 CBOE Volatility Index Call, 70, 22/10/2025 340 1 38

Page 42

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets CBOE Volatility Index Call, 95, 22/10/2025 450 1 CBOE Volatility Index Call, 75, 22/10/2025 340 – CBOE Volatility Index Call, 85, 22/10/2025 340 – CBOE Volatility Index Call, 22, 19/11/2025 1,750 226 0.05 CBOE Volatility Index Put, 15, 19/11/2025 8,990 134 0.03 CBOE Volatility Index Call, 55, 19/11/2025 390 10 CBOE Volatility Index Call, 60, 19/11/2025 390 8 CBOE Volatility Index Call, 65, 19/11/2025 390 7 CBOE Volatility Index Call, 70, 19/11/2025 390 6 CBOE Volatility Index Call, 80, 19/11/2025 390 4 CBOE Volatility Index Call, 85, 19/11/2025 390 4 CBOE Volatility Index Put, 15.5, 17/12/2025 3,541 105 0.02 CBOE Volatility Index Put, 15, 17/12/2025 4,647 93 0.02 CBOE Volatility Index Call, 70, 17/12/2025 780 17 CBOE Volatility Index Call, 75, 17/12/2025 780 15 CBOE Volatility Index Call, 85, 17/12/2025 780 12 CBOE Volatility Index Call, 60, 17/12/2025 360 11 CBOE Volatility Index Call, 95, 17/12/2025 780 9 CBOE Volatility Index Call, 65, 17/12/2025 360 9 CBOE Volatility Index Call, 90, 17/12/2025 420 6 CBOE Volatility Index Call, 100, 17/12/2025 420 5 CBOE Volatility Index Put, 14, 17/12/2025 (7,081) (53) (0.01) CBOE Volatility Index Call, 65, 21/01/2026 350 12 CBOE Volatility Index Call, 70, 21/01/2026 350 10 CBOE Volatility Index Call, 75, 21/01/2026 350 9 CBOE Volatility Index Call, 85, 21/01/2026 350 7 CBOE Volatility Index Call, 95, 21/01/2026 350 6 CBOE Volatility Index Call, 100, 21/01/2026 350 5 Equity Option Hybrid Put, 1, 03/10/2025 1,836,537 – Equity Option Hybrid Put, 1, 03/11/2025 1,836,537 – Equity Option Hybrid Put, 1, 19/11/2025 603,000 12 Equity Option Hybrid Put, 1, 21/11/2025 1,921,000 254 0.06 Equity Option Hybrid Put, 1, 21/11/2025 2,584,000 40 0.01 Equity Option Hybrid Put, 1, 21/11/2025 2,577,000 4 Equity Option Hybrid Put, 1, 11/12/2025 2,577,000 492 0.11 Equity Option Hybrid Put, 1, 17/12/2025 604,000 17 Equity Option Hybrid Put, 1, 19/12/2025 1,921,000 283 0.06 Equity Option Hybrid Put, 1, 19/12/2025 1,998,000 85 0.02 Equity Option Hybrid Put, 1, 19/12/2025 2,584,000 65 0.02 Equity Option Hybrid Put, 1, 19/12/2025 812,000 58 0.01 Equity Option Hybrid Put, 1, 19/12/2025 780,000 19 Equity Option Hybrid Put, 1, 19/12/2025 2,577,000 10 Equity Option Hybrid Put, 1, 16/01/2026 1,921,000 293 0.07 Equity Option Hybrid Put, 1, 20/02/2026 2,890,000 418 0.10 Equity Option Hybrid Put, 1, 20/02/2026 2,231,000 174 0.04 Equity Option Hybrid Put, 1, 20/02/2026 800,000 13 Equity Option Hybrid Put, 1, 12/03/2026 2,888,000 823 0.19 Equity Option Hybrid Put, 1, 20/03/2026 2,231,000 190 0.04 Equity Option Hybrid Put, 1, 20/03/2026 1,998,000 109 0.03 Equity Option Hybrid Put, 1, 20/03/2026 1,451,600 80 0.02 Equity Option Hybrid Put, 1, 17/04/2026 2,231,000 196 0.04 39

