# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-26-000777
**Filing Date:** 2026-2
**Character Count:** 281115
**Document Hash:** 588427821a55c4559ef64d431b724d13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000777.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001580642-26-000777

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIFIED SERIES TRUST
- **CENTRAL INDEX KEY:** 0001199046

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 26599139

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-346-3324

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Efficient Enhanced Multi-Asset Fund (Series ID: S000085337)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000250333 | Efficient Enhanced Multi-Asset Fund - Class A Shares | EFFAX           |
| C000250334 | Efficient Enhanced Multi-Asset Fund - Class I Shares | EFFIX           |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission washington, d.c. 20549** 

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number: <u>811-21237</u>

**Unified Series Trust**

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices)

(Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>513-587-3400</u>

Date of fiscal year end: <u>May 31</u> <br>Date of reporting period: <u>November 30, 2025</u>

**Item 1. Reports to Stockholders.** 

(a) #### Efficient Enhanced Multi-Asset Fund

#### Class I (EFFIX)

#### Semi-Annual Shareholder Report - November 30, 2025
![Image](i34e956585fc419abd67337de.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Efficient Enhanced Multi-Asset Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.efficient.com/enhanced-multi-asset-fund. You can also request this information by contacting us at (833) 398-0599.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I | $103 | 1.95% |

---

# What did the Fund invest in?

# Category of Investment Weighting (% of net assets)
![Group By Sector Chart](i09d1b8a2099a1449733ce260.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 22.4% |
| Agency | 4.7% |
| Money Market | 26.6% |
| U.S. Treasury Obligations | 46.3% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$77777922 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1969 |
| &nbsp;&nbsp;Advisory Fee (net of waivers) | &nbsp;&nbsp;$377623 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;34% |

---

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.efficient.com/enhanced-multi-asset-fund) including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 113025-EFFIX

**Item 2. Code of Ethics.**

Not Applicable – disclosed with annual report

**Item 3. Audit Committee Financial Expert.**

Not Applicable – disclosed with annual report

**Item 4. Principal Accountant Fees and Services.**

Not Applicable – disclosed with annual report

**Item 5. Audit Committee of Listed Registrants.**

Not Applicable – disclosed with annual report

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

**Efficient Enhanced Multi-Asset Fund**

**Consolidated Semi-Annual Financial Statements and Additional Information**

**November 30, 2025**

**Fund Adviser:**

**Efficient Capital Management, LLC**

**4355 Weaver Parkway**

**Warrenville, IL 60555**

**(630) 657-6800**

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

*November 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Maturity<br> Date** | **Par Value** | **Value** |
| **U.S. GOVERNMENT & AGENCIES — 51.0%** |  |  |  |
| Federal Home Loan Bank Discount Notes, 0% | 2/11/2026 | 1750000 | $1736602 |
| Federal Home Loan Bank Discount Notes, 0% | 2/2/2026 | 2000000 | 1986525 |
| United States Treasury Bill, 0% | 12/9/2025 | 1000000 | 999138 |
| United States Treasury Bill, 0% | 5/7/2026 | 4500000 | 4428452 |
| United States Treasury Bill, 0% | 4/2/2026 | 8000000 | 7900316 |
| United States Treasury Bill, 0% | 4/30/2026 | 9000000 | 8863003 |
| United States Treasury Inflation Indexed Bonds, 2.125% | 4/15/2029 | 200000 | 215646 |
| United States Treasury Inflation Indexed Bonds. 0.125% | 7/15/2030 | 500000 | 601857 |
| United States Treasury Inflation Indexed Bonds, 1.625% | 10/15/2029 | 700000 | 733946 |
| United States Treasury Inflation Indexed Bonds, 1.875% | 7/15/2035 | 900000 | 918868 |
| United States Treasury Inflation Indexed Bonds, 1.375% | 7/15/2033 | 1000000 | 1054269 |
| United States Treasury Inflation Indexed Bonds, 0.125% | 1/15/2031 | 900000 | 1054783 |
| United States Treasury Inflation Indexed Bonds, 1.125% | 1/15/2033 | 1000000 | 1058071 |
| United States Treasury Inflation Indexed Bonds, 0.625% | 7/15/2032 | 1000000 | 1059934 |
| United States Treasury Inflation Indexed Bonds, 0.125% | 7/15/2031 | 1000000 | 1132423 |
| United States Treasury Inflation Indexed Bonds, 1.625% | 4/15/2030 | 1100000 | 1136110 |
| United States Treasury Inflation Indexed Bonds, 1.875% | 7/15/2034 | 1100000 | 1156717 |
| United States Treasury Inflation Indexed Bonds, 1.750% | 1/15/2034 | 1100000 | 1169202 |
| United States Treasury Inflation Indexed Bonds, 0.125% | 1/15/2032 | 1100000 | 1188927 |
| United States Treasury Inflation Indexed Bonds, 2.125% | 1/15/2035 | 1200000 | 1271856 |
| **Total Investments at Value — (Cost $39,511,009)** |  |  | $39666645 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 26.6%** |  |  |
| Blackrock Liquidity Funds, Treasury Trust - Institutional Class, 3.80% <sup>(a)</sup> | 161629 | $23647 |
| First American Government Obligations Fund - Class X, 3.92% <sup>(a),(b)</sup> | 20662077 | 20662078 |
| **Total Money Market Funds (Cost $20,685,725)** |  | 20685725 |
| **Total Investments and Money Market Funds at Value — 77.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $60,196,734) |  | 60352370 |
| **Other Assets in Excess of Liabilities — 22.4%** |  | 17425552 |
| **Net Assets — 100.0%** |  | $77777922 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025. <br> <sup>(b)</sup> All or a part is a holding of the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd.

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FUTURES**

*November 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **LONG CONTRACTS** |  |  |  |  |
| US 10YR NOTE (CBT)Mar 26 | 214 | 3/23/2026 | $24255560 | $40367 |
| US 5YR NOTE (CBT) Mar 26 | 153 | 4/1/2026 | 16794141 | 19175 |
| FTSE CHINA A50 Dec 25 | 101 | 12/31/2025 | 1521666 | 20626 |
| CAN 10YR BOND FUT Mar 26 | 84 | 3/23/2026 | 7389649 | 17603 |
| MEXICAN PESO FUT Dec 25 | 83 | 12/16/2025 | 2264655 | 48151 |
| Euro-BTP Future Dec 25 | 65 | 12/9/2025 | 9152030 | 42214 |
| IODEX IO FUT Jan 26 | 60 | 2/2/2026 | 613200 | 2576 <sup>(a)</sup> |
| Short Euro-BTP Fu Dec 25 | 54 | 12/9/2025 | 6774745 | 5240 |
| US LONG BOND(CBT) Mar 26 | 52 | 3/23/2026 | 6106750 | 15434 |
| US 2YR NOTE (CBT) Mar 26 | 50 | 4/1/2026 | 10442969 | (881) |
| LME PRI ALUM FUTR Mar 26 | 38 | 3/17/2026 | 2730386 | 24141 <sup>(a)</sup> |
| EURO STOXX 50 Dec 25 | 37 | 12/22/2025 | 2435476 | 48980 |
| SOYBEAN FUTURE MAR 26 | 35 | 3/16/2026 | 2005500 | 33178 <sup>(a)</sup> |
| S&P500 EMINI FUT Dec 25 | 33 | 12/22/2025 | 11318175 | 317924 |
| ICE 3MTH SONIA FU Jun 27 | 33 | 9/14/2027 | 10548795 | 362 |
| FTSE 100 IDX FUT Dec 25 | 32 | 12/22/2025 | 4128294 | 130830 |
| MSCI EMGMKT DEC 25 | 31 | 12/22/2025 | 2135280 | 37423 |
| 3 MONTH SOFR FUT Jun 27 | 31 | 9/14/2027 | 7515950 | 775 |
| IFSC NIFTY 50 FUT Dec 25 | 29 | 12/31/2025 | 1530446 | 5281 |
| 3 MONTH SOFR FUT Jun 28 | 29 | 9/20/2028 | 7019450 | (1188) |
| CAN 2YR BOND FUT Mar 26 | 27 | 3/23/2026 | 2046122 | 725 |
| HSCEI Futures Dec 25 | 26 | 12/31/2025 | 1524951 | 2417 |
| LONG GILT FUTURE Mar 26 | 25 | 3/30/2026 | 3030644 | 18997 |
| OMXS30 IND FUTURE Dec 25 | 24 | 12/22/2025 | 710198 | 27383 |
| SA RAND CURR(CME) Dec 25 | 24 | 12/16/2025 | 700500 | 11852 |
| ICE 3MTH SONIA FU Jun 26 | 23 | 9/15/2026 | 7351049 | 2105 |
| SOYBEAN MEAL FUTR Mar 26 | 23 | 3/16/2026 | 745660 | 781 <sup>(a)</sup> |
| ICE 3MTH SONIA FU Jun 28 | 21 | 9/20/2028 | 6701751 | (2031) |
| EURO FX CURR FUT Dec 25 | 20 | 12/16/2025 | 2902875 | 2742 |
| CAN 5YR BOND FUT Mar 26 | 19 | 3/23/2026 | 1555768 | 2550 |
| EURO-BUND FUTURE Dec 25 | 19 | 12/9/2025 | 2840742 | (1236) |
| US ULTRA BOND CBT Mar 26 | 18 | 3/23/2026 | 2176875 | 15392 |
| 3M CORRA Futures Jun 26 | 18 | 9/15/2026 | 3150184 | 340 |
| LME ZINC FUTURE Mar 26 | 18 | 3/17/2026 | 1374872 | (1019)<sup>(a)</sup> |
| 3MO EURO EURIBOR Sep 27 | 17 | 9/13/2027 | 4824144 | (4341) |
| 3 MONTH SOFR FUT Sep 26 | 15 | 12/15/2026 | 3632625 | 1050 |
| 3M CORRA Futures Mar 26 | 15 | 6/16/2026 | 2624750 | (397) |
| LME COPPER FUTURE Mar 26 | 14 | 3/17/2026 | 3915842 | 126543 <sup>(a)</sup> |
| SOYBEAN FUTURE Jan 26 | 14 | 1/15/2026 | 796425 | 43344 <sup>(a)</sup> |
| MSCI EAFE Dec 25 | 14 | 12/22/2025 | 1973230 | 21764 |
| Euro-OAT Future Dec 25 | 14 | 12/9/2025 | 1995244 | 12410 |
| BRAZIL REAL FUT Jan 26 | 14 | 12/31/2025 | 260330 | 3081 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FUTURES**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| WTI CRUDE FUTURE Feb 26 | 14 | 1/21/2026 | $816060 | $(16875)<sup>(a)</sup> |
| FTSE Taiwan Index Dec 25 | 13 | 12/31/2025 | 1183130 | 38459 |
| S&P/TSX 60 IX FUT Dec 25 | 12 | 12/19/2025 | 3163042 | 148495 |
| GOLD 100 OZ FUTR Feb 26 | 12 | 2/26/2026 | 5105880 | 143644 <sup>(a)</sup> |
| 3 MONTH SOFR FUT Sep 27 | 12 | 12/15/2027 | 2908650 | 675 |
| 3MO EURO EURIBOR Jun 27 | 12 | 6/15/2027 | 3407019 | 271 |
| CAC40 10 EURO FUT Dec 25 | 11 | 12/22/2025 | 1037088 | 20628 |
| US 10yr Ultra Fut Mar 26 | 11 | 3/23/2026 | 1278234 | 2031 |
| 3 MONTH SOFR FUT MAR 28 | 11 | 6/21/2028 | 2663925 | 988 |
| 3 MONTH SOFR FUT Dec 27 | 11 | 3/15/2028 | 2665163 | 600 |
| EURO/JPY FUTURE Dec 25 | 10 | 12/16/2025 | 1449300 | 51849 |
| ECX EMISSION Dec 26 | 10 | 12/15/2026 | 991183 | 25875 <sup>(a)</sup> |
| EURO STOXX BANK Dec 25 | 10 | 12/22/2025 | 141357 | 2305 |
| ICE 3MTH SONIA FU Mar 27 | 10 | 6/15/2027 | 3197928 | 777 |
| 3 MONTH SOFR FUT Mar 27 | 10 | 6/15/2027 | 2424625 | 375 |
| HANG SENG IDX FUT Dec 25 | 10 | 12/31/2025 | 1662972 | 85 |
| 3MO EURO EURIBOR Sep 28 | 10 | 9/19/2028 | 2831207 | (3242) |
| E-Mini Russ 2000 Dec 25 | 9 | 12/22/2025 | 1127295 | 28253 |
| FTSE/JSE TOP 40 Dec 25 | 9 | 12/19/2025 | 545155 | 17745 |
| SOYBEAN OIL FUTR JAN 26 | 9 | 1/15/2026 | 281070 | 13483 <sup>(a)</sup> |
| STOXX EUROPE 600 Dec 25 | 9 | 12/22/2025 | 301323 | 7630 |
| ICE 3MTH SONIA FU Dec 26 | 9 | 3/16/2027 | 2878731 | 705 |
| 3M CORRA Futures Sep 26 | 9 | 12/16/2026 | 1574528 | 309 |
| ICE 3MTH SONIA FU Sep 26 | 9 | 12/15/2026 | 2878285 | 255 |
| ICE 3MTH SONIA FU Sep 27 | 9 | 12/15/2027 | 2875753 | 185 |
| EURO-BOBL FUTURE Dec 25 | 9 | 12/9/2025 | 1231497 | (6275) |
| Low Su Gasoil G Jan 26 | 9 | 1/13/2026 | 602775 | (38839)<sup>(a)</sup> |
| NY Harb ULSD Fut Jan 26 | 9 | 1/2/2026 | 870572 | (43466)<sup>(a)</sup> |
| NIKKEI 225 (SGX) Dec 25 | 8 | 12/12/2025 | 1288039 | 150020 |
| TOPIX INDX FUTR Dec 25 | 8 | 12/12/2025 | 1730614 | 93255 |
| 3M CORRA FUTURES DEC 26 | 8 | 3/17/2027 | 1398579 | 724 |
| ICE 3MTH SONIA FU Dec 27 | 8 | 3/15/2028 | 2555166 | (415) |
| ICE 3MTH SONIA FU MAR 28 | 8 | 6/21/2028 | 2554107 | (715) |
| 3MO EURO EURIBOR Mar 26 | 8 | 3/16/2026 | 2273318 | (1949) |
| SILVER FUTURE Mar 26 | 7 | 3/30/2026 | 2000705 | 216227 <sup>(a)</sup> |
| COFFEE 'C' FUTURE Mar 26 | 7 | 3/20/2026 | 1000650 | 57929 <sup>(a)</sup> |
| NIKKEI 225 MINI Dec 25 | 7 | 12/12/2025 | 225160 | 14898 |
| 3 MONTH SOFR FUT Dec 26 | 7 | 3/16/2027 | 1696713 | 225 |
| 3MO EURO EURIBOR Dec 27 | 7 | 12/14/2027 | 1985296 | (1428) |
| PLATINUM FUTURE Jan 26 | 6 | 1/29/2026 | 505500 | 31867 <sup>(a)</sup> |
| BRENT CRUDE FUTR Mar 26 | 6 | 2/2/2026 | 371820 | 7587 <sup>(a)</sup> |
| BRENT CRUDE FUTR Feb 26 | 6 | 12/31/2025 | 374280 | 6763 <sup>(a)</sup> |
| MINI TPX IDX FUT Dec 25 | 6 | 12/12/2025 | 129796 | 6328 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FUTURES**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| MSCI SING IX ETS Dec 25 | 6 | 12/31/2025 | $205184 | $1577 |
| IODEX IO FUT Feb 26 | 6 | 3/2/2026 | 60840 | (5)<sup>(a)</sup> |
| US DOLLAR FUT Dec 25 | 6 | 12/16/2025 | 60094 | (50) |
| 3M CORRA Futures Mar 27 | 6 | 6/16/2027 | 1048022 | (286) |
| Low Su Gasoil G Feb 26 | 6 | 2/13/2026 | 396300 | (22013)<sup>(a)</sup> |
| NY Harb ULSD Fut Feb 26 | 6 | 2/2/2026 | 571738 | (39101)<sup>(a)</sup> |
| NASDAQ 100 E-MINI Dec 25 | 5 | 12/22/2025 | 2548200 | 58435 |
| COPPER FUTURE Mar 26 | 5 | 3/30/2026 | 659000 | 15470 <sup>(a)</sup> |
| LME ALUMINUM FORWARD | 5 | 2/18/2026 | 358800 | 675 <sup>(a)</sup> |
| 3MO EURO EURIBOR Jun 28 | 5 | 6/20/2028 | 1416401 | 110 |
| 3MO EURO EURIBOR Jun 26 | 5 | 6/15/2026 | 1421259 | (4230) |
| LIVE CATTLE FUTR Feb 26 | 5 | 3/2/2026 | 435700 | (16021)<sup>(a)</sup> |
| DJIA MINI e-CBOT Dec 25 | 4 | 12/22/2025 | 954860 | 21475 |
| FTSE/MIB IDX FUT Dec 25 | 4 | 12/22/2025 | 1007077 | 7432 |
| YEN DENOM NIKKEI Dec 25 | 4 | 12/12/2025 | 643059 | 1821 |
| 3 MONTH SOFR FUT Sep 28 | 4 | 12/20/2028 | 967700 | 750 |
| NEW ZEAL 3MO BILL Mar 26 | 4 | 3/12/2026 | 2279750 | (448) |
| GASOLINE RBOB FUT Feb 26 | 4 | 2/2/2026 | 305508 | (12256)<sup>(a)</sup> |
| GASOLINE RBOB FUT Jan 26 | 4 | 1/2/2026 | 306012 | (13633)<sup>(a)</sup> |
| SPI 200 FUTURES Dec 25 | 4 | 12/19/2025 | 564731 | (17868) |
| DAX INDEX FUTURE Dec 25 | 3 | 12/22/2025 | 2076682 | 27976 |
| ECX EMISSION Dec 25 | 3 | 12/16/2025 | 289768 | 15557 <sup>(a)</sup> |
| S&P MID 400 EMINI Dec 25 | 3 | 12/22/2025 | 994320 | 1401 |
| 3 MONTH SOFR FUT Dec 28 | 3 | 3/21/2029 | 725400 | 513 |
| CANOLA FUTR (WCE) Mar 26 | 3 | 3/16/2026 | 28508 | 313 <sup>(a)</sup> |
| IODEX IO FUT Mar 26 | 3 | 4/1/2026 | 30240 | (155)<sup>(a)</sup> |
| ICE 3MTH SONIA FU Mar 26 | 3 | 6/16/2026 | 957542 | (198) |
| SOYBEAN MEAL FUTR May 26 | 3 | 5/15/2026 | 98880 | (260)<sup>(a)</sup> |
| 3M CORRA Futures Jun 27 | 3 | 9/15/2027 | 523608 | (280) |
| 3MO EURO EURIBOR Mar 28 | 3 | 3/14/2028 | 850319 | (524) |
| NEW ZEAL 3MO BILL Jun 26 | 3 | 6/11/2026 | 1709393 | (766) |
| LIVE CATTLE FUTR Jun 26 | 3 | 7/1/2026 | 257280 | (6900)<sup>(a)</sup> |
| NY Harb ULSD Fut Mar 26 | 3 | 3/2/2026 | 281257 | (14763)<sup>(a)</sup> |
| LME COPPER FORWARD | 2 | 2/18/2026 | 559966 | 17054 <sup>(a)</sup> |
| COFF ROBUSTA 10tn Mar 26 | 2 | 3/26/2026 | 88260 | 2490 <sup>(a)</sup> |
| LME ZINC FORWARD ($) | 2 | 2/18/2026 | 153431 | 2254 <sup>(a)</sup> |
| SX5E Dividend Fut Dec 26 | 2 | 12/21/2026 | 37796 | 1694 |
| LEAN HOGS FUTURE Jun 26 | 2 | 6/15/2026 | 77400 | 1450 <sup>(a)</sup> |
| SOYBEAN OIL FUTR MAR 26 | 2 | 3/16/2026 | 63060 | 1314 |
| STOXX EURO ESG-X Dec 25 | 2 | 12/22/2025 | 49072 | 1139 |
| SOYBEAN OIL FUTR Dec 26 | 2 | 12/15/2026 | 62448 | 1026 <sup>(a)</sup> |
| SOYBEAN FUTURE May 26 | 2 | 5/15/2026 | 115525 | 650 <sup>(a)</sup> |
| LIVE CATTLE FUTR Aug 26 | 2 | 9/1/2026 | 169020 | 460 <sup>(a)</sup> |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FUTURES**

