# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-25-007170
**Filing Date:** 2025-11
**Character Count:** 334971
**Document Hash:** 63da05c54638d5c2b5e45e00a419f9e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007170.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001580642-25-007170

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**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:** 251464946

**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

### Tactical Multi-Purpose Fund (Series ID: S000055915)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000176086 | Tactical Multi-Purpose Fund | TMPFX           |

### FI Institutional Group ESG Fixed Income Fund for Retirement Plans (Series ID: S000066750)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000215077 | FI Institutional Group ESG Fixed Income Fund for Retirement Plans | QDVBX           |

### FI Institutional Group ESG Stock Fund for Retirement Plans (Series ID: S000066751)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000215078 | FI Institutional Group ESG Stock Fund for Retirement Plans | QDVSX           |

### FI Institutional Group Fixed Income Fund for Retirement Plans (Series ID: S000066752)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000215079 | FI Institutional Group Fixed Income Fund for Retirement Plans | QDIBX           |

### FI Institutional Group Stock Fund for Retirement Plans (Series ID: S000066753)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000215080 | FI Institutional Group Stock Fund for Retirement Plans | QDISX           |

### OneAscent Large Cap Core ETF (Series ID: S000074252)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000231861 | OneAscent Large Cap Core ETF | OALC            |

### OneAscent Core Plus Bond ETF (Series ID: S000075566)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000234764 | OneAscent Core Plus Bond ETF | OACP            |

### OneAscent Emerging Markets ETF (Series ID: S000077261)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000237524 | OneAscent Emerging Markets ETF | OAEM            |

### OneAscent International Equity ETF (Series ID: S000077262)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000237525 | OneAscent International Equity ETF | OAIM            |

### OneAscent Small Cap Core ETF (Series ID: S000084956)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000249799 | OneAscent Small Cap Core ETF | OASC            |

?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&nbsp;&nbsp;&nbsp;&nbsp; 45246

(Address of principal executive offices)

(Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive. Suite 450

Cincinnati, OH&nbsp;&nbsp;&nbsp;&nbsp; 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>8/31</u> <br>Date of reporting period: <u>8/31/25</u>

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

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

**Item 1. Reports to Stockholders.** 

(a) #### FI Institutional Group

#### ESG Fixed Income Fund for Retirement Plans (QDVBX)

#### Annual Shareholder Report - August 31, 2025
![Image](id42f6e0ff722700e8e05cabb.jpg)

# Fund Overview
This annual shareholder report contains important information about FI Institutional Group ESG Fixed Income Fund for Retirement Plans (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 851-8845. **This report describes changes to the Fund that occurred during the reporting period.**

# 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** |
| FI Institutional Group ESG Fixed Income Fund for Retirement Plans | $- | -% |

---

# How did the Fund perform during the reporting period?
Globally, headlines have had no shortage of content as we reach the halfway point of 2025. While trade policy and geopolitical conflict has weighed on investors' moods and outlooks, economic and political fundamentals are in better shape than many seem to realize. While the U.S. pursues tariffs, other developed world nations are strengthening economic ties with one another, and noisy politics overshadow benign underlying gridlock. In our view, the global economy, especially outside the U.S., is in better shape than most realize.

The Fund outperformed the ICE BofA U.S. Broad Market Index for the period from September 1, 2024 through August 31, 2025. Selection within Sovereign bonds was the largest contributor to relative return. Conversely, selection within Corporate bonds was the largest detractor from relative return. Further, a strategic lack of exposure to Quasi & Foreign Government Sovereign bonds also detracted.

For the period we increased our exposure to sovereign bonds by 14.85% and decreased our exposure to corporate bonds by 14.03%.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1127f9783da8db791c148e8b.jpg)

---

| | | |
|:---|:---|:---|
| | **FI Institutional Group ESG Fixed Income Fund for Retirement Plans** | **ICE BofA U.S. Broad Market Index** |
| **Dec-2019** | $10000 | $10000 |
| **Aug-2020** | $10540 | $10676 |
| **Aug-2021** | $10753 | $10662 |
| **Aug-2022** | $9370 | $9433 |
| **Aug-2023** | $9306 | $9309 |
| **Aug-2024** | $10072 | $9995 |
| **Aug-2025** | $10380 | $10311 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 13, 2019)** |
| FI Institutional Group ESG Fixed Income Fund for Retirement Plans | 3.06% | -0.31% | 0.65% |
| ICE BofA U.S. Broad Market Index | 3.16% | -0.69% | 0.54% |

---

***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 | $3115106 |
| Number of Portfolio Holdings | 14 |
| Advisory Fee | $0 |
| Portfolio Turnover | 15% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i61ec85def9e3fa116d437fbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market Funds | 0.5% |
| Health Care | 2.1% |
| Technology | 2.6% |
| Communications | 3.2% |
| Consumer Staples | 3.4% |
| Real Estate | 3.5% |
| Financials | 9.3% |
| Exchange-Traded Funds | 31.2% |
| U.S. Treasury Obligations | 43.9% |

---

# 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 December 29, 2024, which is available at https://Inst40ActTSR.com or upon request by calling (800) 851-8845.

Effective May 1, 2025, the Fund's name was changed from Fisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans to FI Institutional Group ESG Fixed Income Fund for Retirement Plans.

![Image](i24c1ce5d18c81fe124f56ac9.jpg)

#### FI Institutional Group ESG Fixed Income Fund for Retirement Plans (QDVBX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Funds' website (https://Inst40ActTSR.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 083125-QDVBX

#### FI Institutional Group

#### ESG Stock Fund for Retirement Plans (QDVSX)

#### Annual Shareholder Report - August 31, 2025
![Image](i43f0cadc05fea67c7537954d.jpg)

# Fund Overview
This annual shareholder report contains important information about FI Institutional Group ESG Stock Fund for Retirement Plans (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 851-8845. **This report describes changes to the Fund that occurred during the reporting period.**

# 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** |
| FI Institutional Group ESG Stock Fund for Retirement Plans | $- | -% |

---

# How did the Fund perform during the reporting period?
Globally, headlines have had no shortage of content as we reach the halfway point of 2025. While trade policy and geopolitical conflict has weighed on investors' moods and outlooks, economic and political fundamentals are in better shape than many seem to realize. While the U.S. pursues tariffs, other developed world nations are strengthening economic ties with one another, and noisy politics overshadow benign underlying gridlock. In our view, the global economy, especially outside the U.S., is in better shape than most realize.

The Fund underperformed the MSCI ACWI IMI Index from September 1, 2024 through August 31, 2025. Country allocation contributed to relative return, while sector allocation and equity selection detracted. Selection within Financials contributed, driven by banking & financial services companies Banco Santander, Banco Bilbao and Citigroup. Additionally, an overweight to and selection within Taiwanese Information Technology contributed, as Taiwan Semiconductor Manufacturing outperformed. Conversely, selection within the U.S. detracted, driven by pharmaceutical company Eli Lily, health insurance provider United Health and software company Adobe. Further, selection within Consumer Discretionary detracted, as e-commerce platform Meituan, home construction company Toll Brothers and athletic apparel company Adidas underperformed.

Relative weight to the E.U. increased as markets have adapted to tariffs, political uncertainty has waned, and economic data continues to show unexpected resilience. Relative weight to the U.S. decreased as trade policy uncertainty could slow U.S. business investment decisions and drive non-U.S. free trade deals, boosting non-U.S. economic growth.

Relative weight to Financials increased as the broader banking system remains robust. Relative weight to Information Technology decreased as expectations remain elevated against a backdrop of crowded growth positioning, a loosening labor market, and expanding earnings breadth.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4be1e1f2dd7827f3e032d253.jpg)

---

| | | |
|:---|:---|:---|
| | **FI Institutional Group ESG Stock Fund for Retirement Plans** | **MSCI ACWI IMI Index** |
| **Dec-2019** | $10000 | $9999 |
| **Aug-2020** | $11580 | $10565 |
| **Aug-2021** | $15178 | $13746 |
| **Aug-2022** | $11834 | $11514 |
| **Aug-2023** | $15069 | $13049 |
| **Aug-2024** | $19609 | $16001 |
| **Aug-2025** | $22306 | $18481 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 13, 2019)** |
| FI Institutional Group ESG Stock Fund for Retirement Plans | 13.75% | 14.01% | 15.06% |
| MSCI ACWI IMI Index | 15.48% | 11.83% | 11.34% |

---

***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** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$334546 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;Advisory Fee | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;23% |

---

# What did the Fund invest in?

# Country Weighting (% of net assets)
![Group By Country Chart](i06d67892f1c7ceb03f5c5a8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Finland | 0.3% |
| India | 0.4% |
| Canada | 1.0% |
| Norway | 1.0% |
| Australia | 1.2% |
| Netherlands | 1.3% |
| Denmark | 1.5% |
| Sweden | 1.7% |
| Brazil | 2.1% |
| Italy | 2.4% |
| Taiwan Province of China | 2.6% |
| Japan | 3.3% |
| France | 3.7% |
| Germany | 3.8% |
| Spain | 4.4% |
| Switzerland | 4.5% |
| United Kingdom | 5.3% |
| China | 5.9% |
| United States | 53.4% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id453b0b38637beec57487396.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.6% |
| Materials | 3.7% |
| Consumer Staples | 4.5% |
| Communications | 4.8% |
| Energy | 6.0% |
| Consumer Discretionary | 7.0% |
| Health Care | 9.9% |
| Industrials | 16.0% |
| Technology | 18.6% |
| Financials | 28.7% |

---

# 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 December 29, 2024, which is available at https://Inst40ActTSR.com or upon request by calling (800) 851-8845.

