# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-26-001409
**Filing Date:** 2026-3
**Character Count:** 204675
**Document Hash:** 022d13427cbf377cb463eba1d4e824a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001409.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001580642-26-001409

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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:** 26719996

**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

### Crawford Large Cap Dividend Fund (Series ID: S000000534)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000001420 | CRAWFORD LARGE CAP DIVIDEND FUND - CLASS C | CDGCX           |
| C000001421 | CRAWFORD LARGE CAP DIVIDEND FUND - CLASS I | CDGIX           |

### Crawford Small Cap Dividend Fund (Series ID: S000038330)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000118268 | Crawford Small Cap Dividend Fund - Class I | CDOFX           |

### Crawford Multi-Asset Income Fund (Series ID: S000058927)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000193208 | Crawford Multi-Asset Income Fund | CMALX           |

### Q India Equity Fund (Series ID: S000088112)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254163 | Q India Equity Fund Investor Class | QINRX           |
| C000254164 | Q India Equity Fund Class I        | QINIX           |
| C000254165 | Q India Equity Fund Class II       | QINSX           |

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

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

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

<u>Unified Series Trust</u> <br> (Exact name of registrant as specified in charter)

---

| |
|:---|
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| (Address of principal executive offices) |
| (Zip code) |

---

---

| |
|:---|
| Zachary P. Richmond |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive. Suite 450 |
| Cincinnati, OH 45246 |
| (Name and address of agent for service) |

---

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

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>12/31/25</u>

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) # Crawford Large Cap Dividend Fund

## Class C (CDGCX)

## Annual Shareholder Report - December 31, 2025
![Image](ic6dd3929fb6b8b6bdf913249.jpg)

## Fund Overview
This annual shareholder report contains important information about Crawford Large Cap Dividend Fund (the "Fund") for the period of January 1,

2025 through December 31, 2025. You can find additional information about the Fund at https://www.crawfordinvestment.com/mutual-funds. You

can also request this information by contacting us at (800) 431-1716 or info@crawfordinvestment.com.

## What were the Fund's costs for the last year?
(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** |
| Class C | $207 | 1.96% |

---

## How did the Fund perform during the reporting period?
During the fiscal year ended December 31, 2025, the Fund navigated a volatile economic and market environment, providing meaningful downside protection early in the year, when uncertainty was highest, and participating on the upside as investor concerns around tariffs, economic growth, and the broader stock and bond market backdrop proved to be better than feared. Importantly, this was achieved while remaining disciplined in our approach to valuation and risk, particularly in an environment marked by elevated market concentration and pockets of overvaluation, both of which we view as ongoing risks for equity investors.

For the fiscal year ended December 31, 2025, the Fund's Class C Shares produced a total return of 11.05%. The Russell 1000<sup>®</sup> Value Index returned 15.91% for the same period. The Fund's emphasis on consistent, high-quality, through-the-cycle businesses weighed on relative performance in the second half of the year, as equity markets moved to new highs driven largely by enthusiasm surrounding Artificial Intelligence (AI) and its longer-term potential. Many of the benchmark's strongest performers were more growth-oriented and tied to secular themes such as AI, which created a challenging relative backdrop for our approach that focuses on business durability, valuation, and dividend consistency.

Economically, conditions remain somewhat unbalanced. The economy continues to follow a "K-shaped" pattern, inflation remains too high for many households, and affordability pressures persist. Outside of AI-related investment, capital spending has been relatively narrow, underscoring that the expansion is not yet as broad-based as we would ultimately like to see. Still, we continue to believe the U.S. remains the most attractive place to invest, supported by its innovation leadership, capital markets, and corporate profitability. We remain firmly committed to our longstanding investment philosophy, confident that a disciplined focus on quality, valuation, and long-term fundamentals continues to offer the most durable path to attractive, risk-adjusted returns for investors.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic711ac0d871114b00ec19aa7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Crawford Large Cap Dividend Fund - Class C** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11461 | $11205 | $11734 |
| **Dec-2017** | $12945 | $13636 | $13337 |
| **Dec-2018** | $12319 | $12983 | $12235 |
| **Dec-2019** | $15664 | $17063 | $15482 |
| **Dec-2020** | $16645 | $20640 | $15915 |
| **Dec-2021** | $20095 | $26101 | $19919 |
| **Dec-2022** | $18421 | $21108 | $18418 |
| **Dec-2023** | $19540 | $26708 | $20529 |
| **Dec-2024** | $21553 | $33255 | $23478 |
| **Dec-2025** | $23934 | $39030 | $27213 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Crawford Large Cap Dividend Fund - Class C |  |  |  |
| Without Load | 11.05% | 7.53% | 9.12% |
| With Load | 11.05% | 7.53% | 9.12% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

***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.***

*The Russell 1000<sup>®</sup> Index is included due to regulatory requirements.*

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $59727036 |
| Number of Portfolio Holdings | 41 |
| Advisory Fee | $296685 |
| Portfolio Turnover | 6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i99ce5388a569b416e0f55156.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Materials | 0.2% |
| Energy | 0.3% |
| Money Market Funds | 1.7% |
| Communications | 2.0% |
| Utilities | 3.2% |
| Consumer Discretionary | 5.7% |
| Consumer Staples | 10.0% |
| Technology | 15.7% |
| Health Care | 16.6% |
| Industrials | 18.0% |
| Financials | 26.4% |

---

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

![Image](ic6dd3929fb6b8b6bdf913249.jpg)

# Crawford Large Cap Dividend Fund - Class C (CDGCX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.crawfordinvestment.com/mutual-funds), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-CDGCX

# Crawford Large Cap Dividend Fund

## Class I (CDGIX)

## Annual Shareholder Report - December 31, 2025
![Image](ic6dd3929fb6b8b6bdf913249.jpg)

## Fund Overview
This annual shareholder report contains important information about Crawford Large Cap Dividend Fund (the "Fund") for the period of January 1,

2025 through December 31, 2025. You can find additional information about the Fund at https://www.crawfordinvestment.com/mutual-funds. You

can also request this information by contacting us at (800) 431-1716 or info@crawfordinvestment.com.

## What were the Fund's costs for the last year?
(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** |
| Class I | $102 | 0.96% |

---

## How did the Fund perform during the reporting period?
During the fiscal year ended December 31, 2025, the Fund navigated a volatile economic and market environment, providing meaningful downside protection early in the year, when uncertainty was highest, and participating on the upside as investor concerns around tariffs, economic growth, and the broader stock and bond market backdrop proved to be better than feared. Importantly, this was achieved while remaining disciplined in our approach to valuation and risk, particularly in an environment marked by elevated market concentration and pockets of overvaluation, both of which we view as ongoing risks for equity investors.

For the fiscal year ended December 31, 2025, the Fund's Class I Shares produced a total return of 12.22%. The Russell 1000<sup>®</sup> Value Index returned 15.91% for the same period. The Fund's emphasis on consistent, high-quality, through-the-cycle businesses weighed on relative performance in the second half of the year, as equity markets moved to new highs driven largely by enthusiasm surrounding Artificial Intelligence (AI) and its longer-term potential. Many of the benchmark's strongest performers were more growth-oriented and tied to secular themes such as AI, which created a challenging relative backdrop for our approach that focuses on business durability, valuation, and dividend consistency.

Economically, conditions remain somewhat unbalanced. The economy continues to follow a "K-shaped" pattern, inflation remains too high for many households, and affordability pressures persist. Outside of AI-related investment, capital spending has been relatively narrow, underscoring that the expansion is not yet as broad-based as we would ultimately like to see. Still, we continue to believe the U.S. remains the most attractive place to invest, supported by its innovation leadership, capital markets, and corporate profitability. We remain firmly committed to our longstanding investment philosophy, confident that a disciplined focus on quality, valuation, and long-term fundamentals continues to offer the most durable path to attractive, risk-adjusted returns for investors.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i16f9ab11e80a61d0345de0a3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Crawford Large Cap Dividend Fund - Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $11576 | $11205 | $11734 |
| **Dec-2017** | $13206 | $13636 | $13337 |
| **Dec-2018** | $12682 | $12983 | $12235 |
| **Dec-2019** | $16310 | $17063 | $15482 |
| **Dec-2020** | $17504 | $20640 | $15915 |
| **Dec-2021** | $21340 | $26101 | $19919 |
| **Dec-2022** | $19754 | $21108 | $18418 |
| **Dec-2023** | $21180 | $26708 | $20529 |
| **Dec-2024** | $23589 | $33255 | $23478 |
| **Dec-2025** | $26470 | $39030 | $27213 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Crawford Large Cap Dividend Fund - Class I | 12.22% | 8.62% | 10.22% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

***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.***

*The Russell 1000<sup>®</sup> Index is included due to regulatory requirements.*

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $59727036 |
| Number of Portfolio Holdings | 41 |
| Advisory Fee | $296685 |
| Portfolio Turnover | 6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i99ce5388a569b416e0f55156.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Materials | 0.2% |
| Energy | 0.3% |
| Money Market Funds | 1.7% |
| Communications | 2.0% |
| Utilities | 3.2% |
| Consumer Discretionary | 5.7% |
| Consumer Staples | 10.0% |
| Technology | 15.7% |
| Health Care | 16.6% |
| Industrials | 18.0% |
| Financials | 26.4% |

---

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

![Image](ic6dd3929fb6b8b6bdf913249.jpg)

# Crawford Large Cap Dividend Fund - Class I (CDGIX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.crawfordinvestment.com/mutual-funds), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-CDGIX

#### Crawford Multi-Asset Income Fund
(CMALX)

#### Annual Shareholder Report - December 31, 2025
![Image](iaf6b8fcdbe94d2166c390ae8.jpg)

# Fund Overview
This annual shareholder report contains important information about Crawford Large Cap Dividend Fund (the "Fund") for the period of January 1,

2025 through December 31, 2025. You can find additional information about the Fund at https://www.crawfordinvestment.com/mutual-funds. You

can also request this information by contacting us at (800) 431-1716 or info@crawfordinvestment.com.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Crawford Multi-Asset Income Fund | $102 | 0.99% |

---

# How did the Fund perform during the reporting period?
During the fiscal year ended December 31, 2025, the Fund navigated a volatile economic and market environment. Uncertainty was highest early in the year, and as the year progressed, investor concerns around tariffs, economic growth, and the broader stock and bond market backdrop proved to be better than feared. Stocks continued their multi-year rise, and the economy grew at roughly trend rate. Bonds responded favorably to easing Federal Reserve policy and weaker employment data. Throughout the year, the Fund remained disciplined in its approach to income and risk mitigation, particularly in an environment marked by elevated market concentration and pockets of overvaluation, both of which we view as ongoing risks for equity investors.

For the fiscal year ended December 31, 2025, the Fund produced a return of 5.25%. The NASDAQ US Multi-Asset Diversified Income Total Return Index returned 4.53% for the same period. We were able to fulfill the Fund's objective of providing a high level of income with lower risk compared to the higher-yielding subsets of the capital markets. Overall, the Fund remained below benchmark risk relative to equity, energy, and credit risk. We continue to actively construct the Fund to manage the risks associated with a high level of current income, investing in Dividend-Paying Stocks, Real Estate Investment Trusts, Energy Infrastructure, Preferred Equity, and Corporate Bonds.

