# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-25-003585
**Filing Date:** 2025-6
**Character Count:** 314040
**Document Hash:** 49f7674cea6217626d7fccb1be0aea67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003585.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001580642-25-003585

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** 251033554

**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

### Dean Mid Cap Value Fund (Series ID: S000016034)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000044154 | Dean Mid Cap Value Fund | DALCX           |

### Dean Small Cap Value Fund (Series ID: S000016035)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000044155 | Dean Small Cap Value Fund | DASCX           |

### ABSOLUTE SELECT VALUE ETF (Series ID: S000067086)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000215804 | ABSOLUTE SELECT VALUE ETF | ABEQ            |

### Dean Equity Income Fund (Series ID: S000078852)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000239618 | Dean Equity Income Fund | DAEIX           |

### ABSOLUTE CAPITAL OPPORTUNITIES FUND (Series ID: S000081738)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244722 | INSTITUTIONAL SHARES | CAPOX           |

### ABSOLUTE CONVERTIBLE ARBITRAGE FUND (Series ID: S000081739)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244723 | INVESTOR SHARES      | ARBOX           |
| C000244724 | INSTITUTIONAL SHARES | ARBIX           |

### ABSOLUTE FLEXIBLE FUND (Series ID: S000081740)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244725 | INSTITUTIONAL SHARES | FLXIX           |

### Absolute CEF Opportunities (Series ID: S000081741)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244726 | INSTITUTIONAL SHARES | ACEFX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**Unified Series Trust**

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices)

(Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive. Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

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

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>March 31, 2025</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) # Absolute Capital Opportunities Fund

# Institutional Shares (CAPOX)

# Annual Shareholder Report - March 31, 2025
![Image](id82a07f202afeed452504257.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Capital Opportunities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute_capital_opportunities_fund_capox/#fundliterture. You can also request this information by contacting us at (888) 992-2765.

## 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** |
| Institutional Shares | $149 | 1.48% |

---

#### How did the Fund perform during the reporting period?
The Absolute Capital Opportunities Fund returned 0.98% for the period. By comparison, the S&P 500 Index returned 8.25%. Additionally, the HFRX Equity Hedge Index returned 4.51% and the S&P 500 Index returned 8.25%.

The Fund maintained significant index hedges throughout the period against its long individual company equity portfolio. These hedges are not an attempt to time the market or anticipate an equity correction. Rather, the hedges create relative value opportunities with the ability to adjust positioning should markets re-price with greater absolute value.

Remaining significantly hedged over the period did limit returns as broad equity markets finished higher. The positioning was helpful as markets declined in the first quarter of 2025 in response to potential new economic policies. In Q1 2025, the Absolute Capital Opportunities Fund was up 1.73% while the S&P 500 Index was down 4.28%. The HFRX Equity Hedge Index was up 0.22% for the quarter.

## How has the Fund performed since inception?

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](i6b14227d9e78cf3c93e8ddff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Absolute Capital Opportunities Fund - Institutional Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $25000 | $25000 | $25000 |
| **Mar-2016** | $25525 | $24223 | $25099 |
| **Mar-2017** | $27425 | $25654 | $29409 |
| **Mar-2018** | $31300 | $27795 | $33523 |
| **Mar-2019** | $30743 | $26367 | $36707 |
| **Mar-2020** | $31812 | $23879 | $34146 |
| **Mar-2021** | $33534 | $29582 | $53387 |
| **Mar-2022** | $31831 | $32221 | $61740 |
| **Mar-2023** | $30096 | $31537 | $56968 |
| **Mar-2024** | $33398 | $34582 | $73991 |
| **Mar-2025** | $33726 | $36142 | $80097 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (December 30, 2015) |
| Absolute Capital Opportunities Fund - Institutional Shares | 0.98% | 1.18% | 3.29% |
| HFRX Equity Hedge Index | 4.51% | 8.64% | 4.06% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.41% |

---

***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.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8d5f4b798ac463dc206791c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Options Purchased | 3.8% |
| Materials | 1.8% |
| Energy | 4.6% |
| Health Care | 5.0% |
| Consumer Staples | 6.5% |
| Industrials | 9.1% |
| Communications | 9.3% |
| Consumer Discretionary | 10.3% |
| Financials | 15.4% |
| Money Market Funds | 15.4% |
| Technology | 17.2% |

---

## **Fund Statistics** 
* Net Assets$55,990,286

* Number of Portfolio Holdings51

* Advisory Fee (net of waivers)$688,936

* Portfolio Turnover23%

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

![Image](id82a07f202afeed452504257.jpg)

# Absolute Capital Opportunities Fund - Institutional Shares (CAPOX)

# Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://absoluteadvisers.com/absfunds/absolute_capital_opportunities_fund_capox/#fundliterture), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-CAPOX

# Absolute CEF Opportunities

# Institutional Shares (ACEFX)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# **(formerly Absolute Strategies Fund)** 

# Annual Shareholder Report - March 31, 2025
![Image](if20d6447f3f4aa18f9bd0398.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute CEF Opportunities (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://absoluteadvisers.com/the_absolute_strategies_fund_asfix/#fundliterture. You can also request this information by contacting us at (888) 992-2765. **This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.**

## 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** |
| Institutional Shares | $258 | 2.66% |

---

#### How did the Fund perform during the reporting period?
On October 22, 2024, the Absolute Strategies Fund changed its name to Absolute CEF Opportunities and commenced pursuing the Fund's investment objective by primarily investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in publicly traded closed-end funds ("CEFs"), including buying securities issued by CEFs, or selling short CEF securities. Prior to the strategy change, the Absolute Strategies Fund returned -6.43% from March 31, 2024 to October 22, 2024. By comparison, the S&P 500 returned 12.20% over that time. For this specific period, the Fund maintained a net short bias which impacted returns as the broader equity markets rallied significantly. Since the strategy change on October 22, 2024 through March 31, 2025, the Fund generated a 0.93% return. By comparison, the S&P 500 returned -3.53% over this period. The new strategy maintained a net long bias in a mix of equity and fixed-income closed end funds. The strategy focuses on special situations within the closed-end space such as mergers, tender offers, rights offerings, and fund liquidations, which were the main drivers of performance.

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

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](i8adcfabfcf7863a3d71c84be.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Absolute CEF Opportunities - Institutional Shares** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** | **HFRX Global Hedge Fund Index** | **MSCI World Index** |
| **Mar-2015** | $25000 | $25000 | $25000 | $25000 | $25000 |
| **Mar-2016** | $25512 | $25446 | $25490 | $23161 | $24137 |
| **Mar-2017** | $24644 | $29815 | $25602 | $24596 | $27701 |
| **Mar-2018** | $23546 | $33987 | $25910 | $25384 | $31466 |
| **Mar-2019** | $22787 | $37215 | $27071 | $24542 | $32729 |
| **Mar-2020** | $23594 | $34618 | $29490 | $24202 | $29328 |
| **Mar-2021** | $22186 | $54125 | $29699 | $28111 | $45175 |
| **Mar-2022** | $20420 | $62594 | $28466 | $28377 | $49747 |
| **Mar-2023** | $20218 | $57756 | $27104 | $27498 | $46254 |
| **Mar-2024** | $19082 | $75015 | $27565 | $29065 | $57868 |
| **Mar-2025** | $18021 | $81205 | $28910 | $30003 | $61941 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Absolute CEF Opportunities - Institutional Shares | -5.56% | -5.25% | -3.22% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| HFRX Global Hedge Fund Index | 3.23% | 4.39% | 1.84% |
| MSCI World Index | 7.04% | 16.13% | 9.50% |

---

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

## What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](i787cb4370b3affeef7ccb2b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.7% |
| Mutual Funds | 4.5% |
| Money Market Funds | 4.4% |
| Closed End Funds | 88.4% |

---

## **Fund Statistics** 
* Net Assets$5,977,691

* Number of Portfolio Holdings50

* Advisory Fee (net of waivers)$0

* Portfolio Turnover169%

## Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus dated October 22, 2024, which is available at https://absoluteadvisers.com/the_absolute_strategies_fund_asfix/#fundliterture or upon request at (888) 992-2765.

Effective October 22, 2024, Absolute Strategies Fund changed its name to Absolute CEF Opportunities and revised its principal investment strategy. The changes to the principal investment strategy reflect that the Fund is taking a fund-of-funds approach, rather than investing through sub-advisers, and will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in publicly traded closed-end funds ("CEFs"), including buying securities issued by CEFs, or selling short CEF securities.

![Image](if20d6447f3f4aa18f9bd0398.jpg)

# Absolute CEF Opportunities - Institutional Shares (ACEFX)

# Annual Shareholder Report - March 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-ACEFX

# Absolute Convertible Arbitrage Fund

# Institutional Shares (ARBIX)

# Annual Shareholder Report - March 31, 2025
![Image](i16f8606c1f114fe30e3c8ba0.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Convertible Arbitrage Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute_convertible_arbitrage_fund_arbix/#fundliterture. You can also request this information by contacting us at (888) 992-2765.

## 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** |
| Institutional Shares | $147 | 1.41% |

---

#### How did the Fund perform during the reporting period?
The Absolute Convertible Arbitrage Fund returned 7.38% for the period. By comparison, the S&P 500 Index returned 8.25% and the HFRX Convertible Arbitrage Index returned 5.85%.

The Fund's performance for the period aligned with expectations, given the prevailing interest rate and credit environment. Interest rates remained elevated over prior years allowing the Fund to generate meaningful return from the long bond exposure and short proceeds. Credit spreads narrowed moderately but remained at levels that provided a considerate return driver for the Fund. Security selection aided returns as convertible bond valuations fluctuated. Equity volatility remained low for most of the period but picked up in Q1 2025. Investors grappled with both the rise of artificial intelligence and new tariff policies and the potential impact on individual company performance.

Looking ahead, convertible arbitrage remains well-positioned. The convertible market is well balanced among credit trades, total return trades, and in-the-money volatility trades. Strong issuance trends are expected to persist, bolstered by ongoing refinancings and a large maturity wall for convertibles through 2026. Convertibles offer compelling opportunity amidst wider spreads compared to high yield bonds.

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

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](i4b2c5db11a534cb2de4672f1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Absolute Convertible Arbitrage Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **HFRX Fixed Income Convertible Arbitrage Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $25000 | $25000 | $25000 | $25000 |
| **Mar-2016** | $23811 | $25490 | $24326 | $25446 |
| **Mar-2017** | $27034 | $25602 | $26658 | $29815 |
| **Mar-2018** | $28641 | $25910 | $27913 | $33987 |
| **Mar-2019** | $29773 | $27071 | $27874 | $37215 |
| **Mar-2020** | $30124 | $29490 | $27437 | $34618 |
| **Mar-2021** | $34075 | $29699 | $27412 | $54125 |
| **Mar-2022** | $34460 | $28466 | $33445 | $62594 |
| **Mar-2023** | $34908 | $27104 | $31475 | $57756 |
| **Mar-2024** | $37083 | $27565 | $34180 | $75015 |
| **Mar-2025** | $39818 | $28910 | $36179 | $81205 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Absolute Convertible Arbitrage Fund - Institutional Shares | 7.38% | 5.74% | 4.76% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| HFRX Fixed Income Convertible Arbitrage Index | 5.85% | 5.69% | 3.77% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

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

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3bd9ffa86fab78cea3a333bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.9% |
| Real Estate | 0.3% |
| Utilities | 1.2% |
| Materials | 2.0% |
| Energy | 2.1% |
| Consumer Staples | 2.5% |
| Financials | 2.4% |
| Mutual Funds | 2.6% |
| Communications | 3.5% |
| Consumer Discretionary | 6.0% |
| Money Market Funds | 11.8% |
| Industrials | 14.4% |
| Health Care | 16.0% |
| Technology | 31.3% |

---

## **Fund Statistics** 
* Net Assets$1,110,343,775

* Number of Portfolio Holdings217

* Advisory Fee (net of waivers)$10,170,485

* Portfolio Turnover25%

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

![Image](i16f8606c1f114fe30e3c8ba0.jpg)

# Absolute Convertible Arbitrage Fund - Institutional Shares (ARBIX)

# Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://absoluteadvisers.com/absfunds/absolute_convertible_arbitrage_fund_arbix/#fundliterture), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-ARBIX

# Absolute Convertible Arbitrage Fund

# Investor Shares (ARBOX)

# Annual Shareholder Report - March 31, 2025
![Image](i49d588598adc74840d4333a5.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Convertible Arbitrage Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute_convertible_arbitrage_fund_arbix/#fundliterture. You can also request this information by contacting us at (888) 992-2765.

## 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 Shares | $173 | 1.67% |

---

#### How did the Fund perform during the reporting period?
The Absolute Convertible Arbitrage Fund returned 7.13% for the period. By comparison, the S&P 500 Index returned 8.25% and the HFRX Convertible Arbitrage Index returned 5.85%.

The Fund's performance for the period aligned with expectations, given the prevailing interest rate and credit environment. Interest rates remained elevated over prior years allowing the Fund to generate meaningful return from the long bond exposure and short proceeds. Credit spreads narrowed moderately but remained at levels that provided a considerate return driver for the Fund. Security selection aided returns as convertible bond valuations fluctuated. Equity volatility remained low for most of the period but picked up in Q1 2025. Investors grappled with both the rise of artificial intelligence and new tariff policies and the potential impact on individual company performance.

Looking ahead, convertible arbitrage remains well-positioned. The convertible market is well balanced among credit trades, total return trades, and in-the-money volatility trades. Strong issuance trends are expected to persist, bolstered by ongoing refinancings and a large maturity wall for convertibles through 2026. Convertibles offer compelling opportunity amidst wider spreads compared to high yield bonds.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i59694c14ab51c7610c58cf28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Absolute Convertible Arbitrage Fund - Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** | **HFRX Fixed Income Convertible Arbitrage Index** | **S&P 500<sup>®</sup> Index** |
| **Feb-2021** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2021** | $9947 | $9958 | $9912 | $10390 |
| **Mar-2022** | $10033 | $9544 | $12093 | $12015 |
| **Mar-2023** | $10135 | $9088 | $11381 | $11087 |
| **Mar-2024** | $10746 | $9242 | $12359 | $14399 |
| **Mar-2025** | $11512 | $9693 | $13082 | $15588 |

---

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (February 25, 2021) |
| Absolute Convertible Arbitrage Fund - Investor Shares | 7.13% | 3.50% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.76% |
| HFRX Fixed Income Convertible Arbitrage Index | 5.85% | 6.78% |
| S&P 500<sup>®</sup> Index | 8.25% | 11.45% |

---

***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.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0b5c82f0c34b151b2db25fc1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.9% |
| Real Estate | 0.3% |
| Utilities | 1.2% |
| Materials | 2.0% |
| Energy | 2.1% |
| Consumer Staples | 2.5% |
| Financials | 2.4% |
| Mutual Funds | 2.6% |
| Communications | 3.5% |
| Consumer Discretionary | 6.0% |
| Money Market Funds | 11.8% |
| Industrials | 14.4% |
| Health Care | 16.0% |
| Technology | 31.3% |

---

## **Fund Statistics** 
* Net Assets$1,110,343,775

* Number of Portfolio Holdings217

* Advisory Fee (net of waivers)$10,170,485

* Portfolio Turnover25%

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

![Image](i49d588598adc74840d4333a5.jpg)

# Absolute Convertible Arbitrage Fund - Investor Shares (ARBOX)

# Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://absoluteadvisers.com/absfunds/absolute_convertible_arbitrage_fund_arbix/#fundliterture), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-ARBOX

# Absolute Flexible Fund

# Institutional Shares (FLXIX)

# Annual Shareholder Report - March 31, 2025
![Image](i74cc9518ab323a5931cf2600.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Flexible Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/flexible-fund/#fundliterture. You can also request this information by contacting us at (888) 992-2765.

## 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** |
| Institutional Shares | $155 | 1.50% |

---

#### How did the Fund perform during the reporting period?
The Absolute Flexible Fund returned 6.83% for the period. By comparison, the Bloomberg Aggregate Bond Index returned 4.88% and the S&P 500 Index returned 8.25%. Additionally, the Bloomberg U.S. Aggregate Bond Index returned 4.88%.

The Fund utilizes a flexible approach to investing in convertible bonds where the exposure can range from long only to partially hedged to fully delta hedged. Delta hedging attempts to remove the equity sensitivity from the convertible bonds.

The Fund was positioned with significant net long exposure throughout the period. Contributors were well dispersed with over 90% of the individual trades generating a positive return. Individual return drivers ranged from merger and acquisition activity to credit spread tightening to positive financial results fueling upside equity sensitivity in the convertible bonds.

## How has the Fund performed since inception?

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](i891463b2d0805fd90f88a460.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Absolute Flexible Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2022** | $25000 | $25000 | $25000 |
| **Mar-2023** | $26342 | $24976 | $27495 |
| **Mar-2024** | $27965 | $25401 | $35711 |
| **Mar-2025** | $29877 | $26640 | $38657 |

---

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (June 30, 2022) |
| Absolute Flexible Fund - Institutional Shares | 6.83% | 6.69% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 2.34% |
| S&P 500<sup>®</sup> Index | 8.25% | 17.17% |

---

***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.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie17c290fdecb1cb730df84b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.6% |
| Consumer Discretionary | 1.7% |
| Money Market Funds | 2.3% |
| Real Estate | 2.3% |
| Financials | 3.5% |
| Communications | 10.7% |
| Industrials | 10.9% |
| Health Care | 19.2% |
| Technology | 46.8% |

---

## **Fund Statistics** 
* Net Assets$28,902,421

* Number of Portfolio Holdings58

* Advisory Fee (net of waivers)$237,460

* Portfolio Turnover52%

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

![Image](i74cc9518ab323a5931cf2600.jpg)

# Absolute Flexible Fund - Institutional Shares (FLXIX)

# Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://absoluteadvisers.com/absfunds/flexible-fund/#fundliterture), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-FLXIX

# Absolute Select Value ETF
(ABEQ) NYSE Arca, Inc.

# Annual Shareholder Report - March 31, 2025
![Image](idd319dccc9f6d9bafe973360.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Select Value ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute_core_strategy_etf_abeq/#fundliterture. You can also request this information by contacting us at (833) 267-3383.

## 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** |
| Absolute Select Value ETF | $91 | 0.85% |

---

#### How did the Fund perform during the reporting period?
The Fund generated a 13.79% return for the period versus 8.25% for the S&P 500 Index. Notably, the Fund produced an 8.24% return in the first quarter of 2025 as markets became more volatile in reaction to new economic policies. The S&P 500 Index was down 4.28% in Q1 2025.

The Fund's performance was driven by a concentrated equity portfolio of solid cash flow generating companies. We believe the Fund is well positioned for both absolute and relative performance should the market environment continue to reward these types of companies, as opposed to the speculative environment seen over much of the past decade.

Confronted by a concentrated market structure with a relentless passive bid, low interest rates, massive corporate share buybacks, and the reality that valuations hold little significance in the financial markets other than brief periods of credit stress, value investors such as the Fund have struggled, at times, to match broad market indices. Yet we believe opportunities exist outside of the herd. For investors who accept current market conditions but also remain committed to fundamentals, realism and patience are essential. This approach acknowledging personal constraints that limit participation in today's market darling at any given time, while focusing on the universe of overlooked, high quality companies with compelling valuations.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i572fe689720113dd1ca6f196.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Absolute Select Value ETF - NAV** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Jan-2020** | $10000 | $10000 | $10000 |
| **Mar-2020** | $8056 | $7816 | $7256 |
| **Mar-2021** | $10555 | $12220 | $11325 |
| **Mar-2022** | $12102 | $14132 | $12647 |
| **Mar-2023** | $11469 | $13040 | $11899 |
| **Mar-2024** | $12777 | $16936 | $14310 |
| **Mar-2025** | $14539 | $18334 | $15338 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 21, 2020) |
| Absolute Select Value ETF - NAV | 13.79% | 12.53% | 7.47% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.38% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.15% | 8.59% |

---

***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) 267-3383 or visit https://absoluteadvisers.com/absfunds/absolute_core_strategy_etf_abeq/ for updated performance information.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0d1a9b39eaaf5e3f11cb8da7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.5% |
| Utilities | 1.3% |
| Technology | 2.0% |
| Industrials | 2.5% |
| Communications | 3.1% |
| Health Care | 7.2% |
| Consumer Staples | 10.2% |
| Financials | 12.2% |
| Materials | 16.5% |
| Energy | 21.1% |
| U.S. Treasury Obligations | 21.4% |

---

#### Country Weighting (% of net assets)
![Group By Country Chart](i2b77ab79a97f5ee748312ac7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 4.4% |
| United Kingdom | 7.1% |
| Canada | 15.3% |
| United States | 70.7% |

---

## **Fund Statistics** 
* Net Assets$97,001,158

* Number of Portfolio Holdings27

* Advisory Fee (net of waivers)$520,900

* Portfolio Turnover20%

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

![Image](idd319dccc9f6d9bafe973360.jpg)

# Absolute Select Value ETF (ABEQ)

# Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://absoluteadvisers.com/absfunds/absolute_core_strategy_etf_abeq/#fundliterture), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-ABEQ

#### Dean Equity Income Fund
(DAEIX)

#### Annual Shareholder Report - March 31, 2025
![Image](i82e965494fb8896ff1333d5a.jpg)

# Fund Overview
This annual shareholder report contains important information about Dean Equity Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/deanmutual/. You can also request this information by contacting us at (888) 899-8343.