*November 30, 2025 (Unaudited) (continued)*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| AUDUSD Crncy Fut Dec 25 | 2 | 12/16/2025 | $131060 | $165 |
| Micro, EUR/USD Dec 25 | 2 | 12/16/2025 | 29029 | 131 |
| ICE 3MTH SONIA FU Sep 28 | 2 | 12/20/2028 | 637964 | 34 |
| SOYBEAN OIL FUTR May 26 | 2 | 5/15/2026 | 63408 | (90)<sup>(a)</sup> |
| SET50 FUTURES Dec 25 | 2 | 12/30/2025 | 10276 | (142) |
| FTSE KLCI FUTURE Dec 25 | 2 | 1/2/2026 | 39112 | (242) |
| 3MO EURO EURIBOR Dec 26 | 2 | 12/14/2026 | 568358 | (319) |
| RAPESEED EURO May 26 | 2 | 5/1/2026 | 55539 | (430)<sup>(a)</sup> |
| NATURAL GAS FUTR Feb 26 | 2 | 1/29/2026 | 88360 | (1720)<sup>(a)</sup> |
| CHF CURRENCY FUT Dec 25 | 2 | 12/16/2025 | 311800 | (5891) |
| COFFEE 'C' FUTURE May 26 | 2 | 5/19/2026 | 273000 | (7181)<sup>(a)</sup> |
| GASOLINE RBOB FUT Mar 26 | 2 | 3/2/2026 | 154266 | (7266)<sup>(a)</sup> |
| NIKKEI 225 (CME) Dec 25 | 2 | 12/12/2025 | 502450 | (10675) |
| LME TIN FORWARD SPOT | 1 | 2/18/2026 | 196088 | 12053 <sup>(a)</sup> |
| LME TIN FORWARD SPOT | 1 | 2/13/2026 | 196030 | 10255 <sup>(a)</sup> |
| PALLADIUM FUTURE Mar 26 | 1 | 3/30/2026 | 150630 | 5960 <sup>(a)</sup> |
| COPPER FUTURE May 26 | 1 | 5/28/2026 | 132938 | 5375 <sup>(a)</sup> |
| COFF ROBUSTA 10tn May 26 | 1 | 5/26/2026 | 43350 | 2810 <sup>(a)</sup> |
| NATURAL GAS FUTR Jan 26 | 1 | 12/30/2025 | 48500 | 1960 <sup>(a)</sup> |
| LME ZINC FORWARD ($) | 1 | 2/25/2026 | 76368 | 1230 <sup>(a)</sup> |
| STOXX 600 BANK Dec 25 | 1 | 12/22/2025 | 19142 | 944 |
| LME ZINC FORWARD ($) | 1 | 2/23/2026 | 76340 | 740 <sup>(a)</sup> |
| MICRO EMIN RUS2000Dec25 | 1 | 12/22/2025 | 12526 | 229 |
| IODEX IO FUT Dec 25 | 1 | 1/2/2026 | 10549 | 229 <sup>(a)</sup> |
| CANOLA FUTR (WCE) Jan 26 | 1 | 1/15/2026 | 9312 | 72 <sup>(a)</sup> |
| OAT FUTURE Mar 26 | 1 | 3/16/2026 | 15875 | 13 <sup>(a)</sup> |
| US 3YR NOTE (CBT) Mar 26 | 1 | 4/1/2026 | 213633 |  |
| ICE 3MTH SONIA FU Dec 28 | 1 | 3/21/2029 | 318833 | (97) |
| 3MO EURO EURIBOR Dec 28 | 1 | 12/19/2028 | 282990 | (102) |
| 3MO EURO EURIBOR Mar 27 | 1 | 3/15/2027 | 284063 | (131) |
| NATURAL GAS FUTR Oct 26 | 1 | 9/29/2026 | 41030 | (260)<sup>(a)</sup> |
| XAI Emini Industr Dec 25 | 1 | 12/22/2025 | 154970 | (270) |
| MINI FTSE/MIB FUT Dec 25 | 1 | 12/22/2025 | 50354 | (1253) |
| SWEDISH KRONA FUT Dec 25 | 1 | 12/16/2025 | 212000 | (3863) |
| Low Su Gasoil G Mar 26 | 1 | 3/13/2026 | 65150 | (4450)<sup>(a)</sup> |
| NORWEGIAN KRONE Dec 25 | 1 | 12/16/2025 | 197600 | (6490) |
| CATTLE FEEDER FUT Jan 26 | 1 | 1/30/2026 | 161988 | (9402)<sup>(a)</sup> |
| NIKKEI 225 (OSE) Dec 25 | 1 | 12/12/2025 | 321658 | (13668) |
|  |  |  |  | $2072441 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FUTURES**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **SHORT CONTRACTS** |  |  |  |  |
| NATURAL GAS FUTR Mar 26 | (1) | 2/26/2026 | $(38230) | $3690 <sup>(a)</sup> |
| FCOJ-A FUTURE Jan 26 | (1) | 1/12/2026 | (23408) | 3300 <sup>(a)</sup> |
| MILK FUTURE Jan 26 | (1) | 2/4/2026 | (30360) | 1240 <sup>(a)</sup> |
| SUGAR #11 (WORLD) Oct 26 | (1) | 10/1/2026 | (16778) | 874 <sup>(a)</sup> |
| LME NICKEL FORWARD | (1) | 2/18/2026 | (88832) | 499 <sup>(a)</sup> |
| CRUDE PALM OIL FU Jan 26 | (1) | 1/16/2026 | (24845) | 125 <sup>(a)</sup> |
| LME LEAD FORWARD | (1) | 2/26/2026 | (49463) | 125 <sup>(a)</sup> |
| WHEAT FUTURE(CBT) Jul 26 | (1) | 7/15/2026 | (27750) | 75 <sup>(a)</sup> |
| MINI H-SHR IDX FU Dec 25 | (1) | 12/31/2025 | (11730) | (15) |
| Brent Fin Last Da Feb 26 | (1) | 12/31/2025 | (62380) | (320)<sup>(a)</sup> |
| CORN FUTURE Dec 26 | (1) | 12/15/2026 | (23413) | (388)<sup>(a)</sup> |
| GASOLINE RBOB FUT Apr 26 | (1) | 4/1/2026 | (85453) | (416)<sup>(a)</sup> |
| BRENT CRUDE FUTR Feb 26 | (1) | 12/31/2025 | (62380) | (630)<sup>(a)</sup> |
| YELLOW MAIZE-SAF Mar 26 | (1) | 3/25/2026 | (21777) | (745)<sup>(a)</sup> |
| LME ZINC FORWARD ($) | (1) | 3/2/2026 | (76388) | (863)<sup>(a)</sup> |
| LME ZINC FORWARD ($) | (1) | 2/27/2026 | (76382) | (1182)<sup>(a)</sup> |
| LIVE CATTLE FUTR APR 26 | (1) | 5/1/2026 | (87820) | (5200)<sup>(a)</sup> |
| COCOA FUTURE May 26 | (2) | 5/14/2026 | (110220) | 14240 <sup>(a)</sup> |
| JPN 10Y BOND(OSE) Dec 25 | (2) | 12/16/2025 | (1729974) | 7102 |
| WTI CRUDE FUTURE Feb 26 | (2) | 1/20/2026 | (116580) | 2630 <sup>(a)</sup> |
| WTI CRUDE FUTURE Dec 26 | (2) | 11/23/2026 | (116100) | 2600 <sup>(a)</sup> |
| WTI CRUDE FUTURE Apr 26 | (2) | 3/23/2026 | (116000) | 1000 <sup>(a)</sup> |
| BRENT CRUDE FUTR Apr 26 | (2) | 3/2/2026 | (123460) | 940 <sup>(a)</sup> |
| 90-DAY BANK BILL Jun 27 | (2) | 6/11/2027 | (1297166) | 757 |
| 90-DAY BANK BILL Mar 27 | (2) | 3/12/2027 | (1297293) | 694 |
| LME LEAD FORWARD | (2) | 2/18/2026 | (98814) | 535 <sup>(a)</sup> |
| MILL WHEAT EURO Sep 26 | (2) | 9/11/2026 | (22970) | 533 <sup>(a)</sup> |
| 90-DAY BANK BILL Sep 27 | (2) | 9/10/2027 | (1297071) | 458 |
| MIAX Red Wheat FutMay26 | (2) | 5/15/2026 | (58525) | 363 <sup>(a)</sup> |
| MAIZE FUT Mar 26 | (2) | 3/6/2026 | (21752) | (205)<sup>(a)</sup> |
| Emini S&P ReEstateDec25 | (2) | 12/22/2025 | (101875) | (275) |
| Low Su Gasoil G Apr 26 | (2) | 4/13/2026 | (128500) | (1250)<sup>(a)</sup> |
| CORN FUTURE Mar 26 | (2) | 3/16/2026 | (44775) | (3652) |
| COCOA FUTURE - IC Jul 26 | (3) | 7/17/2026 | (162658) | 6515 <sup>(a)</sup> |
| SUGAR #11 (WORLD) Jul 26 | (3) | 7/1/2026 | (49325) | 4155 <sup>(a)</sup> |
| ROUGH RICE (CBOT) Jan 26 | (3) | 1/15/2026 | (60450) | 2130 <sup>(a)</sup> |
| 1 MONTH SOFR FUT Apr 26 | (3) | 5/1/2026 | (1205471) | 83 |
| 3MO EURO EURIBOR Sep 26 | (3) | 9/14/2026 | (852755) | (85) |
| WTI CRUDE FUTURE Jan 26 | (3) | 12/22/2025 | (175650) | (924)<sup>(a)</sup> |
| LEAN HOGS FUTURE Apr 26 | (3) | 4/16/2026 | (101880) | (2330)<sup>(a)</sup> |
| COCOA FUTURE - IC May 26 | (4) | 5/14/2026 | (216136) | 6499 <sup>(a)</sup> |
| KC HRW WHEAT FUT May 26 | (4) | 5/15/2026 | (107800) | 2000 <sup>(a)</sup> |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FUTURES**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| CRUDE PALM OIL FU Mar 26 | (4) | 3/16/2026 | $(99765) | $829 <sup>(a)</sup> |
| RAPESEED EURO Feb 26 | (4) | 2/2/2026 | (112123) | (477)<sup>(a)</sup> |
| WHITE MAIZE-SAF Mar 26 | (4) | 3/25/2026 | (88980) | (3084)<sup>(a)</sup> |
| DOLLAR INDEX Dec 25 | (4) | 12/16/2025 | (397632) | (8239) |
| UK Natural Gas FutJan26 | (5) | 12/31/2025 | (154477) | 14402 <sup>(a)</sup> |
| UK Natural Gas FutFeb26 | (5) | 1/30/2026 | (139249) | 10141 <sup>(a)</sup> |
| COTTON NO.2 FUTR May 26 | (5) | 5/7/2026 | (164800) | 4460 <sup>(a)</sup> |
| 90-DAY BANK BILL Sep 26 | (5) | 9/11/2026 | (3244024) | 1767 |
| BRENT CRUDE FUTR Feb 26 | (5) | 12/31/2025 | (311900) | (4180)<sup>(a)</sup> |
| COCOA FUTURE - IC Mar 26 | (6) | 3/17/2026 | (323172) | 26226 <sup>(a)</sup> |
| 90-DAY BANK BILL DEC 26 | (6) | 12/11/2026 | (3892353) | 2177 |
| SOYBEAN MEAL FUTR Jan 26 | (6) | 1/15/2026 | (191220) | (19850)<sup>(a)</sup> |
| AUST 10Y BOND FUT Dec 25 | (6) | 12/16/2025 | (439104) | (33640) |
| CRUDE PALM OIL FU Feb 26 | (7) | 2/17/2026 | (174250) | 396 <sup>(a)</sup> |
| CORN FUTURE Jul 26 | (7) | 7/15/2026 | (161438) | (238)<sup>(a)</sup> |
| COCOA FUTURE Mar 26 | (8) | 3/17/2026 | (440320) | 14147 <sup>(a)</sup> |
| KC HRW WHEAT FUT Mar 26 | (8) | 3/16/2026 | (211000) | 6882 <sup>(a)</sup> |
| 3MO EURO EURIBOR Mar 26 | (8) | 3/16/2026 | (2273318) | 697 |
| LME LEAD FUTURE Mar 26 | (9) | 3/17/2026 | (446929) | 4637 <sup>(a)</sup> |
| WHEAT FUTURE(CBT) May 26 | (9) | 5/15/2026 | (246038) | 4300 <sup>(a)</sup> |
| MIAX Red Wheat FutMar26 | (9) | 3/16/2026 | (260100) | 3000 <sup>(a)</sup> |
| LEAN HOGS FUTURE Feb 26 | (9) | 2/16/2026 | (291600) | (7717)<sup>(a)</sup> |
| WHITE SUGAR (ICE) May 26 | (9) | 4/16/2026 | (193860) | (9975)<sup>(a)</sup> |
| LME NICKEL FUTURE Mar 26 | (10) | 3/17/2026 | (891694) | 13680 <sup>(a)</sup> |
| TTF NAT GAS F Jan 26 | (10) | 12/31/2025 | (248722) | 13412 <sup>(a)</sup> |
| BP CURRENCY FUT Dec 25 | (12) | 12/16/2025 | (992625) | (8246) |
| CORN FUTURE MAY 26 | (13) | 5/15/2026 | (296238) | (3225)<sup>(a)</sup> |
| WTI CRUDE FUTURE Mar 26 | (13) | 2/23/2026 | (755170) | (4960)<sup>(a)</sup> |
| EURO-BUXL 30Y BND Dec 25 | (14) | 12/9/2025 | (1848260) | 13450 |
| MILL WHEAT EURO May 26 | (14) | 5/12/2026 | (155510) | 6584 <sup>(a)</sup> |
| 3 MONTH SOFR FUT Jun 26 | (17) | 9/15/2026 | (4109538) | (1713) |
| INR/USD Dec 25 | (18) | 12/30/2025 | (401832) | 2810 |
| 90-DAY BANK BILL Mar 26 | (20) | 3/12/2026 | (12978632) | 4508 |
| WHEAT FUTURE(CBT) MAR 26 | (21) | 3/16/2026 | (565425) | 3871 <sup>(a)</sup> |
| WHITE SUGAR (ICE) Mar 26 | (22) | 2/17/2026 | (479050) | (14830)<sup>(a)</sup> |
| SUGAR #11 (WORLD) Mar 26 | (26) | 3/2/2026 | (442915) | (22441)<sup>(a)</sup> |
| MILL WHEAT EURO Mar 26 | (41) | 3/11/2026 | (447100) | 16473 <sup>(a)</sup> |
| 10YR MINI JGB FUT Dec 25 | (48) | 12/15/2025 | (4150094) | 31051 |
| 90-DAY BANK BILL Jun 26 | (51) | 6/11/2026 | (33092276) | 13237 |
| NEW ZEALAND $ FUT Dec 25 | (52) | 12/16/2025 | (2986100) | (15696) |
| COTTON NO.2 FUTR Mar 26 | (56) | 3/10/2026 | (1811880) | 43403 <sup>(a)</sup> |
| SUGAR #11 (WORLD) May 26 | (58) | 5/1/2026 | (956861) | (32816)<sup>(a)</sup> |
| 3 MONTH SOFR FUT Mar 26 | (68) | 6/16/2026 | (16396500) | (3861) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FUTURES**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| C$ CURRENCY FUT Dec 25 | (69) | 12/17/2025 | $(4942125) | $5013 |
| JPN YEN CURR FUT Dec 25 | (88) | 12/16/2025 | (7051550) | 264493 |
| AUST 3YR BOND FUT Dec 25 | (94) | 12/16/2025 | (6517209) | 18532 |
| EURO-SCHATZ FUT Dec 25 | (97) | 12/9/2025 | (12037790) | 2325 |
|  |  |  |  | $396397 |

---

<sup>(a)</sup> Holding of the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd.