We believe that the income-producing ability of the Fund is intact and will continue to serve shareholders well going forward. We move into 2026 confident in the Fund's ability to continue to provide steady income regardless of prevailing market conditions. We will continue to control the portfolio's aggregate sensitivity to interest rates through the use of our proprietary, internally developed risk-management methodology.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i72bb611b0f62b663cb323a6d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Crawford Multi-Asset Income Fund** | **NASDAQ US Multi-Asset Diversified Income Total Return Index** | **Russell 3000<sup>®</sup> Index** |
| **Sep-2017** | $10000 | $10000 | $10000 |
| **Dec-2017** | $10014 | $10156 | $10779 |
| **Dec-2018** | $9528 | $9621 | $10214 |
| **Dec-2019** | $11457 | $11463 | $13382 |
| **Dec-2020** | $10656 | $9860 | $16178 |
| **Dec-2021** | $12350 | $11524 | $20329 |
| **Dec-2022** | $12226 | $11097 | $16424 |
| **Dec-2023** | $13008 | $12439 | $20688 |
| **Dec-2024** | $14485 | $13747 | $25613 |
| **Dec-2025** | $15246 | $14370 | $30005 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 12, 2017)** |
| Crawford Multi-Asset Income Fund | 5.25% | 7.43% | 5.21% |
| NASDAQ US Multi-Asset Diversified Income Total Return Index | 4.53% | 7.82% | 4.46% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.15% |

---

***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 | $167855287 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee (net of waivers) | $1211483 |
| Portfolio Turnover | 18% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7affc3ecb6d2847eac9f9f94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Industrials | 1.8% |
| Communications | 2.3% |
| Consumer Staples | 2.8% |
| Money Market Funds | 4.1% |
| Health Care | 5.4% |
| Energy | 11.6% |
| Utilities | 17.1% |
| Real Estate | 21.4% |
| Financials | 33.1% |

---

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

![Image](iaf6b8fcdbe94d2166c390ae8.jpg)

#### Crawford Multi-Asset Income Fund - (CMALX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.crawfordinvestment.com/mutual-funds), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-CMALX

#### Crawford Small Cap Dividend Fund

#### Class I (CDOFX)

#### Annual Shareholder Report - December 31, 2025
![Image](if0282d39af100884ab3f0bc5.jpg)

# Fund Overview
This annual shareholder report contains important information about Crawford Large Cap Dividend Fund (the "Fund") for the period of January 1,

2025 through December 31, 2025. You can find additional information about the Fund at https://www.crawfordinvestment.com/mutual-funds. You

can also request this information by contacting us at (800) 431-1716 or info@crawfordinvestment.com.

# What were the Fund's costs for the last year?
(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** |
| Class I | $99 | 0.99% |

---

# How did the Fund perform during the reporting period?
Higher-quality small and mid-cap stocks were decisively out of favor in 2025, marking one of the more extreme periods of dispersion we have seen in this segment of the market. For the year, non-dividend payers in the Russell 2000<sup>®</sup> Index outperformed dividend payers by nearly 14%. This wide dispersion began after the April 8 market low and created a meaningful headwind for our dividend-oriented, quality-focused fund. Market leadership was concentrated in more speculative, lower-quality segments of the small-cap universe. For the fiscal year ended December 31, 2025, the Fund produced a total return of 0.45%. The Russell 2000<sup>®</sup> Index returned 12.81% for the same period.

The Fund provided strong downside protection in the first quarter of the year, and the unfavorable dynamic marked the rest of the year as performance within the Russell 2000<sup>®</sup> Index became increasingly driven by largely unprofitable, non-dividend-paying companies. What began as a typical post-bear-market, low-quality rally was amplified by speculative momentum in thematic areas such as biotech, quantum computing, and power infrastructure.

Historically, extended stretches of low-quality outperformance have tended to give way to prolonged periods of leadership by high-quality businesses as speculative excesses unwind and fundamentals reassert themselves. We believe many of the stocks currently benefiting from speculative enthusiasm have been bid up to levels that are difficult to sustain. We remain focused on companies that generate growing earnings, cash flows, and dividends. As we move into 2026, we remain firmly committed to our longstanding investment philosophy, confident that a disciplined, research-driven approach continues to offer the most durable path to attractive, risk-adjusted small cap returns for investors.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1e42db4e74c4683cf5ac3588.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Crawford Small Cap Dividend Fund - Class I** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $12695 | $12131 | $11274 |
| **Dec-2017** | $14464 | $13908 | $13656 |
| **Dec-2018** | $13359 | $12376 | $12940 |
| **Dec-2019** | $16215 | $15535 | $16954 |
| **Dec-2020** | $16782 | $18636 | $20495 |
| **Dec-2021** | $20485 | $21397 | $25754 |
| **Dec-2022** | $17593 | $17024 | $20808 |
| **Dec-2023** | $20165 | $19906 | $26209 |
| **Dec-2024** | $22273 | $22203 | $32448 |
| **Dec-2025** | $22373 | $25047 | $38012 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Crawford Small Cap Dividend Fund - Class I | 0.45% | 5.92% | 8.39% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

***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 | $328738355 |
| Number of Portfolio Holdings | 69 |
| Advisory Fee (net of waivers) | $2699062 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6a811779bce4519a0e408251.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Materials | 2.3% |
| Money Market Funds | 2.3% |
| Utilities | 2.5% |
| Energy | 3.1% |
| Real Estate | 5.5% |
| Technology | 5.7% |
| Health Care | 6.0% |
| Consumer Staples | 6.2% |
| Consumer Discretionary | 8.8% |
| Financials | 21.3% |
| Industrials | 36.0% |

---

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

![Image](if0282d39af100884ab3f0bc5.jpg)

#### Crawford Small Cap Dividend Fund - Class I (CDOFX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.crawfordinvestment.com/mutual-funds), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-CDOFX

# Q India Equity Fund

# Class I (QINIX)

# Annual Shareholder Report - December 31, 2025
![Image](i23d40d3da19809ccd4381da0.jpg)

## Fund Overview
This annual shareholder report contains important information about Q India Equity Fund (the "Fund") for the period of January 6, 2025 to December 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/qindia/. You can also request this information by contacting us at 833-894-0514.

## What were the Fund's costs for the last year?

### (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** |
| Class I | $97<sup>Footnote Reference\*</sup> | 0.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher. |

---

#### How did the Fund perform during the reporting period?
• For the fiscal period ended 2025, MSCI India returns were driven by strong performances in the Energy, Financials, Materials and Telecom sectors. Financials outperformed as credit growth picked up and non-performing assets remain low. The Energy sector outperformed due to better margins in oil refining and marketing. Material stocks did well due to rising realizations and Telecom stocks did well due to increasing consolidation driving higher revenue per user. Information Technology stocks underperformed due to deferral of discretionary IT spends by clients.

• For the Fund, weak stock selection in Financials and being underweight in the Energy sector hurt Fund performance in the fiscal period ended 2025. Not owning Energy companies due to weak governance impacted negatively. Higher weight in Information Technology stocks which underperformed also hurt performance. Not owning stocks in the expensively valued Consumer Staples sector aided performance during the period.

• The Fund in the fiscal period ended 2025 initiated a new position in a pharmaceutical company, a large container logistics company and a cash logistics company as the medium-term growth outlook looks good and valuations appear attractive. We increased our holding in IT services companies as valuations have corrected improving upside. We fully exited a premium two-wheeler manufacturer and a non-bank finance company as valuations became expensive and the companies breached the Adviser's internal sell limit.

• For the fiscal period ended 2025, 14 of the 29 securities (48%) owned by the Fund had positive price returns (MSCI India, 87 of the 163 securities (53%), had positive returns). Cash & Cash Equivalent levels in the Fund are at 7.5% in December.

• Our long-only, bottom-up, value portfolio is trading at a 22% discount to the historical PER valuation of the MSCI India.

Source: MSCI & Quantum Advisors internal

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i284833aa128dc90596432b0a.jpg)

---

| | | |
|:---|:---|:---|
| | **Q India Equity Fund - Class I** | **MSCI INDIA Net (USD)** |
| **Jan-2025** | $10000 | $10000 |
| **Dec-2025** | $10200 | $10317 |

---

#### Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since Inception (January 6, 2025)** |
| Q India Equity Fund - Class I | 2.00% |
| MSCI INDIA Net (USD) | 3.17% |

---

***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. Call (833) 894-0514 or visit https://funddocs.filepoint.com/qindia/ for updated performance information.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4e96d06211e43b09c69d50fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Communications | 0.3% |
| Energy | 3.1% |
| Materials | 3.6% |
| Utilities | 5.0% |
| Industrials | 5.4% |
| Health Care | 5.5% |
| Consumer Discretionary | 7.3% |
| Money Market Funds | 7.7% |
| Technology | 18.9% |
| Financials | 43.4% |

---

## **Fund Statistics** 
* Net Assets$1,054,687

* Number of Portfolio Holdings30

* Advisory Fee (net of waivers)$0

* Portfolio Turnover1%

Country Weighting (% of net assets)

---

| | |
|:---|:---|
| India | 92.5% |
| United States | 7.7% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i23d40d3da19809ccd4381da0.jpg)

# Q India Equity Fund - Class I

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/qindia/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-QINIX

# Q India Equity Fund

# Class II (QINSX)

# Annual Shareholder Report - December 31, 2025
![Image](i23d40d3da19809ccd4381da0.jpg)

## Fund Overview
This annual shareholder report contains important information about Q India Equity Fund (the "Fund") for the period of January 6, 2025 to December 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/qindia/. You can also request this information by contacting us at 833-894-0514.

## What were the Fund's costs for the last year?

### (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** |
| Class II | $74<sup>Footnote Reference\*</sup> | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher. |

---

#### How did the Fund perform during the reporting period?
• For the fiscal period ended 2025, MSCI India returns were driven by strong performances in the Energy, Financials, Materials and Telecom sectors. Financials outperformed as credit growth picked up and non-performing assets remain low. The Energy sector outperformed due to better margins in oil refining and marketing. Material stocks did well due to rising realizations and Telecom stocks did well due to increasing consolidation driving higher revenue per user. Information Technology stocks underperformed due to deferral of discretionary IT spends by clients.

• For the Fund, weak stock selection in Financials and being underweight in the Energy sector hurt Fund performance in the fiscal period ended 2025. Not owning Energy companies due to weak governance impacted negatively. Higher weight in Information Technology stocks which underperformed also hurt performance. Not owning stocks in the expensively valued Consumer Staples sector aided performance during the period.

• The Fund in the fiscal period ended 2025 initiated a new position in a pharmaceutical company, a large container logistics company and a cash logistics company as the medium-term growth outlook looks good and valuations appear attractive. We increased our holding in IT services companies as valuations have corrected improving upside. We fully exited a premium two-wheeler manufacturer and a non-bank finance company as valuations became expensive and the companies breached the Adviser's internal sell limit.

• For the fiscal period ended 2025, 14 of the 29 securities (48%) owned by the Fund had positive price returns (MSCI India, 87 of the 163 securities (53%), had positive returns). Cash & Cash Equivalent levels in the Fund are at 7.5% in December.

• Our long-only, bottom-up, value portfolio is trading at a 22% discount to the historical PER valuation of the MSCI India.

Source: MSCI & Quantum Advisors internal

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7096150490a42c15633109c4.jpg)

---

| | | |
|:---|:---|:---|
| | **Q India Equity Fund - Class II** | **MSCI INDIA Net (USD)** |
| **Jan-2025** | $10000 | $10000 |
| **Dec-2025** | $10220 | $10317 |

---

#### Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since Inception (January 6, 2025)** |
| Q India Equity Fund - Class II | 2.20% |
| MSCI INDIA Net (USD) | 3.17% |

---

***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. Call (833) 894-0514 or visit https://funddocs.filepoint.com/qindia/ for updated performance information.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4e96d06211e43b09c69d50fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Communications | 0.3% |
| Energy | 3.1% |
| Materials | 3.6% |
| Utilities | 5.0% |
| Industrials | 5.4% |
| Health Care | 5.5% |
| Consumer Discretionary | 7.3% |
| Money Market Funds | 7.7% |
| Technology | 18.9% |
| Financials | 43.4% |

---

## **Fund Statistics** 
* Net Assets$1,054,687

* Number of Portfolio Holdings30

* Advisory Fee (net of waivers)$0

* Portfolio Turnover1%

Country Weighting (% of net assets)

---

| | |
|:---|:---|
| India | 92.5% |
| United States | 7.7% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i23d40d3da19809ccd4381da0.jpg)

# Q India Equity Fund - Class II

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/qindia/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-QINSX

# Q India Equity Fund

# Investor Class (QINRX)

# Annual Shareholder Report - December 31, 2025
![Image](i23d40d3da19809ccd4381da0.jpg)

## Fund Overview
This annual shareholder report contains important information about Q India Equity Fund (the "Fund") for the period of January 6, 2025 to December 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/qindia/. You can also request this information by contacting us at 833-894-0514.

