2026-08-10T13:46:17-05:00 2025-09-30 135565207 KPMG LLP 8350 BROAD ST SUITE 900 MCLEAN VA 22102 990 2024-10-01 133786524 UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND UKRA 3129397003 175 WEST JACKSON BLVD STE 1640 CHICAGO IL 60604 JAROSLAWA Z JOHNSON PRESIDENT & CEO 3129397003 2026-08-10 1 1 BRIAN KEARNS P02061479 7032868399 2026-08-07 2024 2025-03-06 01:10:19Z JAROSLAWA Z JOHNSON 175 WEST JACKSON BLVD STE 1640 CHICAGO IL 60604 63382379 0 X WWW.UMAEF.ORG X 1994 IL SEE SCHEDULE O 7 6 2 0 0 0 0 49852000 3782256 2524877 19486781 10631731 36000 35999 23305037 63044607 10007113 20738246 0 0 3330798 3521077 0 0 0 2722355 2821341 16060266 27080664 7244771 35963943 244561208 285854402 630818 767231 243930390 285087171 X SEE SCHEDULE O 0 0 25231338 20738246 2524877 IN SEPTEMBER 2025, UMAEF RECEIVED NEW FUNDING OF $49,852,000 FROM U.S. GOVERNMENT, AS SET FORTH IN GRANT MODIFICATION #29 ISSUED JANUARY 2025. 1253862 8683847 SEE SCHEDULE O 26485200 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 1 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 1 9 0 1 2 1 0 1 UP UK 0 0 0 0 0 0 0 0 0 0 X 7 6 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 IL X NATALIA KOVALENKO 3129397003 175 WEST JACKSON BLVD STE 1640 CHICAGO IL 60604 X JAROSLAWA ZELINSKY JOHNSON PRESIDENT & CEO 40.00 0.00 X X 281505 0 53018 MARTA FARION DIRECTOR 1.00 0.00 X 0 0 0 JOHN E HERBST DIRECTOR 1.00 0.00 X 0 0 0 DENNIS A JOHNSON DIRECTOR 1.00 0.00 X 0 0 0 JEFFREY C NEAL DIRECTOR 1.00 0.00 X 0 0 0 DANIEL F RUNDE DIRECTOR 1.00 0.00 X 0 0 0 MARGOT ELLIS DIRECTOR 1.00 0.00 X 0 0 0 DAN BRYANT DIRECTOR 1.00 0.00 X 0 0 0 DAVID COWLES DIRECTOR 1.00 0.00 X 0 0 0 ELAINE MCCORMACK SECRETARY 36.00 0.00 X 100414 0 22500 LENNA KOSZARNY EXECUTIVE VICE PRESIDENT 1.00 0.00 X 32900 0 0 ANDREW T KARRON SENIOR VP AND OUTSIDE GEN. COUNSEL 1.00 0.00 X 0 0 0 NATALIA KOVALENKO CFAO & TREASURER 1.00 0.00 X 2468 0 0 ANDRII SOROKHAN VENTURE DIRECTOR, UVENTURES 40.00 0.00 X 142031 0 0 ANTON WASCHUK INNOVATION, EDU. AND ENT. DIRECTOR 40.00 0.00 X 126640 0 0 IRYNA OZYMOK LOCAL ECONOMIC DEVLOPMENT DIRECTOR 40.00 0.00 X 125423 0 0 VASYL NAZARUK IMPACT INVESTING PROGRAM DIRECTOR 40.00 0.00 X 116124 0 0 ROMAN TYCHKIVSKYY STRATEGIC INITATIVES DIRECTOR 40.00 0.00 X 115124 0 0 1042629 0 75518 7 1 1 0 HORIZON CAPITAL ASSOCIATES LCC 175 W JACKSON BLVD STE 1640 CHICAGO IL 60604 SHARED SERVICES FEES AND INVESTMENT MGMT 820307 JP MORGAN CHASE BANK 500 STANTON CHRISTIANA RD NCC1 FL NEWARK NJ 19713 INVESTMENT ACCOUNT MANAGEMENT FEE 379905 UKRAINE HOUSE FOUNDATION 175 W JACKSON BLVD 160 CHICAGO IL 60604 CO ORG SVC FOR UKR HOUSE DAVOS 224322 DAVOSWORKS BRAND SERVICES GMBH PROMENADE 76 DAVOS PLATZ SZ CH7270 BOOKING AND RENTAL SERVICES DURING UHD 2 121366 4 49852000 49852000 INTEREST FROM PRIS 523000 2524877 2524877 2524877 1947884 1947884 9021619 337772 8683847 8683847 8683847 MISCELLANEOUS 900099 35999 35999 35999 63044607 11208724 0 1983883 20738246 20738246 310375 258500 51875 1259063 1259063 1480318 1376306 104012 76941 65222 11719 254213 230847 23366 140167 120753 19414 296568 229768 66800 187373 140530 46843 431947 420430 11517 52300 42732 9568 57616 46051 11565 136076 102057 34019 909074 762273 146801 545 409 136 17831 17831 10913 8185 2728 120116 90100 30016 OTHER OPERATING EXPENSE 576485 556238 20247 MEMBERSHIP FEES 12008 10277 1731 BANK FEES 10973 8245 2728 FIXED ASSET EXPENSES 1516 1137 379 27080664 26485200 595464 0 33373869 101187294 483922 724720 213414 167956 27763 45458 210323930 183299990 351724 596940 244561208 285854402 402904 528222 227914 239009 630818 767231 X 243930390 285087171 243930390 285087171 244561208 285854402 35963943 5192838 0 X 0 1 X 1 0 X 110020 134380106 49852000 184342126 101428 40031 2277019 3782256 2524877 8725611 211448 40031 136657125 3782256 52376877 193067737 0 0 0 193067737 55 69 13430 517654 1947884 2479092 55 69 13430 517654 1947884 2479092 36201 36415 36409 36000 36000 181025 247704 76515 136706964 4335910 54360761 195727854 0.98640 0.99500 0.01270 0.00370 X PART III, SECTION B, LINE 12 OTHER INCOME OTHER INCOME REPRESENTS EXPENSE REIMBURSEMENT. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4646 4646 0 208768 163310 45458 45458 EQUITY & DEBT SECURITIES 119178589 F OTHER FINANCIAL ASSETS 2405000 F EMERGING EUR. GROWTH FUND III 57952733 F HORIZON CAPITAL GROWTH FUND IV 3763668 F 183299990 THIRD-PARTY FRAMEWORK AGREEMENT 239009 239009 X 68237445 5192838 5192838 63044607 0 63044607 27080664 0 27080664 0 27080664 PART X, LINE 2: TAX STATUS HISTORICALLY, THE FUND HAS BEEN EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE (THE CODE), AND, BECAUSE IT WAS FUNDED THROUGH U.S. GOVERNMENT GRANTS, HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A)(1) OF THE CODE. THE FUND CHANGED ITS CLASSIFICATION DURING 2010 FROM AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(1) TO A PUBLIC CHARITY AS DEFINED IN SECTION 509(A)(2) OF THE CODE, GIVEN THAT ITS INCOME IS NO LONGER DERIVED PRIMARILY FROM GRANTS. THE FUND CONTINUES TO MAINTAIN ITS 501(C)(3) DESIGNATION AND IS EXEMPT FROM PAYMENT OF STATE AND LOCAL INCOME TAXES. THE FUND IS REGISTERED AS A CHARITABLE TRUST IN ILLINOIS. 1 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, 2 17 PROGRAM SERVICES GENERAL OPERATIONS 5188220 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, GRANTMAKING/SCHOLARSHIPS 20738246 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, INVESTMENTS 61469651 2 17 0 0 2 17 87396117 0 87396117 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, YOUTH LEADERSHIP DEVELOPMENT 2000000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, INCLUSIVE HIGHER EDUCATION 1863000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, LEADERSHIP ACADEMY 1348000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, WORKFORCE RESKILLING 999935 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT WOMEN-OWNED BUSINESSES 900000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORTS INNOVATIVE PROJECTS AND TECH STARTUPS IN UKRAINE. 