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Deutsche Bank AG | AUD | USD | AUD | (1325708) | 869397 | 12/15/2025 | $5837 |
| Deutsche Bank AG | AUD | AUD | USD | 400000 | (262319) | 12/15/2025 | 4080 |
| Deutsche Bank AG | AUD | AUD | USD | 1800000 | (1180436) | 12/15/2025 | 3576 |
| Deutsche Bank AG | AUD | AUD | USD | 1600000 | (1049277) | 12/15/2025 | 3179 |
| Deutsche Bank AG | AUD | AUD | USD | 1600000 | (1049277) | 12/15/2025 | 3179 |
| Deutsche Bank AG | AUD | USD | AUD | (499216) | 327385 | 12/15/2025 | 2704 |
| Deutsche Bank AG | AUD | AUD | USD | 200000 | (131160) | 12/15/2025 | 1815 |
| Deutsche Bank AG | AUD | AUD | USD | 200000 | (131160) | 12/15/2025 | 1575 |
| Deutsche Bank AG | AUD | AUD | USD | 200000 | (131160) | 12/15/2025 | 1575 |
| Deutsche Bank AG | AUD | AUD | USD | 400000 | (262319) | 12/15/2025 | 1464 |
| Deutsche Bank AG | AUD | AUD | USD | 100000 | (65580) | 12/15/2025 | 858 |
| Deutsche Bank AG | AUD | AUD | USD | 100000 | (65580) | 12/15/2025 | 253 |
| Deutsche Bank AG | AUD | USD | AUD | (200000) | 131160 | 12/15/2025 | (339) |
| Deutsche Bank AG | AUD | USD | AUD | (400000) | 262319 | 12/15/2025 | (899) |
| Deutsche Bank AG | AUD | USD | AUD | (200000) | 131160 | 12/15/2025 | (1046) |
| Deutsche Bank AG | AUD | USD | AUD | (600000) | 393479 | 12/15/2025 | (3044) |
| Deutsche Bank AG | AUD | AUD | USD | 1100000 | (721378) | 12/15/2025 | (3519) |
| Deutsche Bank AG | AUD | USD | AUD | (1000000) | 655798 | 12/15/2025 | (4849) |
| Societe Generale SA | AUD | AUD | USD | 50000 | (32790) | 12/17/2025 | 262 |
| Societe Generale SA | AUD | AUD | USD | 50000 | (32790) | 12/17/2025 | 139 |
| Societe Generale SA | AUD | AUD | USD | 50000 | (32790) | 12/17/2025 | 120 |
| Societe Generale SA | AUD | AUD | USD | 50000 | (32790) | 12/17/2025 | 115 |
| Societe Generale SA | AUD | AUD | USD | 50000 | (32790) | 12/17/2025 | 82 |
| Societe Generale SA | AUD | AUD | USD | 50000 | (32790) | 12/17/2025 | 51 |
| Societe Generale SA | AUD | AUD | USD | 25000 | (16395) | 12/17/2025 | 29 |
| Societe Generale SA | AUD | AUD | USD | 25000 | (16395) | 12/17/2025 | 28 |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (50) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (50) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (91) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (96) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (233) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (234) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (239) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (240) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (253) |
| Societe Generale SA | AUD | USD | AUD | (25000) | 16395 | 12/17/2025 | (254) |
| Societe Generale SA | AUD | USD | AUD | (50000) | 32790 | 12/17/2025 | (292) |
| Societe Generale SA | AUD | USD | AUD | (50000) | 32790 | 12/17/2025 | (318) |
| Societe Generale SA | AUD | USD | AUD | (50000) | 32790 | 12/17/2025 | (450) |
| Citgroup Global Markets Inc | BRL | BRL | USD | 147578 | (27620) | 12/17/2025 | 1212 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 116325 | (21771) | 12/17/2025 | 920 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 147579 | (27620) | 12/17/2025 | 815 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | BRL | BRL | USD | 74418 | (13928) | 12/17/2025 | $537 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 74950 | (14027) | 12/17/2025 | 535 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 74950 | (14027) | 12/17/2025 | 534 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 70838 | (13258) | 12/17/2025 | 492 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 147570 | (27618) | 3/18/2026 | 348 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 40462 | (7573) | 12/17/2025 | 320 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 39668 | (7424) | 12/17/2025 | 289 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 39670 | (7424) | 12/17/2025 | 286 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 39356 | (7366) | 12/17/2025 | 266 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 39356 | (7366) | 12/17/2025 | 265 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 39350 | (7365) | 12/17/2025 | 265 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 88625 | (16587) | 3/18/2026 | 171 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 18500 | (3462) | 12/17/2025 | 136 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 14000 | (2620) | 12/17/2025 | 114 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 56680 | (10608) | 3/18/2026 | 113 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 30000 | (5615) | 12/17/2025 | 86 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 13000 | (2433) | 12/17/2025 | 83 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 10000 | (1872) | 12/17/2025 | 80 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 14500 | (2714) | 12/17/2025 | 74 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 9500 | (1778) | 12/17/2025 | 62 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 12000 | (2246) | 12/17/2025 | 61 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 15000 | (2807) | 12/17/2025 | 38 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | BRL | BRL | USD | 13500 | (2527) | 12/17/2025 | $36 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 12000 | (2246) | 12/17/2025 | 33 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 4500 | (842) | 12/17/2025 | 32 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 5500 | (1029) | 12/17/2025 | 31 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 6500 | (1216) | 12/17/2025 | 20 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 6000 | (1123) | 12/17/2025 | 18 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 5500 | (1029) | 12/17/2025 | 17 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 4500 | (842) | 12/17/2025 | 15 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 6000 | (1123) | 12/17/2025 | 9 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 1000 | (187) | 12/17/2025 | 7 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 3500 | (655) | 12/17/2025 | 6 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 1000 | (187) | 12/17/2025 | 2 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 500 | (94) | 12/17/2025 | 1 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 500 | (94) | 12/17/2025 | 1 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 500 | (94) | 12/17/2025 |  |
| Citgroup Global Markets Inc | BRL | BRL | USD | 19500 | (3649) | 12/17/2025 | (14) |
| Citgroup Global Markets Inc | BRL | USD | BRL | (56680) | 10608 | 12/17/2025 | (115) |
| Citgroup Global Markets Inc | BRL | USD | BRL | (88625) | 16587 | 12/17/2025 | (174) |
| Citgroup Global Markets Inc | BRL | USD | BRL | (147570) | 27618 | 12/17/2025 | (355) |
| Deutsche Bank AG | BRL | BRL | USD | 541795 | (101399) | 12/2/2025 | 1492 |
| Deutsche Bank AG | BRL | BRL | USD | 542049 | (101447) | 1/5/2026 | 694 |
| Deutsche Bank AG | BRL | USD | BRL | (538051) | 100698 | 12/2/2025 | (791) |
| JP Morgan Securities LLC | BRL | BRL | USD | 147578 | (27620) | 12/17/2025 | 1212 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | BRL | BRL | USD | 116324 | (21770) | 12/17/2025 | $920 |
| JP Morgan Securities LLC | BRL | BRL | USD | 147579 | (27620) | 12/17/2025 | 815 |
| JP Morgan Securities LLC | BRL | BRL | USD | 74418 | (13928) | 12/17/2025 | 537 |
| JP Morgan Securities LLC | BRL | BRL | USD | 74950 | (14027) | 12/17/2025 | 535 |
| JP Morgan Securities LLC | BRL | BRL | USD | 74950 | (14027) | 12/17/2025 | 534 |
| JP Morgan Securities LLC | BRL | BRL | USD | 70838 | (13258) | 12/17/2025 | 492 |
| JP Morgan Securities LLC | BRL | BRL | USD | 147571 | (27618) | 3/18/2026 | 349 |
| JP Morgan Securities LLC | BRL | BRL | USD | 40462 | (7573) | 12/17/2025 | 320 |
| JP Morgan Securities LLC | BRL | BRL | USD | 39671 | (7425) | 12/17/2025 | 289 |
| JP Morgan Securities LLC | BRL | BRL | USD | 39668 | (7424) | 12/17/2025 | 286 |
| JP Morgan Securities LLC | BRL | BRL | USD | 39356 | (7366) | 12/17/2025 | 266 |
| JP Morgan Securities LLC | BRL | BRL | USD | 39350 | (7365) | 12/17/2025 | 265 |
| JP Morgan Securities LLC | BRL | BRL | USD | 39356 | (7366) | 12/17/2025 | 265 |
| JP Morgan Securities LLC | BRL | BRL | USD | 88624 | (16586) | 3/18/2026 | 171 |
| JP Morgan Securities LLC | BRL | BRL | USD | 18500 | (3462) | 12/17/2025 | 136 |
| JP Morgan Securities LLC | BRL | BRL | USD | 14000 | (2620) | 12/17/2025 | 114 |
| JP Morgan Securities LLC | BRL | BRL | USD | 56680 | (10608) | 3/18/2026 | 113 |
| JP Morgan Securities LLC | BRL | BRL | USD | 30000 | (5615) | 12/17/2025 | 86 |
| JP Morgan Securities LLC | BRL | BRL | USD | 13000 | (2433) | 12/17/2025 | 83 |
| JP Morgan Securities LLC | BRL | BRL | USD | 10000 | (1872) | 12/17/2025 | 80 |
| JP Morgan Securities LLC | BRL | BRL | USD | 14500 | (2714) | 12/17/2025 | 74 |
| JP Morgan Securities LLC | BRL | BRL | USD | 9500 | (1778) | 12/17/2025 | 62 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | BRL | BRL | USD | 12000 | (2246) | 12/17/2025 | $61 |
| JP Morgan Securities LLC | BRL | BRL | USD | 15000 | (2807) | 12/17/2025 | 38 |
| JP Morgan Securities LLC | BRL | BRL | USD | 13500 | (2527) | 12/17/2025 | 36 |
| JP Morgan Securities LLC | BRL | BRL | USD | 12000 | (2246) | 12/17/2025 | 33 |
| JP Morgan Securities LLC | BRL | BRL | USD | 4500 | (842) | 12/17/2025 | 32 |
| JP Morgan Securities LLC | BRL | BRL | USD | 5500 | (1029) | 12/17/2025 | 31 |
| JP Morgan Securities LLC | BRL | BRL | USD | 6500 | (1216) | 12/17/2025 | 20 |
| JP Morgan Securities LLC | BRL | BRL | USD | 6000 | (1123) | 12/17/2025 | 18 |
| JP Morgan Securities LLC | BRL | BRL | USD | 5500 | (1029) | 12/17/2025 | 17 |
| JP Morgan Securities LLC | BRL | BRL | USD | 4500 | (842) | 12/17/2025 | 15 |
| JP Morgan Securities LLC | BRL | BRL | USD | 6000 | (1123) | 12/17/2025 | 9 |
| JP Morgan Securities LLC | BRL | BRL | USD | 1000 | (187) | 12/17/2025 | 7 |
| JP Morgan Securities LLC | BRL | BRL | USD | 3500 | (655) | 12/17/2025 | 6 |
| JP Morgan Securities LLC | BRL | BRL | USD | 1000 | (187) | 12/17/2025 | 2 |
| JP Morgan Securities LLC | BRL | BRL | USD | 500 | (94) | 12/17/2025 | 1 |
| JP Morgan Securities LLC | BRL | BRL | USD | 500 | (94) | 12/17/2025 | 1 |
| JP Morgan Securities LLC | BRL | BRL | USD | 500 | (94) | 12/17/2025 |  |
| JP Morgan Securities LLC | BRL | BRL | USD | 19500 | (3649) | 12/17/2025 | (14) |
| JP Morgan Securities LLC | BRL | USD | BRL | (56680) | 10608 | 12/17/2025 | (115) |
| JP Morgan Securities LLC | BRL | USD | BRL | (88624) | 16586 | 12/17/2025 | (174) |
| JP Morgan Securities LLC | BRL | USD | BRL | (147571) | 27618 | 12/17/2025 | (355) |
| Societe Generale SA | BRL | BRL | USD | 4347712 | (813691) | 12/2/2025 | 14434 |
| Societe Generale SA | BRL | BRL | USD | 2155044 | (403325) | 12/1/2025 | 3695 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA | BRL | BRL | USD | 2314125 | (433097) | 2/3/2026 | $2015 |
| Societe Generale SA | BRL | BRL | USD | 1363700 | (255222) | 2/3/2026 | 1638 |
| Societe Generale SA | BRL | USD | BRL | (530128) | 99215 | 12/1/2025 | 693 |
| Societe Generale SA | BRL | BRL | USD | 135726 | (25402) | 12/2/2025 | 425 |
| Societe Generale SA | BRL | BRL | USD | 135712 | (25399) | 12/2/2025 | 422 |
| Societe Generale SA | BRL | BRL | USD | 135489 | (25357) | 12/2/2025 | 380 |
| Societe Generale SA | BRL | BRL | USD | 135442 | (25348) | 12/2/2025 | 372 |
| Societe Generale SA | BRL | BRL | USD | 539413 | (100953) | 1/2/2026 | 275 |
| Societe Generale SA | BRL | USD | BRL | (532503) | 99660 | 12/1/2025 | 249 |
| Societe Generale SA | BRL | BRL | USD | 136163 | (25483) | 2/3/2026 | 126 |
| Societe Generale SA | BRL | USD | BRL | (533519) | 99850 | 12/1/2025 | 58 |
| Societe Generale SA | BRL | USD | BRL | (48128) | 9007 | 12/2/2025 | (68) |
| Societe Generale SA | BRL | BRL | USD | 537571 | (100608) | 1/2/2026 | (68) |
| Societe Generale SA | BRL | USD | BRL | (134165) | 25109 | 12/2/2025 | (133) |
| Societe Generale SA | BRL | BRL | USD | 536544 | (100416) | 1/2/2026 | (259) |
| Societe Generale SA | BRL | USD | BRL | (535327) | 100188 | 12/1/2025 | (280) |
| Societe Generale SA | BRL | BRL | USD | 534146 | (99967) | 1/2/2026 | (704) |
| Societe Generale SA | BRL | USD | BRL | (541898) | 101418 | 12/2/2025 | (1512) |
| Societe Generale SA | BRL | USD | BRL | (541929) | 101424 | 12/2/2025 | (1518) |
| Societe Generale SA | BRL | USD | BRL | (1343750) | 251488 | 12/2/2025 | (1720) |
| Societe Generale SA | BRL | USD | BRL | (2280210) | 426750 | 12/2/2025 | (2144) |
| Deutsche Bank AG | CAD | CAD | USD | 1000000 | (717334) | 12/15/2025 | 2210 |
| Deutsche Bank AG | CAD | USD | CAD | (1624886) | 1165587 | 12/15/2025 | 1851 |
| Deutsche Bank AG | CAD | CAD | USD | 405389 | (290799) | 12/15/2025 | 1574 |
| Deutsche Bank AG | CAD | CAD | USD | 200000 | (143467) | 12/15/2025 | 1260 |
| Deutsche Bank AG | CAD | CAD | USD | 203437 | (145932) | 12/15/2025 | 1171 |
| Deutsche Bank AG | CAD | CAD | USD | 203416 | (145918) | 12/15/2025 | 700 |
| Deutsche Bank AG | CAD | CAD | USD | 100000 | (71733) | 12/15/2025 | 334 |
| Deutsche Bank AG | CAD | CAD | USD | 100000 | (71733) | 12/15/2025 | 196 |
| Deutsche Bank AG | CAD | USD | CAD | (100000) | 71733 | 12/15/2025 | (291) |
| Deutsche Bank AG | CAD | USD | CAD | (100000) | 71733 | 12/15/2025 | (556) |
| Deutsche Bank AG | CAD | USD | CAD | (203362) | 145878 | 12/15/2025 | (596) |
| Deutsche Bank AG | CAD | USD | CAD | (1800000) | 1291202 | 12/15/2025 | (5320) |
| Deutsche Bank AG | CAD | USD | CAD | (1470854) | 1055094 | 12/15/2025 | (8581) |
| Societe Generale SA | CAD | CAD | USD | 70195 | (50353) | 12/17/2025 | 271 |
| Societe Generale SA | CAD | CAD | USD | 70162 | (50329) | 12/17/2025 | 247 |
| Societe Generale SA | CAD | CAD | USD | 70059 | (50256) | 12/17/2025 | 174 |
| Societe Generale SA | CAD | CAD | USD | 70038 | (50241) | 12/17/2025 | 159 |
| Societe Generale SA | CAD | CAD | USD | 35065 | (25153) | 12/17/2025 | 112 |
| Societe Generale SA | CAD | CAD | USD | 35065 | (25153) | 12/17/2025 | 112 |
| Societe Generale SA | CAD | CAD | USD | 34979 | (25091) | 12/17/2025 | 51 |
| Societe Generale SA | CAD | CAD | USD | 34978 | (25091) | 12/17/2025 | 50 |
| Societe Generale SA | CAD | USD | CAD | (104869) | 75226 | 12/17/2025 | (104) |
| Societe Generale SA | CAD | USD | CAD | (35102) | 25180 | 12/17/2025 | (139) |
| Societe Generale SA | CAD | USD | CAD | (35104) | 25181 | 12/17/2025 | (140) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA CAD | USD | CAD | (104944) | 75280 | 12/17/2025 | $(158) |
| Societe Generale SA CAD | USD | CAD | (35243) | 25281 | 12/17/2025 | (240) |
| Societe Generale SA CAD | USD | CAD | (35245) | 25282 | 12/17/2025 | (241) |
| Societe Generale SA CAD | USD | CAD | (209844) | 150528 | 12/17/2025 | (283) |
| Societe Generale SA CAD | USD | CAD | (244753) | 175570 | 12/17/2025 | (284) |
| Societe Generale SA CAD | USD | CAD | (70284) | 50417 | 12/17/2025 | (335) |
| Societe Generale SA CAD | USD | CAD | (209999) | 150640 | 12/17/2025 | (395) |
| Societe Generale SA CAD | USD | CAD | (70373) | 50481 | 12/17/2025 | (399) |
| Societe Generale SA CAD | USD | CAD | (244946) | 175708 | 12/17/2025 | (422) |
| Societe Generale SA CAD | USD | CAD | (210074) | 150693 | 12/17/2025 | (448) |
| Societe Generale SA CAD | USD | CAD | (245054) | 175785 | 12/17/2025 | (499) |
| Societe Generale SA CAD | USD | CAD | (279981) | 200840 | 12/17/2025 | (513) |
| Societe Generale SA CAD | USD | CAD | (245080) | 175805 | 12/17/2025 | (519) |
| Deutsche Bank AG CHF | CHF | USD | 115578 | (143941) | 12/15/2025 | 373 |
| Deutsche Bank AG CHF | USD | CHF | (125000) | 155676 | 12/15/2025 | (41) |
| Deutsche Bank AG CHF | USD | CHF | (125000) | 155676 | 12/15/2025 | (534) |
| Deutsche Bank AG CHF | USD | CHF | (125000) | 155676 | 12/15/2025 | (546) |
| Deutsche Bank AG CHF | USD | CHF | (125000) | 155676 | 12/15/2025 | (1142) |
| Deutsche Bank AG CHF | CHF | USD | 130260 | (162227) | 12/15/2025 | (2311) |
| Deutsche Bank AG CHF | CHF | USD | 125000 | (155676) | 12/15/2025 | (2710) |
| Deutsche Bank AG CHF | CHF | USD | 625000 | (778380) | 12/15/2025 | (8562) |
| Deutsche Bank AG CHF | CHF | USD | 500000 | (622704) | 12/15/2025 | (8872) |
| Deutsche Bank AG CHF | CHF | USD | 1729584 | (2154037) | 12/15/2025 | (30697) |
| Societe Generale SA CHF | USD | CHF | (40091) | 49929 | 12/17/2025 | (19) |
| Societe Generale SA CHF | USD | CHF | (23237) | 28939 | 12/17/2025 | (22) |
| Societe Generale SA CHF | USD | CHF | (23238) | 28941 | 12/17/2025 | (23) |
| Societe Generale SA CHF | USD | CHF | (46553) | 57977 | 12/17/2025 | (27) |
| Societe Generale SA CHF | USD | CHF | (20061) | 24984 | 12/17/2025 | (29) |
| Societe Generale SA CHF | USD | CHF | (20072) | 24997 | 12/17/2025 | (43) |
| Societe Generale SA CHF | USD | CHF | (23260) | 28968 | 12/17/2025 | (56) |
| Societe Generale SA CHF | USD | CHF | (23261) | 28969 | 12/17/2025 | (57) |
| Societe Generale SA CHF | USD | CHF | (20084) | 25013 | 12/17/2025 | (58) |
| Societe Generale SA CHF | USD | CHF | (23298) | 29016 | 12/17/2025 | (59) |
| Societe Generale SA CHF | USD | CHF | (20085) | 25015 | 12/17/2025 | (60) |
| Societe Generale SA CHF | USD | CHF | (23301) | 29019 | 12/17/2025 | (62) |
| Societe Generale SA CHF | USD | CHF | (23186) | 28876 | 12/17/2025 | (66) |
| Societe Generale SA CHF | USD | CHF | (23306) | 29025 | 12/17/2025 | (68) |
| Societe Generale SA CHF | USD | CHF | (23189) | 28880 | 12/17/2025 | (70) |
| Societe Generale SA CHF | USD | CHF | (23308) | 29028 | 12/17/2025 | (71) |
| Societe Generale SA CHF | USD | CHF | (23308) | 29029 | 12/17/2025 | (72) |
| Societe Generale SA CHF | USD | CHF | (40133) | 49982 | 12/17/2025 | (72) |
| Societe Generale SA CHF | USD | CHF | (23313) | 29034 | 12/17/2025 | (77) |
| Societe Generale SA CHF | USD | CHF | (20103) | 25036 | 12/17/2025 | (81) |
| Societe Generale SA CHF | USD | CHF | (20104) | 25038 | 12/17/2025 | (83) |
| Societe Generale SA CHF | USD | CHF | (23208) | 28904 | 12/17/2025 | (94) |
| Societe Generale SA CHF | USD | CHF | (23209) | 28905 | 12/17/2025 | (96) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA CHF | USD | CHF | (23277) | 28989 | 12/17/2025 | $(104) |
| Societe Generale SA CHF | USD | CHF | (23335) | 29061 | 12/17/2025 | (105) |
| Societe Generale SA CHF | USD | CHF | (23279) | 28991 | 12/17/2025 | (106) |
| Societe Generale SA CHF | USD | CHF | (23339) | 29067 | 12/17/2025 | (110) |
| Societe Generale SA CHF | USD | CHF | (23198) | 28891 | 12/17/2025 | (115) |
| Societe Generale SA CHF | USD | CHF | (23198) | 28891 | 12/17/2025 | (116) |
| Societe Generale SA CHF | USD | CHF | (23208) | 28903 | 12/17/2025 | (128) |
| Societe Generale SA CHF | USD | CHF | (23209) | 28905 | 12/17/2025 | (129) |
| Societe Generale SA CHF | USD | CHF | (23230) | 28930 | 12/17/2025 | (135) |
| Societe Generale SA CHF | USD | CHF | (23231) | 28932 | 12/17/2025 | (137) |
| Societe Generale SA CHF | USD | CHF | (20151) | 25096 | 12/17/2025 | (141) |
| Societe Generale SA CHF | USD | CHF | (20152) | 25097 | 12/17/2025 | (142) |
| Societe Generale SA CHF | CHF | USD | 19917 | (24805) | 12/17/2025 | (150) |
| Societe Generale SA CHF | CHF | USD | 19917 | (24805) | 12/17/2025 | (150) |
| Societe Generale SA CHF | USD | CHF | (20165) | 25113 | 12/17/2025 | (158) |
| Societe Generale SA CHF | CHF | USD | 23048 | (28704) | 12/17/2025 | (159) |
| Societe Generale SA CHF | CHF | USD | 23052 | (28710) | 12/17/2025 | (159) |
| Societe Generale SA CHF | USD | CHF | (20165) | 25114 | 12/17/2025 | (159) |
| Societe Generale SA CHF | USD | CHF | (23323) | 29046 | 12/17/2025 | (161) |
| Societe Generale SA CHF | USD | CHF | (23324) | 29048 | 12/17/2025 | (163) |
| Societe Generale SA CHF | USD | CHF | (40221) | 50092 | 12/17/2025 | (182) |
| Societe Generale SA CHF | USD | CHF | (20201) | 25158 | 12/17/2025 | (203) |
| Societe Generale SA CHF | USD | CHF | (20201) | 25158 | 12/17/2025 | (203) |
| Societe Generale SA CHF | CHF | USD | 23053 | (28710) | 12/17/2025 | (243) |
| Societe Generale SA CHF | CHF | USD | 23056 | (28715) | 12/17/2025 | (243) |
| Societe Generale SA CHF | CHF | USD | 19832 | (24699) | 12/17/2025 | (257) |
| Societe Generale SA CHF | CHF | USD | 19827 | (24692) | 12/17/2025 | (263) |
| Societe Generale SA CHF | CHF | USD | 19822 | (24687) | 12/17/2025 | (269) |
| Societe Generale SA CHF | CHF | USD | 19822 | (24686) | 12/17/2025 | (270) |
| Societe Generale SA CHF | CHF | USD | 23014 | (28662) | 12/17/2025 | (272) |
| Societe Generale SA CHF | CHF | USD | 23017 | (28665) | 12/17/2025 | (272) |
| Societe Generale SA CHF | CHF | USD | 23001 | (28646) | 12/17/2025 | (272) |
| Societe Generale SA CHF | CHF | USD | 23013 | (28660) | 12/17/2025 | (272) |
| Societe Generale SA CHF | CHF | USD | 23004 | (28649) | 12/17/2025 | (272) |
| Societe Generale SA CHF | CHF | USD | 23011 | (28658) | 12/17/2025 | (272) |
| Societe Generale SA CHF | CHF | USD | 19800 | (24659) | 12/17/2025 | (296) |
| Societe Generale SA CHF | CHF | USD | 19800 | (24659) | 12/17/2025 | (297) |
| Societe Generale SA CHF | CHF | USD | 22938 | (28567) | 12/17/2025 | (368) |
| Societe Generale SA CHF | CHF | USD | 22921 | (28545) | 12/17/2025 | (368) |
| Societe Generale SA CHF | CHF | USD | 22928 | (28554) | 12/17/2025 | (368) |
| Societe Generale SA CHF | CHF | USD | 22979 | (28619) | 12/17/2025 | (369) |
| Societe Generale SA CHF | CHF | USD | 22976 | (28615) | 12/17/2025 | (369) |
| Societe Generale SA CHF | CHF | USD | 22979 | (28618) | 12/17/2025 | (369) |
| Societe Generale SA CHF | CHF | USD | 39479 | (49167) | 12/17/2025 | (744) |
| Societe Generale SA CHF | CHF | USD | 46119 | (57437) | 12/17/2025 | (816) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | $67 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 66 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 65 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 63 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 62 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 60 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 59 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1340000 | (1443) | 12/17/2025 | 58 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 58 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 57 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 56 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1340000 | (1443) | 12/17/2025 | 54 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1319999 | (1421) | 12/17/2025 | 53 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1000000 | (1077) | 12/17/2025 | 40 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 999999 | (1077) | 12/17/2025 | 39 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1666722 | (1794) | 3/18/2026 | 22 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1000034 | (1077) | 3/18/2026 | 13 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 833361 | (897) | 3/18/2026 | 11 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 666688 | (718) | 3/18/2026 | 11 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 833361 | (897) | 3/18/2026 | 10 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 1666722 | (1794) | 3/18/2026 | 8 |
| Citgroup Global Markets Inc | CLP | USD | CLP | (833361) | 897 | 12/17/2025 | 1 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | CLP | USD | CLP | (833361) | 897 | 12/17/2025 | $1 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 833361 | (897) | 3/18/2026 |  |
| Citgroup Global Markets Inc | CLP | CLP | USD | 833361 | (897) | 3/18/2026 | (1) |
| Citgroup Global Markets Inc | CLP | USD | CLP | (1666722) | 1794 | 12/17/2025 | (8) |
| Citgroup Global Markets Inc | CLP | USD | CLP | (833361) | 897 | 12/17/2025 | (9) |
| Citgroup Global Markets Inc | CLP | USD | CLP | (833361) | 897 | 12/17/2025 | (11) |
| Citgroup Global Markets Inc | CLP | USD | CLP | (666688) | 718 | 12/17/2025 | (11) |
| Citgroup Global Markets Inc | CLP | USD | CLP | (1000034) | 1077 | 12/17/2025 | (13) |
| Citgroup Global Markets Inc | CLP | USD | CLP | (1666722) | 1794 | 12/17/2025 | (21) |
| Deutsche Bank AG | CLP | CLP | USD | 93833830 | (101017) | 12/26/2025 | 1119 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 67 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 66 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 65 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 63 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 62 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 60 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 59 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1340000 | (1443) | 12/17/2025 | 58 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 58 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 57 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1400000 | (1507) | 12/17/2025 | 56 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1340000 | (1443) | 12/17/2025 | 54 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | CLP | CLP | USD | 1319999 | (1421) | 12/17/2025 | $53 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1000000 | (1077) | 12/17/2025 | 40 |
| JP Morgan Securities LLC | CLP | CLP | USD | 999999 | (1077) | 12/17/2025 | 39 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1666722 | (1794) | 3/18/2026 | 22 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1000034 | (1077) | 3/18/2026 | 13 |
| JP Morgan Securities LLC | CLP | CLP | USD | 833362 | (897) | 3/18/2026 | 11 |
| JP Morgan Securities LLC | CLP | CLP | USD | 666688 | (718) | 3/18/2026 | 11 |
| JP Morgan Securities LLC | CLP | CLP | USD | 833360 | (897) | 3/18/2026 | 10 |
| JP Morgan Securities LLC | CLP | CLP | USD | 1666722 | (1794) | 3/18/2026 | 8 |
| JP Morgan Securities LLC | CLP | USD | CLP | (833361) | 897 | 12/17/2025 | 1 |
| JP Morgan Securities LLC | CLP | USD | CLP | (833361) | 897 | 12/17/2025 | 1 |
| JP Morgan Securities LLC | CLP | CLP | USD | 833360 | (897) | 3/18/2026 |  |
| JP Morgan Securities LLC | CLP | CLP | USD | 833362 | (897) | 3/18/2026 | (1) |
| JP Morgan Securities LLC | CLP | USD | CLP | (1666722) | 1794 | 12/17/2025 | (8) |
| JP Morgan Securities LLC | CLP | USD | CLP | (833360) | 897 | 12/17/2025 | (9) |
| JP Morgan Securities LLC | CLP | USD | CLP | (833362) | 897 | 12/17/2025 | (11) |
| JP Morgan Securities LLC | CLP | USD | CLP | (666688) | 718 | 12/17/2025 | (11) |
| JP Morgan Securities LLC | CLP | USD | CLP | (1000034) | 1077 | 12/17/2025 | (13) |
| JP Morgan Securities LLC | CLP | USD | CLP | (1666722) | 1794 | 12/17/2025 | (21) |
| Societe Generale SA | CLP | CLP | USD | 47652007 | (51300) | 12/17/2025 | 1344 |
| Societe Generale SA | CLP | CLP | USD | 47594507 | (51238) | 12/17/2025 | 1282 |
| Societe Generale SA | CLP | CLP | USD | 24104180 | (25949) | 12/17/2025 | 972 |
| Societe Generale SA | CLP | CLP | USD | 24104310 | (25950) | 12/17/2025 | 972 |
| Societe Generale SA | CLP | CLP | USD | 23876804 | (25705) | 12/17/2025 | 727 |
| Societe Generale SA | CLP | CLP | USD | 23856262 | (25683) | 12/17/2025 | 705 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA | CLP | CLP | USD | 47028150 | (50628) | 12/17/2025 | $672 |
| Societe Generale SA | CLP | CLP | USD | 47020000 | (50620) | 12/17/2025 | 663 |
| Societe Generale SA | CLP | CLP | USD | 23799851 | (25622) | 12/17/2025 | 644 |
| Societe Generale SA | CLP | CLP | USD | 23780126 | (25601) | 12/17/2025 | 623 |
| Societe Generale SA | CLP | CLP | USD | 23777753 | (25598) | 12/17/2025 | 620 |
| Societe Generale SA | CLP | CLP | USD | 23772790 | (25593) | 12/17/2025 | 615 |
| Societe Generale SA | CLP | CLP | USD | 23714948 | (25530) | 12/17/2025 | 552 |
| Societe Generale SA | CLP | CLP | USD | 23707855 | (25523) | 12/17/2025 | 545 |
| Societe Generale SA | CLP | CLP | USD | 23590880 | (25397) | 12/17/2025 | 419 |
| Societe Generale SA | CLP | CLP | USD | 23581865 | (25387) | 12/17/2025 | 409 |
| Societe Generale SA | CLP | CLP | USD | 23439629 | (25234) | 12/17/2025 | 256 |
| Societe Generale SA | CLP | CLP | USD | 23411725 | (25204) | 12/17/2025 | 226 |
| Societe Generale SA | CLP | CLP | USD | 23298720 | (25082) | 12/17/2025 | 104 |
| Societe Generale SA | CLP | CLP | USD | 23299253 | (25083) | 12/17/2025 | 104 |
| Societe Generale SA | CLP | USD | CLP | (23779065) | 25599 | 12/17/2025 | (622) |
| Societe Generale SA | CLP | USD | CLP | (23787255) | 25608 | 12/17/2025 | (631) |
| Societe Generale SA | CLP | USD | CLP | (23992204) | 25829 | 12/17/2025 | (851) |
| Societe Generale SA | CLP | USD | CLP | (24012245) | 25850 | 12/17/2025 | (873) |
| Societe Generale SA | CLP | USD | CLP | (24075004) | 25918 | 12/17/2025 | (941) |
| Societe Generale SA | CLP | USD | CLP | (24081067) | 25925 | 12/17/2025 | (947) |
| Societe Generale SA | CLP | USD | CLP | (47866000) | 51530 | 12/17/2025 | (1575) |
| Societe Generale SA | CLP | USD | CLP | (47937000) | 51607 | 12/17/2025 | (1652) |
| Societe Generale SA | CLP | USD | CLP | (48205000) | 51895 | 12/17/2025 | (1940) |
| Societe Generale SA | CLP | USD | CLP | (193041104) | 207819 | 12/17/2025 | (8000) |
| Citgroup Global Markets Inc | CNH | CNH | USD | 130000 | (18364) | 12/17/2025 | 90 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 89278 | (12611) | 3/18/2026 | 79 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 87944 | (12423) | 3/18/2026 | 77 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 89278 | (12611) | 3/18/2026 | 77 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 216000 | (30512) | 12/17/2025 | 69 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 66625 | (9411) | 3/18/2026 | 69 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 66625 | (9411) | 3/18/2026 | 68 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 66624 | (9411) | 3/18/2026 | 64 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 66626 | (9411) | 3/18/2026 | 64 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 95500 | (13490) | 12/17/2025 | 59 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/ <br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc CNH | USD | 40031 | (5655) | 12/17/2025 | $54 |
| Citgroup Global Markets Inc CNH | USD | 87500 | (12360) | 12/17/2025 | 54 |
| Citgroup Global Markets Inc CNH | USD | 40031 | (5655) | 12/17/2025 | 52 |
| Citgroup Global Markets Inc CNH | USD | 52206 | (7375) | 12/17/2025 | 52 |
| Citgroup Global Markets Inc CNH | USD | 51427 | (7264) | 12/17/2025 | 45 |
| Citgroup Global Markets Inc CNH | USD | 52206 | (7375) | 12/17/2025 | 41 |
| Citgroup Global Markets Inc CNH | USD | 105000 | (14832) | 12/17/2025 | 41 |
| Citgroup Global Markets Inc CNH | USD | 66167 | (9347) | 3/18/2026 | 41 |
| Citgroup Global Markets Inc CNH | USD | 66166 | (9346) | 3/18/2026 | 41 |
| Citgroup Global Markets Inc CNH | USD | 45500 | (6427) | 12/17/2025 | 39 |
| Citgroup Global Markets Inc CNH | USD | 38960 | (5503) | 12/17/2025 | 29 |
| Citgroup Global Markets Inc CNH | USD | 38959 | (5503) | 12/17/2025 | 29 |
| Citgroup Global Markets Inc CNH | USD | 44863 | (6337) | 12/17/2025 | 28 |
| Citgroup Global Markets Inc CNH | USD | 44864 | (6337) | 12/17/2025 | 28 |
| Citgroup Global Markets Inc CNH | USD | 44863 | (6337) | 12/17/2025 | 26 |
| Citgroup Global Markets Inc CNH | USD | 44863 | (6337) | 12/17/2025 | 25 |
| Citgroup Global Markets Inc CNH | USD | 44863 | (6337) | 12/17/2025 | 20 |
| Citgroup Global Markets Inc CNH | USD | 44864 | (6337) | 12/17/2025 | 19 |
| Citgroup Global Markets Inc CNH | USD | 24000 | (3390) | 12/17/2025 | 19 |
| Citgroup Global Markets Inc CNH | USD | 20000 | (2825) | 12/17/2025 | 18 |
| Citgroup Global Markets Inc CNH | USD | 83500 | (11795) | 12/17/2025 | 16 |
| Citgroup Global Markets Inc CNH | USD | 18000 | (2543) | 12/17/2025 | 15 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc CNH | CNH | USD | 24000 | (3390) | 12/17/2025 | $14 |
| Citgroup Global Markets Inc CNH | CNH | USD | 45000 | (6357) | 12/17/2025 | 10 |
| Citgroup Global Markets Inc CNH | CNH | USD | 16000 | (2260) | 12/17/2025 | 7 |
| Citgroup Global Markets Inc CNH | CNH | USD | 33000 | (4662) | 12/17/2025 | 7 |
| Citgroup Global Markets Inc CNH | CNH | USD | 25000 | (3531) | 12/17/2025 | 5 |
| Citgroup Global Markets Inc CNH | CNH | USD | 18500 | (2613) | 12/17/2025 | 4 |
| Citgroup Global Markets Inc CNH | CNH | USD | 6500 | (918) | 12/17/2025 | 3 |
| Citgroup Global Markets Inc CNH | CNH | USD | 9000 | (1271) | 12/17/2025 | 2 |
| Citgroup Global Markets Inc CNH | CNH | USD | 3500 | (494) | 12/17/2025 | 1 |
| Citgroup Global Markets Inc CNH | CNH | USD | 3500 | (494) | 12/17/2025 | 1 |
| Citgroup Global Markets Inc CNH | CNH | USD | 14000 | (1978) | 12/17/2025 |  |
| Citgroup Global Markets Inc CNH | CNH | USD | 4000 | (565) | 12/17/2025 |  |
| Citgroup Global Markets Inc CNH | USD | CNH | (3500) | 494 | 12/17/2025 | (2) |
| Citgroup Global Markets Inc CNH | USD | CNH | (5500) | 777 | 12/17/2025 | (4) |
| Citgroup Global Markets Inc CNH | USD | CNH | (14500) | 2048 | 12/17/2025 | (7) |
| Citgroup Global Markets Inc CNH | USD | CNH | (8000) | 1130 | 12/17/2025 | (8) |
| Citgroup Global Markets Inc CNH | USD | CNH | (52000) | 7345 | 12/17/2025 | (32) |
| Citgroup Global Markets Inc CNH | USD | CNH | (43500) | 6145 | 12/17/2025 | (32) |
| Citgroup Global Markets Inc CNH | USD | CNH | (66167) | 9347 | 12/17/2025 | (34) |
| Citgroup Global Markets Inc CNH | USD | CNH | (66166) | 9346 | 12/17/2025 | (35) |
| Citgroup Global Markets Inc CNH | USD | CNH | (79000) | 11159 | 12/17/2025 | (48) |
| Citgroup Global Markets Inc CNH | USD | CNH | (66625) | 9411 | 12/17/2025 | (58) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc CNH | USD | CNH | (66625) | 9411 | 12/17/2025 | $(58) |
| Citgroup Global Markets Inc CNH | USD | CNH | (66624) | 9411 | 12/17/2025 | (62) |
| Citgroup Global Markets Inc CNH | USD | CNH | (66626) | 9411 | 12/17/2025 | (62) |
| Citgroup Global Markets Inc CNH | USD | CNH | (87944) | 12423 | 12/17/2025 | (68) |
| Citgroup Global Markets Inc CNH | USD | CNH | (89278) | 12611 | 12/17/2025 | (68) |
| Citgroup Global Markets Inc CNH | USD | CNH | (89278) | 12611 | 12/17/2025 | (70) |
| Citgroup Global Markets Inc CNH | USD | CNH | (91500) | 12925 | 12/17/2025 | (81) |
| Deutsche Bank AG CNH | CNH | USD | 12779775 | (1805244) | 12/15/2025 | 9475 |
| Deutsche Bank AG CNH | CNH | USD | 3540357 | (500103) | 12/15/2025 | 1275 |
| Deutsche Bank AG CNH | CNH | USD | 1420142 | (200606) | 12/15/2025 | 1076 |
| Deutsche Bank AG CNH | CNH | USD | 709096 | (100165) | 12/15/2025 | 400 |
| Deutsche Bank AG CNH | CNH | USD | 1414146 | (199759) | 12/15/2025 | 227 |
| Deutsche Bank AG CNH | USD | CNH | (1413194) | 199625 | 12/15/2025 | (93) |
| Deutsche Bank AG CNH | USD | CNH | (2130832) | 300997 | 12/15/2025 | (1702) |
| JP Morgan Securities LLC CNH | CNH | USD | 130000 | (18364) | 12/17/2025 | 90 |
| JP Morgan Securities LLC CNH | CNH | USD | 89278 | (12611) | 3/18/2026 | 79 |
| JP Morgan Securities LLC CNH | CNH | USD | 87944 | (12423) | 3/18/2026 | 77 |
| JP Morgan Securities LLC CNH | CNH | USD | 89278 | (12611) | 3/18/2026 | 77 |
| JP Morgan Securities LLC CNH | CNH | USD | 216000 | (30512) | 12/17/2025 | 69 |
| JP Morgan Securities LLC CNH | CNH | USD | 66624 | (9411) | 3/18/2026 | 69 |
| JP Morgan Securities LLC CNH | CNH | USD | 66626 | (9411) | 3/18/2026 | 68 |
| JP Morgan Securities LLC CNH | CNH | USD | 66625 | (9411) | 3/18/2026 | 64 |
| JP Morgan Securities LLC CNH | CNH | USD | 66625 | (9411) | 3/18/2026 | 64 |
| JP Morgan Securities LLC CNH | CNH | USD | 95500 | (13490) | 12/17/2025 | 59 |
| JP Morgan Securities LLC CNH | CNH | USD | 40031 | (5655) | 12/17/2025 | 54 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC CNH | USD | 87500 | (12360) | 12/17/2025 | $54 |
| JP Morgan Securities LLC CNH | USD | 40031 | (5655) | 12/17/2025 | 52 |
| JP Morgan Securities LLC CNH | USD | 52206 | (7375) | 12/17/2025 | 52 |
| JP Morgan Securities LLC CNH | USD | 51427 | (7264) | 12/17/2025 | 45 |
| JP Morgan Securities LLC CNH | USD | 52206 | (7375) | 12/17/2025 | 41 |
| JP Morgan Securities LLC CNH | USD | 105000 | (14832) | 12/17/2025 | 41 |
| JP Morgan Securities LLC CNH | USD | 66166 | (9346) | 3/18/2026 | 41 |
| JP Morgan Securities LLC CNH | USD | 66167 | (9347) | 3/18/2026 | 41 |
| JP Morgan Securities LLC CNH | USD | 45500 | (6427) | 12/17/2025 | 39 |
| JP Morgan Securities LLC CNH | USD | 38960 | (5503) | 12/17/2025 | 29 |
| JP Morgan Securities LLC CNH | USD | 38959 | (5503) | 12/17/2025 | 29 |
| JP Morgan Securities LLC CNH | USD | 44863 | (6337) | 12/17/2025 | 28 |
| JP Morgan Securities LLC CNH | USD | 44864 | (6337) | 12/17/2025 | 28 |
| JP Morgan Securities LLC CNH | USD | 44863 | (6337) | 12/17/2025 | 26 |
| JP Morgan Securities LLC CNH | USD | 44863 | (6337) | 12/17/2025 | 25 |
| JP Morgan Securities LLC CNH | USD | 44864 | (6337) | 12/17/2025 | 20 |
| JP Morgan Securities LLC CNH | USD | 44863 | (6337) | 12/17/2025 | 19 |
| JP Morgan Securities LLC CNH | USD | 24000 | (3390) | 12/17/2025 | 19 |
| JP Morgan Securities LLC CNH | USD | 20000 | (2825) | 12/17/2025 | 18 |
| JP Morgan Securities LLC CNH | USD | 83500 | (11795) | 12/17/2025 | 16 |
| JP Morgan Securities LLC CNH | USD | 18000 | (2543) | 12/17/2025 | 15 |
| JP Morgan Securities LLC CNH | USD | 24000 | (3390) | 12/17/2025 | 14 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC CNH | CNH | USD | 45000 | (6357) | 12/17/2025 | $10 |
| JP Morgan Securities LLC CNH | CNH | USD | 16000 | (2260) | 12/17/2025 | 7 |
| JP Morgan Securities LLC CNH | CNH | USD | 33000 | (4662) | 12/17/2025 | 7 |
| JP Morgan Securities LLC CNH | CNH | USD | 25000 | (3531) | 12/17/2025 | 5 |
| JP Morgan Securities LLC CNH | CNH | USD | 18500 | (2613) | 12/17/2025 | 4 |
| JP Morgan Securities LLC CNH | CNH | USD | 6500 | (918) | 12/17/2025 | 3 |
| JP Morgan Securities LLC CNH | CNH | USD | 9000 | (1271) | 12/17/2025 | 2 |
| JP Morgan Securities LLC CNH | CNH | USD | 3500 | (494) | 12/17/2025 | 1 |
| JP Morgan Securities LLC CNH | CNH | USD | 3500 | (494) | 12/17/2025 | 1 |
| JP Morgan Securities LLC CNH | CNH | USD | 14000 | (1978) | 12/17/2025 |  |
| JP Morgan Securities LLC CNH | CNH | USD | 4000 | (565) | 12/17/2025 |  |
| JP Morgan Securities LLC CNH | USD | CNH | (3500) | 494 | 12/17/2025 | (2) |
| JP Morgan Securities LLC CNH | USD | CNH | (5500) | 777 | 12/17/2025 | (4) |
| JP Morgan Securities LLC CNH | USD | CNH | (14500) | 2048 | 12/17/2025 | (7) |
| JP Morgan Securities LLC CNH | USD | CNH | (8000) | 1130 | 12/17/2025 | (8) |
| JP Morgan Securities LLC CNH | USD | CNH | (52000) | 7345 | 12/17/2025 | (32) |
| JP Morgan Securities LLC CNH | USD | CNH | (43500) | 6145 | 12/17/2025 | (32) |
| JP Morgan Securities LLC CNH | USD | CNH | (66166) | 9346 | 12/17/2025 | (34) |
| JP Morgan Securities LLC CNH | USD | CNH | (66167) | 9347 | 12/17/2025 | (35) |
| JP Morgan Securities LLC CNH | USD | CNH | (79000) | 11159 | 12/17/2025 | (48) |
| JP Morgan Securities LLC CNH | USD | CNH | (66626) | 9411 | 12/17/2025 | (58) |
| JP Morgan Securities LLC CNH | USD | CNH | (66624) | 9411 | 12/17/2025 | (58) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | CNH | USD | CNH | (66626) | 9411 | 12/17/2025 | $(62) |
| JP Morgan Securities LLC | CNH | USD | CNH | (66624) | 9411 | 12/17/2025 | (62) |
| JP Morgan Securities LLC | CNH | USD | CNH | (87944) | 12423 | 12/17/2025 | (68) |
| JP Morgan Securities LLC | CNH | USD | CNH | (89278) | 12611 | 12/17/2025 | (68) |
| JP Morgan Securities LLC | CNH | USD | CNH | (89278) | 12611 | 12/17/2025 | (70) |
| JP Morgan Securities LLC | CNH | USD | CNH | (91500) | 12925 | 12/17/2025 | (81) |
| Societe Generale SA | CNH | CNH | USD | 500000 | (70629) | 12/17/2025 | 348 |
| Societe Generale SA | CNH | CNH | USD | 500000 | (70629) | 12/17/2025 | 92 |
| Societe Generale SA | CNH | CNH | USD | 177064 | (25012) | 12/17/2025 | 77 |
| Societe Generale SA | CNH | CNH | USD | 177056 | (25011) | 12/17/2025 | 76 |
| Societe Generale SA | CNH | CNH | USD | 176765 | (24969) | 12/17/2025 | 35 |
| Societe Generale SA | CNH | CNH | USD | 176758 | (24968) | 12/17/2025 | 34 |
| Societe Generale SA | CNH | USD | CNH | (1065626) | 150528 | 12/17/2025 | (923) |
| Deutsche Bank AG | COP | COP | USD | 387686100 | (103644) | 12/9/2025 | 3204 |
| Deutsche Bank AG | COP | USD | COP | (374695684) | 100171 | 12/9/2025 | 255 |
| Deutsche Bank AG | COP | COP | USD | 375478000 | (100380) | 12/22/2025 | (210) |
| Societe Generale SA | COP | COP | USD | 1598768034 | (427413) | 12/17/2025 | 25174 |
| Societe Generale SA | COP | COP | USD | 195613037 | (52295) | 12/17/2025 | 2020 |
| Societe Generale SA | COP | COP | USD | 194618537 | (52029) | 12/17/2025 | 1756 |
| Societe Generale SA | COP | COP | USD | 193669843 | (51775) | 12/17/2025 | 1503 |
| Societe Generale SA | COP | USD | COP | (188736001) | 50456 | 12/17/2025 | (192) |
| Societe Generale SA | COP | USD | COP | (196147038) | 52438 | 12/17/2025 | (2163) |
| Societe Generale SA | COP | USD | COP | (198314498) | 53017 | 12/17/2025 | (2739) |
| Societe Generale SA | COP | USD | COP | (390608036) | 104425 | 12/17/2025 | (3877) |
| Societe Generale SA | CZK | CZK | USD | 7299837 | (350467) | 12/17/2025 | 2490 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (56470) | 65536 | 12/17/2025 | 627 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (44834) | 52032 | 12/17/2025 | 626 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (44834) | 52032 | 12/17/2025 | 594 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (51763) | 60074 | 12/17/2025 | 590 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (44637) | 51803 | 12/17/2025 | 542 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (47572) | 55210 | 12/17/2025 | 504 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (44546) | 51698 | 12/17/2025 | 499 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | EUR | USD | EUR | (45028) | 52257 | 12/17/2025 | $486 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (44912) | 52123 | 12/17/2025 | 481 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (44938) | 52153 | 12/17/2025 | 451 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (44938) | 52153 | 12/17/2025 | 434 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (23528) | 27305 | 12/17/2025 | 352 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 37364 | (43363) | 12/17/2025 | 286 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 38250 | (44391) | 12/17/2025 | 249 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 34073 | (39543) | 12/17/2025 | 229 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 32187 | (37355) | 12/17/2025 | 225 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 35802 | (41550) | 12/17/2025 | 187 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 35635 | (41356) | 12/17/2025 | 183 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (8000) | 9284 | 12/17/2025 | 153 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (9000) | 10445 | 12/17/2025 | 129 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (6000) | 6963 | 12/17/2025 | 114 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (3000) | 3482 | 12/17/2025 | 73 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (16500) | 19149 | 12/17/2025 | 69 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (3500) | 4062 | 12/17/2025 | 64 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (2500) | 2901 | 12/17/2025 | 48 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (4000) | 4642 | 12/17/2025 | 46 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (2000) | 2321 | 12/17/2025 | 44 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (2000) | 2321 | 12/17/2025 | 38 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1780) | 2066 | 12/17/2025 | 34 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1500) | 1741 | 12/17/2025 | $32 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 6000 | (6963) | 12/17/2025 | 31 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1720) | 1996 | 12/17/2025 | 31 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1477) | 1714 | 12/17/2025 | 29 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (2500) | 2901 | 12/17/2025 | 28 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1523) | 1768 | 12/17/2025 | 28 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (3500) | 4062 | 12/17/2025 | 25 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (2000) | 2321 | 12/17/2025 | 24 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 3000 | (3482) | 12/17/2025 | 23 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (2500) | 2901 | 12/17/2025 | 22 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (6000) | 6963 | 12/17/2025 | 19 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1000) | 1161 | 12/17/2025 | 18 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1500) | 1741 | 12/17/2025 | 14 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (6500) | 7544 | 12/17/2025 | 14 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (500) | 580 | 12/17/2025 | 12 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 1000 | (1161) | 12/17/2025 | 7 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (5500) | 6383 | 12/17/2025 | 5 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 2500 | (2901) | 12/17/2025 | 4 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 1000 | (1161) | 12/17/2025 | 4 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1000) | 1161 | 12/17/2025 | 4 |
| Citgroup Global Markets Inc | EUR | EUR | USD | 3500 | (4062) | 12/17/2025 | 3 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (500) | 580 | 12/17/2025 | 2 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1000) | 1161 | 12/17/2025 | $— |
| Citgroup Global Markets Inc | EUR | USD | EUR | (5000) | 5803 | 12/17/2025 | (50) |
| Citgroup Global Markets Inc | EUR | USD | EUR | (35635) | 41356 | 3/18/2026 | (175) |
| Citgroup Global Markets Inc | EUR | USD | EUR | (35802) | 41550 | 3/18/2026 | (178) |
| Citgroup Global Markets Inc | EUR | USD | EUR | (34073) | 39543 | 3/18/2026 | (215) |
| Citgroup Global Markets Inc | EUR | USD | EUR | (32186) | 37353 | 3/18/2026 | (221) |
| Citgroup Global Markets Inc | EUR | USD | EUR | (38251) | 44392 | 3/18/2026 | (245) |
| Citgroup Global Markets Inc | EUR | USD | EUR | (37364) | 43363 | 3/18/2026 | (271) |
| Citgroup Global Markets Inc | EUR | EUR | USD | 60000 | (69633) | 12/17/2025 | (1189) |
| Deutsche Bank AG | EUR | USD | EUR | (1875000) | 2176032 | 12/15/2025 | 11219 |
| Deutsche Bank AG | EUR | USD | EUR | (1000000) | 1160551 | 12/15/2025 | 3356 |
| Deutsche Bank AG | EUR | USD | EUR | (200000) | 232110 | 12/15/2025 | 1496 |
| Deutsche Bank AG | EUR | EUR | USD | 125000 | (145069) | 12/15/2025 | 933 |
| Deutsche Bank AG | EUR | EUR | USD | 125000 | (145069) | 12/15/2025 | 900 |
| Deutsche Bank AG | EUR | USD | EUR | (200000) | 232110 | 12/15/2025 | 770 |
| Deutsche Bank AG | EUR | EUR | USD | 100000 | (116055) | 12/15/2025 | 663 |
| Deutsche Bank AG | EUR | EUR | USD | 125000 | (145069) | 12/15/2025 | 569 |
| Deutsche Bank AG | EUR | EUR | USD | 100000 | (116055) | 12/15/2025 | 361 |
| Deutsche Bank AG | EUR | EUR | USD | 250000 | (290138) | 12/15/2025 | 182 |
| Deutsche Bank AG | EUR | USD | EUR | (125000) | 145069 | 12/15/2025 | 150 |
| Deutsche Bank AG | EUR | EUR | USD | 200000 | (232110) | 12/15/2025 | 146 |
| Deutsche Bank AG | EUR | EUR | USD | 125000 | (145069) | 12/15/2025 | 95 |
| Deutsche Bank AG | EUR | EUR | USD | 125000 | (145069) | 12/15/2025 | 91 |
| Deutsche Bank AG | EUR | EUR | USD | 100000 | (116055) | 12/15/2025 | 73 |
| Deutsche Bank AG | EUR | USD | EUR | (100000) | 116055 | 12/15/2025 | 6 |
| Deutsche Bank AG | EUR | USD | EUR | (125000) | 145069 | 12/15/2025 | (81) |
| Deutsche Bank AG | EUR | USD | EUR | (100000) | 116055 | 12/15/2025 | (125) |
| Deutsche Bank AG | EUR | USD | EUR | (125000) | 145069 | 12/15/2025 | (156) |
| Deutsche Bank AG | EUR | USD | EUR | (125000) | 145069 | 12/15/2025 | (156) |
| Deutsche Bank AG | EUR | USD | EUR | (100000) | 116055 | 12/15/2025 | (255) |
| Deutsche Bank AG | EUR | USD | EUR | (125000) | 145069 | 12/15/2025 | (286) |
| Deutsche Bank AG | EUR | EUR | USD | 100000 | (116055) | 12/15/2025 | (303) |
| Deutsche Bank AG | EUR | USD | EUR | (125000) | 145069 | 12/15/2025 | (612) |
| Deutsche Bank AG | EUR | USD | EUR | (200000) | 232110 | 12/15/2025 | (690) |
| Deutsche Bank AG | EUR | USD | EUR | (100000) | 116055 | 12/15/2025 | (796) |
| Deutsche Bank AG | EUR | USD | EUR | (125000) | 145069 | 12/15/2025 | (1005) |