## What were the Fund's costs for the last year?

### (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** |
| Investor Class | $122<sup>Footnote Reference\*</sup> | 1.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher. |

---

#### How did the Fund perform during the reporting period?
• For the fiscal period ended 2025, MSCI India returns were driven by strong performances in the Energy, Financials, Materials and Telecom sectors. Financials outperformed as credit growth picked up and non-performing assets remain low. The Energy sector outperformed due to better margins in oil refining and marketing. Material stocks did well due to rising realizations and Telecom stocks did well due to increasing consolidation driving higher revenue per user. Information Technology stocks underperformed due to deferral of discretionary IT spends by clients.

• For the Fund, weak stock selection in Financials and being underweight in the Energy sector hurt Fund performance in the fiscal period ended 2025. Not owning Energy companies due to weak governance impacted negatively. Higher weight in Information Technology stocks which underperformed also hurt performance. Not owning stocks in the expensively valued Consumer Staples sector aided performance during the period.

• The Fund in the fiscal period ended 2025 initiated a new position in a pharmaceutical company, a large container logistics company and a cash logistics company as the medium-term growth outlook looks good and valuations appear attractive. We increased our holding in IT services companies as valuations have corrected improving upside. We fully exited a premium two-wheeler manufacturer and a non-bank finance company as valuations became expensive and the companies breached the Adviser's internal sell limit.

• For the fiscal period ended 2025, 14 of the 29 securities (48%) owned by the Fund had positive price returns (MSCI India, 87 of the 163 securities (53%), had positive returns). Cash & Cash Equivalent levels in the Fund are at 7.5% in December.

• Our long-only, bottom-up, value portfolio is trading at a 22% discount to the historical PER valuation of the MSCI India.

Source: MSCI & Quantum Advisors internal

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1740473d8dd72086813dc624.jpg)

---

| | | |
|:---|:---|:---|
| | **Q India Equity Fund - Investor Class** | **MSCI INDIA Net (USD)** |
| **Jan-2025** | $10000 | $10000 |
| **Dec-2025** | $10180 | $10317 |

---

#### Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since Inception (January 6, 2025)** |
| Q India Equity Fund - Investor Class | 1.80% |
| MSCI INDIA Net (USD) | 3.17% |

---

***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. Call (833) 894-0514 or visit https://funddocs.filepoint.com/qindia/ for updated performance information.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4e96d06211e43b09c69d50fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Communications | 0.3% |
| Energy | 3.1% |
| Materials | 3.6% |
| Utilities | 5.0% |
| Industrials | 5.4% |
| Health Care | 5.5% |
| Consumer Discretionary | 7.3% |
| Money Market Funds | 7.7% |
| Technology | 18.9% |
| Financials | 43.4% |

---

## **Fund Statistics** 
* Net Assets$1,054,687

* Number of Portfolio Holdings30

* Advisory Fee (net of waivers)$0

* Portfolio Turnover1%

Country Weighting (% of net assets)

---

| | |
|:---|:---|
| India | 92.5% |
| United States | 7.7% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i23d40d3da19809ccd4381da0.jpg)

# Q India Equity Fund - Investor Class

# Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/qindia/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-QINRX

&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 19(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>** |  |  |
|  | Crawford Funds: | FY 2025 | $50550 |
|  |  | FY 2024 | $50550 |
|  | Q India Equity Fund: | FY 2025 | $25000 |
| (b) | **<u>Audit-Related Fees</u>** |  |  |
|  | Registrant | Registrant |  |
|  | Crawford Funds: | FY 2025 | $0 |
|  |  | FY 2024 | $0 |
|  | Q India Equity Fund: | FY 2025 | $0 |
| (c) | **<u>Tax Fees</u>** |  |  |
|  | Registrant | Registrant |  |
|  | Crawford Funds: | FY 2025 | $9900 |
|  |  | FY 2024 | $9900 |
|  | Q India Equity Fund: | FY 2025 | $10300 |

---

Nature of the fees: Preparation of the 1120 RIC and Excise review

---

| | | | |
|:---|:---|:---|:---|
| (d) | **<u>All Other Fees</u>** |  |  |
|  | Crawford Funds: | FY 2025 | $0 |
|  |  | FY 2024 | $0 |
|  | Q India Equity 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 |
| FY 2025 | $0 | $0 |
| FY 2024 | $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)&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ![(LOGO)](us001_v1.jpg) | **Annual Financial Statements and**<br> **Additional Information**<br> December 31, 2025 |

---

---

| | |
|:---|:---|
| CDGIX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Crawford Large Cap Dividend Fund**<br> Class I |
| CDGCX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Crawford Large Cap Dividend Fund**<br> **Class C** |
| CDOFX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Crawford Small Cap Dividend Fund**<br> Class I |
| CMALX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crawford Multi-asset Income Fund** |

---

---

| | |
|:---|:---|
| For a prospectus and more information, including charges and expenses call (800) 431-1716. The prospectus should be read carefully before investing. Past performance does not guarantee future results. Shares when redeemed may be worth more or less than their original cost.<br>Distributed by<br> Ultimus Fund Distributors, LLC <br> 225 Pictoria Drive, Suite 450 <br> Cincinnati, OH 45246 | &nbsp;&nbsp;&nbsp; Fund Investment Adviser: <br> Crawford Investment Counsel, Inc. 600 Galleria Parkway SE, Suite 1650 Atlanta, GA 30339<br>www.CrawfordInvestmentFunds.com |

---

---

| |
|:---|
| **Crawford Large Cap Dividend Fund** |
| **Schedule of Investments** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.11%** | **Shares** | **Fair Value** |
| **Communications — 2.01%** |  |  |
| Omnicom Group, Inc. | 14850 | $1199138 |
| **Consumer Discretionary — 5.69%** |  |  |
| Genuine Parts Co. | 9420 | 1158283 |
| Home Depot, Inc. (The) | 4410 | 1517481 |
| Ross Stores, Inc. | 4000 | 720560 |
|  |  | 3396324 |
| **Consumer Staples — 10.04%** |  |  |
| Coca-Cola Co. (The) | 25800 | 1803678 |
| Mondelez International, Inc., Class A | 15850 | 853206 |
| Philip Morris International, Inc. | 13750 | 2205500 |
| Procter & Gamble Co. (The) | 7900 | 1132149 |
|  |  | 5994533 |
| **Energy — 0.28%** |  |  |
| Canadian Natural Resources Ltd. | 5000 | 169250 |
| **Financials — 26.41%** |  |  |
| American Express Co. | 9900 | 3662504 |
| BlackRock, Inc. | 1700 | 1819577 |
| Charles Schwab Corp. (The) | 15000 | 1498650 |
| Intercontinental Exchange, Inc. | 6200 | 1004152 |
| JPMorgan Chase & Co. | 2000 | 644440 |
| Marsh & McLennan Companies, Inc. | 5650 | 1048188 |
| PNC Financial Services Group, Inc. (The) | 5000 | 1043650 |
| S&P Global, Inc. | 3300 | 1724547 |
| Visa, Inc., Class A | 5050 | 1771086 |
| Willis Towers Watson PLC | 4748 | 1560193 |
|  |  | 15776987 |
| **Health Care — 16.58%** |  |  |
| AbbVie, Inc. | 10500 | 2399145 |
| AstraZeneca PLC - ADR | 25000 | 2298250 |
| Johnson & Johnson | 8140 | 1684573 |
| Medtronic PLC | 20000 | 1921200 |
| Quest Diagnostics, Inc. | 7000 | 1214710 |
| Stryker Corp. | 1100 | 386617 |
|  |  | 9904495 |
| **Industrials — 18.04%** |  |  |
| CSX Corp. | 30000 | 1087500 |
| Honeywell International, Inc. | 6950 | 1355876 |
| Johnson Controls International PLC | 21600 | 2586600 |
| Roper Technologies, Inc. | 1000 | 445130 |
| RTX Corp. | 10000 | 1834000 |
| TE Connectivity PLC | 10000 | 2275100 |
| United Parcel Service, Inc., Class B | 12000 | 1190280 |
|  |  | 10774486 |

---

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

---

| |
|:---|
| **Crawford Large Cap Dividend Fund** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.11% - (continued)** | **Shares** | **Fair Value** |
| **Materials — 0.16%** |  |  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 1937 | $94099 |
| **Technology — 15.68%** |  |  |
| Accenture PLC, Class A | 5390 | 1446137 |
| Amdocs Ltd. | 13500 | 1086885 |
| Microsoft Corp. | 9120 | 4410614 |
| SAP SE - ADR | 4000 | 971640 |
| Texas Instruments, Inc. | 8350 | 1448642 |
|  |  | 9363918 |
| **Utilities — 3.22%** |  |  |
| American Electric Power Company, Inc. | 5700 | 657267 |
| WEC Energy Group, Inc. | 12000 | 1265520 |
|  |  | 1922787 |
| **Total Common Stocks (Cost $26,351,045)** |  | 58596017 |
| **MONEY MARKET FUNDS - 1.73%** |  |  |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.63%<sup>(b)</sup> | 1032990 | 1032990 |
| **Total Money Market Funds (Cost $1,032,990)** |  | 1032990 |
| **Total Investments — 99.84% (Cost $27,384,035)** |  | 59629007 |
| **Other Assets in Excess of Liabilities — 0.16%** |  | 98029 |
| **NET ASSETS — 100.00%** |  | $59727036 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective
 yield as of December 31, 2025.

ADR - American Depositary Receipt.

 

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

---

| |
|:---|
| **Crawford Small Cap Dividend Fund** |
| **Schedule of Investments** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.38%** | **Shares** | **Fair Value** |
| **Consumer Discretionary — 8.77%** |  |  |
| Academy Sports & Outdoors, Inc. | 124710 | $6230511 |
| HNI Corp. | 114222 | 4801893 |
| Monarch Casino & Resort, Inc. | 32751 | 3134271 |
| Monro, Inc. | 232091 | 4651104 |
| Rocky Brands, Inc. | 140245 | 4113386 |
| Scotts Miracle-Gro Co. (The) | 60000 | 3501000 |
| Shoe Carnival, Inc. | 141124 | 2382173 |
|  |  | 28814338 |
| **Consumer Staples — 6.20%** |  |  |
| Inter Parfums, Inc. | 42522 | 3607141 |
| J&J Snack Foods Corp. | 35490 | 3207231 |
| Phibro Animal Health Corp., Class A | 136777 | 5109989 |
| Turning Point Brands, Inc. | 55775 | 6046010 |
| Utz Brands, Inc. | 231326 | 2401164 |
|  |  | 20371535 |
| **Energy — 3.11%** |  |  |
| DT Midstream, Inc. | 28305 | 3387542 |
| Kinetik Holdings, Inc. | 98000 | 3532901 |
| Landbridge Co., LLC | 67463 | 3305012 |
|  |  | 10225455 |
| **Financials — 21.28%** |  |  |
| Artisan Partners Asset Management, Inc., Class A | 78330 | 3191164 |
| BancFirst Corp. | 38542 | 4086223 |
| First Hawaiian, Inc. | 130237 | 3294996 |
| FirstCash Holdings, Inc. | 26500 | 4223570 |
| Hamilton Lane, Inc., Class A | 42581 | 5719054 |
| Hanover Insurance Group, Inc. | 34859 | 6371179 |
| Lazard, Inc. | 102604 | 4982451 |
| Old Republic International Corp. | 147308 | 6723138 |
| Piper Sandler Companies | 10447 | 3548950 |
| SouthState Bank Corp. | 56362 | 5304228 |
| Stock Yards Bancorp, Inc. | 63982 | 4155631 |
| Trico Bancshares | 106844 | 5061200 |
| Walker & Dunlop, Inc. | 68095 | 4095914 |
| Webster Financial Corp. | 77386 | 4870675 |
| WSFS Financial Corp. | 79093 | 4369097 |
|  |  | 69997470 |
| **Health Care — 6.00%** |  |  |
| Embecta Corp. | 274405 | 3259931 |
| LeMaitre Vascular, Inc. | 74202 | 6017783 |
| Perrigo Co. PLC | 258784 | 3602273 |
| US Physical Therapy, Inc. | 87445 | 6828580 |
|  |  | 19708567 |