# 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** |
| Dean Equity Income Fund | $74 | 0.70% |

---

# How did the Fund perform during the reporting period?
The Fund ("DAEIX") returned +10.28%, compared with +7.82% for its primary benchmark, the Russell 1000<sup>®</sup> Index and 7.18% for the Russell 1000<sup>®</sup> Value Index, for the fiscal year ended March 31, 2025.

Broad market factors were a tailwind to Fund performance. The portfolio's lower price sensitivity and volatility as well as higher dividend yield were strong contributors to relative returns.

The Fund's best-performing sector relative to the benchmark was Utilities. Both allocation and stock selection were additive with the Fund's largest overweight sector having the highest return in the period, and all Utility holdings outperforming the benchmark. The Fund's second best-performing sector relative to the benchmark was Energy. The Fund's portfolio stock selection was additive to performance with Kinder Morgan (KMI) up 63.7% in the period.

The Fund's worst-performing sector relative to the benchmark was Financials. Allocation and stock selection within Financials were negative in the period, as the Fund was underweight in the strong Financials sector. The second worst-performing sector relative to the benchmark was Communications. The principal driver of weakness in Communications was security selection.

Top-contributing stocks to Fund performance during the period were Philip Morris International, Inc. (PM) and WEC Energy Group, Inc. (WEC). PM revenues were higher than expected with the advance driven principally by favorable pricing along with higher volumes of smoke-free products. WEC has benefited from the stock market's shift to favoring dividend yield and value.

The largest detracting stocks relative to the benchmark were Merck & Co., Inc. (MRK) and T. Rowe Price Group, Inc. (TROW). MRK was down despite reported earnings per share beating expectations. MRK cut full-year revenue guidance and profitability due to weaker HPV vaccine sales. TROW outflows continued, though at a decreasing rate. TROW ran into some performance issues with larger growth-oriented strategies as the market shifted away from growth toward value in the period.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3fa35a18b464e3fae77d65bd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dean Equity Income Fund** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Nov-2022** | $10000 | $10000 | $10000 |
| **Mar-2023** | $9734 | $10325 | $9838 |
| **Mar-2024** | $10555 | $13409 | $11831 |
| **Mar-2025** | $11640 | $14458 | $12681 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 22, 2022)** |
| Dean Equity Income Fund | 10.28% | 6.67% |
| Russell 1000<sup>®</sup> Index | 7.82% | 16.96% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 10.62% |

---

***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 | $81703425 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $358024 |
| Portfolio Turnover | 17% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5295d8240a1f0466fd656e4c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.9% |
| Consumer Discretionary | 3.7% |
| Materials | 4.8% |
| Communications | 5.6% |
| Technology | 6.0% |
| Energy | 7.8% |
| Industrials | 8.8% |
| Health Care | 9.2% |
| Real Estate | 9.5% |
| Utilities | 13.3% |
| Financials | 13.9% |
| Consumer Staples | 14.5% |

---

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

![Image](i82e965494fb8896ff1333d5a.jpg)

#### Dean Equity Income Fund - (DAEIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-DAEIX

#### Dean Mid Cap Value Fund
(DALCX)

#### Annual Shareholder Report - March 31, 2025
![Image](i6c3714a6a018be74b82e87e3.jpg)

# Fund Overview
This annual shareholder report contains important information about Dean Mid Cap Value Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/deanmutual/. You can also request this information by contacting us at (888) 899-8343.

# 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** |
| Dean Mid Cap Value Fund | $89 | 0.85% |

---

# How did the Fund perform during the reporting period?
The Fund returned +8.70%, compared to +7.22% for its primary benchmark, the Russell 3000<sup>®</sup> Index and 2.27% for the Russell Midcap<sup>®</sup> Value Index, for the fiscal year ended March 31, 2025.

The Fund benefited from favorable macro factors relative to the benchmark. The Fund was underweight in stocks with high price volatility (beta) and high earnings variability and held benchmark weight in stocks with higher profitability.

The Fund's best-performing sectors relative to the benchmark were Utilities and Health Care. These sectors outperformed due to strong performance of owned stocks as well as being overweight Utilities and underweight Health Care relative to the benchmark.

The Fund's worst-performing sectors relative to the benchmark were Financials and Technology. Financials underperformed due to the Fund's holdings, particularly in the Insurance and Banks industry groups, lagging behind the benchmark. The Fund's overweight to the Financials sector also added to performance. Technology's underperformance was driven by the Fund's holdings in the Technology Hardware & Equipment industry group. This was partially offset by being underweight a sector that underperformed the benchmark.

Pilgrim's Pride Corp. (PPC) was the largest contributing stock. PPC, the second-largest chicken producer in the U.S. and Mexico, benefited from improving margins due to low supply, lower input costs, and strong sales volumes. The second-largest contributor to Fund performance was Entergy Corp. (ETR), a regulated utility serving Louisiana, Arkansas, Texas, and Mississippi, which saw future growth estimates rise due to a new power customer.

The largest detractors from Fund performance were Lamb Weston Holdings, Inc. (LW) and Regal Rexnord Corp. (RRX). LW, a producer of frozen potato products, primarily French fries, suffered from declining demand as restaurants sales slowed, along with weak pricing due to new market capacity. RRX, a manufacturer of powertrain solutions and motion control products, was negatively impacted by weak industrial end markets and tariff concerns.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i841024ef7d309264976327bb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dean Mid Cap Value Fund** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Mar-2015** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2016** | $10217 | $9966 | $9596 | $9661 |
| **Mar-2017** | $12019 | $11766 | $11230 | $11576 |
| **Mar-2018** | $12955 | $13392 | $12600 | $12328 |
| **Mar-2019** | $13357 | $14566 | $13415 | $12685 |
| **Mar-2020** | $10414 | $13236 | $10959 | $9624 |
| **Mar-2021** | $16635 | $21513 | $19029 | $16722 |
| **Mar-2022** | $18501 | $24078 | $20346 | $18638 |
| **Mar-2023** | $18410 | $22012 | $18559 | $16920 |
| **Mar-2024** | $22087 | $28460 | $22707 | $20371 |
| **Mar-2025** | $24008 | $30515 | $23296 | $20833 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dean Mid Cap Value Fund | 8.70% | 18.18% | 9.15% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap<sup>®</sup> Index | 2.59% | 16.28% | 8.82% |
| Russell Midcap<sup>®</sup> Value Index | 2.27% | 16.70% | 7.62% |

---

***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 | $179700465 |
| Number of Portfolio Holdings | 59 |
| Advisory Fee (net of waivers) | $984578 |
| Portfolio Turnover | 34% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i31f204edcf901188850f0468.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.6% |
| Communications | 2.9% |
| Materials | 3.3% |
| Energy | 4.5% |
| Real Estate | 7.7% |
| Technology | 8.1% |
| Health Care | 9.4% |
| Consumer Discretionary | 9.5% |
| Consumer Staples | 10.3% |
| Utilities | 11.6% |
| Industrials | 13.2% |
| Financials | 16.9% |

---

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

![Image](i6c3714a6a018be74b82e87e3.jpg)

#### Dean Mid Cap Value Fund - (DALCX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-DALCX

#### Dean Small Cap Value Fund
(DASCX)

#### Annual Shareholder Report - March 31, 2025
![Image](ic3fe537d7f385ad77fe34f3f.jpg)

# Fund Overview
This annual shareholder report contains important information about Dean Small Cap Value Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/deanmutual/. You can also request this information by contacting us at (888) 899-8343.

# 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** |
| Dean Small Cap Value Fund | $114 | 1.15% |

---

# How did the Fund perform during the reporting period?
The Fund returned -2.26%, compared to 7.22% for the Fund's benchmark, the Russell 3000<sup>®</sup> Index and -3.12% for the Russell 2000<sup>®</sup> Index, for the year ended March 31, 2025. The underperformance relative to the required listing of the Russell 3000 Index<sup>®</sup> is due to small cap value stocks significantly underperforming large cap growth stocks.

The macro factor backdrop provided a tailwind as the Fund benefited from greater exposure to stocks with low price volatility, which tend to perform better in declining markets.

The Fund's best-performing sectors relative to the benchmark were Energy and Industrials. The Fund outperformed in the Energy sector relative to the benchmark by being underweight to this underperforming sector while also benefiting from better-than-benchmark stock selection. The Fund's outperformance in Industrials relative to the benchmark was driven by superior stock selection in the Capital Goods industry.

The Fund's worst-performing sectors were Consumer Discretionary and Financials. The Fund underperformed in Consumer Discretionary relative to the benchmark due to below-benchmark stock selection, as its holdings grappled with potential tariffs. The Fund's underperformance also stemmed from being underweight to the outperforming Financials sector.

The top-contributing stocks to Fund performance were ESCO Technologies (ESE) and Air Transport Services Group (ATSG). ESE, a manufacturer of highly engineered products serving diverse end markets, reported strong earnings with increased sales and margins across all business segments. ATSG, which provides cargo aircraft leasing, aircraft maintenance services, and niche airline operations, was acquired by private equity firm Stonepeak.

The stocks that detracted the most from Fund performance were Carter's Inc (CRI) and Columbus McKinnon (CMCO). CRI, a marketer of baby and young children's apparel, reported weak earnings due to continued margin pressure while also facing higher tariff costs. CMCO, a manufacturer of material handling systems for commercial and industrial markets, reported weaker-than-expected earnings and announced a large acquisition that will increase leverage on its balance sheet.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8a683fbec2392f01c5d5da33.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dean Small Cap Value Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2016** | $9727 | $9024 | $9228 | $9966 |
| **Mar-2017** | $12029 | $11390 | $11938 | $11766 |
| **Mar-2018** | $12220 | $12733 | $12550 | $13392 |
| **Mar-2019** | $12211 | $12994 | $12572 | $14566 |
| **Mar-2020** | $8286 | $9877 | $8845 | $13236 |
| **Mar-2021** | $15439 | $19245 | $17429 | $21513 |
| **Mar-2022** | $16671 | $18131 | $18008 | $24078 |
| **Mar-2023** | $17486 | $16027 | $15675 | $22012 |
| **Mar-2024** | $17387 | $19186 | $18615 | $28460 |
| **Mar-2025** | $16995 | $18417 | $18033 | $30515 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dean Small Cap Value Fund | -2.26% | 15.45% | 5.45% |
| Russell 2000<sup>®</sup> Index | -4.01% | 13.27% | 6.30% |
| Russell 2000<sup>®</sup> Value Index | -3.12% | 15.31% | 6.07% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |

---

***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 | $181111550 |
| Number of Portfolio Holdings | 73 |
| Advisory Fee | $1934455 |
| Portfolio Turnover | 114% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i200e5dafbef7321d3aab410e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Communications | 1.2% |
| Materials | 2.8% |
| Health Care | 3.4% |
| Real Estate | 4.4% |
| Consumer Staples | 5.1% |
| Energy | 6.5% |
| Utilities | 8.9% |
| Technology | 10.4% |
| Consumer Discretionary | 13.6% |
| Financials | 21.0% |
| Industrials | 21.9% |

---

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

![Image](ic3fe537d7f385ad77fe34f3f.jpg)

#### Dean Small Cap Value Fund - (DASCX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-DASCX

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

**Item 2. Code of Ethics.** 

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

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

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

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

(a)(3) Not applicable.

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

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

---

| | | |
|:---|:---|:---|
| Dean Funds: | FY 2025 | $45900 |
|  | FY 2024 | $44400 |

---

---

| | | |
|:---|:---|:---|
| Absolute Core Strategy ETF | FY 2025 | $19000 |
|  | FY 2024 | $18500 |

---

---

| | | |
|:---|:---|:---|
| Absolute Funds | FY 2025 | $95000 |
|  | FY 2024 | $74000 |

---

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

---

| | | |
|:---|:---|:---|
| Dean Funds: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| Absolute Core Strategy ETF | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| Absolute Funds | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

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

---

| | | |
|:---|:---|:---|
| Dean Funds: | FY 2025 | $9900 |
|  | FY 2024 | $9900 |

---

---

| | | |
|:---|:---|:---|
| Absolute Core Strategy ETF | FY 2025 | $3300 |
|  | FY 2024 | $3300 |

---

---

| | | |
|:---|:---|:---|
| Absolute Funds | FY 2025 | $16500 |
|  | FY 2024 | $13200 |

---

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

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

---

| | | |
|:---|:---|:---|
| Dean Funds: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| Absolute Core Strategy ETF | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| Absolute Funds | FY 2025 | $0 |
|  | FY 2024 | $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 2024 | $0 | $0 |
| FY 2023 | $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.** 

Certain series of the registrant that appear in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The audit committee consists of Daniel J. Condon, Freddie Jacobs, Jr. and Ronald C. Tritschler.

**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) ![](acef_001.jpg)

**Absolute CEF Opportunities**

**(formerly Absolute Strategies Fund)**

**Absolute Capital Opportunities Fund**

**Absolute Convertible Arbitrage Fund**

**Absolute Flexible Fund**

**Annual Financial Statements and**

**Additional Information**

**March 31, 2025**

**Fund Adviser:**

**Absolute Investment Advisers LLC**

**82 South Barrett Square, Unit 4G**

**Rosemary Beach, FL 32461**

**1-888-992-2765**

**Absolute CEF Opportunities (formerly Absolute Strategies Fund)**

**Schedule of Investments**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Closed End Funds — 88.38%** |  |  |
| abrdn Emerging Markets ex China Fund, Inc.<sup>(a)</sup> | 28909 | $143389 |
| abrdn Global Dynamic Dividend Fund | 11600 | 115536 |
| abrdn Income Credit Strategies Fund<sup>(a)</sup> | 49447 | 291243 |
| abrdn Life Sciences Investors | 11678 | 148194 |
| abrdn Total Dynamic Dividend Fund | 13700 | 114943 |
| Advent Convertible and Income Fund<sup>(a)</sup> | 22600 | 260578 |
| BlackRock Health Sciences Term Trust | 36958 | 550674 |
| BlackRock Income Trust, Inc.<sup>(a)</sup> | 5260 | 62331 |
| BlackRock Innovation and Growth Term Trust | 122951 | 769673 |
| BlackRock Science and Technology Term Trust<sup>(a)</sup> | 5636 | 99983 |
| Destra Multi-Alternative Fund<sup>(a)</sup> | 25200 | 213696 |
| Eaton Vance California Municipal Bond Fund<sup>(a)</sup> | 5300 | 49131 |
| First Trust Specialty Finance and Financial Opportunities Fund<sup>(a)</sup> | 8618 | 37057 |
| Gabelli Healthcare & WellnessRx Trust (The) | 9591 | 96677 |
| Invesco<sup>®</sup> Advantage Municipal Income Trust II<sup>(a)</sup> | 5400 | 46116 |
| Invesco<sup>®</sup> Municipal Opportunity Trust<sup>(a)</sup> | 4900 | 46501 |
| Invesco<sup>®</sup> Municipal Trust<sup>(a)</sup> | 4900 | 47285 |
| Invesco<sup>®</sup> Quality Municipal Income Trust<sup>(a)</sup> | 4800 | 46464 |
| Invesco<sup>®</sup> Trust for Investment Grade Municipals<sup>(a)</sup> | 4700 | 46812 |
| Lazard Global Total Return and Income Fund, Inc. | 253 | 3899 |
| Neuberger Berman Real Estate Securities Income Fund, Inc. | 35500 | 117150 |
| Nuveen Core Plus Impact Fund<sup>(a)</sup> | 8110 | 86696 |
| Nuveen Credit Strategies Income Fund | 50 | 269 |
| Nuveen Floating Rate Income Fund<sup>(a)</sup> | 14100 | 119427 |
| Nuveen Multi-Asset Income Fund<sup>(a)</sup> | 11900 | 143038 |
| Nuveen Nasdaq 100 Dynamic Overwrite Fund | 2390 | 56763 |
| NYLI CBRE Global Infrastructure Megatrends Term Fund<sup>(a)</sup> | 909 | 12099 |
| RiverNorth Flexible Municipal Income Fund II, Inc.<sup>(a)</sup> | 17501 | 234863 |
| RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.<sup>(a)</sup> | 1565 | 13428 |
| Saba Capital Income & Opportunities Fund<sup>(a)</sup> | 30092 | 233514 |
| Virtus Total Return Fund, Inc.<sup>(a)</sup> | 49377 | 294780 |
| Voya Asia Pacific High Dividend Equity Income Fund<sup>(a)</sup> | 16000 | 98720 |
| Voya Emerging Markets High Dividend Equity Fund<sup>(a)</sup> | 19133 | 102170 |
| Western Asset Global High Income Fund, Inc.<sup>(a)</sup> | 40114 | 265153 |
| Western Asset High Income Fund II, Inc.<sup>(a)</sup> | 61500 | 257070 |
| XAI Madison Equity Premium Income Fund<sup>(a)</sup> | 9400 | 57622 |
| **Total Closed End Funds**<br> (Cost $5,534,402) |  | 5282944 |
| **Mutual Funds — 4.52%** |  |  |
| T. Rowe Price High Yield Fund, Inc., Investor Class | 46085 | 270057 |
| **Total Mutual Funds**<br> (Cost $267,521) |  | 270057 |

---

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

**Absolute CEF Opportunities (formerly Absolute Strategies Fund)**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Rights — 0.00%** |  |  |
| Nuveen Credit Strategies Income Fund | 50 | $2 |
| **Total Rights**<br> (Cost $2) |  | 2 |
| **Money Market Funds — 4.36%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.26%<sup>(b)</sup> | 253899 | 253899 |
| **Total Money Market Funds**<br> (Cost $253,899) |  | 253899 |
| **Total Investments — 97.26%** <br> (Cost $6,055,824) |  | 5806902 |
| **Other Assets in Excess of Liabilities — 2.74%** |  | 170789 |
| **Net Assets — 100.00%** |  | $5977691 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

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

**Absolute CEF Opportunities (formerly Absolute Strategies Fund)**

**Schedule of Securities Sold Short**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Closed End Funds — Short — (2.28)%** |  |  |
| Ares Dynamic Credit Allocation Fund, Inc. | (809) | $(11423) |
| PIMCO Strategic Income Fund, Inc. | (20000) | (125000) |
| **Total Closed End Funds — Short**<br> (Proceeds Received $132,820) |  | (136423) |
| **Exchange-Traded Funds — Short — (42.98)%** |  |  |
| Health Care Select Sector SPDR<sup>®</sup> Fund | (700) | (102207) |
| Invesco<sup>®</sup> CEF Income Composite ETF | (6500) | (122525) |
| Invesco<sup>®</sup> QQQ Trust, Series 1 | (1390) | (651799) |
| iShares<sup>®</sup> Core U.S. Aggregate Bond ETF | (4200) | (415464) |
| iShares<sup>®</sup> Global Infrastructure ETF | (4500) | (246015) |
| iShares<sup>®</sup> MSCI Emerging Markets ETF | (4500) | (196650) |
| iShares<sup>®</sup> Nasdaq Biotechnology ETF | (4400) | (562760) |
| iShares<sup>®</sup> Russell Mid-Cap Growth ETF | (1500) | (176235) |
| iShares<sup>®</sup> U.S. Real Estate ETF | (1000) | (95750) |
| **Total Exchange-Traded Funds — Short**<br> (Proceeds Received $2,645,655) |  | (2569405) |
| **Total Securities Sold Short — (45.26)%**<br> (Proceeds Received $2,778,475) |  | (2705828) |

---

ETF – Exchange-Traded Fund

SPDR – Standard & Poor's Depository Receipt

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

**Absolute Capital Opportunities Fund**

**Schedule of Investments**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 79.21%** |  |  |
| **Communications — 9.31%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 10893 | $1684494 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> | 3604 | 2077201 |
| Universal Music Group NV - ADR | 105825 | 1451919 |
|  |  | 5213614 |
| **Consumer Discretionary — 10.31%** |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 14495 | 2757819 |
| CarMax, Inc.<sup>(a)(b)</sup> | 16293 | 1269550 |
| Carvana Co.<sup>(b)</sup> | 1000 | 209080 |
| Fisker, Inc.<sup>(b)</sup> | 7480 | 5 |
| Hasbro, Inc. | 8466 | 520575 |
| Lowe's Companies, Inc. | 4351 | 1014784 |
|  |  | 5771813 |
| **Consumer Staples — 6.48%** |  |  |
| Dollar Tree, Inc.<sup>(b)</sup> | 16299 | 1223566 |
| Philip Morris International, Inc. | 15139 | 2403013 |
|  |  | 3626579 |
| **Energy — 4.58%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)(b)</sup> | 3921 | 2088246 |
| Occidental Petroleum Corp. | 9695 | 478545 |
|  |  | 2566791 |
| **Financials — 15.37%** |  |  |
| American Express Co.<sup>(a)</sup> | 2935 | 789662 |
| Aon PLC, Class A | 3412 | 1361695 |
| Charles Schwab Corp. (The) | 27366 | 2142210 |
| Intercontinental Exchange, Inc. | 11038 | 1904055 |
| Visa, Inc., Class A | 6863 | 2405207 |
|  |  | 8602829 |
| **Health Care — 5.02%** |  |  |
| Becton, Dickinson and Co. | 7540 | 1727113 |
| Thermo Fisher Scientific, Inc. | 2175 | 1082280 |
|  |  | 2809393 |
| **Industrials — 9.11%** |  |  |
| Ashtead Group PLC - ADR | 2740 | 594580 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 32830 | 456994 |
| Jacobs Solutions, Inc. | 12142 | 1467847 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 8807 | 1319024 |
| PACCAR, Inc. | 12974 | 1263278 |
|  |  | 5101723 |
| **Materials — 1.78%** |  |  |
| PPG Industries, Inc. | 9136 | 999022 |

---

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

**Absolute Capital Opportunities Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 79.21% (continued)** |  |  |
| **Technology — 17.25%** |  |  |
| Adobe, Inc.<sup>(b)</sup> | 1645 | $630907 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 6570 | 675002 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 34557 | 628937 |
| Apple, Inc.<sup>(a)</sup> | 8252 | 1833017 |
| Applied Materials, Inc. | 4945 | 717618 |
| Arista Networks, Inc.<sup>(b)</sup> | 9444 | 731721 |
| Fiserv, Inc.<sup>(b)</sup> | 6720 | 1483978 |
| Microsoft Corp. | 2730 | 1024814 |
| Motorola Solutions, Inc. | 1152 | 504357 |
| Oracle Corp. | 5405 | 755673 |
| Salesforce, Inc. | 2504 | 671973 |
|  |  | 9657997 |
| **Total Common Stocks**<br> (Cost $29,802,251) |  | 44349761 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **Call Options Purchased — 0.36%** |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | 508 | $28417012 | $590.00 | May 2025 | $135128 |
| SPDR S&P 500 ETF Trust | 559 | 31269901 | 600.00 | May 2025 | 61490 |
| SPDR S&P 500 ETF Trust | 435 | 24333465 | 620.00 | April 2025 | 870 |
| SPDR S&P 500 ETF Trust | 828 | 46317492 | 630.00 | April 2025 | 1656 |
| **Total Call Options Purchased**<br> (Cost $1,312,716) |  |  |  |  | 199144 |
| **Put Options Purchased — 3.40%** |  |  |  |  |  |
| Amazon.com, Inc. | 52 | 989352 | 230.00 | September 2025 | 217230 |
| SPDR S&P 500 ETF Trust | 609 | 34066851 | 540.00 | May 2025 | 487809 |
| SPDR S&P 500 ETF Trust | 1117 | 62483863 | 550.00 | May 2025 | 1199100 |
| **Total Put Options Purchased**<br> (Cost $1,004,346) |  |  |  |  | 1904139 |
| **Total Options Purchased**<br> (Cost $2,317,062) |  |  |  |  | 2103283 |

---

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

**Absolute Capital Opportunities Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Money Market Funds — 15.43%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.26%<sup>(c)</sup> | 8639892 | $8639892 |
| **Total Money Market Funds** <br> (Cost $8,639,892) |  | 8639892 |
| **Total Investments — 98.40%**<br> (Cost $40,759,205) |  | 55092936 |
| **Other Assets in Excess of Liabilities — 1.60%** |  | 897350 |
| **Net Assets — 100.00%** |  | $55990286 |

---

<sup>(a)</sup> All or a portion of this security is held as collateral for written options. The value of the collateral held as of March 31, 2025 is $9,227,078.