---

 

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/**<br> **Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Deutsche Bank AG | EUR | USD | EUR | (100000) | 116055 | 12/15/2025 | $(1106) |
| Deutsche Bank AG | EUR | EUR | USD | 250000 | (290138) | 12/15/2025 | (1113) |
| Deutsche Bank AG | EUR | USD | EUR | (125000) | 145069 | 12/15/2025 | (1332) |
| Deutsche Bank AG | EUR | USD | EUR | (250000) | 290138 | 12/15/2025 | (1520) |
| Deutsche Bank AG | EUR | EUR | USD | 750000 | (870413) | 12/15/2025 | (1716) |
| Deutsche Bank AG | EUR | EUR | USD | 750000 | (870413) | 12/15/2025 | (3340) |
| Deutsche Bank AG | EUR | EUR | USD | 1000000 | (1160551) | 12/15/2025 | (4453) |
| Deutsche Bank AG | EUR | EUR | USD | 1300000 | (1508716) | 12/15/2025 | (5789) |
| Deutsche Bank AG | EUR | EUR | USD | 1600000 | (1856881) | 12/15/2025 | (7125) |
| JP Morgan Securities LLC | EUR | USD | EUR | (56470) | 65536 | 12/17/2025 | 627 |
| JP Morgan Securities LLC | EUR | USD | EUR | (44834) | 52032 | 12/17/2025 | 626 |
| JP Morgan Securities LLC | EUR | USD | EUR | (44835) | 52033 | 12/17/2025 | 594 |
| JP Morgan Securities LLC | EUR | USD | EUR | (51762) | 60072 | 12/17/2025 | 590 |
| JP Morgan Securities LLC | EUR | USD | EUR | (44636) | 51802 | 12/17/2025 | 543 |
| JP Morgan Securities LLC | EUR | USD | EUR | (47572) | 55210 | 12/17/2025 | 504 |
| JP Morgan Securities LLC | EUR | USD | EUR | (44546) | 51698 | 12/17/2025 | 499 |
| JP Morgan Securities LLC | EUR | USD | EUR | (45028) | 52257 | 12/17/2025 | 486 |
| JP Morgan Securities LLC | EUR | USD | EUR | (44912) | 52123 | 12/17/2025 | 481 |
| JP Morgan Securities LLC | EUR | USD | EUR | (44938) | 52153 | 12/17/2025 | 451 |
| JP Morgan Securities LLC | EUR | USD | EUR | (44938) | 52153 | 12/17/2025 | 434 |
| JP Morgan Securities LLC | EUR | USD | EUR | (23529) | 27307 | 12/17/2025 | 352 |
| JP Morgan Securities LLC | EUR | EUR | USD | 37365 | (43364) | 12/17/2025 | 286 |
| JP Morgan Securities LLC | EUR | EUR | USD | 38251 | (44392) | 12/17/2025 | 249 |
| JP Morgan Securities LLC | EUR | EUR | USD | 34072 | (39542) | 12/17/2025 | 229 |
| JP Morgan Securities LLC | EUR | EUR | USD | 32186 | (37353) | 12/17/2025 | 225 |
| JP Morgan Securities LLC | EUR | EUR | USD | 35803 | (41551) | 12/17/2025 | 187 |
| JP Morgan Securities LLC | EUR | EUR | USD | 35634 | (41355) | 12/17/2025 | 183 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| JP Morgan Securities LLC | EUR | USD | EUR | (8000) | 9284 | 12/17/2025 | $153 |
| JP Morgan Securities LLC | EUR | USD | EUR | (9000) | 10445 | 12/17/2025 | 129 |
| JP Morgan Securities LLC | EUR | USD | EUR | (6000) | 6963 | 12/17/2025 | 114 |
| JP Morgan Securities LLC | EUR | USD | EUR | (3000) | 3482 | 12/17/2025 | 73 |
| JP Morgan Securities LLC | EUR | USD | EUR | (16500) | 19149 | 12/17/2025 | 69 |
| JP Morgan Securities LLC | EUR | USD | EUR | (3500) | 4062 | 12/17/2025 | 64 |
| JP Morgan Securities LLC | EUR | USD | EUR | (2500) | 2901 | 12/17/2025 | 48 |
| JP Morgan Securities LLC | EUR | USD | EUR | (4000) | 4642 | 12/17/2025 | 46 |
| JP Morgan Securities LLC | EUR | USD | EUR | (2000) | 2321 | 12/17/2025 | 44 |
| JP Morgan Securities LLC | EUR | USD | EUR | (2000) | 2321 | 12/17/2025 | 38 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1780) | 2066 | 12/17/2025 | 34 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1500) | 1741 | 12/17/2025 | 32 |
| JP Morgan Securities LLC | EUR | EUR | USD | 6000 | (6963) | 12/17/2025 | 31 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1720) | 1996 | 12/17/2025 | 31 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1477) | 1714 | 12/17/2025 | 29 |
| JP Morgan Securities LLC | EUR | USD | EUR | (2500) | 2901 | 12/17/2025 | 28 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1523) | 1768 | 12/17/2025 | 28 |
| JP Morgan Securities LLC | EUR | USD | EUR | (3500) | 4062 | 12/17/2025 | 25 |
| JP Morgan Securities LLC | EUR | USD | EUR | (2000) | 2321 | 12/17/2025 | 24 |
| JP Morgan Securities LLC | EUR | EUR | USD | 3000 | (3482) | 12/17/2025 | 23 |
| JP Morgan Securities LLC | EUR | USD | EUR | (2500) | 2901 | 12/17/2025 | 22 |
| JP Morgan Securities LLC | EUR | USD | EUR | (6000) | 6963 | 12/17/2025 | 20 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| JP Morgan Securities LLC | EUR | USD | EUR | (1000) | 1161 | 12/17/2025 | $18 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1500) | 1741 | 12/17/2025 | 14 |
| JP Morgan Securities LLC | EUR | USD | EUR | (6500) | 7544 | 12/17/2025 | 14 |
| JP Morgan Securities LLC | EUR | USD | EUR | (500) | 580 | 12/17/2025 | 12 |
| JP Morgan Securities LLC | EUR | EUR | USD | 1000 | (1161) | 12/17/2025 | 7 |
| JP Morgan Securities LLC | EUR | USD | EUR | (5500) | 6383 | 12/17/2025 | 5 |
| JP Morgan Securities LLC | EUR | EUR | USD | 2500 | (2901) | 12/17/2025 | 4 |
| JP Morgan Securities LLC | EUR | EUR | USD | 1000 | (1161) | 12/17/2025 | 4 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1000) | 1161 | 12/17/2025 | 4 |
| JP Morgan Securities LLC | EUR | EUR | USD | 3500 | (4062) | 12/17/2025 | 3 |
| JP Morgan Securities LLC | EUR | USD | EUR | (500) | 580 | 12/17/2025 | 2 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1000) | 1161 | 12/17/2025 |  |
| JP Morgan Securities LLC | EUR | USD | EUR | (5000) | 5803 | 12/17/2025 | (50) |
| JP Morgan Securities LLC | EUR | USD | EUR | (35634) | 41355 | 3/18/2026 | (175) |
| JP Morgan Securities LLC | EUR | USD | EUR | (35803) | 41551 | 3/18/2026 | (178) |
| JP Morgan Securities LLC | EUR | USD | EUR | (34072) | 39542 | 3/18/2026 | (215) |
| JP Morgan Securities LLC | EUR | USD | EUR | (32187) | 37355 | 3/18/2026 | (221) |
| JP Morgan Securities LLC | EUR | USD | EUR | (38250) | 44391 | 3/18/2026 | (245) |
| JP Morgan Securities LLC | EUR | USD | EUR | (37365) | 43364 | 3/18/2026 | (271) |
| JP Morgan Securities LLC | EUR | EUR | USD | 60000 | (69633) | 12/17/2025 | (1189) |
| Societe Generale SA | EUR | EUR | USD | 475000 | (551262) | 12/17/2025 | 1185 |
| Societe Generale SA | EUR | USD | EUR | (250000) | 290138 | 12/17/2025 | 854 |
| Societe Generale SA | EUR | EUR | USD | 325000 | (377179) | 12/17/2025 | 811 |
| Societe Generale SA | EUR | EUR | USD | 300000 | (348165) | 12/17/2025 | 749 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Societe Generale SA | EUR | EUR | USD | 275000 | (319151) | 12/17/2025 | $686 |
| Societe Generale SA | EUR | EUR | USD | 225000 | (261124) | 12/17/2025 | 562 |
| Societe Generale SA | EUR | EUR | USD | 225000 | (261124) | 12/17/2025 | 562 |
| Societe Generale SA | EUR | EUR | USD | 225000 | (261124) | 12/17/2025 | 562 |
| Societe Generale SA | EUR | EUR | USD | 200000 | (232110) | 12/17/2025 | 499 |
| Societe Generale SA | EUR | EUR | USD | 200000 | (232110) | 12/17/2025 | 499 |
| Societe Generale SA | EUR | EUR | USD | 200000 | (232110) | 12/17/2025 | 499 |
| Societe Generale SA | EUR | EUR | USD | 200000 | (232110) | 12/17/2025 | 499 |
| Societe Generale SA | EUR | EUR | USD | 200000 | (232110) | 12/17/2025 | 499 |
| Societe Generale SA | EUR | USD | EUR | (117986) | 136928 | 12/17/2025 | 487 |
| Societe Generale SA | EUR | EUR | USD | 175000 | (203096) | 12/17/2025 | 437 |
| Societe Generale SA | EUR | EUR | USD | 175000 | (203096) | 12/17/2025 | 437 |
| Societe Generale SA | EUR | EUR | USD | 150000 | (174083) | 12/17/2025 | 374 |
| Societe Generale SA | EUR | EUR | USD | 150000 | (174083) | 12/17/2025 | 374 |
| Societe Generale SA | EUR | EUR | USD | 50000 | (58028) | 12/17/2025 | 332 |
| Societe Generale SA | EUR | EUR | USD | 125000 | (145069) | 12/17/2025 | 312 |
| Societe Generale SA | EUR | EUR | USD | 125000 | (145069) | 12/17/2025 | 312 |
| Societe Generale SA | EUR | USD | EUR | (250000) | 290138 | 12/17/2025 | 310 |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | 302 |
| Societe Generale SA | EUR | EUR | USD | 150000 | (174083) | 12/17/2025 | 252 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 200 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 180 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 180 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 180 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 180 |
| Societe Generale SA | EUR | EUR | USD | 50000 | (58028) | 12/17/2025 | 180 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 166 |
| Societe Generale SA | EUR | EUR | USD | 90930 | (105529) | 12/17/2025 | 120 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Societe Generale SA | EUR | EUR | USD | 85041 | (98694) | 12/17/2025 | $113 |
| Societe Generale SA | EUR | USD | EUR | (250000) | 290138 | 12/17/2025 | 111 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 90 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 90 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 90 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 90 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 90 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 90 |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | 87 |
| Societe Generale SA | EUR | EUR | USD | 50000 | (58028) | 12/17/2025 | 66 |
| Societe Generale SA | EUR | EUR | USD | 50000 | (58028) | 12/17/2025 | 66 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 62 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 62 |
| Societe Generale SA | EUR | EUR | USD | 84460 | (98020) | 12/17/2025 | 61 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 58 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 58 |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | 53 |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | 49 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 41 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 41 |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | 35 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 33 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 33 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 33 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 33 |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | 32 |
| Societe Generale SA | EUR | EUR | USD | 91094 | (105719) | 12/17/2025 | 29 |
| Societe Generale SA | EUR | EUR | USD | 50000 | (58028) | 12/17/2025 | 21 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 18 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | $12 |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | 11 |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | 8 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 8 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 8 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 8 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | 8 |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | 5 |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 |  |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 |  |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 |  |
| Societe Generale SA | EUR | EUR | USD | 50000 | (58028) | 12/17/2025 | (1) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (6) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (7) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (9) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (9) |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | (13) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (13) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (13) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (17) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (17) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (18) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (18) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (19) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (22) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (25) |
| Societe Generale SA | EUR | USD | EUR | (234893) | 272606 | 12/17/2025 | (32) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (34) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (38) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (41) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (42) |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | (42) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (43) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (46) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (49) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (53) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (54) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (58) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (62) |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | (76) |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | (76) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (80) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (83) |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | (92) |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | (93) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (107) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | $(111) |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | (111) |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | (111) |
| Societe Generale SA | EUR | EUR | USD | 25000 | (29014) | 12/17/2025 | (111) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (112) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (129) |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | (129) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (133) |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | (161) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (173) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (174) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (183) |
| Societe Generale SA | EUR | USD | EUR | (91496) | 106185 | 12/17/2025 | (186) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (189) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (191) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (205) |
| Societe Generale SA | EUR | USD | EUR | (100000) | 116055 | 12/17/2025 | (207) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (211) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (217) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (220) |
| Societe Generale SA | EUR | EUR | USD | 50000 | (58028) | 12/17/2025 | (222) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (243) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (246) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (265) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (266) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (272) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (281) |
| Societe Generale SA | EUR | USD | EUR | (25000) | 29014 | 12/17/2025 | (290) |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | (314) |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | (358) |
| Societe Generale SA | EUR | USD | EUR | (300000) | 348165 | 12/17/2025 | (399) |
| Societe Generale SA | EUR | USD | EUR | (50000) | 58028 | 12/17/2025 | (441) |
| Societe Generale SA | EUR | USD | EUR | (200000) | 232110 | 12/17/2025 | (635) |
| Societe Generale SA | EUR | USD | EUR | (325000) | 377179 | 12/17/2025 | (830) |
| Societe Generale SA | EUR | USD | EUR | (300000) | 348165 | 12/17/2025 | (991) |
| Societe Generale SA | EUR | USD | EUR | (171129) | 198604 | 12/17/2025 | (1255) |
| Societe Generale SA | EUR | USD | EUR | (365464) | 424139 | 12/17/2025 | (1506) |
| Societe Generale SA | EUR | USD | EUR | (1100000) | 1276606 | 12/17/2025 | (2892) |
| Citgroup Global Markets Inc | GBP | USD | GBP | (42216) | 55936 | 12/17/2025 | 1242 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (42216) | 55936 | 12/17/2025 | 1159 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (42216) | 55936 | 12/17/2025 | 1150 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Citgroup Global Markets Inc | GBP | USD | GBP | (36592) | 48484 | 12/17/2025 | $979 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (29594) | 39212 | 12/17/2025 | 752 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (29530) | 39127 | 12/17/2025 | 743 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (29532) | 39130 | 12/17/2025 | 743 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (29818) | 39509 | 12/17/2025 | 740 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (29492) | 39077 | 12/17/2025 | 673 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (29347) | 38885 | 12/17/2025 | 652 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (14072) | 18645 | 12/17/2025 | 386 |
| Citgroup Global Markets Inc | GBP | GBP | USD | 4623 | (6125) | 12/17/2025 | 58 |
| Citgroup Global Markets Inc | GBP | GBP | USD | 3802 | (5038) | 12/17/2025 | 43 |
| Citgroup Global Markets Inc | GBP | GBP | USD | 4606 | (6103) | 12/17/2025 | 42 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (4606) | 6103 | 3/18/2026 | (41) |
| Citgroup Global Markets Inc | GBP | USD | GBP | (3802) | 5038 | 3/18/2026 | (43) |
| Citgroup Global Markets Inc | GBP | USD | GBP | (4623) | 6125 | 3/18/2026 | (57) |
| Citgroup Global Markets Inc | GBP | GBP | USD | 302500 | (400811) | 12/17/2025 | (7297) |
| Deutsche Bank AG | GBP | GBP | USD | 625000 | (828122) | 12/15/2025 | 6003 |
| Deutsche Bank AG | GBP | GBP | USD | 625000 | (828122) | 12/15/2025 | 3210 |
| Deutsche Bank AG | GBP | GBP | USD | 250000 | (331249) | 12/15/2025 | 1284 |
| Deutsche Bank AG | GBP | GBP | USD | 177470 | (235147) | 12/15/2025 | 1233 |
| Deutsche Bank AG | GBP | GBP | USD | 62500 | (82812) | 12/15/2025 | 67 |
| Deutsche Bank AG | GBP | GBP | USD | 87716 | (116224) | 12/15/2025 | 10 |
| Deutsche Bank AG | GBP | USD | GBP | (62500) | 82812 | 12/15/2025 | (183) |
| Deutsche Bank AG | GBP | USD | GBP | (125000) | 165624 | 12/15/2025 | (679) |
| Deutsche Bank AG | GBP | USD | GBP | (62500) | 82812 | 12/15/2025 | (1068) |
| Deutsche Bank AG | GBP | USD | GBP | (88237) | 116914 | 12/15/2025 | (1368) |
| Deutsche Bank AG | GBP | USD | GBP | (125000) | 165624 | 12/15/2025 | (1411) |
| Deutsche Bank AG | GBP | USD | GBP | (1416354) | 1876662 | 12/15/2025 | (10197) |
| JP Morgan Securities LLC | GBP | USD | GBP | (42216) | 55936 | 12/17/2025 | 1243 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| JP Morgan Securities LLC | GBP | USD | GBP | (42216) | 55936 | 12/17/2025 | $1159 |
| JP Morgan Securities LLC | GBP | USD | GBP | (42216) | 55936 | 12/17/2025 | 1151 |
| JP Morgan Securities LLC | GBP | USD | GBP | (36592) | 48484 | 12/17/2025 | 979 |
| JP Morgan Securities LLC | GBP | USD | GBP | (29594) | 39212 | 12/17/2025 | 752 |
| JP Morgan Securities LLC | GBP | USD | GBP | (29530) | 39127 | 12/17/2025 | 743 |
| JP Morgan Securities LLC | GBP | USD | GBP | (29532) | 39130 | 12/17/2025 | 743 |
| JP Morgan Securities LLC | GBP | USD | GBP | (29818) | 39509 | 12/17/2025 | 741 |
| JP Morgan Securities LLC | GBP | USD | GBP | (29492) | 39077 | 12/17/2025 | 673 |
| JP Morgan Securities LLC | GBP | USD | GBP | (29347) | 38885 | 12/17/2025 | 652 |
| JP Morgan Securities LLC | GBP | USD | GBP | (14072) | 18645 | 12/17/2025 | 386 |
| JP Morgan Securities LLC | GBP | GBP | USD | 4623 | (6125) | 12/17/2025 | 58 |
| JP Morgan Securities LLC | GBP | GBP | USD | 3802 | (5038) | 12/17/2025 | 43 |
| JP Morgan Securities LLC | GBP | GBP | USD | 4606 | (6103) | 12/17/2025 | 42 |
| JP Morgan Securities LLC | GBP | USD | GBP | (4606) | 6103 | 3/18/2026 | (41) |
| JP Morgan Securities LLC | GBP | USD | GBP | (3802) | 5038 | 3/18/2026 | (43) |
| JP Morgan Securities LLC | GBP | USD | GBP | (4623) | 6125 | 3/18/2026 | (57) |
| JP Morgan Securities LLC | GBP | GBP | USD | 302500 | (400811) | 12/17/2025 | (7296) |
| Societe Generale SA | GBP | GBP | USD | 44176 | (58533) | 12/17/2025 | 583 |
| Societe Generale SA | GBP | GBP | USD | 22057 | (29226) | 12/17/2025 | 414 |
| Societe Generale SA | GBP | GBP | USD | 22082 | (29258) | 12/17/2025 | 414 |
| Societe Generale SA | GBP | GBP | USD | 22098 | (29279) | 12/17/2025 | 414 |
| Societe Generale SA | GBP | GBP | USD | 22103 | (29287) | 12/17/2025 | 414 |
| Societe Generale SA | GBP | GBP | USD | 44153 | (58503) | 12/17/2025 | 405 |
| Societe Generale SA | GBP | GBP | USD | 22077 | (29252) | 12/17/2025 | 370 |
| Societe Generale SA | GBP | GBP | USD | 22077 | (29252) | 12/17/2025 | 370 |
| Societe Generale SA | GBP | GBP | USD | 22043 | (29206) | 12/17/2025 | 284 |
| Societe Generale SA | GBP | GBP | USD | 22046 | (29210) | 12/17/2025 | 284 |
| Societe Generale SA | GBP | GBP | USD | 44014 | (58319) | 12/17/2025 | 250 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Societe Generale SA | GBP | GBP | USD | 22056 | (29224) | 12/17/2025 | $202 |
| Societe Generale SA | GBP | GBP | USD | 22063 | (29233) | 12/17/2025 | 202 |
| Societe Generale SA | GBP | GBP | USD | 22066 | (29238) | 12/17/2025 | 182 |
| Societe Generale SA | GBP | GBP | USD | 22070 | (29243) | 12/17/2025 | 182 |
| Societe Generale SA | GBP | GBP | USD | 21991 | (29138) | 12/17/2025 | 166 |
| Societe Generale SA | GBP | GBP | USD | 21994 | (29141) | 12/17/2025 | 166 |
| Societe Generale SA | GBP | GBP | USD | 50000 | (66250) | 12/17/2025 | 137 |
| Societe Generale SA | GBP | GBP | USD | 25000 | (33125) | 12/17/2025 | 129 |
| Societe Generale SA | GBP | GBP | USD | 25000 | (33125) | 12/17/2025 | 123 |
| Societe Generale SA | GBP | GBP | USD | 21967 | (29107) | 12/17/2025 | 3 |
| Societe Generale SA | GBP | GBP | USD | 21970 | (29110) | 12/17/2025 | 3 |
| Societe Generale SA | GBP | GBP | USD | 21925 | (29051) | 12/17/2025 | 3 |
| Societe Generale SA | GBP | GBP | USD | 21926 | (29052) | 12/17/2025 | 3 |
| Societe Generale SA | GBP | GBP | USD | 21924 | (29049) | 12/17/2025 | 3 |
| Societe Generale SA | GBP | GBP | USD | 21924 | (29049) | 12/17/2025 | 3 |
| Societe Generale SA | GBP | GBP | USD | 21914 | (29036) | 12/17/2025 |  |
| Societe Generale SA | GBP | GBP | USD | 50000 | (66250) | 12/17/2025 | (6) |
| Societe Generale SA | GBP | USD | GBP | (22080) | 29256 | 12/17/2025 | (90) |
| Societe Generale SA | GBP | USD | GBP | (22081) | 29257 | 12/17/2025 | (90) |
| Societe Generale SA | GBP | USD | GBP | (22121) | 29310 | 12/17/2025 | (179) |
| Societe Generale SA | GBP | USD | GBP | (22125) | 29315 | 12/17/2025 | (184) |
| Societe Generale SA | GBP | USD | GBP | (25000) | 33125 | 12/17/2025 | (264) |
| Societe Generale SA | GBP | USD | GBP | (25000) | 33125 | 12/17/2025 | (265) |
| Societe Generale SA | GBP | USD | GBP | (22133) | 29326 | 12/17/2025 | (271) |
| Societe Generale SA | GBP | USD | GBP | (22134) | 29328 | 12/17/2025 | (273) |
| Societe Generale SA | GBP | USD | GBP | (50000) | 66250 | 12/17/2025 | (794) |
| Societe Generale SA | GBP | USD | GBP | (131976) | 174868 | 12/17/2025 | (910) |
| Societe Generale SA | GBP | USD | GBP | (132050) | 174966 | 12/17/2025 | (1008) |
| Societe Generale SA | GBP | USD | GBP | (153964) | 204001 | 12/17/2025 | (1051) |
| Societe Generale SA | GBP | USD | GBP | (154053) | 204120 | 12/17/2025 | (1169) |
| Societe Generale SA | GBP | USD | GBP | (150000) | 198749 | 12/17/2025 | (1816) |
| Societe Generale SA | GBP | USD | GBP | (285940) | 378869 | 12/17/2025 | (1961) |
| Societe Generale SA | GBP | USD | GBP | (418041) | 553902 | 12/17/2025 | (3036) |
| Citgroup Global Markets Inc | HUF | HUF | USD | 5000000 | (15211) | 12/17/2025 | 471 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2397430 | (7294) | 12/17/2025 | 308 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2397428 | (7294) | 12/17/2025 | 300 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2221350 | (6758) | 12/17/2025 | 269 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2221350 | (6758) | 12/17/2025 | 259 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2226294 | (6773) | 12/17/2025 | 216 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2286466 | (6956) | 12/17/2025 | $214 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2148552 | (6536) | 12/17/2025 | 201 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2148552 | (6536) | 12/17/2025 | 200 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2737522 | (8328) | 3/18/2026 | 111 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2736712 | (8326) | 3/18/2026 | 92 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2741160 | (8339) | 3/18/2026 | 71 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 2741160 | (8339) | 3/18/2026 | 71 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 557300 | (1695) | 12/17/2025 | 70 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 702896 | (2138) | 12/17/2025 | 70 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 487240 | (1482) | 12/17/2025 | 47 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 205142 | (624) | 12/17/2025 | 24 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 387478 | (1179) | 3/18/2026 | 19 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 388288 | (1181) | 3/18/2026 | 11 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 368966 | (1122) | 3/18/2026 | 9 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 398714 | (1213) | 3/18/2026 | 6 |
| Citgroup Global Markets Inc | HUF | USD | HUF | (398714) | 1213 | 12/17/2025 | (6) |
| Citgroup Global Markets Inc | HUF | USD | HUF | (368966) | 1122 | 12/17/2025 | (9) |
| Citgroup Global Markets Inc | HUF | USD | HUF | (388288) | 1181 | 12/17/2025 | (11) |
| Citgroup Global Markets Inc | HUF | USD | HUF | (387478) | 1179 | 12/17/2025 | (20) |
| Citgroup Global Markets Inc | HUF | USD | HUF | (2741160) | 8339 | 12/17/2025 | (72) |
| Citgroup Global Markets Inc | HUF | USD | HUF | (2741160) | 8339 | 12/17/2025 | (72) |
| Citgroup Global Markets Inc | HUF | USD | HUF | (2736712) | 8326 | 12/17/2025 | (94) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Citgroup Global Markets Inc | HUF | USD | HUF | (2737522) | 8328 | 12/17/2025 | $(113) |
| Deutsche Bank AG | HUF | HUF | USD | 132570812 | (403316) | 12/15/2025 | 3017 |
| Deutsche Bank AG | HUF | HUF | USD | 77103878 | (234571) | 12/15/2025 | 1436 |
| Deutsche Bank AG | HUF | HUF | USD | 33175856 | (100930) | 12/15/2025 | 855 |
| Deutsche Bank AG | HUF | HUF | USD | 33153962 | (100863) | 12/15/2025 | 789 |
| Deutsche Bank AG | HUF | HUF | USD | 33137793 | (100814) | 12/15/2025 | 739 |
| Deutsche Bank AG | HUF | USD | HUF | (38234218) | 116319 | 12/15/2025 | (210) |
| Deutsche Bank AG | HUF | USD | HUF | (38268227) | 116422 | 12/15/2025 | (601) |
| JP Morgan Securities LLC | HUF | HUF | USD | 5000000 | (15211) | 12/17/2025 | 471 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2397429 | (7294) | 12/17/2025 | 308 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2397429 | (7294) | 12/17/2025 | 300 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2221350 | (6758) | 12/17/2025 | 269 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2221350 | (6758) | 12/17/2025 | 259 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2226294 | (6773) | 12/17/2025 | 216 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2286466 | (6956) | 12/17/2025 | 214 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2148552 | (6536) | 12/17/2025 | 201 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2148552 | (6536) | 12/17/2025 | 200 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2737522 | (8328) | 3/18/2026 | 111 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2736712 | (8326) | 3/18/2026 | 92 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2741160 | (8339) | 3/18/2026 | 71 |
| JP Morgan Securities LLC | HUF | HUF | USD | 2741160 | (8339) | 3/18/2026 | 71 |
| JP Morgan Securities LLC | HUF | HUF | USD | 557300 | (1695) | 12/17/2025 | 70 |
| JP Morgan Securities LLC | HUF | HUF | USD | 702896 | (2138) | 12/17/2025 | 70 |
| JP Morgan Securities LLC | HUF | HUF | USD | 487240 | (1482) | 12/17/2025 | 47 |
| JP Morgan Securities LLC | HUF | HUF | USD | 205142 | (624) | 12/17/2025 | 24 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| JP Morgan Securities LLC | HUF | HUF | USD | 387478 | (1179) | 3/18/2026 | $19 |
| JP Morgan Securities LLC | HUF | HUF | USD | 388288 | (1181) | 3/18/2026 | 11 |
| JP Morgan Securities LLC | HUF | HUF | USD | 368966 | (1122) | 3/18/2026 | 9 |
| JP Morgan Securities LLC | HUF | HUF | USD | 398714 | (1213) | 3/18/2026 | 6 |
| JP Morgan Securities LLC | HUF | USD | HUF | (398714) | 1213 | 12/17/2025 | (6) |
| JP Morgan Securities LLC | HUF | USD | HUF | (368966) | 1122 | 12/17/2025 | (9) |
| JP Morgan Securities LLC | HUF | USD | HUF | (388288) | 1181 | 12/17/2025 | (11) |
| JP Morgan Securities LLC | HUF | USD | HUF | (387478) | 1179 | 12/17/2025 | (20) |
| JP Morgan Securities LLC | HUF | USD | HUF | (2741160) | 8339 | 12/17/2025 | (72) |
| JP Morgan Securities LLC | HUF | USD | HUF | (2741160) | 8339 | 12/17/2025 | (72) |
| JP Morgan Securities LLC | HUF | USD | HUF | (2736712) | 8326 | 12/17/2025 | (94) |
| JP Morgan Securities LLC | HUF | USD | HUF | (2737522) | 8328 | 12/17/2025 | (113) |
| Societe Generale SA | HUF | HUF | USD | 96780277 | (294432) | 12/17/2025 | 3590 |
| Societe Generale SA | HUF | HUF | USD | 76993880 | (234236) | 12/17/2025 | 2447 |
| Societe Generale SA | HUF | USD | HUF | (19314260) | 58759 | 12/17/2025 | (719) |
| Societe Generale SA | IDR | USD | IDR | (1635088040) | 98174 | 12/17/2025 | 1829 |
| Societe Generale SA | IDR | IDR | USD | 838315980 | (50334) | 12/17/2025 | 332 |
| Societe Generale SA | IDR | IDR | USD | 837340980 | (50276) | 12/17/2025 | 274 |
| Societe Generale SA | IDR | IDR | USD | 837075980 | (50260) | 12/17/2025 | 258 |
| Societe Generale SA | IDR | IDR | USD | 415970490 | (24976) | 12/17/2025 | (25) |
| Societe Generale SA | IDR | IDR | USD | 415897990 | (24971) | 12/17/2025 | (29) |
| Societe Generale SA | IDR | IDR | USD | 415330490 | (24937) | 12/17/2025 | (64) |
| Societe Generale SA | IDR | IDR | USD | 415307990 | (24936) | 12/17/2025 | (65) |
| Societe Generale SA | IDR | IDR | USD | 831100000 | (49901) | 12/17/2025 | (101) |
| Societe Generale SA | IDR | USD | IDR | (418171260) | 25108 | 12/17/2025 | (107) |
| Societe Generale SA | IDR | USD | IDR | (418297010) | 25115 | 12/17/2025 | (115) |
| Societe Generale SA | IDR | USD | IDR | (418423260) | 25123 | 12/17/2025 | (122) |
| Societe Generale SA | IDR | USD | IDR | (418612500) | 25134 | 12/17/2025 | (133) |
| Societe Generale SA | IDR | USD | IDR | (418701760) | 25140 | 12/17/2025 | (139) |
| Societe Generale SA | IDR | USD | IDR | (418817010) | 25147 | 12/17/2025 | (146) |
| Societe Generale SA | IDR | USD | IDR | (836174020) | 50206 | 12/17/2025 | (204) |
| Societe Generale SA | IDR | USD | IDR | (836575000) | 50230 | 12/17/2025 | (228) |
| Societe Generale SA | IDR | USD | IDR | (420442010) | 25244 | 12/17/2025 | (243) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Societe Generale SA | IDR | USD | IDR | (420482010) | 25247 | 12/17/2025 | $(246) |
| Societe Generale SA | IDR | USD | IDR | (420552010) | 25251 | 12/17/2025 | (250) |
| Societe Generale SA | IDR | USD | IDR | (420838510) | 25268 | 12/17/2025 | (267) |
| Societe Generale SA | IDR | USD | IDR | (837696520) | 50297 | 12/17/2025 | (295) |
| Societe Generale SA | IDR | USD | IDR | (1675780000) | 100617 | 12/22/2025 | (616) |
| Societe Generale SA | IDR | USD | IDR | (1677605300) | 100727 | 12/22/2025 | (725) |
| Deutsche Bank AG | ILS | ILS | USD | 325404 | (99952) | 12/15/2025 | (77) |
| Deutsche Bank AG | ILS | ILS | USD | 322307 | (99001) | 12/15/2025 | (1028) |
| Deutsche Bank AG | ILS | ILS | USD | 958266 | (294344) | 12/15/2025 | (5742) |
| Societe Generale SA | ILS | USD | ILS | (81545) | 25048 | 12/17/2025 | (41) |
| Societe Generale SA | ILS | USD | ILS | (81579) | 25058 | 12/17/2025 | (51) |
| Societe Generale SA | ILS | USD | ILS | (81884) | 25152 | 12/17/2025 | (145) |
| Societe Generale SA | ILS | USD | ILS | (81884) | 25152 | 12/17/2025 | (145) |
| Societe Generale SA | ILS | USD | ILS | (81958) | 25174 | 12/17/2025 | (168) |
| Societe Generale SA | ILS | USD | ILS | (81983) | 25182 | 12/17/2025 | (175) |
| Societe Generale SA | ILS | ILS | USD | 160215 | (49212) | 12/17/2025 | (801) |
| Societe Generale SA | ILS | ILS | USD | 1618016 | (496995) | 12/17/2025 | (3139) |
| Citgroup Global Markets Inc | INR | USD | INR | (1266027) | 14154 | 12/17/2025 | 111 |
| Citgroup Global Markets Inc | INR | USD | INR | (1266027) | 14154 | 12/17/2025 | 103 |
| Citgroup Global Markets Inc | INR | USD | INR | (2500000) | 27949 | 12/17/2025 | 35 |
| Citgroup Global Markets Inc | INR | USD | INR | (2500000) | 27949 | 12/17/2025 | 29 |
| Citgroup Global Markets Inc | INR | USD | INR | (1266027) | 14154 | 12/17/2025 | 21 |
| Citgroup Global Markets Inc | INR | INR | USD | 1266027 | (14154) | 3/18/2026 | (25) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266027 | (14154) | 3/18/2026 | (109) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266027 | (14154) | 3/18/2026 | (117) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266027 | (14154) | 12/17/2025 | (132) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266028 | (14154) | 12/17/2025 | (151) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266027 | (14154) | 12/17/2025 | (184) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266027 | (14154) | 12/17/2025 | (197) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266028 | (14154) | 12/17/2025 | (204) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266026 | (14154) | 12/17/2025 | (217) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| Citgroup Global Markets Inc | INR | INR | USD | 1266028 | (14154) | 12/17/2025 | $(232) |
| Citgroup Global Markets Inc | INR | INR | USD | 1266026 | (14154) | 12/17/2025 | (252) |
| Deutsche Bank AG | INR | USD | INR | (97717697) | 1092459 | 12/12/2025 | 7029 |
| Deutsche Bank AG | INR | USD | INR | (53335632) | 596279 | 12/18/2025 | 3679 |
| Deutsche Bank AG | INR | USD | INR | (35502516) | 396909 | 12/10/2025 | 2852 |
| Deutsche Bank AG | INR | USD | INR | (35761660) | 399806 | 12/31/2025 | 511 |
| Deutsche Bank AG | INR | USD | INR | (17873649) | 199823 | 12/26/2025 | 269 |
| Deutsche Bank AG | INR | USD | INR | (17881629) | 199912 | 12/31/2025 | 247 |
| Deutsche Bank AG | INR | USD | INR | (15059357) | 168360 | 1/2/2026 | 210 |
| Deutsche Bank AG | INR | USD | INR | (8942615) | 99976 | 12/31/2025 | 103 |
| Deutsche Bank AG | INR | USD | INR | (2824367) | 31576 | 1/2/2026 | 38 |
| Deutsche Bank AG | INR | INR | USD | 35719438 | (399334) | 12/10/2025 | (425) |
| JP Morgan Securities LLC | INR | USD | INR | (1266027) | 14154 | 12/17/2025 | 111 |
| JP Morgan Securities LLC | INR | USD | INR | (1266027) | 14154 | 12/17/2025 | 103 |
| JP Morgan Securities LLC | INR | USD | INR | (2500000) | 27949 | 12/17/2025 | 35 |
| JP Morgan Securities LLC | INR | USD | INR | (2500000) | 27949 | 12/17/2025 | 29 |
| JP Morgan Securities LLC | INR | USD | INR | (1266027) | 14154 | 12/17/2025 | 21 |
| JP Morgan Securities LLC | INR | INR | USD | 1266027 | (14154) | 3/18/2026 | (25) |
| JP Morgan Securities LLC | INR | INR | USD | 1266027 | (14154) | 3/18/2026 | (109) |
| JP Morgan Securities LLC | INR | INR | USD | 1266027 | (14154) | 3/18/2026 | (117) |
| JP Morgan Securities LLC | INR | INR | USD | 1266028 | (14154) | 12/17/2025 | (132) |
| JP Morgan Securities LLC | INR | INR | USD | 1266027 | (14154) | 12/17/2025 | (151) |
| JP Morgan Securities LLC | INR | INR | USD | 1266028 | (14154) | 12/17/2025 | (183) |
| JP Morgan Securities LLC | INR | INR | USD | 1266026 | (14154) | 12/17/2025 | (197) |
| JP Morgan Securities LLC | INR | INR | USD | 1266028 | (14154) | 12/17/2025 | (204) |
| JP Morgan Securities LLC | INR | INR | USD | 1266026 | (14154) | 12/17/2025 | (217) |
| JP Morgan Securities LLC | INR | INR | USD | 1266027 | (14154) | 12/17/2025 | (232) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement**<br> **Date** | **Market Value<br> and Unrealized Appreciation/ (Depreciation)** |
| JP Morgan Securities LLC | INR | INR | USD | 1266027 | (14154) | 12/17/2025 | $(252) |
| Societe Generale SA | INR | USD | INR | (31009800) | 346682 | 12/17/2025 | 3271 |
| Societe Generale SA | INR | USD | INR | (17727378) | 198188 | 12/22/2025 | 1851 |
| Societe Generale SA | INR | USD | INR | (8881030) | 99288 | 12/22/2025 | 732 |
| Societe Generale SA | INR | USD | INR | (2214086) | 24753 | 12/17/2025 | 244 |
| Societe Generale SA | INR | USD | INR | (2215361) | 24767 | 12/17/2025 | 229 |
| Societe Generale SA | INR | USD | INR | (2221251) | 24833 | 12/17/2025 | 164 |
| Societe Generale SA | INR | USD | INR | (2221826) | 24839 | 12/17/2025 | 157 |
| Societe Generale SA | INR | USD | INR | (2224086) | 24865 | 12/17/2025 | 132 |
| Societe Generale SA | INR | USD | INR | (2225111) | 24876 | 12/17/2025 | 120 |
| Societe Generale SA | INR | USD | INR | (2226211) | 24888 | 12/17/2025 | 108 |
| Societe Generale SA | INR | USD | INR | (2227536) | 24903 | 12/17/2025 | 93 |
| Societe Generale SA | INR | USD | INR | (2227893) | 24907 | 12/17/2025 | 89 |
| Societe Generale SA | INR | USD | INR | (2228111) | 24910 | 12/17/2025 | 87 |
| Societe Generale SA | INR | USD | INR | (2228148) | 24910 | 12/17/2025 | 86 |
| Societe Generale SA | INR | USD | INR | (8938831) | 99934 | 12/22/2025 | 86 |
| Societe Generale SA | INR | USD | INR | (2228351) | 24912 | 12/17/2025 | 84 |
| Societe Generale SA | INR | USD | INR | (2229023) | 24920 | 12/17/2025 | 77 |
| Societe Generale SA | INR | USD | INR | (2229501) | 24925 | 12/17/2025 | 71 |
| Societe Generale SA | INR | USD | INR | (2229761) | 24928 | 12/17/2025 | 68 |
| Societe Generale SA | INR | USD | INR | (2230311) | 24934 | 12/17/2025 | 62 |
| Societe Generale SA | INR | USD | INR | (2233303) | 24968 | 12/17/2025 | 29 |
| Societe Generale SA | INR | USD | INR | (2233553) | 24971 | 12/17/2025 | 26 |
| Societe Generale SA | INR | USD | INR | (2234036) | 24976 | 12/17/2025 | 21 |
| Societe Generale SA | INR | USD | INR | (2234388) | 24980 | 12/17/2025 | 17 |
| Societe Generale SA | INR | USD | INR | (2239091) | 25032 | 12/17/2025 | (36) |
| Societe Generale SA | INR | USD | INR | (2239141) | 25033 | 12/17/2025 | (36) |
| Societe Generale SA | INR | INR | USD | 2220064 | (24820) | 12/17/2025 | (177) |
| Societe Generale SA | INR | INR | USD | 2220069 | (24820) | 12/17/2025 | (177) |
| Societe Generale SA | INR | INR | USD | 2219864 | (24818) | 12/17/2025 | (179) |
| Societe Generale SA | INR | INR | USD | 2219539 | (24814) | 12/17/2025 | (183) |
| Societe Generale SA | INR | INR | USD | 4453839 | (49793) | 12/17/2025 | (200) |
| Societe Generale SA | INR | INR | USD | 2214139 | (24754) | 12/17/2025 | (243) |
| Societe Generale SA | INR | INR | USD | 2213989 | (24752) | 12/17/2025 | (245) |
| Societe Generale SA | INR | INR | USD | 2212689 | (24737) | 12/17/2025 | (259) |
| Societe Generale SA | INR | INR | USD | 2211289 | (24722) | 12/17/2025 | (275) |
| Societe Generale SA | INR | INR | USD | 4442749 | (49669) | 12/17/2025 | (324) |
| Societe Generale SA | INR | INR | USD | 2205089 | (24652) | 12/17/2025 | (344) |
| Societe Generale SA | INR | INR | USD | 2204464 | (24645) | 12/17/2025 | (351) |
| Societe Generale SA | INR | INR | USD | 2203364 | (24633) | 12/17/2025 | (364) |
| Societe Generale SA | INR | INR | USD | 2203339 | (24633) | 12/17/2025 | (364) |
| Societe Generale SA | INR | INR | USD | 2203234 | (24632) | 12/17/2025 | (365) |
| Societe Generale SA | INR | INR | USD | 2203189 | (24631) | 12/17/2025 | (366) |
| Societe Generale SA | INR | INR | USD | 2202839 | (24627) | 12/17/2025 | (369) |
| Societe Generale SA | INR | INR | USD | 2202644 | (24625) | 12/17/2025 | (372) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Deutsche Bank AG | JPY | USD | JPY | (233279111) | 1494900 | 12/15/2025 | $19496 |
| Deutsche Bank AG | JPY | USD | JPY | (126699250) | 811914 | 12/15/2025 | 11853 |
| Deutsche Bank AG | JPY | USD | JPY | (97263240) | 623283 | 12/15/2025 | 8977 |
| Deutsche Bank AG | JPY | USD | JPY | (125000000) | 801025 | 12/15/2025 | 8913 |
| Deutsche Bank AG | JPY | USD | JPY | (110439130) | 707716 | 12/15/2025 | 5859 |
| Deutsche Bank AG | JPY | USD | JPY | (162434848) | 1040915 | 12/15/2025 | 3319 |
| Deutsche Bank AG | JPY | USD | JPY | (17948062) | 115015 | 12/15/2025 | 1335 |
| Deutsche Bank AG | JPY | USD | JPY | (12500000) | 80103 | 12/15/2025 | 714 |
| Deutsche Bank AG | JPY | JPY | USD | 18004918 | (115379) | 12/15/2025 | 439 |
| Deutsche Bank AG | JPY | USD | JPY | (20141880) | 129073 | 12/15/2025 | 279 |
| Deutsche Bank AG | JPY | JPY | USD | 12500000 | (80103) | 12/15/2025 | 197 |
| Deutsche Bank AG | JPY | USD | JPY | (20152178) | 129139 | 12/15/2025 | (27) |