---

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

---

| |
|:---|
| **Crawford Small Cap Dividend Fund** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.38% - (continued)** | **Shares** | **Fair Value** |
| **Industrials — 36.01%** |  |  |
| Advanced Energy Industries, Inc. | 31430 | $6580499 |
| AZZ, Inc. | 66871 | 7167234 |
| Belden, Inc. | 54975 | 6407336 |
| Cactus, Inc., Class A | 92570 | 4228598 |
| Cadre Holdings, Inc. | 146252 | 5972932 |
| Cognex Corp. | 102931 | 3703457 |
| ESCO Technologies, Inc. | 35742 | 6983629 |
| Franklin Electric Co., Inc. | 65990 | 6304025 |
| H&R Block, Inc. | 58921 | 2567777 |
| Hackett Group, Inc. (The) | 287568 | 5644960 |
| Hexcel Corp. | 67899 | 5017736 |
| Information Services Group, Inc. | 654683 | 3784068 |
| Landstar System, Inc. | 25418 | 3652567 |
| Littelfuse, Inc. | 23902 | 6045294 |
| ManpowerGroup, Inc. | 76523 | 2275029 |
| Mesa Laboratories, Inc. | 63070 | 4950995 |
| Moog, Inc., Class A | 33395 | 8133352 |
| MSC Industrial Direct Co., Inc., Class A | 41715 | 3508232 |
| Mueller Water Products, Inc., Class A | 264964 | 6311442 |
| NAPCO Security Technologies, Inc. | 88440 | 3687948 |
| Ralliant Corp. | 39850 | 2028764 |
| Standex International, Inc. | 33612 | 7303215 |
| Valmont Industries, Inc. | 15298 | 6154691 |
|  |  | 118413780 |
| **Materials — 2.27%** |  |  |
| HB Fuller Co. | 81754 | 4861093 |
| WD-40 Co. | 13150 | 2589235 |
|  |  | 7450328 |
| **Real Estate — 5.51%** |  |  |
| Independence Realty Trust, Inc. | 390293 | 6822321 |
| STAG Industrial, Inc. | 129778 | 4770639 |
| Terreno Realty Corp. | 111050 | 6519746 |
|  |  | 18112706 |
| **Technology — 5.68%** |  |  |
| A10 Networks, Inc. | 192027 | 3396958 |
| CTS Corp. | 72363 | 3102202 |
| Pegasystems, Inc. | 119084 | 7111696 |
| Power Integrations, Inc. | 141999 | 5046644 |
|  |  | 18657500 |
| **Utilities — 2.55%** |  |  |
| Black Hills Corp. | 77352 | 5369775 |
| California Water Service Group | 69429 | 3008359 |
|  |  | 8378134 |
| **Total Common Stocks (Cost $252,884,861)** |  | 320129813 |

---

 

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

---

| |
|:---|
| **Crawford Small Cap Dividend Fund** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 2.27%** | **Shares** | **Fair Value** |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.63%<sup>(a)</sup> | 7454254 | $7454254 |
| **Total Money Market Funds (Cost $7,454,254)** |  | 7454254 |
| **Total Investments — 99.65% (Cost $260,339,115)** |  | 327584067 |
| **Other Assets in Excess of Liabilities — 0.35%** |  | 1154288 |
| **NET ASSETS — 100.00%** |  | $328738355 |

---

(a) Rate disclosed is the seven day effective
 yield as of December 31, 2025.

 

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

---

| |
|:---|
| **Crawford Multi-Asset Income Fund** |
| **Schedule of Investments** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 51.53%** | **Shares** | **Fair Value** |
| **Communications — 2.29%** |  |  |
| Omnicom Group, Inc. | 47530 | $3838048 |
| **Consumer Staples — 2.82%** |  |  |
| British American Tobacco PLC - ADR | 42490 | 2405784 |
| Philip Morris International, Inc. | 14500 | 2325800 |
|  |  | 4731584 |
| **Energy — 11.65%** |  |  |
| Canadian Natural Resources Ltd. | 96700 | 3273295 |
| Chevron Corp. | 14880 | 2267861 |
| Kinder Morgan, Inc. | 207220 | 5696477 |
| Kinetik Holdings, Inc. | 54475 | 1963824 |
| ONEOK, Inc. | 25505 | 1874618 |
| Williams Companies, Inc. (The) | 74390 | 4471583 |
|  |  | 19547658 |
| **Financials — 6.45%** |  |  |
| First Hawaiian, Inc. | 63120 | 1596936 |
| Huntington Bancshares, Inc. | 213500 | 3704225 |
| PNC Financial Services Group, Inc. (The) | 13390 | 2794895 |
| Prudential Financial, Inc. | 24210 | 2732825 |
|  |  | 10828881 |
| **Health Care — 5.39%** |  |  |
| AbbVie, Inc. | 20550 | 4695469 |
| Perrigo Co. PLC | 96480 | 1343002 |
| Pfizer, Inc. | 121120 | 3015888 |
|  |  | 9054359 |
| **Industrials — 1.76%** |  |  |
| United Parcel Service, Inc., Class B | 29750 | 2950903 |
| **Real Estate — 12.54%** |  |  |
| Crown Castle International Corp. | 30820 | 2738973 |
| CubeSmart | 68570 | 2471949 |
| Four Corners Property Trust, Inc. | 141310 | 3258609 |
| Healthpeak Properties, Inc. | 208853 | 3358356 |
| Lamar Advertising Co., Class A | 27630 | 3497404 |
| Mid-America Apartment Communities, Inc. | 10630 | 1476613 |
| WP Carey, Inc. | 65885 | 4240359 |
|  |  | 21042263 |
| **Utilities — 8.63%** |  |  |
| American Electric Power Company, Inc. | 34010 | 3921693 |
| Black Hills Corp. | 55250 | 3835455 |
| Dominion Energy, Inc. | 59500 | 3486105 |
| Duke Energy Corp. | 27630 | 3238512 |
|  |  | 14481765 |
| **Total Common Stocks (Cost $77,968,673)** |  | 86475461 |

---

 

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

---

| |
|:---|
| **Crawford Multi-Asset Income Fund** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS — 24.85%** | **Shares** | **Fair Value** |
| **Financials— 12.46%** |  |  |
| AGNC Investment Corp., Series G, 7.75% | 169560 | $4196610 |
| Annaly Capital Management, Inc., Series F, 6.95% | 74200 | 1889132 |
| Bank of America Corp., Series KK, 5.38% | 9830 | 216162 |
| Invesco Mortgage Capital, Inc., Series C, 7.50% | 127590 | 3119576 |
| M&T Bank Corp., Series J, 7.50% | 59510 | 1579991 |
| Two Harbors Investment Corp., Series B, 7.63% | 180590 | 4254700 |
| Wells Fargo & Co., Series L, 7.50% | 4670 | 5660039 |
|  |  | 20916210 |
| **Real Estate— 6.35%** |  |  |
| Armada Hoffler Properties, Inc., Series A, 6.75% | 136170 | 2877272 |
| Digital Realty Trust, Inc., Series L, 5.20% | 163650 | 3349915 |
| UMH Properties, Inc., Series D, 6.38% | 117080 | 2554686 |
| Vornado Realty Trust, Series M, 5.25% | 111150 | 1883993 |
|  |  | 10665866 |
| **Utilities— 6.04%** |  |  |
| Sempra Energy, 5.75% | 8690 | 192136 |
| Southern Co. (The), Series A, 4.95% | 244420 | 4947061 |
| Spire, Inc., Series A, 5.90% | 208280 | 4994554 |
|  |  | 10133751 |
| **Total Preferred Stocks (Cost $44,216,325)** |  | 41715827 |
|  | **Principal** |  |
| **CORPORATE BONDS — 16.86%** | **Amount** |  |
| **Financials— 11.92%** |  |  |
| Bank of America Corp., 6.13%, 4/27/2077 (H15T5Y + 323.000bps)<sup>(a)</sup> | $5313000 | 5396229 |
| Charles Schwab Corp. (The), Series I, 4.00%, 12/31/2049 (H15T5Y + 317.000bps)<sup>(a)(b)</sup> | 6588000 | 6551793 |
| JPMorgan Chase & Co., 6.50%, 4/1/2080 (H15T5Y + 215.000bps)<sup>(a)(b)</sup> | 3400000 | 3533953 |
| Truist Financial Corp., 3.00%, 3/1/2168 (H15T5Y + 3.000bps)<sup>(a)(b)</sup> | 4510000 | 4538688 |
|  |  | 20020663 |
| **Real Estate— 2.49%** |  |  |
| Crown Castle, Inc., 5.00%, 1/11/2028 | 4109000 | 4176935 |
| **Utilities— 2.45%** |  |  |
| WEC Energy Group, Inc., 4.75%, 1/9/2026 | 4106000 | 4106472 |
| **Total Corporate Bonds (Cost $27,636,626)** |  | 28304070 |

---

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

---

| |
|:---|
| **Crawford Multi-Asset Income Fund** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 4.08%** | **Shares** | **Fair Value** |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.63%<sup>(c)</sup> | 6853082 | $6853082 |
| **Total Money Market Funds (Cost $6,853,082)** |  | 6853082 |
| **Total Investments — 99.62% (Cost $160,549,839)** |  | 167209198 |
| **Other Assets in Excess of Liabilities — 0.38%** |  | 646089 |
| **NET ASSETS — 100.00%** |  | $167855287 |

---

(a) Security is perpetual in nature and
 has no stated maturity date.

(b) Variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as, of December 31, 2025. For securities based on a published
 reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities
 are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
 These securities, therefore, do not indicate a reference rate and spread.

(c) Rate disclosed is the seven day effective
 yield as of December 31, 2025.

ADR - American Depositary Receipt.

