# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-25-004940
**Filing Date:** 2025-8
**Character Count:** 157199
**Document Hash:** aa39e9cd826ec6cb1de5ddee24268d60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004940.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001580642-25-004940

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 251192376

**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>&nbsp;&nbsp;&nbsp;&nbsp; 811-21237</u> <br>

---

| |
|:---|
| 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>&nbsp;&nbsp;&nbsp;&nbsp; 513-587-3400</u> <br>

Date of fiscal year end: <u> May 31&nbsp;&nbsp;&nbsp;&nbsp; </u> <br>

Date of reporting period: <u> May 31, 2025&nbsp;&nbsp;&nbsp;&nbsp; </u> <br>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.** 

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

#### Class I (EFFIX)

#### Annual Shareholder Report - May 31, 2025
![Image](i1080096b73cf09b092d0a4d2.jpg)

# Fund Overview
This annual shareholder report contains important information about Efficient Enhanced Multi-Asset Fund for the period of September 30, 2024 (commencement of operations) to May 31, 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 reporting period?\*
(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 | $177 | 1.95% |

---

\*The expenses reflect the period of September 30, 2024 (commencement of operations) to May 31, 2025. Such expenses would be higher for the full reporting period.

# How did the Fund perform during the reporting period?
The late 2024 to early 2025 period was defined by volatile markets across all sectors, driven by a mix of geopolitical tensions, economic policy shifts, and changing investor sentiment. U.S. equities peaked in February 2025, getting a boost from U.S. election results. However, they struggled to keep pace with European and Asian equities. Europe outperformed the U.S. by the widest margin in a decade. April tariff announcements from the U.S. triggered a brief, but sharp equity sell-off, followed by a rapid recovery. By late May, markets were approaching all-time highs.

In fixed income, monetary policy was central. The Fed paused hikes while the ECB and BoE cut rates, contributing to divergent bond yield movements. U.S. tariffs fueled investor risk aversion, leading to inflows into safe-haven bonds like German Bunds and Japanese JGBs.

The U.S. dollar reversed its late 2024 rally, weakening in 2025 amid shifting rate expectations and capital flows. The euro, yen, and Swiss franc strengthened in response. Commodity markets experienced significant disruptions due to extreme weather and geopolitical events. Prices for cocoa, coffee, energy, and metals were highly volatile. Gold saw increased demand as a safe-haven asset.

From October 2024 through May 2025, the Fund experienced losses and underperformed its benchmark, the S&P 500 Index. This period was characterized by high volatility and rapid reversals across markets. This "choppy" environment was challenging, particularly for trend-following, which struggles when trends are lacking. The Fund underperformed because both Multi-Asset (risk-parity) and Trend strategies uncharacteristically struggled simultaneously. The Fund's largest losses came from bond markets (both strategies), equity index positions (Trend), and copper (Trend). On the positive side, the top contributors were gold and two niche agricultural markets: live cattle, and coffee. Despite losses during the period, we continue to maintain confidence in both strategies as stand-alone investments and in combination within a portfolio.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i491362e625f4d275cdfc7675.jpg)

---

| | | |
|:---|:---|:---|
| | **Efficient Enhanced Multi-Asset Fund - Class I** | **S&P 500<sup>®</sup> Total Return Index** |
| **Sep-2024** | $100000 | $100000 |
| **May-2025** | $87430 | $103498 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (September 30, 2024)** |
| Efficient Enhanced Multi-Asset Fund - Class I | -12.57% |
| S&P 500<sup>®</sup> Total Return Index | 3.50% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $66192925 |
| Number of Portfolio Holdings | 433 |
| Advisory Fee (net of waivers) | $281824 |
| Portfolio Turnover | 104% |

---

# What did the Fund invest in?

# Category of Investment Weighting (% of net assets)
![Group By Sector Chart](if560e8462520eea2c8b1c729.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 16.4% |
| Non U.S. Treasury | 3.2% |
| Agency | 11.3% |
| Money Market | 29.6% |
| U.S. Treasury Obligations | 39.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 29.4% |
| United States Treasury Bill, 0.000%, 09/09/25 | 24.6% |
| Federal Home Loan Banks, 4.625%, 06/06/25 | 2.3% |
| Federal Home Loan Mortgage Corp, 0.375%, 07/21/25 | 2.3% |
| Federal National Mortgage Association, 0.375%, 08/25/25 | 2.2% |
| Federal National Mortgage Association, 0.500%, 06/17/25 | 1.5% |
| Federal Home Loan Bank Discount Notes, 0.000%, 06/16/25 | 1.5% |
| Federal Home Loan Mortgage Corp, 0.375%, 09/23/25 | 1.5% |
| United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/32 | 1.3% |
| United States Treasury Inflation Indexed Bonds, 1.750%, 01/15/34 | 1.2% |

---

# Material Fund Changes
No material changes occurred during the year ended May 31, 2025.

![Image](i8bac5bc4bd0fae573cf94a57.jpg)

#### Efficient Enhanced Multi-Asset Fund

#### Annual Shareholder Report - May 31, 2025

# 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

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

(a)(1) The Registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee.

(a)(2) Freddie Jacobs, Jr. is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

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

(a)  **<u>Audit Fees</u>** 

---

| | |
|:---|:---|
| Efficient Enhanced Multi-Asset Fund FY 2025 | $50000 |

---

(b)  **<u>Audit-Related Fees</u>** 

---

| | |
|:---|:---|
| Efficient Enhanced Multi-Asset Fund FY 2025 | $0 |

---

(c)  **<u>Tax Fees</u>** 

---

| | |
|:---|:---|
| Efficient Enhanced Multi-Asset Fund FY 2025 | $9000 |

---

Nature of the fees: Preparation of the 1120 RIC and Excise review <br>

(d)  **<u>All Other Fees</u>** 

---

| | |
|:---|:---|
| Efficient Enhanced Multi-Asset Fund FY 2025 | $0 |

---

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors' specific representations as to their independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services described
 in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule
 2-01 of Regulation S-X.

(f) During audit of registrant's
 financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement
 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed
 by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser
 (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FY 2025 | $0 | $0 |

---

(h) Not applicable. The auditor performed
 no services for the registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment
 adviser that provides ongoing services to the registrant.

(i) Not applicable

(j) Not applicable

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

Not applicable

**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) ---

| |
|:---|
| ![(EFFICIENT LOGO)](ef001_v1.jpg) |
| **Efficient Enhanced Multi-Asset Fund** |
| **Consolidated Annual Financial Statements and Additional Information** |
| **May 31, 2025** |
| **Fund Adviser:** |
| **Efficient Capital Management, LLC** |
| **4355 Weaver Parkway, Suite 200** |
| **Warrenville, IL 60555** |
| **(630) 657-6800** |

---

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| *May 31, 2025* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Maturity**<br>**Date** |<br>**Par Value** |<br>**Value** |
| **NON U.S. GOVERNMENT & AGENCIES — 3.2%** |  |  |  |
| France Bonds, OATe, 0.1% | 7/25/2036 | EUR 200,000 | $248447 |
| France Bonds, OATe, 0.1% | 3/1/2029 | EUR 300,000 | 408154 |
| France Bonds, OATe, 0.1% | 7/25/2031 | EUR 100,000 | 131975 |
| France Bonds, OATi, 0.1% | 3/1/2036 | EUR 100,000 | 113849 |
| France Bonds, OATi, 0.1% | 3/1/2032 | EUR 100,000 | 122218 |
| France Bonds, OATe, 0.6% | 7/25/2034 | EUR 100,000 | 119291 |
| United Kingdom Bonds, Index-linked Gilt, 0.125% | 8/10/2031 | GBP 100,000 | 173695 |
| United Kingdom Bonds, Index-linked Gilt, 0.125% | 11/22/2036 | GBP 100,000 | 173350 |
| United Kingdom Bonds, Index-linked Gilt, 0.75% | 3/22/2034 | GBP 100,000 | 218080 |
| United Kingdom Bonds, Index-linked Gilt, 1.25% | 11/22/2033 | GBP 100,000 | 137363 |
| United Kingdom Bonds, Index-linked Gilt, 0.75% | 11/22/2032 | GBP 100,000 | 247885 |
| **Total Non U.S. Government & Agencies** (Cost $2,032,625) |  |  | $2094307 |
| **U.S. GOVERNMENT & AGENCIES — 50.8%** |  |  |  |
| Federal Home Loan Bank Discount Notes, 0% | 6/16/2025 | $1000000 | 998019 |
| Federal Home Loan Banks, 4.625% | 6/6/2025 | 1500000 | 1500130 |
| Federal Home Loan Mortgage Corp, 0.375% | 7/21/2025 | 1500000 | 1492162 |
| Federal Home Loan Mortgage Corp, 0.375% | 9/23/2025 | 1000000 | 987970 |
| Federal National Mortgage Association, 0.5% | 6/17/2025 | 1000000 | 998368 |
| Federal National Mortgage Association, 0.375% | 8/25/2025 | 1500000 | 1486266 |
| United States Treasury Inflation Indexed Bonds, 2.125% | 1/15/2035 | 600000 | 611513 |
| United States Treasury Bill, 0% | 9/9/2025 | 16500000 | 16308480 |
| United States Treasury Inflation Indexed Bonds, 1.875% | 7/15/2034 | 800000 | 808044 |
| United States Treasury Inflation Indexed Bonds. 2.125% | 4/15/2029 | 700000 | 741360 |
| United States Treasury Inflation Indexed Bonds, 1.75% | 1/15/2034 | 800000 | 817080 |
| United States Treasury Inflation Indexed Bonds, 2.375% | 10/15/2028 | 600000 | 648784 |
| United States Treasury Inflation Indexed Bonds, 1.375% | 7/15/2033 | 700000 | 708556 |
| United States Treasury Inflation Indexed Bonds, 0.125% | 7/15/2031 | 700000 | 762171 |
| United States Treasury Inflation Indexed Bonds, 0.625% | 7/15/2032 | 700000 | 712038 |
| United States Treasury Inflation Indexed Bonds, 0.125% | 1/15/2032 | 800000 | 828773 |
| United States Treasury Inflation Indexed Bonds, 1.625% | 10/15/2029 | 700000 | 717747 |
| United States Treasury Inflation Indexed Bonds, 0.125% | 1/15/2031 | 600000 | 677726 |
| United States Treasury Inflation Indexed Bonds, 0.125% | 7/15/2030 | 600000 | 698440 |
| United States Treasury Inflation Indexed Bonds, 1.125% | 1/15/2033 | 700000 | 711330 |
| United States Treasury Inflation Indexed Bonds, 1.625% | 4/15/2030 | 400000 | 402868 |
| **Total U.S. Government & Agencies** (Cost $33,591,318) |  |  | $33617825 |
| **Total Investments at Value — 54.0%** (Cost $35,623,943) |  |  | $35712132 |

---

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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| *May 31, 2025 (continued)* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 29.6%** |  |  |
| Blackrock Liquidity Funds, Treasury Trust - |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class, 4.17% <sup>(a)</sup> | 161629 | $161629 |
| First American Government Obligations Fund - Class X, 4.23% <sup>(a),(b)</sup> | 19436620 | 19436620 |
| **Total Money Market Funds** (Cost $19,598,249) |  | 19598249 |
| **Total Investments and Money Market Funds at Value — 83.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $55,222,192) |  | 55310381 |
| **Other Assets in Excess of Liabilities — 16.4%** |  | 10882544 |
| **Net Assets — 100.0%** |  | $66192925 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