Effective May 1, 2025, the Fund's name was changed from Fisher Investments Institutional Group ESG Stock Fund for Retirement Plans to FI Institutional Group ESG Stock Fund for Retirement Plans.

![Image](ifc1c29a872031b8d986b5e1e.jpg)

#### FI Institutional Group ESG Stock Fund for Retirement Plans (QDVSX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Funds' website (https://Inst40ActTSR.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 083125-QDVSX

#### FI Institutional Group

#### Fixed Income Fund for Retirement Plans (QDIBX)

#### Annual Shareholder Report - August 31, 2025
![Image](id42f6e0ff722700e8e05cabb.jpg)

# Fund Overview
This annual shareholder report contains important information about FI Institutional Group Fixed Income Fund for Retirement Plans (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 851-8845. **This report describes changes to the Fund that occurred during the reporting period.**

# 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** |
| FI Institutional Group Fixed Income Fund for Retirement Plans | $- | -% |

---

# How did the Fund perform during the reporting period?
Globally, headlines have had no shortage of content as we reach the halfway point of 2025. While trade policy and geopolitical conflict has weighed on investors' moods and outlooks, economic and political fundamentals are in better shape than many seem to realize. While the U.S. pursues tariffs, other developed world nations are strengthening economic ties with one another, and noisy politics overshadow benign underlying gridlock. In our view, the global economy, especially outside the U.S., is in better shape than most realize.

The Fund underperformed the ICE BofA U.S. Broad Market Index for the period from September 1, 2024 through August 31, 2025. Selection within Sovereign bonds was the largest contributor to relative return. Conversely, selection within Corporate bonds was the largest detractor from relative return. Further, a strategic lack of exposure to Quasi & Foreign Government Sovereign bonds also detracted.

For the period we increased our exposure to sovereign bonds by 15.53% while corporate bond exposure decreased by 14.63%.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i167770d910a7575b4cbb0169.jpg)

---

| | | |
|:---|:---|:---|
| | **FI Institutional Group Fixed Income Fund for Retirement Plans** | **ICE BofA U.S. Broad Market Index** |
| **Dec-2019** | $10000 | $10000 |
| **Aug-2020** | $10530 | $10676 |
| **Aug-2021** | $10780 | $10662 |
| **Aug-2022** | $9429 | $9433 |
| **Aug-2023** | $9372 | $9309 |
| **Aug-2024** | $10161 | $9995 |
| **Aug-2025** | $10475 | $10311 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 13, 2019)** |
| FI Institutional Group Fixed Income Fund for Retirement Plans | 3.09% | -0.10% | 0.81% |
| ICE BofA U.S. Broad Market Index | 3.16% | -0.69% | 0.54% |

---

***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 | $3143270 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee | $0 |
| Portfolio Turnover | 14% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id5a1db7325eb8c401311045f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market Funds | 0.5% |
| Health Care | 2.1% |
| Technology | 2.6% |
| Communications | 3.1% |
| Consumer Staples | 3.4% |
| Real Estate | 3.5% |
| Financials | 9.2% |
| Exchange-Traded Funds | 30.2% |
| U.S. Treasury Obligations | 45.1% |

---

# 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 December 29, 2024, which is available at https://Inst40ActTSR.com or upon request by calling (800) 851-8845.

Effective May 1, 2025, the Fund's name was changed from Fisher Investments Institutional Group Fixed Income Fund for Retirement Plans to FI Institutional Group Fixed Income Fund for Retirement Plans.

![Image](i24c1ce5d18c81fe124f56ac9.jpg)

#### FI Institutional Group Fixed Income Fund for Retirement Plans (QDIBX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Funds' website (https://Inst40ActTSR.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 083125-QDIBX

#### FI Institutional Group

#### Stock Fund for Retirement Plans (QDISX)

#### Annual Shareholder Report - August 31, 2025
![Image](i43f0cadc05fea67c7537954d.jpg)

# Fund Overview
This annual shareholder report contains important information about FI Institutional Group Stock Fund for Retirement Plans (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 851-8845. **This report describes changes to the Fund that occurred during the reporting period.**

# 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** |
| FI Institutional Group Stock Fund for Retirement Plans | $- | -% |

---

# How did the Fund perform during the reporting period?
Globally, headlines have had no shortage of content as we reach the halfway point of 2025. While trade policy and geopolitical conflict has weighed on investors' moods and outlooks, economic and political fundamentals are in better shape than many seem to realize. While the U.S. pursues tariffs, other developed world nations are strengthening economic ties with one another, and noisy politics overshadow benign underlying gridlock. In our view, the global economy, especially outside the U.S., is in better shape than most realize.

The Fund performed in line with the MSCI ACWI IMI Index from September 1, 2024 through August 31, 2025. Country allocation contributed to relative return, while sector allocation and equity selection detracted. Selection within Financials contributed, driven by banking & financial services companies Banco Santander, Banco Bilbao and Intesa Sanpaolo. Additionally, an overweight to and selection within Taiwanese Information Technology contributed, as Taiwan Semiconductor Manufacturing outperformed. Conversely, selection within Consumer Discretionary detracted, driven by e-commerce platform Meituan, home construction company Toll Brothers and athletic apparel company Adidas. Further, selection within Information Technology detracted, as electronics company Samsung Electronics, software company Adobe and semiconductor manufacturer ASML underperformed.

Relative weight to the E.U. increased as markets have adapted to tariffs, political uncertainty has waned, and economic data continues to show unexpected resilience. Relative weight to the U.S. decreased as trade policy uncertainty could slow U.S. business investment decisions and drive non-U.S. free trade deals, boosting non-U.S. economic growth.

Relative weight to Financials increased as the broader banking system remains robust. Relative weight to Information Technology decreased as expectations remain elevated against a backdrop of crowded growth positioning, a loosening labor market, and expanding earnings breadth.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id1259faa1bfb1b5ce2add5bc.jpg)

---

| | | |
|:---|:---|:---|
| | **FI Institutional Group Stock Fund for Retirement Plans** | **MSCI ACWI IMI Index** |
| **Dec-2019** | $10000 | $9999 |
| **Aug-2020** | $11580 | $10565 |
| **Aug-2021** | $15293 | $13746 |
| **Aug-2022** | $11844 | $11514 |
| **Aug-2023** | $14894 | $13049 |
| **Aug-2024** | $19366 | $16001 |
| **Aug-2025** | $22377 | $18481 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 13, 2019)** |
| FI Institutional Group Stock Fund for Retirement Plans | 15.55% | 14.08% | 15.13% |
| MSCI ACWI IMI Index | 15.48% | 11.83% | 11.34% |

---

***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** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$335656 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;112 |
| &nbsp;&nbsp;Advisory Fee | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;25% |

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Country Chart](ic07cf91e4364dea5d8008316.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Finland | 0.3% |
| India | 0.7% |
| Sweden | 1.0% |
| Denmark | 1.1% |
| Australia | 1.2% |
| Brazil | 1.4% |
| Netherlands | 1.8% |
| Italy | 1.9% |
| Taiwan Province of China | 2.5% |
| Canada | 3.0% |
| France | 3.2% |
| Switzerland | 3.6% |
| Japan | 4.0% |
| Spain | 4.4% |
| United Kingdom | 5.1% |
| China | 5.0% |
| Germany | 5.7% |
| United States | 53.9% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i95523f1c9238cdd6af18610d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.7% |
| Materials | 3.6% |
| Consumer Staples | 4.5% |
| Energy | 6.0% |
| Consumer Discretionary | 6.8% |
| Communications | 7.5% |
| Health Care | 9.1% |
| Industrials | 17.3% |
| Technology | 18.1% |
| Financials | 26.2% |

---

# 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 December 29, 2024, which is available at https://Inst40ActTSR.com or upon request by calling (800) 851-8845.