Page 43

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Equity Option Hybrid Put, 1, 17/04/2026 1,451,600 84 0.02 Equity Option Hybrid Put, 1, 17/04/2026 474,000 35 0.01 Equity Option Hybrid Put, 1, 15/05/2026 2,890,000 539 0.12 Equity Option Hybrid Put, 1, 15/05/2026 2,231,000 202 0.05 Equity Option Hybrid Put, 1, 15/05/2026 1,451,600 87 0.02 Equity Option Hybrid Put, 1, 24/09/2027 872,000 93 0.02 Equity Option Hybrid Put, 1, 29/09/2027 871,000 133 0.03 Foreign Exchange AUD/NZD Call, 1.14, 18/12/2025 12,705,000 50 0.01 Foreign Exchange AUD/USD Call, 0.68, 23/10/2025 (12,550,000) (5) Foreign Exchange AUD/USD Call, 0.68, 30/10/2025 12,550,000 8 Foreign Exchange AUD/USD Call, 0.84, 15/04/2026 2,466,000 6 Foreign Exchange BRL/USD Put, 5.35, 08/10/2025 (4,152,000) (22) Foreign Exchange BRL/USD Put, 4.55, 17/09/2027 527,000 55 0.01 Foreign Exchange BRL/USD Put, 4.82, 23/09/2027 624,000 127 0.03 Foreign Exchange CNH/USD Put, 6.8, 04/11/2025 18,354,000 – Foreign Exchange CNH/USD Put, 6.75, 05/11/2025 22,448,000 – Foreign Exchange CNH/USD Put, 6.5, 19/05/2026 22,448,000 6 Foreign Exchange EUR/HUF Call, 480, 10/03/2026 6,012,000 1 Foreign Exchange EUR/HUF Call, 500, 10/03/2026 (5,552,000) – Foreign Exchange EUR/HUF Call, 470, 11/03/2026 7,485,000 2 Foreign Exchange EUR/HUF Call, 490, 11/03/2026 (6,935,000) (1) Foreign Exchange EUR/USD Call, 1.185, 03/10/2025 10,750,000 4 Foreign Exchange EUR/USD Call, 1.21, 03/10/2025 (10,750,000) – Foreign Exchange GBP/USD Call, 1.37, 26/11/2025 (5,125,000) (21) Foreign Exchange HKD/USD Put, 7.5, 20/11/2025 15,599,000 – Foreign Exchange HUF/EUR Put, 382, 27/03/2026 (864,000) (345) (0.08) Foreign Exchange HUF/EUR Put, 382, 27/05/2026 864,000 397 0.09 Foreign Exchange JPY/USD Put, 140, 26/11/2025 38,285,000 68 0.02 Foreign Exchange JPY/USD Put, 110, 26/11/2025 3,609,000 1 Foreign Exchange JPY/USD Put, 109, 08/01/2026 3,005,000 4 Foreign Exchange JPY/USD Put, 110, 02/12/2026 2,104,000 55 0.01 Foreign Exchange JPY/USD Put, 110, 02/12/2026 1,826,000 48 0.01 Foreign Exchange KRW/USD Put, 1,050, 07/05/2026 3,157,000 4 Foreign Exchange MXN/JPY Call, 8, 11/03/2026 128,237,000 109 0.03 Foreign Exchange MXN/USD Put, 16.85, 25/09/2026 461,000 86 0.02 Foreign Exchange NZD/AUD Put, 1.115, 18/12/2025 (12,521,000) (13) Foreign Exchange Option - Exotic Put, 38, 02/10/2025 1,796,000 – Foreign Exchange Option - Exotic Call, 1.2, 06/10/2025 3,494,000 – Foreign Exchange Option - Exotic Put, 41.2, 29/10/2025 724,000 – Foreign Exchange Option - Exotic Put, 130, 04/11/2025 11,073,000 6 Foreign Exchange Option - Exotic Put, 4,185, 05/11/2025 586,000 404 0.09 Foreign Exchange Option - Exotic Put, 5.63, 05/11/2025 132,000 87 0.02 Foreign Exchange Option - Exotic Put, 42.1, 05/11/2025 303,000 66 0.02 Foreign Exchange Option - Exotic Call, 0.843, 05/11/2025 972,000 3 Foreign Exchange Option - Exotic Put, 2.01, 06/11/2025 264,000 68 0.02 Foreign Exchange Option - Exotic Put, 12.03, 13/11/2025 368,000 16 Foreign Exchange Option - Exotic Call, 8, 14/11/2025 2,640,000 – Foreign Exchange Option - Exotic Put, 130, 18/11/2025 11,078,000 26 0.01 Foreign Exchange Option - Exotic Put, 1.085, 28/11/2025 3,900,000 15 Foreign Exchange Option - Exotic Put, 39.5, 03/12/2025 371,000 1 Foreign Exchange Option - Exotic Put, 6.75, 08/12/2025 1,655,000 6 40