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

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

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

SPDR – Standard & Poor's Depository Receipt

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

**Absolute Capital Opportunities Fund**

**Schedule of Written Options**

*March 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | <br>**Fair Value** |
| **Written Call Options (3.42)%** |  |  |  |  |  |
| Meta Platforms, Inc. | (12) | $(691632) | $650.00 | September 2025 | $(42840) |
| SPDR S&P 500 ETF Trust | (609) | (34066851) | 555.00 | August 2025 | (1874198) |
| **Total Written Call Options**<br> (Premiums Received $2,624,628) |  |  |  |  | (1917038) |
| **Written Put Options (0.65)%** |  |  |  |  |  |
| Amazon.com, Inc. | (52) | (989352) | 200.00 | September 2025 | (108680) |
| Microsoft Corp. | (18) | (675702) | 425.00 | June 2025 | (91935) |
| Nvidia Corp. | (74) | (802012) | 125.00 | June 2025 | (147445) |
| Occidental Petroleum Corp. | (33) | (162888) | 55.00 | June 2025 | (20130) |
| **Total Written Put Options**<br> (Premiums Received $217,823) |  |  |  |  | (368190) |
| **Total Written Options**<br> (Premiums Received $2,842,451) |  |  |  |  | (2285228) |

---

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

**Absolute Convertible Arbitrage Fund**

**Schedule of Investments**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Mutual Funds — 2.59%** |  |  |
| Absolute Flexible Fund<sup>(a)</sup> | 2770696 | $28787532 |
| **Total Mutual Funds** <br> (Cost $28,028,392) |  | 28787532 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | |
| **Convertible Bonds — 81.73%** |  |  |
| **Communications — 3.48%** |  |  |
| AMC Networks, Inc., 4.25%, 2/15/2029<sup>(b)</sup> | $3000000 | 2649000 |
| Applied Digital Corp., 2.75%, 6/1/2030<sup>(b)</sup> | 6000000 | 5235000 |
| AST SpaceMobile, Inc., 4.25%, 3/1/2032 | 6500000 | 7642375 |
| Fiverr International Ltd., 6.25%, 11/1/2025 | 9000000 | 8752477 |
| Magnite, Inc., 0.25%, 3/15/2026 | 6500000 | 6214000 |
| Upwork, Inc., 0.25%, 8/15/2026 | 8640000 | 8089425 |
|  |  | 38582277 |
| **Consumer Discretionary — 5.95%** |  |  |
| Freshpet, Inc., 3.00%, 4/1/2028 | 5000000 | 7080000 |
| GameStop Corp., 0.00%, 4/1/2030 | 10000000 | 10465000 |
| LCI Industries, 1.13%, 5/15/2026 | 6000000 | 5890500 |
| LCI Industries, 3.00%, 3/1/2030 | 4500000 | 4429687 |
| Norwegian Cruise Lines Holdings Ltd., 1.13%, 2/15/2027 | 6214000 | 6046222 |
| Patrick Industries, Inc., 1.75%, 12/1/2028 | 10949000 | 15354604 |
| Wayfair, Inc., 3.25%, 9/15/2027 | 8179000 | 8015420 |
| Winnebago Industries, Inc., 3.25%, 1/15/2030<sup>(b)</sup> | 10100000 | 8882950 |
|  |  | 66164383 |
| **Consumer Staples — 2.54%** |  |  |
| Chefs' Warehouse, Inc. (The), 2.38%, 12/15/2028 | 8000000 | 11135866 |
| Post Holdings, Inc., 2.50%, 8/15/2027 | 7500000 | 8958750 |
| Spectrum Brands, Inc., 3.38%, 6/1/2029<sup>(b)</sup> | 8500000 | 8095785 |
|  |  | 28190401 |
| **Energy — 2.05%** |  |  |
| Fluence Energy, Inc., 2.25%, 6/15/2030<sup>(b)</sup> | 6000000 | 3545963 |
| Green Plains, Inc., 2.25%, 3/15/2027 | 9112000 | 7620086 |
| Helix Energy Solutions Group, Inc., 9.75%, 3/1/2029<sup>(b)</sup> | 7500000 | 8011110 |
| Northern Oil and Gas, Inc., 3.63%, 4/15/2029 | 3310000 | 3500491 |
|  |  | 22677650 |
| **Financials — 2.43%** |  |  |
| Encore Capital Group, Inc., 4.00%, 3/15/2029 | 11250000 | 10237500 |
| EZCORP, Inc., 3.75%, 12/15/2029<sup>(b)</sup> | 8000000 | 11828000 |
| WisdomTree Investments, Inc., 3.25%, 8/15/2029<sup>(b)</sup> | 5000000 | 5053500 |
|  |  | 27119000 |

---

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

**Absolute Convertible Arbitrage Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Convertible Bonds — 81.73% (continued)** |  |  |
| **Health Care — 15.94%** |  |  |
| Accuray, Inc., 3.75%, 6/1/2026 | $10000000 | $9193750 |
| Alphatec Holdings, Inc., 0.75%, 8/1/2026 | 3000000 | 2987302 |
| Alphatec Holdings, Inc., 0.75%, 3/15/2030 | 3000000 | 2858334 |
| ANI Pharmaceuticals, Inc., 2.25%, 9/1/2029<sup>(b)</sup> | 11473000 | 12884179 |
| Artivion, Inc., 4.25%, 7/1/2025 | 1000000 | 1119500 |
| CONMED Corp., 2.25%, 6/15/2027 | 10000000 | 9415000 |
| Enovis Corp., 3.88%, 10/15/2028 | 9000000 | 9234000 |
| Exact Sciences Corp., 0.38%, 3/15/2027 | 10725000 | 9872362 |
| Gossamer Bio, Inc., 5.00%, 6/1/2027 | 2750000 | 1553750 |
| Halozyme Therapeutics, Inc., 1.00%, 8/15/2028 | 12000000 | 15375940 |
| Inotiv, Inc., 3.25%, 10/15/2027 | 1500000 | 501602 |
| Integer Holdings Corp., 1.88%, 3/15/2030 | 19000000 | 19247000 |
| iRhythm Technologies, Inc., 1.50%, 9/1/2029<sup>(b)</sup> | 3950000 | 4121825 |
| Jazz Pharmaceuticals PLC, 2.00%, 6/15/2026 | 6000000 | 6232500 |
| Jazz Pharmaceuticals PLC, 3.13%, 9/15/2030<sup>(b)</sup> | 2500000 | 2783750 |
| Lantheus Holdings, Inc., 2.63%, 12/15/2027<sup>(b)</sup> | 10579000 | 14956061 |
| LeMaitre Vascular, Inc., 2.50%, 2/1/2030<sup>(b)</sup> | 11750000 | 11779375 |
| LivaNova PLC, 2.50%, 3/15/2029<sup>(b)</sup> | 7000000 | 6688500 |
| MannKind Corp., 2.50%, 3/1/2026 | 4300000 | 4968650 |
| Merit Medical Systems, Inc., 3.00%, 2/1/2029<sup>(b)</sup> | 13000000 | 17712500 |
| Pacira BioSciences, Inc., 2.13%, 5/15/2029<sup>(b)</sup> | 9000000 | 8798955 |
| Repligen Corp., 1.00%, 12/15/2028 | 5000000 | 4890000 |
|  |  | 177174835 |
| **Industrials — 14.42%** |  |  |
| Advanced Energy Industries, Inc., 2.50%, 9/15/2028 | 10000000 | 10271974 |
| Alarm.com Holdings, Inc., 5.68%, 1/15/2026 | 8185000 | 7861692 |
| Alarm.com Holdings, Inc., 2.25%, 6/1/2029<sup>(b)</sup> | 6350000 | 6146800 |
| Astronics Corp., 5.50%, 3/15/2030 | 8400000 | 11432400 |
| Fluor Corp., 1.13%, 8/15/2029 | 15000000 | 15956250 |
| Granite Construction, Inc., 3.75%, 5/15/2028 | 5000000 | 8590500 |
| Granite Construction, Inc., 3.25%, 6/15/2030 | 5000000 | 5977750 |
| Greenbrier Companies, Inc. (The), 2.88%, 4/15/2028 | 12795000 | 14204369 |
| Itron, Inc., 3.53%, 3/15/2026 | 9000000 | 9276750 |
| Itron, Inc., 1.38%, 7/15/2030<sup>(b)</sup> | 7000000 | 7328125 |
| Mesa Laboratories, Inc., 1.38%, 8/15/2025 | 7982000 | 7792454 |
| Middleby Corp. (The), 1.00%, 9/1/2025 | 4100000 | 4951570 |
| OSI Systems, Inc., 2.25%, 8/1/2029<sup>(b)</sup> | 11976000 | 14606610 |
| Rocket Lab USA, Inc., 4.25%, 2/1/2029<sup>(b)</sup> | 6000000 | 21708750 |
| Tetra Tech, Inc., 2.25%, 8/15/2028 | 13483000 | 13942096 |
|  |  | 160048090 |

---

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

**Absolute Convertible Arbitrage Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Convertible Bonds — 81.73% (continued)** |  |  |
| **Materials — 2.04%** |  |  |
| B2Gold Corp., 2.75%, 2/1/2030 | $2500000 | $2898937 |
| Century Aluminum Co., 2.75%, 5/1/2028 | 5650000 | 6901475 |
| McEwen Mining, Inc., 5.25%, 8/15/2030 | 6500000 | 6942000 |
| SSR Mining, Inc., 2.50%, 4/1/2039 | 6000000 | 6004500 |
|  |  | 22746912 |
| **Real Estate — 0.33%** |  |  |
| Redfin Corp., 0.50%, 4/1/2027 | 4175000 | 3668013 |
| **Technology — 31.34%** |  |  |
| A10 Networks, Inc., 2.75%, 4/1/2030 | 5000000 | 4905662 |
| Akamai Technologies, Inc., 1.13%, 2/15/2029 | 10790000 | 10304450 |
| Alkami Technology, Inc., 1.50%, 3/15/2030 | 5200000 | 5597800 |
| Applied Optoelectronics, Inc., 2.75%, 1/15/2030 | 6500000 | 5087299 |
| Bandwidth, Inc., 0.50%, 4/1/2028 | 7240000 | 5855066 |
| Bentley Systems, Inc., 0.38%, 7/1/2027 | 11500000 | 10447750 |
| BlackLine, Inc., 1.00%, 6/1/2029<sup>(b)</sup> | 11000000 | 10911235 |
| Box, Inc., (5.52)%, 1/15/2026 | 5000000 | 6207500 |
| Box, Inc., 1.50%, 9/15/2029<sup>(b)</sup> | 6500000 | 6279000 |
| Cerence, Inc., 1.50%, 7/1/2028 | 3000000 | 2131500 |
| Cloudflare, Inc., 0.00%, 8/15/2026 | 6500000 | 6537375 |
| Confluent, Inc., 5.86%, 1/15/2027 | 8000000 | 7400000 |
| CSG Systems International, Inc., 3.88%, 9/15/2028 | 9500000 | 10288500 |
| CSG Systems International, Inc., 1.25%, 11/1/2029<sup>(b)</sup> | 9550000 | 9970200 |
| Dropbox, Inc., 0.65%, 3/1/2026 | 10000000 | 9880000 |
| Fastly, Inc., 7.75%, 6/1/2028 | 6000000 | 5955000 |
| Five9, Inc., 1.00%, 3/15/2029<sup>(b)</sup> | 7000000 | 5995500 |
| Global Payments, Inc., 1.50%, 3/1/2031<sup>(b)</sup> | 11468000 | 10860196 |
| GoPro, Inc., 1.25%, 11/15/2025 | 5600000 | 5012000 |
| IMAX Corp., 0.50%, 4/1/2026 | 6000000 | 6649522 |
| Impinj, Inc., 1.13%, 5/15/2027 | 3500000 | 3986500 |
| Lumentum Holdings, Inc., 0.50%, 6/15/2028 | 3000000 | 2779500 |
| MKS Instruments, Inc., 1.25%, 6/1/2030<sup>(b)</sup> | 10668000 | 9622536 |
| Nutanix, Inc., 0.50%, 12/15/2029<sup>(b)</sup> | 12000000 | 12708347 |
| ON Semiconductor Corp., 0.50%, 3/1/2029 | 12168000 | 10525928 |
| PagerDuty, Inc., 1.50%, 10/15/2028 | 9000000 | 8972161 |
| Parsons Corp., 2.63%, 3/1/2029 | 10630000 | 10645945 |
| Progress Software Corp., 1.00%, 4/15/2026 | 5350000 | 5737875 |
| Progress Software Corp., 3.50%, 3/1/2030<sup>(b)</sup> | 12000000 | 12660000 |
| PROS Holdings, Inc., 2.25%, 9/15/2027 | 8000000 | 7572000 |
| Q2 Holdings, Inc., 0.13%, 11/15/2025 | 4500000 | 4407806 |
| Rapid7, Inc., 0.25%, 3/15/2027 | 7000000 | 6435625 |
| Repay Holdings Corp., 2.88%, 7/15/2029<sup>(b)</sup> | 7000000 | 6016500 |
| Riot Platforms, Inc., 0.75%, 1/15/2030<sup>(b)</sup> | 7000000 | 5431079 |

---

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

**Absolute Convertible Arbitrage Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
| **Convertible Bonds — 81.73% (continued)** |  |  |
| **Technology — 31.34% (continued)** |  |  |
| Semtech Corp., 1.63%, 11/1/2027 | $9000000 | $11115000 |
| SMART Global Holdings, Inc., 2.00%, 2/1/2029<sup>(b)</sup> | 9000000 | 9684000 |
| SMART Global Holdings, Inc., 2.00%, 8/15/2030 | 6000000 | 5523000 |
| Synaptics, Inc., 0.75%, 12/1/2031<sup>(b)</sup> | 10500000 | 9922500 |
| Varonis Systems, Inc., 1.00%, 9/15/2029<sup>(b)</sup> | 10000000 | 9217500 |
| Veeco Instruments, Inc., 2.88%, 6/1/2029 | 7500000 | 7912500 |
| Verint Systems, Inc., 0.25%, 4/15/2026 | 8495000 | 8078745 |
| Vertex, Inc., 0.75%, 5/1/2029<sup>(b)</sup> | 8020000 | 9568863 |
| Vishay Intertechnology, Inc., 2.25%, 9/15/2030 | 11000000 | 9762500 |
| Workiva, Inc., 1.13%, 8/15/2026 | 6000000 | 6627000 |
| Workiva, Inc., 1.25%, 8/15/2028 | 7000000 | 6529250 |
|  |  | 347718215 |
| **Utilities — 1.21%** |  |  |
| Ormat Technologies, Inc., 2.50%, 7/15/2027 | 13000000 | 13422500 |
| **Total Convertible Bonds** <br> (Cost $883,936,688) |  | 907512276 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds — 11.79%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.26%<sup>(c)</sup> | 116583994 | 116583994 |
| Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class, 4.14%<sup>(c)</sup> | 14360113 | 14360113 |
| **Total Money Market Funds**<br> (Cost $130,944,107) |  | 130944107 |
| **Total Investments — 96.12%**<br> (Cost $1,042,909,187) |  | 1067243915 |
| **Other Assets in Excess of Liabilities — 3.88%** |  | 43099860 |
| **Net Assets — 100.00%** |  | $1110343775 |

---

<sup>(a)</sup> Affiliated Company. <br> <sup>(b)</sup> Security exempt from registration under Rule 144A, or Section 4(2) of the Securities Act of 1933. <br> <sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

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

**Absolute Convertible Arbitrage Fund**

**Schedule of Securities Sold Short**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (31.66)%** |  |  |
| **Communications — (0.73)%** |  |  |
| AMC Networks, Inc., Class A | (165500) | $(1138640) |
| AST SpaceMobile, Inc. | (202000) | (4593481) |
| Fiverr International Ltd. | (1500) | (35520) |
| IMAX Corp. | (81667) | (2151925) |
| Magnite, Inc. | (1000) | (11410) |
| Upwork, Inc. | (15727) | (205237) |
|  |  | (8136213) |
| **Consumer Discretionary — (2.47)%** |  |  |
| Freshpet, Inc. | (57000) | (4740690) |
| GameStop Corp., Class A | (192100) | (4287672) |
| LCI Industries | (22600) | (1975918) |
| Norwegian Cruise Lines Holdings Ltd. | (78300) | (1484568) |
| Patrick Industries, Inc. | (134760) | (11395306) |
| Wayfair, Inc., Class A | (57400) | (1838522) |
| Winnebago Industries, Inc. | (51000) | (1757460) |
|  |  | (27480136) |
| **Consumer Staples — (1.38)%** |  |  |
| Chefs' Warehouse, Inc. (The) | (134527) | (7326340) |
| Post Holdings, Inc. | (52964) | (6162891) |
| Spectrum Brands Holdings, Inc. | (25000) | (1788750) |
|  |  | (15277981) |
| **Energy — (0.26)%** |  |  |
| Fluence Energy, Inc. | (186000) | (902100) |
| Green Plains, Inc. | (69500) | (337075) |
| Northern Oil and Gas, Inc. | (55100) | (1665673) |
|  |  | (2904848) |
| **Financials — (1.46)%** |  |  |
| Applied Blockchain, Inc. | (443178) | (2490660) |
| Encore Capital Group, Inc. | (81900) | (2807532) |
| EZCORP, Inc., Class A | (572500) | (8427200) |
| WisdomTree Investments, Inc. | (277000) | (2470840) |
|  |  | (16196232) |
| **Health Care — (6.43)%** |  |  |
| Accuray, Inc. | (383000) | (685570) |
| Alphatec Holdings, Inc. | (153400) | (1555476) |
| ANI Pharmaceuticals, Inc. | (104500) | (6996275) |
| CONMED Corp. | (16438) | (992691) |
| CryoLife, Inc. | (29400) | (722652) |
| Exact Sciences Corp. | (21300) | (922077) |
| Gossamer Bio, Inc. | (106000) | (116600) |
| Halozyme Therapeutics, Inc. | (150000) | (9571500) |
| Inotiv, Inc. | (7200) | (15912) |
| Integer Holdings Corp. | (79516) | (9383683) |
| iRhythm Technologies, Inc. | (16000) | (1674880) |