<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** |
| *May 31, 2025* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Number of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **LONG CONTRACTS** |  |  |  |  |
| AUST 3YR BOND FUT Jun 25 | 104 | 6/17/2025 | $7207717 | $13859 |
| Short Euro-BTP Fu Jun 25 | 85 | 6/9/2025 | 10436819 | 45165 |
| EURO-SCHATZ FUT Jun 25 | 60 | 6/9/2025 | 7312330 | (930) |
| US 10YR NOTE (CBT)Sep 25 | 57 | 9/22/2025 | 6312750 | 31729 |
| MEXICAN PESO FUT Jun 25 | 39 | 6/17/2025 | 1004250 | 8541 |
| Euro-BTP Future Jun 25 | 37 | 6/9/2025 | 5089180 | 63234 |
| BP CURRENCY FUT Jun 25 | 31 | 6/17/2025 | 2609813 | 44698 |
| 3MO EURO EURIBOR Mar 26 | 31 | 3/16/2026 | 8647920 | 12225 |
| CAN 10YR BOND FUT Sep 25 | 30 | 9/19/2025 | 2673384 | 21200 |
| 3MO EURO EURIBOR Jun 26 | 30 | 6/15/2026 | 8367677 | 6050 |
| 90-DAY BANK BILL Dec 25 | 29 | 12/11/2025 | 18545879 | (4777) |
| FTSE CHINA A50 Jun 25 | 27 | 6/30/2025 | 359802 | (6505) |
| US 5YR NOTE (CBT) Sep 25 | 26 | 10/1/2025 | 2812875 | 10808 |
| 3MO EURO EURIBOR Mar 28 | 24 | 3/14/2028 | 6661444 | 2583 |
| EURO-BUND FUTURE Sep 25 | 22 | 9/9/2025 | 3272525 | 2569 |
| EURO STOXX 50 Jun 25 | 21 | 6/23/2025 | 1279837 | 629 |
| S&P500 EMINI FUT Jun 25 | 20 | 6/23/2025 | 5916000 | 248834 |
| HSCEI Futures Jun 25 | 20 | 6/30/2025 | 1069242 | (5654) |
| FTSE 100 IDX FUT Jun 25 | 19 | 6/23/2025 | 2248026 | 35143 |
| EURO FX CURR JUN 25 | 18 | 6/17/2025 | 2558250 | (12678) |
| MSCI EmgMkt Jun 25 | 18 | 6/23/2025 | 1034370 | (14833) |
| IFSC NIFTY 50 FUT JUN 25 | 17 | 6/27/2025 | 844458 | (5119) |
| 3MO EURO EURIBOR Mar 27 | 16 | 3/15/2027 | 4453906 | 2085 |
| FTSE/JSE TOP 40 Jun 25 | 15 | 6/23/2025 | 723763 | 17863 |
| 3MO EURO EURIBOR Jun 27 | 15 | 6/15/2027 | 4172130 | 4703 |
| LIVE CATTLE FUTR Oct 25 | 14 | 11/3/2025 | 1161440 | 7150 <sup>(a)</sup> |
| EURO-BOBL FUTURE Sep 25 | 14 | 9/9/2025 | 1877634 | 477 |
| SOYBEAN OIL FUTR Jul 25 | 14 | 7/15/2025 | 393876 | (14576) <sup>(a)</sup> |
| LIVE CATTLE FUTR Aug 25 | 13 | 9/1/2025 | 1088620 | 7999 <sup>(a)</sup> |
| EURO STOXX BANK Jun 25 | 12 | 6/23/2025 | 137330 | 785 |
| 3 MONTH SOFR FUT Dec 27 | 12 | 3/15/2028 | 2897550 | (3813) |
| GOLD 100 OZ FUTR Aug 25 | 12 | 8/28/2025 | 3978480 | (8937) <sup>(a)</sup> |
| SA RAND CURR(CME) Jun 25 | 11 | 6/17/2025 | 305938 | 1529 |
| CORN FUTURE Sep 25 | 11 | 9/13/2025 | 232788 | (5350) <sup>(a)</sup> |
| SPI 200 JUN 25 | 10 | 6/20/2025 | 1362626 | 28883 |
| MSCI EAFE Jun 25 | 10 | 6/23/2025 | 1302250 | 28135 |
| Euro-OAT Future Sep 25 | 10 | 9/9/2025 | 1416213 | 454 |
| CANOLA FUTR (WCE) Jul 25 | 9 | 7/15/2025 | 93257 | 3011 <sup>(a)</sup> |
| CAN 2YR BOND FUT Sep 25 | 9 | 9/19/2025 | 692837 | 926 |
| INR/USD Jun 25 | 9 | 6/27/2025 | 210006 | 288 |
| S&P/TSX 60 IX FUT Jun 25 | 8 | 6/23/2025 | 1827865 | 49034 |
| LEAN HOGS FUTURE AUG 25 | 8 | 8/15/2025 | 336080 | 10930 <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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Number of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| 90-DAY BANK BILL Jun 26 | 8 | 6/11/2026 | $5117106 | $1707 |
| CANOLA FUTR (WCE) Nov 25 | 8 | 11/17/2025 | 80272 | 1621 <sup>(a)</sup> |
| Euro-BTP Future Sep 25 | 8 | 9/9/2025 | 1096549 | 1079 |
| HANG SENG IDX FUT Jun 25 | 8 | 6/30/2025 | 1182798 | (697) |
| BRENT CRUDE FUTR Sep 25 | 8 | 8/1/2025 | 496400 | (11349) <sup>(a)</sup> |
| SUGAR #11 (WORLD) Jul 25 | 8 | 7/1/2025 | 152768 | (28404) <sup>(a)</sup> |
| LME COPPER FUTURE Sep 25 | 7 | 9/16/2025 | 1661286 | 59509 <sup>(a)</sup> |
| STOXX EUROPE 600 Jun 25 | 7 | 6/23/2025 | 218194 | 4949 |
| AUST 10Y BOND FUT Jun 25 | 7 | 6/17/2025 | 514923 | 2721 |
| MSCI SING IX ETS Jun 25 | 7 | 6/30/2025 | 222892 | 1196 |
| 3MO EURO EURIBOR Sep 25 | 7 | 9/15/2025 | 1950372 | (1115) |
| WTI CRUDE FUTURE Aug 25 | 7 | 7/23/2025 | 418530 | (4061) <sup>(a)</sup> |
| CAC40 10 EURO FUT Jun 25 | 7 | 6/23/2025 | 615599 | (6688) |
| CATTLE FEEDER FUT Aug 25 | 6 | 8/29/2025 | 896475 | 11919 <sup>(a)</sup> |
| LEAN HOGS FUTURE Jul 25 | 6 | 7/16/2025 | 251820 | 7372 <sup>(a)</sup> |
| 3MO EURO EURIBOR Dec 25 | 6 | 12/15/2025 | 1673280 | 730 |
| 3 MONTH SOFR FUT Dec 26 | 6 | 3/16/2027 | 1451400 | (1188) |
| OMXS30 IND FUTURE Jun 25 | 6 | 6/20/2025 | 156112 | (3105) |
| FTSE Taiwan Index Jun 25 | 6 | 6/30/2025 | 420480 | (7055) |
| DAX INDEX FUTURE Jun 25 | 5 | 6/23/2025 | 3412381 | 86172 |
| EURO/JPY FUTURE Jun 25 | 5 | 6/17/2025 | 709494 | 5271 |
| 3MO EURO EURIBOR Jun 28 | 5 | 6/20/2028 | 1387020 | 677 |
| SOYBEAN OIL FUTR Dec 25 | 5 | 12/15/2025 | 142950 | (3666) <sup>(a)</sup> |
| NIKKEI 225 MINI Jun 25 | 4 | 6/13/2025 | 105533 | 2495 |
| 3MO EURO EURIBOR Dec 26 | 4 | 12/14/2026 | 1114328 | 1187 |
| 3MO EURO EURIBOR Sep 26 | 4 | 9/14/2026 | 1115123 | 1080 |
| STOXX 600 BANK Jun 25 | 4 | 6/23/2025 | 62670 | 994 |
| E-Mini Russ 2000 Jun 25 | 4 | 6/23/2025 | 413660 | 969 |
| 90-DAY BANK BILL Mar 26 | 4 | 3/12/2026 | 2558490 | 529 |
| 3M CORRA Futures Dec 25 | 4 | 3/17/2026 | 711387 | (547) |
| 3M CORRA Futures Mar 26 | 4 | 6/16/2026 | 711351 | (790) |
| 3M CORRA Futures Sep 25 | 4 | 12/16/2025 | 710841 | (926) |
| COFFEE 'C' SEP 25 | 4 | 9/19/2025 | 509700 | (45977) <sup>(a)</sup> |
| SILVER FUTURE Jul 25 | 3 | 7/30/2025 | 495435 | 17578 <sup>(a)</sup> |
| NORWEGIAN KRONE Jun 25 | 3 | 6/17/2025 | 588150 | 2877 |
| LIVE CATTLE FUTR Feb 26 | 3 | 3/2/2026 | 249690 | 2470 <sup>(a)</sup> |
| LEAN HOGS FUTURE Oct 25 | 3 | 10/15/2025 | 106710 | 2410 <sup>(a)</sup> |
| EURO-BUXL 30Y BND Sep 25 | 3 | 9/9/2025 | 411853 | 2001 |
| LIVE CATTLE FUTR DEC 25 | 3 | 1/2/2026 | 249810 | 1630 <sup>(a)</sup> |
| 90-DAY BANK BILL Sep 26 | 3 | 9/11/2026 | 1918821 | 192 |
| 90-DAY BANK BILL DEC 26 | 3 | 12/11/2026 | 1918633 | 31 |
| EURO-SCHATZ FUT Sep 25 | 3 | 9/9/2025 | 365855 | 4 |
| 3MO EURO EURIBOR Sep 27 | 3 | 9/13/2027 | 833787 | (145) |