Page 44

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Foreign Exchange Option - Exotic Put, 1.73, 09/12/2025 693,000 74 0.02 Foreign Exchange Option - Exotic Put, 39, 09/12/2025 490,000 1 Foreign Exchange Option - Exotic Put, 18.36, 12/12/2025 308,000 109 0.03 Foreign Exchange Option - Exotic Put, 135, 18/12/2025 5,656,000 167 0.04 Foreign Exchange Option - Exotic Call, 18.55, 18/12/2025 443,000 30 0.01 Foreign Exchange Option - Exotic Put, 28.55, 18/12/2025 521,000 23 0.01 Foreign Exchange Option - Exotic Put, 17.15, 19/12/2025 424,000 129 0.03 Foreign Exchange Option - Exotic Put, 87.85, 19/12/2025 461,000 52 0.01 Foreign Exchange Option - Exotic Put, 1.95, 13/01/2026 414,000 48 0.01 Foreign Exchange Option - Exotic Put, 4.21, 15/01/2026 254,000 35 0.01 Foreign Exchange Option - Exotic Put, 5.3, 16/01/2026 902,000 222 0.05 Foreign Exchange Option - Exotic Put, 5.32, 16/01/2026 318,000 84 0.02 Foreign Exchange Option - Exotic Put, 5.2, 22/01/2026 1,091,000 170 0.04 Foreign Exchange Option - Exotic Call, 6.12, 28/01/2026 627,000 39 0.01 Foreign Exchange Option - Exotic Call, 19.66, 29/01/2026 524,000 59 0.01 Foreign Exchange Option - Exotic Call, 18.82, 30/01/2026 221,000 18 Foreign Exchange Option - Exotic Put, 5.6, 11/02/2026 1,479,000 697 0.16 Foreign Exchange Option - Exotic Put, 17.52, 12/02/2026 296,000 122 0.03 Foreign Exchange Option - Exotic Put, 17.93, 13/02/2026 566,000 289 0.07 Foreign Exchange Option - Exotic Put, 1,355, 25/03/2026 461,000 96 0.02 Foreign Exchange Option - Exotic Put, 101, 09/04/2026 6,595,000 2 Foreign Exchange Option - Exotic Put, 5.6, 11/05/2026 1,479,000 569 0.13 Foreign Exchange Option - Exotic Put, 17.3, 13/05/2026 1,169,000 114 0.03 Foreign Exchange Option - Exotic Put, 381, 20/05/2026 738,000 122 0.03 Foreign Exchange Option - Exotic Put, 1.6, 21/05/2026 580,000 43 0.01 Foreign Exchange Option - Exotic Call, 6.35, 12/06/2026 625,000 72 0.02 Foreign Exchange Option - Exotic Put, 1,310, 29/06/2026 463,000 61 0.01 Foreign Exchange Option - Exotic Call, 8.88, 06/07/2026 11,698,000 36 0.01 Foreign Exchange Option - Exotic Put, 5.6, 11/08/2026 1,479,000 476 0.11 Foreign Exchange Option - Exotic Put, 381, 28/08/2026 475,000 77 0.02 Foreign Exchange Option - Exotic Put, 4.18, 31/08/2026 264,000 38 0.01 Foreign Exchange Option - Exotic Put, 4,025, 01/09/2026 212,000 65 0.02 Foreign Exchange Option - Exotic Put, 378, 23/09/2026 509,000 69 0.02 Foreign Exchange Option - Exotic Put, 374, 08/12/2026 842,000 90 0.02 Foreign Exchange Option - Exotic Put, 366, 08/12/2026 665,000 46 0.01 Foreign Exchange Option - Exotic Put, 351, 18/12/2026 1,471,000 42 0.01 Foreign Exchange Option - Exotic Call, 1.415, 25/03/2027 629,000 129 0.03 Foreign Exchange Option - Exotic Put, 127, 12/05/2027 1,263,000 125 0.03 Foreign Exchange Option - Exotic Put, 59.55, 24/09/2027 629,000 92 0.02 Foreign Exchange USD/BRL Call, 5.5, 08/10/2025 2,080,000 1 Foreign Exchange USD/CHF Call, 0.99, 15/12/2025 1,136,000 – Foreign Exchange USD/CNH Call, 7.6, 06/01/2026 10,674,000 – Foreign Exchange USD/GBP Put, 1.31, 26/11/2025 5,125,000 17 Foreign Exchange USD/GBP Put, 1.25, 06/03/2026 18,044,000 55 0.01 Foreign Exchange USD/GBP Put, 1.3, 06/03/2026 (6,015,000) (49) (0.01) Foreign Exchange USD/HKD Call, 7.82, 07/10/2025 (15,714,000) – Foreign Exchange USD/HKD Call, 7.85, 09/04/2026 (26,658,000) (11) Hang Seng China Enterprise Index Futures Call, 9,500, 17/10/2025 55 56 0.01 S&P 500 Emini Index Put, 6,300, 19/12/2025 619 1,833 0.42 S&P 500 Index Put, 6,655, 01/10/2025 13 21 0.01 41