---

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

**Absolute Convertible Arbitrage Fund**

**Schedule of Securities Sold Short (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (31.66)% (continued)** |  |  |
| **Health Care — (6.43)% (continued)** |  |  |
| Jazz Pharmaceuticals PLC | (23062) | $(2863147) |
| Lantheus Holdings, Inc. | (97500) | (9516000) |
| LeMaitre Vascular, Inc. | (60946) | (5113369) |
| LivaNova PLC | (50500) | (1983640) |
| MannKind Corp. | (412500) | (2074875) |
| Merit Medical Systems, Inc. | (117395) | (12409826) |
| Pacira BioSciences, Inc. | (133642) | (3321004) |
| Repligen Corp. | (11270) | (1433995) |
|  |  | (71353172) |
| **Industrials — (7.85)%** |  |  |
| Advanced Energy Industries, Inc. | (38177) | (3638650) |
| Alarm.com Holdings, Inc. | (48460) | (2696799) |
| Astronics Corp. | (265500) | (6417135) |
| Enovis Corp. | (70509) | (2694149) |
| Fluor Corp. | (214104) | (7669205) |
| Granite Construction, Inc. | (147816) | (11145326) |
| Greenbrier Companies, Inc. (The) | (156916) | (8037238) |
| Itron, Inc. | (61397) | (6431950) |
| Mesa Laboratories, Inc. | (2400) | (284784) |
| Middleby Corp. (The) | (27100) | (4118658) |
| OSI Systems, Inc. | (44500) | (8648130) |
| Rocket Lab USA, Inc. | (1113500) | (19909379) |
| Tetra Tech, Inc. | (187211) | (5475922) |
|  |  | (87167325) |
| **Materials — (0.75)%** |  |  |
| B2Gold Corp. | (487096) | (1388224) |
| Century Aluminum Co. | (191000) | (3544960) |
| McEwen Mining, Inc. | (389560) | (2941178) |
| SSR Mining, Inc. | (45000) | (451350) |
|  |  | (8325712) |
| **Real Estate — (0.01)%** |  |  |
| Redfin Corp. | (7500) | (69075) |
| **Technology — (9.86)%** |  |  |
| A10 Networks, Inc. | (136369) | (2228269) |
| Akamai Technologies, Inc. | (41700) | (3356850) |
| Alkami Technology, Inc. | (92578) | (2430173) |
| Applied Optoelectronics, Inc. | (90000) | (1381500) |
| Bandwidth, Inc., Class A | (8281) | (108481) |
| Bentley Systems, Inc., Class B | (30879) | (1214780) |
| BlackLine, Inc. | (99645) | (4824811) |
| Box, Inc., Class A | (235789) | (7276449) |
| Cerence, Inc. | (29580) | (233682) |
| Cloudflare, Inc., Class A | (10789) | (1215812) |

---

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

**Absolute Convertible Arbitrage Fund**

**Schedule of Securities Sold Short (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (31.66)% (continued)** |  |  |
| **Technology — (9.86)% (continued)** |  |  |
| Confluent, Inc., Class A | (8617) | $(201982) |
| CSG Systems International, Inc. | (62900) | (3803563) |
| Dropbox, Inc., Class A | (60689) | (1621003) |
| Fastly, Inc., Class A | (94403) | (597571) |
| Five9, Inc. | (26472) | (718715) |
| Global Payments, Inc. | (38000) | (3720960) |
| GoPro, Inc., Class A | (14000) | (9281) |
| Guidewire Software, Inc. | (23500) | (4402960) |
| Impinj, Inc. | (18073) | (1639221) |
| Lumentum Holdings, Inc. | (10313) | (642912) |
| MKS Instruments, Inc. | (36700) | (2941505) |
| Nutanix, Inc., Class A | (89185) | (6226005) |
| ON Semiconductor Corp. | (43400) | (1765946) |
| PagerDuty, Inc. | (145539) | (2658998) |
| Parsons Corp. | (47991) | (2841547) |
| Penguin Solutions, Inc. | (383459) | (6660683) |
| Progress Software Corp. | (157896) | (8133223) |
| PROS Holdings, Inc. | (55000) | (1046650) |
| Q2 Holdings, Inc. | (3337) | (266993) |
| Rapid7, Inc. | (11402) | $(302267) |
| Repay Holdings Corp., Class A | (297994) | (1659827) |
| Riot Blockchain, Inc. | (336000) | (2392320) |
| Semtech Corp. | (156700) | (5390480) |
| Synaptics, Inc. | (75600) | (4817232) |
| Varonis Systems, Inc. | (81431) | (3293884) |
| Veeco Instruments, Inc. | (153000) | (3072240) |
| Verint Systems, Inc. | (5000) | (89250) |
| Vertex, Inc., Class A | (164000) | (5741640) |
| Vishay Intertechnology, Inc. | (177000) | (2814300) |
| Workiva, Inc., Class A | (76251) | (5788213) |
|  |  | (109532178) |
| **Utilities — (0.46)%** |  |  |
| Ormat Technologies, Inc. | (71968) | (5093175) |
| **Total Common Stocks — Short**<br> (Proceeds Received $380,063,989) |  | (351536047) |
| **Total Securities Sold Short — (31.66)%**<br> (Proceeds Received $380,063,989) |  | (351536047) |

---

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

**Absolute Convertible Arbitrage Fund**

**Schedule of Futures Contracts**

*March 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Futures Contracts** | <br>**Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value/Unrealized<br> Depreciation** |
| **Short Contracts** |  |  |  |  |
| 5 Year US Treasury Note Future | (300) | June 2025 | $(32446875) | $(342075) |
| **Total Futures** |  |  |  | $(342075) |

---

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

**Absolute Flexible Fund**

**Schedule of Investments**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Convertible Bonds — 95.08%** |  |  |
| **Communications — 10.73%** |  |  |
| Fiverr International Ltd., 6.25%, 11/1/2025 | $1000000 | $972497 |
| Magnite, Inc., 0.25%, 3/15/2026 | 1000000 | 956000 |
| Upwork, Inc., 0.25%, 8/15/2026 | 1250000 | 1170345 |
|  |  | 3098842 |
| **Consumer Discretionary — 1.66%** |  |  |
| Cheesecake Factory, Inc. (The), 2.00%, 3/15/2030 | 500000 | 479375 |
| **Financials — 3.51%** |  |  |
| Qifu Technology, Inc., 0.50%, 4/1/2030 | 1000000 | 1015500 |
| **Health Care — 19.23%** |  |  |
| Accuray, Inc., 3.75%, 6/1/2026 | 1000000 | 919375 |
| Alphatec Holdings, Inc., 0.75%, 8/1/2026 | 512000 | 509833 |
| CONMED Corp., 2.25%, 6/15/2027 | 1101000 | 1036591 |
| Enovis Corp., 3.88%, 10/15/2028 | 1000000 | 1026000 |
| Exact Sciences Corp., 0.38%, 3/15/2027 | 1000000 | 920500 |
| Inotiv, Inc., 3.25%, 10/15/2027 | 500000 | 167201 |
| Repligen Corp., 1.00%, 12/15/2028 | 1000000 | 978000 |
|  |  | 5557500 |
| **Industrials — 10.84%** |  |  |
| Alarm.com Holdings, Inc., 5.68%, 1/15/2026 | 815000 | 782807 |
| Itron, Inc., 3.53%, 3/15/2026 | 1250000 | 1288438 |
| Middleby Corp. (The), 1.00%, 9/1/2025 | 75000 | 90578 |
| Xometry, Inc., 1.00%, 2/1/2027 | 1000000 | 971500 |
|  |  | 3133323 |
| **Real Estate — 2.28%** |  |  |
| Redfin Corp., 0.50%, 4/1/2027 | 750000 | 658924 |
| **Technology — 46.83%** |  |  |
| Bandwidth, Inc., 0.50%, 4/1/2028 | 600000 | 485226 |
| Bentley Systems, Inc., 0.38%, 7/1/2027 | 1000000 | 908500 |
| BlackLine, Inc., 1.00%, 6/1/2029<sup>(a)</sup> | 1000000 | 991930 |
| Confluent, Inc., 5.86%, 1/15/2027 | 1077000 | 996225 |
| Dropbox, Inc., 0.65%, 3/1/2026 | 1000000 | 988000 |
| GoPro, Inc., 1.25%, 11/15/2025 | 400000 | 358000 |
| IMAX Corp., 0.50%, 4/1/2026 | 1000000 | 1108254 |
| Lumentum Holdings, Inc., 0.50%, 12/15/2026 | 1000000 | 1041000 |
| ON Semiconductor Corp., 0.50%, 3/1/2029 | 1000000 | 865050 |
| PagerDuty, Inc., 1.50%, 10/15/2028 | 1000000 | 996907 |
| Q2 Holdings, Inc., 0.13%, 11/15/2025 | 1000000 | 979513 |
| Rapid7, Inc., 0.25%, 3/15/2027 | 1123000 | 1032458 |
| SMART Global Holdings, Inc., 2.00%, 8/15/2030<sup>(a)</sup> | 1000000 | 920500 |

---

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

**Absolute Flexible Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **Convertible Bonds — 95.08% (continued)** |  |  |
| **Technology — 46.83% (continued)** |  |  |
| Unity Software, Inc., 0.00%, 3/15/2030 | $1000000 | $906000 |
| Verint Systems, Inc., 0.25%, 4/15/2026 | 28000 | 26628 |
| Workiva, Inc., 1.25%, 8/15/2028 | 1000000 | 932750 |
|  |  | 13536941 |
| **Total Convertible Bonds** <br> (Cost $27,320,479) |  | 27480405 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds — 2.30%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.26%<sup>(b)</sup> | 665854 | 665854 |
| **Total Money Market Funds**<br> (Cost $665,854) |  | 665854 |
| **Total Investments — 97.38%**<br> (Cost $27,986,333) |  | 28146259 |
| **Other Assets in Excess of Liabilities — 2.62%** |  | 756162 |
| **Net Assets — 100.00%** |  | $28902421 |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A, or Section 4(2) of the Securities Act of 1933. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

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

**Absolute Flexible Fund**

**Schedule of Securities Sold Short**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (12.51)%** |  |  |
| **Communications — (0.89)%** |  |  |
| IMAX Corp. | (8810) | $(232144) |
| Upwork, Inc. | (2000) | (26100) |
|  |  | (258244) |
| **Consumer Discretionary — (0.69)%** |  |  |
| Cheesecake Factory, Inc. (The) | (4100) | (199506) |
| **Financials — (1.61)%** |  |  |
| Qifu Technology, Inc. — ADR | (10383) | (466301) |
| **Health Care — (1.82)%** |  |  |
| Accuray, Inc. | (32000) | (57280) |
| Alphatec Holdings, Inc. | (6300) | (63882) |
| CONMED Corp. | (2000) | (120780) |
| Inotiv, Inc. | (1200) | (2652) |
| Repligen Corp. | (2200) | (279928) |
|  |  | (524522) |
| **Industrials — (1.52)%** |  |  |
| Enovis Corp. | (1200) | (45852) |
| Itron, Inc. | (3000) | (314280) |
| Xometry, Inc., Class A | (3218) | (80193) |
|  |  | (440325) |
| **Technology — (5.98)%** |  |  |
| Bentley Systems, Inc., Class B | (3130) | (123134) |
| BlackLine, Inc. | (6000) | (290519) |
| Confluent, Inc., Class A | (1100) | (25784) |
| Dropbox, Inc., Class A | (4200) | (112182) |
| Lumentum Holdings, Inc. | (2000) | (124680) |
| ON Semiconductor Corp. | (3400) | (138346) |
| PagerDuty, Inc. | (14000) | (255780) |
| Penguin Solutions, Inc. | (18000) | (312660) |
| Q2 Holdings, Inc. | (800) | (64008) |
| Rapid7, Inc. | (1775) | (47055) |
| Unity Software, Inc. | (4400) | (86196) |
| Workiva, Inc., Class A | (1914) | (145292) |
|  |  | (1725636) |
| **Total Common Stocks — Short** <br> (Proceeds Received $3,799,587) |  | (3614534) |
| **Total Securities Sold Short — (12.51)%**<br> (Proceeds Received $3,799,587) |  | (3614534) |

---

ADR – American Depositary Receipt

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

**Absolute Mutual Funds**

**Statements of Assets and Liabilities**

*March 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute<br> CEF<br> Opportunities** | **Absolute<br> Capital<br> Opportunities<br> Fund** | **Absolute<br> Convertible<br> Arbitrage Fund** | **Absolute<br> Flexible<br> Fund** |
| **Assets** |  |  |  |  |
| Investments in securities at fair value <br> (cost $6,055,824, $40,759,205, $1,014,880,795 and $27,986,333, respectively) | $5806902 | $55092936 | $1038456383 | $28146259 |
| Investments in affiliates at value<br> (cost $–, $–, $28,028,392 and $–, respectively) |  |  | 28787532 |  |
| Cash and cash equivalents | 24330 | 309066 | 1219094 |  |
| Cash at broker | 2727842 | 2888194 | 400485513 | 4332735 |
| Receivable for fund shares sold |  |  | 1569189 |  |
| Receivable for investments sold | 135495 |  | 17628141 |  |
| Receivable for net variation margin on futures contracts |  |  | 9375 |  |
| Dividends and interest receivable | 17854 | 68605 | 4047905 | 83015 |
| Tax reclaims receivable |  | 1704 |  |  |
| Receivable from Adviser | 4605 |  |  |  |
| Prepaid expenses | 13741 | 15129 | 30186 | 8055 |
| **Total Assets** | 8730769 | 58375634 | 1492233318 | 32570064 |
| **Liabilities** |  |  |  |  |
| Securities sold short<br> (premiums received $2,778,475, $–, $380,063,989 and $3,799,587, respectively) | 2705828 |  | 351536047 | 3614534 |
| Written options<br> (premiums received $–, $2,842,451, $– and $–, respectively) |  | 2285228 |  |  |
| Payable for investments purchased |  |  | 28522001 |  |
| Payable for fund shares redeemed |  | 5623 | 497773 |  |
| Payable to Adviser |  | 50790 | 949159 | 21048 |
| Accrued 12b-1 fees |  |  | 39285 |  |

---

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

**Absolute Mutual Funds**

**Statements of Assets and Liabilities**

*March 31, 2025 (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute<br> CEF<br> Opportunities** | **Absolute<br> Capital<br> Opportunities<br> Fund** | **Absolute**<br> **Convertible**<br> **Arbitrage Fund** | **Absolute**<br> **Flexible**<br> **Fund** |
| **Liabilities (continued)** |  |  |  |  |
| Payable to affiliates | $9044 | $11897 | $72944 | $9761 |
| Payable to auditors | 22300 | 22300 | 22300 | 22300 |
| Other accrued expenses | 14827 | 9510 | 250034 |  |
| Payable for dividends on securities sold short | 1079 |  |  |  |
| **Total Liabilities** | 2753078 | 2385348 | 381889543 | 3667643 |
| **Net Assets** | $5977691 | $55990286 | $1110343775 | $28902421 |
| **Net Assets consist of:** |  |  |  |  |
| Paid-in capital | 45716126 | 70104005 | 1070323900 | 28061865 |
| Accumulated earnings (deficit) | (39738435) | (14113719) | 40019875 | 840556 |
| **Net Assets** | $5977691 | $55990286 | $1110343775 | $28902421 |
| **Institutional Shares** |  |  |  |  |
| Net Assets | $5977691 | $55990286 | $936212196 | $28902421 |
| Shares outstanding<br> (unlimited number of shares authorized, no par value) | 1007024 | 5286832 | 81878192 | 2782447 |
| Net asset value, offering and redemption price per share | $5.94 | $10.59 | $11.43 | $10.39 |
| **Investor Shares** |  |  |  |  |
| Net Assets | $— | $— | $174131579 | $— |
| Shares outstanding<br> (unlimited number of shares authorized, no par value) |  |  | 15273118 |  |
| Net asset value, offering and redemption price per share | $— | $— | $11.40 | $— |

---

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

**Absolute Mutual Funds**

**Statements of Operations**

*For the Year Ended March 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute**<br> **CEF**<br> **Opportunities** | **Absolute<br> Capital<br> Opportunities<br> Fund** | **Absolute**<br> **Convertible**<br> **Arbitrage Fund** | **Absolute**<br> **Flexible**<br> **Fund** |
| **Investment Income** |  |  |  |  |
| Dividend income<br> (net of foreign taxes withheld of $2,454, $8,013, $– and $–, respectively) | $214363 | $527324 | $49586 | $— |
| Dividend income from affiliated investments | 7093 |  | 1426291 |  |
| Interest income | 158424 | 703462 | 44320369 | 1598403 |
| **Total investment income** | 379880 | 1230786 | 45796246 | 1598403 |
| **Expenses** |  |  |  |  |
| Adviser | 97236 | 862582 | 9874293 | 395180 |
| 12b-1 fees - Investor Shares |  |  | 453208 |  |
| Administration | 18682 | 51725 | 529362 | 29495 |
| Registration | 23508 | 26259 | 65455 | 26045 |
| Legal | 33859 | 21658 | 24799 | 21496 |
| Trustee | 22370 | 20912 | 21279 | 20870 |
| Transfer agent | 16241 | 18476 | 83501 | 14998 |
| Compliance services | 13448 | 17198 | 36605 | 13448 |
| Audit and tax preparation | 14533 | 14533 | 14532 | 14532 |
| Report printing | 12863 | 5546 | 54893 | 4280 |
| Custodian | 12224 | 2936 | 89094 | 5587 |
| Dividend expense on securities sold short | 59941 |  | 2126341 | 5470 |
| Margin interest expense | 16683 |  |  |  |
| Miscellaneous | 39543 | 45258 | 787556 | 30476 |
| **Total expenses** | 381151 | 1087083 | 14160918 | 581877 |
| Fees contractually waived and expenses reimbursed by Adviser | (163183) | (173646) |  | (157720) |
| Adviser fees waived related to investments in affiliated vehicles | (17449) |  | (273156) |  |
| Fees recouped by Adviser |  |  | 569348 |  |
| Net operating expenses | 200519 | 913437 | 14457110 | 424157 |
| **Net investment income** | 179361 | 317349 | 31339136 | 1174246 |

---

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

**Absolute Mutual Funds**

**Statements of Operations**

*For the Year Ended March 31, 2025 (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute<br> CEF<br> Opportunities** | **Absolute<br> Capital<br> Opportunities<br> Fund** | **Absolute**<br> **Convertible**<br> **Arbitrage Fund** | **Absolute**<br> **Flexible**<br> **Fund** |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |  |
| **Net realized gain (loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | $1047369 | $8468031 | $40910259 | $711421 |
| &nbsp;&nbsp;&nbsp;Affiliated investments | (440383) |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short | 44948 |  | (14789835) | (161425) |
| &nbsp;&nbsp;&nbsp;Purchased options | (85856) | (5168940) |  |  |
| &nbsp;&nbsp;&nbsp;Written options |  | 1232191 |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | (204235) |  | 332479 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency | (44) | (190) |  |  |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | (282060) | (5160413) | 195327 | (28474) |
| &nbsp;&nbsp;&nbsp;Affiliated investments | (563655) |  | 442730 |  |
| &nbsp;&nbsp;&nbsp;Securities sold short | 22456 |  | 12488877 | 158298 |
| &nbsp;&nbsp;&nbsp;Purchased options | 65701 | (1582096) |  |  |
| &nbsp;&nbsp;&nbsp;Written options |  | 2397230 |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | (36760) |  | (250668) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency | 46 | 194 |  |  |
| **Net realized and change in unrealized gain (loss) on investments** | (432473) | 186007 | 39329169 | 679820 |
| **Net increase (decrease) in net assets resulting from operations** | $(253112) | $503356 | $70668305 | $1854066 |

---

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

**Absolute Mutual Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Absolute CEF<br> Opportunities** | **Absolute CEF<br> Opportunities** |
|  | **For the<br> Year Ended<br> March 31, <br> 2025** | **For the<br> Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $179361 | $323122 |
| Net realized gain (loss) on investment securities transactions | 361799 | (3651414) |
| Net change in unrealized appreciation (depreciation) of investment securities | (794272) | 1629556 |
| **Net decrease in net assets resulting from operations** | (253112) | (1698736) |
| **Distributions to Shareholders from Earnings** |  |  |
| Institutional Shares | (242097) | (178897) |
| **Total distributions** | (242097) | (178897) |
| **Capital Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2295698 | 1634186 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 234621 | 175904 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (16247127) | (12575906) |
| Total Institutional Shares | (13716808) | (10765816) |
| Net decrease in net assets resulting from capital transactions | (13716808) | (10765816) |
| **Total Decrease in Net Assets** | (14212017) | (12643449) |
| **Net Assets** |  |  |
| Beginning of year | 20189708 | 32833157 |
| **End of year** | $5977691 | $20189708 |
| **Share Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 382387 | 244212 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 39180 | 26938 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2493370) | (1885862) |
| Total Institutional Shares | (2071803) | (1614712) |