794538 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, PROJECTS ON INCLUSIVENESS 517594 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, RENOVATION OF THE LVIV CAMPUS OF THE LEADERSHIP ACADEMY 467000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, ROBOTICS RESEARCH AND INNOVATION 450000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, AGRIBUSINESS ENTREPRENEURSHIP TRAINING 450000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SCHOOL MODERNIZATION 430114 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, INSTITUTIONAL CAPACITY BUILDING 407750 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, TOURISM AND INVESTMENT PROMOTION 394000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, STARTUP ACCELERATION 376168 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, VETERAN ENTREPRENEURSHIP SUPPORT 360000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, ECONOMIC REFORM SUPPORT 359220 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, DIGITAL AND ECONOMIC REFORMS 326000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, DIGITAL AND ECONOMIC REFORMS 324933 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, VETERAN SOCIAL INCLUSION 308139 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, VETERAN SOCIAL INCLUSION 295448 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, COMMUNITY RECOVERY 280000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EXPORT PROMOTION FOR FRUIT PRODUCERS 263909 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT FOR VETERANS' FAMILIES 257000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EARLY-STAGE STARTUP INVESTMENT 250000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EDUCATION 250000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT FOR IDEA-STAGE COMPANIES 249900 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, ORGANIZATIONAL CAPACITY BUILDING 219995 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, BUILDING THE CAPACITY OF SME OWNERS AND EMPLOYEES 214265 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, INVESTMENT ATTRACTION SUPPORT 213136 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EDUCATION REFORM SUPPORT 192297 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, COMMUNITY INNOVATION SUPPORT 190000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, YOUTH CIVIC LEADERSHIP 190000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, INTERNATIONAL TECH PROMOTION 182630 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, CAREGIVER WORKFORCE TRAINING 179431 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT STRATEGIC INITIATIVES 168680 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT THE DEVELOPMENT OF ENTERPRISES 168350 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, DIGITAL TRANSFORMATION SUPPORT 164723 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, LOCAL COMMUNITY DEVELOPMENT 153548 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, PARTNERSHIP AND CAPACITY BUILDING 150000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EDUCATION 150000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, INNOVATION AND ENTREPRENEURSHIP HUB 149956 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, URBAN INNOVATION AND COMMUNITY DEVELOPMENT 140000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, AGRI-TECH INNOVATION ECOSYSTEM 119887 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, YOUTH ENTREPRENEURSHIP SUPPORT 117200 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, IT SECTOR DEVELOPMENT 110816 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, STARTUP FUNDING AND ACCELERATION 109920 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, STARTUP INCUBATION 107496 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EDUCATION SYSTEM RESILIENCE 107050 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT OF EARLY-STATE TECH STARTUPS 103910 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, HIGH-GROWTH ENTREPRENEURSHIP SUPPORT 100000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, PAIRING LOCAL STARTUPS WITH INTERNATIONAL DIASPORA EXPERTS 96507 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SCHOLARSHIPS FOR MILITARY FAMILIES 96000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, CREATIVE ENTREPRENEURSHIP ACCELERATION 93700 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT OF EVENT ORGANISATION 91725 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT HIGH-GROWTH ENTREPRENEURS 90000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT OF PROJECT 88536 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT OF TRAINING REGARDING DIGITALIZATION FOR SMES 86940 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, DRONE SKILLS DEVELOPMENT 80000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT FOR ORGANIZATION OF EVENTS FOR DONORS AND INVESTORS 80000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, WOMEN'S LEADERSHIP DEVELOPMENT 70000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, HEALTHCARE INNOVATION HUB 68784 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, VETERAN SUPPORT AND REINTEGRATION 68000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, REGIONAL DEVELOPMENT COOPERATION 65966 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, MUNICIPAL COOPERATION 65000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, CO-FINANCING