Page 45

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets S&P 500 Index Put, 6,425, 17/10/2025 39 58 0.01 S&P 500 Index Put, 6,125, 17/10/2025 (39) (17) S&P 500 Index Put, 6,750, 31/12/2025 16 229 0.05 Shell Product Code FX003157 Call, 0.885, 04/12/2025 215,000 45 0.01 Options total 13,984 3.17

Forward Currency Contracts (0.22)% (0.47%) Buy AUD 901,290 sell GBP 441,881 dated 31/10/2025 2 Buy BRL 10,241,207 sell USD 1,740,689 dated 07/11/2025 124 0.03 Buy BRL 17,655,946 sell USD 3,204,572 dated 17/12/2025 39 0.01 Buy BRL 22,134,600 sell USD 4,097,000 dated 17/12/2025 (10) Buy CLP 136,307,618 sell USD 143,000 dated 17/12/2025 (1) Buy CZK 36,942,221 sell USD 1,782,000 dated 31/10/2025 2 Buy EGP 384,211,870 sell USD 6,769,355 dated 18/03/2026 510 0.12 Buy EGP 421,031,797 sell USD 7,533,391 dated 16/09/2026 50 0.01 Buy EGP 58,176,459 sell USD 1,051,000 dated 16/09/2026 (1) Buy EUR 2,531,296 sell GBP 2,211,459 dated 01/10/2025 1 Buy EUR 4,576 sell GBP 4,000 dated 06/10/2025 – Buy EUR 13,500,000 sell GBP 11,713,536 dated 08/10/2025 92 0.02 Buy EUR 31,600,000 sell GBP 27,451,786 dated 22/10/2025 204 0.05 Buy EUR 58,479,302 sell GBP 51,178,410 dated 31/10/2025 29 0.01 Buy EUR 17,450,000 sell GBP 15,152,696 dated 05/11/2025 132 0.03 Buy EUR 7,000,000 sell GBP 6,131,601 dated 05/11/2025 – Buy EUR 28,500,000 sell GBP 24,805,993 dated 19/11/2025 176 0.04 Buy EUR 15,000,000 sell GBP 13,048,548 dated 17/12/2025 121 0.03 Buy EUR 21,900,000 sell GBP 19,069,710 dated 14/01/2026 190 0.04 Buy GBP 21,502 sell AUD 43,858 dated 31/10/2025 – Buy GBP 6,716 sell BRL 50,632 dated 17/12/2025 – Buy GBP 40,359 sell CAD 75,309 dated 31/10/2025 – Buy GBP 21,022 sell CHF 22,418 dated 31/10/2025 – Buy GBP 25,898 sell DKK 220,837 dated 31/10/2025 – Buy GBP 172,706 sell EUR 197,891 dated 03/10/2025 – Buy GBP 11,628,254 sell EUR 13,500,000 dated 08/10/2025 (177) (0.04) Buy GBP 27,370,428 sell EUR 31,600,000 dated 22/10/2025 (285) (0.06) Buy GBP 4,005 sell EUR 4,576 dated 31/10/2025 – Buy GBP 3,014,121 sell EUR 3,445,326 dated 31/10/2025 (3) Buy GBP 20,812,716 sell EUR 24,450,000 dated 05/11/2025 (603) (0.14) Buy GBP 24,238,215 sell EUR 28,500,000 dated 19/11/2025 (744) (0.17) Buy GBP 13,101,359 sell EUR 15,000,000 dated 17/12/2025 (69) (0.02) Buy GBP 20,236,667 sell EUR 23,000,000 dated 14/01/2026 10 Buy GBP 5,044,306 sell EUR 5,800,000 dated 14/01/2026 (56) (0.01) Buy GBP 25,276,850 sell EUR 29,000,000 dated 28/01/2026 (246) (0.06) Buy GBP 8,607,337 sell EUR 9,800,000 dated 11/02/2026 (24) (0.01) Buy GBP 15,426,032 sell EUR 17,600,000 dated 25/03/2026 (111) (0.03) Buy GBP 19,522,831 sell EUR 22,200,000 dated 22/04/2026 (104) (0.02) Buy GBP 22,510 sell HKD 237,322 dated 17/12/2025 – Buy GBP 14,322,525 sell JPY 2,800,000,000 dated 20/10/2025 219 0.05 Buy GBP 6,243,473 sell JPY 1,245,610,720 dated 31/10/2025 (38) (0.01) Buy GBP 55,332 sell KRW 103,814,280 dated 17/12/2025 – –