 

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

---

| |
|:---|
| **Crawford Funds** |
| **Statements of Assets and Liabilities** |
| *December 31, 2025* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Crawford**<br>**Large Cap**<br>**Dividend**<br>**Fund** | **Crawford**<br>**Small Cap**<br>**Dividend**<br>**Fund** |<br>**Crawford**<br>**Multi-Asset**<br>**Income Fund** |
| **Assets** |  |  |  |
| Investments in securities at value (cost $27,384,035, $260,339,115 and $160,549,839) | $59629007 | $327584067 | $167209198 |
| Receivable for fund shares sold | 63273 | 59154 |  |
| Receivable for investments sold |  | 1260859 |  |
| Dividends and interest receivable | 91992 | 388556 | 795138 |
| Tax reclaims receivable | 2282 |  |  |
| Prepaid expenses | 17269 | 20667 | 11024 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 59803823 | 329313303 | 168015360 |
| **Liabilities** |  |  |  |
| Payable for fund shares redeemed | 8205 | 24626 |  |
| Payable for investments purchased |  | 250670 |  |
| Payable to Adviser | 25580 | 242522 | 114122 |
| 12b-1 fees accrued - Class C | 8660 |  |  |
| Payable to affiliates | 11225 | 26023 | 17304 |
| Payable to trustees | 5627 | 5627 | 5627 |
| Other accrued expenses | 17490 | 25480 | 23020 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 76787 | 574948 | 160073 |
| **Net Assets** | $59727036 | $328738355 | $167855287 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $27577586 | $263434969 | $161590148 |
| Accumulated earnings | 32149450 | 65303386 | 6265139 |
| **Net Assets** | $59727036 | $328738355 | $167855287 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |
| Net Assets | $57600994 | $328738355 | $— |
| Shares outstanding (unlimited number of shares authorized, no par value) | 3885375 | 7078195 |  |
| Net asset value and offering price per share | $14.83 | $46.44 | $— |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |
| Net Assets | $2126042 | $— | $— |
| Shares outstanding (unlimited number of shares authorized, no par value) | 144895 |  |  |
| Net asset value and offering price per share | $14.67 | $— | $— |
| Net Assets | $— | $— | $167855287 |
| Shares outstanding (unlimited number of shares authorized, no par value) |  |  | 6500596 |
| Net asset value and offering price per share | $— | $— | $25.82 |

---

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

---

| |
|:---|
| **Crawford Funds** |
| **Statements of Operations** |
| *For the Year ended December 31, 2025* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Crawford Large**<br>**Cap Dividend**<br>**Fund** | **Crawford Small**<br>**Cap Dividend**<br>**Fund** | **Crawford Multi-**<br>**Asset Income**<br>**Fund** |
| **Investment Income** |  |  |  |
| Dividend income | $1305121 | $6953125 | $6356948 |
| Interest income |  |  | 1486396 |
| Foreign dividend taxes withheld | (6245) |  | (23392) |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 1298876 | 6953125 | 7819952 |
| **Expenses** |  |  |  |
| Adviser | 296685 | 3158693 | 1532144 |
| Fund accounting | 48717 | 67699 | 51437 |
| Administration | 41322 | 170391 | 86113 |
| Registration | 35945 | 34585 | 17949 |
| Transfer agent | 34361 | 35958 | 24474 |
| 12b-1 fees - Class C | 23691 |  |  |
| Trustee | 21969 | 21969 | 21969 |
| Legal | 21766 | 21766 | 21766 |
| Audit and tax preparation | 20332 | 20082 | 21182 |
| Compliance services | 13126 | 11126 | 12126 |
| Custodian | 7576 | 32002 | 17704 |
| Report printing | 5496 | 13283 | 6223 |
| Insurance | 3921 | 5902 | 4514 |
| Pricing | 1007 | 1493 | 2126 |
| Miscellaneous | 19080 | 23168 | 17647 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 594994 | 3618117 | 1837374 |
| Fees contractually waived by Adviser |  | (459631) | (320661) |
| Net operating expenses | 594994 | 3158486 | 1516713 |
| **Net investment income** | 703882 | 3794639 | 6303239 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain on investment securities transactions | 1941828 | 3118335 | 2264038 |
| Net change in unrealized appreciation (depreciation) of investment securities and translation of assets and liabilities in foreign currency | 4167324 | (6950392) | (1069928) |
| **Net realized and change in unrealized gain (loss) on investments and foreign currency** | 6109152 | (3832057) | 1194110 |
| **Net increase (decrease) in net assets resulting from operations** | $6813034 | $(37418) | $7497349 |

---

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

---

| |
|:---|
| **Crawford Funds** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Crawford Large Cap Dividend Fund** | **Crawford Large Cap Dividend Fund** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $703882 | $819249 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 1941828 | 3296904 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities and translation of assets and liabilities in foreign currency | 4167324 | 2153045 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 6813034 | 6269198 |
| **Distributions to Shareholders from Earnings** |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (3288125) | (3600137) |
| &nbsp;&nbsp;&nbsp;Class C | (100941) | (138298) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3389066) | (3738435) |
| **Capital Transactions - Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 7090068 | 3315100 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2725524 | 3155531 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (10562456) | (8374082) |
| &nbsp;&nbsp;&nbsp;Total Class I | (746864) | (1903451) |
| **Capital Transactions - Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 100162 | 137001 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (607708) | (245715) |
| &nbsp;&nbsp;&nbsp;Total Class C | (507546) | (108714) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets resulting from capital transactions** | (1254410) | (2012165) |
| **Total Increase in Net Assets** | 2169558 | 518598 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 57557478 | 57038880 |
| &nbsp;&nbsp;&nbsp;End of year | $59727036 | $57557478 |
| **Share Transactions - Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 473427 | 231900 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 182522 | 224568 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (705624) | (584547) |
| &nbsp;&nbsp;&nbsp;Total Class I | (49675) | (128079) |
| **Share Transactions - Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 6781 | 9879 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (41078) | (17137) |
| &nbsp;&nbsp;&nbsp;Total Class C | (34297) | (7258) |
| &nbsp;&nbsp;&nbsp;**Net decrease in shares outstanding** | (83972) | (135337) |

---

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

---

| |
|:---|
| **Crawford Funds** |
| **Statements of Changes in Net Assets (continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Crawford Small Cap Dividend Fund** | **Crawford Small Cap Dividend Fund** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3794639 | $3333527 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 3118335 | 11707410 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investment securities and translation of assets and liabilities in foreign currency | (6950392) | 15253062 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (37418) | 30293999 |
| **Distributions to Shareholders from Earnings** |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (11278113) | (12974383) |
| &nbsp;&nbsp;&nbsp;Total distributions | (11278113) | (12974383) |
| **Capital Transactions - Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 41577096 | 38789637 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 9955066 | 11589083 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (41925909) | (27681434) |
| &nbsp;&nbsp;&nbsp;Total Class I | 9606253 | 22697286 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from capital transactions** | 9606253 | 22697286 |
| **Total Increase (Decrease) in Net Assets** | (1709278) | 40016902 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 330447633 | 290430731 |
| &nbsp;&nbsp;&nbsp;End of year | $328738355 | $330447633 |
| **Share Transactions - Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 868591 | 818281 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 212953 | 242662 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (906687) | (592468) |
| &nbsp;&nbsp;&nbsp;Total Class I | 174857 | 468475 |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 174857 | 468475 |

---

 

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

---

| |
|:---|
| **Crawford Funds** |
| **Statements of Changes in Net Assets (continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Crawford Multi-Asset Income Fund** | **Crawford Multi-Asset Income Fund** |
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6303239 | $5211121 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 2264038 | 4568315 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investment securities and translation of assets and liabilities in foreign currency | (1069928) | 4470281 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 7497349 | 14249717 |
| **Distributions to Shareholders from** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (11784056) | (5343772) |
| &nbsp;&nbsp;&nbsp;Total distributions | (11784056) | (5343772) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 24949120 | 25819823 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 10524650 | 4519156 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (8505251) | (6569667) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from capital transactions** | 26968519 | 23769312 |
| **Total Increase in Net Assets** | 22681812 | 32675257 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 145173475 | 112498218 |
| &nbsp;&nbsp;&nbsp;End of year | $167855287 | $145173475 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 925219 | 1018313 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 400006 | 174410 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (321750) | (251646) |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 1003475 | 941077 |

---

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

---

| |
|:---|
| **Crawford Large Cap Dividend Fund – Class I** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $14.00 | $13.43 | $13.10 | $14.62 | $12.44 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.18 | 0.21 | 0.22 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.52 | 1.32 | 0.71 | (1.30) | 2.53 |
| Total from investment operations | 1.70 | 1.53 | 0.93 | (1.10) | 2.71 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.21) | (0.22) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.69) | (0.75) | (0.38) | (0.22) | (0.35) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |
| Total distributions | (0.87) | (0.96) | (0.60) | (0.42) | (0.53) |
| Net asset value, end of year | $14.83 | $14.00 | $13.43 | $13.10 | $14.62 |
| **Total Return<sup>(a)</sup>** | 12.22% | 11.38% | 7.22% | (7.43)% | 21.91% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $57601 | $55074 | $54559 | $54437 | $59095 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.96% | 0.97% | 0.95% | 0.92% | 0.93% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver or recoupment | 0.96% | 0.97% | 0.95% | 0.92% | 0.89% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.23% | 1.43% | 1.65% | 1.54% | 1.28% |
| Portfolio turnover rate | 6% | 15% | 19% | 11% | 7% |

---

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

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

---

| |
|:---|
| **Crawford Large Cap Dividend Fund – Class C** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $13.86 | $13.30 | $12.99 | $14.49 | $12.33 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.03 | 0.06 | 0.08 | 0.07 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.50 | 1.31 | 0.70 | (1.28) | 2.51 |
| Total from investment operations | 1.53 | 1.37 | 0.78 | (1.21) | 2.55 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.06) | (0.09) | (0.07) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.69) | (0.75) | (0.38) | (0.22) | (0.35) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |
| Total distributions | (0.72) | (0.81) | (0.47) | (0.29) | (0.39) |
| Net asset value, end of year | $14.67 | $13.86 | $13.30 | $12.99 | $14.49 |
| **Total Return<sup>(a)</sup>** | 11.05% | 10.30% | 6.07% | (8.33)% | 20.73% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $2126 | $2483 | $2480 | $2558 | $3171 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.96% | 1.97% | 1.95% | 1.92% | 1.96% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver or recoupment | 1.96% | 1.97% | 1.95% | 1.92% | 1.89% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.23% | 0.43% | 0.65% | 0.53% | 0.26% |
| Portfolio turnover rate | 6% | 15% | 19% | 11% | 7% |

---

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

 

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

---

| |
|:---|
| **Crawford Small Cap Dividend Fund – Class I** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $47.87 | $45.13 | $39.85 | $48.33 | $42.48 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.56 | 0.52 | 0.54 | 0.50 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.34) | 4.18 | 5.26 | (7.31) | 8.83 |
| Total from investment operations | 0.22 | 4.70 | 5.80 | (6.81) | 9.35 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.54) | (0.51) | (0.52) | (0.51) | (0.53) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.11) | (1.45) |  | (1.16) | (2.97) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |
| Total distributions | (1.65) | (1.96) | (0.52) | (1.67) | (3.50) |
| Net asset value, end of year | $46.44 | $47.87 | $45.13 | $39.85 | $48.33 |
| **Total Return<sup>(a)</sup>** | 0.45% | 10.45% | 14.62% | (14.12)% | 22.06% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $328738 | $330448 | $290431 | $282209 | $345463 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver or recoupment | 1.13% | 1.14% | 1.15% | 1.14% | 1.12% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.19% | 1.09% | 1.26% | 1.15% | 1.07% |
| Portfolio turnover rate | 28% | 22% | 24% | 20% | 27% |

---

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

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

---

| |
|:---|
| **Crawford Multi-Asset Income Fund** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $26.41 | $24.69 | $24.34 | $25.80 | $23.01 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.10 | 1.02 | 1.22 | 0.83 | 0.74 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.28 | 1.74 | 0.28 | (1.09) | 2.88 |
| Total from investment operations | 1.38 | 2.76 | 1.50 | (0.26) | 3.62 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.10) | (1.04) | (1.15) | (0.87) | (0.83) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.87) |  |  | (0.30) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.03) |  |
| Total distributions | (1.97) | (1.04) | (1.15) | (1.20) | (0.83) |
| Net asset value, end of year | $25.82 | $26.41 | $24.69 | $24.34 | $25.80 |
| **Total Return<sup>(a)</sup>** | 5.25% | 11.35% | 6.40% | (1.00)% | 15.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $167855 | $145173 | $112498 | $129273 | $138692 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.99% | 0.99% | 0.99% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver or recoupment | 1.20% | 1.23% | 1.23% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.11% | 3.95% | 5.04% | 3.37% | 2.94% |
| Portfolio turnover rate | 18% | 19% | 35% | 36% | 12% |

---

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

 

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

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements** |
| *December 31, 2025* |

---

**NOTE 1. ORGANIZATION**

Crawford Large Cap Dividend Fund (the "Large Cap Dividend Fund"), Crawford Small Cap Dividend Fund (the "Small Cap Dividend Fund") and Crawford Multi-Asset Income Fund (the "Multi-Asset Income Fund") (each a "Fund" and collectively, the "Funds") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of Unified Series Trust (the "Trust"). The Large Cap Dividend Fund, Small Cap Dividend Fund, and Multi-Asset Income Fund were organized on December 7, 2003, June 21, 2012, and August 7, 2017, respectively. 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") to issue an unlimited number of shares of beneficial interest of separate series without par value. Each Fund is one of a series of funds currently authorized by the Board. The investment adviser to the Funds is Crawford Investment Counsel, Inc. (the "Adviser"). The investment objective of the Large Cap Dividend Fund is total return. The investment objective of the Small Cap Dividend Fund is to provide attractive long-term total return with below market risk as measured by standard deviation in comparison with the Russell 2000® Index. The investment objective of the Multi-Asset Income Fund is to provide current income.