SME PARTICIPATION IN TRADE SHOWS AND FAIRS 60500 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORTING COMMUNITY STARTUPS 59313 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EDUCATION 58215 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, STARTUP INVESTMENT READINESS 55886 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT OF STARTUPS 55800 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, DIASPORA INVESTMENT PROMOTION 50000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT WOMEN-LED BUSINESSES 50000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EDUCATION SCHOLARSHIPS 50000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, CREATIVE INDUSTRIES DEVELOPMENT 49787 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, YOUTH URBAN ENGAGEMENT 49496 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, DIGITAL PLATFORM DEVELOPMENT 47080 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EARLY-STAGE STARTUP FUNDING 46000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EXECUTIVE LEADERSHIP TRAINING 45000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SPONSORING OF LEDP`S EVENTS 41615 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SCIENCE COMMUNICATION 40000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, TECHNOLOGY AND INNOVATION PROMOTION 38950 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, TECH ECOSYSTEM DEVELOPMENT 32000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, MUNICIPAL LEADERSHIP DEVELOPMENT 30000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, TECH EDUCATION SUPPORT 30000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, VETERAN REINTEGRATION SUPPORT 30000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EXECUTIVE ENTREPRENEURSHIP TRAINING 27750 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, MUNICIPAL GRANT CAPACITY BUILDING 25320 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EDUCATION 23000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, PROFESSIONAL EDUCATION SCHOLARSHIPS 15000 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, COMMUNICATIONS AND OUTREACH 7200 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, EU PROJECT DEVELOPMENT 5286 WIRE 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, SUPPORT THE DEVELOPMENT OF ENTERPRISES 52049 WIRE 0 0 91 1 0 1 0 1 0 PART I, LINE 2: GRANT MONITORING REGULAR AND RIGOROUS REVIEW IS CONDUCTED BY UMAEF TO DETERMINE PROGRESS AND ASSESS WHETHER VALUE FOR MONEY HAS BEEN ACHIEVED. THIS INCLUDES REGULAR PROGRESS REPORTS BY THE FUNDING RECIPIENT AGAINST AGREED PERFORMANCE MEASURES OR MILESTONES AND/OR SITE VISITS BY A UMAEF PROGRAM MANAGER. PERFORMANCE MEASURES ARE DEVELOPED IN THE PLANNING PHASE OF A PROJECT AND USED FOR MONITORING DURING THE LIFE CYCLE OF THE GRANT AND TO EVALUATE THE PROJECT AS A WHOLE. RECIPIENT ORGANIZATIONS ARE REQUIRED TO SUBMIT TO UMAEF WRITTEN INTERIM AND/OR FINAL REPORTS TO REFLECT THE PROGRESS ON ACTIVITIES AND PROJECT'S RESULTS AND IMPACT TO DATE. UMAEF SPELLS OUT THE FREQUENCY AND INFORMATION TO BE INCLUDED IN THE REPORT. RECIPIENT ORGANIZATIONS ARE REQUIRED TO MAINTAIN NECESSARY FINANCIAL AND OPERATIONAL RECORDS IN RELATION TO THE OPERATION OF THE PROJECT AND TO SUBMIT TO UMAEF A FINANCIAL REPORT FOR USE OF FUNDS TO DETERMINE EXPENDITURE AGAINST THE FUNDING AGREEMENT. PART I, LINE 3: FOREIGN ACTIVITIES CONSISTENT WITH UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND GRANT AGREEMENT, THE FUND'S ACTIVITIES ARE FOCUSED ON UKRAINE AND MOLDOVA AND DO NOT INCLUDE ACTIVITIES IN RUSSIA AND BELARUS. UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND HAS AN OFFICE IN THE U.S., BUT MOST OF ITS OPERATIONS ARE IN UKRAINE AND MOLDOVA, GIVEN ITS TAX-EXEMPT MISSION. (SEE SCHEDULE O FOR ADDITIONAL DETAILS.) UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND HAS ONE OFFICE IN UKRAINE AND ONE IN MOLDOVA. PART I, LINE 3, COLUMN (F) ACCOUNTING METHOD PROGRAM SERVICE EXPENDITURES INCLUDE DIRECT EXPENSES RECORDED USING THE ACCRUAL BASIS DURING FISCAL YEAR 2025. NO INDIRECT EXPENSE ALLOCATIONS HAVE BEEN MADE. 1 UKRAINIAN LEADERSHIP FOUNDATION 175 W JACKSON BLVD STE 1640 CHICAGO IL 60604 831321813 501(C)(3) 2000000 0 N/A GEN SUPPORT 1 0 PART II, LINE 1A: IN SEPTEMBER 2025, BASED ON THE BOARD OF DIRECTORS APPROVAL PROVIDED EARLIER, UMAEF PROVIDED $2,000,000 TO CHICAGO COMMUNITY FOUNDATION FOR SUPPORT TO THE UKRAINIAN LEADERSHIP FOUNDATION BASED IN CHICAGO, IL ("ULF"), FOR CHARITABLE PURPOSES INCLUDING SUPPORT TO THE UKRAINIAN LEADERSHIP ACADEMY IN UKRAINE. X 1 1 X 0 0 0 0 0 0 0 0 0 JAROSLAWA ZELINSKY JOHNSON PRESIDENT & CEO 204000 0 32900 0 44605 0 53018 0 0 0 334523 0 0 0 PART I, LINE 1A A HOUSING ALLOWANCE IS PROVIDED TO THE PRESIDENT/CEO. THIS ALLOWANCE IS TREATED AS TAXABLE COMPENSATION. HORIZON CAPITAL ASSOCIATES LLC MGMT OVERLAP-SCH O 650000 PROGRAM MGMT 0 HORIZON CAPITAL ASSOCIATES LLC MGMT OVERLAP-SCH O 290927 INVEST MGMT 0 ANDREW T KARRON SENIOR VP 195131 LEGAL FEES AND EXPENSES INCURRED 0 BUSINESS TRANSACTIONS WITH INTERESTED PERSONS SCHEDULE L, PART IV - DURING THE YEAR ENDED SEPTEMBER 30, 2025, LENNA KOSZARNY (OFFICER) WAS OWNER AND/OR OFFICER OF HORIZON CAPITAL ASSOCIATES LLC (HCA), THE INVESTMENT MANAGEMENT COMPANY CONTRACTED TO MANAGE THE UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND PORTFOLIO. AS NOTED IN PART III OF FORM 990, ONE OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' KEY ACCOMPLISHMENTS WAS FULFILLING THE DIRECTIVE FROM USAID TO ENABLE THE ESTABLISHMENT OF A PRIVATE SUCCESSOR FUND, EMERGING EUROPE GROWTH FUND LP (EEGF). A NEW PRIVATE INVESTMENT MANAGEMENT COMPANY, HORIZON CAPITAL ASSOCIATES LLC (HCA), WAS FORMED