---

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

**Absolute Mutual Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Absolute Capital<br> Opportunities Fund** | **Absolute Capital<br> Opportunities Fund** |
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $317349 | $321786 |
| Net realized gain (loss) on investment securities transactions | 4531092 | (4274175) |
| Net change in unrealized appreciation (depreciation) of investment securities | (4345085) | 10977024 |
| **Net increase in net assets resulting from operations** | 503356 | 7024635 |
| **Distributions to Shareholders from Earnings** |  |  |
| Institutional Shares | (551884) | (56191) |
| **Total distributions** | (551884) | (56191) |
| **Capital Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 15305953 | 21876789 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 551884 | 55443 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (24468132) | (60932544) |
| Total Institutional Shares | (8610295) | (39000312) |
| Net decrease in net assets resulting from capital transactions | (8610295) | (39000312) |
| **Total Decrease in Net Assets** | (8658823) | (32031868) |
| **Net Assets** |  |  |
| Beginning of year | 64649109 | 96680977 |
| **End of year** | $55990286 | $64649109 |
| **Share Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1473619 | 453788 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 53708 | 5781 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2349060) | (4481279) |
| Total Institutional Shares | (821733) | (4021710) |

---

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

**Absolute Mutual Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Absolute Convertible<br> Arbitrage Fund** | **Absolute Convertible<br> Arbitrage Fund** |
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $31339136 | $36419365 |
| Net realized gain (loss) on investment securities transactions | 26452903 | (2187372) |
| Net change in unrealized appreciation of investment securities | 12876266 | 27570089 |
| **Net increase in net assets resulting from operations** | 70668305 | 61802082 |
| **Distributions to Shareholders from Earnings** |  |  |
| Institutional Shares | (38292813) | (29279276) |
| Investor Shares | (8090201) | (7183859) |
| **Total distributions** | (46383014) | (36463135) |
| **Capital Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 269925529 | 311105068 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 25627387 | 21008915 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (145706406) | (368803040) |
| Total Institutional Shares | 149846510 | (36689057) |
| **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 9450426 | 10454499 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 8089560 | 7182851 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (27044414) | (117889220) |
| Total Investor Shares | (9504428) | (100251870) |
| Net increase (decrease) in net assets resulting from capital transactions | 140342082 | (136940927) |
| **Total Increase (Decrease) in Net Assets** | 164627373 | (111601980) |
| **Net Assets** |  |  |
| Beginning of year | 945716402 | 1057318382 |
| **End of year** | $1110343775 | $945716402 |

---

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

**Absolute Mutual Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Absolute Convertible<br> Arbitrage Fund** | **Absolute Convertible<br> Arbitrage Fund** |
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** |
| **Share Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 23849023 | 28365435 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 2281897 | 1924589 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12885318) | (33513560) |
| Total Institutional Shares | 13245602 | (3223536) |
| **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 837257 | 954108 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 722223 | 659939 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2368827) | (10784741) |
| Total Investor Shares | (809347) | (9170694) |

---

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

**Absolute Mutual Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Absolute Flexible Fund** | **Absolute Flexible Fund** |
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $1174246 | $1327042 |
| Net realized gain on investment securities transactions | 549996 | 193830 |
| Net change in unrealized appreciation of investment securities | 129824 | 8438 |
| **Net increase in net assets resulting from operations** | 1854066 | 1529310 |
| **Distributions to Shareholders from Earnings** |  |  |
| Institutional Shares | (1447041) | (1749594) |
| **Total distributions** | (1447041) | (1749594) |
| **Capital Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 7000000 | 4223224 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1447041 | 1749594 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (7136240) | (5771) |
| Total Institutional Shares | 1310801 | 5967047 |
| Net increase in net assets resulting from capital transactions | 1310801 | 5967047 |
| **Total Increase in Net Assets** | 1717826 | 5746763 |
| **Net Assets** |  |  |
| Beginning of year | 27184595 | 21437832 |
| **End of year** | $28902421 | $27184595 |
| **Share Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 686275 | 403372 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 141280 | 173492 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (699170) | (569) |
| Total Institutional Shares | 128385 | 576295 |

---

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

**Absolute CEF Opportunities — Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $6.56 | $7.00 | $7.07 | $7.88 | $8.38 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.09 | (0.01) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (0.53) | (0.48) | (0.06) | (0.53) | (0.42) |
| Total from investment operations | (0.37) | (0.39) | (0.07) | (0.62) | (0.50) |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.05) |  | (0.19) |  |
| Total from distributions | (0.25) | (0.05) |  | (0.19) |  |
| Net asset value, end of year | $5.94 | $6.56 | $7.00 | $7.07 | $7.88 |
| **Total Return<sup>(b)</sup>** | (5.56)% | (5.62)% | (0.99)% | (7.96)% | (5.97)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $5978 | $20190 | $32833 | $30563 | $71378 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 2.59% | 1.38% | (0.13)% | (1.15)% | (0.97)% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.90% | 1.72% | 1.79% | 1.69% | 1.60% |
| &nbsp;&nbsp;&nbsp;Dividend and interest expenses | 0.87% | —% | 0.02% | 0.05% | 0.02% |
| &nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.79% | 1.72% | 1.77% | 1.64% | 1.58% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 5.51% | 2.46% | 2.34% | 2.32% | 2.21% |
| Portfolio turnover | 169% | 15% | 42% | 11% | 23% |

---

<sup>(a)</sup> Per share net investment income has been calculated using the average shares method.

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

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

**Absolute Capital Opportunities Fund — Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $10.58 | $9.54 | $10.09 | $10.63 | $11.90 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.05 | 0.04 | (0.02) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.05 | 1.01 | (0.53) | (0.43) | 0.82 |
| Total from investment operations | 0.10 | 1.05 | (0.55) | (0.54) | 0.68 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.01) |  |  | — <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (1.95) |
| Total from distributions | (0.09) | (0.01) |  |  | (1.95) |
| Net asset value, end of year | $10.59 | $10.58 | $(9.54) | $10.09 | $10.63 |
| **Total Return<sup>(c)</sup>** | 0.98% | 10.97% | (5.45)% | (5.08)% | 5.41% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $55990 | $64649 | $96681 | $146266 | $122942 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.51% | 0.41% | (0.17)% | (1.10)% | (1.22)% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.48% | 1.48% | 1.55% | 1.57% | 1.81% |
| &nbsp;&nbsp;&nbsp;Dividend and interest expenses | —% | —% | 0.06% | 0.08% | 0.06% |
| &nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.48% | 1.48% | 1.49% | 1.49% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 1.76% | 1.73% | 1.71% | 1.73% | 1.82% |
| Portfolio turnover | 23% | 11% | 120% | 30% | 140% |

---

<sup>(a)</sup> Per share net investment income has been calculated using the average shares method.

<sup>(b)</sup> Rounds to less than $0.005 per share.

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

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

**Absolute Convertible Arbitrage Fund — Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $11.17 | $10.90 | $11.12 | $11.34 | $10.32 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.36 | 0.38 | 0.21 | 0.01 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.45 | 0.29 | (0.07) | 0.12 | 1.37 |
| Total from investment operations | 0.81 | 0.67 | 0.14 | 0.13 | 1.35 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.40) | (0.14) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.15) |  | (0.22) | (0.35) | (0.32) |
| Total from distributions | (0.55) | (0.40) | (0.36) | (0.35) | (0.33) |
| Net asset value, end of year | $11.43 | $11.17 | $10.90 | $11.12 | $11.34 |
| **Total Return<sup>(b)</sup>** | 7.38% | 6.23% | 1.30% | 1.13% | 13.12% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $936212 | $766589 | $783028 | $680871 | $440974 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 3.21% | 3.44% | 1.96% | 0.10% | (0.16)% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.41% | 1.37% | 1.33% | 1.51% | 1.68% |
| &nbsp;&nbsp;&nbsp;Dividend and interest expenses | 0.21% | 0.17% | 0.13% | 0.31% | 0.38% |
| &nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.30% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 1.38% | 1.43% | 1.54% | 1.75% | 1.88% |
| Portfolio turnover<sup>(c)</sup> | 25% | 51% | 34% | 45% | 93% |

---

<sup>(a)</sup> Per share net investment income has been calculated using the average shares method.

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

<sup>(c)</sup> Portfolio turnover is calculated on the basis of Absolute Convertible Arbitrage Fund as a whole, without distinguishing among the classes of shares.

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

**Absolute Convertible Arbitrage Fund — Investor Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | |
|  | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> March 31,**<br>**2022<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |
| Net asset value, beginning of period | $11.14 | $10.86 | $11.09 | $11.34 |
| Income from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.34 | 0.35 | 0.24 | — <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.44 | 0.29 | (0.14) | 0.10 |
| Total from investment operations | 0.78 | 0.64 | 0.10 | 0.10 |
| **Less distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.36) | (0.11) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.15) |  | (0.22) | (0.35) |
| Total from distributions | (0.52) | (0.36) | (0.33) | (0.35) |
| Net asset value, end of period | $11.40 | $11.14 | $10.86 | $11.09 |
| **Total Return<sup>(d)</sup>** | 7.13% | 6.03% | 1.01% | 0.86 %<sup>(e)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $174132 | $179128 | $274291 | $30533 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 2.97% | 3.16% | 2.20% | (0.01)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.67% | 1.62% | 1.58% | 1.77 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Dividend and interest expenses | 0.22% | 0.17% | 0.13% | 0.32 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.45% | 1.45% | 1.45% | 1.45 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 1.64% | 1.71% | 1.82% | 2.16 %<sup>(f)</sup> |
| Portfolio turnover<sup>(g)</sup> | 25% | 51% | 34% | 45 %<sup>(e)</sup> |

---

<sup>(a)</sup> For the period February 25, 2021 (commencement of operations) to March 31, 2022.

<sup>(b)</sup> Per share net investment income has been calculated using the average shares method.

<sup>(c)</sup> Rounds to less than $0.005 per share.

<sup>(d)</sup> Total return represents the rate that the investor would have earned or lost on an investment in Absolute Convertible Arbitrage Fund – Investor Shares, assuming reinvestment of distributions.

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

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

<sup>(g)</sup> Portfolio turnover is calculated on the basis of Absolute Convertible Arbitrage Fund as a whole, without distinguishing among the classes of shares.

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

**Absolute Flexible Fund — Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Years Ended<br> March 31,** | **For the<br> Years Ended<br> March 31,** | |
|  | **2025** | **2024** | **For the<br> Period Ended<br> March 31,**<br>**2023**<sup>(a)</sup> |
| **Selected Per Share Data:** |  |  |  |
| Net asset value, beginning of period | $10.24 | $10.32 | $10.00 |
| Income from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.43 | 0.54 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.25 | 0.07 | 0.23 |
| Total from investment operations | 0.68 | 0.61 | 0.53 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.50) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.06) | (0.19) | (0.04) |
| Total from distributions | (0.53) | (0.69) | (0.21) |
| Net asset value, end of period | $10.39 | $10.24 | $10.32 |
| **Total Return<sup>(c)</sup>** | 6.83% | 6.16% | 5.37 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000 omitted) | $28902 | $27185 | $21438 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.15% | 5.22% | 3.96 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.50% | 1.51% | 1.49 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Dividend and interest expenses | 0.02% | 0.02% | — %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.48% | 1.49% | 1.49 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 2.06% | 2.13% | 2.43 %<sup>(e)</sup> |
| Portfolio turnover | 52% | 50% | 21 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period June 30, 2022 (commencement of operations) to March 31, 2023.

<sup>(b)</sup> Per share net investment income has been calculated using the average shares method.

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

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

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

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

**Absolute Mutual Funds**

**Notes to the Financial Statements**

*March 31, 2025*

**NOTE 1. ORGANIZATION**

Absolute CEF Opportunities ("CEF Opportunities") (formerly Absolute Strategies Fund), Absolute Capital Opportunities Fund ("Capital Opportunities Fund"), Absolute Convertible Arbitrage Fund ("Convertible Arbitrage Fund") and Absolute Flexible Fund ("Flexible Fund") (individually, 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"). Prior to a tax-free reorganization as of the close of business on September 8, 2023, the Funds were each a diversified series of the Forum Funds Trust (collectively the "Predecessor Funds"). 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 Absolute Investment Advisers LLC (the "Adviser"). Kovitz Investment Group Partners, LLC is the sub-adviser to Capital Opportunities Fund. CEF Opportunities currently offers Institutional Shares. Institutional Shares of CEF Opportunities' Predecessor Fund commenced operations on July 11, 2005 with the same investment objective but different investment strategies. CEF Opportunities seeks to achieve long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to traditional financial market indices, such as the S&P 500<sup>®</sup> Index. Capital Opportunities Fund currently offers Institutional Shares. Institutional Shares of Capital Opportunities Fund's Predecessor Fund commenced operations on December 30, 2015. Capital Opportunities Fund seeks to achieve long-term capital appreciation with a lower sensitivity to traditional financial market indices, such as the S&P 500<sup>®</sup> Index. Flexible Fund currently offers Institutional Shares. Institutional Shares of Flexible Fund's Predecessor Fund commenced operations on June 30, 2022. Flexible Fund seeks to achieve positive absolute returns over the long-term with low volatility when compared to traditional market indices.

Convertible Arbitrage Fund currently offers Institutional Shares and Investor Shares. Convertible Arbitrage Fund's Predecessor Fund commenced operations on August 14, 2017, after it acquired the net assets of the Mohican VCA Fund, LP, a privately offered hedge fund ("Mohican"), in exchange for Convertible Arbitrage Fund Predecessor Fund's shares. Mohican commenced operations in 2002. Convertible Arbitrage Fund seeks to achieve positive absolute returns over the long-term with low volatility when compared to traditional market indices. Investor Class Shares of Convertible Arbitrage Fund's Predecessor Fund commenced operations on April 1, 2021.

The Funds acquired all of the assets and liabilities of the Predecessor Funds in a tax-free reorganization on September 8, 2023. In connection with this acquisition, shares of each Predecessor Fund's Institutional Class were exchanged for Institutional Class shares of the

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

Fund and the Investor Class of Convertible Arbitrage Predecessor Fund were exchanged for Investor Class shares of the Funds. The Predecessor Funds of each of Capital Opportunities Fund, Convertible Arbitrage Fund, and Flexible Fund had investment objectives and strategies that were, in all material respects, the same as those of their respective Fund, and were managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the applicable Funds. The Predecessor Fund of CEF Opportunities had an investment objective the same as CEF Opportunities and, prior to CEF Opportunities changing its principal investment strategies on October 22, 2024, had the same investment strategies which are reflected in this report. The Funds' performance for periods prior to September 11, 2023 is that of the Predecessor Funds. The Funds are a continuation of the Predecessor Funds, and therefore, the performance information includes the performance of the Predecessor Funds.

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the 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". 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

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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 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 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 March 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 March 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 statements 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

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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.

**Distributions to Shareholders** – Distributions to shareholders of net investment income, if any, are declared and paid semi-annually. Distributions to shareholders of net capital gains and foreign currency gains, if any, are declared and paid at least annually. Distributions to shareholders 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. 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 in the components of the 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 each Fund.

For the fiscal year ended March 31, 2025, the Capital Opportunities Fund made the following reclassifications to increase (decrease) the components of net assets:

---

| | |
|:---|:---|
| **Paid-In Capital** | **Accumulated Earnings**<br> **(Deficit)**  |
| $(6001) | $6001 |

---

**Foreign Currency Transactions** – Each Fund may enter into transactions to purchase or sell foreign currency contracts and options on foreign currency. Forward currency contracts are agreements to exchange one currency for another at a future date and at a specified price. A Fund may use forward currency contracts to facilitate transactions in foreign securities, to manage a fund's foreign currency exposure and to protect the U.S. dollar value of its underlying portfolio securities against the effect of possible adverse movements in foreign exchange rates. These contracts are intrinsically valued daily based on forward rates, and a fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is recorded as a component of net asset value ("NAV"). These instruments involve market risk, credit risk, or both kinds of risks, in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Due to the risks associated with these transactions, a Fund could incur losses up to the entire contract amount, which may exceed the net unrealized value included in its NAV.

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**Futures Contracts** – Each Fund may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between parties to buy or sell a security at a set price on a future date. Upon entering into such a contract, a Fund is required to pledge to the broker an amount of cash, U.S. Government obligations or other high-quality debt securities equal to the minimum "initial margin" requirements of the exchange on which the futures contract is traded. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and value at the time it was closed. Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contract may not correlate with changes in the value of the underlying securities.

Notional amounts of each individual futures contract outstanding as of March 31, 2025, for each Fund, if any, are disclosed in each Fund's Schedule of Futures Contracts.

**Securities Sold Short** – Each Fund may sell a security short to increase investment returns. Each Fund may also sell a security short in anticipation of a decline in the market value of a security. A short sale is a transaction in which a Fund sells a security that it does not own.

To complete the transaction, the Fund must borrow the security in order to deliver it to the buyer. The Fund must replace the borrowed security by purchasing it at market price at the time of replacement; the price may be higher or lower than the price at which the Fund sold the security. The Fund incurs a loss from a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a profit if the price of the security declines between those dates.

Until the Fund replaces the borrowed security, the Fund will maintain on its books and records cash and long securities to sufficiently cover its short position on a daily basis. The collateral for the securities sold short includes the Deposits with Brokers as shown on the Statements of Assets and Liabilities and the securities held long as shown on the Schedules of Investments. Dividends and interest paid on securities sold short are recorded as an expense on the Statements of Operations.

**Purchased Options** – When a Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

The values of each individual purchased option outstanding as of March 31, 2025, for each Fund, if any, are disclosed in each Fund's Schedule of Investments.

**Written Options** – When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written options are non-income producing securities.

The values of each individual written option outstanding as of March 31, 2025, for each Fund, if any, are disclosed in each Fund's Schedule of Written Options.

**Restricted Securities** – Each Fund may invest in securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities may be resold in transactions that are exempt from registration under the Federal securities laws or if the securities are registered to the public. The sale or other disposition of these securities may involve additional expenses and the prompt sale of these securities at an acceptable price may be difficult. Information regarding restricted securities held by each Fund is included in their Schedule of Investments, if applicable.

**When-Issued Transactions** – Each Fund may purchase securities on a forward commitment or 'when-issued' basis. A Fund records a when-issued transaction on the trade date and will segregate with the custodian qualifying assets that have a value sufficient to make payment for the securities purchased. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**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 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 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

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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

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

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.

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

Option contracts are generally traded on an exchange and are generally valued at the last trade price, as provided by a pricing service. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

at the most recent ask price. The option contracts will generally be categorized as Level 1 securities unless the market is considered inactive or the absence of a last bid or ask price, in which case, they will be categorized as Level 2 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 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, the administrator, 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 March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CEF Opportunities** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed End Funds | $5282944 | $— | $— | $5282944 |
| Mutual Funds | 270057 |  |  | 270057 |
| Rights | 2 |  |  | 2 |
| Money Market Funds | 253899 |  |  | 253899 |
| Total | $5806902 | $— | $— | $5806902 |
| **Liabilities** |  |  |  |  |
| Closed End Funds | $(136423) | $— | $— | $(136423) |
| Exchange-Traded Funds | (2569405) |  |  | (2569405) |
| Total | $(2705828) | $— | $— | $(2705828) |

---

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Capital Opportunities Fund** | | | |
| **Assets** | | | |
| Common Stocks<sup>(a)</sup> | $44349756 | $5 | $44349761 |
| Call Options Purchased | 199144 |  | 199144 |
| Put Options Purchased | 1904139 |  | 1904139 |
| Money Market Funds | 8639892 |  | 8639892 |
| Total | $55092936 | $5 | $55092936 |
| **Liabilities** |  |  |  |
| Written Call Options | $(1917038) | $— | $(1917038) |
| Written Put Options | (368190) |  | (368190) |
| Total | $(2285228) | $— | $(2285228) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Arbitrage Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | $28787532 | $— | $— | $28787532 |
| Convertible Bonds<sup>(a)</sup> |  | 907512276 |  | 907512276 |
| Money Market Funds | 130944107 |  |  | 130944107 |
| Total | $159731639 | $907512276 | $— | $1067243915 |
| **Liabilities** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $(351536047) | $— | $— | $(351536047) |
| Futures<sup>(b)</sup> | (342075) |  |  | (342075) |
| Total | $(351878122) | $— | $— | $(351878122) |
| **Flexible Fund** |  |  |  |  |
| **Assets** |  |  |  |  |
| Convertible Bonds<sup>(a)</sup> | $— | $27480405 | $— | $27480405 |
| Money Market Funds | 665854 |  |  | 665854 |
| Total | $665854 | $27480405 | $— | $28146259 |
| **Liabilities** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $(3614534) | $— | $— | $(3614534) |
| Total | $(3614534) | $— | $— | $(3614534) |

---

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

<sup>(b)</sup> The amount shown represents the net unrealized appreciation/depreciation of the futures contracts.

A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when a Fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management of the Funds has concluded that Level 3 investments are not material in relation to net assets.