| Deutsche Bank AG | JPY | USD | JPY | (36204666) | 232007 | 12/15/2025 | (60) |
| Deutsche Bank AG | JPY | USD | JPY | (22168764) | 142062 | 12/15/2025 | (165) |
| Deutsche Bank AG | JPY | JPY | USD | 36073270 | (231165) | 12/15/2025 | (238) |
| Deutsche Bank AG | JPY | JPY | USD | 17935036 | (114931) | 12/15/2025 | (861) |
| Deutsche Bank AG | JPY | JPY | USD | 25282518 | (162015) | 12/15/2025 | (1969) |
| Deutsche Bank AG | JPY | JPY | USD | 75000000 | (480615) | 12/15/2025 | (5177) |
| Deutsche Bank AG | JPY | JPY | USD | 105198156 | (674131) | 12/15/2025 | (8210) |
| Societe Generale SA | JPY | USD | JPY | (168796540) | 1081682 | 12/17/2025 | 17601 |
| Societe Generale SA | JPY | USD | JPY | (53382510) | 342086 | 12/17/2025 | 5266 |
| Societe Generale SA | JPY | USD | JPY | (48939360) | 313613 | 12/17/2025 | 4793 |
| Societe Generale SA | JPY | USD | JPY | (39954749) | 256038 | 12/17/2025 | 4476 |
| Societe Generale SA | JPY | USD | JPY | (40017629) | 256441 | 12/17/2025 | 4073 |
| Societe Generale SA | JPY | USD | JPY | (35515340) | 227589 | 12/17/2025 | 3979 |
| Societe Generale SA | JPY | USD | JPY | (35517312) | 227602 | 12/17/2025 | 3966 |
| Societe Generale SA | JPY | USD | JPY | (40047464) | 256632 | 12/17/2025 | 3882 |
| Societe Generale SA | JPY | USD | JPY | (35583792) | 228028 | 12/17/2025 | 3540 |
| Societe Generale SA | JPY | USD | JPY | (35587174) | 228050 | 12/17/2025 | 3518 |
| Societe Generale SA | JPY | USD | JPY | (35587824) | 228054 | 12/17/2025 | 3514 |
| Societe Generale SA | JPY | USD | JPY | (22241644) | 142529 | 12/17/2025 | 2201 |
| Societe Generale SA | JPY | USD | JPY | (22253968) | 142608 | 12/17/2025 | 2122 |
| Societe Generale SA | JPY | USD | JPY | (7715110) | 49440 | 12/17/2025 | 527 |
| Societe Generale SA | JPY | USD | JPY | (8969283) | 57477 | 12/17/2025 | 519 |
| Societe Generale SA | JPY | USD | JPY | (3839602) | 24605 | 12/17/2025 | 379 |
| Societe Generale SA | JPY | USD | JPY | (3839645) | 24605 | 12/17/2025 | 378 |
| Societe Generale SA | JPY | USD | JPY | (3849438) | 24668 | 12/17/2025 | 316 |
| Societe Generale SA | JPY | USD | JPY | (3849445) | 24668 | 12/17/2025 | 316 |
| Societe Generale SA | JPY | USD | JPY | (4491921) | 28785 | 12/17/2025 | 190 |
| Societe Generale SA | JPY | USD | JPY | (4491941) | 28785 | 12/17/2025 | 190 |
| Societe Generale SA | JPY | USD | JPY | (3869408) | 24796 | 12/17/2025 | 188 |
| Societe Generale SA | JPY | USD | JPY | (3869504) | 24797 | 12/17/2025 | 187 |
| Societe Generale SA | JPY | USD | JPY | (3870479) | 24803 | 12/17/2025 | 181 |
| Societe Generale SA | JPY | USD | JPY | (3870479) | 24803 | 12/17/2025 | 181 |
| Societe Generale SA | JPY | USD | JPY | (3873485) | 24822 | 12/17/2025 | 161 |
| Societe Generale SA | JPY | USD | JPY | (4496792) | 28816 | 12/17/2025 | 159 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA | JPY | USD | JPY | (3873808) | 24824 | 12/17/2025 | $159 |
| Societe Generale SA | JPY | USD | JPY | (4496963) | 28817 | 12/17/2025 | 158 |
| Societe Generale SA | JPY | JPY | USD | 9047162 | (57976) | 12/17/2025 | 89 |
| Societe Generale SA | JPY | USD | JPY | (7788714) | 49912 | 12/17/2025 | 55 |
| Societe Generale SA | JPY | USD | JPY | (4498203) | 28825 | 12/17/2025 | 17 |
| Societe Generale SA | JPY | USD | JPY | (4499548) | 28834 | 12/17/2025 | 8 |
| Societe Generale SA | JPY | USD | JPY | (3900309) | 24994 | 12/17/2025 | (11) |
| Societe Generale SA | JPY | USD | JPY | (3900653) | 24996 | 12/17/2025 | (13) |
| Societe Generale SA | JPY | USD | JPY | (3906712) | 25035 | 12/17/2025 | (52) |
| Societe Generale SA | JPY | USD | JPY | (3906855) | 25036 | 12/17/2025 | (53) |
| Societe Generale SA | JPY | USD | JPY | (4512506) | 28917 | 12/17/2025 | (75) |
| Societe Generale SA | JPY | USD | JPY | (3910558) | 25060 | 12/17/2025 | (76) |
| Societe Generale SA | JPY | USD | JPY | (4512837) | 28919 | 12/17/2025 | (77) |
| Societe Generale SA | JPY | USD | JPY | (4507632) | 28886 | 12/17/2025 | (77) |
| Societe Generale SA | JPY | USD | JPY | (3910708) | 25061 | 12/17/2025 | (77) |
| Societe Generale SA | JPY | USD | JPY | (4507710) | 28886 | 12/17/2025 | (78) |
| Societe Generale SA | JPY | USD | JPY | (3922916) | 25139 | 12/17/2025 | (156) |
| Societe Generale SA | JPY | USD | JPY | (3922941) | 25139 | 12/17/2025 | (156) |
| Societe Generale SA | JPY | USD | JPY | (4529869) | 29028 | 12/17/2025 | (186) |
| Societe Generale SA | JPY | USD | JPY | (4530827) | 29034 | 12/17/2025 | (192) |
| Societe Generale SA | JPY | USD | JPY | (7830475) | 50179 | 12/17/2025 | (213) |
| Societe Generale SA | JPY | USD | JPY | (3936620) | 25227 | 12/17/2025 | (243) |
| Societe Generale SA | JPY | USD | JPY | (3936771) | 25228 | 12/17/2025 | (244) |
| Societe Generale SA | JPY | JPY | USD | 7743080 | (49619) | 12/17/2025 | (348) |
| Societe Generale SA | JPY | USD | JPY | (7860425) | 50371 | 12/17/2025 | (405) |
| Societe Generale SA | JPY | USD | JPY | (9075379) | 58157 | 12/17/2025 | (472) |
| Societe Generale SA | JPY | JPY | USD | 17974630 | (115185) | 12/17/2025 | (640) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 28 |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | 26 |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 25 |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 19 |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 18 |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 17 |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 12 |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | 7 |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 3 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | $— |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (3) |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (6) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | (9) |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (14) |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (19) |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (21) |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (21) |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (26) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | (28) |
| Citgroup Global Markets Inc | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (30) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (560) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (574) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (975) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (975) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (1056) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (1066) |
| Deutsche Bank AG | KRW | USD | KRW | (1451710000) | 987121 | 12/12/2025 | 9854 |
| Deutsche Bank AG | KRW | KRW | USD | 1618680318 | (1100656) | 12/12/2025 | 4029 |
| Deutsche Bank AG | KRW | USD | KRW | (289228724) | 196667 | 12/8/2025 | 2760 |
| Deutsche Bank AG | KRW | USD | KRW | (145456757) | 98906 | 12/12/2025 | 790 |
| Deutsche Bank AG | KRW | KRW | USD | 147092000 | (100018) | 12/26/2025 | 378 |
| Deutsche Bank AG | KRW | KRW | USD | 293341526 | (199464) | 12/8/2025 | 45 |
| Deutsche Bank AG | KRW | USD | KRW | (293104000) | 199302 | 12/24/2025 | (4) |
| Deutsche Bank AG | KRW | USD | KRW | (147209237) | 100098 | 12/10/2025 | (397) |
| Deutsche Bank AG | KRW | KRW | USD | 145748763 | (99105) | 12/19/2025 | (565) |
| Deutsche Bank AG | KRW | KRW | USD | 144323000 | (98136) | 12/10/2025 | (1571) |
| Deutsche Bank AG | KRW | USD | KRW | (1617661243) | 1099963 | 12/26/2025 | (3918) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | $28 |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | 26 |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 25 |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 19 |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 18 |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 17 |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 12 |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | 7 |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | 3 |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 |  |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (3) |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (6) |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | (9) |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (14) |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (19) |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (21) |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (21) |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (26) |
| JP Morgan Securities LLC | KRW | KRW | USD | 7500000 | (5100) | 3/18/2026 | (28) |
| JP Morgan Securities LLC | KRW | USD | KRW | (7500000) | 5100 | 12/17/2025 | (30) |
| JP Morgan Securities LLC | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (560) |
| JP Morgan Securities LLC | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (574) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | $(975) |
| JP Morgan Securities LLC | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (975) |
| JP Morgan Securities LLC | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (1056) |
| JP Morgan Securities LLC | KRW | KRW | USD | 25000000 | (16999) | 12/17/2025 | (1066) |
| Societe Generale SA | KRW | USD | KRW | (207340310) | 140985 | 12/17/2025 | 8555 |
| Societe Generale SA | KRW | USD | KRW | (69231760) | 47076 | 12/17/2025 | 2771 |
| Societe Generale SA | KRW | USD | KRW | (69424010) | 47206 | 12/17/2025 | 2640 |
| Societe Generale SA | KRW | USD | KRW | (69917050) | 47542 | 12/17/2025 | 2303 |
| Societe Generale SA | KRW | USD | KRW | (69983000) | 47586 | 12/17/2025 | 2258 |
| Societe Generale SA | KRW | USD | KRW | (70715500) | 48085 | 12/17/2025 | 1759 |
| Societe Generale SA | KRW | USD | KRW | (70799201) | 48141 | 12/17/2025 | 1702 |
| Societe Generale SA | KRW | USD | KRW | (71462510) | 48592 | 12/17/2025 | 1249 |
| Societe Generale SA | KRW | USD | KRW | (34926450) | 23749 | 12/17/2025 | 1174 |
| Societe Generale SA | KRW | USD | KRW | (34932430) | 23753 | 12/17/2025 | 1170 |
| Societe Generale SA | KRW | USD | KRW | (71666800) | 48731 | 12/17/2025 | 1110 |
| Societe Generale SA | KRW | USD | KRW | (35136750) | 23892 | 12/17/2025 | 1030 |
| Societe Generale SA | KRW | USD | KRW | (35137200) | 23892 | 12/17/2025 | 1030 |
| Societe Generale SA | KRW | USD | KRW | (35390000) | 24064 | 12/17/2025 | 857 |
| Societe Generale SA | KRW | USD | KRW | (35396750) | 24069 | 12/17/2025 | 853 |
| Societe Generale SA | KRW | USD | KRW | (35406580) | 24075 | 12/17/2025 | 846 |
| Societe Generale SA | KRW | USD | KRW | (35411500) | 24079 | 12/17/2025 | 843 |
| Societe Generale SA | KRW | USD | KRW | (35463380) | 24114 | 12/17/2025 | 807 |
| Societe Generale SA | KRW | USD | KRW | (35468150) | 24117 | 12/17/2025 | 804 |
| Societe Generale SA | KRW | USD | KRW | (145610250) | 99011 | 12/22/2025 | 648 |
| Societe Generale SA | KRW | USD | KRW | (145707000) | 99077 | 12/22/2025 | 582 |
| Societe Generale SA | KRW | USD | KRW | (35853000) | 24379 | 12/17/2025 | 542 |
| Societe Generale SA | KRW | USD | KRW | (35853250) | 24379 | 12/17/2025 | 541 |
| Societe Generale SA | KRW | USD | KRW | (146201000) | 99413 | 12/22/2025 | 245 |
| Societe Generale SA | KRW | USD | KRW | (146262970) | 99455 | 12/22/2025 | 203 |
| Societe Generale SA | KRW | USD | KRW | (36646250) | 24918 | 12/17/2025 |  |
| Societe Generale SA | KRW | USD | KRW | (36651750) | 24922 | 12/17/2025 | (3) |
| Societe Generale SA | KRW | USD | KRW | (146669210) | 99731 | 12/22/2025 | (74) |
| Societe Generale SA | KRW | KRW | USD | 71797790 | (48820) | 12/17/2025 | (1021) |
| Societe Generale SA | KRW | KRW | USD | 69077100 | (46970) | 12/17/2025 | (2877) |
| Societe Generale SA | KRW | KRW | USD | 68715010 | (46724) | 12/17/2025 | (3124) |
| Societe Generale SA | KRW | KRW | USD | 214711500 | (145998) | 12/17/2025 | (3528) |
| Citgroup Global Markets Inc | MXN | MXN | USD | 875000 | (47753) | 12/17/2025 | 1484 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 656176 | (35811) | 12/17/2025 | 1178 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | MXN | MXN | USD | 656324 | (35819) | 12/17/2025 | $1161 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 656250 | (35815) | 12/17/2025 | 1078 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 656250 | (35815) | 12/17/2025 | 983 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 500000 | (27287) | 12/17/2025 | 875 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 562500 | (30698) | 3/18/2026 | 244 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 500000 | (27287) | 12/17/2025 | 210 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 562500 | (30698) | 3/18/2026 | 76 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 562500 | (30698) | 3/18/2026 | 54 |
| Citgroup Global Markets Inc | MXN | USD | MXN | (562500) | 30698 | 12/17/2025 | (49) |
| Citgroup Global Markets Inc | MXN | USD | MXN | (562500) | 30698 | 12/17/2025 | (78) |
| Citgroup Global Markets Inc | MXN | USD | MXN | (562500) | 30698 | 12/17/2025 | (247) |
| Deutsche Bank AG | MXN | MXN | USD | 500000 | (27287) | 12/15/2025 | 243 |
| Deutsche Bank AG | MXN | MXN | USD | 2500000 | (136437) | 12/15/2025 | 214 |
| Deutsche Bank AG | MXN | USD | MXN | (2000000) | 109149 | 12/15/2025 | (187) |
| Deutsche Bank AG | MXN | MXN | USD | 18500000 | (1009632) | 12/15/2025 | (695) |
| JP Morgan Securities LLC | MXN | MXN | USD | 875000 | (47753) | 12/17/2025 | 1485 |
| JP Morgan Securities LLC | MXN | MXN | USD | 656176 | (35811) | 12/17/2025 | 1178 |
| JP Morgan Securities LLC | MXN | MXN | USD | 656324 | (35819) | 12/17/2025 | 1161 |
| JP Morgan Securities LLC | MXN | MXN | USD | 656250 | (35815) | 12/17/2025 | 1078 |
| JP Morgan Securities LLC | MXN | MXN | USD | 656250 | (35815) | 12/17/2025 | 983 |
| JP Morgan Securities LLC | MXN | MXN | USD | 500000 | (27287) | 12/17/2025 | 875 |
| JP Morgan Securities LLC | MXN | MXN | USD | 562500 | (30698) | 3/18/2026 | 244 |
| JP Morgan Securities LLC | MXN | MXN | USD | 500000 | (27287) | 12/17/2025 | 210 |
| JP Morgan Securities LLC | MXN | MXN | USD | 562500 | (30698) | 3/18/2026 | 76 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | MXN | MXN | USD | 562500 | (30698) | 3/18/2026 | $54 |
| JP Morgan Securities LLC | MXN | USD | MXN | (562500) | 30698 | 12/17/2025 | (49) |
| JP Morgan Securities LLC | MXN | USD | MXN | (562500) | 30698 | 12/17/2025 | (78) |
| JP Morgan Securities LLC | MXN | USD | MXN | (562500) | 30698 | 12/17/2025 | (247) |
| Societe Generale SA | MXN | MXN | USD | 1385070 | (75590) | 12/17/2025 | 565 |
| Societe Generale SA | MXN | MXN | USD | 1385005 | (75586) | 12/17/2025 | 562 |
| Societe Generale SA | MXN | MXN | USD | 1384976 | (75585) | 12/17/2025 | 560 |
| Societe Generale SA | MXN | MXN | USD | 1384591 | (75564) | 12/17/2025 | 539 |
| Societe Generale SA | MXN | MXN | USD | 1384310 | (75548) | 12/17/2025 | 524 |
| Societe Generale SA | MXN | MXN | USD | 1383977 | (75530) | 12/17/2025 | 506 |
| Societe Generale SA | MXN | MXN | USD | 923798 | (50416) | 12/17/2025 | 400 |
| Societe Generale SA | MXN | MXN | USD | 923291 | (50388) | 12/17/2025 | 372 |
| Societe Generale SA | MXN | MXN | USD | 922915 | (50368) | 12/17/2025 | 351 |
| Societe Generale SA | MXN | MXN | USD | 922812 | (50362) | 12/17/2025 | 346 |
| Societe Generale SA | MXN | MXN | USD | 462132 | (25221) | 12/17/2025 | 213 |
| Societe Generale SA | MXN | MXN | USD | 461916 | (25209) | 12/17/2025 | 201 |
| Societe Generale SA | MXN | USD | MXN | (458470) | 25021 | 12/17/2025 | (13) |
| Societe Generale SA | MXN | USD | MXN | (458472) | 25021 | 12/17/2025 | (13) |
| Societe Generale SA | MXN | USD | MXN | (459238) | 25063 | 12/17/2025 | (55) |
| Societe Generale SA | MXN | USD | MXN | (459239) | 25063 | 12/17/2025 | (55) |
| Societe Generale SA | MXN | USD | MXN | (2500000) | 136437 | 12/17/2025 | (1105) |
| Deutsche Bank AG | NOK | USD | NOK | (9500000) | 939441 | 12/15/2025 | 5789 |
| Deutsche Bank AG | NOK | USD | NOK | (2927498) | 289496 | 12/15/2025 | 2067 |
| Deutsche Bank AG | NOK | NOK | USD | 1466572 | (145027) | 12/15/2025 | (117) |
| Deutsche Bank AG | NOK | USD | NOK | (1473812) | 145743 | 12/15/2025 | (517) |
| Deutsche Bank AG | NOK | USD | NOK | (1479024) | 146258 | 12/15/2025 | (1932) |
| Deutsche Bank AG | NOK | USD | NOK | (2956448) | 292359 | 12/15/2025 | (2089) |
| Deutsche Bank AG | NOK | NOK | USD | 9060824 | (896011) | 12/15/2025 | (4640) |
| Societe Generale SA | NOK | NOK | USD | 293806 | (29054) | 12/17/2025 | 286 |
| Societe Generale SA | NOK | NOK | USD | 293896 | (29063) | 12/17/2025 | 286 |
| Societe Generale SA | NOK | USD | NOK | (292277) | 28903 | 12/17/2025 | 257 |
| Societe Generale SA | NOK | USD | NOK | (292320) | 28907 | 12/17/2025 | 253 |
| Societe Generale SA | NOK | NOK | USD | 293910 | (29064) | 12/17/2025 | 221 |
| Societe Generale SA | NOK | NOK | USD | 294072 | (29080) | 12/17/2025 | 221 |
| Societe Generale SA | NOK | NOK | USD | 293046 | (28979) | 12/17/2025 | 220 |
| Societe Generale SA | NOK | NOK | USD | 293303 | (29004) | 12/17/2025 | 220 |
| Societe Generale SA | NOK | NOK | USD | 2000000 | (197777) | 12/17/2025 | 190 |
| Societe Generale SA | NOK | USD | NOK | (292290) | 28904 | 12/17/2025 | 136 |
| Societe Generale SA | NOK | USD | NOK | (292482) | 28923 | 12/17/2025 | 117 |
| Societe Generale SA | NOK | NOK | USD | 3515517 | (347644) | 12/17/2025 | 52 |
| Societe Generale SA | NOK | NOK | USD | 293840 | (29057) | 12/17/2025 | (24) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA | NOK | NOK | USD | 293863 | (29060) | 12/17/2025 | $(24) |
| Societe Generale SA | NOK | NOK | USD | 587782 | (58125) | 12/17/2025 | (59) |
| Societe Generale SA | NOK | USD | NOK | (294723) | 29145 | 12/17/2025 | (114) |
| Societe Generale SA | NOK | USD | NOK | (294727) | 29145 | 12/17/2025 | (115) |
| Societe Generale SA | NOK | USD | NOK | (1000000) | 98888 | 12/17/2025 | (188) |
| Societe Generale SA | NOK | USD | NOK | (295642) | 29236 | 12/17/2025 | (205) |
| Societe Generale SA | NOK | USD | NOK | (295745) | 29246 | 12/17/2025 | (215) |
| Societe Generale SA | NOK | USD | NOK | (295800) | 29251 | 12/17/2025 | (221) |
| Societe Generale SA | NOK | USD | NOK | (295952) | 29266 | 12/17/2025 | (236) |
| Societe Generale SA | NOK | USD | NOK | (296103) | 29281 | 12/17/2025 | (323) |
| Societe Generale SA | NOK | USD | NOK | (296163) | 29287 | 12/17/2025 | (328) |
| Societe Generale SA | NOK | USD | NOK | (295639) | 29235 | 12/17/2025 | (366) |
| Societe Generale SA | NOK | USD | NOK | (295736) | 29245 | 12/17/2025 | (376) |
| Societe Generale SA | NOK | USD | NOK | (295989) | 29270 | 12/17/2025 | (421) |
| Societe Generale SA | NOK | USD | NOK | (296466) | 29317 | 12/17/2025 | (468) |
| Societe Generale SA | NOK | USD | NOK | (1000000) | 98888 | 12/17/2025 | (812) |
| Societe Generale SA | NOK | NOK | USD | 2928150 | (289560) | 12/17/2025 | (1779) |
| Deutsche Bank AG | NZD | NZD | USD | 1148121 | (659079) | 12/15/2025 | 8675 |
| Deutsche Bank AG | NZD | NZD | USD | 684322 | (392835) | 12/15/2025 | 2728 |
| Deutsche Bank AG | NZD | NZD | USD | 100000 | (57405) | 12/15/2025 | 1224 |
| Deutsche Bank AG | NZD | NZD | USD | 229790 | (131911) | 12/15/2025 | 1199 |
| Deutsche Bank AG | NZD | NZD | USD | 200000 | (114810) | 12/15/2025 | 1172 |
| Deutsche Bank AG | NZD | USD | NZD | (458106) | 262976 | 12/15/2025 | (2339) |
| Deutsche Bank AG | NZD | USD | NZD | (230069) | 132071 | 12/15/2025 | (2595) |
| Deutsche Bank AG | NZD | USD | NZD | (1200000) | 688859 | 12/15/2025 | (5873) |
| Deutsche Bank AG | NZD | USD | NZD | (1200000) | 688859 | 12/15/2025 | (6560) |
| Deutsche Bank AG | NZD | USD | NZD | (461450) | 264895 | 12/15/2025 | (6874) |
| Deutsche Bank AG | NZD | USD | NZD | (2084449) | 1196577 | 12/15/2025 | (20693) |
| Societe Generale SA | NZD | NZD | USD | 50000 | (28702) | 12/17/2025 | 387 |
| Societe Generale SA | NZD | NZD | USD | 50000 | (28702) | 12/17/2025 | 368 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 243 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 240 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 57 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 57 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 55 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 54 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 40 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 39 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 36 |
| Societe Generale SA | NZD | NZD | USD | 25000 | (14351) | 12/17/2025 | 35 |
| Societe Generale SA | NZD | USD | NZD | (25000) | 14351 | 12/17/2025 | (191) |
| Societe Generale SA | NZD | USD | NZD | (25000) | 14351 | 12/17/2025 | (194) |
| Societe Generale SA | NZD | USD | NZD | (25000) | 14351 | 12/17/2025 | (213) |
| Societe Generale SA | NZD | USD | NZD | (25000) | 14351 | 12/17/2025 | (213) |
| Societe Generale SA | NZD | USD | NZD | (50000) | 28702 | 12/17/2025 | (242) |
| Societe Generale SA | NZD | USD | NZD | (50000) | 28702 | 12/17/2025 | (277) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA | NZD | USD | NZD | (25000) | 14351 | 12/17/2025 | $(310) |
| Societe Generale SA | NZD | USD | NZD | (25000) | 14351 | 12/17/2025 | (310) |
| Societe Generale SA | NZD | USD | NZD | (50000) | 28702 | 12/17/2025 | (322) |
| Societe Generale SA | NZD | USD | NZD | (50000) | 28702 | 12/17/2025 | (456) |
| Societe Generale SA | NZD | USD | NZD | (50000) | 28702 | 12/17/2025 | (686) |
| Societe Generale SA | NZD | USD | NZD | (100000) | 57405 | 12/17/2025 | (949) |
| Societe Generale SA | NZD | USD | NZD | (125000) | 71756 | 12/17/2025 | (1240) |
| Societe Generale SA | NZD | USD | NZD | (150000) | 86107 | 12/17/2025 | (1269) |
| Societe Generale SA | NZD | USD | NZD | (150000) | 86107 | 12/17/2025 | (1316) |
| Societe Generale SA | NZD | USD | NZD | (175000) | 100459 | 12/17/2025 | (1581) |
| Societe Generale SA | NZD | USD | NZD | (175000) | 100459 | 12/17/2025 | (1597) |
| Societe Generale SA | NZD | USD | NZD | (175000) | 100459 | 12/17/2025 | (1598) |
| Societe Generale SA | NZD | USD | NZD | (175000) | 100459 | 12/17/2025 | (1694) |
| Societe Generale SA | NZD | USD | NZD | (200000) | 114810 | 12/17/2025 | (1709) |
| Societe Generale SA | NZD | USD | NZD | (175000) | 100459 | 12/17/2025 | (1753) |
| Societe Generale SA | NZD | USD | NZD | (200000) | 114810 | 12/17/2025 | (1866) |
| Societe Generale SA | PEN | PEN | USD | 706216 | (210152) | 12/17/2025 | 9768 |
| Societe Generale SA | PEN | USD | PEN | (169777) | 50521 | 12/17/2025 | (429) |
| Societe Generale SA | PHP | USD | PHP | (2911915) | 49653 | 12/17/2025 | 358 |
| Societe Generale SA | PHP | PHP | USD | 2945935 | (50233) | 12/17/2025 | 222 |
| Societe Generale SA | PHP | PHP | USD | 2943950 | (50200) | 12/17/2025 | 188 |
| Societe Generale SA | PHP | USD | PHP | (1455907) | 24826 | 12/17/2025 | 180 |
| Societe Generale SA | PHP | USD | PHP | (1456130) | 24830 | 12/17/2025 | 176 |
| Societe Generale SA | PHP | USD | PHP | (2940915) | 50148 | 12/17/2025 | (137) |
| Societe Generale SA | PHP | USD | PHP | (2958565) | 50449 | 12/17/2025 | (438) |
| Societe Generale SA | PHP | USD | PHP | (5913511) | 100836 | 12/22/2025 | (803) |
| Societe Generale SA | PHP | PHP | USD | 2843360 | (48484) | 12/17/2025 | (1526) |
| Citgroup Global Markets Inc | PLN | PLN | USD | 38812 | (10647) | 12/17/2025 | 64 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 38812 | (10647) | 12/17/2025 | 38 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 51750 | (14196) | 12/17/2025 | 31 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 38813 | (10647) | 12/17/2025 | 27 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 11022 | (3023) | 3/18/2026 | 27 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 11800 | (3237) | 3/18/2026 | 18 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 10022 | (2749) | 3/18/2026 | 14 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 2500 | (686) | 12/17/2025 | 4 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 1500 | (411) | 12/17/2025 | 3 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | PLN | PLN | USD | 1500 | (411) | 12/17/2025 | $1 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 8000 | (2195) | 12/17/2025 | 1 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 8665 | (2377) | 3/18/2026 | 1 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 500 | (137) | 12/17/2025 |  |
| Citgroup Global Markets Inc | PLN | USD | PLN | (500) | 137 | 12/17/2025 | (1) |
| Citgroup Global Markets Inc | PLN | PLN | USD | 1000 | (274) | 12/17/2025 | (2) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (8665) | 2377 | 12/17/2025 | (2) |
| Citgroup Global Markets Inc | PLN | PLN | USD | 2000 | (549) | 12/17/2025 | (4) |
| Citgroup Global Markets Inc | PLN | PLN | USD | 1500 | (411) | 12/17/2025 | (4) |
| Citgroup Global Markets Inc | PLN | PLN | USD | 2000 | (549) | 12/17/2025 | (4) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (1500) | 411 | 12/17/2025 | (4) |
| Citgroup Global Markets Inc | PLN | PLN | USD | 6500 | (1783) | 12/17/2025 | (5) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (6500) | 1783 | 12/17/2025 | (8) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (7000) | 1920 | 12/17/2025 | (12) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (9500) | 2606 | 12/17/2025 | (12) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (10022) | 2749 | 12/17/2025 | (14) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (19500) | 5349 | 12/17/2025 | (17) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (11800) | 3237 | 12/17/2025 | (18) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (21500) | 5898 | 12/17/2025 | (20) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (11022) | 3023 | 12/17/2025 | (27) |
| Citgroup Global Markets Inc | PLN | PLN | USD | 38813 | (10647) | 12/17/2025 | (69) |
| Citgroup Global Markets Inc | PLN | USD | PLN | (23000) | 6309 | 12/17/2025 | (98) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | PLN | USD | PLN | (51500) | 14127 | 12/17/2025 | $(186) |
| Deutsche Bank AG | PLN | PLN | USD | 423873 | (116275) | 12/15/2025 | 824 |
| Deutsche Bank AG | PLN | PLN | USD | 423404 | (116146) | 12/15/2025 | 25 |
| Deutsche Bank AG | PLN | PLN | USD | 364942 | (100109) | 12/15/2025 | (20) |
| Deutsche Bank AG | PLN | USD | PLN | (365650) | 100303 | 12/15/2025 | (174) |
| Deutsche Bank AG | PLN | PLN | USD | 2913878 | (799319) | 12/15/2025 | (1712) |
| JP Morgan Securities LLC | PLN | PLN | USD | 38812 | (10647) | 12/17/2025 | 64 |
| JP Morgan Securities LLC | PLN | PLN | USD | 38812 | (10647) | 12/17/2025 | 38 |
| JP Morgan Securities LLC | PLN | PLN | USD | 51750 | (14196) | 12/17/2025 | 31 |
| JP Morgan Securities LLC | PLN | PLN | USD | 38813 | (10647) | 12/17/2025 | 27 |
| JP Morgan Securities LLC | PLN | PLN | USD | 11022 | (3023) | 3/18/2026 | 27 |
| JP Morgan Securities LLC | PLN | PLN | USD | 11800 | (3237) | 3/18/2026 | 18 |
| JP Morgan Securities LLC | PLN | PLN | USD | 10022 | (2749) | 3/18/2026 | 14 |
| JP Morgan Securities LLC | PLN | PLN | USD | 2500 | (686) | 12/17/2025 | 4 |
| JP Morgan Securities LLC | PLN | PLN | USD | 1500 | (411) | 12/17/2025 | 3 |
| JP Morgan Securities LLC | PLN | PLN | USD | 1500 | (411) | 12/17/2025 | 1 |
| JP Morgan Securities LLC | PLN | PLN | USD | 8000 | (2195) | 12/17/2025 | 1 |
| JP Morgan Securities LLC | PLN | PLN | USD | 8665 | (2377) | 3/18/2026 | 1 |
| JP Morgan Securities LLC | PLN | PLN | USD | 500 | (137) | 12/17/2025 |  |
| JP Morgan Securities LLC | PLN | USD | PLN | (500) | 137 | 12/17/2025 | (1) |
| JP Morgan Securities LLC | PLN | PLN | USD | 1000 | (274) | 12/17/2025 | (2) |
| JP Morgan Securities LLC | PLN | USD | PLN | (8665) | 2377 | 12/17/2025 | (2) |
| JP Morgan Securities LLC | PLN | PLN | USD | 2000 | (549) | 12/17/2025 | (4) |
| JP Morgan Securities LLC | PLN | PLN | USD | 1500 | (411) | 12/17/2025 | (4) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | PLN | PLN | USD | 2000 | (549) | 12/17/2025 | $(4) |
| JP Morgan Securities LLC | PLN | USD | PLN | (1500) | 411 | 12/17/2025 | (4) |
| JP Morgan Securities LLC | PLN | PLN | USD | 6500 | (1783) | 12/17/2025 | (5) |
| JP Morgan Securities LLC | PLN | USD | PLN | (6500) | 1783 | 12/17/2025 | (8) |
| JP Morgan Securities LLC | PLN | USD | PLN | (7000) | 1920 | 12/17/2025 | (12) |
| JP Morgan Securities LLC | PLN | USD | PLN | (9500) | 2606 | 12/17/2025 | (12) |
| JP Morgan Securities LLC | PLN | USD | PLN | (10022) | 2749 | 12/17/2025 | (14) |
| JP Morgan Securities LLC | PLN | USD | PLN | (19500) | 5349 | 12/17/2025 | (17) |
| JP Morgan Securities LLC | PLN | USD | PLN | (11800) | 3237 | 12/17/2025 | (18) |
| JP Morgan Securities LLC | PLN | USD | PLN | (21500) | 5898 | 12/17/2025 | (20) |
| JP Morgan Securities LLC | PLN | USD | PLN | (11022) | 3023 | 12/17/2025 | (27) |
| JP Morgan Securities LLC | PLN | PLN | USD | 38813 | (10647) | 12/17/2025 | (69) |
| JP Morgan Securities LLC | PLN | USD | PLN | (23000) | 6309 | 12/17/2025 | (98) |
| JP Morgan Securities LLC | PLN | USD | PLN | (51500) | 14127 | 12/17/2025 | (186) |
| Societe Generale SA | PLN | PLN | USD | 1000000 | (274315) | 12/17/2025 | 1254 |
| Societe Generale SA | PLN | PLN | USD | 1378733 | (378206) | 12/17/2025 | 1185 |
| Societe Generale SA | PLN | PLN | USD | 1060709 | (290968) | 12/17/2025 | 202 |
| Societe Generale SA | PLN | PLN | USD | 105880 | (29044) | 12/17/2025 | 199 |
| Societe Generale SA | PLN | PLN | USD | 105891 | (29047) | 12/17/2025 | 199 |
| Societe Generale SA | PLN | PLN | USD | 106112 | (29108) | 12/17/2025 | 91 |
| Societe Generale SA | PLN | USD | PLN | (105854) | 29037 | 12/17/2025 | 28 |
| Societe Generale SA | PLN | PLN | USD | 105965 | (29068) | 12/17/2025 | 20 |
| Societe Generale SA | PLN | PLN | USD | 105966 | (29068) | 12/17/2025 | 20 |
| Societe Generale SA | PLN | USD | PLN | (105893) | 29048 | 12/17/2025 | 18 |
| Societe Generale SA | PLN | PLN | USD | 500000 | (137157) | 12/17/2025 | (502) |
| Deutsche Bank AG | SEK | USD | SEK | (953638) | 101109 | 12/15/2025 | (1086) |
| Deutsche Bank AG | SEK | SEK | USD | 7519907 | (797297) | 12/15/2025 | (2889) |
| Deutsche Bank AG | SEK | SEK | USD | 8870220 | (940464) | 12/15/2025 | (4303) |
| Deutsche Bank AG | SEK | SEK | USD | 10934044 | (1159280) | 12/15/2025 | (5304) |
| Societe Generale SA | SEK | SEK | USD | 12090846 | (1281930) | 12/17/2025 | 7489 |
| Societe Generale SA | SEK | SEK | USD | 4000000 | (424099) | 12/17/2025 | 1224 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA | SEK | SEK | USD | 274474 | (29101) | 12/17/2025 | $337 |
| Societe Generale SA | SEK | SEK | USD | 274668 | (29122) | 12/17/2025 | 337 |
| Societe Generale SA | SEK | USD | SEK | (547013) | 57997 | 12/17/2025 | 286 |
| Societe Generale SA | SEK | SEK | USD | 273882 | (29038) | 12/17/2025 | 21 |
| Societe Generale SA | SEK | SEK | USD | 273890 | (29039) | 12/17/2025 | 21 |
| Societe Generale SA | SEK | SEK | USD | 1000000 | (106025) | 12/17/2025 | (35) |
| Societe Generale SA | SEK | USD | SEK | (274442) | 29098 | 12/17/2025 | (75) |
| Societe Generale SA | SEK | USD | SEK | (274445) | 29098 | 12/17/2025 | (76) |
| Societe Generale SA | SEK | USD | SEK | (274715) | 29127 | 12/17/2025 | (115) |
| Societe Generale SA | SEK | USD | SEK | (274731) | 29128 | 12/17/2025 | (116) |
| Societe Generale SA | SEK | USD | SEK | (275374) | 29197 | 12/17/2025 | (184) |
| Societe Generale SA | SEK | USD | SEK | (275761) | 29238 | 12/17/2025 | (225) |
| Societe Generale SA | SEK | USD | SEK | (1000000) | 106025 | 12/17/2025 | (274) |
| Societe Generale SA | SEK | USD | SEK | (550139) | 58328 | 12/17/2025 | (334) |
| Societe Generale SA | SEK | USD | SEK | (275698) | 29231 | 12/17/2025 | (400) |
| Societe Generale SA | SEK | USD | SEK | (275880) | 29250 | 12/17/2025 | (420) |
| Societe Generale SA | SEK | USD | SEK | (550565) | 58374 | 12/17/2025 | (493) |
| Societe Generale SA | SEK | USD | SEK | (1000000) | 106025 | 12/17/2025 | (556) |
| Deutsche Bank AG | SGD | SGD | USD | 1948707 | (1504619) | 12/15/2025 | 5353 |
| Societe Generale SA | SGD | SGD | USD | 65130 | (50288) | 12/17/2025 | 320 |
| Societe Generale SA | SGD | SGD | USD | 64990 | (50179) | 12/17/2025 | 212 |
| Societe Generale SA | SGD | USD | SGD | (32643) | 25204 | 12/17/2025 | (220) |
| Societe Generale SA | SGD | USD | SGD | (32644) | 25205 | 12/17/2025 | (221) |
| Societe Generale SA | SGD | USD | SGD | (519323) | 400975 | 12/17/2025 | (1235) |
| Deutsche Bank AG | TRY | TRY | USD | 8667217 | (204019) | 12/15/2025 | 1767 |
| Deutsche Bank AG | TRY | USD | TRY | (39031088) | 918757 | 12/15/2025 | (8618) |
| Societe Generale SA | TRY | TRY | USD | 1500000 | (35309) | 12/17/2025 | 397 |
| Deutsche Bank AG | TWD | USD | TWD | (3100772) | 98798 | 12/19/2025 | 1284 |
| Deutsche Bank AG | TWD | USD | TWD | (3132184) | 99799 | 12/15/2025 | 265 |
| Deutsche Bank AG | TWD | TWD | USD | 239064 | (7617) | 12/18/2025 | (80) |
| Deutsche Bank AG | TWD | TWD | USD | 3131146 | (99766) | 12/19/2025 | (317) |
| Deutsche Bank AG | TWD | TWD | USD | 1768768 | (56357) | 12/18/2025 | (588) |
| Deutsche Bank AG | TWD | TWD | USD | 3116224 | (99290) | 12/22/2025 | (807) |
| Deutsche Bank AG | TWD | TWD | USD | 3113900 | (99216) | 12/22/2025 | (881) |
| Deutsche Bank AG | TWD | TWD | USD | 4207805 | (134071) | 12/18/2025 | (1442) |
| Deutsche Bank AG | TWD | TWD | USD | 3093460 | (98565) | 12/15/2025 | (1498) |
| Societe Generale SA | TWD | USD | TWD | (4521024) | 144050 | 12/17/2025 | 6055 |
| Societe Generale SA | TWD | USD | TWD | (1520808) | 48457 | 12/17/2025 | 1579 |
| Societe Generale SA | TWD | USD | TWD | (756374) | 24100 | 12/17/2025 | 918 |
| Societe Generale SA | TWD | USD | TWD | (756579) | 24106 | 12/17/2025 | 911 |
| Societe Generale SA | TWD | USD | TWD | (757109) | 24123 | 12/17/2025 | 894 |
| Societe Generale SA | TWD | USD | TWD | (757254) | 24128 | 12/17/2025 | 890 |
| Societe Generale SA | TWD | USD | TWD | (757679) | 24141 | 12/17/2025 | 876 |
| Societe Generale SA | TWD | USD | TWD | (3114400) | 99232 | 12/22/2025 | 865 |
| Societe Generale SA | TWD | USD | TWD | (758172) | 24157 | 12/17/2025 | 861 |
| Societe Generale SA | TWD | USD | TWD | (758704) | 24174 | 12/17/2025 | 844 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Societe Generale SA | TWD | USD | TWD | (758904) | 24180 | 12/17/2025 | $837 |
| Societe Generale SA | TWD | USD | TWD | (758954) | 24182 | 12/17/2025 | 836 |
| Societe Generale SA | TWD | USD | TWD | (759054) | 24185 | 12/17/2025 | 832 |
| Societe Generale SA | TWD | TWD | USD | 745702 | (23760) | 12/17/2025 | (1258) |
| Societe Generale SA | TWD | TWD | USD | 744935 | (23735) | 12/17/2025 | (1282) |
| Societe Generale SA | TWD | TWD | USD | 3085124 | (98299) | 12/17/2025 | (1773) |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 333334 | (19462) | 12/17/2025 | 624 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 500000 | (29193) | 12/17/2025 | 458 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 159400 | (9307) | 12/17/2025 | 407 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 186474 | (10887) | 12/17/2025 | 405 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 180848 | (10559) | 12/17/2025 | 399 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 184020 | (10744) | 12/17/2025 | 395 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 159401 | (9307) | 12/17/2025 | 390 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 149314 | (8718) | 12/17/2025 | 384 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 158638 | (9262) | 12/17/2025 | 357 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 142202 | (8303) | 12/17/2025 | 349 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 155394 | (9073) | 12/17/2025 | 336 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 153161 | (8942) | 12/17/2025 | 325 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 146780 | (8570) | 12/17/2025 | 319 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 111046 | (6483) | 12/17/2025 | 250 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 93236 | (5444) | 12/17/2025 | 194 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 272232 | (15894) | 3/18/2026 | 181 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 163328 | (9536) | 3/18/2026 | 139 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 163328 | (9536) | 3/18/2026 | 128 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 41818 | (2442) | 12/17/2025 | 100 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency<br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 163340 | (9537) | 3/18/2026 | $81 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 32114 | (1875) | 12/17/2025 | 75 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 33818 | (1974) | 12/17/2025 | 72 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 33392 | (1950) | 12/17/2025 | 72 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 163338 | (9537) | 3/18/2026 | 68 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 31078 | (1815) | 12/17/2025 | 67 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 48344 | (2823) | 3/18/2026 | 50 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 14532 | (848) | 12/17/2025 | 36 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 56308 | (3288) | 3/18/2026 | 36 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 46460 | (2713) | 3/18/2026 | 27 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 48322 | (2821) | 3/18/2026 | 24 |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (48322) | 2821 | 12/17/2025 | (24) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (46460) | 2713 | 12/17/2025 | (28) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (56308) | 3288 | 12/17/2025 | (37) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (48344) | 2823 | 12/17/2025 | (52) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (163338) | 9537 | 12/17/2025 | (69) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (163340) | 9537 | 12/17/2025 | (83) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (163328) | 9536 | 12/17/2025 | (132) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (163328) | 9536 | 12/17/2025 | (143) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (272232) | 15894 | 12/17/2025 | (186) |
| Deutsche Bank AG | ZAR | ZAR | USD | 3461586 | (202107) | 12/15/2025 | 2115 |
| Deutsche Bank AG | ZAR | USD | ZAR | (1715254) | 100146 | 12/15/2025 | (150) |
| Deutsche Bank AG | ZAR | ZAR | USD | 20459460 | (1194539) | 12/15/2025 | (5415) |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency<br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 333334 | (19462) | 12/17/2025 | $624 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 500000 | (29193) | 12/17/2025 | 458 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 159401 | (9307) | 12/17/2025 | 407 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 186474 | (10887) | 12/17/2025 | 405 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 180848 | (10559) | 12/17/2025 | 399 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 184020 | (10744) | 12/17/2025 | 395 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 159400 | (9307) | 12/17/2025 | 390 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 149314 | (8718) | 12/17/2025 | 384 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 158638 | (9262) | 12/17/2025 | 357 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 142202 | (8303) | 12/17/2025 | 349 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 155394 | (9073) | 12/17/2025 | 336 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 153161 | (8942) | 12/17/2025 | 325 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 146780 | (8570) | 12/17/2025 | 319 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 111046 | (6483) | 12/17/2025 | 250 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 93236 | (5444) | 12/17/2025 | 194 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 272232 | (15894) | 3/18/2026 | 181 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 163328 | (9536) | 3/18/2026 | 139 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 163328 | (9536) | 3/18/2026 | 128 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 41818 | (2442) | 12/17/2025 | 100 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 163340 | (9537) | 3/18/2026 | 81 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 32114 | (1875) | 12/17/2025 | 75 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 33818 | (1974) | 12/17/2025 | 72 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF FORWARD**