TO SUPPORT EEGF AND UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND. THIS APPROACH FOLLOWED THE PRECEDENT OF USAID-FINANCED ENTERPRISE FUNDS IN CENTRAL AND EASTERN EUROPE, WHICH SUCCESSFULLY ATTRACTED SIGNIFICANT PRIVATE CAPITAL. THE FOUNDING OF EEGF WAS A SIGNIFICANT ACCOMPLISHMENT TOWARDS FULFILLING UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' MISSION. THE INVESTMENT MANAGEMENT AGREEMENT WITH HCA WAS ENTERED INTO BY UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND ON PARI PASSU TERMS AS THE THIRD-PARTY INVESTMENT MANAGEMENT AGREEMENT BETWEEN HCA AND EMERGING EUROPE GROWTH FUND, LP TO ENSURE THAT THE UMAEF-HCA INVESTMENT MANAGEMENT AGREEMENT WAS IN LINE WITH MARKET TERMS. IN AUGUST 2022, THE BOARD OF DIRECTORS APPROVED A COMMITMENT OF $10 MILLION TO HORIZON CAPITAL GROWTH FUND IV, L.P. ("HCGF IV") AT ITS FIRST CLOSING, AT PARI-PASSU TERMS WITH THIRD PARTY INVESTORS, THUS HELPING TO CATALYZE $105 MILLION OF CAPITAL FROM DEVELOPMENT FINANCIAL INSTITUTIONS ("DFIS"). THE FUND ENTERED INTO SUBSCRIPTION DOCUMENTS FOR HCGF IV AS OF SEPTEMBER 26, 2022, THUS COMMITTING $10 MILLION TO HCGF IV IN A FIRST CLOSING TOTALING $125 MILLION. BASED ON THE FUND'S SUPPORT, AS WELL AS THAT OF OTHER INVESTORS, HCGF IV EXCEEDED ITS TARGET OF $250 MILLION BY $100 MILLION, REACHING ITS HARD CAP OF $350 MILLION IN AGGREGATE COMMITMENTS AND HOLDING A FINAL CLOSING IN FEBRUARY 2024. UMAEF CONTINUES TO FUND, AS LEGALLY REQUIRED, ITS UNFUNDED COMMITMENTS TO EEGF III AND HCGF IV.UNDER THE TERMS OF THE GRANT AGREEMENT WITH USAID, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND IS MANAGED BY A BOARD OF DIRECTORS COMPRISED OF PRIVATE CITIZENS (A MAJORITY OF WHOM MUST BE U.S. CITIZENS), WHO HAVE DEMONSTRATED EXPERIENCE AND EXPERTISE IN THOSE AREAS OF PRIVATE SECTOR DEVELOPMENT IN WHICH THE FUND IS INVOLVED. THE INITIAL MEMBERS WERE ELECTED WITH ADVICE OF THE PRESIDENT OF THE UNITED STATES OR THE PRESIDENT'S DESIGNEE, AND NEW MEMBERS ARE RECOMMENDED BY CURRENT BOARD MEMBERS TO USAID WHO MUST OBTAIN SUBSEQUENT APPROVAL FROM PRESIDENTIAL ADMINISTRATION PRIOR TO THE NEW MEMBERS' COMMENCING BOARD PARTICIPATION. RE-ELECTION OF ANY CURRENT DIRECTOR ALSO REQUIRES APPROVAL FROM BOTH, USAID AND PRESIDENTIAL ADMINISTRATION. FOLLOWING THE FOUNDING OF EEGF, ALL EMPLOYEES OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND (EXCEPT THOSE LOCATED IN THE U.S.) BECAME EMPLOYEES OF HCA'S WHOLLY-OWNED SUBSIDIARY, HORIZON CAPITAL ADVISORS, LLC (HCAD), RESULTING IN THE TRANSFER OF EMPLOYEE COMPENSATION, OPERATING AND OTHER EXPENSES FROM UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND TO HCAD. HOWEVER, DURING 2015, AS A RESULT OF THE LAUNCH OF THE LEGACY PROGRAMS AND NEED TO HIRE COMMITTED RESOURCES TO MANAGE THESE PROGRAMS, THE FUND RECOMMENCED HIRING OF EMPLOYEES DIRECTLY, BEGINNING WITH THE PRESIDENT AND CHIEF EXECUTIVE OFFICER, PROGRAM MANAGERS AS WELL AS CERTAIN FULL-TIME SUPPORT PERSONNEL. THE INVESTMENT MANAGEMENT FUNCTION IS DELEGATED TO HCA ON THE BASIS OF THE UMAEF-HCA INVESTMENT MANAGEMENT AGREEMENT. IN FEBRUARY 2015, THE FUND ALSO ENTERED INTO A SHARED SERVICES AGREEMENT WITH HCA, APPROVED BY THE BOARD OF DIRECTORS, TO PROVIDE SUPPORT TO THE FUND IN THE FORM OF ADDITIONAL PROGRAM MANAGEMENT AND ADMINISTRATIVE SERVICES FOR LEGACY PROGRAMS. THIS AGREEMENT PROVIDES THE FUND WITH ACCESS TO A FULL RANGE OF HCAD HR, LEGAL, ADMINISTRATIVE, COMMUNICATIONS, MGMT AND OTHER RESOURCES RATHER THAN EXPEND SIGNIFICANT TIME, COST AND EFFORT TO SET-UP THESE RESOURCES IN-HOUSE. FORM 990, PART I, LINE 1 UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND WAS CREATED AND FUNDED BY THE U.S. CONGRESS, TO INVEST IN AND ATTRACT PRIVATE CAPITAL TO UKRAINE, MOLDOVA, AND BELARUS, TO PROMOTE ENTREPRENEURSHIP AND OPEN MARKETS. FORM 990, PART III, LINE 1 NAME CHANGE: IN FISCAL 2023, BASED ON APPROVAL BY THE BOARD OF DIRECTORS, THE FUND INITIATED THE PROCESS OF CHANGING ITS LEGAL NAME TO UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND. THIS CHANGE WAS RECORDED IN THE DELAWARE SECRETARY OF STATE'S CERTIFICATE ISSUED IN OCTOBER 2023. IN JANUARY 2024, USAID ISSUED GRANT MODIFICATION #27 CONFIRMING THE CHANGE OF CORPORATE NAME. THE NEW NAME REFLECTS THE FUND'S ACTUAL HISTORICAL AND ONGOING OPERATIONS IN UKRAINE AND MOLDOVA, AND INCLUDES THE COUNTRIES OF OPERATION, CONSISTENT WITH THE PRACTICE OF OTHER ENTERPRISE FUNDS. ORGANIZATION MISSION - THE UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND (THE "FUND") IS A NOT-FOR-PROFIT CORPORATION FORMED PURSUANT TO THE SUPPORT FOR EAST EUROPEAN DEMOCRACY ACT OF 1989 (THE "SEED ACT") AND THE 1992 FREEDOM FOR RUSSIA AND EMERGING EURASIAN DEMOCRACIES AND OPEN MARKETS SUPPORT ACT (THE "FREEDOM SUPPORT ACT"). UMAEF'S PRIMARY PURPOSE IS PROMOTING THE DEVELOPMENT OF THE PRIVATE SECTOR, AND THE POLICIES AND PRACTICES CONDUCIVE TO SUCH DEVELOPMENT, OF THE WESTERN NIS REGION (THE "REGION"), WHICH CONSISTS OF UKRAINE, MOLDOVA AND BELARUS. THE U.S. CONGRESS AUTHORIZED APPROPRIATIONS OF $150 MILLION, WHICH WERE COMMITTED BY THE UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT ("USAID") FOR UMAEF PROGRAM PURPOSES AND ADMINISTRATIVE EXPENDITURES (THE "GRANT"). AMOUNTS RECEIVED FROM USAID WERE CONDITIONED UPON UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' COMPLIANCE WITH THE REQUIREMENTS OF THE GRANT AGREEMENT WITH USAID AND THE SEED AND FREEDOM SUPPORT ACTS, WHICH IMPOSED CERTAIN U.S. POLICY OBJECTIVES AND REPORTING OBLIGATIONS. UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND IS ENGAGED IN A BROAD PRIVATE INVESTMENT PROGRAM IN THE REGION WHICH, THROUGH EQUITY INVESTMENTS, LOANS, LEASES, TECHNICAL ASSISTANCE AND OTHER