Page 46

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Buy GBP 17,226,841 sell MXN 427,342,180 dated 31/10/2025 (59) (0.01) Buy GBP 14,170 sell NOK 189,575 dated 31/10/2025 – Buy GBP 9,525 sell SEK 120,075 dated 31/10/2025 – Buy GBP 111,498 sell TWD 4,531,259 dated 17/12/2025 – Buy GBP 122,088 sell USD 163,845 dated 31/10/2025 – Buy GBP 89,190,656 sell USD 120,012,464 dated 31/10/2025 (106) (0.02) Buy GBP 2,786 sell USD 3,752 dated 06/11/2025 – Buy GBP 758 sell USD 1,012 dated 07/11/2025 – Buy GBP 1,721 sell USD 2,224 dated 16/03/2026 – Buy GBP 2,262 sell USD 3,024 dated 27/09/2027 – Buy GBP 267,534 sell ZAR 6,238,960 dated 31/10/2025 (1) Buy HUF 879,803,466 sell USD 2,640,644 dated 31/10/2025 1 Buy IDR 21,857,149,240 sell USD 1,298,000 dated 17/12/2025 7 Buy IDR 164,182,018 sell USD 9,958 dated 17/12/2025 – Buy INR 263,287,737 sell USD 2,972,063 dated 17/12/2025 (17) Buy KRW 19,614,560 sell USD 14,000 dated 17/12/2025 – Buy KRW 13,859,696,261 sell USD 10,030,241 dated 17/12/2025 (88) (0.02) Buy MXN 9,450,776 sell GBP 373,038 dated 17/12/2025 7 Buy MXN 25,397,557 sell USD 1,382,526 dated 31/10/2025 1 Buy NOK 13,217,164 sell USD 1,329,241 dated 31/10/2025 (4) Buy NZD 17,009 sell GBP 7,373 dated 31/10/2025 – Buy PHP 5,552,765 sell USD 97,000 dated 17/12/2025 (1) Buy PLN 69,236 sell USD 19,000 dated 31/10/2025 – Buy PLN 9,687,316 sell USD 2,669,588 dated 31/10/2025 (5) Buy SEK 94,213 sell USD 10,000 dated 31/10/2025 – Buy SEK 19,517,763 sell USD 2,082,386 dated 31/10/2025 (5) Buy SGD 2,584 sell GBP 1,495 dated 31/10/2025 – Buy TRY 97,913,760 sell USD 2,168,248 dated 06/11/2025 86 0.02 Buy TRY 188,463,955 sell USD 4,192,856 dated 17/12/2025 45 0.01 Buy TRY 71,804,750 sell USD 1,481,000 dated 16/03/2026 22 Buy TRY 164,099,956 sell USD 2,977,709 dated 16/09/2026 15 Buy TRY 103,484,000 sell USD 1,892,357 dated 16/09/2026 (1) Buy TRY 90,576,000 sell USD 1,254,976 dated 27/09/2027 – Buy TWD 2,102,408 sell USD 70,000 dated 17/12/2025 – Buy TWD 303,860 sell USD 10,000 dated 17/12/2025 – Buy