---

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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF FUTURES** |
| *May 31, 2025 (continued)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Number of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| 3M CORRA Futures Jun 26 | 3 | 9/15/2026 | $533376 | $(842) |
| JPN YEN CURR FUT Jun 25 | 3 | 6/17/2025 | 261056 | (2097) |
| ICE 3MTH SONIA FU Mar 26 | 3 | 6/16/2026 | 972868 | (2148) |
| ICE 3MTH SONIA FU Jun 26 | 3 | 9/15/2026 | 973373 | (2350) |
| Low Su Gasoil G Aug 25 | 3 | 8/13/2025 | 176475 | (5353) <sup>(a)</sup> |
| SOYBEAN FUTURE Nov 25 | 3 | 11/15/2025 | 154013 | (6937) <sup>(a)</sup> |
| GASOLINE RBOB FUT Aug 25 | 3 | 8/1/2025 | 250463 | (8881) <sup>(a)</sup> |
| SWEDISH KRONA FUT Jun 25 | 2 | 6/17/2025 | 417800 | 20964 |
| FTSE/MIB IDX FUT Jun 25 | 2 | 6/23/2025 | 455677 | 17067 |
| NASDAQ 100 E-MINI Jun 25 | 2 | 6/23/2025 | 855070 | 8470 |
| STOXX 600 UTIL Jun 25 | 2 | 6/23/2025 | 50397 | 2813 |
| MINI TPX IDX FUT Jun 25 | 2 | 6/13/2025 | 38887 | 1043 |
| CAN 5YR BOND FUT Sep 25 | 2 | 9/19/2025 | 166393 | 796 |
| 90-DAY BANK BILL Mar 27 | 2 | 3/12/2027 | 1278870 | 157 |
| MINI HSI IDX FUT Jun 25 | 2 | 6/30/2025 | 59140 | (5) |
| BRAZIL REAL FUT JUL 25 | 2 | 7/1/2025 | 34790 | (7) |
| SX5E Dividend Fut Dec 26 | 2 | 12/21/2026 | 35309 | (34) |
| MINI H-SHR IDX FU Jun 25 | 2 | 6/30/2025 | 21385 | (96) |
| RAPESEED EURO Aug 25 | 2 | 8/1/2025 | 53871 | (768) <sup>(a)</sup> |
| 3M CORRA Futures Sep 26 | 2 | 12/16/2026 | 355439 | (787) |
| ICE 3MTH SONIA FU Sep 26 | 2 | 12/15/2026 | 649084 | (1847) |
| PLATINUM FUTURE Jul 25 | 2 | 7/30/2025 | 105490 | (2275) <sup>(a)</sup> |
| CHF CURRENCY FUT Jun 25 | 2 | 6/17/2025 | 304575 | (5696) |
| NY HARB ULSD FUT AUG 25 | 2 | 8/1/2025 | 167756 | (6679) <sup>(a)</sup> |
| JPN 10Y BOND(OSE) JUN 25 | 2 | 6/16/2025 | 1933430 | (6805) |
| COFFEE 'C' FUTURE Dec 25 | 2 | 12/19/2025 | 251738 | (20288) <sup>(a)</sup> |
| COCOA FUTURE Jul 25 | 1 | 7/17/2025 | 97910 | 17331 <sup>(a)</sup> |
| TOPIX INDX FUTR Jun 25 | 1 | 6/13/2025 | 194434 | 12124 |
| NIKKEI 225 (OSE) Jun 25 | 1 | 6/13/2025 | 263833 | 8412 |
| XAF Financial Jun 25 | 1 | 6/23/2025 | 156900 | 4238 |
| COCOA FUTURE - IC Dec 25 | 1 | 12/12/2025 | 81178 | 3770 <sup>(a)</sup> |
| S&P MID 400 EMINI Jun 25 | 1 | 6/23/2025 | 300410 | 3485 |
| CATTLE FEEDER FUT Sep 25 | 1 | 9/26/2025 | 148850 | 2000 <sup>(a)</sup> |
| C$ CURRENCY FUT Jun 25 | 1 | 6/18/2025 | 72955 | 244 |
| SOYBEAN MEAL FUTR DEC 25 | 1 | 12/15/2025 | 30870 | 220 <sup>(a)</sup> |
| 3 MONTH SOFR FUT Jun 27 | 1 | 9/14/2027 | 241775 | 175 |
| 3 MONTH SOFR FUT Sep 27 | 1 | 12/15/2027 | 241625 | 150 |
| ROUGH RICE (CBOT) Jul 25 | 1 | 7/15/2025 | 26990 | 110 <sup>(a)</sup> |
| USD/CNH PH FUT Jun 25 | 1 | 6/17/2025 | 99971 | 48 |
| STOXX 600 INSU Jun 25 | 1 | 6/23/2025 | 27350 | (1) |
| ICE 3MTH SONIA FU Dec 27 | 1 | 3/15/2028 | 324155 | (34) |
| HSTECH Futures Jun 25 | 1 | 6/30/2025 | 32987 | (51) |
| MILK FUTURE JUL 25 | 1 | 7/30/2025 | 39080 | (160) <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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Number of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| 3M CORRA FUTURES DEC 26 | 1 | 3/17/2027 | $177656 | $(168) |
| COPPER FUTURE SEP 25 | 1 | 9/29/2025 | 118238 | (175) <sup>(a)</sup> |
| WTI CRUDE FUTURE Aug 25 | 1 | 7/22/2025 | 59790 | (210) <sup>(a)</sup> |
| STOXX EURO ESG-X Jun 25 | 1 | 6/23/2025 | 22922 | (226) |
| LME ALUMINUM FORWARD | 1 | 8/20/2025 | 61040 | (272) <sup>(a)</sup> |
| 3 MONTH SOFR FUT Mar 27 | 1 | 6/15/2027 | 241888 | (338) |
| LME ALUMINUM FORWARD | 1 | 9/2/2025 | 61100 | (575) <sup>(a)</sup> |
| ICE 3MTH SONIA FU Mar 27 | 1 | 6/15/2027 | 324475 | (825) |
| SOYBEAN OIL FUTR JAN 26 | 1 | 1/15/2026 | 28650 | (924) <sup>(a)</sup> |
| ICE 3MTH SONIA FU Jun 27 | 1 | 9/14/2027 | 324373 | (941) |
| MSCI China A 50 F Jun 25 | 1 | 6/23/2025 | 52115 | (1575) |
| Low Su Gasoil G Oct 25 | 1 | 10/13/2025 | 59075 | (1650) <sup>(a)</sup> |
| YEN DENOM NIKKEI Jun 25 | 1 | 6/13/2025 | 131030 | (2472) |
| GASOLINE RBOB FUT Sep 25 | 1 | 9/1/2025 | 81913 | (2709) <sup>(a)</sup> |
| COPPER FUTURE Jul 25 | 1 | 7/30/2025 | 116938 | (2788) <sup>(a)</sup> |
| COCOA FUTURE Sep 25 | 1 | 9/16/2025 | 92200 | (3740) <sup>(a)</sup> |
| LME TIN FORWARD SPOT | 1 | 8/25/2025 | 151990 | (9785) <sup>(a)</sup> |
| NATURAL GAS FUTR Oct 25 | 1 | 9/29/2025 | 36080 | (9910) <sup>(a)</sup> |
| ECX EMISSION Dec 25 | 1 | 12/16/2025 | 79939 | (12340) <sup>(a)</sup> |
| COCOA FUTURE - IC Jul 25 | 1 | 7/17/2025 | 88130 | (14626) <sup>(a)</sup> |
|  |  |  |  | $697231 |
| **SHORT CONTRACTS** |  |  |  |  |
| COFFEE 'C' FUTURE Jul 25 | (1) | 7/21/2025 | (128419) | 10875 <sup>(a)</sup> |
| PALLADIUM FUTURE SEP 25 | (1) | 9/29/2025 | (96860) | 3700 <sup>(a)</sup> |
| NY Harb ULSD Fut Dec 25 | (1) | 12/1/2025 | (84622) | 3108 <sup>(a)</sup> |
| GASOLINE RBOB FUT Oct 25 | (1) | 10/1/2025 | (75571) | 2633 <sup>(a)</sup> |
| LME NICKEL FORWARD | (1) | 8/28/2025 | (91393) | 2196 <sup>(a)</sup> |
| WTI CRUDE FUTURE JUL 25 | (1) | 6/20/2025 | (60790) | 1870 <sup>(a)</sup> |
| WTI CRUDE FUTURE Dec 25 | (1) | 11/21/2025 | (58120) | 1780 <sup>(a)</sup> |
| WTI CRUDE FUTURE Oct 25 | (1) | 9/23/2025 | (58460) | 1250 <sup>(a)</sup> |
| BRENT CRUDE FUTR OCT 25 | (1) | 9/2/2025 | (61570) | 1120 <sup>(a)</sup> |
| E-MINI CRUDE OIL JUL 25 | (1) | 6/20/2025 | (30395) | 993 <sup>(a)</sup> |
| XAK Technology Jun 25 | (1) | 6/23/2025 | (233070) | 960 |
| LME LEAD FORWARD | (1) | 8/28/2025 | (48931) | 794 <sup>(a)</sup> |
| LME ALUMINUM FORWARD | (1) | 8/28/2025 | (61088) | 456 <sup>(a)</sup> |
| FTSE KLCI FUTURE Jun 25 | (1) | 7/1/2025 | (17567) | 335 |
| SUGAR #11 (WORLD) May 26 | (1) | 5/1/2026 | (19264) | 291 <sup>(a)</sup> |
| MAIZE FUT Aug 25 | (1) | 8/6/2025 | (10999) | 131 <sup>(a)</sup> |
| ICE 3MTH SONIA FU Sep 25 | (1) | 12/16/2025 | (323312) | 34 |
| LME ALUMINUM FORWARD | (1) | 8/4/2025 | (60959) | (59) <sup>(a)</sup> |
| CRUDE PALM OIL FU Oct 25 | (1) | 10/16/2025 | (22722) | (126) <sup>(a)</sup> |
| KC HRW WHEAT FUT Sep 25 | (1) | 9/15/2025 | (27350) | (400) <sup>(a)</sup> |
| NATURAL GAS FUTR Jul 25 | (1) | 6/27/2025 | (34470) | (1078) <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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Number of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| OAT FUTURE Jul 25 | (1) | 7/15/2025 | $(18938) | $(1488) <sup>(a)</sup> |
| DJIA MINI e-CBOT Jun 25 | (1) | 6/23/2025 | (211470) | (14840) |
| LONG GILT FUTURE Sep 25 | (1) | 9/29/2025 | (123255) | (17945) |
| COFF ROBUSTA 10tn Sep 25 | (2) | 9/25/2025 | (89260) | 10870 <sup>(a)</sup> |
| US LONG BOND(CBT) SEP 25 | (2) | 9/22/2025 | (225563) | 5086 |
| BRENT CRUDE FUTR Dec 25 | (2) | 11/1/2025 | (122820) | 3610 <sup>(a)</sup> |
| WHITE SUGAR (ICE) Oct 25 | (2) | 9/16/2025 | (47300) | 1795 <sup>(a)</sup> |
| WHITE SUGAR (ICE) Aug 25 | (2) | 7/17/2025 | (47610) | 1720 <sup>(a)</sup> |
| SUGAR #11 (WORLD) Mar 26 | (2) | 3/2/2026 | (39626) | 1165 <sup>(a)</sup> |
| SGX Iron Ore 62% Jul 25 | (2) | 8/1/2025 | (19128) | 707 <sup>(a)</sup> |
| CRUDE PALM OIL FU Sep 25 | (2) | 9/16/2025 | (45444) | 262 <sup>(a)</sup> |
| ICE 3MTH SONIA FU Dec 26 | (2) | 3/16/2027 | (649084) | (1701) |
| US ULTRA BOND CBT SEP 25 | (2) | 9/22/2025 | (232125) | (6383) |
| NIKKEI 225 (SGX) Jun 25 | (2) | 6/13/2025 | (263798) | (16150) |
| NY Harb ULSD Fut Jul 25 | (3) | 7/1/2025 | (252680) | 8210 <sup>(a)</sup> |
| GASOLINE RBOB FUT Jul 25 | (3) | 7/1/2025 | (253903) | 1008 <sup>(a)</sup> |
| MILL WHEAT EURO Mar 26 | (3) | 3/11/2026 | (37466) | 866 <sup>(a)</sup> |
| 1 MONTH SOFR FUT OCT 25 | (3) | 11/3/2025 | (1198471) |  |
| NATURAL GAS FUTR AUG 25 | (3) | 7/30/2025 | (105690) | (894) <sup>(a)</sup> |
| JPN YEN CURR FUT Jun 25 | (3) | 6/17/2025 | (261056) | (4476) |
| WTI CRUDE JUL 25 | (4) | 6/21/2025 | (243160) | 9661 <sup>(a)</sup> |
| SOYBEAN FUTURE Jan 26 | (4) | 1/15/2026 | (208150) | 263 <sup>(a)</sup> |
| 3 MONTH SOFR FUT Sep 25 | (4) | 12/16/2025 | (959200) | 63 |
| CORN FUTURE Jul 25 | (4) | 7/16/2025 | (88800) | (13) <sup>(a)</sup> |
| CRUDE PALM OIL FU AUG 25 | (4) | 8/18/2025 | (91076) | (609) <sup>(a)</sup> |
| US 10yr Ultra Fut Sep 25 | (4) | 9/22/2025 | (450188) | (1211) |
| EURO-BOBL FUTURE Jun 25 | (4) | 6/9/2025 | (541054) | (4170) |
| EURO-BUND FUTURE Jun 25 | (4) | 6/9/2025 | (595867) | (6676) |
| UK NATURAL GAS FUTAUG25 | (5) | 7/31/2025 | (169243) | 11697 <sup>(a)</sup> |
| RED WHEAT FUT MGE Jul 25 | (5) | 7/15/2025 | (156375) | (4163) <sup>(a)</sup> |
| NEW ZEALAND $ FUT Jun 25 | (5) | 6/17/2025 | (298850) | (12774) |
| Euro-OAT Future Jun 25 | (5) | 6/9/2025 | (713840) | (16676) |
| LME NICKEL FUTURE Sep 25 | (6) | 9/16/2025 | (549957) | 17828 <sup>(a)</sup> |
| LME PRI ALUM FUTR Sep 25 | (6) | 9/16/2025 | (367016) | 8113 <sup>(a)</sup> |
| DOLLAR INDEX Jun 25 | (6) | 6/17/2025 | (595554) | 2261 |
| COTTON NO.2 FUTR JUL 25 | (7) | 7/10/2025 | (227710) | 5288 <sup>(a)</sup> |
| SOYBEAN FUTURE Jul 25 | (7) | 7/15/2025 | (364613) | 3800 <sup>(a)</sup> |
| LME ZINC FUTURE Sep 25 | (8) | 9/16/2025 | (524888) | 17298 <sup>(a)</sup> |
| MILL WHEAT EURO Dec 25 | (8) | 12/11/2025 | (96390) | 4439 <sup>(a)</sup> |
| WHEAT FUTURE(CBT) Sep 25 | (8) | 9/15/2025 | (219300) | 1898 <sup>(a)</sup> |
| EURO-BUXL 30Y BND Jun 25 | (8) | 6/9/2025 | (1104269) | 1002 |
| ICE 3MTH SONIA FU Dec 25 | (8) | 3/17/2026 | (2591754) | (3517) |
| AUDUSD Crncy Fut Jun 25 | (8) | 6/17/2025 | (515480) | (5715) |