Effective May 1, 2025, the Fund's name was changed from Fisher Investments Institutional Group Stock Fund for Retirement Plans to FI Institutional Group Stock Fund for Retirement Plans.

![Image](ifc1c29a872031b8d986b5e1e.jpg)

#### FI Institutional Group Stock Fund for Retirement Plans (QDISX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Funds' website (https://Inst40ActTSR.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 083125-QDISX

#### OneAscent Core Plus Bond ETF
(OACP) NYSE Arca, Inc.

#### Annual Shareholder Report - August 31, 2025
![Image](i3132d29f2e86874de66914b3.jpg)

# Fund Overview
This annual shareholder report contains important information about OneAscent Core Plus Bond ETF for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oacp**. You can also request this information by contacting us at (800) 222-8274.

# 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** |
| OneAscent Core Plus Bond ETF | $75 | 0.74% |

---

# How did the Fund perform during the reporting period?
The OneAscent Core Plus Bond ETF (the "Fund") outperformed its benchmark for the 12-months ended August 31, 2025, due to both asset allocation and security selection. Treasury bonds contributed to the performance of the Fund, while corporate bonds and asset backed securities provided positive performance over the year.

Asset allocation contributed somewhat to positive performance. The Fund's underweight position in treasuries benefited the portfolio as spread product outperformed. The Fund's overweight allocation to higher yielding corporate bonds, in sectors such as Financials, Communication Services and Consumer Staples all added value.

The portfolio primarily benefited from security selection. Security selection in corporate bonds, asset backed securities and commercial mortgage-backed securities added significant value.

The Fund was positioned with a neutral duration throughout the year and did not experience much performance differential due to duration or yield curve positioning.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i056fcf39c1095b0e819a7c57.jpg)

---

| | | |
|:---|:---|:---|
| | **OneAscent Core Plus Bond ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **03/30/22** | $10000 | $10000 |
| **05/31/22** | $9632 | $9689 |
| **08/31/22** | $9477 | $9494 |
| **11/30/22** | $9265 | $9296 |
| **02/28/23** | $9295 | $9292 |
| **05/31/23** | $9459 | $9481 |
| **08/31/23** | $9377 | $9381 |
| **11/30/23** | $9414 | $9405 |
| **02/29/24** | $9650 | $9601 |
| **05/31/24** | $9690 | $9605 |
| **08/31/24** | $10148 | $10065 |
| **11/30/24** | $10172 | $10052 |
| **02/28/25** | $10259 | $10159 |
| **05/31/25** | $10188 | $10129 |
| **08/31/25** | $10488 | $10381 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 30, 2022)** |
| OneAscent Core Plus Bond ETF - NAV | 3.35% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | 1.10% |

---

**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 sale of shares.** 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $186332121 |
| Number of Portfolio Holdings | 224 |
| Advisory Fee | $845507 |
| Portfolio Turnover | 129% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 4.875%, due 08/15/45 | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;United States Treasury Note, 4.250%, due 08/15/35 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;United States Treasury Note, 3.875%, due 07/31/30 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Fannie Mae Pool, 3.000%, due 04/1/52 | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;United States Treasury Note, 3.875%, due 07/31/27 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Fannie Mae Pool, 4.000%, due 06/1/52 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Fannie Mae Pool, 5.500%, due 10/1/53 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Fannie Mae Pool, 3.500%, due 04/1/52 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Fannie Mae Pool, 3.000%, due 04/1/52 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Fannie Mae Pool, 5.500%, due 05/1/54 | &nbsp;&nbsp;1.1% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i7968cb3cd954dab2d0d23494.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Foreign Governments | 1.1% |
| Collateralized Mortgage Obligations | 1.1% |
| Term Loans | 1.6% |
| Municipal Bonds | 8.2% |
| Asset Backed Securities | 10.4% |
| U.S. Government & Agencies | 31.0% |
| Corporate Bonds | 46.1% |

---

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i3132d29f2e86874de66914b3.jpg)

#### OneAscent Core Plus Bond ETF

#### Annual Shareholder Report - August 31, 2025
TSR-AR 083125-OACP

#### OneAscent Emerging Markets ETF
(OAEM) NYSE Arca, Inc.

#### Annual Shareholder Report - August 31, 2025
![Image](i255a5b9d3e1c4d989eb9c5d1.jpg)

# Fund Overview
This annual shareholder report contains important information about OneAscent Emerging Markets ETF for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oaem**. You can also request this information by contacting us at (800) 222-8274.

# 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** |
| OneAscent Emerging Markets ETF | $130 | 1.25% |

---

# How did the Fund perform during the reporting period?
The OneAscent Emerging Markets ETF returned 7.53% from 9/1/24 through 8/31/25, compared to MSCI Emerging Market Index's return of 16.80%. The large underperformance was mainly due to the Fund's underweight of China.

Due to the Fund's values-based approach, the Fund does not support the Chinese Communist Party and companies that are beholden to it. However, the Chinese stock market, by far the biggest weight in the MSCI Emerging Market Index, was also one of the best performing emerging markets in the period. This had a negative effect on the Fund's overall performance compared to the index, ultimately accounting for nearly 75% of the underperformance. A higher than usual cash level and poor allocation in Indonesia accounted for the rest.

On a positive note, good stock selection and overall allocation decisions in South Korea and India led to the biggest positive contributions in the period.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i48ecaf0672f0172b7879b013.jpg)

---

| | | |
|:---|:---|:---|
| | **OneAscent Emerging Markets ETF - NAV** | **MSCI Emerging Markets Index** |
| **09/14/22** | $10000 | $10000 |
| **11/30/22** | $10376 | $10136 |
| **02/28/23** | $10828 | $10083 |
| **05/31/23** | $11245 | $10098 |
| **08/31/23** | $11177 | $10448 |
| **11/30/23** | $11377 | $10562 |
| **02/29/24** | $11762 | $10964 |
| **05/31/24** | $11681 | $11349 |
| **08/31/24** | $12323 | $12023 |
| **11/30/24** | $11876 | $11815 |
| **02/28/25** | $11930 | $12068 |
| **05/31/25** | $12591 | $12829 |
| **08/31/25** | $13252 | $14043 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 14, 2022)** |
| OneAscent Emerging Markets ETF - NAV | 7.53% | 9.97% |
| MSCI Emerging Markets Index | 16.80% | 12.15% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55707446 |
| Number of Portfolio Holdings | 40 |
| Advisory Fee (net of recoupments) | $428039 |
| Portfolio Turnover | 42% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;MakeMyTrip Ltd. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Central Pattana PCL | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;NU Holdings Ltd., Class A | &nbsp;&nbsp;2.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3e3666862c44a1f6b198f7d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 10.3% |
| Energy | 1.1% |
| Real Estate | 2.7% |
| Health Care | 3.3% |
| Consumer Staples | 4.4% |
| Communications | 4.5% |
| Materials | 9.0% |
| Consumer Discretionary | 9.3% |
| Industrials | 10.3% |
| Financials | 14.3% |
| Technology | 30.8% |

---

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i255a5b9d3e1c4d989eb9c5d1.jpg)

#### OneAscent Emerging Markets ETF

#### Annual Shareholder Report - August 31, 2025
TSR-AR 083125-OAEM

#### OneAscent International Equity ETF
(OAIM) NYSE Arca, Inc.

#### Annual Shareholder Report - August 31, 2025
![Image](i3132d29f2e86874de66914b3.jpg)

# Fund Overview
This annual shareholder report contains important information about OneAscent International Equity ETF for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oaim**. You can also request this information by contacting us at (800) 222-8274.

# 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** |
| OneAscent International Equity ETF | $104 | 0.95% |

---

# How did the Fund perform during the reporting period?
The OneAscent International Equity ETF (the "Fund") returned 18.95% from 9/1/24 to 8/31/25, compared to the MSCI ACWI ex-US Index's return of 15.42%. Strong stock picking in Europe was the main cause of the outperformance in the period.

The top contributors to performance were from Europe: Heidelberg Materials A.G., Alpha Bank A.E., Indra Sistemas S.A., and KBC Group N.V. From a sector perspective, good stock picking in materials and industrials also contributed greatly to the outperformance.