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**NOTE 4 – INVESTMENTS IN AFFILIATED ISSUERS**

An affiliated issuer is an entity in which a Fund has ownership of at least 5% of the voting securities or any investment managed by the Adviser. Issuers that are affiliates of a Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in a Fund owning in excess of 5% of the outstanding shares at period-end. The following tables reflect transactions during the period with entities that are affiliates as of March 31, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CEF Opportunities** | | | | | | |
| **Fund** | **Value** **<br> Beginning of<br> Period** | **Purchases** | **Sales** **<br> Proceeds** | **Net Realized<br> Gain (Loss)** | **Change in<br> Unrealized Appreciation/ (Depreciation)** | **Value End of<br> Period** |
| Capital Opportunities Fund | $7295746 | $— | $(7095768) | $200157 | $(400135) | $— |
| Flexible Fund | 6867064 |  | (6840239) | 74094 | (100919) |  |
| Absolute Select Value ETF | 1197114 |  | (1300645) | 166132 | (62601) |  |
| Total | $15359924 | $— | $(15236652) | $440383 | $(563655) | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Dividend** **<br> Income** | **Capital Gain** **<br> Distributions** | **Shares<br> Beginning of**<br> **Period** | **Purchases** | **Sales** | **Shares End<br> of Period** |
| Capital Opportunities Fund | $— | $— | $689579 |  | $(689579) | $— |
| Flexible Fund |  |  | 670612 |  | (670612) |  |
| Absolute Select Value ETF | 7093 |  | 39364 |  | (39364) |  |
| Total | $7093 | $— | $1399555 | $— | $(1399555) | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Convertible Arbitrage Fund** | | | | | | |
| **Fund** | **Value** **<br> Beginning of<br> Period** | **Purchases** | **Sales** **<br> Proceeds** | **Net Realized<br> Gain (Loss)** | **Change in<br> Unrealized Appreciation/ (Depreciation)** | **Value End of<br> Period** |
| Flexible Fund | $19918512 | $8426290 | $— | $— | $442730 | $28787532 |
| Total | $19918512 | $8426290 | $— | $— | $442730 | $28787532 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Dividend** **<br> Income** | **Capital Gain** **<br> Distributions** | **Shares<br> Beginning of**<br> **Period** | **Purchases** | **Sales** | **Shares End<br> of Period** |
| Flexible Fund | $1265849 | $160442 | $1945167 | $825529 | $— | $2770696 |
| Total | $1265849 | $160442 | $1945167 | $825529 | $— | $2770696 |

---

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**NOTE 5. DERIVATIVE TRANSACTIONS**

The Funds may invest in certain derivatives, as detailed below, to meet their respective investment objective. Each Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. In some cases, a Fund could lose more than the principal amount invested by investing in a derivative instrument. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when doing so would be beneficial.

The Funds may also utilize certain derivative instruments and investment techniques for risk management or hedging purposes. There is no assurance that such risk management and hedging strategies will be successful, as such success will depend on, among other factors, the Adviser's ability to predict the future correlation, if any, between the performance of the instruments utilized for hedging purposes and the performance of the investments being hedged.

The following paragraphs provide more information on specific types of derivatives and activity in each Fund:

The use of derivative instruments by CEF Opportunities for the fiscal year ended March 31, 2025, related to the use of purchased options and futures contracts. CEF Opportunities utilized purchased options in order to manage or enhance return (including through leverage), to obtain leverage for speculative purposes, and to implement selective hedging and to manage risk exposure. CEF Opportunities utilized futures contracts in order to generate absolute return and to implement selective hedging and to manage risk exposure.

The use of derivative instruments by Capital Opportunities Fund for the fiscal year ended March 31, 2025, related to the use of purchased options and written options. Capital Opportunities Fund utilized such options in order to manage or enhance return (including through leverage), to obtain leverage for speculative purposes, and to implement selective hedging and to manage risk exposure.

The use of derivative instruments by Convertible Arbitrage Fund for the fiscal year ended March 31, 2025, related to the use of futures contracts. Convertible Arbitrage Fund utilized futures contracts in order to generate absolute, risk-adjusted returns, to obtain leverage for speculative purposes, to gain exposure to certain asset classes (in which case the derivatives may have economic characteristics similar to those of the reference asset), and to implement selective hedging and to manage risk exposure.

A futures contract is a bilateral agreement where one party agrees to accept, and the other party agrees to make, delivery of cash or underlying securities or commodities, as called for in the contract, at a specified date and at an agreed upon price. An index futures contract

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

involves the delivery of an amount of cash equal to a specified dollar amount multiplied by the difference between the index value at the close of trading of the contract and at the price designated by the futures contract. Generally, these futures contracts are closed out prior to the expiration date of the contracts. A public market exists in futures contracts covering certain indexes, financial instruments and foreign currencies.

A call option is a contract under which the purchaser of the call option, in return for a premium paid, has the right to buy the security (or index) underlying the option at a specified price at any time during the term of the option.

The writer of the call option, who receives the premium, has the obligation upon exercise of the option to deliver the underlying security against payment of the exercise price. A put option gives its purchaser, in return for a premium, the right to sell the underlying security at a specified price during the term of the option. The writer of the put, who receives the premium, has the obligation to buy, upon exercise of the option, the underlying security (or a cash amount equal to the value of the underlying security) at the exercise price. The amount of a premium received or paid for an option is based upon certain factors including the market price of the underlying security, the relationship of the exercise price to the market price, the historical price volatility of the underlying security, the option period and interest rates. Options on futures contracts are similar to options on securities except that an option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position to the holder of the option will be accompanied by transfer to the holder of an accumulated balance representing the amount by which the market price of the futures contract exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option on the future.

The following tables identify the location and fair value of derivative instruments on the Statements of Assets and Liabilities as of March 31, 2025, and the effect of derivative instruments on the Statements of Operations for the fiscal year ended March 31, 2025.

**Location of Derivatives on Statements of Assets and Liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Fair Value** |
|  | *Equity Price Risk:* |  |  |  |
| Capital Opportunities Fund | Purchased Options | Investments in securities at fair value |  | $2103283 |
|  | Written Options |  | Written Options | (2285228) |
| Convertible Arbitrage Fund | Futures Contracts |  | Unrealized depreciation on futures | 9375 |

---

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

For the fiscal year ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivatives** | **Location of<br> Gain (Loss) on<br> Derivatives on<br> Statements of<br> Operations** | **Realized Gain** **<br> (Loss) on<br> Derivatives** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> on Derivatives** |
|  | *Equity Risk Exposure:* | Net Realized gain and change in unrealized appreciation (depreciation) on investments |  |  |
| CEF Opportunities | Purchased Options |  | $(85856) | $65701 |
|  | Futures Contracts |  | (204235) | (36760) |
| Capital Opportunities Fund | Purchased Options |  | (5168940) | (1582096) |
|  | Written Options |  | 1232191 | 2397230 |
| Convertible Arbitrage Fund | Futures Contracts |  | 332479 | (250668) |

---

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statement of Assets and Liabilities as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivatives** | **Gross Amounts**<br> **of Recognized<br> Liabilities** | **Gross Amounts<br> Offset in<br> Statement of**<br> **Assets and<br> Liabilties** |
| Capital Opportunities Fund | Written Options | $2285228 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Gross Amounts Not Offset<br> in Statement of Assets and<br> Liabilities** | **Gross Amounts Not Offset<br> in Statement of Assets and<br> Liabilities** | |
|<br>**Net Amounts<br> of Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | **Financial**<br> **Instruments** | **Collateral<br> Pledged** |<br>**Net<br> Amount** |
| $2285228 | $(2285228) | $— | $— |

---

The notional value of the derivative instruments outstanding as of March 31, 2025 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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

Pursuant to an investment management agreement, the Adviser receives a management fee from CEF Opportunities, Capital Opportunities Fund, Convertible Arbitrage Fund and Flexible Fund at an annual rate of 1.40%, 1.40%, 1.00% and 1.40%, respectively, of such Fund's average daily net assets.

Any sub-advisory fee, calculated as a percentage of a Fund's average daily net assets managed by a subadviser, is paid by the Adviser out of the fees it receives pursuant to the management agreement.

The Trust and the Adviser assumed the expense limitation agreements that were in effect for each Predecessor Fund. The Adviser has contractually agreed to waive its management fee and/or reimburse certain CEF Opportunities' operating expenses, but only to the extent necessary so that the CEF Opportunities' 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 administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business, do not exceed 1.79% of CEF Opportunities' average daily net assets. The contractual agreement is in place through at least July 31, 2026 and may not be terminated prior to this date except by the Board upon sixty (60) days' written notice to the Adviser. The Adviser waived fees of $163,183 for CEF Opportunities Fund for the fiscal year ended March 31, 2025. During the fiscal year ended March 31, 2025, CEF Opportunities invested in Absolute Select Value ETF, Capital Opportunities Fund, and Flexible Fund. As of March 31, 2025, CEF Opportunities owned 0% of Absolute Select Value ETF. The Adviser has agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by the Adviser. For the fiscal year ended March 31, 2025, the Adviser waived fees of $17,449 related to these pooled vehicles sponsored by Absolute and this waiver is not subject to recoupment.

The Adviser has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund's 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

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business, do not exceed 1.48% of Capital Opportunities Fund's average daily net assets and 1.48% of Flexible Fund's average daily net assets. The contractual agreement is in place through at least July 31, 2026 and may only be waived by the Board upon sixty (60) days' written notice to the Adviser. The Adviser waived fees of $173,646 and $157,720 for Capital Opportunities Fund and Flexible Fund, respectively, for the fiscal year ended March 31, 2025.

The Adviser has also contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Convertible Arbitrage Fund's 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 administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business, do not exceed 1.20% and 1.45% of Convertible Arbitrage Fund's average daily net assets of the Institutional Shares and Investor Shares, respectively, through at least July 31, 2026. The contractual agreement may not be terminated prior to this date except by the Board upon sixty (60) days' written notice to the Adviser. The Adviser recouped fees of $569,348 for Convertible Arbitrage Fund for the fiscal year ended March 31, 2025. In addition, the Adviser has agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by Absolute. As of March 31, 2025, Convertible Arbitrage Fund owned approximately 99.6% of Flexible Fund. For the fiscal year ended March 31, 2025, the Adviser waived management fees of $273,156 for Convertible Arbitrage Fund related to this investment in a pooled vehicle sponsored by the Adviser and this waiver is not subject to recoupment.

The expense caps may only be raised with the consent of the Board. The Adviser may recoup from a Fund fees waived (other than advisory fees waived by the Adviser related to the Funds' investments in other pooled vehicles sponsored by the Adviser) and expenses reimbursed by the Adviser pursuant to the expense caps in the three years following the date the particular waiver/expense payment occurred in connection with a Fund or its

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

predecessor fund, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will increase if exclusions from the expense cap apply. As of March 31, 2025, $163,183, $584,647, $2,249,783 and $464,381 for CEF Opportunities, Capital Opportunities Fund, Convertible Arbitrage Fund, and Flexible Fund, respectively, is subject to recapture by the Adviser. Other waivers are not eligible for recoupment.

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. The Trust has adopted a Rule 12b-1 plan under which the Convertible Arbitrage Fund pays the Distributor a fee up to 0.25% of the average daily net assets of Investor Shares of Convertible Arbitrage Fund for distribution services and/or the servicing of shareholder accounts.

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.

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**NOTE 7. INVESTMENT TRANSACTIONS**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| CEF Opportunities | $4964473 | $17388638 |
| Capital Opportunities Fund | 11147812 | 24476866 |
| Convertible Arbitrage Fund | 168711311 | 128892033 |
| Flexible Fund | 12072098 | 10718476 |

---

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

**NOTE 8. 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 March 31, 2025, Absolute Convertible Arbitrage Fund owned 99.58% of the Flexible Fund's outstanding shares. As a result, Absolute Convertible Arbitrage Fund may be deemed to control the Flexible Fund.

**NOTE 9. FEDERAL INCOME TAX**

At March 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments, including derivative instruments, for tax purposes was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)<br> on Investments** | **Tax Cost of**<br> **Investments** |
| CEF Opportunities | $100972 | $(250212) | $(149240) | $3268915 |
| Capital Opportunities Fund | 17707292 | (4063294) | 13643998 | 42006161 |
| Convertible Arbitrage Fund | 123168245 | (100375300) | 22792945 | 692914923 |
| Flexible Fund | 1153120 | (817626) | 335494 | 24196231 |

---

The tax character of distributions for the fiscal year ended March 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| <br>**Fund** | **Ordinary**<br> **Income<sup>(a)</sup>** | **Long-Term<br> Capital Gains** | **Total <br> Distributions<br> Paid** |
| CEF Opportunities | $242097 | $— | $242097 |
| Capital Opportunities Fund | 551884 |  | 551884 |
| Convertible Arbitrage Fund | 46383014 |  | 46383014 |
| Flexible Fund | 1447041 |  | 1447041 |

---

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

The tax character of distributions for the fiscal year ended March 31, 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| <br>**Fund** | **Ordinary**<br> **Income<sup>(a)</sup>** | **Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| CEF Opportunities | $178897 | $— | $178897 |
| Capital Opportunities Fund | 56191 |  | 56191 |
| Convertible Arbitrage Fund | 36463135 |  | 36463135 |
| Flexible Fund | 1469230 | 280364 | 1749594 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gains** | **Accumulated**<br> **Capital and**<br> **Other Losses** | **Unrealized<br> Appreciation<br> (Depreciation)<br> on Investments** | **Total<br> Accumulated<br> Earnings<br> (Deficit)** |
| CEF Opportunities | $3632 | $— | $(39592826) | $(149240) | $(39738436) |
| Capital Opportunities Fund |  |  | (27757717) | 13643998 | (14113719) |
| Convertible Arbitrage Fund |  | 27940357 | (10713427) | 22792945 | 40019875 |
| Flexible Fund | 505062 |  |  | 335494 | 840556 |

---

The difference between components of distributable earnings on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to return of capital on equity securities, convertible bond deemed dividends, wash sales, mark to market on futures contracts, constructive sales, convertible bond premium amortization, straddles, cover loss deferrals, contingent payment debt instruments and deferred business interest expense.

As of March 31, 2025, CEF Opportunities and Capital Opportunities Fund had $38,482,163 and $27,757,717 of available short-term capital loss carryforwards, respectively, and CEF Opportunities had $1,110,664 of available long-term capital loss carryforwards not subject to expiration.

During the fiscal year ended March 31, 2025, CEF Opportunities Fund and Convertible Arbitrage Fund utilized $356,606 and $2,359,952 of long-term capital loss carryforwards, respectively, and Capital Opportunities Fund utilized $1,025,292 of short-term capital loss carryforwards.

For tax purposes, the current deferred post October short-term and long-term losses are $10,713,427 for Convertible Arbitrage Fund. These losses were recognized for tax purposes on the first business day of Convertible Arbitrage Fund's current fiscal year, April 1, 2025.

**Absolute Mutual Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**NOTE 10. UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES**

Each Fund may invest a significant portion of its assets in shares of one or more investment companies. Each Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of March 31, 2025, CEF Opportunities had 97.26% of the value of its net assets and Convertible Arbitrage Fund had 14.38% of the value of its net assets invested in a investment companies. The financial statements of these mutual funds can be found at www.sec.gov and should be read in conjunction with each Fund's financial statements.

**NOTE 11. 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 12. 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 Absolute Mutual 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, securities sold short, futures contracts, and written options of Absolute Mutual Funds, comprising the funds listed below (the "Funds"), each a series of Unified Series Trust, as of March 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for each of the periods indicated below (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 March 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of<br> Operations** | **Statements of<br> Changes in Net Assets** | **Financial<br> Highlights** |
| Absolute CEF Opportunities Fund (formerly Absolute Strategies Fund), Absolute Capital Opportunities Fund, Absolute Convertible Arbitrage Fund | For the year ended March 31, 2025 | For the years ended March 31, 2025 and 2024 | For the years ended March 31, 2025, 2024, and 2023 |
| Absolute Flexible Fund | For the year ended March 31, 2025 | For the years ended March 31, 2025 and 2024 | For the years ended March 31, 2025, 2024 and the period from June 30, 2022 (commencement of operations) through March 31, 2023 |

---

The Funds' financial highlights for the years ended March 31, 2022, and prior, were audited by other auditors whose report dated May 27, 2022, expressed an unqualified opinion on those financial highlights.

**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.

**Report of Independent Registered Public Accounting Firm (continued)**

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 March 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 2023.

![](acef_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 30, 2025

**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.

---

| | |
|:---|:---|
| **Fund** | |
| CEF Opportunities | 7.58% |
| Capital Opportunities Fund | 100% |
| Convertible Arbitrage Fund | —% |
| Flexible Fund | —% |

---

**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.

---

| |
|:---|
| **Fund** |
| CEF Opportunities% |
| Capital Opportunities Fund% |
| Convertible Arbitrage Fund% |
| Flexible Fund% |

---

**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 2023 ordinary income dividends, the following percentage qualifies for the corporate dividends received deduction.

---

| | |
|:---|:---|
| **Fund** | |
| CEF Opportunities | 9.77% |
| Capital Opportunities Fund | 100% |
| Convertible Arbitrage Fund | —% |
| Flexible Fund | —% |

---

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.

---

| | |
|:---|:---|
| **Fund** | |
| CEF Opportunities | $|
| Capital Opportunities Fund |  |
| Convertible Arbitrage Fund |  |
| Flexible Fund |  |

---

**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.

*This page is intentionally left blank.*

*This page is intentionally left blank.*

**Proxy Voting (Unaudited)**

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (888) 992-2765 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](abeq_001.jpg)

**Absolute Select Value ETF (ABEQ)**

*NYSE Arca, Inc.*

**Annual Financial Statements**

**and Additional Information**

**March 31, 2025**

**Fund Adviser:**

**Absolute Investment Advisers LLC**

**82 South Barrett Square, Unit 4G**

**Rosemary Beach, FL 32461**

**1-833-267-3383**

**Absolute Select Value ETF**

**Schedule of Investments**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **Common Stocks — 76.11%** | **Shares** | **Fair Value** |
| **Canada — 15.30%** |  |  |
| **Energy — 5.43%** |  |  |
| Enbridge, Inc. | 118811 | $5264516 |
| **Materials — 9.87%** |  |  |
| Agnico Eagle Mines Ltd. | 39110 | 4239915 |
| Franco-Nevada Corp. | 33865 | 5335769 |
|  |  | 9575684 |
| **Total Canada** |  | 14840200 |
| **Ireland — 4.39%** |  |  |
| **Health Care — 4.39%** |  |  |
| Medtronic PLC | 47412 | 4260442 |
| **Total Ireland** |  | 4260442 |
| **United Kingdom — 7.09%** |  |  |
| **Consumer Staples — 7.09%** |  |  |
| Diageo PLC - ADR | 8642 | 905595 |
| Unilever PLC - ADR | 100196 | 5966672 |
|  |  | 6872267 |
| **Total United Kingdom** |  | 6872267 |
| **United States — 49.33%** |  |  |
| **Communications — 3.11%** |  |  |
| Comcast Corp., Class A | 81838 | 3019822 |
| **Consumer Staples — 3.13%** |  |  |
| Hershey Co. (The) | 17760 | 3037493 |
| **Energy — 15.68%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 22600 | 12036307 |
| EOG Resources, Inc. | 24743 | 3173042 |
|  |  | 15209349 |
| **Financials — 12.22%** |  |  |
| CME Group, Inc. | 5100 | 1352979 |
| Loews Corp. | 74021 | 6803270 |
| Travelers Companies, Inc. (The) | 13980 | 3697151 |
|  |  | 11853400 |
| **Health Care — 2.84%** |  |  |
| GE HealthCare Technologies, Inc. | 34150 | 2756247 |
| **Industrials — 2.48%** |  |  |
| Honeywell International, Inc. | 11350 | 2403363 |
| **Materials — 6.67%** |  |  |
| Corteva, Inc. | 46223 | 2908813 |
| DuPont de Nemours, Inc. | 22951 | 1713981 |
| International Flavors & Fragrances, Inc. | 23740 | 1842461 |
|  |  | 6465255 |

---

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

**Absolute Select Value ETF**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **Common Stocks — 76.11% (continued)** | **Shares** | **Fair Value** |
| **United States — 49.33% (continued)** |  |  |
| **Technology — 1.96%** |  |  |
| Cisco Systems, Inc. | 30805 | $1900977 |
| **Utilities — 1.24%** |  |  |
| UGI Corp. | 36515 | 1207551 |
| **Total United States** |  | 47853457 |
| **Total Common Stocks<br> (Cost $61,062,840)** |  | $73826366 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Government & Agencies — 21.38%** | **Principal**<br>**Amount** | |
| United States Treasury Bill 4.47%, 4/17/2025 | $3000000 | 2994341 |
| United States Treasury Bill 4.22%, 10/2/2025 | 3000000 | 2937673 |
| United States Treasury Note 2.88%, 5/31/2025 | 3000000 | 2992545 |
| United States Treasury Note 2.88%, 6/15/2025 | 3000000 | 2991037 |
| United States Treasury Note 0.25%, 8/31/2025 | 3000000 | 2951526 |
| United States Treasury Note 0.25%, 10/31/2025 | 3000000 | 2932784 |
| United States Treasury Note 1.63%, 2/15/2026 | 3000000 | 2936150 |
| **TOTAL U.S. GOVERNMENT & AGENCIES<br> (Cost $20,731,763)** |  | 20736056 |
| **Total Investments — **97.49%**<br> (Cost $81,794,603)** |  | 94562422 |
| **Other Assets in Excess of Liabilities — 2.51%** |  | 2438736 |
| **Net Assets — 100.00%** |  | $97001158 |

---

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

ADR - American Depositary Receipt

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

**Absolute Select Value ETF**

**Statement of Assets and Liabilities**

*March 31, 2025*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $81,794,603) | $94562422 |
| Cash | 2268413 |
| Dividends and interest receivable | 120564 |
| Tax reclaims receivable | 151037 |
| Prepaid expenses | 969 |
| **Total Assets** | 97103405 |
| **Liabilities** |  |
| Payable to Adviser, net of waiver | 49549 |
| Payable to affiliates | 15618 |
| Other accrued expenses | 37080 |
| **Total Liabilities** | 102247 |
| **Net Assets** | $97001158 |
| **Net Assets consist of:** |  |
| Paid-in capital | $85398828 |
| Accumulated earnings | 11602330 |
| **Net Assets** | $97001158 |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 2850000 |
| **Net asset value per share** | $34.04 |