The Large Cap Dividend Fund currently offers two classes of shares: Class I and Class C. Large Cap Dividend Fund Class I shares were first offered to the public on January 5, 2004, and Large Cap Dividend Fund Class C shares were first offered to the public on January 27, 2004. Small Cap Dividend Fund Class I shares were first offered to the public on September 26, 2012. Shares of the Multi-Asset Income Fund were first offered to the public on September 12, 2017. Each class votes separately on matters affecting only that class, or on matters 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. Each share represents an equal proportionate interest in the assets and liabilities belonging to the applicable Fund and is entitled to such dividends and distributions out of income belonging to the Funds as are declared by the Board.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is the President and Principal Executive Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies", including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Funds in the preparation of their 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 Funds 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 Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the realized and unrealized gain or loss from investments. Net realized gain (loss) on foreign currency translations on the Statements of Operations represents currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid. The net change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statements of Operations.

**Federal Income Taxes** – The Funds make no provision for federal income or excise tax. Each Fund has qualified and intends to qualify each year as a regulated investment

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

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. Each 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 Funds could incur a tax expense.

As of and during the fiscal year ended December 31, 2025, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year ended December 31, 2025, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

**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 Funds follow industry practice and record 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. Distributions received from investments in real estate investment trusts ("REITs") that represent a return of capital or capital gain are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds' investments in REITs are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Withholding taxes on foreign dividends and related reclaims have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

**Dividends and Distributions** – The Large Cap Dividend Fund and the Small Cap Dividend Fund each typically distribute substantially all of their net investment income quarterly and net realized capital gains, if any, at least annually. The Multi-Asset Income Fund typically distributes net investment income monthly and any realized net capital gains, if any, annually. 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 year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. Where such differences are permanent in nature; they are reclassified in 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 values ("NAV") per share of the Funds.

For the fiscal year ended of December 31, 2025, the Funds made the following reclassifications to increase (decrease) the components of net assets:

---

| | | |
|:---|:---|:---|
|  |<br>**Paid-In**<br>**Capital** | **Accumulated**<br>**Earnings**<br>**(Deficit)** |
| **Large Cap Dividend Fund** | $— | $— |
| **Small Cap Dividend Fund** | (116291) | 116291 |
| **Multi-Asset Income Fund** | (35313) | 35313 |

---

**Contingent Deferred Sales Charges** – With respect to the Class C shares of the Large Cap Dividend Fund there is no initial sales charge on purchases. However, a contingent deferred sales charge ("CDSC") of 1.00%, based on the lower of the shares' cost or current NAV, will be imposed on such purchases if the shares are redeemed within 12 months of purchase. Any shares acquired by reinvestment of distributions will be redeemed without a CDSC. In determining whether a CDSC is payable, the Large Cap Dividend Fund will first redeem Class C shares not subject to any charge.

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

Each 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 a 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.

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

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 each 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

● 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 Funds' 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

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

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.

Debt securities are valued by using the mean between the closing bid and ask prices provided by a pricing service. If the closing bid and ask prices are not readily available, the pricing service may provide a price determined by a matrix pricing method. Matrix pricing is a mathematical technique used to value fixed income securities without relying exclusively on quoted prices. Matrix pricing takes into consideration recent transactions, yield, liquidity, risk, credit quality, coupon, maturity, type of issue and any other factors or market data the pricing service deems relevant for the actual security being priced and for other securities with similar characteristics. These securities will generally be categorized as Level 2 securities. If the Valuation Designee decides that a price provided by the pricing service does not accurately reflect the fair value of the securities or when prices are not readily available from a pricing service, securities are valued at fair value as determined by the Valuation Designee, in conformity with guidelines adopted by and subject to review of the Board through its Pricing & Liquidity Committee. These securities will generally be categorized as Level 3 securities.

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 a 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

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

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 a 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 Funds' investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Large Cap Dividend Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $58596017 | $— | $— | $58596017 |
| Money Market Funds | 1032990 |  |  | 1032990 |
| Total | $59629007 | $— | $— | $59629007 |
| **Small Cap Dividend Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $320129813 | $— | $— | $320129813 |
| Money Market Funds | 7454254 |  |  | 7454254 |
| Total | $327584067 | $— | $— | $327584067 |
| **Multi-Asset Income Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $86475461 | $— | $— | $86475461 |
| Preferred Stocks<sup>(a)</sup> | 41715827 | 3860758 |  | 45576585 |
| Corporate Bonds<sup>(a)</sup> |  | 28304070 |  | 28304070 |
| Money Market Funds | 6853082 |  |  | 6853082 |
| Total | $135044370 | $32164828 | $— | $167209198 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

The Funds did not hold any investments during or at the end of the reporting period in 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.

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

The Adviser, under the terms of the management agreement with the Trust with respect to each Fund (each an "Agreement"), manages the Funds' investments. As compensation for its management services, each Fund pays the Adviser a management fee based on its average daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Dividend**<br>**Fund** | **Small Cap Dividend**<br>**Fund** | **Multi-Asset Income**<br>**Fund** |
| Management fee rate | 0.50% | 0.99% | 1.00% |
| Management fees earned | $296685 | $3158693 | $1532144 |
| Fees waived | $– | $(459631) | $(320661) |

---

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 Funds' business) do not exceed 0.98% of each class of shares of the Large Cap Dividend Fund's average daily net assets, 0.99% of the Small Cap Dividend Fund's average daily net assets and 0.98% of the Multi-Asset Income Fund's average daily net assets. The expense cap for the Multi-Asset Income Fund was 0.99% from April 30, 2023 to April 30, 2025. Prior to April 30, 2023, the expense cap for the Multi-Asset Income Fund was 1.00%. The contractual arrangements for the Funds are in place through April 30, 2025 and may not be terminated prior to this date except by the Board upon sixty (60) days' written notice to the Adviser.

Each fee waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the applicable Fund in the three years following the date the 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

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

any expense limitation in effect at the time of the recoupment. The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions are as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Recoverable Through** | **Large Cap**<br>**Dividend**<br>**Fund** | **Small Cap**<br>**Dividend**<br>**Fund** |<br>**Multi-Asset**<br>**Income Fund** |
| December 31, 2026 | $— | $441130 | $275878 |
| December 31, 2027 |  | 462548 | 311227 |
| December 31, 2028 |  | 459631 | 320661 |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Funds. The Funds pay 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 Funds, 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 Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

Certain officers of the Trust are also employees of Ultimus and such persons are not paid by the Funds 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 more than 75% of 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. Beginning in May 2024, the Interested Trustee began receiving the same compensation as the Independent Trustees.

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

The Trust, with respect to the Large Cap Dividend Fund's Class C shares has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Large Cap Dividend Fund pays a fee to the Distributor, the Adviser or other financial institutions of 1.00% of the Class C's average daily net assets (0.75% to help defray the cost of distributing Class C shares and 0.25% for servicing the Class C shareholders) attributable to the Large Cap Dividend Fund in connection with the promotion and distribution of the Large Cap Dividend Fund's Class C shares or the provision of personal services to Class C shareholders. These services include, but are not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Large Cap Dividend Fund shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 Expenses actually incurred. Pursuant to the Plan, the Board reviews, at least quarterly, a written report of the distribution expenses incurred on behalf of the Large Cap Dividend Fund's Class C shares under the Plan. For the fiscal year ended December 31, 2025, the Large Cap Dividend Fund Class C shares incurred 12b-1 Expenses of $23,691. The Large Cap Dividend Fund owed $8,660 for Class C 12b-1 Expenses as of December 31, 2025.

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the fiscal year ended December 31, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Large Cap Dividend Fund | $3592145 | $7624935 |
| Small Cap Dividend Fund | 94981857 | 87544070 |
| Multi-Asset Income Fund | 46015113 | 27193531 |

---

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended December 31, 2025.

**NOTE 6. FEDERAL TAX INFORMATION**

At December 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments, other than futures contracts, for tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap**<br>**Dividend Fund** | **Small Cap**<br>**Dividend Fund** | **Multi-Asset**<br>**Income Fund** |
| Gross unrealized appreciation | $32403501 | $85611029 | $17045023 |
| Gross unrealized depreciation | (182253) | (18415723) | (10455289) |
| Net unrealized appreciation (depreciation) on investments | $32221248 | $67195306 | $6589734 |
| Tax cost of investments | $27407759 | $260388761 | $160619464 |

---

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

The tax character of distributions paid for the fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Dividend Fund** | **Large Cap Dividend Fund** | **Small Cap Dividend Fund** | **Small Cap Dividend Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |  |  |
| Ordinary income<sup>(a)</sup> | $704605 | $805807 | $3714204 | $3388624 | $7389578 | $5343772 |
| Long-term capital gains | 2684461 | 2932628 | 7563909 | 9585759 | 4394478 |  |
| Total distributions paid | $3389066 | $3738435 | $11278113 | $12974383 | $11784056 | $5343772 |

---

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

At December 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap**<br>**Dividend Fund** | **Small Cap**<br>**Dividend Fund** | **Multi-Asset**<br>**Income Fund** |
| Undistributed ordinary income | $12669 | $— | $— |
| Undistributed long-term capital gains |  |  |  |
| Accumulated capital and other losses | (84472) | (1891920) | (324698) |
| Unrealized appreciation on investments | 32221253 | 67195306 | 6589837 |
| Total accumulated earnings | $32149450 | $65303386 | $6265139 |

---

The difference between book-basis and tax-basis of unrealized appreciation (depreciation) is primarily attributable to tax deferral of losses on wash sales, differences related to partnership investments and the return of capital adjustments from underlying investments.

Capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of a 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 fiscal year ended December 31, 2025, the Large Cap Dividend Fund, Small Cap Dividend Fund and Multi-Asset Income Fund deferred post-October capital losses in the amounts of $84,472, $1,891,920 and $324,698, respectively.

**NOTE 7. SECTOR RISK**

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of December 31, 2025, the Large Cap Dividend Fund had 26.41% of the value of its net assets invested in

---

| |
|:---|
| **Crawford Funds** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

securities within the Financials sector. As of December 31, 2025, the Small Cap Dividend Fund had 36.01% of the value of its net assets invested in securities within the Industrials sector. As of December 31, 2025, the Multi-Asset Income Fund had 33.13% of the value of its net assets invested in securities within the Real Estate sector.

**NOTE 8. 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 Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**NOTE 9. NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Management is evaluating the impacts of these changes on the Funds' financial statements.

**NOTE 10. SUBSEQUENT EVENTS**

Management of the Funds 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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Crawford Funds and

Board of Trustees of Unified Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Crawford Funds, comprising Crawford Large Cap Dividend Fund, Crawford Small Cap Dividend Fund, and Crawford Multi-Asset Income Fund, each a series of Unified Series Trust (the "Funds"), as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, 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 each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and broker. Our audits 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 audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

![(SIGNATURE)](us002_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Funds designate the following percentage or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap**<br>**Dividend Fund** | **Small Cap**<br>**Dividend Fund** | **Multi-Asset**<br>**Income Fund** |
| **Qualified Dividend Income** | 100% | 100% | 76% |

---

**Qualified Business Income.** The Funds designate the following percentage of ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap**<br>**Dividend Fund** | **Small Cap**<br>**Dividend Fund** | **Multi-Asset**<br>**Income Fund** |
| **Qualified Business Income** | —% | —% | —% |

---

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Funds' dividend distribution that qualifies under tax law. For the Funds' calendar year 2025 ordinary income dividends, the following percentage qualifies for the corporate dividends received deduction.