Bad stock picking and an overweight position in Japan were the biggest negative contributing factors to performance in the period. With a full 5% overweight in Japan which, as a whole, underperformed the index, the result was nearly 300bps of negative attribution. The Fund's perennial underweight to Chinese stocks, which as a group rose nearly 50%, was the second largest negative contributing factor to performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie1ce6bb7d34c009f7c455fb6.jpg)

---

| | | |
|:---|:---|:---|
| | **OneAscent International Equity ETF - NAV** | **MSCI ACWI ex USA Index** |
| **09/14/22** | $10000 | $10000 |
| **11/30/22** | $10708 | $10519 |
| **02/28/23** | $11464 | $10891 |
| **05/31/23** | $11786 | $10938 |
| **08/31/23** | $12189 | $11357 |
| **11/30/23** | $11851 | $11494 |
| **02/29/24** | $12791 | $12254 |
| **05/31/24** | $13283 | $12770 |
| **08/31/24** | $13829 | $13425 |
| **11/30/24** | $13623 | $12992 |
| **02/28/25** | $13769 | $13436 |
| **05/31/25** | $15450 | $14526 |
| **08/31/25** | $16449 | $15496 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 14, 2022)** |
| OneAscent International Equity ETF - NAV | 18.95% | 18.30% |
| MSCI ACWI ex USA Index | 15.42% | 15.94% |

---

**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 sale of shares.** 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $229099646 |
| Number of Portfolio Holdings | 40 |
| Advisory Fee (net of recoupments) | $1253988 |
| Portfolio Turnover | 40% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;KBC Group N.V. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Indra Sistemas S.A. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Heidelberg Materials A.G. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Alpha Bank A.E. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;CRH plc | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Rakus Co. Ltd. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Alamos Gold, Inc. | &nbsp;&nbsp;2.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i30134ae0695a2ed100868ea5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 13.4% |
| Consumer Staples | 1.9% |
| Utilities | 2.1% |
| Health Care | 2.8% |
| Energy | 5.1% |
| Materials | 12.9% |
| Financials | 13.6% |
| Industrials | 20.9% |
| Technology | 27.3% |

---

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i3132d29f2e86874de66914b3.jpg)

#### OneAscent International Equity ETF

#### Annual Shareholder Report - August 31, 2025
TSR-AR 083125-OAIM

#### OneAscent Large Cap Core ETF
(OALC) NYSE Arca, Inc.

#### Annual Shareholder Report - August 31, 2025
![Image](i3132d29f2e86874de66914b3.jpg)

# Fund Overview
This annual shareholder report contains important information about OneAscent Large Cap Core ETF for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oalc**. You can also request this information by contacting us at (800) 222-8274.

# 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** |
| OneAscent Large Cap Core ETF | $54 | 0.49% |

---

# How did the Fund perform during the reporting period?
The OneAscent Large Cap ETF (the "Fund") returned 18.45% from 9/1/24 to 8/31/25, compared to S&P 500 Index's return of 15.88%. The Fund's outperformance in the period was mainly due to stocks that were not in the Fund due to the Fund's values-based screening. One-third of the Fund's outperformance came from not owning Apple, Inc., which was the biggest holding in the index. Together the underperformance of Apple, Inc. and United Healthcare, Inc. allowed for over half of the outperformance of the Fund over the index.

The Fund owned several smaller technology companies in order to make up for some of the big companies such as Apple, Inc. and Meta Platofrms that were not in the Fund. Companies such as Applovin Corp., Credot Technology Group, Ubiquiti, Inc., and Arista Networks, Inc. accounted for the rest of the outperformance.

On the other end of the spectrum, some of the other stocks that the Fund screened out did well and therefore negatively affected performance. Meta Platforms, Netflix, Tesla, Wells Fargo and Goldman Sachs were all stocks not included in the Fund and subtracted the most from attribution.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2d5081c6889138de1179e8da.jpg)

---

| | | |
|:---|:---|:---|
| | **OneAscent Large Cap Core ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **11/15/21** | $10000 | $10000 |
| **11/30/21** | $9708 | $9760 |
| **02/28/22** | $8989 | $9380 |
| **05/31/22** | $8593 | $8896 |
| **08/31/22** | $8129 | $8551 |
| **11/30/22** | $8589 | $8861 |
| **02/28/23** | $8696 | $8659 |
| **05/31/23** | $8611 | $9156 |
| **08/31/23** | $9387 | $9914 |
| **11/30/23** | $9676 | $10087 |
| **02/29/24** | $10667 | $11295 |
| **05/31/24** | $10937 | $11737 |
| **08/31/24** | $11575 | $12605 |
| **11/30/24** | $12418 | $13506 |
| **02/28/25** | $12248 | $13374 |
| **05/31/25** | $12447 | $13324 |
| **08/31/25** | $13711 | $14606 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 15, 2021)** |
| OneAscent Large Cap Core ETF - NAV | 18.45% | 8.68% |
| S&P 500<sup>®</sup> Index | 15.88% | 10.51% |

---

**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 sale of shares.** 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $151884992 |
| Number of Portfolio Holdings | 204 |
| Advisory Fee (net of waivers) | $332565 |
| Portfolio Turnover | 28% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;1.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3da2e445f081dc0223ff6d5f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Real Estate | 1.0% |
| Materials | 1.4% |
| Utilities | 2.2% |
| Energy | 2.4% |
| Consumer Staples | 4.9% |
| Health Care | 7.0% |
| Industrials | 7.8% |
| Communications | 10.0% |
| Financials | 11.4% |
| Consumer Discretionary | 12.6% |
| Technology | 38.7% |

---

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i3132d29f2e86874de66914b3.jpg)

#### OneAscent Large Cap Core ETF

#### Annual Shareholder Report - August 31, 2025
TSR-AR 083125-OALC

#### OneAscent Small Cap Core ETF
(OASC) NYSE Arca, Inc.

#### Annual Shareholder Report - August 31, 2025
![Image](i3132d29f2e86874de66914b3.jpg)

# Fund Overview
This annual shareholder report contains important information about OneAscent Small Cap Core ETF for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oasc**. You can also request this information by contacting us at (800) 222-8274. **This report describes changes to the Fund that occurred during the reporting period.**

# 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** |
| OneAscent Small Cap Core ETF | $65 | 0.64% |

---

# How did the Fund perform during the reporting period?
The OneAscent Small Cap Core ETF (the "Fund") rose 2.54% from 9/1/24 through 8/31/25, compared to S&P SmallCap 600 Index's return of 3.51%. the slight underperformance during this period gave back most of the early outperformance of the Fund. The since-inception performance of the Fund is now very similar to the index.

Most of the underperformance was due to stocks the Fund did not own due to its values-based screening. Hims & Hers Health Inc., Corcept Therapeutics Inc., and Brinker International were three of the best performing stocks in the period but were the 3 biggest detractors from the Fund's performance.

Overall, the Fund's performance was in line with its objective, which is to provide index-like returns while investing in companies aligned with Christian values.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id609281677cd48dc27a8062d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **OneAscent Small Cap Core ETF - NAV** | **S&P 500<sup>®</sup> Index** | **S&P SmallCap 600<sup>®</sup> Index** |
| **06/12/24** | $10000 | $10000 | $10000 |
| **08/31/24** | $11004 | $10450 | $10856 |
| **11/30/24** | $11840 | $11197 | $11826 |
| **02/28/25** | $10673 | $11088 | $10562 |
| **05/31/25** | $10038 | $11046 | $9995 |
| **08/31/25** | $11284 | $12109 | $11237 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 12, 2024)** |
| OneAscent Small Cap Core ETF - NAV | 2.54% | 10.41% |
| S&P 500<sup>®</sup> Index | 15.88% | 17.00% |
| S&P SmallCap 600<sup>®</sup> Index | 3.51% | 10.04% |

---

**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 sale of shares.** 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35095810 |
| Number of Portfolio Holdings | 225 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 32% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mr. Cooper Group, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Cavco Industries, Inc. | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;S&T Bancorp, Inc. | &nbsp;&nbsp;0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5cfb6668b4614b504040c7dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.4% |
| Consumer Staples | 1.3% |
| Communications | 2.2% |
| Utilities | 3.1% |
| Energy | 3.3% |
| Real Estate | 5.0% |
| Materials | 7.4% |
| Health Care | 8.0% |
| Technology | 13.3% |
| Industrials | 16.8% |
| Consumer Discretionary | 16.9% |
| Financials | 21.3% |

---

# Material Fund Changes
Effective no earlier than November 12, 2025, the Fund will be changing its investment objective to seek to outperform the Bloomberg US 2500 Total Return Index, before deduction of expenses, using an investment universe that is subjected to the OneAscent Values-Based Screening process. The Fund will also change its 80% policy to invest at least 80% of the value of its net assets (plus borrowings for investment purposes) in equity securities (principally common stocks) of Small and Mid-Cap Companies. Effective with these changes, the Fund will change its name to OneAscent Enhanced Small and Mid Cap ETF and will make corresponding revisions to its principal strategies.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i3132d29f2e86874de66914b3.jpg)

#### OneAscent Small Cap Core ETF

#### Annual Shareholder Report - August 31, 2025
TSR-AR 083125-OASC

#### Tactical Multi-Purpose Fund

#### Tactical Multi-Purpose Fund (TMPFX)

#### Annual Shareholder Report - August 31, 2025
![Image](id42f6e0ff722700e8e05cabb.jpg)

# Fund Overview
This annual shareholder report contains important information about Tactical Multi-Purpose Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 550-1071.