MEASURES, EMPHASIZES A COMMITMENT TO SMALL-AND MEDIUM-SIZED PRIVATE BUSINESSES. UMAEF PROVIDES TECHNICAL ASSISTANCE TO COMPANIES IN WHICH IT HAS INVESTED. THROUGH ITS DIRECT ROLE IN INVESTMENTS IN THE REGION'S PRIVATE SECTOR, UKRAINE-MOLDOVA AMERICAN ENTERPRISE SEEKS TO GENERATE PROFITS THAT WILL FURTHER SUPPORT ITS ACTIVITIES AND ATTRACT INVESTMENTS BY OTHERS. AS PART OF ITS INVESTMENT OPERATIONS, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND MAY OBTAIN REPRESENTATION ON MANAGEMENT AND SUPERVISORY COUNCILS OF INVESTEE COMPANIES. UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' GRANT AGREEMENT WITH USAID STATES THAT THE SUCCESS OF UMAEF WILL BE CHARACTERIZED BY THE EXTENT TO WHICH IT CAUSES OR CONTRIBUTES TO: (1) THE SUCCESSFUL ESTABLISHMENT, OR STRENGTHENING OF, A WIDE ARRAY OF SMALL AND MEDIUM-SIZED FIRMS ACROSS THE DIFFERENT SECTORS OF THE ECONOMIES IN THE UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND REPUBLICS; (2) THE GENERATION OF NEW EMPLOYMENT OPPORTUNITIES IN THE PRIVATE SECTOR OF THE WESTERN NIS REPUBLICS; (3) INVESTMENT BY OTHER PRIVATE COMPANIES IN SECTORS WHERE UMAEF TOOK AN INITIAL LEAD; (4) THE COMPLETION OF A WIDE ARRAY OF TRANSACTIONS THAT DEVELOP AND STRENGTHEN FINANCIAL MARKETS IN THE WESTERN NIS REPUBLICS; (5) DEVELOPMENT BY UMAEF OF A NUMBER OF KEY JOINT VENTURES BETWEEN PRIVATE COMPANIES OF THE U.S. AND THE WESTERN NIS REPUBLICS; AND (6) CONSISTENT WITH UMAEF'S SOUND BUSINESS JUDGMENT, THE CONDUCT OF ACTIVITIES INTENDED TO FURTHER INVESTMENT IN EACH OF THE WESTERN NIS REPUBLICS. ONE OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' KEY ACCOMPLISHMENTS WAS FULFILLING THE DIRECTIVE FROM USAID TO ENABLE THE ESTABLISHMENT OF A PRIVATE SUCCESSOR FUND, EMERGING EUROPE GROWTH FUND LP (EEGF). A NEW PRIVATE INVESTMENT MANAGEMENT COMPANY, HORIZON CAPITAL ASSOCIATES LLC (HCA), WAS FORMED TO SUPPORT EEGF AND UMAEF. THIS APPROACH FOLLOWED THE PRECEDENT OF USAID-FINANCED ENTERPRISE FUNDS IN CENTRAL AND EASTERN EUROPE, WHICH SUCCESSFULLY ATTRACTED SIGNIFICANT PRIVATE CAPITAL. BASED ON USAID AND CONGRESSIONAL APPROVAL, UMAEF'S BOARD OF DIRECTORS COMMITTED $25 MILLION TO EEGF AND APPROVED THE SALE OF CERTAIN INVESTMENTS TO EEGF IN 2006. EEGF NOW FUNCTIONS AS A MID-CAP PRIVATE EQUITY FUND MAKING INVESTMENTS IN UKRAINE, MOLDOVA, AND BELARUS. UMAEF IS A CORNERSTONE LIMITED PARTNER IN EEGF. EEGF HAS INVESTED BETWEEN $5 TO $25 MILLION IN EXPANSION AND BUY-OUT OPPORTUNITIES IN THE FOLLOWING INDUSTRIES: FINANCIAL SERVICES, FAST MOVING CONSUMER GOODS, RETAIL AND INDUSTRIAL GOODS. USAID HAS ALREADY DISTRIBUTED THE FULL GRANT OF $150 MILLION TO UMAEF, WITH THE FINAL TRANCHE RECEIVED IN FISCAL YEAR 2007. ACCORDING TO THE GRANT AGREEMENT, USAID MAY ESTABLISH THE DATE AFTER WHICH UMAEF SHALL COMMENCE THE WINDING UP OF ITS AFFAIRS AND SALE OF ITS ASSETS. UNDER THIS AUTHORITY, USAID ORIGINALLY ESTABLISHED UMAEF'S TERMINATION COMMENCEMENT DATE AS AUGUST 26, 2009. DURING FISCAL YEAR 2009, UMAEF REQUESTED AND WAS GRANTED AN EXTENSION FROM USAID OF THE TERMINATION COMMENCEMENT DATE TO AUGUST 26, 2011. IN JANUARY 2011, USAID FURTHER EXTENDED THIS DATE TO AUGUST 26, 2013 WITH THE CONDITION THAT THE LEGACY PROPOSAL BE PRESENTED TO USAID BY AUGUST 26, 2011. THE LEGACY PROPOSAL SET FORTH UMAEF'S PROPOSAL FOR THE ESTABLISHMENT OF A LEGACY FOUNDATION TO BE FUNDED BY PROCEEDS DERIVED FROM THE SALE OF ASSETS. THE FUND'S PROPOSAL WAS SUBMITTED TO USAID AS REQUIRED, INCLUDING CONFIRMATION THAT AS OF AUGUST 26, 2011, UMAEF WILL NOT MAKE ANY NEW INVESTMENTS OR COMMITMENTS, ALTHOUGH THE FUND MAY MAKE FOLLOW-ON INVESTMENTS IN COMPANIES IN ITS EXISTING PORTFOLIO UNTIL AUGUST 26, 2013. THE REVISED TERMINATION COMMENCEMENT DATE. IN JUNE 2013, USAID ESTABLISHED A TARGET LIQUIDATION DATE OF AUGUST 26, 2016 AS THE DATE BY WHICH THE FUND MUST HAVE COMPLETED THE WIND-UP AND LIQUIDATION OF ALL OF ITS ASSETS. THE GRANT AGREEMENT BETWEEN UMAEF AND USAID WAS AMENDED TO REFLECT THIS TARGET LIQUIDATION DATE OF AUGUST 26, 2016 AND FURTHER STATED THAT THIS DATE MAY ONLY BE EXTENDED WITH THE PRIOR WRITTEN APPROVAL OF USAID. EFFECTIVE JANUARY 28, 2015, USAID APPROVED THE FUND'S PROPOSAL TO CONTINUE THE MISSION OF THE FREEDOM SUPPORT ACT OF 1992 AND THE FOREIGN ASSISTANCE ACT OF 1961, THROUGH THE EXISTING UMAEF STRUCTURE. AS SUCH, THE GRANT AGREEMENT WAS AMENDED TO CHANGE THE TERMINATION COMMENCEMENT DATE FROM AUGUST 26, 2013 TO DECEMBER 31, 2017 AND CHANGE THE TARGET LIQUIDATION DATE FROM AUGUST 26, 2016 TO DECEMBER 31, 2018 TO ALLOW THE FUND TO CARRY OUT THE PROGRAM ACTIVITIES DESCRIBED IN ITS PROPOSAL. THE TLD MAY ONLY BE EXTENDED WITH THE PRIOR WRITTEN APPROVAL OF USAID. THE FUND'S PROPOSAL ENVISIONED A $30 MILLION THREE-YEAR LEGACY PROGRAM FUNDED BY A PORTION OF THE REFLOWS EARNED BY THE FUND FROM ITS INVESTMENT ACTIVITIES. THE GOALS AND OBJECTIVES OF THE LEGACY PROGRAM ARE TO ASSIST UKRAINE AND MOLDOVA WITH FURTHER DEVELOPMENT OF SOUND ECONOMIC POLICIES AND LEADERSHIP DURING THIS CRITICAL TIME IN THEIR RESPECTIVE HISTORIES. BOTH UKRAINE AND MOLDOVA RECENTLY SIGNED DEEP AND COMPREHENSIVE FREE TRADE AGREEMENTS (DCFTA) WITH THE EUROPEAN UNION (EU) AND MUST NOW UNDERTAKE SIGNIFICANT CHANGES TO THEIR ECONOMIC POLICIES AND TO BUILD CADRES OF WELL-TRAINED LEADERS TO FULLY BENEFIT FROM THE DCFTA. THE FOUR PROGRAMS SET FORTH IN THE FUND'S PROPOSAL TO USAID FOCUS ON I) MOBILIZING CAPITAL TO ADDRESS COMPLEX SOCIAL ISSUES (IMPACT INVESTING PROGRAM); II) DEVELOPING INNOVATIVE MARKET-BASED SOLUTIONS LINKING LOCAL GOVERNMENT AND THE BUSINESS COMMUNITY TO IMPROVE THE PROVISION OF SERVICES TO CITIZENS WHILE SUPPORTING THE SME SECTOR (LOCAL ECONOMIC DEVELOPMENT PROGRAM); III) INVESTING