---

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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF FUTURES** |
| *May 31, 2025 (continued)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Number of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| LME LEAD FUTURE Sep 25 | (9) | 9/16/2025 | $(441869) | $8581 <sup>(a)</sup> |
| WTI CRUDE FUTURE Sep 25 | (10) | 8/21/2025 | (590000) | 9680 <sup>(a)</sup> |
| KC HRW WHEAT FUT Jul 25 | (12) | 7/15/2025 | (319950) | 3512 <sup>(a)</sup> |
| WHEAT FUTURE(CBT) Jul 25 | (12) | 7/15/2025 | (320400) | (4275) <sup>(a)</sup> |
| Low Su Gasoil G Jul 25 | (13) | 7/11/2025 | (767975) | 32386 <sup>(a)</sup> |
| BRENT CRUDE FUTR Aug 25 | (13) | 7/1/2025 | (816140) | 10997 <sup>(a)</sup> |
| US 2YR NOTE (CBT) SEP 25 | (18) | 10/1/2025 | (3733875) | (3117) |
| 3 MONTH SOFR FUT Mar 26 | (19) | 6/16/2026 | (4580188) | (2125) |
| SOYBEAN MEAL FUTR Jul 25 | (20) | 7/15/2025 | (592600) | (2051) <sup>(a)</sup> |
| COTTON NO.2 FUTR Dec 25 | (22) | 12/9/2025 | (745250) | 10935 <sup>(a)</sup> |
| 10YR MINI JGB FUT Jun 25 | (24) | 6/13/2025 | (2322118) | 815 |
| SET50 FUTURES Jun 25 | (25) | 6/30/2025 | (112558) | 2980 |
| WHEAT FUTURE(CBT) Dec 25 | (29) | 12/15/2025 | (827950) | (5225) <sup>(a)</sup> |
| MILL WHEAT EURO Sep 25 | (31) | 9/11/2025 | (353273) | 17824 <sup>(a)</sup> |
| SUGAR #11 (WORLD) Oct 25 | (31) | 10/1/2025 | (598226) | (3340) <sup>(a)</sup> |
| CORN FUTURE Dec 25 | (44) | 12/15/2025 | (964700) | 592 <sup>(a)</sup> |
| 3 MONTH SOFR FUT Dec 25 | (82) | 3/17/2026 | (19719975) | (4779) |
|  |  |  |  | $103762 |

---

<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** |
| *May 31, 2025* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Contract**<br>**Trading**<br>**Currency** | <br>**Currency**<br>**Purchased** | <br>**Currency**<br>**Sold** | **Trading**<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** |<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** | <br>**Settlement**<br>**Date** | **Market Value**<br>**and Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Citgroup Global Markets Inc | BRL | BRL | USD | 1048488 | (182914) | 6/18/2025 | $4797 |
| Citgroup Global Markets Inc | BRL | BRL | USD | 194500 | (33931) | 9/17/2025 | (119) |
| Citgroup Global Markets Inc | BRL | USD | BRL | (562500) | 98133 | 6/18/2025 | (2753) |
| Citgroup Global Markets Inc | CLP | CLP | USD | 33333331 | (35263) | 6/18/2025 | 28 |
| Citgroup Global Markets Inc | CLP | CLP | USD | 16666665 | (17630) | 9/17/2025 | (95) |
| Citgroup Global Markets Inc | CLP | USD | CLP | (16666665) | 17630 | 6/18/2025 | 94 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 1434000 | (199283) | 6/18/2025 | 720 |
| Citgroup Global Markets Inc | CNH | CNH | USD | 658000 | (91443) | 9/17/2025 | 25 |
| Citgroup Global Markets Inc | CNH | USD | CNH | (1239500) | 172253 | 6/18/2025 | (1388) |
| Citgroup Global Markets Inc | EUR | EUR | USD | 746750 | (847751) | 6/18/2025 | 9284 |
| Citgroup Global Markets Inc | EUR | USD | EUR | (1209500) | 1373092 | 6/18/2025 | (89101) |
| Citgroup Global Markets Inc | EUR | USD | EUR | (471750) | 535558 | 9/17/2025 | (1098) |
| Citgroup Global Markets Inc | GBP | GBP | USD | 394937 | (532590) | 6/18/2025 | 15767 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (147562) | 198994 | 9/17/2025 | 172 |
| Citgroup Global Markets Inc | GBP | USD | GBP | (542500) | 731584 | 6/18/2025 | (40700) |
| Citgroup Global Markets Inc | HUF | HUF | USD | 25000000 | (70251) | 6/18/2025 | 5121 |
| Citgroup Global Markets Inc | HUF | HUF | USD | 7500000 | (21074) | 9/17/2025 | 88 |
| Citgroup Global Markets Inc | HUF | USD | HUF | (17500000) | 49174 | 6/18/2025 | (1390) |
| Citgroup Global Markets Inc | INR | INR | USD | 15128217 | (176784) | 6/18/2025 | 4280 |
| Citgroup Global Markets Inc | INR | INR | USD | 9455135 | (110488) | 9/17/2025 | 128 |
| Citgroup Global Markets Inc | INR | USD | INR | (9455135) | 110488 | 6/18/2025 | (130) |
| Citgroup Global Markets Inc | KRW | KRW | USD | 150000000 | (108719) | 6/18/2025 | 3236 |

---

*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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Contract**<br>**Trading**<br>**Currency** | <br>**Currency**<br>**Purchased** | <br>**Currency**<br>**Sold** | **Trading**<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** |<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** | <br>**Settlement**<br>**Date** | **Market Value**<br>**and Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Citgroup Global Markets Inc | KRW | KRW | USD | 50000000 | (36240) | 9/17/2025 | $(147) |
| Citgroup Global Markets Inc | KRW | USD | KRW | (100000000) | 72480 | 6/18/2025 | (1523) |
| Citgroup Global Markets Inc | MXN | MXN | USD | 4000000 | (206123) | 6/18/2025 | 11014 |
| Citgroup Global Markets Inc | MXN | MXN | USD | 2375000 | (122385) | 9/17/2025 | (406) |
| Citgroup Global Markets Inc | MXN | USD | MXN | (3375000) | 173915 | 6/18/2025 | (4788) |
| Citgroup Global Markets Inc | PLN | PLN | USD | 292000 | (77979) | 6/18/2025 | 3907 |
| Citgroup Global Markets Inc | PLN | PLN | USD | 71500 | (19094) | 9/17/2025 | 48 |
| Citgroup Global Markets Inc | PLN | USD | PLN | (224500) | 59956 | 6/18/2025 | (1109) |
| Citgroup Global Markets Inc | ZAR | USD | ZAR | (2400000) | 132910 | 6/18/2025 | (2758) |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 3000000 | (166136) | 6/18/2025 | 5053 |
| Citgroup Global Markets Inc | ZAR | ZAR | USD | 1400000 | (77531) | 9/17/2025 | (175) |
| Deutsche Bank AG | AUD | CAD | AUD | (1800000) | 1592729 | 7/11/2025 | 300 |
| Deutsche Bank AG | AUD | EUR | AUD | (657802) | 372894 | 7/11/2025 | 3196 |
| Deutsche Bank AG | AUD | GBP | AUD | (522307) | 249254 | 7/11/2025 | 633 |
| Deutsche Bank AG | AUD | JPY | AUD | (200000) | 18572219 | 7/11/2025 | 1075 |
| Deutsche Bank AG | AUD | NZD | AUD | (2200000) | 2371341 | 7/11/2025 | 2621 |
| Deutsche Bank AG | AUD | USD | AUD | (800000) | 514840 | 7/11/2025 | (280) |
| Deutsche Bank AG | CAD | CAD | AUD | 1600076 | (1808303) | 7/11/2025 | 7018 |
| Deutsche Bank AG | CAD | EUR | CAD | (1364453) | 874135 | 7/11/2025 | 1176 |
| Deutsche Bank AG | CAD | JPY | CAD | (400000) | 41978254 | 7/11/2025 | 577 |
| Deutsche Bank AG | CAD | USD | CAD | (700000) | 509109 | 7/11/2025 | (3538) |
| Deutsche Bank AG | CHF | CHF | EUR | 583487 | (625611) | 7/11/2025 | 3375 |
| Deutsche Bank AG | CHF | CHF | USD | 125000 | (152151) | 7/11/2025 | 703 |
| Deutsche Bank AG | CLP | CLP | USD | 94118830 | (99569) | 6/16/2025 | (427) |
| Deutsche Bank AG | CLP | USD | CLP | (94378610) | 99844 | 6/16/2025 | 153 |
| Deutsche Bank AG | CNH | CNH | USD | 1435530 | (199497) | 7/11/2025 | 271 |
| Deutsche Bank AG | COP | COP | USD | 418020816 | (100413) | 6/24/2025 | 396 |
| Deutsche Bank AG | COP | COP | USD | 416457316 | (100038) | 6/6/2025 | 229 |
| Deutsche Bank AG | COP | USD | COP | (417197000) | 100216 | 6/24/2025 | (198) |
| Deutsche Bank AG | COP | USD | COP | (424391000) | 101944 | 6/6/2025 | (2139) |
| Deutsche Bank AG | EUR | CHF | EUR | (625000) | 582918 | 7/11/2025 | (2124) |
| Deutsche Bank AG | EUR | EUR | USD | 625000 | (709534) | 7/11/2025 | 4724 |
| Deutsche Bank AG | EUR | EUR | NOK | 500000 | (5799531) | 7/11/2025 | 3023 |
| Deutsche Bank AG | EUR | EUR | JPY | 100000 | (16381150) | 7/11/2025 | (153) |