USD 1,741,702 sell BRL 10,241,207 dated 07/11/2025 (124) (0.03) Buy USD 3,962,987 sell BRL 21,419,905 dated 17/12/2025 8 Buy USD 1,910,202 sell BRL 10,619,919 dated 17/12/2025 (37) (0.01) Buy USD 565,276 sell CLP 545,459,863 dated 17/12/2025 – Buy USD 6,543,991 sell CNH 46,546,849 dated 31/10/2025 (1) Buy USD 3,481,355 sell CZK 71,886,350 dated 31/10/2025 7 Buy USD 7,380,213 sell EGP 384,211,870 dated 18/03/2026 (55) (0.01) Buy USD 1,887,414 sell GBP 1,403,769 dated 31/10/2025 1 Buy USD 8,719,274 sell GBP 6,520,981 dated 31/10/2025 (33) (0.01) Buy USD 163,000 sell HUF 54,636,031 dated 31/10/2025 (1) Buy USD 3,398,654 sell IDR 56,617,121,748 dated 17/12/2025 9 Buy USD 1,218,000 sell IDR 20,388,035,452 dated 17/12/2025 (1) –

Page 47

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Buy USD 3,717,159 sell INR 329,673,325 dated 17/12/2025 18 Buy USD 5,726,020 sell KRW 7,938,084,178 dated 17/12/2025 37 0.01 Buy USD 18,000 sell KRW 25,289,820 dated 17/12/2025 – Buy USD 4,993,510 sell MXN 92,070,267 dated 31/10/2025 (16) Buy USD 21,000 sell NOK 210,118 dated 31/10/2025 – Buy USD 221,824 sell PHP 12,643,758 dated 17/12/2025 4 Buy USD 44,000 sell PLN 160,692 dated 31/10/2025 – Buy USD 10,000 sell SEK 93,959 dated 31/10/2025 – Buy USD 31,000 sell SEK 292,064 dated 31/10/2025 – Buy USD 668,154 sell SGD 858,638 dated 31/10/2025 1 Buy USD 179,000 sell SGD 230,513 dated 31/10/2025 – Buy USD 1,699,000 sell THB 54,554,890 dated 17/12/2025 3 Buy USD 2,172,000 sell TRY 97,913,760 dated 06/11/2025 (83) (0.02) Buy USD 4,225,397 sell TRY 188,463,956 dated 17/12/2025 (21) Buy USD 1,483,085 sell TRY 71,804,750 dated 16/03/2026 (20) Buy USD 1,258,000 sell TRY 90,576,000 dated 27/09/2027 2 Buy USD 573,623 sell TWD 17,190,737 dated 17/12/2025 5 Buy USD 10,000 sell TWD 303,267 dated 17/12/2025 – Buy USD 515,000 sell ZAR 8,911,378 dated 31/10/2025 – Buy USD 1,339,000 sell ZAR 23,345,819 dated 31/10/2025 (9) Buy ZAR 145,911,541 sell USD 8,417,574 dated 31/10/2025 14 Forward Currency Contracts total (966) (0.22)