**FOREIGN CURRENCY CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br> Trading<br> Currency** | **Currency<br> Purchased** | **Currency<br> Sold** | **Trading<br> Currency <br> Amount (Sold)/<br> Purchased** | **Currency <br> Amount (Sold)/<br> Purchased** | **Settlement<br> Date** | **Market Value<br> and Unrealized<br> Appreciation/<br> (Depreciation)** |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 33392 | (1950) | 12/17/2025 | $72 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 163338 | (9537) | 3/18/2026 | 68 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 31078 | (1815) | 12/17/2025 | 67 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 48344 | (2823) | 3/18/2026 | 50 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 14532 | (848) | 12/17/2025 | 36 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 56308 | (3288) | 3/18/2026 | 36 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 46460 | (2713) | 3/18/2026 | 27 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 48322 | (2821) | 3/18/2026 | 24 |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (48322) | 2821 | 12/17/2025 | (24) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (46460) | 2713 | 12/17/2025 | (28) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (56308) | 3288 | 12/17/2025 | (37) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (48344) | 2823 | 12/17/2025 | (52) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (163338) | 9537 | 12/17/2025 | (69) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (163340) | 9537 | 12/17/2025 | (83) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (163328) | 9536 | 12/17/2025 | (132) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (163328) | 9536 | 12/17/2025 | (143) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (272232) | 15894 | 12/17/2025 | (186) |
| Societe Generale SA | ZAR | ZAR | USD | 6892938 | (402449) | 12/17/2025 | 2401 |
| Societe Generale SA | ZAR | ZAR | USD | 3000000 | (175157) | 12/17/2025 | 2283 |
| Societe Generale SA | ZAR | USD | ZAR | (1710558) | 99872 | 12/17/2025 | 124 |
| Societe Generale SA | ZAR | ZAR | USD | 430204 | (25118) | 12/17/2025 | 115 |
| Societe Generale SA | ZAR | ZAR | USD | 429638 | (25085) | 12/17/2025 | 82 |
|  |  |  |  |  |  |  | $142300 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF SWAP CONTRACTS**