---

*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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Contract**<br>**Trading**<br>**Currency** | <br>**Currency**<br>**Purchased** | <br>**Currency**<br>**Sold** | **Trading**<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** |<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** | <br>**Settlement**<br>**Date** | **Market Value**<br>**and Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Deutsche Bank AG | EUR | EUR | AUD | 375000 | (661518) | 7/11/2025 | $(575) |
| Deutsche Bank AG | EUR | EUR | CAD | 875000 | (1365803) | 7/11/2025 | (1341) |
| Deutsche Bank AG | EUR | GBP | EUR | (800000) | 673469 | 7/11/2025 | (3929) |
| Deutsche Bank AG | EUR | PLN | EUR | (100000) | 425102 | 7/11/2025 | 106 |
| Deutsche Bank AG | EUR | SEK | EUR | (500000) | 5452030 | 7/11/2025 | (2933) |
| Deutsche Bank AG | GBP | GBP | USD | 875000 | (1179977) | 7/11/2025 | 877 |
| Deutsche Bank AG | GBP | GBP | AUD | 250000 | (523869) | 7/11/2025 | (555) |
| Deutsche Bank AG | GBP | GBP | JPY | 250000 | (48647072) | 7/11/2025 | (555) |
| Deutsche Bank AG | GBP | GBP | EUR | 671662 | (797853) | 7/11/2025 | (1492) |
| Deutsche Bank AG | HUF | HUF | USD | 143611584 | (403552) | 7/11/2025 | 2972 |
| Deutsche Bank AG | ILS | ILS | USD | 350151 | (99499) | 7/11/2025 | (302) |
| Deutsche Bank AG | INR | INR | USD | 8581585 | (100281) | 6/20/2025 | 222 |
| Deutsche Bank AG | INR | INR | USD | 8576845 | (100226) | 6/23/2025 | 151 |
| Deutsche Bank AG | INR | INR | USD | 17080985 | (199602) | 6/30/2025 | (616) |
| Deutsche Bank AG | INR | INR | USD | 16916257 | (197677) | 6/9/2025 | (2332) |
| Deutsche Bank AG | INR | INR | USD | 17061371 | (199373) | 6/13/2025 | (676) |
| Deutsche Bank AG | INR | USD | INR | (17042080) | 199148 | 6/9/2025 | 861 |
| Deutsche Bank AG | INR | USD | INR | (17046040) | 199194 | 6/13/2025 | 855 |
| Deutsche Bank AG | INR | USD | INR | (85535250) | 999536 | 6/16/2025 | 859 |
| Deutsche Bank AG | INR | USD | INR | (8573650) | 100189 | 6/20/2025 | (129) |
| Deutsche Bank AG | JPY | EUR | JPY | (16366152) | 99908 | 7/11/2025 | (275) |
| Deutsche Bank AG | JPY | GBP | JPY | (48731288) | 250433 | 7/11/2025 | (2723) |
| Deutsche Bank AG | JPY | JPY | USD | 62500000 | (433140) | 7/11/2025 | 4503 |
| Deutsche Bank AG | JPY | JPY | NZD | 86454130 | (1003514) | 7/11/2025 | 950 |
| Deutsche Bank AG | JPY | JPY | CAD | 41979536 | (400012) | 7/11/2025 | 461 |
| Deutsche Bank AG | JPY | JPY | AUD | 18659242 | (200937) | 7/11/2025 | 205 |
| Deutsche Bank AG | JPY | NZD | JPY | (17167032) | 199266 | 6/4/2025 | 128 |
| Deutsche Bank AG | JPY | USD | JPY | (12500000) | 86628 | 7/11/2025 | (123) |
| Deutsche Bank AG | KRW | KRW | USD | 279065928 | (202266) | 6/9/2025 | 2180 |
| Deutsche Bank AG | KRW | KRW | USD | 139302000 | (100965) | 6/20/2025 | 975 |
| Deutsche Bank AG | KRW | KRW | USD | 412189090 | (298753) | 6/16/2025 | (1275) |
| Deutsche Bank AG | KRW | USD | KRW | (411742800) | 298429 | 7/2/2025 | 1374 |
| Deutsche Bank AG | KRW | USD | KRW | (419868952) | 304319 | 6/16/2025 | (4291) |
| Deutsche Bank AG | KRW | USD | KRW | (279711098) | 202733 | 6/9/2025 | (2648) |
| Deutsche Bank AG | MXN | USD | MXN | (5000000) | 257652 | 7/11/2025 | 691 |
| Deutsche Bank AG | NOK | EUR | NOK | (5774473) | 497840 | 7/11/2025 | 340 |
| Deutsche Bank AG | NOK | NOK | USD | 4070387 | (398388) | 7/11/2025 | (1226) |
| Deutsche Bank AG | NOK | SEK | NOK | (6500000) | 6110527 | 7/11/2025 | 511 |
| Deutsche Bank AG | NZD | JPY | NZD | (1000000) | 86151412 | 7/11/2025 | 4476 |
| Deutsche Bank AG | NZD | NZD | AUD | 2374011 | (2202476) | 7/11/2025 | (1485) |
| Deutsche Bank AG | NZD | USD | NZD | (600000) | 358230 | 7/11/2025 | (467) |
| Deutsche Bank AG | PLN | PLN | USD | 3763356 | (1005022) | 7/11/2025 | 4653 |
| Deutsche Bank AG | PLN | PLN | EUR | 425473 | (100087) | 7/11/2025 | (340) |
| Deutsche Bank AG | SEK | SEK | NOK | 6132809 | (6523702) | 7/11/2025 | 3989 |
| Deutsche Bank AG | SEK | SEK | EUR | 5448040 | (499634) | 7/11/2025 | 3544 |

---

*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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Contract**<br>**Trading**<br>**Currency** | <br>**Currency**<br>**Purchased** | <br>**Currency**<br>**Sold** | **Trading**<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** |<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** | <br>**Settlement**<br>**Date** | **Market Value**<br>**and Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Deutsche Bank AG | SEK | SEK | USD | 6720500 | (699691) | 7/11/2025 | $2758 |
| Deutsche Bank AG | SGD | SGD | USD | 1032386 | (800547) | 7/11/2025 | 2419 |
| Deutsche Bank AG | TRY | USD | TRY | (16318520) | 415846 | 7/11/2025 | 669 |
| Deutsche Bank AG | TWD | TWD | USD | 6220810 | (207579) | 6/6/2025 | 8033 |
| Deutsche Bank AG | TWD | TWD | USD | 2972037 | (99172) | 6/27/2025 | (26) |
| Deutsche Bank AG | TWD | USD | TWD | (6016034) | 200745 | 6/6/2025 | (1186) |
| Deutsche Bank AG | ZAR | ZAR | USD | 1798089 | (99576) | 7/11/2025 | (296) |
| JP Morgan Securities LLC | BRL | BRL | USD | 1048488 | (182914) | 6/18/2025 | 4793 |
| JP Morgan Securities LLC | BRL | BRL | USD | 194500 | (33931) | 9/17/2025 | (120) |
| JP Morgan Securities LLC | BRL | USD | BRL | (562500) | 98133 | 6/18/2025 | (2753) |
| JP Morgan Securities LLC | CLP | CLP | USD | 33333331 | (35263) | 6/18/2025 | 29 |
| JP Morgan Securities LLC | CLP | CLP | USD | 16666665 | (17630) | 9/17/2025 | (94) |
| JP Morgan Securities LLC | CLP | USD | CLP | (16666665) | 17630 | 6/18/2025 | 94 |
| JP Morgan Securities LLC | CNH | CNH | USD | 1434000 | (199283) | 6/18/2025 | 723 |
| JP Morgan Securities LLC | CNH | CNH | USD | 658000 | (91443) | 9/17/2025 | 27 |
| JP Morgan Securities LLC | CNH | USD | CNH | (1239500) | 172253 | 6/18/2025 | (1387) |
| JP Morgan Securities LLC | EUR | EUR | USD | 746750 | (847750) | 6/18/2025 | 9286 |
| JP Morgan Securities LLC | EUR | USD | EUR | (1209500) | 1373092 | 6/18/2025 | (89093) |
| JP Morgan Securities LLC | EUR | USD | EUR | (471750) | 535557 | 9/17/2025 | (1097) |
| JP Morgan Securities LLC | GBP | GBP | USD | 394937 | (532590) | 6/18/2025 | 15770 |
| JP Morgan Securities LLC | GBP | USD | GBP | (147562) | 198994 | 9/17/2025 | 173 |
| JP Morgan Securities LLC | GBP | USD | GBP | (542500) | 731584 | 6/18/2025 | (40699) |
| JP Morgan Securities LLC | HUF | HUF | USD | 25000000 | (70251) | 6/18/2025 | 5121 |
| JP Morgan Securities LLC | HUF | HUF | USD | 7500000 | (21074) | 9/17/2025 | 88 |
| JP Morgan Securities LLC | HUF | USD | HUF | (17500000) | 49174 | 6/18/2025 | (1391) |

---

*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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Contract**<br>**Trading**<br>**Currency** | <br>**Currency**<br>**Purchased** | <br>**Currency**<br>**Sold** | **Trading**<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** |<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** | <br>**Settlement**<br>**Date** | **Market Value**<br>**and Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| JP Morgan Securities LLC | INR | INR | USD | 15128217 | (176784) | 6/18/2025 | $4280 |
| JP Morgan Securities LLC | INR | INR | USD | 9455135 | (110488) | 9/17/2025 | 128 |
| JP Morgan Securities LLC | INR | USD | INR | (9455135) | 110488 | 6/18/2025 | (130) |
| JP Morgan Securities LLC | KRW | KRW | USD | 150000000 | (108719) | 6/18/2025 | 3237 |
| JP Morgan Securities LLC | KRW | KRW | USD | 50000000 | (36240) | 9/17/2025 | (147) |
| JP Morgan Securities LLC | KRW | USD | KRW | (100000000) | 72480 | 6/18/2025 | (1532) |
| JP Morgan Securities LLC | MXN | MXN | USD | 4000000 | (206123) | 6/18/2025 | 11017 |
| JP Morgan Securities LLC | MXN | MXN | USD | 2375000 | (122385) | 9/17/2025 | (406) |
| JP Morgan Securities LLC | MXN | USD | MXN | (3375000) | 173915 | 6/18/2025 | (4784) |
| JP Morgan Securities LLC | PLN | PLN | USD | 292000 | (77979) | 6/18/2025 | 3905 |
| JP Morgan Securities LLC | PLN | PLN | USD | 71500 | (19094) | 9/17/2025 | 48 |
| JP Morgan Securities LLC | PLN | USD | PLN | (224500) | 59956 | 6/18/2025 | (1109) |
| JP Morgan Securities LLC | ZAR | USD | ZAR | (2400000) | 132910 | 6/18/2025 | (2760) |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 3000000 | (166136) | 6/18/2025 | 5055 |
| JP Morgan Securities LLC | ZAR | ZAR | USD | 1400000 | (77531) | 9/17/2025 | (175) |
| Societe Generale SA | AUD | AUD | USD | 100000 | (64356) | 6/18/2025 | (26) |
| Societe Generale SA | AUD | USD | AUD | (100000) | 64356 | 6/18/2025 | (67) |
| Societe Generale SA | BRL | BRL | USD | 3705966 | (646537) | 6/3/2025 | (2203) |
| Societe Generale SA | BRL | BRL | USD | 4584277 | (799761) | 7/2/2025 | (4071) |
| Societe Generale SA | BRL | USD | BRL | (3705966) | 646534 | 6/3/2025 | 2486 |
| Societe Generale SA | CAD | CAD | USD | 275092 | (200074) | 6/18/2025 | 579 |
| Societe Generale SA | CAD | USD | CAD | (275599) | 200443 | 6/18/2025 | (948) |
| Societe Generale SA | CHF | CHF | USD | 540545 | (657956) | 6/18/2025 | 8231 |
| Societe Generale SA | CHF | CHF | EUR | 234039 | (250935) | 6/18/2025 | 887 |
| Societe Generale SA | CHF | EUR | CHF | (93676) | 100440 | 6/18/2025 | (428) |
| Societe Generale SA | CHF | USD | CHF | (167435) | 203804 | 6/18/2025 | (3888) |
| Societe Generale SA | CLP | CLP | USD | 327916886 | (346906) | 6/18/2025 | (3081) |
| Societe Generale SA | CLP | USD | CLP | (241135853) | 255099 | 6/18/2025 | (5108) |
| Societe Generale SA | CNH | CNH | USD | 1795788 | (249562) | 6/18/2025 | (91) |