Futures (0.05)% (0.03%) Amsterdam Index 17/10/2025 5 17 Australia 10 Year Bond 15/12/2025 90 (10) Australia 3 Year Bond 15/12/2025 70 (2) CAC 40 10 Euro Index 17/10/2025 32 (1) Canada 10 Year Bond 18/12/2025 112 4 CBOE Volatility Index 22/10/2025 (7) 8 CBOE Volatility Index 19/11/2025 (91) (3) CBOE Volatility Index 17/12/2025 (28) 17 CBOE Volatility Index 21/01/2026 (14) 1 DAX Index 19/12/2025 6 12 DAX Mini Index 19/12/2025 17 12 DJIA Mini E - CBOT Index 19/12/2025 1 1 Euro - Bobl 08/12/2025 45 (1) Euro - BTP 08/12/2025 63 67 0.02 Euro - Bund 08/12/2025 441 (152) (0.03) Euro - Buxl 08/12/2025 (6) 2 Euro - OAT 08/12/2025 (39) (7) Euro - Schatz 08/12/2025 317 (37) (0.01) EURO STOXX 50 Dividend Index 17/12/2027 (143) (43) (0.01) EURO STOXX 50 Index 19/12/2025 (4) (1) EURO STOXX 50 Volatility Index 22/10/2025 (43) – EURO STOXX Bank Index 19/12/2025 (103) (12) Foreign Exchange AUD/USD 15/12/2025 (390) 17 Foreign Exchange CAD/USD 16/12/2025 (28) 19 Foreign Exchange CHF/USD 15/12/2025 (19) 4 –

Page 48

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

Investment Holding

Market Value £'000

% of Net Assets Foreign Exchange EUR/USD 15/12/2025 (32) (4) Foreign Exchange GBP/USD 15/12/2025 (47) 6 Foreign Exchange JPY/USD 15/12/2025 (21) (9) Foreign Exchange MXN/USD 15/12/2025 58 21 0.01 Foreign Exchange NOK/USD 15/12/2025 (11) 11 Foreign Exchange NZD/USD 15/12/2025 83 2 Foreign Exchange SEK/USD 15/12/2025 (49) 53 0.01 FTSE 100 Index 19/12/2025 245 120 0.03 FTSE 250 Index 19/12/2025 (9) (5) FTSE/JSE Top 40 Index 18/12/2025 7 7 FTSE/MIB Index 19/12/2025 4 (4) Hang Sang China Enterprises Index 30/10/2025 7 4 Hang Seng Index 30/10/2025 55 95 0.02 IBEX 35 Index 17/10/2025 5 2 Japan 10 Year Bond 15/12/2025 27 (173) (0.04) Korea 10 Year Bond 16/12/2025 26 (19) Korea 3 Year Bond 16/12/2025 130 (39) (0.01) KOSPI 200 Index 11/12/2025 73 368 0.08 Long Gilt 29/12/2025 378 (138) (0.03) MSCI Singapore Index 30/10/2025 27 – MSCI World Index 19/12/2025 (35) 2 NASDAQ 100 Emini Index 19/12/2025 1 4 Nikkei 225 Index 11/12/2025 (2) 1 Nikkei 225 Mini Index 11/12/2025 28 14 OMXS30 Index 17/10/2025 37 6 Russell 2000 Emini Index 19/12/2025 (41) 51 0.01 S&P 500 Emini Index 19/12/2025 180 152 0.04 S&P/TSX 60 Index 18/12/2025 16 43 0.01 SPI 200 Index 18/12/2025 16 (1) STOXX Europe 600 Automobiles & Parts Index 19/12/2025 (45) (9) STOXX Europe 600 Index 19/12/2025 (88) (3) Swiss Market Index 19/12/2025 17 1 TOPIX Index 11/12/2025 (5) (2) US 2 Year Note 31/12/2025 45 (1) US 5 Year Note 31/12/2025 521 (21) US 10 Year Note 19/12/2025 605 (268) (0.06) US 10 Year Ultra Bond 19/12/2025 (219) (16) US Long Bond 19/12/2025 (16) 2 US Ultra Bond 19/12/2025 (299) (397) (0.09) Futures total (232) (0.05)