# 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** |
| Tactical Multi-Purpose Fund | $102 | 1.00% |

---

# How did the Fund perform during the reporting period?
The Fund seeks positive total returns over the long-term regardless of market conditions in the U.S. and foreign equity markets. The Fund is designed to be used by the Adviser to facilitate moving groups of clients into and out of defensive and special situation investments efficiently, based on the Adviser's perceptions of market risks and opportunities.

During the fiscal year ended August 31, 2025, the Adviser did not take a defensive position; therefore the Fund was limited in size, with its assets invested mostly in T-Bills and cash equivalents. The Fund returned 3.64% during the fiscal year ended August 31, 2025. During the same period, the Fund's primary benchmark, the ICE BofA 3-month U.S. Treasury Bill Index, returned 4.51%.

The Fund's relative underperformance is reflective of its modest investment in T-Bills and cash equivalents for the period, which generated minimal interest. Underperformance as compared to the index is also in part due to the Fund's 1.00% expense ratio (the performance of the index does not reflect the deduction of expenses). Due to the size of the investment, the Fund maintained a sizeable portion of the investments in cash equivalents to meet expense obligations. However, T-Bills were purchased throughout the period to opportunistically benefit from changes by the Federal Reserve to short rates. It is anticipated that similar positioning will continue until the Adviser utilizes the Fund for defensive purposes or prevailing short-term interest rates meaningfully change.

No portfolio shifts have been made to the Fund.

The Adviser remains constructive on global equities. Investors remain concerned about tariffs, ongoing regional conflicts, sovereign debt levels, and the possibility of a global recession. However, overly pessimistic tariff concerns reset investor sentiment. And a steep global yield curve, easing inflation pressures, and improving non-U.S. economic growth all appear bullish looking ahead.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i09436a41f175de1be4f0d776.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Tactical Multi-Purpose Fund** | **Bloomberg U.S. Treasury Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **03/30/17** | $10000 | $10000 | $10000 |
| **08/31/17** | $9980 | $10258 | $10039 |
| **08/31/18** | $9930 | $10100 | $10192 |
| **08/31/19** | $9950 | $11148 | $10433 |
| **08/31/20** | $9930 | $11926 | $10565 |
| **08/31/21** | $9840 | $11675 | $10573 |
| **08/31/22** | $9800 | $10414 | $10612 |
| **08/31/23** | $10110 | $10198 | $11067 |
| **08/31/24** | $10567 | $10812 | $11677 |
| **08/31/25** | $10951 | $11073 | $12204 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 30, 2017)** |
| Tactical Multi-Purpose Fund | 3.64% | 1.98% | 1.08% |
| Bloomberg U.S. Treasury Index | 2.42% | -1.47% | 1.22% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.51% | 2.93% | 2.39% |

---

***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 | $27372 |
| Number of Portfolio Holdings | 2 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 0% |

---

# What did the Fund invest in?

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i8a4ead9a9d408fe31b3c475d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| U.S. Treasury Obligations | 47.1% |
| Money Market Funds | 53.1% |

---

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

![Image](i24c1ce5d18c81fe124f56ac9.jpg)

#### Tactical Multi-Purpose Fund (TMPFX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://Inst40ActTSR.com), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 083125-TMPFX

(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> 

---

| | | |
|:---|:---|:---|
| Tactical Multi-Purpose Fund: | FY 2025 | $8450 |
|  | FY 2024 | $8450 |

---

---

| | | |
|:---|:---|:---|
| FIIG Retirement Funds | FY 2025 | $65500 |
|  | FY 2024 | $65500 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Large Cap Core ETF: | FY 2025 | $16400 |
|  | FY 2024 | $16400 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Core Plus Bond ETF: | FY 2025 | $16950 |
|  | FY 2024 | $16950 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Emerging Markets ETF: | FY 2025 | $74450 |
|  | FY 2024 | $17450 |

---

---

| | | |
|:---|:---|:---|
| OneAscent International Equity ETF: | FY 2025 | $17450 |
|  | FY 2024 | $17450 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Small Cap Core ETF: | FY 2025 | $16400 |
|  | FY 2024 | $16400 |

---

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

---

| | | |
|:---|:---|:---|
| Tactical Multi-Purpose Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| FIIG Retirement Funds | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Large Cap Core ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Core Plus Bond ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Emerging Markets ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent International Equity ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Small Cap Core ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

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

---

| | | |
|:---|:---|:---|
| Tactical Multi-Purpose Fund: | FY 2025 | $3300 |
|  | FY 2024 | $3300 |

---

---

| | | |
|:---|:---|:---|
| FIIG Retirement Funds | FY 2025 | $13200 |
|  | FY 2024 | $13200 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Large Cap Core ETF: | FY 2025 | $3300 |
|  | FY 2024 | $3300 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Core Plus Bond ETF: | FY 2025 | $3300 |
|  | FY 2024 | $3300 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Emerging Markets ETF: | FY 2025 | $3300 |
|  | FY 2024 | $3300 |

---

---

| | | |
|:---|:---|:---|
| OneAscent International Equity ETF: | FY 2025 | $3300 |
|  | FY 2024 | $3300 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Small Cap Core ETF: | FY 2024 | $3300 |
|  | FY 2024 | $0 |

---

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

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

---

| | | |
|:---|:---|:---|
| Tactical Multi-Purpose Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| FIIG Retirement Funds | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Large Cap Core ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Core Plus Bond ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Emerging Markets ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent International Equity ETF: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | | |
|:---|:---|:---|
| OneAscent Small Cap Core ETF: | 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:

---

| | | |
|:---|:---|:---|
|  | <u>**Registrant**</u> | <u>**Adviser**</u> |
| FY 2025 | $0 | $0 |
| FY 2024 | $0 | $0 |

---

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

(i) Not applicable.

(j) Not applicable.

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

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) ---

| |
|:---|
| **FI INSTITUTIONAL** |
| **GROUP FUND FAMILY** |

---

**Annual Financial Statements**

**and Additional Information**

**August 31, 2025**

**FI Institutional Group Stock Fund for Retirement Plans (Formerly Fisher Investments Institutional Group Stock Fund for Retirement Plans)**

**FI Institutional Group ESG Stock Fund for Retirement Plans (Formerly Fisher Investments Institutional Group ESG Stock Fund for Retirement Plans)**

**FI Institutional Group Fixed Income Fund for Retirement Plans (Formerly Fisher Investments Institutional Group Fixed Income Fund for Retirement Plans)**

**FI Institutional Group ESG Fixed Income Fund for Retirement Plans (Formerly Fisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans)**

---

| |
|:---|
| **Fund Adviser:** |
| Fisher Asset Management, LLC |
| 6500 International Parkway, Suite 2050 |
| Plano, Texas 75093 |
| (800) 851-8845 |

---

**FI Institutional Group Stock Fund for Retirement Plans Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.19%** | **Shares** | **Fair<br> Value** |
| **Australia — 1.26%** |  |  |
| **Financials — 0.81%** |  |  |
| Westpac Banking Corp.<sup>(a)</sup> | 107 | $2704 |
| **Materials — 0.45%** |  |  |
| BHP Group Ltd.<sup>(a)</sup> | 26 | 735 |
| Rio Tinto Ltd.<sup>(a)</sup> | 10 | 756 |
|  |  | 1491 |
| **Total Australia** |  | 4195 |
| **Brazil — 1.41%** |  |  |
| **Financials — 1.12%** |  |  |
| Banco Bradesco SA - ADR | 622 | 1934 |
| Itau Unibanco Holding SA - ADR | 253 | 1806 |
|  |  | 3740 |
| **Materials — 0.29%** |  |  |
| Vale SA - ADR | 95 | 977 |
| **Total Brazil** |  | 4717 |
| **Canada — 2.94%** |  |  |
| **Energy — 0.36%** |  |  |
| Suncor Energy, Inc. | 29 | 1198 |
| **Industrials — 1.04%** |  |  |
| Canadian Pacific Kansas City Ltd. | 46 | 3505 |
| **Materials — 1.54%** |  |  |
| Hudbay Minerals, Inc.<sup>(a)</sup> | 232 | 2784 |
| Lundin Mining Corp.<sup>(a)</sup> | 208 | 2407 |
|  |  | 5191 |
| **Total Canada** |  | 9894 |
| **China — 5.09%** |  |  |
| **Communications — 0.90%** |  |  |
| Tencent Holdings Ltd. - ADR<sup>(a)</sup> | 39 | 3026 |
| **Consumer Discretionary — 1.62%** |  |  |
| Alibaba Group Holding Ltd. - ADR<sup>(a)</sup> | 21 | 2835 |
| Meituan Dianping<sup>(a)</sup> | 198 | 2609 |
|  |  | 5444 |
| **Financials — 2.33%** |  |  |
| CITIC Securities Co., Ltd.<sup>(a)</sup> | 1365 | 5012 |
| Ping An Insurance (Group) Company of China Ltd., H Shares | 388 | 2802 |
|  |  | 7814 |
| **Health Care — 0.24%** |  |  |
| Sino Biopharmaceutical Ltd. - ADR<sup>(a)</sup> | 41 | 797 |
| **Total China** |  | 17081 |