---

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

**Absolute Select Value ETF**

**Statement of Operations**

*For the year ended March 31, 2025*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $73,720) | $1537864 |
| Interest income | 692626 |
| **Total investment income** | 2230490 |
| **Expenses** |  |
| Adviser | 751878 |
| Administration | 67252 |
| Audit and tax | 25847 |
| Legal | 23614 |
| Trustee | 21097 |
| Report printing | 14614 |
| Compliance services | 13974 |
| Custodian | 11586 |
| Transfer agent | 9702 |
| Insurance | 3740 |
| Pricing | 1286 |
| Miscellaneous | 38526 |
| **Total expenses** | 983116 |
| Fees waived by Adviser | (230978) |
| Net operating expenses | 752138 |
| **Net investment income** | 1478352 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 5009986 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (209) |
| Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 5163733 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (4517) |
| **Net realized and unrealized gain (loss) on investment securities and foreign currency translations** | 10168993 |
| **Net increase in net assets resulting from operations** | $11647345 |

---

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

**Absolute Select Value ETF**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $1478352 | $1516759 |
| Net realized gain on investment securities and foreign currency translations | 5009777 | 3209983 |
| Change in unrealized appreciation on investment securities | 5159216 | 3552710 |
| **Net increase in net assets resulting from operations** | 11647345 | 8279452 |
| **Distributions to Shareholders From:** |  |  |
| Earnings | (1295917) | (2282145) |
| **Total distributions** | (1295917) | (2282145) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 20301010 | 7160222 |
| Amount paid for shares redeemed | (18692714) | (19051547) |
| **Net increase (decrease) in net assets resulting from capital transactions** | 1608296 | (11891325) |
| **Total Increase (Decrease) in Net Assets** | 11959724 | (5894018) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | $85041434 | $90935452 |
| &nbsp;&nbsp;&nbsp;**End of year** | $97001158 | $85041434 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 625000 | 250000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (575000) | (700000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 50000 | (450000) |

---

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

**Absolute Select Value ETF**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** | **For the<br> Year Ended<br> March 31,<br> 2023** | **For the<br> Year Ended<br> March 31,<br> 2022** | **For the<br> Year Ended<br> March 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $30.37 | $27.98 | $29.88 | $26.22 | $20.14 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.53 | 0.51 | 0.56 | 0.22 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.61 | 2.62 | (2.13) | 3.61 | 6.10 |
| Total from investment operations | 4.14 | 3.13 | (1.57) | 3.83 | 6.23 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.74) | (0.33) | (0.17) | (0.15) |
| Total distributions | (0.47) | (0.74) | (0.33) | (0.17) | (0.15) |
| Net asset value, end of period | $34.04 | $30.37 | $27.98 | $29.88 | $26.22 |
| Market price, end of period | $34.08 | $30.41 | $27.94 | $29.92 | $26.23 |
| **Total Return<sup>(a)</sup>** | 13.79% | 11.40% | (5.22)% | 14.66% | 31.02% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $97001 | $85041 | $90935 | $64243 | $45887 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement | 1.11% | 1.13% | 1.16% | 1.24% | 1.51% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.67% | 1.73% | 2.30% | 0.85% | 0.58% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(b)</sup> | 20% | 18% | 24% | 23% | 36% |

---

(a) Total
 return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of
 the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per
 share on their respective payment dates.

(b) Portfolio
 turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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

**Absolute Select Value ETF**

**Notes to the Financial Statements**

*March 31, 2025*

**NOTE 1. ORGANIZATION**

Absolute Select Value ETF (the "Fund") was organized as a non-diversified series of Unified Series Trust (the "Trust") on August 20, 2019, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). 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 without par value. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Absolute Investment Advisers LLC (the "Adviser"). The Adviser has retained St. James Investment Company, LLC (the "Sub-Adviser") to serve as Sub-Adviser to the Fund. The Fund's investment objective is to seek positive absolute returns.

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

**Non-Diversification Risk** – The Fund is non-diversified, which means it may invest a greater percentage of its assets in a fewer number of securities as compared to other exchange-traded funds that are more broadly diversified. As a result, the Fund's share price may be more volatile than the share price of some other funds, and the poor performance of an individual security in the Fund's portfolio may have a significant negative impact on the Fund's performance.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**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.

As of and during the fiscal year ended March 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 fiscal year ended March 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).

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

identification method is used for determining gains or losses for financial statements 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 Fund's investments in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates 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 Fund's understanding of the applicable country's tax rules and rates.

**Dividends and Distributions** – The Fund intends to distribute substantially all of its net investment income, if any, at least annually. The Fund intends to distribute its net realized long-term and short-term 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. 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 in the components of the 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.

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

---

| | |
|:---|:---|
| **Paid-In**<br> **Capital** | **Accumulated Earnings<br> (Deficit)** |
| $4647659 | $(4647659) |

---

**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 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

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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. 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 &

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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

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

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $73826366 | $— | $— | $73826366 |
| U.S. Government & Agencies |  | 20736056 |  | 20736056 |
| Total | $73826366 | $20736056 | $— | $94562422 |

---

<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 with the Trust with respect to the Fund (the "Agreement"), manages the Fund's investments. As compensation for its management services, the Fund is obligated to pay the Adviser a management fee computed and accrued daily and paid monthly at an annual rate of 0.85% of the Fund's average daily net assets. For the fiscal year ended March 31, 2025, before the waiver described below, the Adviser earned a management fee of $751,878 from the Fund.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses through July 31, 2025 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 of Trustees; 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 0.85% of the Fund's average daily net assets through July 31, 2024. For the fiscal year ended March 31, 2025, the Adviser waived fees of $230,978. At March 31, 2025, the Fund owed the Adviser $49,549.

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

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. As of March 31, 2025, the Adviser may seek repayment of management fees waived and expense reimbursements pursuant to the aforementioned conditions, from the Fund no later than the dates stated below:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| March 31, 2026 | $237336 |
| March 31, 2027 | 244681 |
| March 31, 2028 | 230978 |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides administration and fund accounting 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, Northern Lights Distributors, LLC (the "Distributor") serves as principal underwriter to the Fund. The Distributor is an affiliate 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. One Trustee is a former employee of Ultimus who is not currently paid by the Fund for serving in such capacity.

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 Independent 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. Independent Trustees also receive additional fees for attending any special meeting. In addition, the Trust reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**NOTE 5. INVESTMENT TRANSACTIONS**

For the fiscal year ended March 31, 2025, purchases and sales of investment securities, other than short-term investments, were $15,092,625 and $23,728,446, respectively.

For the fiscal year ended March 31, 2025, there were no purchases and sales of long-term U.S. government obligations.

For the fiscal year ended March 31, 2025, purchases and sales for in-kind transactions were $15,471,498 and $14,455,648, respectively.

For the fiscal year ended March 31, 2025, the Fund had in-kind net realized gains of $4,619,537.

**NOTE 6. CAPITAL SHARE TRANSACTIONS**

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units". Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge", and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Fund are disclosed in the Statement of Changes in Net Assets. For the fiscal year ended March 31, 2025, the Fund received $3,250 and $0 in fixed fees and variable fees, respectively. The Transaction Fees for the Fund are listed in the table below:

---

| | |
|:---|:---|
| Fixed Fee | Variable Charge |
| $250 | 2.00%\* |

---

\* The maximum Transaction Fee may be up to 2.00% of the amount invested.

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $13713613 |
| Gross unrealized depreciation | (965731) |
| Net unrealized appreciation on investments | $12747882 |
| Tax cost of investments | $81814540 |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1295917 | $2282145 |
| Total distributions paid | $1295917 | $2282145 |

---

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

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $342517 |
| Accumulated capital and other losses | (1482695) |
| Unrealized appreciation on investments | 12742508 |
| Total accumulated earnings | $11602330 |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales.

At March 31, 2025, the Fund had $1,482,695 short-term capital loss carryforwards for federal income tax purposes available to offset future capital gains. These capital loss carryforwards do not expire. At March 31, 2025, the Fund did not utilize any capital loss carryforwards.

**Absolute Select Value ETF**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**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 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 9. 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 Absolute Select Value ETF 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 Absolute Select Value ETF, (the "Fund"), a series of Unified Series Trust, as of March 31, 2025, the related statement 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 the Fund as of March 31, 2025, the results of its 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.

<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 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 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 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 March 31, 2025, by correspondence with the custodian. 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 Fund's auditor since 2020.

![](abeq_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 30, 2025

**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 Fund. 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 Fund designates approximately 100% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

**Qualified Business Income.** The Fund designates approximately 0% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2025 ordinary income dividends, 49.47% qualifies for the corporate dividends received deduction.

**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.

**Proxy Voting**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (833) 267-3383 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](dean_001.jpg)

**DEAN FUNDS**

**Dean Small Cap Value Fund**

**Dean Mid Cap Value Fund**

**Dean Equity Income Fund**

**Annual Financial Statements**

**and Additional Information**

**March 31, 2025**

**Dean Small Cap Value Fund**

**Schedule of Investments**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.21%** | **Shares** | **Fair Value** |
| **Communications — 1.23%** |  |  |
| TEGNA Inc. | 122044 | $2223642 |
| **Consumer Discretionary — 13.57%** |  |  |
| Carter's, Inc. | 77181 | 3156703 |
| Columbia Sportswear Co. | 35295 | 2671479 |
| Johnson Outdoors, Inc., Class A | 89726 | 2228793 |
| Leggett & Platt, Inc. | 160954 | 1273146 |
| Malibu Boats, Inc., Class A<sup>(a)</sup> | 37064 | 1137124 |
| Papa John's International, Inc. | 87812 | 3607317 |
| Rush Enterprises, Inc., Class A | 58471 | 3122936 |
| Silgan Holdings, Inc. | 83323 | 4259472 |
| Standard Motor Products, Inc. | 95467 | 2379992 |
| Winnebago Industries, Inc. | 21410 | 737789 |
|  |  | 24574751 |
| **Consumer Staples — 5.07%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(a)</sup> | 5953 | 1421814 |
| Fresh Del Monte Produce, Inc. | 39122 | 1206131 |
| John B. Sanfilippo & Son, Inc. | 37292 | 2642512 |
| SpartanNash Co. | 121194 | 2455390 |
| Spectrum Brands Holdings, Inc. | 20244 | 1448458 |
|  |  | 9174305 |
| **Energy — 6.47%** |  |  |
| Helmerich & Payne, Inc. | 161128 | 4208664 |
| Innovex International, Inc.<sup>(a)</sup> | 213747 | 3838896 |
| World Kinect Corp. | 129512 | 3672960 |
|  |  | 11720520 |
| **Financials — 21.01%** |  |  |
| 1st Source Corp. | 61099 | 3654331 |
| Camden National Corp. | 65370 | 2645524 |
| Cathay General Bancorp | 58683 | 2525129 |
| Diamond Hill Investment Group, Inc. | 14531 | 2075608 |
| Employers Holdings, Inc. | 66975 | 3391614 |
| Federated Hermes, Inc., Class B | 35429 | 1444440 |
| First Financial Corp. | 60810 | 2978474 |
| Fulton Financial Corp. | 99475 | 1799503 |
| Great Southern Bancorp, Inc. | 40823 | 2260370 |
| Independent Bank Corp. | 59959 | 3756431 |
| PROG Holdings, Inc. | 58896 | 1566634 |
| QCR Holdings, Inc. | 45288 | 3229940 |
| S&T Bancorp, Inc. | 62510 | 2315996 |
| Safety Insurance Group, Inc. | 29342 | 2314497 |
| Simmons First National Corp., Class A | 101925 | 2092520 |
|  |  | 38051011 |
| **Health Care — 3.42%** |  |  |
| Conmed Corp. | 41461 | 2503829 |
| Patterson Companies, Inc. | 51454 | 1607423 |

---

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

**Dean Small Cap Value Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.21% - continued** | **Shares** | **Fair Value** |
| **Health Care — 3.42% - continued** |  |  |
| Perrigo Co. PLC | 74417 | $2086653 |
|  |  | 6197905 |
| **Industrials — 21.93%** |  |  |
| Advanced Energy Industries, Inc. | 49753 | 4741959 |
| Air Transport Services Group, Inc.<sup>(a)</sup> | 113539 | 2547815 |
| Alamo Group, Inc. | 27428 | 4887943 |
| Astec Industries, Inc. | 60439 | 2082124 |
| Bel Fuse, Inc., Class B | 48254 | 3612294 |
| Brady Corp., Class A | 18498 | 1306699 |
| Columbus McKinnon Corp. | 120304 | 2036747 |
| Douglas Dynamics, Inc. | 96955 | 2252265 |
| ESCO Technologies, Inc. | 24664 | 3924535 |
| Franklin Covey Co.<sup>(a)</sup> | 40352 | 1114522 |
| Hackett Group, Inc. (The) | 113297 | 3310539 |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 91817 | 925515 |
| Heartland Express, Inc. | 262374 | 2419088 |
| Kennametal, Inc. | 54431 | 1159380 |
| Werner Enterprises, Inc. | 116729 | 3420160 |
|  |  | 39741585 |
| **Materials — 2.75%** |  |  |
| Huntsman Corp. | 52943 | 835970 |
| Minerals Technologies, Inc. | 33905 | 2155342 |
| Orion S.A. | 64637 | 835756 |
| Stepan Co. | 20837 | 1146868 |
|  |  | 4973936 |
| **Real Estate — 4.45%** |  |  |
| Broadstone Net Lease, Inc. | 236009 | 4021593 |
| Cousins Properties, Inc. | 55108 | 1625686 |
| Getty Realty Corp. | 76969 | 2399893 |
|  |  | 8047172 |
| **Technology — 10.38%** |  |  |
| Cohu, Inc.<sup>(a)</sup> | 49488 | 727968 |
| CSG Systems International, Inc. | 80371 | 4860034 |
| Harmonic, Inc.<sup>(a)</sup> | 204966 | 1965624 |
| Maximus, Inc. | 74233 | 5061949 |
| Verra Mobility Corp., Class A<sup>(a)</sup> | 40185 | 904564 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 214109 | 2395880 |
| Vishay Intertechnology, Inc. | 181791 | 2890477 |
|  |  | 18806496 |
| **Utilities — 8.93%** |  |  |
| American States Water Co. | 20837 | 1639455 |
| Avista Corp. | 67826 | 2839875 |
| Northwest Natural Holding Co. | 27641 | 1180824 |
| Northwestern Energy Group, Inc. | 43162 | 2497785 |
| ONE Gas, Inc. | 29554 | 2233987 |
| Portland General Electric Co. | 32744 | 1460382 |

---

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

**Dean Small Cap Value Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.21% - continued** | **Shares** | **Fair Value** |
| **Utilities — 8.93% - continued** |  |  |
| Spire, Inc. | 55281 | $4325738 |
|  |  | 16178046 |
| **Total Common Stocks/Investments — 99.21% (Cost $186,205,465)** |  | 179689369 |
| **Other Assets in Excess of Liabilities — 0.79%** |  | 1422181 |
| **NET ASSETS — 100.00%** |  | $181111550 |

---

(a) Non-income
 producing security.

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

**Dean Mid Cap Value Fund**

**Schedule of Investments**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.42%** | **Shares** | **Fair Value** |
| **Communications — 2.94%** |  |  |
| Omnicom Group, Inc. | 30216 | $2505209 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 13363 | 2769481 |
|  |  | 5274690 |
| **Consumer Discretionary — 9.53%** |  |  |
| AutoZone, Inc.<sup>(a)</sup> | 963 | 3671707 |
| BorgWarner, Inc. | 96067 | 2752320 |
| Hasbro, Inc. | 35273 | 2168937 |
| Lithia Motors, Inc., Class A | 7343 | 2155464 |
| PulteGroup, Inc. | 20565 | 2114082 |
| Skechers U.S.A., Inc., Class A<sup>(a)</sup> | 32744 | 1859204 |
| Yum China Holdings, Inc. | 46107 | 2400330 |
|  |  | 17122044 |
| **Consumer Staples — 10.32%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 32624 | 3722398 |
| Campbell Soup Co. | 61877 | 2470130 |
| Casey's General Stores, Inc. | 6742 | 2926298 |
| Conagra Brands, Inc. | 134951 | 3599143 |
| Dollar General Corp. | 35754 | 3143849 |
| US Foods Holding Corp.<sup>(a)</sup> | 40900 | 2677314 |
|  |  | 18539132 |
| **Energy — 4.48%** |  |  |
| Baker Hughes Co., Class A | 64165 | 2820052 |
| Coterra Energy, Inc. | 87399 | 2525831 |
| Permian Resources Corp., Class A | 194902 | 2699393 |
|  |  | 8045276 |
| **Financials — 16.85%** |  |  |
| Ameriprise Financial, Inc. | 5899 | 2855765 |
| Assurant, Inc. | 17456 | 3661396 |
| Bank of New York Mellon Corp. (The) | 55025 | 4614947 |
| Hartford Financial Services Group, Inc. (The) | 27688 | 3425836 |
| Prosperity Bancshares, Inc. | 50441 | 3599974 |
| Raymond James Financial, Inc. | 19141 | 2658876 |
| Regions Financial Corp. | 126894 | 2757407 |
| Reinsurance Group of America, Inc. | 15530 | 3057857 |
| W.R. Berkley Corp. | 51524 | 3666448 |
|  |  | 30298506 |
| **Health Care — 9.38%** |  |  |
| Encompass Health Corp. | 38553 | 3904649 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 27929 | 3467385 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 9129 | 3007001 |
| Quest Diagnostics, Inc. | 19382 | 3279434 |
| Zimmer Biomet Holdings, Inc. | 28320 | 3205258 |
|  |  | 16863727 |
| **Industrials — 13.22%** |  |  |
| AGCO Corp. | 27568 | 2551969 |
| Dover Corp. | 18178 | 3193511 |

---

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

**Dean Mid Cap Value Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.42% - continued** | **Shares** | **Fair Value** |
| **Industrials — 13.22% - continued** |  |  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 120504 | $2218479 |
| ITT, Inc. | 18900 | 2441124 |
| Knight-Swift Transportation Holdings, Inc. | 50134 | 2180328 |
| L3Harris Technologies, Inc. | 16252 | 3401706 |
| Littelfuse, Inc. | 13392 | 2634742 |
| Regal Rexnord Corp. | 16877 | 1921446 |
| Republic Services, Inc. | 13242 | 3206683 |
|  |  | 23749988 |
| **Materials — 3.30%** |  |  |
| Avery Dennison Corp. | 15650 | 2785231 |
| International Flavors & Fragrances, Inc. | 40569 | 3148560 |
|  |  | 5933791 |
| **Real Estate — 7.66%** |  |  |
| AvalonBay Communities, Inc. | 13222 | 2837706 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 20225 | 2645026 |
| Regency Centers Corp. | 40068 | 2955416 |
| STAG Industrial, Inc. | 75320 | 2720558 |
| Weyerhaeuser Co. | 88973 | 2605129 |
|  |  | 13763835 |
| **Technology — 8.13%** |  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 27838 | 2890420 |
| Broadridge Financial Solutions, Inc. | 11798 | 2860543 |
| Global Payments, Inc. | 28651 | 2805506 |
| Microchip Technology, Inc. | 47552 | 2301992 |
| SS&C Technologies Holdings, Inc. | 44933 | 3753253 |
|  |  | 14611714 |
| **Utilities — 11.61%** |  |  |
| Ameren Corp. | 40088 | 4024835 |
| Atmos Energy Corp. | 21799 | 3369689 |
| CenterPoint Energy, Inc. | 110272 | 3995155 |
| Entergy Corp. | 33226 | 2840491 |
| OGE Energy Corp. | 71397 | 3281406 |
| Xcel Energy, Inc. | 47311 | 3349146 |
|  |  | 20860722 |
| **Total Common Stocks/Investments — 97.42% (Cost $150,566,912)** |  | 175063425 |
| **Other Assets in Excess of Liabilities — 2.58%** |  | 4637040 |
| **NET ASSETS — 100.00%** |  | $179700465 |

---

(a) Non-income
 producing security.