Investment assets (including Investment liabilities) 376,377 85.28 Net other assets 64,950 14.72 Net assets 441,327 100.00

Page 49

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund Portfolio Statement (continued) As at 30 September 2025

All s ecurities are admitted to an official stock exchange listing or traded on another regulated market unless otherwise stated. Swaps and Forward currency contracts are not listed on official stock exchanges and are considered over - the - counter instruments. T he comparative percentage figures in brackets are as at 31 March 202 5. †Securities managed by the Sub - Fund's Investment Manager . Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (ESMA) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument.

Page 50

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Statement of Total Return (unaudited) for the six months ended 30 September 2025

30 September 2025 30 September 2024 £'000 £'000 £'000 £'000

Income Net capital gains 41,705 4,916 Revenue 3,680 5,743 Expenses (2,104 ) (2,683 ) Interest payable and similar charges (184 ) (320 ) Net revenue before taxation 1,392 2,740 Taxation (48 ) (92 ) Net revenue after taxation 1,344 2,648 Total return before distributions 43,049 7,564 Distributions (115 ) (8 ) Change in net assets attributable to shareholders from investment activities 42,934 7,556

Statement of Change in Net Assets Attributable to Shareholders (unaudited) for the six months ended 30 September 2025

30 September 2025 30 September 2024 £'000 £'000 £'000 £'000 Opening net assets attributable to shareholders * 507,637 618,386 Amounts receivable on issue of shares 13,970 26,476 Amounts payable on cancellation of shares (123,356 ) (30,685 ) (109,386 ) (4,209 ) Change in net assets attributable to shareholders from investment activities (see above) 42,934 7,556 Dilution adjustment 142 Closing net assets attributable to shareholders 441,327 621,733

* The opening net assets for the current period do not equal the closing net assets for the comparative period as they are not consecutive periods .

Page 51

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Balance Sheet (unaudited) as at 30 September 2025

30 September 2025 31 March 2025 £'000 £'000 Assets Fixed assets Investments 383,492 436,262 Current assets Debtors 4,499 38,717 Cash and bank balances 101,514 111,651 Total assets 489,505 586,630

Liabilities Investment liabilities – (7,115 ) (8,108 ) Creditors Bank overdrafts (37,537 ) (46,507 ) Other creditors (3,526 ) (24,378 ) Total liabilities (48,178 ) (78,993 )

Net assets attributable to shareholders 441,327 507,637

Page 52

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Absolute Return Fund

Securities Fi nancing Transactions

The Sub - Fund has not engaged in securities financing transactions (as defined in Article 3 of Regulation (EU) 2015/2365 (the “Regulation”), securities financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy - sell back transactions or sell - buy back transactions and margin lending transactions). Accordingly, disclosures required by Article 13 of the Regulation are not applicable for the period ended 30 September 202 5.

Page 53

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Core Absolute Return Fund

Sub - Fund information

Synthetic Risk and reward indicator ("SRRI")

Lower Risk Higher Risk

Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7

The risk rating of the Sub - Fund is category 3 due to the volatility of the Sub - Fund price which sits in a range of between 2 % and 5 %. The prior year SRRI rating was 4 and it has reduced due to decreased volatility within the S ub -F und. The risk rating is calculated using historical data and a prescribed standard deviation methodology.

Non - base currency share classes may have a different Synthetic Risk and Reward Indicator, key investor information document details are available at https://www.tutman.co.uk . Task Force on Climate - Related Financial Disclosures A statement on the climate related financial disclosures is available at https://www.tutman.co.uk .

Page 54

TM Fulcrum UCITS Funds

TM Fulcrum Diversified Core Absolute Return Fund

Sub - Fund information (continued)

Comparative Table s

GBP C Acc Accounting period: From 01.04.25 to 30.09.25

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