---

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

**FI Institutional Group Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.19% - continued** | **Shares** | **Fair<br> Value** |
| **Denmark — 1.10%** |  |  |
| **Financials — 0.73%** |  |  |
| Danske Bank A/S | 60 | $2467 |
| **Industrials — 0.37%** |  |  |
| FLSmidth & Co. A/S<sup>(a)</sup> | 18 | 1229 |
| **Total Denmark** |  | 3696 |
| **Finland — 0.29%** |  |  |
| **Industrials — 0.29%** |  |  |
| Valmet Oyj<sup>(a)</sup> | 28 | 972 |
| **Total Finland** |  | 972 |
| **France — 3.22%** |  |  |
| **Consumer Discretionary — 0.58%** |  |  |
| Kering SA - ADR | 72 | 1934 |
| **Energy — 0.48%** |  |  |
| TotalEnergies SE | 26 | 1627 |
| **Financials — 0.62%** |  |  |
| BNP Paribas SA<sup>(a)</sup> | 23 | 2068 |
| **Industrials — 1.13%** |  |  |
| Legrand SA<sup>(a)</sup> | 25 | 3805 |
| **Technology — 0.41%** |  |  |
| Dassault Systems SE<sup>(a)</sup> | 44 | 1369 |
| **Total France** |  | 10803 |
| **Germany — 5.66%** |  |  |
| **Communications — 0.94%** |  |  |
| Deutsche Telekom AG<sup>(a)</sup> | 86 | 3141 |
| **Consumer Discretionary — 0.87%** |  |  |
| adidas AG<sup>(a)</sup> | 12 | 2335 |
| Sixt SE<sup>(a)</sup> | 6 | 594 |
|  |  | 2929 |
| **Industrials — 2.96%** |  |  |
| MTU Aero Engines AG<sup>(a)</sup> | 8 | 3566 |
| Siemens AG | 23 | 6367 |
|  |  | 9933 |
| **Technology — 0.89%** |  |  |
| SAP SE<sup>(a)</sup> | 11 | 2982 |
| **Total Germany** |  | 18985 |

---

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

**FI Institutional Group Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.19% - continued** | **Shares** | **Fair<br> Value** |
| **India — 0.72%** |  |  |
| **Financials — 0.72%** |  |  |
| HDFC Bank Ltd. - ADR<sup>(a)</sup> | 34 | $2419 |
| **Total India** |  | 2419 |
| **Italy — 1.80%** |  |  |
| **Energy — 0.54%** |  |  |
| Eni SpA | 101 | 1801 |
| **Financials — 1.26%** |  |  |
| Intesa Sanpaolo SpA | 672 | 4226 |
| **Total Italy** |  | 6027 |
| **Japan — 4.06%** |  |  |
| **Financials — 0.51%** |  |  |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 104 | 1708 |
| **Industrials — 3.55%** |  |  |
| Daifuku Co. Ltd. - ADR<sup>(a)</sup> | 85 | 1335 |
| FANUC Corp. - ADR<sup>(a)</sup> | 99 | 1384 |
| Mitsubishi Corp. | 160 | 3651 |
| Mitsubishi Heavy Industries Ltd.<sup>(a)</sup> | 130 | 3320 |
| SMC Corp. - ADR<sup>(a)</sup> | 98 | 1498 |
| Yaskawa Electric Corp. - ADR<sup>(a)</sup> | 18 | 719 |
|  |  | 11907 |
| **Total Japan** |  | 13615 |
| **Netherlands — 1.77%** |  |  |
| **Financials — 0.66%** |  |  |
| ING Groep NV<sup>(a)</sup> | 93 | 2215 |
| **Technology — 1.11%** |  |  |
| ASML Holding NV | 5 | 3724 |
| **Total Netherlands** |  | 5939 |
| **Spain — 4.41%** |  |  |
| **Consumer Discretionary — 0.90%** |  |  |
| Industria de Diseno Textil SA | 61 | 3012 |
| **Financials — 3.51%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 250 | 4531 |
| Banco Santander SA | 479 | 4572 |
| CaixBank SA | 275 | 2745 |
|  |  | 11848 |
| **Total Spain** |  | 14860 |

---

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

**FI Institutional Group Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.19% - continued** | **Shares** | **Fair<br> Value** |
| **Sweden — 1.02%** |  |  |
| **Communications — 1.02%** |  |  |
| Spotify Technology SA<sup>(a)</sup> | 5 | $3409 |
| **Total Sweden** |  | 3409 |
| **Switzerland — 3.60%** |  |  |
| **Financials — 2.58%** |  |  |
| Swiss Re AG<sup>(a)</sup> | 14 | 2536 |
| UBS Group AG<sup>(a)</sup> | 151 | 6113 |
|  |  | 8649 |
| **Health Care — 1.02%** |  |  |
| Novartis AG<sup>(a)</sup> | 27 | 3414 |
| **Total Switzerland** |  | 12063 |
| **Taiwan Province of China — 2.48%** |  |  |
| **Technology — 2.48%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 36 | 8311 |
| **Total Taiwan Province of China** |  | 8311 |
| **United Kingdom — 4.99%** |  |  |
| **Energy — 1.28%** |  |  |
| BP PLC<sup>(a)</sup> | 248 | 1448 |
| Shell PLC<sup>(a)</sup> | 77 | 2846 |
|  |  | 4294 |
| **Financials — 0.71%** |  |  |
| NatWest Group PLC<sup>(a)</sup> | 346 | 2388 |
| **Health Care — 1.89%** |  |  |
| AstraZeneca PLC<sup>(a)</sup> | 22 | 3506 |
| GSK PLC | 146 | 2866 |
|  |  | 6372 |
| **Industrials — 1.11%** |  |  |
| Rolls-Royce Holdings PLC<sup>(a)</sup> | 257 | 3717 |
| **Total United Kingdom** |  | 16771 |
| **United States — 53.37%** |  |  |
| **Communications — 4.64%** |  |  |
| Alphabet, Inc., Class A | 26 | 5536 |
| Meta Platforms, Inc., Class A | 12 | 8865 |
| Netflix, Inc.<sup>(a)</sup> | 1 | 1208 |
|  |  | 15609 |
| **Consumer Discretionary — 2.88%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 23 | 5267 |
| Home Depot, Inc. (The) | 8 | 3254 |
| Starbucks Corp. | 13 | 1146 |
|  |  | 9667 |

---

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

**FI Institutional Group Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.19% - continued** | **Shares** | **Fair<br> Value** |
| **United States — 53.37% - continued** |  |  |
| **Consumer Staples — 4.48%** |  |  |
| Coca-Cola Co. (The) | 42 | $2898 |
| Costco Wholesale Corp. | 3 | 2830 |
| PepsiCo, Inc. | 13 | 1932 |
| Procter & Gamble Co. (The) | 21 | 3298 |
| Walmart, Inc. | 42 | 4073 |
|  |  | 15031 |
| **Energy — 3.29%** |  |  |
| Chevron Corp. | 30 | 4818 |
| ConocoPhillips | 11 | 1089 |
| Exxon Mobil Corp. | 45 | 5143 |
|  |  | 11050 |
| **Financials — 10.67%** |  |  |
| American Express Co. | 13 | 4307 |
| Bank of America Corp. | 57 | 2892 |
| BlackRock, Inc. | 3 | 3381 |
| Citigroup, Inc. | 33 | 3187 |
| Goldman Sachs Group, Inc. (The) | 5 | 3726 |
| Invesco Ltd. | 52 | 1138 |
| Jefferies Financial Group, Inc. | 25 | 1621 |
| JPMorgan Chase & Co. | 14 | 4220 |
| MasterCard, Inc., Class A | 4 | 2381 |
| Morgan Stanley | 29 | 4364 |
| T. Rowe Price Group, Inc. | 10 | 1076 |
| Visa, Inc., Class A | 10 | 3518 |
|  |  | 35811 |
| **Health Care — 6.00%** |  |  |
| Abbott Laboratories | 9 | 1194 |
| Eli Lilly & Co. | 5 | 3663 |
| Exact Sciences Corp.<sup>(a)</sup> | 14 | 664 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 9 | 4260 |
| Johnson & Johnson | 6 | 1063 |
| Merck & Co., Inc. | 32 | 2692 |
| Pfizer, Inc. | 114 | 2823 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 15 | 740 |
| Thermo Fisher Scientific, Inc. | 3 | 1478 |
| UnitedHealth Group, Inc. | 5 | 1549 |
|  |  | 20126 |
| **Industrials — 6.84%** |  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 17 | 4102 |
| Boeing Co. (The)<sup>(a)</sup> | 10 | 2347 |
| Cummins, Inc. | 10 | 3984 |
| Deere & Co. | 6 | 2871 |
| IDEX Corp. | 7 | 1152 |
| Lennox International, Inc. | 7 | 3905 |
| Rockwell Automation, Inc. | 6 | 2061 |