IN PEOPLE TO BROADEN AND DEEPEN THE HUMAN CAPACITY NECESSARY TO ADVANCE PRIVATE SECTOR DEVELOPMENT IN UKRAINE AND MOLDOVA (ECONOMIC LEADERSHIP PROGRAM); AND IV) IMPROVING THE ABILITY OF UKRAINIAN EXPORTERS TO ACCESS NEW MARKETS (EXPORT PROMOTION POLICY PROGRAM). EFFECTIVE APRIL 14, 2016, USAID ADDITIONALLY MODIFIED THE GRANT TO CHANGE THE TERMINATION COMMENCEMENT DATE FROM DECEMBER 31, 2017 TO DECEMBER 31, 2022 AND CHANGE THE TARGET LIQUIDATION DATE FROM DECEMBER 31, 2018 TO DECEMBER 31, 2023. THE TARGET LIQUIDATION DATE MAY ONLY BE EXTENDED WITH THE PRIOR WRITTEN APPROVAL OF USAID. THE AMENDED GRANT AGREEMENT ALLOWS THE FUND: I) TO DISBURSE $5 MILLION TO MAKE NEW INVESTMENTS AND COMMITMENTS IN UKRAINE AND MOLDOVA TO ENCOURAGE THE CREATION AND EXPANSION OF SMALL AND MEDIUM ENTERPRISES (SMES); II) TO APPLY AN ADDITIONAL $5 MILLION FOR ITS LEGACY PROGRAMS, THEREBY INCREASING TOTAL ALLOWABLE FROM $30 MILLION TO $35 MILLION; III) TO COMMIT $30 MILLION OF PROGRAM INCOME AS ANCHOR INVESTOR, ON PARI PASSU TERMS WITH PRIVATE INVESTORS, IN THE EMERGING EUROPE GROWTH FUND III, L.P., A U.S.-DOMICILED FUND LAUNCHED BY HORIZON CAPITAL THAT RAISED $200 MILLION AFTER FINAL CLOSING TO PROVIDE LOANS, EQUITY AND FINANCIAL SUPPORT TO SMES IN UKRAINE AND MOLDOVA. FORM 990, PART III, LINE 1 EFFECTIVE MARCH 23, 2022, USAID ADDITIONALLY MODIFIED THE GRANT TO CHANGE THE TCD FROM DECEMBER 31, 2022 TO DECEMBER 31, 2030 AND CHANGE THE TLD FROM DECEMBER 31, 2023 TO DECEMBER 31, 2031 (GRANT MODIFICATION #25). THE AMENDED GRANT AGREEMENT (I) ENABLED THE FUND TO MAKE NEW INVESTMENTS AND COMMITMENTS AT THE DISCRETION OF ITS BOARD TO ENCOURAGE THE CREATION AND EXPANSION OF SMALL AND MEDIUM ENTERPRISES (SMES) IN UKRAINE AND MOLDOVA; II) FIXED THE BUDGET OF THE FUND'S LEGACY PROGRAMS AT $5 MILLION PER YEAR SUBJECT TO THE AVAILABILITY OF FUNDS. ADDITIONALLY, AS A RESPONSE TO FULL-SCALE RUSSIA'S INVASION TO UKRAINE, USAID AMENDED THE STRUCTURE OF ALLOWABLE EXPENDITURES. IN FEBRUARY 2022, PRIOR TO THE ONSET OF THE FULL-FLEDGED RUSSIA'S INVASION OF UKRAINE, THE FUND IMPLEMENTED ITS BUSINESS CONTINUITY PLAN, INCLUDING SECURING ACCOMMODATION IN WESTERN UKRAINE AND SUPPORTING FUND PERSONNEL AND FAMILY MEMBERS TO RELOCATE TO WESTERN UKRAINE AND THEN TO THE EUROPEAN UNION GIVEN THE HIGH PRIORITY ACCORDED TO THE SAFETY AND SECURITY OF EMPLOYEES AND PARTNERS ON-THE-GROUND IN UKRAINE. BASED ON THE USAID APPROVAL GRANTED BY THE GRANT MODIFICATION #25, UMAEF HAS INCURRED ASSOCIATED RELOCATION COSTS AND PROVIDED ADDITIONAL ASSISTANCE REQUIRED. THE UKRAINIAN LEADERSHIP ACADEMY PROGRAM STAFF AND IMMEDIATE FAMILY MEMBERS AND STUDENTS WERE ALSO RELOCATED TO WESTERN UKRAINE, WITH EXPENSES RELATED TO THEIR RELOCATION ALSO INCURRED BY THE FUND. FORM 990, PART III, LINE 2 IN FEBRUARY 2015 THE FUND STARTED LEGACY PROGRAMS SPECIFIED BY PROPOSAL THAT ENVISIONED A $30 MILLION THREE-YEAR LEGACY PROGRAM FUNDED BY A PORTION OF THE REFLOWS EARNED BY THE FUND FROM ITS INVESTMENT ACTIVITIES. IN APRIL 2016, AS A RESULT OF A GRANT MODIFICATION, THE FUND WAS ALLOWED TO USE AN ADDITIONAL $5 MILLION FOR LEGACY PROGRAMS, INCREASING TOTAL ALLOWABLE TO $35 MILLION. THE GOALS AND OBJECTIVES OF THE LEGACY PROGRAM ARE TO ASSIST UKRAINE AND MOLDOVA WITH FURTHER DEVELOPMENT OF SOUND ECONOMIC POLICIES AND LEADERSHIP DURING THIS CRITICAL TIME IN THEIR RESPECTIVE HISTORIES. BOTH UKRAINE AND MOLDOVA SIGNED DEEP AND COMPREHENSIVE FREE TRADE AGREEMENTS (DCFTA) WITH THE EUROPEAN UNION (EU) AND MUST NOW UNDERTAKE SIGNIFICANT CHANGES TO THEIR ECONOMIC POLICIES AND TO BUILD CADRES OF WELL-TRAINED LEADERS TO FULLY BENEFIT FROM THE DCFTA. THE FOUR PROGRAMS SET FORTH IN THE FUND'S PROPOSAL TO USAID FOCUS ON: I) MOBILIZING CAPITAL TO ADDRESS COMPLEX SOCIAL ISSUES (IMPACT INVESTING PROGRAM); II) DEVELOPING INNOVATIVE MARKET-BASED SOLUTIONS LINKING LOCAL GOVERNMENT AND THE BUSINESS COMMUNITY TO IMPROVE THE PROVISION OF SERVICES TO CITIZENS WHILE SUPPORTING THE SME SECTOR (LOCAL ECONOMIC DEVELOPMENT PROGRAM); III) INVESTING IN PEOPLE TO BROADEN AND DEEPEN THE HUMAN CAPACITY NECESSARY TO ADVANCE PRIVATE SECTOR DEVELOPMENT IN UKRAINE AND MOLDOVA (ECONOMIC LEADERSHIP PROGRAM); AND IV) IMPROVING THE ABILITY OF UKRAINIAN EXPORTERS TO ACCESS NEW MARKETS (EXPORT PROMOTION POLICY PROGRAM). FORM 990, PART III, LINE 1 (CONT.) IN SEPTEMBER 2025, UMAEF RECEIVED NEW FUNDING OF $49,852,000 FROM U.S. GOVERNMENT, AS SET FORTH IN GRANT MODIFICATION #29 ISSUED JANUARY 2025. IN SEPTEMBER 2025, BASED ON APPROVAL BY THE BOARD OF DIRECTORS, THE FUND INITIATED THE PROCESS OF LIQUIDATING OF THE REPRESENTATIVE OFFICE OF WESTERN NIS ENTERPRISE FUND (WNISEF) IN MOLDOVA. THE REPRESENTATIVE OFFICE OF WNISEF HAS NOT BEEN OPERATIONAL IN MOLDOVA SINCE 2014 AND THE LEGISLATION OF THE REPUBLIC OF MOLDOVA DOES NOT ANY LONGER RECOGNIZE A REPRESENTATIVE OFFICE AS A FORM OF LEGAL REPRESENTATION OF A FOREIGN LEGAL ENTITY IN MOLDOVA. IN ADDITION, INACTIVE REPRESENTATIVE OFFICE IS NOT NEEDED FOR THE FUND TO OPERATE IN MOLDOVA, AND ITS REGISTRATION THERE NO LONGER SERVES ANY USEFUL PURPOSE. UMAEF CONTINUES OPERATING IN MOLDOVA IN A FORM OF AN INTERNATIONAL TECHNICAL ASSISTANCE PROJECT AND PERFORMING ITS FUNCTIONS PURSUANT TO THE BILATERAL AGREEMENT AND OTHER APPLICABLE INTERNATIONAL AND LOCAL LEGISLATIVE ACTS. EFFECTIVE JULY 1, 2025, GRANT AND COOPERATIVE AGREEMENT MODIFICATION #2 CHANGED THE TCD TO JULY 1, 2035 AND THE TLD TO DECEMBER 1, 2035. FORM 990, PART VI, SECTION A, LINE 2 LENNA KOSZARNY AND NATALIA KOVALENKO HAD A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS THE CORPORATE MEMBERS OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND CONSIST OF THE DIRECTORS WHO ARE