---

*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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Contract**<br>**Trading**<br>**Currency** | <br>**Currency**<br>**Purchased** | <br>**Currency**<br>**Sold** | **Trading**<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** |<br>**Currency**<br>**Amount (Sold)/**<br>**Purchased** | <br>**Settlement**<br>**Date** | **Market Value**<br>**and Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Societe Generale SA | CNH | USD | CNH | (2516648) | 349741 | 6/18/2025 | $(228) |
| Societe Generale SA | COP | COP | USD | 2932100963 | (704325) | 6/18/2025 | 4687 |
| Societe Generale SA | COP | USD | COP | (1732936215) | 416272 | 6/18/2025 | (16486) |
| Societe Generale SA | CZK | CZK | EUR | 6251044 | (250446) | 6/18/2025 | 892 |
| Societe Generale SA | EUR | EUR | JPY | 250000 | (40952876) | 6/18/2025 | (771) |
| Societe Generale SA | EUR | EUR | USD | 450000 | (510864) | 6/18/2025 | (165) |
| Societe Generale SA | EUR | GBP | EUR | (1200000) | 1010208 | 6/18/2025 | (421) |
| Societe Generale SA | EUR | HUF | EUR | (350000) | 141400541 | 6/18/2025 | 2020 |
| Societe Generale SA | EUR | JPY | EUR | (150000) | 24571727 | 6/18/2025 | (617) |
| Societe Generale SA | EUR | NOK | EUR | (850000) | 9859207 | 6/18/2025 | (8514) |
| Societe Generale SA | EUR | PLN | EUR | (600000) | 2550607 | 6/18/2025 | (287) |
| Societe Generale SA | EUR | SEK | EUR | (1300000) | 14175276 | 6/18/2025 | (8753) |
| Societe Generale SA | GBP | EUR | GBP | (42105) | 50016 | 6/18/2025 | 87 |
| Societe Generale SA | GBP | GBP | USD | 1100000 | (1483399) | 6/18/2025 | (3080) |
| Societe Generale SA | IDR | IDR | USD | 5747625756 | (352833) | 6/18/2025 | 1779 |
| Societe Generale SA | IDR | USD | IDR | (5762329256) | 353733 | 6/18/2025 | (2678) |
| Societe Generale SA | ILS | ILS | USD | 1058896 | (300895) | 6/18/2025 | 1394 |
| Societe Generale SA | INR | INR | USD | 60338111 | (705091) | 6/18/2025 | 4742 |
| Societe Generale SA | INR | USD | INR | (52405683) | 612396 | 6/18/2025 | (12091) |
| Societe Generale SA | JPY | JPY | USD | 130562047 | (904828) | 6/18/2025 | 8983 |
| Societe Generale SA | JPY | USD | JPY | (36624560) | 253816 | 6/18/2025 | (4983) |
| Societe Generale SA | KRW | KRW | USD | 917495160 | (664999) | 6/18/2025 | 14998 |
| Societe Generale SA | KRW | USD | KRW | (948524890) | 687486 | 6/18/2025 | (37489) |
| Societe Generale SA | MXN | MXN | USD | 8759129 | (451362) | 6/18/2025 | 686 |
| Societe Generale SA | NZD | NZD | USD | 200000 | (119409) | 6/18/2025 | 217 |
| Societe Generale SA | NZD | USD | NZD | (150000) | 89558 | 6/18/2025 | (973) |
| Societe Generale SA | PEN | PEN | USD | 730253 | (201083) | 6/18/2025 | 1705 |
| Societe Generale SA | PEN | USD | PEN | (188585) | 51929 | 6/18/2025 | (2089) |
| Societe Generale SA | PHP | PHP | USD | 8602730 | (154185) | 6/18/2025 | 4108 |
| Societe Generale SA | PLN | EUR | PLN | (639756) | 150494 | 6/18/2025 | (413) |
| Societe Generale SA | SEK | EUR | SEK | (543960) | 49886 | 6/18/2025 | 20 |
| Societe Generale SA | SGD | SGD | USD | 908850 | (704754) | 6/18/2025 | 5379 |
| Societe Generale SA | SGD | USD | SGD | (129965) | 100779 | 6/18/2025 | (868) |
| Societe Generale SA | THB | THB | USD | 11664185 | (355317) | 6/18/2025 | 5590 |
| Societe Generale SA | THB | USD | THB | (3370636) | 102677 | 6/18/2025 | (2756) |
| Societe Generale SA | TWD | TWD | USD | 14221646 | (474553) | 6/18/2025 | 27192 |
| Societe Generale SA | TWD | USD | TWD | (13046860) | 435352 | 6/18/2025 | (37772) |
| Societe Generale SA | ZAR | ZAR | USD | 3614234 | (200151) | 6/18/2025 | 756 |
|  |  |  |  |  |  |  | $(193171) |

---

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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF SWAP CONTRACTS** |
| *May 31, 2025* |

---

**Credit Default Swap Agreements - Protection Sold**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br> Instrument** | **Counterparty** | **Termination<br> Date** | **Rate Paid<br> (Received)** | **Payment<br> Frequency** | **Notional<br> Amount <sup>(a),(b)</sup>** | **Value** |
| CDX.EM SERIES 43 | Citibank NA | 12/20/2029 | (1.00%) | Quarterly | 200000 | $(5991) |
| CDX.EM SERIES 43 | JP Morgan Securities LLC | 12/20/2029 | (1.00%) | Quarterly | 200000 | (5991) |
|  |  |  |  |  |  | (11982) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Underlying<br> Instrument** | **Counterparty** | **Upfront<br> payments/<br> (receipts)** | **Unrealized<br> appreciation/<br> (depreciation)** |
| CDX.EM SERIES 43 | Citibank NA | $(7180) | $1189 |
| CDX.EM SERIES 43 | JP Morgan Securities LLC | (7180) | 1189 |
|  |  | $(14360) | $2378 |

---

**Credit Default Swap Agreements - Protection Purchased**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying**<br>**Instrument** | <br>**Counterparty** | **Termination**<br>**Date** | **Rate Paid**<br>**(Received)** | **Payment**<br>**Frequency** | **Notional**<br>**Amount <sup>(b)</sup>** |<br>**Value** |
| CDX.NA.HY Series 44 | Citibank NA | 12/20/2029 | 5.0% | Quarterly | 1000000 | $71182 |
| CDX.NA.HY Series 44 | JP Morgan Securities LLC | 12/20/2029 | 5.0% | Quarterly | 1000000 | 71182 |
| CDX.NA.IG SERIES 44 | Citibank NA | 12/20/2029 | 1.0% | Quarterly | 1600000 | 35253 |
| CDX.NA.IG SERIES 44 | JP Morgan Securities LLC | 12/20/2029 | 1.0% | Quarterly | 1600000 | 35253 |
| ITRAXX EUROPE SERIES 43 | Citibank NA | 12/20/2029 | 1.0% | Quarterly | 1600000 | 40222 |
| ITRAXX EUROPE SERIES 43 | JP Morgan Securities LLC | 12/20/2029 | 1.0% | Quarterly | 1600000 | 40222 |
| ITRAXX EUROPE CROSSOVER SERIES 43 | Citibank NA | 12/20/2029 | 5.0% | Quarterly | 750000 | 82183 |
| ITRAXX EUROPE CROSSOVER SERIES 43 | JP Morgan Securities LLC | 12/20/2029 | 5.0% | Quarterly | 750000 | 82183 |
|  |  |  |  |  |  | $457680 |

---

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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF SWAP CONTRACTS** |
| *May 31, 2025 (continued)* |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Underlying**<br>**Instrument** | <br>**Counterparty** | **Upfront**<br>**payments/**<br>**(receipts)** | **Unrealized**<br>**appreciation/**<br>**(depreciation)** |
| CDX.NA.HY Series 44 | Citibank NA | $55605 | $15577 |
| CDX.NA.HY Series 44 | JP Morgan Securities LLC | 55606 | 15576 |
| CDX.NA.IG SERIES 44 | Citibank NA | 30011 | 5242 |
| CDX.NA.IG SERIES 44 | JP Morgan Securities LLC | 30011 | 5242 |
| ITRAXX EUROPE SERIES 43 | Citibank NA | 34474 | 5748 |
| ITRAXX EUROPE SERIES 43 | JP Morgan Securities LLC | 34474 | 5748 |
| ITRAXX EUROPE CROSSOVER SERIES 43 | Citibank NA | 67304 | 14879 |
| ITRAXX EUROPE CROSSOVER SERIES 43 | JP Morgan Securities LLC | 67305 | 14878 |
|  |  | $374790 | $82890 |

---

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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF SWAP CONTRACTS** |
| *May 31, 2025 (continued)* |