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap**<br>**Dividend Fund** | **Small Cap**<br>**Dividend Fund** | **Multi-Asset**<br>**Income Fund** |
| **Dividends Received Deduction** | 100% | 100% | 77% |

---

The Funds designate the following amounts as long-term capital gains distributions. The amounts designated may not agree with long-term capital gains in the tax character of distribution table due to utilization of earnings and profits distributed to shareholders on redemption of shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap**<br>**Dividend Fund** | **Small Cap**<br>**Dividend Fund** | **Multi-Asset**<br>**Income Fund** |
| **Long-Term Capital Gains Distributions** | $2684461 | $7563909 | $4394478 |

---

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

The Crawford Large Cap Dividend Fund ("Large Cap Fund"), the Crawford Small Cap Dividend Fund ("Small Cap Fund"), and the Crawford Multi-Asset Income Fund ("Multi-Asset Fund") (together, the "Funds" and each, a "Fund") are series of Unified Series Trust (the "Trust"). The Trust's Board of Trustees (the "Board" or "Trustees") oversees the management of the Funds and, as required by law, has considered the renewal of the management agreements with their investment adviser, Crawford Investment Counsel, Inc. ("Crawford"). In connection with such renewals, the Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances.

At the Trustees' quarterly meeting held in August 2025, the Trustees, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust or Crawford (the "Independent Trustees"), approved the renewal of the management agreements between the Trust and Crawford for an additional year. The Trustees' renewal of each Fund's management agreement was based on a consideration of all the information provided to the Trustees, and not as the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated this information differently, ascribing different weights to various factors.

The Nature, Extent, and Quality of Services. The Board reviewed and considered information regarding the nature, extent, and quality of services that Crawford provides to the Funds, including but not limited to, providing a continuous investment program for the Funds, adhering to the Funds' investment restrictions, complying with the Trust's policies and procedures, and voting proxies on behalf of the Funds. The Board reviewed the background information of key investment personnel responsible for servicing the Funds, considering their education and financial industry experience. The Board acknowledged Crawford's succession planning, cybersecurity and testing, disaster recovery, and compliance program. The Board concluded that Crawford provided satisfactory service to each Fund and its respective shareholders.

Fund Performance. The Trustees discussed each Fund's performance for various periods ended June 30, 2025, including the investment strategies and Crawford's value-oriented approach.

The Board observed that the Large Cap Fund had outperformed its benchmark, the Russell 1000 Value Index, its peer group, and Morningstar category over the one-year period. The Board noted that the Large Cap Fund underperformed its benchmark, peer group, and Morningstar category over the three-

**Additional Information (Unaudited) (continued)**

year and five-year periods. The Board further discussed that the Large Cap Fund underperformed its Morningstar category over the ten-year period and outperformed its benchmark and peer group over the same period. The Board acknowledged that Crawford attributed underperformance to the Large Cap Fund's focus on high quality, dividend paying companies, which have underperformed a narrow group of growth oriented stocks that drove overall market performance during the relevant periods.

The Trustees noted that the Small Cap Fund underperformed its benchmark, the Russell 2000 Index, Morningstar category, and peer group over the three-year and five-year periods. The Board noted that the Small Cap Fund outperformed its peer group over the one-year and ten-year periods and outperformed its benchmark over the ten-year period. The Board discussed that since inception, the Small Cap Fund outperformed its benchmark, performed in line with its peer group, and underperformed its Morningstar category. The Board noted Crawford's explanation that relative underperformance was attributable to the Small Cap Fund's holdings in the consumer discretionary, health care, and real estate sectors, as well as the Small Cap Fund's focus on companies with durable business models, solid financial characteristics, and shareholder-oriented capital policies, which generally underperformed various growth oriented stocks during the relevant periods. The Board recognized Crawford's conviction in the strategy to provide attractive risk adjusted returns over the long term.

The Board observed that the Multi-Asset Fund had outperformed its benchmark, the NASDAQ U.S. Multi-Asset Diversified Income Index, for the one-year and since inception periods but underperformed its benchmark for the three-year and five-year periods. The Board further discussed that the Multi-Asset Fund had outperformed its Morningstar category and peer group for the one-year and five-year periods but underperformed each over the three-year and since inception periods. The Board acknowledged Crawford's position that the funds in the peer group and Morningstar category provided lower levels of income and allocations to alternative sources of income compared to the Multi-Asset Fund and, as a result, its benchmark was a more apt comparison for relative performance. The Board discussed Crawford's rationale for underperformance relative to the benchmark over various periods, noting Crawford's position that the Multi-Asset Fund consistently provided a high level of current income while mitigating downside risk.

The Board analyzed Crawford's remarks about how each Fund's portfolio differs from the typical portfolios in its respective peer group and Morningstar category and the corresponding impact on relative performance. The Board also acknowledged Crawford's view that account specific restrictions and mandates explained the variation in performance of each Fund with the performance of separately managed accounts with a substantially similar strategy. It was the consensus of the Board that Crawford was managing each Fund consistent with its mandate.

Fee Rate and Profitability. With respect to each Fund, the Board reviewed a fee and expense comparison for the Fund's peer group and Morningstar category. The Trustees observed that the management fee for the Large Cap Fund was lower than the averages and medians of its peer group and the Morningstar category but that its net expense ratio was higher than the averages and medians of its peer group and Morningstar category. The Board considered the justification provided by Crawford for the relatively higher net expense ratio. The Board observed that the Large Cap Fund's management fee was comparable to the fee charged by Crawford for managed accounts with similar strategies.

**Additional Information (Unaudited) (continued)**

The Board noted that the management fee and net expense ratio for the Small Cap Fund were higher than the averages and medians of its peer group and Morningstar category. The Board discussed Crawford's commentary regarding the relatively higher fees and expenses. The Board observed that the Small Cap Fund's management fee was comparable to the fee charged by Crawford for managed accounts with similar strategies.

The Board observed that the management fee and net expense ratio for the Multi-Asset Fund were higher than the averages and medians of its peer group and the Morningstar category. The Board recalled Crawford's explanation that its fees and expenses were attributable to the expertise and additional resources involved in effectively implementing the Multi-Asset Fund's strategy. The Board noted that the Multi-Asset Fund's management fee and expenses were comparable to the fees charged by Crawford for its managed accounts with similar strategies.

The Board also considered a profitability analysis prepared by Crawford with respect to its management of each Fund, which indicated that Crawford was not earning a profit in connection with managing any of the Funds. The Board also reviewed Crawford's profitability analyses from the prior year and examined whether there were any material differences in expenses year over year. They also examined Crawford's allocation of expenses in the profitability analyses and considered its financial status.

The Board also recalled their review of the Large Cap Fund's 12b-1 Plan at this meeting and considered other potential benefits that Crawford may receive in connection with its management of the Large Cap Fund. The Board considered the benefits Crawford could derive from its soft dollar arrangements. After considering the above information, the Trustees concluded that the current management fee for each Fund represented reasonable compensation in light of the nature and quality of Crawford's services to each Fund.

Economies of Scale. In determining the reasonableness of the management fees, the Trustees also considered the extent to which Crawford may realize economies of scale as each Fund grows larger. The Board determined that, in light of the size of each Fund and the fact that Crawford is not yet profitable in managing any of the Funds, it was premature to reduce the management fees or introduce breakpoints. The Board agreed to monitor and revisit this issue at a later time.

---

| |
|:---|
| ![(LOGO)](us003_v1.jpg) |
| **Q INDIA EQUITY FUND** |
| **ANNUAL FINANCIAL STATEMENTS AND** |
| **ADDITIONAL INFORMATION** |
| **DECEMBER 31, 2025** |
| **Fund Adviser:** |
| **Quantum Advisors Private Limited** |
| **1st Floor, Apeejay House, 3 Dinshaw Vachha Road** |
| **Backbay Reclamation, Churchgate** |
| **Mumbai, India 400020** |

---

---

| |
|:---|
| **Q India Equity Fund** |
| **Schedule of Investments** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 92.51%** | **Shares** | **Fair Value** |
| **India — 92.51%** |  |  |
| &nbsp;&nbsp;&nbsp;*Communications — 0.26%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 119 | $2794 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary — 7.26% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bajaj Auto Ltd. | 226 | 23515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crompton Greaves Consumer Electricals Ltd. | 11394 | 32029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hero MotoCorp Ltd. | 75 | 4821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 392 | 16195 |
|  |  | 76560 |
| &nbsp;&nbsp;&nbsp;*Energy — 3.06%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exide Industries Ltd. | 7984 | 32226 |
| &nbsp;&nbsp;&nbsp;*Financials — 43.43%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aditya Birla Sun Life Asset Management Co. Ltd. | 4222 | 37883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 2487 | 35179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 5658 | 62525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 2994 | 44825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Lombard General Insurance Co. Ltd. | 1163 | 25437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Prudential Life Insurance Co. Ltd. | 7402 | 55110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IndusInd Bank Ltd. | 2688 | 25869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | 2127 | 52195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIC Housing Finance Ltd. | 5907 | 35507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Health and Allied Insurance Co. Ltd.<sup>(a)</sup> | 7371 | 37326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Bank of India | 4222 | 46200 |
|  |  | 458056 |
| &nbsp;&nbsp;&nbsp;*Health Care — 5.52%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cipla Ltd. | 2031 | 34148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories Ltd. | 1703 | 24091 |
|  |  | 58239 |
| &nbsp;&nbsp;&nbsp;*Industrials — 5.44%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Info Systems Ltd. | 6060 | 22908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Container Corporation of India Ltd. | 5891 | 34445 |
|  |  | 57353 |
| &nbsp;&nbsp;&nbsp;*Materials — 3.60%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuvoco Vistas Corporation Ltd.<sup>(a)</sup> | 9135 | 36261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Steel Ltd. | 857 | 1717 |
|  |  | 37978 |

---

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

---

| |
|:---|
| **Q India Equity Fund** |
| **Schedule of Investments (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 92.51% (Continued)** | **Shares** | **Fair Value** |
| **India — 92.51% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology — 18.95%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Ltd. | 3388 | $61035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 1648 | 58902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tech Mahindra Ltd. | 2017 | 35739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wipro Ltd. | 15054 | 44150 |
|  |  | 199826 |
| &nbsp;&nbsp;&nbsp;*Utilities — 4.99%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAIL India Ltd. | 14394 | 27616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gujarat State Petronet Ltd. | 7340 | 25031 |
|  |  | 52647 |
| **Total Common Stocks** (Cost $1,003,046) |  | 975679 |
| **MONEY MARKET FUNDS — 7.65%** | **Shares** | **Fair Value** |
| U.S. Bank Money Market Deposit Account, 3.31%<sup>(b)</sup> | 80736 | $80736 |
| **Total Money Market Funds** (Cost $80,736) |  | 80736 |
| **Total Investments — 100.16%** (Cost $1,083,782) |  | 1056415 |
| **Liabilities in Excess of Other Assets — (0.16)%** |  | (1728) |
| **NET ASSETS — 100.00%** |  | $1054687 |

---

<sup>(a)</sup> Non-income producing security.