U.S. CITIZENS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS HAVE THE RIGHTS TO ELECT AND REMOVE DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B APPROVAL BY MEMBERS USAID HAD THE AUTHORITY TO, AND IN FACT DID APPROVE CERTAIN UMAEF'S DECISIONS, INCLUDING THE LONG-TERM EQUITY INCENTIVE PLAN, THE PRIVATIZATION OF HORIZON CAPITAL IN 2006, THE TERMS OF THE HCA INVESTMENT MANAGEMENT AND SHARED SERVICES AGREEMENTS WITH UMAEF, AND THE CONTRIBUTION OF CERTAIN INVESTMENTS TO THE EMERGING EUROPE GROWTH FUND, LP, A REGIONAL PRIVATE EQUITY FUND LAUNCHED IN 2006 AND SALE AT COST OF TWO WAREHOUSED INVESTMENTS TO EEGF III, LP, A REGIONAL PRIVATE EQUITY FUND LAUNCHED IN 2017. USAID CONDUCTED SEMI-ANNUAL REVIEWS OF UMAEF AND REVIEWED MONTHLY REPORTS AND ANNUAL AUDITED FINANCIAL STATEMENTS AND ANNUAL REPORT SUBMITTED BY UMAEF. FOLLOWING THE IMPLEMENTATION OF A SERIES OF ADMINISTRATIVE CHANGES BY NEW ADMINISTRATION OF USA DURING THE FISCAL 2025, THE OVERSIGHT FOR UMAEF ACTIVITIES HAS BEEN TRANSFERRED FROM USAID TO THE U.S. DEPARTMENT OF STATE. THE CORRESPONDING CHANGE WAS RECORDED IN THE GRANT AND COOPERATIVE AGREEMENT MODIFICATION #1 ISSUED IN JULY 2025. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW POLICY UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND'S FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM IN CONJUNCTION WITH ITS FINANCE STAFF. THE CHIEF FINANCIAL OFFICER (CFO) REVIEWS, EDITS, AND APPROVES THE DRAFT FORM 990 PRIOR TO REVIEW BY THE PRESIDENT/CHIEF EXECUTIVE OFFICER (CEO). ONCE THE CEO COMPLETES REVIEW OF THE DRAFT FORM 990 AND ANY REVISIONS ARE INCORPORATED, THE DRAFT FORM 990 IS DISTRIBUTED TO A SUBCOMMITTEE OF THE BOARD FORMED TO REVIEW AND APPROVE THE FORM 990 ON BEHALF OF THE FULL BOARD OF DIRECTORS. ONCE THEIR COMMENTS ARE INCORPORATED AND THE FORM 990 IS APPROVED, A COPY OF THE FORM 990 THAT WILL BE FILED WITH THE IRS IS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS, AS WELL AS EXTERNAL CORPORATE COUNSEL, PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY OFFICERS ARE APPOINTED ON AN ANNUAL BASIS BY THE BOARD OF DIRECTORS OF UMAEF, AND THE TERMS OF APPOINTMENT INCLUDE COMPLIANCE WITH THE POLICIES AND PROCEDURES OF THE FUND, INCLUDING THE CONFLICT OF INTEREST POLICY. THE GRANT AGREEMENT WITH USAID INCLUDES THE CONFLICT OF INTEREST POLICY AND IDENTIFIES WHICH MATTERS MUST BE DISCUSSED WITH USAID. COMPLIANCE IS MONITORED VIA THE ANNUAL AUDIT PROCESS, CONDUCTED BY AN INDEPENDENT BIG 4 PUBLIC ACCOUNTING FIRM, THROUGH REVIEW OF TRANSACTIONS, INCLUDING RELATED PARTY TRANSACTIONS AND INTERNAL CONTROL PROCEDURES. ANY POTENTIAL CONFLICT WOULD BE REVIEWED AND HANDLED BY THE BOARD OF DIRECTORS AND OUTSIDE LEGAL COUNSEL. IF A CONFLICT WAS RELATED TO A BOARD MEMBER, THEN THAT BOARD MEMBER WOULD BE REQUIRED TO ABSTAIN FROM DISCUSSION AND ABSTAIN FROM VOTING ON THE CONFLICTED MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND HAS A SPECIAL COMPENSATION STRUCTURE THAT REFLECTS ITS TAX-EXEMPT MISSION. AS NOTED IN PART III OF FORM 990, ONE OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' KEY ACCOMPLISHMENTS WAS FULFILLING THE DIRECTIVE FROM USAID TO ESTABLISH A PRIVATE FOLLOW-ON FUND, EMERGING EUROPE GROWTH FUND LP (EEGF). THIS DIRECTIVE FOLLOWED THE PRECEDENT OF USAID-FINANCED ENTERPRISE FUNDS IN CENTRAL AND EASTERN EUROPE, WHICH SUCCESSFULLY ATTRACTED SIGNIFICANT PRIVATE CAPITAL. AS DESCRIBED IN SCHEDULE O, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND WAS NEARING ITS WIND-DOWN PHASE, AND THE FOUNDING OF EEGF WAS A SIGNIFICANT ACCOMPLISHMENT TOWARDS UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' MISSION. A PRIVATE INVESTMENT MANAGEMENT COMPANY, HORIZON CAPITAL ASSOCIATES LLC (HCA), WAS FORMED TO MANAGE THE INVESTMENTS OF EEGF AND UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND. FOLLOWING THE FOUNDING OF EEGF, ALL EMPLOYEES OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND (EXCEPT THOSE LOCATED IN THE U.S.) BECAME EMPLOYEES OF HCA'S SUBADVISOR ENTITY, HORIZON CAPITAL ADVISORS, LLC (HCAD), RESULTING IN THE TRANSFER OF EMPLOYEE COMPENSATION, OPERATING AND OTHER EXPENSES FROM UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND TO HCA AND HCAD. ACCORDINGLY UNTIL JANUARY 2015, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND DID NOT HAVE EMPLOYEES, OTHER THAN AN ADMINISTRATIVE ASSISTANT AND A PART-TIME ACCOUNTANT IN THE U.S.. HOWEVER, DURING FISCAL 2015 THE FUND HAS HIRED CERTAIN EMPLOYEES FOR LEGACY PROGRAMS REALIZATION. BOTH THE FORMATION OF THE HORIZON CAPITAL ENTITIES AND OUTSOURCING OF INVESTMENT MANAGEMENT FUNCTIONS TO HCA WERE APPROVED BY USAID. UMAEF PAYS HCA AN ANNUAL MANAGEMENT FEE, AS DISCLOSED IN SCHEDULE L. THE INVESTMENT MANAGEMENT AGREEMENT WITH HCA WAS APPROVED BY THE BOARD OF DIRECTORS OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND, AFTER REVIEW AND APPROVAL OF ITS KEY TERMS, INCLUDING THE MANAGEMENT FEE, BY USAID, WHICH HAD PRIOR EXPERIENCE REVIEWING AND APPROVING SIMILAR INVESTMENT MANAGEMENT AGREEMENTS ENTERED INTO BY OTHER ENTERPRISE FUNDS THAT IT REGULATES. THE MANAGEMENT FEE FORMULA IS IDENTICAL TO THAT IN THE INVESTMENT MANAGEMENT AGREEMENT BETWEEN HCA AND EEGF, WHICH ALSO WAS REVIEWED AND APPROVED BY THE UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND BOARD AND USAID (AS WELL AS BY OTHER INVESTORS IN EEGF). IN FEBRUARY 2015, THE FUND ENTERED INTO A SHARED SERVICES AGREEMENT WITH HCA, APPROVED BY THE BOARD OF DIRECTORS, TO PROVIDE ADDITIONAL PROGRAM MANAGEMENT AND ADMINISTRATIVE SERVICES FOR LEGACY PROGRAMS. UMAEF PAYS HCA AN ANNUAL PROGRAM MANAGEMENT FEE, AS DISCLOSED IN SCHEDULE L. THE FUND BECAME AN ANCHOR INVESTOR OF EEGF III, THE THIRD