---

**Interest Rate Swap Agreements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rate<br> Received** | **Payment<br> Frequency** | **Clearinghouse/<br> Counterparty <sup>(c)</sup>** | **Termination<br> Date** | **Rate Paid <sup>(d)</sup>** | **Payment Frequency** |
| 3.5% | Annual | LCH/Citibank NA | 6/19/2030 | CZK-PRIBOR-PRBO 6M (4) | Semi-Annual |
| 3.5% | Annual | LCH/Citibank NA | 9/18/2030 | CZK-PRIBOR-PRBO 6M (4) | Semi-Annual |
| 3.5% | Annual | LCH/JP Morgan Securities LLC | 6/19/2030 | CZK-PRIBOR-PRBO 6M (4) | Semi-Annual |
| 3.5% | Annual | LCH/JP Morgan Securities LLC | 9/18/2030 | CZK-PRIBOR-PRBO 6M (4) | Semi-Annual |
| 3.0% | Quarterly | LCH/Citibank NA | 6/19/2030 | HKD-HIBOR-HKAB 3M | Quarterly |
| 3.0% | Quarterly | LCH/Citibank NA | 9/18/2030 | HKD-HIBOR-HKAB 3M | Quarterly |
| 3.0% | Quarterly | LCH/JP Morgan Securities LLC | 6/19/2030 | HKD-HIBOR-HKAB 3M | Quarterly |
| 3.0% | Quarterly | LCH/JP Morgan Securities LLC | 9/18/2030 | HKD-HIBOR-HKAB 3M | Quarterly |
| 6.0% | Annual | LCH/Citibank NA | 6/19/2030 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 6.0% | Annual | LCH/Citibank NA | 9/18/2030 | 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/JP Morgan Securities LLC | 6/19/2030 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 9/18/2030 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 12/18/2030 | HUF-BUBOR-Reuters 6M | Semi-Annual |
| 2.50% | Quarterly | LCH/JP Morgan Securities LLC | 9/18/2030 | KRW-CD-KSDA-Bloomberg 3M | Quarterly |
| 2.50% | Quarterly | LCH/Citibank NA | 9/18/2030 | KRW-CD-KSDA-Bloomberg 3M | Quarterly |
| 8% | Monthly | CME/JP Morgan Securities LLC | 6/12/2030 | MXN-TIIE ON-OIS Compound 1D | Monthly |
| 8% | Monthly | CME/JP Morgan Securities LLC | 9/11/2030 | MXN-TIIE ON-OIS Compound 1D | Monthly |
| 8% | Monthly | CME/Citibank NA | 6/12/2030 | MXN-TIIE ON-OIS Compound 1D | Monthly |
| 8% | Monthly | CME/Citibank NA | 9/11/2030 | MXN-TIIE ON-OIS Compound 1D | Monthly |
| 4% | Annual | LCH/JP Morgan Securities LLC | 6/19/2030 | PLN-WIBOR-WIBO 6M | Semi-Annual |
| 4% | Annual | LCH/JP Morgan Securities LLC | 9/18/2030 | PLN-WIBOR-WIBO 6M | Semi-Annual |
| 4% | Annual | LCH/Citibank NA | 6/19/2030 | PLN-WIBOR-WIBO 6M | Semi-Annual |
| 4% | Annual | LCH/Citibank NA | 9/18/2030 | PLN-WIBOR-WIBO 6M | Semi-Annual |
| 8% | Quarterly | LCH/JP Morgan Securities LLC | 9/18/2030 | ZAR-JIBAR-SAFEX 3M | Quarterly |
| 8% | Quarterly | LCH/Citibank NA | 9/18/2030 | 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** |
| *May 31, 2025 (continued)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Rate**<br>**Received** | <br>**Payment**<br>**Frequency** | <br>**Clearinghouse/**<br>**Counterparty <sup>(c)</sup>** | <br>**Notional**<br>**Amount <sup>(b)</sup>** | |<br>**Value** | **Upfront**<br>**payments/**<br>**(receipts)** | **Unrealized**<br>**appreciation/**<br>**(depreciation)** |
| 3.5% | Annual | LCH/Citibank NA | 500000 | CZK | $214 | $51 | $163 |
| 3.5% | Annual | LCH/Citibank NA | 5000000 | CZK | 2091 | 290 | 1801 |
| 3.5% | Annual | LCH/JP Morgan Securities LLC | 500000 | CZK | 214 | 51 | 163 |
| 3.5% | Annual | LCH/JP Morgan Securities LLC | 5000000 | CZK | 2091 | 290 | 1801 |
| 3.0% | Quarterly | LCH/Citibank NA | 600000 | HKD | 959 | (715) | 1674 |
| 3.0% | Quarterly | LCH/Citibank NA | 2600000 | HKD | 2935 | (2308) | 5243 |
| 3.0% | Quarterly | LCH/JP Morgan Securities LLC | 500000 | HKD | 799 | (596) | 1395 |
| 3.0% | Quarterly | LCH/JP Morgan Securities LLC | 2500000 | HKD | 2822 | (2504) | 5326 |
| 6.0% | Annual | LCH/Citibank NA | 15200000 | HUF | (40) | (117) | 77 |
| 6.0% | Annual | LCH/Citibank NA | 50800000 | HUF | (89) | (217) | 128 |
| 6.0% | Annual | LCH/Citibank NA | 5000000 | HUF | (52) | (52) |  |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 15200000 | HUF | (40) | (117) | 77 |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 50800000 | HUF | (89) | (217) | 128 |
| 6.0% | Annual | LCH/JP Morgan Securities LLC | 5000000 | HUF | (52) | (52) |  |
| 2.50% | Quarterly | LCH/JP Morgan Securities LLC | 821500000.00 | KRW | 3785 | 1040 | 2745 |
| 2.50% | Quarterly | LCH/Citibank NA | 821500000.00 | KRW | 3785 | 1040 | 2745 |
| 8% | Monthly | CME/JP Morgan Securities LLC | 1600000.00 | MXN | 1320 | 94 | 1226 |
| 8% | Monthly | CME/JP Morgan Securities LLC | 8500000.00 | MXN | 6599 | 1403 | 5196 |
| 8% | Monthly | CME/Citibank NA | 1600000.00 | MXN | 1320 | 94 | 1226 |
| 8% | Monthly | CME/Citibank NA | 8500000.00 | MXN | 6599 | 1403 | 5196 |
| 4% | Annual | LCH/JP Morgan Securities LLC | 100000.00 | PLN | (68) | (31) | (37) |
| 4% | Annual | LCH/JP Morgan Securities LLC | 1000000.00 | PLN | (150) | (842) | 692 |
| 4% | Annual | LCH/Citibank NA | 100000.00 | PLN | (68) | (31) | (37) |
| 4% | Annual | LCH/Citibank NA | 900000.00 | PLN | (167) | (682) | 515 |

---

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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED SCHEDULE OF SWAP CONTRACTS** |
| *May 31, 2025 (continued)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate<br> 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)** |
| 8% | Quarterly | LCH/JP Morgan Securities LLC | 3700000.00 | ZAR | $4163 | $29 | $4134 |
| 8% | Quarterly | LCH/Citibank NA | 3600000.00 | ZAR | 4277 | 254 | 4023 |
|  |  |  |  |  | $43158 | $(2442) | $45600 |

---

<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** |
| *May 31, 2025* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $55,222,192) | $55310381 |
| Unrealized appreciation on futures contracts | 114775 |
| Unrealized appreciation on forward foreign currency contracts | 304186 |
| Unrealized appreciation on swaps | 85268 |
| Premiums paid for swaps | 374790 |
| Margin on deposit with broker | 13306711 |
| Cash held for futures contract transactions <sup>(a)</sup> | 2930000 |
| Cash held at broker for swap contract transactions <sup>(a)</sup> | 271164 |
| Dividends and interest receivable | 147179 |
| Receivable for fund shares sold | 61900 |
| Prepaid expenses | 46235 |
| **Total Assets** | 72952589 |
| **Liabilities** |  |
| Due to broker for derivative transactions | 5935006 |
| Unrealized depreciation on futures contracts | 10691 |
| Unrealized depreciation on forward foreign currency contracts | 497357 |
| Premiums received for swaps | 14360 |
| Payable for net variation margin on futures and swap contracts | 124171 |
| Payable to Adviser | 87424 |
| Payable to administrator | 18739 |
| Other accrued expenses | 71916 |
| **Total Liabilities** | 6759664 |
| **Net Assets** | $66192925 |
| **Net Assets consist of:** |  |
| Paid-in capital | 72298953 |
| Accumulated deficit | (6106028) |
| **Net Assets** | $66192925 |
| Net Assets: I Class | $66192925 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 7609392 |
| Net asset value, offering and redemption price per share | $8.70 |

---

<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 May 31, 2025<sup>(a)</sup>* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $670608 |
| Interest income | 956003 |
| **Total investment income** | 1626611 |
| **Expenses** |  |
| Adviser | 708711 |
| Organizational | 146621 |
| Administration | 121984 |
| Audit and tax | 40500 |
| Compliance services | 37413 |
| Offering | 26477 |
| Legal | 25507 |
| Transfer agent | 25232 |
| Trustee | 20625 |
| Custodian | 12481 |
| Report printing | 11500 |
| Accrued 24-f2 fees | 10873 |
| Pricing | 6756 |
| Registration | 981 |
| Miscellaneous | 21182 |
| **Total expenses** | 1216843 |
| Fees waived by Adviser | (426887) |
| Net operating expenses | 789956 |
| **Net investment income** | 836655 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (100628) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 187911 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (1043814) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (8182575) |
| &nbsp;&nbsp;&nbsp;Swap contracts | 15891 |
| Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 88189 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (45622) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (193171) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 800993 |
| &nbsp;&nbsp;&nbsp;Swap contracts | 130868 |
| **Net realized and unrealized gain (loss) on investment securities, foreign currency, forward foreign currency contracts, futures contracts and swap contracts** | (8341958) |
| **Net decrease in net assets resulting from operations** | $(7505303) |

---

<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 STATEMENT OF CHANGES IN NET ASSETS** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**May 31,**<br>**2025<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |
| **Operations** |  |
| Net investment income | $836655 |
| Net realized loss on investment securities, foreign currency transactions, forward foreign currency contracts, futures contracts, and swap contracts | (9123215) |
| Change in unrealized appreciation on investment securities, foreign currency translations, forward foreign currency contracts, futures contracts, and swap contracts | 781257 |
| **Net decrease in net assets resulting from operations** | (7505303) |
| **Distributions to Shareholders from Earnings** |  |
| Class I | (339137) |
| **Capital Transactions - I Class** |  |
| Proceeds from shares sold | 80066479 |
| Reinvestment of distributions | 326942 |
| Amount paid for shares redeemed | (6356056) |
| **Net increase in net assets resulting from capital transactions** | 74037365 |
| **Total Increase in Net Assets** | 66192925 |
| **Net Assets** |  |
| Beginning of period | $— |
| **End of period** | $66192925 |
| **Share Transactions - I Class** |  |
| Shares sold | 8251254 |
| Shares reinvested | 33915 |
| Shares redeemed | (675777) |
| **Net increase in shares outstanding** | 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)* |

---

---

| | |
|:---|:---|
| **Selected Per Share Data:** | **For the**<br>**Period Ended**<br>**May 31,**<br>**2025<sup>(a)</sup>** |
| Net asset value, beginning of period | $10.00 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (1.37) |
| Total from investment operations | (1.25) |
| **Less distributions to shareholders from:** |  |
| Distributions from net investment income | (0.05) |
| Net asset value, end of period | $8.70 |
| **Total Return<sup>(b)</sup>** | (12.57)% <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $66193 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.95 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement | 3.00 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.07 % <sup>(d)</sup> |
| Portfolio turnover rate | 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** |
| *May 31, 2025* |

---

**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. Currently, 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. As of May 31, 2025, the Adviser has not yet utilized Winton Capital Management Limited for sub-advisory services. 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 May 31, 2025, Class A shares have not commenced operations.

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.

**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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

---

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 May 31, 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 Consolidated Statement of Operations when incurred. During the period ended May 31, 2025, the Fund did not incur any interest or penalties. As applicable, management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions,

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

---

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 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 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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

---

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 May 31, 2025, the net assets of the CFC were $10,646,800, 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. |

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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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 Consolidated 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.

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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**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 financial

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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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 Consolidated 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

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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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.

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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**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 May 31, 2025, and the effect of derivative instruments on the Consolidated Statement of Operations for the period ended May 31, 2025.