*November 30, 2025 (Unaudited)*

**Credit Default Swap Agreements - Protection Sold**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Instrument** | **Counterparty** | **Termination<br> Date** | **Rate Paid<br> (Received)** | **Payment<br> Frequency** | **Notional<br> Amount<sup>(a),(b)</sup>** | **Value** |
| CDX.EM SERIES 44 | Citibank NA | 12/20/2030 | (1.00)% | Quarterly | 300000 | $(4728) |
| CDX.EM SERIES 44 | JP Morgan Securities LLC | 1/14/2031 | (1.00)% | Quarterly | 300000 | (4728) |
|  |  |  |  |  |  | $(9456) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Instrument** | **Counterparty** | **Upfront<br> payments/<br> (receipts)** | **Unrealized<br> appreciation/<br> (depreciation)** |
| CDX.EM SERIES 44 | Citibank NA | $(6555) | $1827 |
| CDX.EM SERIES 44 | JP Morgan Securities LLC | (6555) | 1827 |
|  |  | $(13110) | $3654 |

---

**Credit Default Swap Agreements - Protection Purchased**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Instrument** | **Counterparty** | **Termination<br> Date** | **Rate Paid<br> (Received)** | **Payment<br> Frequency** | **Notional<br> Amount<sup>(b)</sup>** | **Value** |
| CDX.NA.HY Series 45 | Citibank NA | 12/20/2030 | 5.0% | Quarterly | 1600000 | $119339 |
| CDX.NA.HY Series 45 | JP Morgan Securities LLC | 1/14/2031 | 5.0% | Quarterly | 1600000 | 119339 |
| CDX.NA.IG SERIES 45 | Citibank NA | 12/20/2030 | 1.0% | Quarterly | 2650000 | 59563 |
| CDX.NA.IG SERIES 45 | JP Morgan Securities LLC | 1/14/2031 | 1.0% | Quarterly | 2650000 | 59563 |
| ITRAXX EUROPE SERIES 44 | Citibank NA | 12/20/2030 | 1.0% | Quarterly | 2650000 | 70052 |
| ITRAXX EUROPE SERIES 44 | JP Morgan Securities LLC | 1/14/2031 | 1.0% | Quarterly | 2650000 | 70053 |
| ITRAXX EUROPE CROSSOVER SERIES 44 | Citibank NA | 12/20/2030 | 5.0% | Quarterly | 1250019 | 156912 |
| ITRAXX EUROPE CROSSOVER SERIES 44 | JP Morgan Securities LLC | 1/14/2031 | 5.0% | Quarterly | 1250019 | 156912 |
|  |  |  |  |  |  | $811733 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF SWAP CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | |
|:---|:---|:---|:---|
| <br>**Underlying Instrument** | <br>**Counterparty** | **Upfront**<br>**payments/**<br>**(receipts)** | **Unrealized**<br>**appreciation/**<br>**(depreciation)** |
| CDX.NA.HY Series 45 | Citibank NA | $122389 | $(3050) |
| CDX.NA.HY Series 45 | JP Morgan Securities LLC | 122389 | (3050) |
| CDX.NA.IG SERIES 45 | Citibank NA | 60696 | (1133) |
| CDX.NA.IG SERIES 45 | JP Morgan Securities LLC | 60696 | (1133) |
| ITRAXX EUROPE SERIES 44 | Citibank NA | 67492 | 2560 |
| ITRAXX EUROPE SERIES 44 | JP Morgan Securities LLC | 67492 | 2561 |
| ITRAXX EUROPE CROSSOVER SERIES 44 | Citibank NA | 155051 | 1861 |
| ITRAXX EUROPE CROSSOVER SERIES 44 | JP Morgan Securities LLC | 155051 | 1861 |
|  |  | $811256 | $477 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF SWAP CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

**Interest Rate Swap Agreements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rate Received** | **Payment<br> Frequency** | **Clearinghouse/**<br> **Counterparty <sup>(c)</sup>** | **Termination<br> Date** | **Rate Paid <sup>(d)</sup>** | **Payment<br> Frequency** |
| 4.0% | Annual | LCH/Citibank NA | 3/19/2031 | CZK-PRIBOR-PRBO 6M | Semi-Annual |
| 4.0% | Annual | LCH/JP Morgan Securities LLC | 3/19/2031 | CZK-PRIBOR-PRBO 6M | Semi-Annual |
| 3.0% | Quarterly | LCH/Citibank NA | 3/19/2031 | HKD-HIBOR-HKAB 3M | Quarterly |
| 3.0% | Quarterly | LCH/Citibank NA | 12/18/2030 | HKD-HIBOR-HKAB 3M | Quarterly |
| 3.0% | Quarterly | LCH/JP Morgan Securities LLC | 3/19/2031 | HKD-HIBOR-HKAB 3M | Quarterly |
| 3.0% | Quarterly | LCH/JP Morgan Securities LLC | 12/18/2030 | HKD-HIBOR-HKAB 3M | Quarterly |
| 6.5% | Annual | LCH/Citibank NA | 3/19/2031 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 6.0% | Annual | LCH/Citibank NA | 12/18/2030 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 6.0% | Annual | LCH/Citibank NA | 3/19/2031 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 6.5% | Annual | LCH/JP Morgan Securities LLC | 3/19/2031 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 12/18/2030 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 3/19/2031 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 2.5% | Quarterly | LCH/Citibank NA | 3/19/2031 | KRW-CD-KSDA-Bloomberg 3M | Quarterly |
| 2.5% | Quarterly | LCH/JP Morgan Securities LLC | 3/19/2031 | KRW-CD-KSDA-Bloomberg 3M | Quarterly |
| 7.5% | Monthly | CME/Citibank NA | 3/12/2031 | MXN-TIIE ON-OIS Compound 1 | Monthly |
| 7.5% | Monthly | CME/Citibank NA | 12/11/2030 | MXN-TIIE ON-OIS Compound 1 | Monthly |
| 7.5% | Monthly | CME/JP Morgan Securities LLC | 3/12/2031 | MXN-TIIE ON-OIS Compound 1 | Monthly |
| 7.5% | Monthly | CME/JP Morgan Securities LLC | 12/11/2030 | MXN-TIIE ON-OIS Compound 1 | Monthly |
| 4.0% | Annual | LCH/Citibank NA | 3/19/2031 | 6M PLN-WIBOR-WIBO 6M | Semi-Annual |
| 4.0% | Annual | LCH/Citibank NA | 12/18/2030 | 6M PLN-WIBOR-WIBO 6M | Semi-Annual |
| 4.0% | Annual | LCH/JP Morgan Securities LLC | 3/19/2031 | 6M PLN-WIBOR-WIBO 6M | Semi-Annual |
| 4.0% | Annual | LCH/JP Morgan Securities LLC | 12/18/2030 | 6M PLN-WIBOR-WIBO 6M | Semi-Annual |
| 7.0% | Quarterly | LCH/Citibank NA | 3/19/2031 | ZAR-JIBAR-SAFEX 3M | Quarterly |
| 7.0% | Quarterly | LCH/JP Morgan Securities LLC | 3/19/2031 | ZAR-JIBAR-SAFEX 3M | Quarterly |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED SCHEDULE OF SWAP CONTRACTS**

*November 30, 2025 (Unaudited) (continued)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate Received** | **Payment<br> Frequency** | **Clearinghouse/**<br> **Counterparty <sup>(c)</sup>** | **Notional**<br> **Amount <sup>(b)</sup>** | | **Value** | **Upfront<br> payments/<br> (receipts)** | **Unrealized<br> appreciation/<br> (depreciation)** |
| 4.0% | Annual | LCH/Citibank NA | 5100000 | CZK | $(692) | $1234 | $(1926) |
| 4.0% | Annual | LCH/JP Morgan Securities LLC | 5100000 | CZK | (692) | 1234 | (1926) |
| 3.0% | Quarterly | LCH/Citibank NA | 3200000 | HKD | 5244 | 2148 | 3096 |
| 3.0% | Quarterly | LCH/Citibank NA | 800000 | HKD | 1272 | 656 | 616 |
| 3.0% | Quarterly | LCH/JP Morgan Securities LLC | 3200000 | HKD | 5244 | 2123 | 3121 |
| 3.0% | Quarterly | LCH/JP Morgan Securities LLC | 800000 | HKD | 1274 | 642 | 632 |
| 6.5% | Annual | LCH/Citibank NA | 5000000 | HUF | 106 | 60 | 46 |
| 6.0% | Annual | LCH/Citibank NA | 20700000 | HUF | (856) | (356) | (500) |
| 6.0% | Annual | LCH/Citibank NA | 56800000 | HUF | (2318) | (1576) | (742) |
| 6.5% | Annual | LCH/JP Morgan Securities LLC | 5000000 | HUF | 106 | 60 | 46 |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 20700000 | HUF | (856) | (356) | (500) |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 56800000 | HUF | (2318) | (1576) | (742) |
| 2.5% | Quarterly | LCH/Citibank NA | 520000000 | KRW | (1405) | 1296 | (2701) |
| 2.5% | Quarterly | LCH/JP Morgan Securities LLC | 520000000 | KRW | (1405) | 1296 | (2701) |
| 7.5% | Monthly | CME/Citibank NA | 10000000 | MXN | 4440 | 1675 | 2765 |
| 7.5% | Monthly | CME/Citibank NA | 3200000 | MXN | 1771 | 588 | 1183 |
| 7.5% | Monthly | CME/JP Morgan Securities LLC | 10000000 | MXN | 4440 | 1675 | 2765 |
| 7.5% | Monthly | CME/JP Morgan Securities LLC | 3200000 | MXN | 1771 | 588 | 1183 |
| 4.0% | Annual | LCH/Citibank NA | 1200000 | PLN | 2734 | (1865) | 4599 |
| 4.0% | Annual | LCH/Citibank NA | 300000 | PLN | 694 | (299) | 993 |
| 4.0% | Annual | LCH/JP Morgan Securities LLC | 1100000 | PLN | 2501 | (1883) | 4384 |
| 4.0% | Annual | LCH/JP Morgan Securities LLC | 200000 | PLN | 466 | (299) | 765 |
| 7.0% | Quarterly | LCH/Citibank NA | 5000000 | ZAR | 3561 | 24 | 3537 |
| 7.0% | Quarterly | LCH/JP Morgan Securities LLC | 4900000 | ZAR | 3489 | (21) | 3510 |
|  |  |  |  |  | $28571 | $7068 | $21503 |

---

<sup>(a)</sup> The notional amount of each credit default swap where the Fund has sold protection approximates the maximum potential amount of future payments that the Fund could be required to make if a credit event were to occur

<sup>(b)</sup> Notional amount is stated in U.S. Dollars unless otherwise noted

<sup>(c)</sup> Swaps with clearinghouses LCH Clearnet Group (LCH) and CME Group Inc (CME) are centrally cleared swaps

<sup>(d)</sup> Represents floating rate

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

*November 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $60,196,734) | $60352370 |
| Unrealized appreciation on futures contracts | 214421 |
| Unrealized appreciation on forward foreign currency contracts | 595459 |
| Unrealized appreciation on swaps | 12497 |
| Premiums paid for swaps | 811256 |
| Margin on deposit with broker | 16454678 |
| Cash held for futures contract transactions <sup>(a)</sup> | 3630000 |
| Cash held for swap contract transactions <sup>(a)</sup> | 339024 |
| Dividends and interest receivable | 200482 |
| Receivable for investments sold | 2682226 |
| Receivable for net variation margin on futures and swap contracts | 185333 |
| Prepaid expenses | 25298 |
| **Total Assets** | $85503044 |
| **Liabilities** |  |
| Due to broker for derivative transactions | $4357367 |
| Unrealized depreciation on futures contracts | 3064 |
| Unrealized depreciation on forward foreign currency contracts | 453159 |
| Unrealized depreciation on swaps | 8366 |
| Premiums received for swaps | 13110 |
| Payable for investments purchased | 2683635 |
| Payable to Adviser | 67687 |
| Payable to administrator | 66705 |
| Payable to trustees | 10417 |
| Other accrued expenses | 61612 |
| **Total Liabilities** | $7725122 |
| **Net Assets** | $77777922 |
| **Net Assets consist of:** |  |
| Paid-in capital | $76183157 |
| Accumulated deficit | 1594765 |
| **Net Assets** | $77777922 |
| Net Assets: I Class | $77777922 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 8045834 |
| Net asset value, offering and redemption price per share | $9.67 |

---

<sup>(a)</sup> Cash held as collateral at broker.