PRIVATE FUND LAUNCHED BY HORIZON CAPITAL. BASED ON USAID APPROVAL, IN 2016, THE BOARD OF DIRECTORS OF THE FUND COMMITTED $30 MILLION TO EEGF III AND APPROVED THE WAREHOUSING OF UP TO 100% OF ITS $30 MILLION COMMITMENT OF INVESTMENTS WITHIN UMAEF, WHICH SUBSEQUENTLY WERE TRANSFERRED TO EEGF III AT COST UPON ITS FIRST CLOSING. IN AUGUST 2022, THE BOARD OF DIRECTORS APPROVED A COMMITMENT OF $10 MILLION TO HORIZON CAPITAL GROWTH FUND IV, L.P. ("HCGF IV") AT ITS INITIAL CLOSING, AT PARI-PASSU TERMS WITH THIRD PARTY INVESTORS. THE FUND ENTERED INTO SUBSCRIPTION DOCUMENTS FOR HCGF IV AS OF SEPTEMBER 26, 2022, THUS COMMITTING $10 MILLION IN AN INITIAL CLOSING TOTALING $125 MILLION. HCGF IV REACHED ITS HARD CAP OF $350 MILLION IN AGGREGATE COMMITMENTS AND HELD A FINAL CLOSING IN FEBRUARY 2024. UMAEF CONTINUES TO FUND, AS LEGALLY REQUIRED, ITS UNFUNDED COMMITMENTS TO EEGF III AND HCGF IV. IN 2002, THE BOARD MEMBERS OF UMAEF ESTABLISHED A LONG-TERM EQUITY INCENTIVE PLAN ("LTEI"), WHICH WAS BASED ON SIMILAR ARRANGEMENTS AT OTHER USAID-FINANCED ENTERPRISE FUNDS AND WAS APPROVED BY THE U.S. CONGRESS AND USAID. THE LTEI PLAN IS NOT COMPENSATION FROM GOVERNMENT GRANT FUNDS BUT A SEPARATELY USAID-APPROVED INCENTIVE PLAN FUNDED FROM INVESTMENT SALES PROCEEDS. LTEI COMPENSATION IS NOT CONTINGENT ON REVENUES OR NET EARNINGS, BUT RATHER ON A PROFITABLE EXIT OF A PORTFOLIO COMPANY THAT EXCEEDS THE BASELINE VALUE SET BY THE BOARD OF DIRECTORS AND APPROVED BY USAID. UPON THE SPIN-OFF OF EMPLOYEES TO HCAD, THE LTEI PLAN REMAINS IN EFFECT AS LONG AS 1) THE INVESTMENT MANAGEMENT AGREEMENT BETWEEN UMAEF AND HCA CONTINUES; 2) THE SPECIFIC EMPLOYEE REMAINS IN THE EMPLOY OF UMAEF OR HCAD AND 3) THE BOARD OF DIRECTORS DOES NOT AMEND, ALTER OR TERMINATE THE PLAN. THIS IS INTENDED TO MAXIMIZE UMAEF'S RETURNS ON ITS REMAINING PORTFOLIO. WE NOTE THAT THE GRANT AGREEMENT WITH USAID PROVIDES THAT U.S. GOVERNMENT GRANT FUNDS (NOT INCLUDING REFLOWS FROM INVESTMENTS) MAY NOT BE USED TO COMPENSATE EMPLOYEES OF UMAEF, OR EMPLOYEES OF AN ORGANIZATION IN WHICH IT OWNS A MAJORITY INTEREST, OVER $150,000 PER ANNUM. THE U.S. GOVERNMENT HAS APPROVED THE USE OF REFLOWS TO PROVIDE ADDITIONAL COMPENSATON OVER $150,000 TO THE FUND'S CEO CONSISTENT WITH AMOUNTS SHOWN IN THIS RETURN. THE LTEI PLAN IS NOT COMPENSATION FROM GOVERNMENT GRANT FUNDS, BUT A SEPARATELY USAID-APPROVED INCENTIVE PLAN FUNDED FROM INVESTMENT SALES UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND 13-3786524 PROCEEDS. FORM 990, PART VI, SECTION C, LINE 19 DISCLOSURES AS A USAID RECIPIENT, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND' GOVERNING DOCUMENTS, INCLUDING ITS CONFLICT OF INTEREST POLICY, AND ITS FINANCIAL STATEMENTS ARE PROVIDED TO USAID AND ARE MADE AVAILABLE TO THE PUBLIC THROUGH THIS ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 16 JOINT VENTURES THE TAX-EXEMPT MISSION OF UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND ESTABLISHED BY THE U.S. CONGRESS AND USAID IS DIRECTLY FURTHERED BY THE FUND'S INVESTMENTS IN SMALL-TO MID-SIZED COMPANIES IN THE UKRAINE AND MOLDOVA, AND ALSO BY ITS INVESTMENTS IN EEGF, EEGF III AND HCGF IV, REGIONAL PRIVATE EQUITY FUNDS WHOSE ESTABLISHMENT WAS ENCOURAGED, REVIEWED AND APPROVED BY USAID. UNDER THE TERMS OF ITS GRANT AGREEMENT FROM USAID, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND TAKES A COMMERCIAL APPROACH TO ITS INVESTMENT ACTIVITIES IN PORTFOLIO COMPANIES IN THE WESTERN NEWLY INDEPENDENT STATES, AS A MATTER OF OPERATING PHILOSOPHY. THE WRITTEN GRANT AGREEMENT ALSO PROVIDES NUMEROUS TERMS AND CONDITIONS TO ENSURE THAT THE PORTFOLIO COMPANIES IT INVESTS IN FURTHER ITS TAX-EXEMPT MISSION AND USAID GUIDELINES. UKRAINE-MOLDOVA AMERICAN ENTERPISE FUND HAS A WRITTEN POLICY THAT REQUIRES, AMONG OTHER THINGS, THAT ALL INVESTMENTS BE IN ACCORD WITH THE GRANT AGREEMENT, WHICH EXPRESSLY DEFINES PERMISSIBLE INVESTMENTS AS WELL AS PROHIBITED TRANSACTIONS CONSISTENT WITH UMAEF'S CONGRESSIONALLY-MANDATED CHARITABLE MISSION. IN ADDITION TO THIS WRITTEN POLICY, UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND HAS ADOPTED VARIOUS MEASURES THAT SAFEGUARD ITS EXEMPT STATUS WITH RESPECT TO ITS INVESTMENTS. THESE MEASURES INCLUDE ENSURING THAT INVESTMENT AGREEMENTS WITH PORTFOLIO COMPANIES ARE ON AN ARM'S LENGTH BASIS AND CONTAIN PROVISIONS TO ASSURE COMPLIANCE WITH RELEVANT CLAUSES WITHIN THE GRANT AGREEMENT. USAID SPECIFICALLY REVIEWED AND APPROVED IN WRITING UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' INVESTMENTS IN EEGF, EEGF III, HORIZON CAPITAL GROWTH FUND IV AND AS AN INTEGRAL PART OF ITS TAX EXEMPT MISSION. FORM 990, PART VII, SECTION B, LINE 1 INVESTMENT MANAGEMENT FEES INVESTMENT MANAGEMENT FEES IN THE AMOUNT OF $170,307 PAID TO HORIZON CAPITAL ASSOCIATES LLC REPRESENT INVESTMENT MANAGEMENT FEES PAID IN CALENDAR YEAR 2024 AS THIS IS THE CALENDAR YEAR ENDING WITHIN UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUNDS' TAX YEAR BEGINNING 10/01/2024 AND ENDING 9/30/2025. THIS AMOUNT DIFFERS FROM THE INVESTMENT MANAGEMENT FEES REPORTED IN SCHEDULE L PART IV BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS AS THIS LATTER AMOUNT REFLECTS ACTUAL PAYMENTS MADE IN FISCAL 2025. UKRAINIAN LEADERSHIP FOUNDATION 175 W JACKSON BLVD STE 1640 CHICAGO IL 60604 831321813 SCIENCE AND EDUCATION IL 501(C)(3) 7 UKRAINE-MOLDOVA AMERICAN ENTERPRISE FUND 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 UKRAINIAN LEADERSHIP FOUNDATION B 2000000 N/A EEGF III 175 W JACKSON CHICAGO IL 60604 384008850 PRIVATE EQUITY DE EXCLUDED 0 18522999 15140742 0 0 0.13250 HCGF IV 175 W JACKSON CHICAGO IL 60604 874502434 PRIVATE EQUITY DE EXCLUDED 0 0 2870576 0 0 0.03120