At May 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| <br>**Contract Type/**<br>**Primary Risk**<br>**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** |<br>**Unrealized**<br>**Appreciation**<br>**on futures**<br>**contracts\*** |<br>**Unrealized**<br>**Depreciation**<br>**on futures**<br>**contracts\*** |<br>**Unrealized**<br>**Appreciation**<br>**on swaps**<br>**contracts\*** |<br>**Unrealized**<br>**Depreciation**<br>**on swaps**<br>**contracts\*** |
| Commodity Contracts | $— | $— | $393940 | $(257086) | $— | $— |
| Credit Contracts |  |  |  |  | 85268 |  |
| Equity Contracts |  |  | 568008 | (85106) |  |  |
| Foreign Exchange Contracts | 304186 | (497357) | 86721 | (43443) |  |  |
| Interest Rate Contracts |  |  | 237575 | (99616) | 45674 | (74) |

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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 May 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Location** | **Foreign**<br>**Exchange**<br>**Contracts** |<br>**Equity**<br>**Contracts** |<br>**Interest**<br>**Contracts** |<br>**Commodity**<br>**Contracts** |<br>**Credit**<br>**Contracts** |<br>**Total** |
| *Net realized gain (loss) on:* |  |  |  |  |  |  |
| Forward Foreign Currency Contracts | $(1043814) | $— | $— | $— | $— | $(1043814) |
| Futures Contracts | (362238) | (3353254) | (2691654) | (1775429) |  | (8182575) |
| Swaps Contracts |  |  | 94458 |  | (78567) | 15891 |

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Location** | **Foreign**<br>**Exchange**<br>**Contracts** |<br>**Equity**<br>**Contracts** |<br>**Interest**<br>**Contracts** |<br>**Commodity**<br>**Contracts** |<br>**Credit**<br>**Contracts** |<br>**Total** |
| *Change in unrealized appreciation (depreciation) on:* |  |  |  |  |  |  |
| Forward foreign currency contracts | $(193171) | $— | $— | $— | $— | $(193171) |
| Futures contracts | 43276 | 482903 | 138667 | 136147 |  | 800993 |
| Swaps Contracts |  |  | 45600 |  | 85268 | 130868 |

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The following table summarizes the average ending monthly fair value of derivatives outstanding during the period ended May 31, 2025:

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| | |
|:---|:---|
| <br>**Derivatives** | **Average Ending**<br>**Monthly Notional Value** |
| Forward Foreign Currency Contracts, Purchased | $57332594 |
| Forward Foreign Currency Contracts, Sold | (8783274254) |
| Long Futures Contracts | 149464526 |
| Short Futures Contracts | (123371140) |
| Interest Rate Swaps | 3872339 |
| Credit Default Swaps | (12662141) |

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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 May 31, 2025:

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| | | | |
|:---|:---|:---|:---|
|  |<br><br>**Gross Amount**<br>**of Recognized**<br>**Assets** | **Gross**<br>**Amounts**<br>**Offset in**<br>**Statement of**<br>**Assets and**<br>**Liabilities** | **Net Amounts**<br>**of Assets**<br>**Presented in**<br>**Statement of**<br>**Assets and**<br>**Liabilities** |
| Forward foreign currency contracts | $304186 | $— | $304186 |
| Futures Contracts | 124268 | (9493) | 114775 |
| Swap Contracts | 460058 |  | 460058 |
| Variation margin on futures and swap contracts | 314777 | (438948) | (124171) |

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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| | | | |
|:---|:---|:---|:---|
|  | **Gross Amounts Not Offset in** | **Gross Amounts Not Offset in** | |
|  | **the Statement of Assets and** | **the Statement of Assets and** | |
|  | **Liabilities** | **Liabilities** | |
|  | **Financial**<br>**Instruments** | **Collateral**<br>**Pledged\*** |<br><br>**Net Amount** |
| Forward foreign currency contracts | $(304186) | $— | $— |
| Futures Contracts | (10691) |  | 104084 |
| Swap Contracts | (14360) |  | 445698 |
| Variation margin on futures and swap contracts |  | 124171 |  |

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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

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|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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● 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.

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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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 May 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Valuation Inputs** | | |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Non-U.S. Government & Agencies | $— | $2094307 | $— | $2094307 |
| U.S. Government & Agencies |  | 33617825 |  | 33617825 |
| Money Markets | 19598249 |  |  | 19598249 |
| Long Futures Contracts <sup>(a)</sup> | 697231 |  |  | 697231 |
| Short Futures Contracts<sup>(a)</sup> | 103762 |  |  | 103762 |
| Forward Foreign Currency Contracts<sup>(a)</sup> |  | 304186 |  | 304186 |
| Swaps Contracts<sup>(a)</sup> |  | 130942 |  | 130942 |
| Total | $20399242 | $36147260 | $— | $56546502 |

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| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Valuation Inputs** | | |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Forward Foreign Currency Contracts<sup>(a)</sup> | $— | $497357 | $— | $497357 |
| Swaps Contracts<sup>(a)</sup> |  | 74 |  | 74 |
| Total | $— | $497431 | $— | $497431 |

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<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 May 31, 2025, before the waiver described below, the Adviser earned a management fee of $708,711 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 May 31, 2025, the Adviser waived fees and reimbursed expenses in the amount of $426,887.

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

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|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

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expense limitation in effect at the time of the recoupment. As of May 31, 2025, 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:

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

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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 Class A shares in connection with the promotion and distribution of the Fund's shares or

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

---

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, 2025.

**NOTE 7. INVESTMENT TRANSACTIONS**

For the period ended May 31, 2025, purchases and sales of investment securities, other than short-term investments, were $19,999 and $19,445, respectively.

For the period ended May 31, 2025, purchases and sales of long-term U.S. government obligations were $22,153,498 and $10,463,219, respectively.

**NOTE 8. FEDERAL TAX INFORMATION**

At May 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $6227 |
| Gross unrealized depreciation | (8932) |
| Net unrealized appreciation/(depreciation) | $(2705) |
| Tax cost of investments | $55313086 |

---

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

---

As of May 31, 2025, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to book to tax differences related to wash sales, futures and derivatives.

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

---

| | |
|:---|:---|
|  | **May 31, 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.

At May 31, 2025, 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) |

---

Capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the period ended May 31, 2025, the Fund deferred $434,401 post-October capital losses.

As of May 31, 2025, the Fund had accumulated short-term capital loss carryforwards of $3,244,957 and long-term capital loss carryforwards of $2,462,837 not subject to expiration.

Permanent book and tax differences, primarily attributable to the differing tax treatment of organizational costs and the reclassification of Fund distributions and tax adjustments for the Fund's holding in Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd., resulted in reclassifications for the year ended May 31, 2025, as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Accumulated Earnings (Deficit)** |
| $(1738412) | $1738412 |

---

**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

---

| |
|:---|
| **EFFICIENT ENHANCED MULTI-ASSET FUND** |
| **CONSOLIDATED NOTES TO FINANCIAL STATEMENTS** |
| *May 31, 2025 (continued)* |

---

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** |
| *May 31, 2025* |

---

**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

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Efficient Enhanced Multi-Asset Fund

and Board of Trustees of Unified Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments of Efficient Enhanced Multi-Asset Fund, a series of Unified Series Trust (the "Fund") as of May 31, 2025, the related consolidated statements of operations, and changes in net assets, and the consolidated financial highlights for the period from September 30, 2024 (commencement of operations) through May 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period from September 30, 2024 through May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2024.

![(SIGNATURE)](ef002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 30, 2025

**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.

---

| | |
|:---|:---|
| **TRUSTEES** | **INDEPENDENT REGISTERED** |
| Daniel J. Condon, Chair | **PUBLIC ACCOUNTING FIRM** |
| David R. Carson | Cohen & Company, Ltd. |
| Kenneth G.Y. Grant | 1835 Market Street, Suite 310 |
| Freddie Jacobs, Jr. | Philadelphia, PA 19103 |
| Catharine B. McGauley |  |
| Ronald C. Tritschler | **LEGAL COUNSEL** |
|  | Thompson Hine LLP |
| **OFFICERS** | 312 Walnut Street, 20th Floor |
| Martin R. Dean, President | Cincinnati, OH 45202 |
| Gweneth K. Gosselink, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer | **CUSTODIAN** |
| Zachary P. Richmond, | U.S. Bank, N.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Chief Financial Officer | 425 Walnut Street |
|  | Cincinnati, OH 45202 |
| **INVESTMENT ADVISER** |  |
| Efficient Capital Management, LLC | **ADMINISTRATOR, TRANSFER AGENT** |
| 4355 Weaver Parkway, Suite 200 | **AND FUND ACCOUNTANT** |
| Warrenville, IL 60555 | Ultimus Fund Solutions, LLC |
|  | 225 Pictoria Drive, Suite 450 |
|  | Cincinnati, OH 45246 |
| **DISTRIBUTOR** |  |
| Ultimus Fund Distributors, LLC |  |
| 225 Pictoria Drive, Suite 450 |  |
| 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) [Code of Ethics attached hereto.](codeofethics.htm)

(a)(2) Not applicable

(a)(3) [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](ex99-302cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](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)<u>&nbsp;&nbsp;&nbsp;&nbsp; Unified Series Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

---

| | |
|:---|:---|
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |

---

Date <u> 8/6/2025</u> <br>

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 <u>8/6/2025</u> <br>

---

| | |
|:---|:---|
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |

---

Date <u> 8/6/2025</u>

## 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: | 8/6/2025 | /s/ Martin R. Dean |
|  |  | Martin R. Dean |
|  |  | 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 | &nbsp;&nbsp;&nbsp;&nbsp;8/6/2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond |
|  |  | 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 May 31, 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 | Principal Financial Officer |
| Unified Series Trust | Unified Series Trust |
| /s/ Martin R. Dean | /s/ Zachary P. Richmond |
| Martin R. Dean | Zachary P. Richmond |

---

Date: <u> 8/6/2025</u> Date: <u> 8/6/2025</u> <br>

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.

## Ex-99.Code

**UNIFIED SERIES TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") applies to the persons acting as principal executive officer, principal financial officer and principal accounting officer or controller of Unified Series Trust (the "Trust"), as set forth on <u>Exhibit A</u> and amended from time to time (collectively, the "Covered Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by each series of the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

● accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with any series of the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or any investment adviser to any series of the Trust designed to prevent, or identify and correct, violations of the Investment Company Act and the Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Trust's administrator or its principal underwriter of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties, whether formally for the Trust or any service provider or affiliate of the Trust, be involved in establishing policies and implementing

decisions that will have different effects on these entities and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and affiliates and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by any series of the Trust whereby the Covered Officer would benefit personally to the detriment of the series;

● not cause the Trust or any series to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for any series of the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report at least annually any affiliations or other relationships related to conflicts of interest that the Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust or Counsel to the Trust, if material. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its principal underwriter, transfer agent, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges, soft dollar credits or spreads paid by any series of the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● Each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

● Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the investment advisers to each series of the Trust and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that each series of the Trust files with, or submits to, the SEC and in other public communications made by the series.

● It is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read, and understands this Code;

● annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Chief Compliance Officer promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee of the Board (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

● the Chief Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

● the Chief Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

● if, after such investigation and review, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

● any matter that the Chief Compliance Officer believes is a violation will be reported to the Committee;

● if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules, currently on Form N-CSR.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The codes of ethics adopted by the Trust and its affiliates under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of trustees of the Trust who are not "interested persons" of the Trust as defined in Section 2(a)(19) of the Investment Company Act.

**VII.** **Confidentiality** 

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the investment adviser to an applicable series or the Trust's administrator).

**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Adopted and Approved August 14, 2006.

Updated February 2008,February 13, 2017 and August 17, 2021

**<u>EXHIBIT A</u>**

**Persons Covered by this Code of Ethics**

(Updated August 17, 2021)

**Martin R. Dean**, President of the Trust

**<br> Zachary Richmond**, Treasurer and Principal Financial Officer of the Trust

**<u>EXHIBIT B</u>**

<u>UNIFIED SERIES TRUST</u>

**Covered Officer Annual Affirmation**

For the period ended ____________

In accordance with Section IV of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Trust (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

Date:     <br> Covered Officer

**<u>EXHIBIT C</u>**

<u>UNIFIED SERIES TRUST</u>

**Covered Officer Initial Affirmation of Understanding**

In accordance with Section IV of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

Date:     <br> Covered Officer