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

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

---

| |
|:---|
| **Q India Equity Fund** |
| **Statement of Assets and Liabilities** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Investments in securities at value (cost $1,083,782) | $1056415 |
| &nbsp;&nbsp;&nbsp;Foreign currency (cost $21,026) | 21026 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 382 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 36368 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 16917 |
| Total Assets | 1131108 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;12b-1 fees accrued - Investor Class | 75 |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | 11226 |
| &nbsp;&nbsp;&nbsp;Payable to trustees | 5412 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 59708 |
| Total Liabilities | 76421 |
| **Net Assets** | $1054687 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1082072 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (27385) |
| **Net Assets** | $1054687 |
| **Class I** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $996288 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 97647 |
| Net asset value and offering price per share | $10.20 |
| **Class II** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $25562 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 2500 |
| Net asset value and offering price per share | $10.22 |
| **Investor Class** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $32837 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 3227 |
| Net asset value and offering price per share | $10.18 |

---

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

---

| |
|:---|
| **Q India Equity Fund** |
| **Statement of Operations** |
| **For the Period Ended December 31, 2025<sup>(a)</sup>** |

---

---

| | |
|:---|:---|
| **Investment Income** | |
| &nbsp;&nbsp;&nbsp;Dividend income | $2055 |
| &nbsp;&nbsp;&nbsp;Interest income | 2013 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (436) |
| Total investment income | 3632 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Transfer agent | 57103 |
| &nbsp;&nbsp;&nbsp;Administration | 51544 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation | 35682 |
| &nbsp;&nbsp;&nbsp;Trustee | 21484 |
| &nbsp;&nbsp;&nbsp;Legal | 21052 |
| &nbsp;&nbsp;&nbsp;Custodian | 16019 |
| &nbsp;&nbsp;&nbsp;Compliance services | 14917 |
| &nbsp;&nbsp;&nbsp;Report printing | 13800 |
| &nbsp;&nbsp;&nbsp;Pricing | 5463 |
| &nbsp;&nbsp;&nbsp;Registration | 4034 |
| &nbsp;&nbsp;&nbsp;Adviser | 1761 |
| &nbsp;&nbsp;&nbsp;Insurance | 1192 |
| &nbsp;&nbsp;&nbsp;12b-1 fees – Investor Class | 74 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 44591 |
| Total expenses | 288716 |
| &nbsp;&nbsp;&nbsp;Fees waived and/or expenses reimbursed by Adviser | (286047) |
| Net operating expenses | 2669 |
| **Net investment income** | 963 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 402 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency translations | (1386) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investment securities | (27367) |
| **Net realized and change in unrealized loss on investments** | (28351) |
| **Net decrease in net assets resulting from operations** | $(27388) |

---

 

<sup>(a)</sup> For the period January 6, 2025 (commencement of operations) to December 31, 2025.

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

---

| |
|:---|
| **Q India Equity Fund** |
| **Statement of Changes in Net Assets** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**December 31,**<br>**2025<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |
| **Operations** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $963 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investment securities transactions and foreign currency translations | (984) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investment securities | (27367) |
| Net decrease in net assets resulting from operations | (27388) |
| **Capital Transactions - Class I** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1025000 |
| Total Class I | 1025000 |
| **Capital Transactions - Class II** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 25000 |
| Total Class II | 25000 |
| **Capital Transactions - Investor Class** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 37500 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (5425) |
| Total Investor Class | 32075 |
| **Net increase in net assets resulting from capital transactions** | 1082075 |
| **Total Increase in Net Assets** | 1054687 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $— |
| &nbsp;&nbsp;&nbsp;End of period | $1054687 |
| **Share Transactions - Class I** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 97647 |
| Total Class I | 97647 |
| **Share Transactions - Class II** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2500 |
| Total Class II | 2500 |
| **Share Transactions - Investor Class** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3751 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (524) |
| Total Investor Class | 3227 |
| **Net increase in shares outstanding** | 103374 |

---

 

<sup>(a)</sup> For the period January 6, 2025 (commencement of operations) to December 31, 2025.

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

---

| |
|:---|
| **Q India Equity Fund** |
| **Class I** |
| **Financial Highlights** |
| **(For a share outstanding during the period)** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**December 31,**<br>**2025<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.00 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.20 |
| Total from investment operations | 0.20 |
| Net asset value, end of period | $10.20 |
| Total Return<sup>(b)(c)</sup> | 2.00% |
| **Ratios and Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $996 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(d)</sup> | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before reimbursement/recoupment<sup>(d)</sup> | 55.28% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets<sup>(d)</sup> | 0.11% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 1% |

---

<sup>(a)</sup> For the period January 6, 2025 (commencement of operations) to December 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 financial statements.

---

| |
|:---|
| **Q India Equity Fund** |
| **Class II** |
| **Financial Highlights** |
| **(For a share outstanding during the period)** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**December 31,**<br>**2025<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.00 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.06 |
| Total from investment operations | 0.22 |
| Net asset value, end of period | $10.22 |
| Total Return<sup>(b)(c)</sup> | 2.20% |
| **Ratios and Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $26 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(d)</sup> | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before reimbursement/recoupment<sup>(d)</sup> | 310.51% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(d)</sup> | 1.56% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 1% |

---

<sup>(a)</sup> For the period January 6, 2025 (commencement of operations) to December 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 financial statements.

---

| |
|:---|
| **Q India Equity Fund** |
| **Investor Class** |
| **Financial Highlights** |
| **(For a share outstanding during the period)** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**December 31,**<br>**2025<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.00 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.08 |
| Total from investment operations | 0.18 |
| Net asset value, end of period | $10.18 |
| Total Return<sup>(b)(c)</sup> | 1.80% |
| **Ratios and Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $33 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(d)</sup> | 1.23% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before reimbursement/recoupment<sup>(d)</sup> | 308.51% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(d)</sup> | 1.13% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 1% |

---

<sup>(a)</sup> For the period January 6, 2025 (commencement of operations) to December 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 financial statements.

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements** |
| **December 31, 2025** |

---

**NOTE 1. ORGANIZATION**

The Q India Equity Fund (the "Fund") was registered as a non-diversified series of Unified Series Trust (the "Trust") on August 20, 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 of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The investment objective of the Fund is to achieve long-term capital appreciation by investing in the listed equities of Indian companies that are in a position to benefit from the anticipated growth and development of the Indian economy. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Quantum Advisors Private Limited (the "Adviser").

The Fund currently offers three classes of shares, Class I, Class II and Investor Class. Class I, Class II and Investor Class shares were first offered to the public on January 6, 2025. 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. 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.

**Non-Diversification Risk** – As a non-diversified fund, the Fund's portfolio may focus on a limited number of companies. Because the Fund may hold the securities of fewer issuers than a diversified fund, the poor performance of an individual security in the Fund's portfolio may have a greater negative impact on the Fund's performance than if the Fund's asset were diversified among a larger number of portfolio securities.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements (Continued)** |
| **December 31, 2025** |

---

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund has adopted FASB Accounting Standards Update 2023-09, Segment Reporting (Topic 280) – Improvements to Income Tax Disclosures. Management of the Fund has evaluated the impact on financial reporting and determined that it did not have a material impact for the fiscal period ended December 31, 2025.

The Fund is an investment company and follows accounting and reporting guidance under FASB Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies", including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

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

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

**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.

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements (Continued)** |
| **December 31, 2025** |

---

As of and during the period ended December 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 Statement of Operations when incurred. During the period ended December 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds of the Trust 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. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign capital gains, foreign dividends and related reclaims have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**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.

**NOTE 3. 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

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements (Continued)** |
| **December 31, 2025** |

---

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

● 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. With respect to foreign equity securities that are principally traded on a market outside the United States, the Board's Pricing & Liquidity Committee has approved the utilization of an International Fair Value Pricing Service to evaluate the effect of market fluctuations on these securities after the close of trading in that foreign market. Where a movement of identified indices compared to each other is sufficiently large to constitute a trigger point established by the Board's Pricing & Liquidity Committee, fair market valuation factors provided by the International Fair Value Pricing Service will be applied to the closing market prices of these foreign equity securities, and those adjusted prices will be used in the Fund's NAV calculation

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements (Continued)** |
| **December 31, 2025** |

---

for that day. 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.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (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.

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements (Continued)** |
| **December 31, 2025** |

---

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $— | $975679 | $— | $975679 |
| Money Market Funds | 80736 |  |  | 80736 |
| Total | $80736 | $975679 | $— | $1056415 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

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 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

The Adviser, under the terms of the management 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 0.65% of the Fund's average daily net assets. For the period ended December 31, 2025, before the waiver described below, the Adviser earned a fee of $1,759 from the Fund. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses through April 30, 2027 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 0.98%, 0.75% and 1.23% of the average daily net assets of the Fund's Class I, Class II, and Investor Class shares, respectively. At December 31, 2025, the Adviser owed the Fund $36,368 for waived and reimbursed expenses. For the period ended December 31, 2025, the Adviser waived management fees of $286,047.

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

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements (Continued)** |
| **December 31, 2025** |

---

the recoupment. As of December 31, 2025, the Adviser may seek repayment of management fees waived and expenses reimbursed pursuant to the aforementioned conditions from the Fund no later than the dates stated below:

---

| | |
|:---|:---|
| **Recoverable through** | |
| December 31, 2028 | $286047 |

---

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 more than 75% of 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 Investor Class shares of the Fund, has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund can pay the Distributor, the Adviser and/or other financial institutions or any other person (the "Recipient") a fee of 0.25% of the average daily net assets of the Fund in connection with the promotion and distribution of the Fund's shares or the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). The Fund or Adviser may pay all or a portion of these fees to any Recipient who renders assistance in

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements (Continued)** |
| **December 31, 2025** |

---

distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses actually incurred. For the period ended December 31, 2025, the Investor Class shares incurred 12b-1 expenses of $74. The Fund owed $75 for Investor Class shares 12b-1 expenses as of December 31, 2025.

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the period ended December 31, 2025, purchases and sales of investment securities, other than short-term investments, were $1,004,689 and $2,145, respectively.

There were no purchases or sales of long-term U.S. government obligations during the period ended December 31, 2025.

**NOTE 6. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, Kevin and Jill Heller owned 100% of the Class II outstanding shares and 77.47% of the Investor Class outstanding shares. As of December 31, 2025, Sandeep Mathrani owned 97.44% of Class I outstanding shares. As a result, Kevin and Jill Heller and Sandeep Mathrani may be deemed to control the Fund.

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $15664 |
| Gross unrealized depreciation | (43049) |
| Net unrealized appreciation/(depreciation) on investments | $(27385) |
| Tax cost of investments | $1083800 |

---

At December 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Unrealized appreciation/(depreciation) | $(27385) |
| Total accumulated earnings | $(27385) |

---

As of December 31, 2025, the difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to foreign capital gain tax reclasses.

---

| |
|:---|
| **Q India Equity Fund** |
| **Notes to the Financial Statements (Continued)** |
| **December 31, 2025** |

---

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 December 31, 2025, the Fund did not defer any post-October capital losses or late year ordinary losses.

**NOTE 8. SECTOR RISK**

If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of December 31, 2025, the Fund had 43.43% of the value of its net assets invested in stocks within the Financials sector.

**NOTE 9. CONCENTRATION RISK**

A fund's portfolio with a geographical focus may be more volatile than a broad-based fund portfolio, such as a global equity fund portfolio, as they are more susceptible to fluctuations in value resulting from adverse conditions in the countries in which they invest. As of December 31, 2025, the Fund had 92.51% of the value of its net assets invested in stocks domiciled in India.

**NOTE 10. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 11. 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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Q India Equity Fund

and Board of Trustees of Unified Series Trust

**<u>Opinion on the Financial Statements</u>**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Q India Equity Fund, a series of Unified Series Trust (the "Fund"), as of December 31, 2025, the related statement of operations, the statement of changes in net assets, the financial highlights for the period from January 6, 2025 (commencement of operations) through December 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 December 31, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period from January 6, 2025 (commencement of operations) through December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**<u>Basis for Opinion</u>**

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 December 31, 2025, by correspondence with the custodian. 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 2025.

![(SIGNATURE)](us004_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**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.** 

Included under Item 7

**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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics attached hereto.](ust-sox_coe.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 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |

---

Date <u> 2/26/2026</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 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |

---

Date <u> 2/26/2026</u> <br>

---

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

---

Date <u> 2/26/2026</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: | 2/26/2026 | /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 | 2/26/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**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 December 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 Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Unified Series Trust | Unified Series Trust | Unified Series Trust | Unified Series Trust |
| /s/ Martin R. Dean | /s/ Martin R. Dean | /s/ Zachary P. Richmond | /s/ Zachary P. Richmond |
| Martin R. Dean | Martin R. Dean | Zachary P. Richmond | Zachary P. Richmond |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;2/26/2026 | Date: | &nbsp;&nbsp;&nbsp;&nbsp;2/26/2026 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

**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