---

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

**FI Institutional Group Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.19% - continued** | **Shares** | **Fair<br> Value** |
| **United States — 53.37% - continued** |  |  |
| **Industrials — 6.84% - continued** |  |  |
| RTX Corp. | 16 | $2538 |
|  |  | 22960 |
| **Materials — 1.33%** |  |  |
| Materion Corp. | 10 | 1108 |
| New Linde PLC | 7 | 3348 |
|  |  | 4456 |
| **Technology — 13.24%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 5 | 1784 |
| Apple, Inc. | 42 | 9750 |
| Autodesk, Inc.<sup>(a)</sup> | 7 | 2203 |
| Microsoft Corp., Class A | 21 | 10640 |
| NVIDIA Corp. | 71 | 12367 |
| Oracle Corp. | 14 | 3166 |
| Salesforce, Inc. | 7 | 1794 |
| ServiceNow, Inc.<sup>(a)</sup> | 3 | 2752 |
|  |  | 44456 |
| **Total United States** |  | 179166 |
| **Total Common Stocks — (Cost $218,634)** |  | 332923 |
| **MONEY MARKET FUNDS — 0.65%** |  |  |
| First American Government Obligations Fund, Class X, 4.20%<sup>(b)</sup> | 2183 | 2183 |
| **Total Money Market Funds (Cost $2,183)** |  | 2183 |
| **Total Investments — 99.84% (Cost $220,817)** |  | 335106 |
| **Other Assets in Excess of Liabilities — 0.16%** |  | 550 |
| **NET ASSETS — 100.00%** |  | $335656 |

---

(a) Non-income producing security.

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

ADR - American Depositary Receipt

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

**FI Institutional Group ESG Stock Fund for Retirement Plans Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.86%** | **Shares** | **Fair<br> Value** |
| **Australia — 0.81%** |  |  |
| **Financials — 0.81%** |  |  |
| Westpac Banking Corp.<sup>(a)</sup> | 107 | $2704 |
| **Total Australia** |  | 2704 |
| **Brazil — 2.11%** |  |  |
| **Financials — 2.11%** |  |  |
| Banco Bradesco SA - ADR | 1046 | 3253 |
| Itau Unibanco Holding SA - ADR | 536 | 3827 |
|  |  | 7080 |
| **Total Brazil** |  | 7080 |
| **Canada — 0.92%** |  |  |
| **Materials — 0.92%** |  |  |
| Hudbay Minerals, Inc.<sup>(a)</sup> | 158 | 1897 |
| Lundin Mining Corp.<sup>(a)</sup> | 100 | 1157 |
|  |  | 3054 |
| **Total Canada** |  | 3054 |
| **China — 5.88%** |  |  |
| **Communications — 1.37%** |  |  |
| Tencent Holdings Ltd. - ADR<sup>(a)</sup> | 59 | 4578 |
| **Consumer Discretionary — 1.99%** |  |  |
| Alibaba Group Holding Ltd. - ADR<sup>(a)</sup> | 30 | 4050 |
| Meituan Dianping<sup>(a)</sup> | 199 | 2622 |
|  |  | 6672 |
| **Financials — 2.28%** |  |  |
| CITIC Securities Co., Ltd.<sup>(a)</sup> | 1283 | 4711 |
| Ping An Insurance (Group) Company of China Ltd., H Shares | 404 | 2918 |
|  |  | 7629 |
| **Health Care — 0.24%** |  |  |
| Sino Biopharmaceutical Ltd. - ADR<sup>(a)</sup> | 42 | 817 |
| **Total China** |  | 19696 |
| **Denmark — 1.54%** |  |  |
| **Financials — 0.72%** |  |  |
| Danske Bank A/S | 59 | 2425 |
| **Industrials — 0.82%** |  |  |
| FLSmidth & Co. A/S<sup>(a)</sup> | 12 | 819 |
| Vestas Wind Systems A/S<sup>(a)</sup> | 98 | 1951 |
|  |  | 2770 |
| **Total Denmark** |  | 5195 |

---

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

**FI Institutional Group ESG Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.86% - continued** | **Shares** | **Fair<br> Value** |
| **Finland — 0.30%** |  |  |
| **Industrials — 0.30%** |  |  |
| Valmet Oyj<sup>(a)</sup> | 29 | $1007 |
| **Total Finland** |  | 1007 |
| **France — 3.67%** |  |  |
| **Consumer Discretionary — 0.58%** |  |  |
| Kering SA - ADR | 72 | 1934 |
| **Energy — 0.56%** |  |  |
| TotalEnergies SE | 30 | 1878 |
| **Financials — 0.99%** |  |  |
| BNP Paribas SA<sup>(a)</sup> | 37 | 3326 |
| **Industrials — 0.73%** |  |  |
| Schneider Electric SE<sup>(a)</sup> | 10 | 2458 |
| **Technology — 0.81%** |  |  |
| Dassault Systems SE<sup>(a)</sup> | 87 | 2708 |
| **Total France** |  | 12304 |
| **Germany — 3.82%** |  |  |
| **Consumer Discretionary — 0.93%** |  |  |
| adidas AG<sup>(a)</sup> | 13 | 2530 |
| Sixt SE<sup>(a)</sup> | 6 | 594 |
|  |  | 3124 |
| **Industrials — 2.32%** |  |  |
| Daimler Truck Holding AG<sup>(a)</sup> | 53 | 2491 |
| Siemens AG | 19 | 5260 |
|  |  | 7751 |
| **Technology — 0.57%** |  |  |
| SAP SE<sup>(a)</sup> | 7 | 1898 |
| **Total Germany** |  | 12773 |
| **India — 0.36%** |  |  |
| **Financials — 0.36%** |  |  |
| HDFC Bank Ltd. - ADR<sup>(a)</sup> | 17 | 1210 |
| **Total India** |  | 1210 |
| **Italy — 2.39%** |  |  |
| **Energy — 1.02%** |  |  |
| Eni SpA | 192 | 3424 |
| **Financials — 1.37%** |  |  |
| Intesa Sanpaolo SpA | 730 | 4591 |
| **Total Italy** |  | 8015 |

---

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

**FI Institutional Group ESG Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.86% - continued** | **Shares** | **Fair<br> Value** |
| **Japan — 3.32%** |  |  |
| **Financials — 0.82%** |  |  |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 167 | $2742 |
| **Industrials — 2.50%** |  |  |
| Daifuku Co. Ltd. - ADR<sup>(a)</sup> | 64 | 1005 |
| FANUC Corp. - ADR<sup>(a)</sup> | 92 | 1286 |
| Hitachi Ltd. | 100 | 2755 |
| Mitsubishi Corp. | 100 | 2282 |
| Yaskawa Electric Corp. - ADR<sup>(a)</sup> | 27 | 1078 |
|  |  | 8406 |
| **Total Japan** |  | 11148 |
| **Netherlands — 1.34%** |  |  |
| **Technology — 1.34%** |  |  |
| ASML Holding NV | 6 | 4469 |
| **Total Netherlands** |  | 4469 |
| **Norway — 1.00%** |  |  |
| **Energy — 1.00%** |  |  |
| Equinor ASA<sup>(a)</sup> | 136 | 3353 |
| **Total Norway** |  | 3353 |
| **Spain — 4.45%** |  |  |
| **Consumer Discretionary — 0.89%** |  |  |
| Industria de Diseno Textil SA | 60 | 2962 |
| **Financials — 3.56%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 266 | 4821 |
| Banco Santander SA | 457 | 4363 |
| CaixBank SA | 275 | 2745 |
|  |  | 11929 |
| **Total Spain** |  | 14891 |
| **Sweden — 1.74%** |  |  |
| **Communications — 1.02%** |  |  |
| Spotify Technology SA<sup>(a)</sup> | 5 | 3409 |
| **Industrials — 0.72%** |  |  |
| Atlas Copco AB | 150 | 2394 |
| **Total Sweden** |  | 5803 |
| **Switzerland — 4.50%** |  |  |
| **Financials — 2.49%** |  |  |
| Swiss Re AG<sup>(a)</sup> | 14 | 2536 |
| UBS Group AG<sup>(a)</sup> | 143 | 5788 |
|  |  | 8324 |
| **Health Care — 0.87%** |  |  |
| Novartis AG<sup>(a)</sup> | 23 | 2908 |