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

**Dean Equity Income Fund**

**Schedule of Investments**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.15%** | **Shares** | **Fair Value** |
| **Communications — 5.62%** |  |  |
| BCE, Inc. | 41809 | $959935 |
| Comcast Corp., Class A | 38823 | 1432569 |
| Verizon Communications, Inc. | 48422 | 2196421 |
|  |  | 4588925 |
| **Consumer Discretionary — 3.73%** |  |  |
| Home Depot, Inc. (The) | 4835 | 1771979 |
| LKQ Corp. | 29935 | 1273435 |
|  |  | 3045414 |
| **Consumer Staples — 14.54%** |  |  |
| Altria Group, Inc. | 47427 | 2846569 |
| Flowers Foods, Inc. | 47924 | 911035 |
| Hershey Co. (The) | 9101 | 1556544 |
| Kimberly-Clark Corp. | 14932 | 2123629 |
| Mondelez International, Inc., Class A | 23820 | 1616188 |
| PepsiCo, Inc. | 14150 | 2121651 |
| Sysco Corp. | 9386 | 704325 |
|  |  | 11879941 |
| **Energy — 7.80%** |  |  |
| Chevron Corp. | 16852 | 2819171 |
| EOG Resources, Inc. | 20051 | 2571340 |
| Kinder Morgan, Inc., Class P | 34415 | 981860 |
|  |  | 6372371 |
| **Financials — 13.92%** |  |  |
| BlackRock, Inc. | 1635 | 1547495 |
| Canadian Imperial Bank of Commerce | 16496 | 928725 |
| JPMorgan Chase & Co. | 9955 | 2441962 |
| PNC Financial Services Group, Inc. (The) | 9670 | 1699696 |
| Principal Financial Group, Inc. | 17563 | 1481790 |
| Prudential Financial, Inc. | 15003 | 1675535 |
| T. Rowe Price Group, Inc. | 17349 | 1593852 |
|  |  | 11369055 |
| **Health Care — 9.18%** |  |  |
| Amgen, Inc. | 4835 | 1506345 |
| Bristol-Myers Squibb Co. | 18061 | 1101540 |
| Johnson & Johnson | 16212 | 2688597 |
| Merck & Co., Inc. | 12585 | 1129630 |
| Pfizer, Inc. | 42520 | 1077457 |
|  |  | 7503569 |
| **Industrials — 8.78%** |  |  |
| Fastenal Co. | 25455 | 1974035 |
| Illinois Tool Works, Inc. | 3840 | 952358 |
| Lockheed Martin Corp., Class B | 1778 | 794250 |
| Paychex, Inc. | 8746 | 1349333 |
| Union Pacific Corp. | 4195 | 991027 |
| United Parcel Service, Inc., Class B | 10097 | 1110570 |
|  |  | 7171573 |

---

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

**Dean Equity Income Fund**

**Schedule of Investments (continued)**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.15% - continued** | **Shares** | **Fair Value** |
| **Materials — 4.75%** |  |  |
| Air Products & Chemicals, Inc. | 5404 | $1593748 |
| PPG Industries, Inc. | 11874 | 1298422 |
| Sonoco Products Co. | 20905 | 987552 |
|  |  | 3879722 |
| **Real Estate — 9.54%** |  |  |
| American Tower Corp., Class A | 6613 | 1438989 |
| Digital Realty Trust, Inc. | 10239 | 1467146 |
| Essex Property Trust, Inc. | 6044 | 1852909 |
| Lamar Advertising Co., Class A | 16212 | 1844601 |
| Public Storage | 3982 | 1191773 |
|  |  | 7795418 |
| **Technology — 5.96%** |  |  |
| Amdocs Ltd. | 13794 | 1262151 |
| Cisco Systems, Inc. | 36121 | 2229027 |
| Texas Instruments, Inc. | 7679 | 1379916 |
|  |  | 4871094 |
| **Utilities — 13.33%** |  |  |
| Alliant Energy Corp. | 39107 | 2516535 |
| American Electric Power Company, Inc. | 15287 | 1670410 |
| Duke Energy Corp. | 14079 | 1717216 |
| WEC Energy Group, Inc. | 26664 | 2905844 |
| Xcel Energy, Inc. | 29437 | 2083845 |
|  |  | 10893850 |
| **Total Common Stocks/Investments — 97.15% (Cost $72,972,696)** |  | 79370932 |
| **Other Assets in Excess of Liabilities — 2.85%** |  | 2332493 |
| **NET ASSETS — 100.00%** |  | $81703425 |

---

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

**Dean Funds**

**Statements of Assets and Liabilities**

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Dean Small Cap<br> Value Fund** | **Dean Mid Cap<br> Value Fund** | **Dean Equity<br> Income Fund** |
| **Assets** | | | |
| Investments in securities at value (cost $186,205,465, $150,566,912 and $72,972,696) | $179689369 | $175063425 | $79370932 |
| Cash and cash equivalents | 1234850 | 4729014 | 2529710 |
| Receivable for fund shares sold | 540972 | 124391 | 60 |
| Receivable for investments sold | 562213 |  |  |
| Dividends receivable | 368642 | 243245 | 176950 |
| Prepaid expenses | 17680 | 14611 | 9594 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 182413726 | 180174686 | 82087246 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | 1057519 | 260707 | 27598 |
| Payable for fund shares redeemed | 33959 | 76774 | 299179 |
| Payable to Adviser | 139834 | 93454 | 26464 |
| Payable to affiliates | 24752 | 19093 | 14003 |
| Other accrued expenses | 46112 | 24193 | 16577 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1302176 | 474221 | 383821 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $181111550 | $179700465 | $81703425 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $190185959 | $146228421 | $74978430 |
| Accumulated earnings (deficit) | (9074409) | 33472044 | 6724995 |
| **Net Assets** | $181111550 | $179700465 | $81703425 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 10465910 | 6916844 | 3843013 |
| Net asset value, offering and redemption price per share | $17.30 | $25.98 | $21.26 |

---

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

**Dean Funds**

**Statements of Operations**

*For the year ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Dean Small Cap<br> Value Fund** | **Dean Mid Cap<br> Value Fund** | **Dean Equity <br> Income Fund** |
| **Investment Income** |  |  |  |
| Dividend income (net of foreign taxes withheld of $855, $– and $29,869) | $5370901 | $2725983 | $3199939 |
| Interest income | 161591 | 182765 | 89059 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 5532492 | 2908748 | 3288998 |
| **Expenses** |  |  |  |
| Adviser | 1934455 | 1194348 | 437913 |
| Administration | 174184 | 136211 | 78877 |
| Custodian | 71791 | 27486 | 11693 |
| Transfer agent | 48471 | 8808 | 6737 |
| Registration | 36287 | 34077 | 25879 |
| Fund accounting | 35446 | 28995 | 20159 |
| Report printing | 27919 | 17085 | 5149 |
| Legal | 26337 | 26337 | 26338 |
| Trustee | 20681 | 20681 | 20681 |
| Audit and tax preparation | 19732 | 19732 | 19732 |
| Compliance services | 10208 | 10208 | 10208 |
| Insurance | 4849 | 3906 | 3697 |
| Pricing | 1844 | 1395 | 1347 |
| Miscellaneous | 70144 | 36789 | 25909 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 2482348 | 1566058 | 694319 |
| Fees waived by Adviser |  | (209770) | (79889) |
| **Net operating expenses** | 2482348 | 1356288 | 614430 |
| **Net investment income** | 3050144 | 1552460 | 2674568 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain on investment securities transactions | 5870024 | 14651460 | 2522291 |
| Net realized loss on foreign currency translations |  |  | (1944) |
| Net change in unrealized appreciation (depreciation) of investment securities | (11507171) | (2426544) | 3165498 |
| Net change in unrealized depreciation of foreign currency |  |  | (95) |
| **Net realized and change in unrealized gain (loss) on investments** | (5637147) | 12224916 | 5685750 |
| **Net increase (decrease) in net assets resulting from operations** | $(2587003) | $13777376 | $8360318 |

---

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

**Dean Funds**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dean Small Cap Value Fund** | **Dean Small Cap Value Fund** | **Dean Mid Cap Value Fund** | **Dean Mid Cap Value Fund** |
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3050144 | $3449775 | $1552460 | $1141260 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities transactions | 5870024 | (2708265) | 14651460 | 5457017 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investment securities | (11507171) | 515241 | (2426544) | 11986481 |
| **Net increase (decrease) in net assets resulting from operations** | (2587003) | 1256751 | 13777376 | 18584758 |
| **Distributions to Shareholders From:** |  |  |  |  |
| Earnings | (7593080) | (4213239) | (11881979) | (5542683) |
| **Total distributions** | (7593080) | (4213239) | (11881979) | (5542683) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 27470011 | 86038573 | 67068041 | 50878255 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 6693837 | 3759904 | 9496926 | 5463485 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (86382980) | (58114914) | (26166205) | (16444766) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (52219132) | 31683563 | 50398762 | 39896974 |
| **Total Increase (Decrease) in Net Assets** | (62399215) | 28727075 | 52294159 | 52939049 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 243510765 | 214783690 | 127406306 | 74467257 |
| &nbsp;&nbsp;&nbsp;End of year | $181111550 | $243510765 | $179700465 | $127406306 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1486406 | 4837337 | 2576204 | 2143691 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 339789 | 210639 | 355557 | 238476 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4637018) | (3208262) | (1000114) | (708188) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (2810823) | 1839714 | 1931647 | 1673979 |

---

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

**Dean Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Dean Equity Income Fund** | **Dean Equity Income Fund** |
|  | **For the<br> Year Ended**<br>**March 31,<br> 2025** | **For the<br> Year Ended**<br>**March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2674568 | $2473251 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities transactions | 2520347 | (472726) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities | 3165403 | 4845309 |
| **Net increase in net assets resulting from operations** | 8360318 | 6845834 |
| **Distributions to Shareholders From:** |  |  |
| Earnings | (4450931) | (2937770) |
| **Total distributions** | (4450931) | (2937770) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 12216854 | 21174113 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 4120448 | 2756686 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (25488300) | (14540658) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (9150998) | 9390141 |
| **Total Increase (Decrease) in Net Assets** | (5241611) | 13298205 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 86945036 | 73646831 |
| &nbsp;&nbsp;&nbsp;End of year | $81703425 | $86945036 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 578962 | 1109139 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 195309 | 143259 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1220481) | (757929) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (446212) | 494471 |

---

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

**Dean Small Cap Value Fund**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $18.34 | $18.78 | $18.13 | $16.96 | $9.25 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.32 | 0.24 | 0.32 | 0.20 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.65) | (0.35) | 0.57 | 1.15 | 7.67 |
| Total from investment operations | (0.33) | (0.11) | 0.89 | 1.35 | 7.94 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.33) | (0.24) | (0.18) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.40) |  |  |  |  |
| Total distributions | (0.71) | (0.33) | (0.24) | (0.18) | (0.23) |
| **Net asset value, end of year** | $17.30 | $18.34 | $18.78 | $18.13 | $16.96 |
| **Total Return<sup>(a)</sup>** | (2.26)% | (0.56)% | 4.89% | 7.98% | 86.33% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $181112 | $243511 | $214784 | $180266 | $169048 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.15% | 1.14% | 1.14% | 1.13% | 1.19% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 1.15% | 1.14% | 1.14% | 1.13% | 1.19% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.42% | 1.60% | 1.90% | 1.15% | 1.16% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 114% | 81% | 77% | 57% | 181% |

---

(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.*

**Dean Mid Cap Value Fund**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $25.56 | $22.49 | $23.79 | $22.58 | $14.26 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.22 | 0.23 | 0.29 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.06 | 4.12 | (0.41) | 2.34 | 8.34 |
| Total from investment operations | 2.28 | 4.35 | (0.12) | 2.53 | 8.50 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.26) | (0.21) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.63) | (1.02) | (0.97) | (1.12) |  |
| Total distributions | (1.86) | (1.28) | (1.18) | (1.32) | (0.18) |
| **Net asset value, end of year** | $25.98 | $25.56 | $22.49 | $23.79 | $22.58 |
| **Total Return<sup>(a)</sup>** | 8.70% | 19.98% | (0.50)% | 11.22% | 59.75% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $179700 | $127406 | $74467 | $80380 | $79576 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 0.98% | 1.06% | 1.08% | 1.06% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.97% | 1.18% | 1.25% | 0.75% | 1.20% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 34% | 48% | 22% | 27% | 65% |

---

(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.*

**Dean Equity Income Fund**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Years Ended<br> March 31,** | **For the<br> Years Ended<br> March 31,** | |
|  | **2025** | **2024** | **For the<br> Period Ended<br> March 31,**<br>**2023<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |
| Net asset value, beginning of period | $20.27 | $19.41 | $20.00 |
| **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.65 | 0.60 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.41 | 0.98 | (0.71) |
| Total from investment operations | 2.06 | 1.58 | (0.53) |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.65) | (0.71) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.42) | (0.01) |  |
| Total distributions | (1.07) | (0.72) | (0.06) |
| **Net asset value, end of period** | $21.26 | $20.27 | $19.41 |
| **Total Return<sup>(b)</sup>** | 10.28% | 8.43% | (2.66)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $81703 | $86945 | $73647 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.70 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 0.79% | 0.79% | 1.04 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.06% | 3.21% | 3.62 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 17% | 19% | 16 %<sup>(c)</sup> |

---

(a) For the
 period November 22, 2022 (commencement of operations) to March 31, 2023.

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

(c) Not annualized.

(d) Annualized.

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

**Dean Funds**

**Notes to the Financial Statements**

*March 31, 2025*

**NOTE 1. ORGANIZATION**

Dean Small Cap Value Fund (the "Small Cap Fund"), Dean Mid Cap Value Fund (the "Mid Cap Fund") and Dean Equity Income Fund (the "Equity Income Fund") (each a "Fund" and, collectively the "Funds"), are each organized as diversified series of Unified Series Trust (the "Trust"). The Small Cap Fund and the Mid Cap Fund were organized on November 13, 2006 and the Equity Income Fund was organized on November 15, 2022. The Funds are registered under the Investment Company Act of 1940, as amended ("1940 Act"). 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 from time to time (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. The Funds are each a series of the Trust currently authorized by the Board. The investment adviser to each Fund is Dean Investment Associates, LLC ("Adviser"). In addition, the Adviser has retained Dean Capital Management, LLC ("Sub-Adviser") to serve as sub-adviser to the Funds. The Sub-Adviser is an affiliate of the Adviser. The investment objective of the Small Cap Fund and the Mid Cap Fund is long-term capital appreciation and, secondarily, dividend income. The investment objective of the Equity Income Fund is long-term capital appreciation with an income focus.

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the 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 Standard 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.

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**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 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 March 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 March 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 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).

**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.

**Dividends and Distributions** – Each Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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 the 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 Funds.

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

**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.

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.

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

● 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 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.

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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 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 March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $179689369 | $— | $— | $179689369 |
| Total | $179689369 | $— | $— | $179689369 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | 175063425 |  |  | 175063425 |
| Total | $175063425 | $— | $— | $175063425 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Income Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | 79370932 |  |  | 79370932 |
| Total | $79370932 | $— | $— | $79370932 |

---

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

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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.

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

Each Fund's investments are managed by the Adviser pursuant to the terms of a management agreement with the Trust. The Adviser has hired the Sub-Adviser to manage the Funds' assets on a day-to-day basis. The Sub-Adviser is paid by the Adviser. In accordance with the management agreement for each Fund, the Adviser is entitled to a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.90%, 0.75% and 0.50% of the average daily net assets of the Small Cap Fund, the Mid Cap Fund, and the Equity Income Fund, respectively. For the fiscal year ended March 31, 2025, the Adviser earned management fees, before the waiver described below, of $1,934,455, $1,194,348 and $437,913 from the Small Cap Fund, the Mid Cap Fund, and the Equity Income Fund, respectively. At March 31, 2025, the Adviser was owed $139,834 from the Small Cap Fund, $93,454 from the Mid Cap Fund, and $26,464 from the Equity Income Fund.

The Adviser has contractually agreed to waive its management fee and/or to reimburse certain Fund operating expenses through July 31, 2025 for each Fund, but only to the extent necessary 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; 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 1.14% of the Small Cap Fund's average daily net assets, 0.85% of the Mid Cap Fund's average daily net assets and 0.70% of the Equity Income Fund's average daily net assets. For the fiscal year ended March 31, 2025, the Adviser waived fees of $209,770 and $79,889 for the Mid Cap Fund and the Equity Income Fund, respectively.

Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from a 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 any expense

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

limitation in effect at the time of recoupment. As of March 31, 2025, the Adviser may seek repayment of management fees waived and expense reimbursements pursuant to the aforementioned conditions, from the Mid Cap Fund and the Equity Income Fund no later than the dates stated below:

---

| | | |
|:---|:---|:---|
| **Recoverable Through** | **Mid Cap<br> Fund** | **Equity Income<br> Fund** |
| March 31, 2026 | $172518 | $48814 |
| March 31, 2027 | 199996 | 72686 |
| March 31, 2028 | 209770 | 79889 |

---

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.

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Small Cap Fund | $242307141 | $298556047 |
| Mid Cap Fund | 90934372 | 52895866 |
| Equity Income Fund | 14667373 | 26056263 |

---

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

**NOTE 6. FEDERAL TAX INFORMATION**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap**<br>**Fund** | **Mid Cap**<br>**Fund** | **Equity Income**<br>**Fund** |
| Gross unrealized appreciation | $4969092 | $29708768 | $9846717 |
| Gross unrealized depreciation | (17340251) | (5349653) | (4089905) |
| Net unrealized appreciation (depreciation) | $(12371159) | $24359115 | $5756812 |
| Tax cost of investments | $192060528 | $150704310 | $73614120 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund** | **Small Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $6525553 | $4213239 | $1448631 | $1112013 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 1067527 |  | 10433348 | 4430670 |
| Total distributions paid | $7593080 | $4213239 | $11881979 | $5542683 |

---

---

| | | |
|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** |
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $2687695 | $2931936 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 1763236 | 5834 |
| Total distributions paid | $4450931 | $2937770 |

---

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

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Mid Cap<br> Fund** | **Equity Income<br> Fund** |
| Undistributed ordinary income | $740863 | $528063 | $49847 |
| Undistributed long-term capital gains | 2555887 | 8584866 | 918427 |
| Unrealized appreciation (depreciation) on investments | (12371159) | 24359115 | 5756721 |
| Total accumulated earnings (deficit) | $(9074409) | $33472044 | $6724995 |

---

The differences between book-basis and tax-basis of unrealized appreciation (depreciation) are primarily attributable to the tax deferral of losses on wash sales.

As of March 31, 2025, the funds did not have any capital loss carryforwards.

For the year ended March 31, 2025, the Small Cap Fund utilized long-term capital loss carryforwards of $1,761,600 and the Equity Income Fund utilized short-term capital loss carryforwards of $53,981.

**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.

**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.

**Dean Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2025*

**NOTE 9. 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 Dean 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 Dean Funds, comprising the funds listed below (the "Funds"), each a series of Unified Series Trust, as of March 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for each of the periods indicated below (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 March 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of<br> Operations** | **Statements of Changes in Net Assets** | **Financial<br> Highlights** |
| Dean Mid Cap Value Fund<br> Dean Small Cap Value Fund | For the year ended March 31, 2025 | For the years ended March 31, 2025 and 2024 | For the years ended March 31, 2025, 2024, 2023, 2022, and 2021 |
| Dean Equity Income Fund | For the year ended March 31, 2025 | For the year ended March 31, 2025 and 2024 | For the years ended March 31, 2025, 2024 and the period from November 22, 2022 (commencement of operations) through March 31, 2023 |

---

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 March 31, 2025, by correspondence with the custodian and brokers. Our audits also included

**Report of Independent Registered Public Accounting Firm (continued)**

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 2007.

![](dean_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 30, 2025

**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 a Fund. 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.

---

| | | |
|:---|:---|:---|
| **Small Cap Fund** | **Mid Cap Fund** | **Equity Income Fund** |
| 90% | 100% | 100% |

---

**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.

---

| | | |
|:---|:---|:---|
| **Small Cap Fund** | **Mid Cap Fund** | **Equity Income Fund** |

---

**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 2023 ordinary income dividends, the following percentage qualifies for the corporate dividends received deduction.

---

| | | |
|:---|:---|:---|
| **Small Cap Fund** | **Mid Cap Fund** | **Equity Income Fund** |
| 100% | 100% | 100% |

---

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.

---

| | | |
|:---|:---|:---|
| **Small Cap Fund** | **Mid Cap Fund** | **Equity Income Fund** |
| $1067527 | $10433348 | $1763236 |

---

**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.

**PROXY VOTING**

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (888) 899-8343 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

**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) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics attached hereto.](ust_ex99codeeth.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.](ust_ex99-cert.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.](ust_ex99-906cert.htm) |

---

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | Unified Series Trust |
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |
| Date | June 6, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |
| Date | June 6, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |
| Date | June 6, 2025 |

---

## 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: | June 6, 2025 | /s/ Martin R. Dean |
|  |  | Martin R. Dean |
|  |  | Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date | June 6, 2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond |
|  |  | Principal Financial Officer |

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## 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 March 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 Unified Series Trust Principal Financial Officer Unified Series Trust

---

| | |
|:---|:---|
| /s/ Martin R. Dean | /s/ Zachary P. Richmond |
| Martin R. Dean | Zachary P. Richmond |

---

Date: <u>June 6, 2025</u> Date: <u>June 6, 2025</u>

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

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

## Ex-99.Code

**EX-99.CODE ETH**

**UNIFIED SERIES TRUST**

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

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

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

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

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

● compliance with applicable laws and governmental rules and regulations;

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

● accountability for adherence to this Code.

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

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

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

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

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Trust's administrator or its principal underwriter of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties, whether formally for the Trust or any service provider or affiliate of the Trust, be involved in establishing policies and implementing decisions that will have different effects on these entities and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and affiliates and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

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

Each Covered Officer must:

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

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

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

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

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

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

● the receipt of any non-nominal gifts;

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

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

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**VI.** **Amendments** 

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

**VII.** **Confidentiality** 

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

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

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

Adopted and Approved August 14, 2006.

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

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

**Persons Covered by this Code of Ethics**

(Updated August 17, 2021)

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

**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