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED STATEMENT OF OPERATIONS**

*For the period ended November 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $404933 |
| Interest income | 1251645 |
| **Total investment income** | 1656578 |
| **Expenses** |  |
| Adviser | 637553 |
| Administration | 107686 |
| Audit and tax | 47465 |
| Compliance services | 33323 |
| Offering | 35085 |
| Legal | 22179 |
| Transfer agent | 18134 |
| Trustee | 20558 |
| Custodian | 10005 |
| Report printing | 9220 |
| Accrued 24-f2 fees | 722 |
| Pricing | 5045 |
| Registration | 8920 |
| Miscellaneous | 14861 |
| **Total expenses** | 970756 |
| Fees waived by Adviser | (259930) |
| Net operating expenses | 710826 |
| **Net investment income** | 945752 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 21915 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 44885 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 328183 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 4152778 |
| &nbsp;&nbsp;&nbsp;Swap contracts | 101544 |
| Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 67471 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 140184 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 335471 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1667845 |
| &nbsp;&nbsp;&nbsp;Swap contracts | (105234) |
| **Net realized and unrealized gain (loss) on investment securities, foreign currency translations, forward foreign currency contracts, futures contracts and swap contracts** | 6755042 |
| **Net increase in net assets resulting from operations** | $7700794 |

---

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period Ended<br> November 30,<br> 2025<br> (Unaudited)** | **For the<br> Period Ended<br> May 31,<br> 2025<sup>(a)</sup>** |
| **Increase (decrease) in net assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $945752 | $836655 |
| Net realized loss on investment securities, foreign currency translations, forward foreign currency contracts, futures contracts, and swap contracts | 4649305 | (9123215) |
| Change in unrealized appreciation on investment securities, foreign currency translations, forward foreign currency contracts, futures contracts, and swap contracts | 2105737 | 781257 |
| **Net increase (decrease) in net assets resulting from operations** | 7700794 | (7505303) |
| **Distributions to shareholders from earnings** |  |  |
| Class I |  | (339137) |
| **Capital transactions - I Class** |  |  |
| Proceeds from shares sold | 11944900 | 80066479 |
| Reinvestment of distributions |  | 326942 |
| Amount paid for shares redeemed | (8060696) | (6356056) |
| **Net increase in net assets resulting from capital transactions** | 3884204 | 74037365 |
| **Total increase in net assets** | 11584998 | 66192925 |
| **Net assets** |  |  |
| Beginning of period | $66192925 | $— |
| **End of period** | $77777923 | $66192925 |
| **Share transactions - I Class** |  |  |
| Shares sold | 1306349 | 8251254 |
| Shares reinvested |  | 33915 |
| Shares redeemed | (869907) | (675777) |
| **Net increase in shares outstanding** | 436442 | 7609392 |

---

<sup>(a)</sup> For the period September 30, 2024 (commencement of operations) to May 31, 2025.

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

*(For a share outstanding during the period)*

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period Ended<br> November 30,<br> 2025<br> (Unaudited)** | **For the<br> Period Ended<br> May 31,<br> 2025<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of period | $8.70 | $10.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | 0.85 | (1.35) |
| Total from investment operations | 0.97 | (1.25) |
| **Less distributions to shareholders from:** |  |  |
| Distributions from net investment income |  | (0.05) |
| Net asset value, end of period | $9.67 | $8.70 |
| **Total Return<sup>(b)(c)</sup>** | 11.15% | (12.57)% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $77778 | $66193 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(d)</sup> | 1.95% | 1.95% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement<sup>(d)</sup> | 2.66% | 3.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(d)</sup> | 2.59% | 1.95% |
| Portfolio turnover rate | 34 %<sup>(c)</sup> | 104% |

---

<sup>(a)</sup> For the period September 30, 2024 (commencement of operations) to May 31, 2025.

<sup>(b)</sup> Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

*See accompanying notes which are an integral part of these consolidated financial statements.*

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited)*

**NOTE 1. ORGANIZATION**

Efficient Enhanced Multi-Asset Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of Unified Series Trust (the "Trust") on May 21, 2024. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board" or "Trustees") to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds currently authorized by the Board. The investment adviser to the Fund is Efficient Capital Management, LLC (the "Adviser"). The Adviser allocates Fund assets to various sub-advisers (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") to execute both a multi-asset risk parity investment strategy and a managed futures trend-based investment strategy. AlphaSimplex Group LLC, AQR Capital Management LLC, Aspect Capital Limited, Crabel Capital Management, LLC, Welton Investment Partners LLC, Winton Capital Management Limited, and Columbia Management Investment Advisers LLC are the Sub-Advisers. The investment objective of the Fund is capital appreciation in both rising and falling equity markets.

The Fund currently offers two classes of shares, Class I and Class A. Each share represents an equal proportionate interest in the assets and liabilities belonging to the applicable class of the Fund and is entitled to such dividends and distributions out of income belonging to the applicable class of the Fund as are declared by the Board. Expenses attributable to any class are borne by that class. On matters that affect the Fund as a whole, each class has the same voting and other rights and preferences as any other class. On matters that affect only one class, only shareholders of that class may vote. Each class votes separately on matters affecting only that class, or as expressly required to be voted on separately by state or federal law. Shares of each class of a series have the same voting and other rights and preferences as the other classes and series of the Trust for matters that affect the Trust as a whole. The Fund may offer additional classes of shares in the future. As of November 30, 2025, Class A shares have not commenced operations.

The Fund operates as a single operating segmentŁ The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, the decision maker responsible for the oversight functions of the Fund, using the information presented in the consolidated financial statements and consolidated financial highlights.

The consolidated financial statements of the Fund include the Fund and its wholly-owned subsidiary, the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. (the "CFC"). The CFC entered into an investment advisory agreement on May 31, 2024 and is incorporated in the Cayman Islands as an exempted company with limited liability.

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Foreign Currency Translation** – The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

As of and during the period ended November 30, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

Operations when incurred. During the period ended November 30, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

**Cash and Cash Equivalents** – Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Consolidated Statement of Assets and Liabilities. The Fund maintains cash in the deposit accounts which, at times, may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. Amounts swept overnight are available on the next business day.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board). Expenses specifically attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation, and fund-wide expenses not allocated to a particular class shall be allocated to each class based on the net assets of that class in relation to the net assets of the entire Fund.

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

**Consolidation of Subsidiary** – The Consolidated Schedules of Investments and Futures Contracts of the Fund include the investments of the CFC, which is a wholly-owned and controlled foreign subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest. Controlling economic interest is generally

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

deemed to exist with investment interests comprising greater than 50% of the NAV of the subsidiary. However, the Fund may also consider qualitative aspects of control in determining if a controlling economic interest exists. These qualitative control considerations include the nature and organizational structure of the investment, as well as the Fund's ability to control the circumstances leading to majority ownership. All intercompany accounts and transactions have been eliminated in consolidation.

The Fund may invest up to 25% of its total assets in a controlled foreign subsidiary, which acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies. As of November 30, 2025, the net assets of the CFC were $12,417,719, which represented 16% of the Fund's net assets.

**NOTE 3. DERIVATIVE INSTRUMENTS RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment objectives allow for various types of derivative instruments, including futures contracts, forward foreign currency contracts, options and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter ("OTC"). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Commodity Risk | Commodity risk relates to fluctuations in the value of an asset or liability due to changes in commodity market rates and related underlying prices. |
| Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund. |
| Foreign Exchange Risk | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates. |
| Interest Rate Risk | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

The Fund and CFC are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts, options and bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

**Forward Foreign Currency Exchange Contracts** – The Fund may engage in foreign currency exchange transactions. The value of the Fund's portfolio securities that are invested in non-U.S. dollar denominated instruments as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates, and the Fund may incur costs in connection with conversions between various currencies. The Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through forward foreign currency exchange contracts, to purchase or sell foreign currencies. A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders (usually large commercial banks) and their customers. The Fund will not, however, hold foreign currency except in connection with the purchase and sale of foreign portfolio securities.

**Swap Agreements** – The Fund may engage in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indices, specific securities and commodities, credit default swaps, and total return swaps. Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specific notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These centrally cleared swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP"), in which case all payments are settled with the CCP through the DCM.

A credit default swap involves a protection buyer and a protection seller. The Fund may be either a protection buyer or seller. The protection buyer makes periodic premium payments to the protection seller during the swap term in exchange for the protection seller agreeing to make certain defined payments to the protection buyer in the event that certain defined credit events occur with respect to a particular security, issuer, or basket of securities. The "notional amount" of the swap agreement is the agreed upon amount or value of the underlying asset used for calculating the obligations that the parties to a swap agreement have agreed to exchange. The Fund's obligation under a swap agreement will be accrued daily (offset against amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be collateralized by designating liquid assets on the Fund's books and records. Upon entering into a credit default swap, the Fund is required to satisfy an initial margin requirement by delivering cash or securities. Subsequent payments are made or received by the Fund each day to settle daily fluctuations in the value of the contract ("variation margin"); which reflect changes in the value of the underlying

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

financial instrument. Variation margin is recorded as unrealized gain or loss until the contract is closed. Periodic payments paid or received are recorded in realized gain/loss. Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability and amortized daily as a component of realized gain (loss) on the Statement of Operations. Payments made or received as a result of a credit event or termination of the contract, are recognized, net of a proportional amount of the upfront payment, as realized gains/losses. In addition to bearing the risk that the credit event will occur as a protection seller, the Fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index, the possibility that the Fund may be unable to close out its position at the same time or at the same price as if it had purchased comparable publicly traded securities, or that the counterparty may default on its obligation to perform.

In a credit default swap, the contract gives one party (the buyer) the right to recoup the economic value of a decline in the value of debt securities of the reference issuer if the credit event (a downgrade or default) occurs. If physically settled, this value is obtained by delivering a debt security of the reference issuer to one party in return for a previously agreed payment from the other party (frequently, the par value of the debt security). If cash settled, the two payment streams are netted out with the Fund receiving or paying only the net amount of the two payments. The Fund is usually a buyer of credit default swaps. When a credit event occurs as defined under the terms of the credit default swap contract, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) receive a net amount equal to the par value of the defaulted reference entity less its recovery value. The maximum potential amount of future payments that the Fund as a buyer of protection may receive if a credit event occurs is an amount equal to the notional amount of the contract.

Many of the markets in which the Fund effects its derivative transactions are "over-the-counter" or "inter-dealer" markets. The participants in these markets are typically not subject to credit evaluation and regulatory oversight as are members of "exchange based" markets. When the Fund invests in derivative, over-the-counter transactions, it is assuming a credit risk with regard to parties with whom it trades and also bears the risk of settlement default. These risks may differ materially from those associated with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. In the event of the default or bankruptcy

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

of a swap contract counterparty, the Fund will have contractual remedies pursuant to the swap contract, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Fund's rights as a creditor.

Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

With centrally cleared swaps, there is minimal counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. However, credit risk still exists in centrally cleared swaps with respect to initial and variation margin that is held in a broker's customer accounts.

To mitigate counterparty risk on swap agreements, the Fund may require the counterparty to post collateral to the Fund's custodian to cover the Fund's exposure. This collateral is generally in cash and is invested in a money market fund. A counterparty may also require the Fund to post collateral to a segregated account at the Fund's custodian.

**Futures Contracts** – The Fund may invest in futures contracts to hedge or manage risks associated with the Fund's securities investments or to obtain market exposure in an effort to generate returns. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts.

**NOTE 4. DERIVATIVE TRANSACTIONS**

The following tables identify the location and fair value of derivative instruments on the Consolidated Statement of Assets and Liabilities as of November 30, 2025, and the effect of derivative instruments on the Consolidated Statement of Operations for the period ended November 30, 2025.

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

At November 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| <br>**Contract Type/Primary Risk Exposure** | **Unrealized<br> Appreciation<br> on forward<br> foreign<br> currency<br> contracts** | **Unrealized<br> Depreciation<br> on forward<br> foreign<br> currency<br> contracts** | **Unrealized<br> Appreciation<br> on futures**<br> **contracts\*** | **Unrealized<br> Depreciation<br> on futures<br> contracts\*** | **Unrealized<br> Appreciation<br> on swaps<br> contracts\*** | **Unrealized<br> Depreciation<br> on swaps**<br> **contracts\*** |
| Commodity Contracts | $— | $— | $1071454 | $(406082) | $— | $— |
| Credit Contracts |  |  |  |  | 12497 | (8366) |
| Equity Contracts |  |  | 1315615 | (50843) |  |  |
| Foreign Exchange Contracts | 595459 | (453159) | 392833 | (42185) |  |  |
| Interest Rate Contracts |  |  | 250600 | (62554) | 33241 | (11738) |

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\* Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities for centrally cleared and exchange traded contracts. Includes cumulative appreciation/(depreciation), as reported in the Consolidated Schedule of Investments.

For the period ended November 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Foreign<br> Exchange<br> Contracts** | **Equity<br> Contracts** | **Interest<br> Contracts** | **Commodity<br> Contracts** | **Credit<br> Contracts** | **Total** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Forward Foreign Currency Contracts | $328183 | $— | $— | $— | $— | $328183 |
| Futures Contracts | 211843 | 3745357 | (1074623) | 1270201 |  | 4152778 |
| Swaps Contracts |  |  | (63879) |  | 165423 | 101544 |

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**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Foreign<br> Exchange<br> Contracts** | **Equity<br> Contracts** | **Interest<br> Contracts** | **Commodity<br> Contracts** | **Credit<br> Contracts** | **Total** |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Forward foreign currency contracts | $335471 | $— | $— | $— | $— | $335471 |
| Futures contracts | 307372 | 781869 | 49379 | 529225 |  | 1667845 |
| Swaps Contracts |  |  | (24097) |  | (81137) | (105234) |

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The following table summarizes the average ending monthly fair value of derivatives outstanding during the period ended November 30, 2025:

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| | |
|:---|:---|
| **Derivatives** | **Average Ending<br> Monthly Notional Value** |
| Forward Foreign Currency Contracts, Purchased | $88704951 |
| Forward Foreign Currency Contracts, Sold | (13118179596) |
| Long Futures Contracts | 266935009 |
| Short Futures Contracts | (82453963) |
| Interest Rate Swaps | 5679135 |
| Credit Default Swaps | (16178279) |

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**Balance Sheet Offsetting Information**

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Consolidated Statement of Assets and Liabilities as of November 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts Offset in Consolidated Statement<br> of Assets and<br> Liabilities** | **Net Amounts of Assets<br> Presented in Consolidated<br> Statement of Assets<br> and Liabilities** |
| Forward foreign currency contracts | $595459 | $— | $595459 |
| Swap contracts | 823753 |  | 823753 |
| Futures Contracts | 214421 |  | 214421 |
| Variation Margin on Futures Contracts and Swap Contracts | 782895 | (597562) | 185333 |

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**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

 

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| | | | |
|:---|:---|:---|:---|
|  | **Gross Amounts Not Offset in<br> the Consolidated Statement of <br> Assets and Liabilities** | **Gross Amounts Not Offset in<br> the Consolidated Statement of <br> Assets and Liabilities** | |
|  | **Financial<br> Instruments** | **Collateral<br> Pledged\*** |<br>**Net Amount** |
| Forward foreign currency contracts | $(453159) | $— | $142300 |
| Swap contracts | (21476) |  | 802277 |
| Futures Contracts | (3064) |  | 211357 |
| Variation Margin on Futures Contracts and Swap Contracts |  |  | 185333 |

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\* Any over-collateralization of total financial instruments is not shown. Collateral amounts can be found on the Consolidated Statement of Assets and Liabilities as Cash held at broker for futures contract transactions and Cash held at broker for swap contract transactions.

**NOTE 5. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser, as Valuation Designee, under the oversight of the Board's Pricing & Liquidity Committee. The Valuation Designee has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available in conformity with guidelines adopted by the Board. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Designee pursuant to its policies and procedures. Any fair value provided by the Valuation Designee is subject to the ultimate review of the pricing methodology by the Pricing & Liquidity Committee of the Board on a quarterly basis. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the mutual funds. These securities are categorized as Level 1 securities.

Futures contracts that the Fund invests in are valued at the settlement price established each day by the board of trade or exchange on which they are traded, and when the market is considered active, will generally be categorized as Level 1 securities.

Forward foreign currency exchange contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts are categorized as Level 2; otherwise the fair values would be categorized as Level 3.

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

Over-the-counter derivatives are valued by an independent pricing service using a series of techniques, including simulation pricing models. The pricing models use various inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, implied volatility and exchange rates. When prices are determined by the pricing agent, positions are classified as Level 2 of the fair value hierarchy.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government & Agencies | $— | $39666645 | $— | $39666645 |
| Money Markets | 20662078 |  |  | 20662078 |
| Long Futures Contracts<sup>(a)</sup> | 2072441 |  |  | 3030502 |
| Short Futures Contracts<sup>(a)</sup> | 396397 |  |  | 396397 |
| Forward Foreign Currency Contracts<sup>(a)</sup> |  | 595459 |  | 595459 |
| Swaps Contracts<sup>(a)</sup> |  | 12497 |  | 12497 |
| Total | $23130916 | $40274601 | $— | $63405517 |

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**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Forward Foreign Currency Contracts<sup>(a)</sup> | $— | $453159 | $— | $453159 |
| Swaps Contracts<sup>(a)</sup> |  | 8366 |  | 8366 |
| Total | $— | $461525 | $— | $461525 |

---

<sup>(a)</sup> The amount shown represents the unrealized appreciation/depreciation

The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 6. FEES AND OTHER TRANSACTIONS WITH AFFILIATES**

The Adviser, under the terms of the management agreement with the Trust with respect to the Fund (the "Agreement"), manages the Fund's investments. As compensation for its management services, the Fund is obligated to pay the Adviser a management fee computed and accrued daily and paid monthly at an annual rate of 1.75% of the Fund's average daily net assets. For the period ended November 30, 2025, before the waiver described below, the Adviser earned a management fee of $637,553 from the Fund. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the 1940 Act; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business) do not exceed 1.95% of average daily net assets of each class of shares of the Fund through at least September 30, 2025. For the period ended November 30, 2025, the Adviser waived fees and reimbursed expenses in the amount of $259,930.

Each fee waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date in which that particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. As of November 30, 2025,

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

the Adviser may seek repayment of management fees waived and expense reimbursements pursuant to the aforementioned conditions, from the Fund no later than the dates stated below:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| May 31, 2028 | $426887 |
| November 30, 2028 | 259930 |

---

The Adviser has retained sub-advisers to provide portfolio management and related services to the Fund. The sub-advisers receive a fee from the Adviser (not the Fund) for these services.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund, which are approved annually by the Board.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

Certain officers of the Trust are also employees of Ultimus and such persons are not paid by the Fund for serving in such capacities.

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chair of the Board and the Trustees are "Independent Trustees," which means that they are not "interested persons" as defined in the 1940 Act. The Independent Trustees review and establish compensation at least annually. Each Trustee of the Trust receives annual compensation, which is an established amount paid quarterly per fund in the Trust at the time of the regular quarterly Board meetings. The Chair of the Board receives the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Trustees also receive additional fees for attending any special meetings. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.

The Trust, with respect to the Fund, has adopted a Distribution Plan (the "Plan") for its Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund will pay the Distributor, the Adviser and/or any registered securities dealer, financial institution or any other person (the "Recipient") a fee of 0.25% of the average daily net assets of the

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

Class A shares in connection with the promotion and distribution of the Fund's shares or the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). The Fund or Adviser may pay all or a portion of these fees to any Recipient who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement.

The Trust, on behalf of the Fund, has adopted an Administrative Services Plan on behalf of its Class I shares and Class A shares, under which shareholder servicing agents provide administrative and support services to their customers. These services may include establishing and maintaining accounts and records relating to shareholders, processing dividend and distribution payments from on behalf of shareholders, responding to routine inquiries from shareholders concerning their investments, assisting shareholders in changing dividend options, account designations and addresses, and other similar services. For these services, the Fund may pay a fee at an annual rate of up to 0.15% of the average daily net assets of Class I shares and 0.25% of the average daily net assets of Class A shares serviced by the agent. The Fund may enter into agreements with various shareholder servicing agents, including financial institutions and securities brokers. The Fund may pay a servicing fee to broker-dealers and others who sponsor "no transaction fee" or similar programs for the purchase of shares. Shareholder servicing agents may waive all or a portion of their fee periodically. The Board has approved, and the Fund has agreed to waive the administrative services fees through September 30, 2026.

**NOTE 7. INVESTMENT TRANSACTIONS**

For the period ended November 30, 2025, purchases and sales of investment securities, other than short-term investments and long-term U.S. government obligations, were $122,164 and $591,187, respectively.

For the period ended November 30, 2025, purchases and sales of long-term U.S. government obligations, were $5,838,766 and $3,989,397, respectively.

**EFFICIENT ENHANCED MULTI-ASSET FUND CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

*November 30, 2025 (Unaudited) (continued)*

**NOTE 8. FEDERAL TAX INFORMATION**

As of May 31, 2025, the Fund's most recent fiscal year end, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Undistributed long-term capital gains |  |
| Accumulated earnings | $— |
| Accumulated capital and other losses | (6142195) |
| Unrealized appreciation/(depreciation) | 36167 |
| Total | $(6106028) |

---

The tax character of distributions paid for the period ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
|  | **May 31, <br> 2025** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $339137 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains |  |
| Total distributions paid | $339137 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

**NOTE 9. COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**NOTE 10. SUBSEQUENT EVENTS**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**EFFICIENT ENHANCED MULTI-ASSET FUND**

**ADDITIONAL INFORMATION**

*November 30, 2025 (Unaudited)*

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Proxy Voting**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (866) 738-1128 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TRUSTEES**<br> Daniel J. Condon, Chair<br> David R. Carson<br> Kenneth G.Y. Grant<br> Freddie Jacobs, Jr.<br> Catharine B. McGauley<br> Ronald C. Tritschler<br>**OFFICERS**<br> Martin R. Dean, President<br> Gweneth K. Gosselink,<br> Chief Compliance Officer<br> Zachary P. Richmond,<br> Treasurer and Chief Financial Officer<br>**INVESTMENT ADVISER**<br> Efficient Capital Management, LLC<br> 4355 Weaver Parkway<br> Warrenville, IL 60555<br>**DISTRIBUTOR**<br> Ultimus Fund Distributors, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 | **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM**<br> Cohen & Company, Ltd.<br> 1350 Euclid Avenue, Suite 800<br> Cleveland, OH 44115<br>**LEGAL COUNSEL**<br> Thompson Hine LLP<br> 312 Walnut Street, 20th Floor<br> Cincinnati, OH 45202<br>**CUSTODIAN**<br> U.S. Bank, N.A.<br> 425 Walnut Street<br> Cincinnati, OH 45202<br>**ADMINISTRATOR, TRANSFER AGENT**<br> **AND FUND ACCOUNTANT**<br> Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 |

---

This report is intended only for the information of shareholders or those who have received the Fund's prospectus which contains information about the Fund's management fee and expenses. Please read the prospectus carefully before investing.

Distributed by Ultimus Fund Distributors, LLC Member FINRA/SIPC

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not Applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not Applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not Applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable – disclosed with annual report.

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act are attached hereto.](ust_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act are attached hereto.](ust_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Unified Series Trust |
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |
| Date | 2/2/2026 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |
| Date | 2/2/2026 |
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |
| Date | 2/2/2026 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

<u>CERTIFICATIONS</u>

I, Martin R. Dean, certify that:

1. I have reviewed this report on Form N-CSR of Unified Series Trust;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/2/2026 | /s/ Martin R. Dean |
|  |  | Martin R. Dean<br> Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of Unified Series Trust;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/2/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906 CERT**

**SECTION 906 certification**

Martin R. Dean, President and Principal Executive Officer, and Zachary P. Richmond, Treasurer and Principal Financial Officer of Unified Series Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the
period ended November 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer<br> Unified Series Trust | Principal Financial Officer<br> Unified Series Trust |
| /s/ Martin R. Dean | /s/ Zachary P. Richmond |
| Martin R. Dean | Zachary P. Richmond |

---

Date: <u>2/2/2026</u> Date: <u>2/2/2026</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Unified Series Trust and will be retained by Unified Series Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.