---

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

**FI Institutional Group ESG Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.86% - continued** | **Shares** | **Fair<br> Value** |
| **Switzerland — 4.50% - continued** |  |  |
| **Industrials — 1.14%** |  |  |
| ABB Ltd.<sup>(a)</sup> | 57 | $3825 |
| **Total Switzerland** |  | 15057 |
| **Taiwan Province of China — 2.62%** |  |  |
| **Technology — 2.62%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 38 | 8773 |
| **Total Taiwan Province of China** |  | 8773 |
| **United Kingdom — 5.25%** |  |  |
| **Consumer Staples — 0.49%** |  |  |
| Unilever PLC | 26 | 1635 |
| **Energy — 2.26%** |  |  |
| BP PLC<sup>(a)</sup> | 675 | 3942 |
| Shell PLC | 97 | 3571 |
|  |  | 7513 |
| **Financials — 0.48%** |  |  |
| NatWest Group PLC<sup>(a)</sup> | 231 | 1594 |
| **Health Care — 0.67%** |  |  |
| AstraZeneca PLC<sup>(a)</sup> | 14 | 2231 |
| **Materials — 1.35%** |  |  |
| Anglo American PLC<sup>(a)</sup> | 48 | 1478 |
| Antofagasta PLC | 105 | 3044 |
|  |  | 4522 |
| **Total United Kingdom** |  | 17495 |
| **United States — 52.84%** |  |  |
| **Communications — 2.44%** |  |  |
| Alphabet, Inc., Class A | 27 | 5748 |
| Netflix, Inc.<sup>(a)</sup> | 2 | 2417 |
|  |  | 8165 |
| **Consumer Discretionary — 2.62%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 24 | 5496 |
| Home Depot, Inc. (The) | 8 | 3254 |
|  |  | 8750 |
| **Consumer Staples — 4.04%** |  |  |
| Colgate-Palmolive Co. | 29 | 2438 |
| Costco Wholesale Corp. | 3 | 2829 |
| PepsiCo, Inc. | 18 | 2676 |
| Procter & Gamble Co. (The) | 20 | 3141 |
| Walmart, Inc. | 25 | 2425 |
|  |  | 13509 |
| **Energy — 1.18%** |  |  |
| ConocoPhillips | 18 | 1781 |

---

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

**FI Institutional Group ESG Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.86% - continued** | **Shares** | **Fair<br> Value** |
| **United States — 52.84% - continued** |  |  |
| **Energy — 1.18% - continued** |  |  |
| Schlumberger Ltd. | 59 | $2174 |
|  |  | 3955 |
| **Financials — 12.70%** |  |  |
| American Express Co. | 14 | 4638 |
| Bank of America Corp. | 56 | 2841 |
| BlackRock, Inc. | 4 | 4509 |
| Citigroup, Inc. | 50 | 4829 |
| Goldman Sachs Group, Inc. (The) | 5 | 3726 |
| Invesco Ltd. | 124 | 2714 |
| Jefferies Financial Group, Inc. | 20 | 1297 |
| JPMorgan Chase & Co. | 14 | 4220 |
| MasterCard, Inc., Class A | 5 | 2976 |
| Morgan Stanley | 26 | 3912 |
| T. Rowe Price Group, Inc. | 14 | 1507 |
| Visa, Inc., Class A | 15 | 5277 |
|  |  | 42446 |
| **Health Care — 8.11%** |  |  |
| Abbott Laboratories | 9 | 1194 |
| Eli Lilly & Co. | 12 | 8790 |
| Exact Sciences Corp.<sup>(a)</sup> | 17 | 806 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 9 | 4260 |
| Johnson & Johnson | 9 | 1595 |
| Merck & Co., Inc. | 28 | 2355 |
| Pfizer, Inc. | 80 | 1981 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 14 | 691 |
| Thermo Fisher Scientific, Inc. | 4 | 1971 |
| UnitedHealth Group, Inc. | 5 | 1549 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5 | 1955 |
|  |  | 27147 |
| **Industrials — 7.51%** |  |  |
| Cummins, Inc. | 11 | 4383 |
| Deere & Co. | 9 | 4307 |
| Lennox International, Inc. | 9 | 5020 |
| Rockwell Automation, Inc. | 14 | 4808 |
| Union Pacific Corp. | 7 | 1565 |
| Xylem, Inc. | 35 | 4954 |
|  |  | 25037 |
| **Materials — 1.00%** |  |  |
| New Linde PLC | 7 | 3348 |
| **Technology — 13.24%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 5 | 1784 |
| Apple, Inc. | 40 | 9286 |
| Autodesk, Inc.<sup>(a)</sup> | 8 | 2518 |
| Microsoft Corp., Class A | 21 | 10639 |
| NVIDIA Corp. | 71 | 12367 |

---

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

**FI Institutional Group ESG Stock Fund for Retirement Plans Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.86% - continued** | **Shares** | **Fair<br> Value** |
| **United States — 52.84% - continued** |  |  |
| **Technology — 13.24% - continued** |  |  |
| Oracle Corp. | 13 | $2939 |
| Salesforce, Inc. | 8 | 2050 |
| ServiceNow, Inc.<sup>(a)</sup> | 3 | 2752 |
|  |  | 44335 |
| **Total United States** |  | 176692 |
| **Total Common Stocks — (Cost $220,029)** |  | 330719 |
| **PREFERRED STOCKS — 0.43%** |  |  |
| **Australia — 0.43%** |  |  |
| **Materials — 0.43%** |  |  |
| Fortescue Metals Group Ltd. | 113 | 1427 |
| **Total Australia** |  | 1427 |
| **Total Preferred Stocks — (Cost $1,554)** |  | 1427 |
| **MONEY MARKET FUNDS — 0.56%** |  |  |
| First American Government Obligations Fund, Class X, 4.20%<sup>(b)</sup> | 1888 | 1888 |
| **Total Money Market Funds (Cost $1,888)** |  | 1888 |
| **Total Investments — 99.85% (Cost $223,471)** |  | 334034 |
| **Other Assets in Excess of Liabilities — 0.15%** |  | 512 |
| **NET ASSETS — 100.00%** |  | $334546 |

---

(a) Non-income producing security.

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

ADR - American Depositary Receipt

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

**FI Institutional Group Fixed Income Fund for Retirement Plans Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 23.86%** | **Principal<br> Amount** | **Fair<br> Value** |
| **Communications — 3.14%** |  |  |
| Comcast Corp., 3.55%, 5/1/2028 | $100000 | $98807 |
| **Consumer Staples — 3.38%** |  |  |
| Procter & Gamble Co. (The), 5.50%, 2/1/2034 | 100000 | 106396 |
| **Financials — 9.19%** |  |  |
| BlackRock, Inc., 3.25%, 4/30/2029 | 100000 | 97922 |
| Charles Schwab Corp. (The), 2.90%, 3/3/2032 | 100000 | 90683 |
| JPMorgan Chase & Co., 4.13%, 12/15/2026 | 100000 | 100041 |
|  |  | 288646 |
| **Health Care — 2.11%** |  |  |
| Bristol-Myers Squibb Co., 4.55%, 2/20/2048 | 78000 | 66398 |
| **Real Estate — 3.49%** |  |  |
| Simon Property Group LP, 6.25%, 1/15/2034 | 100000 | 109454 |
| **Technology — 2.55%** |  |  |
| International Business Machines Corp., 4.25%, 5/15/2049 | 100000 | 80244 |
| **Total Corporate Bonds (Cost $831,568)** |  | 749945 |
| **U.S. GOVERNMENT & AGENCIES — 45.14%** |  |  |
| United States Treasury Note, 2.63 *%*, 2/15/2029 | 426100 | 412601 |
| United States Treasury Note, 4.00 *%*, 1/31/2031 | 458000 | 463412 |
| United States Treasury Note, 4.50 *%*, 2/15/2036 | 529000 | 542814 |
| **Total U.S. Government & Agencies (Cost $1,523,894)** |  | 1418827 |
| **EXCHANGE-TRADED FUNDS — 30.17%** | **Shares** |  |
| iShares MBS ETF<sup>(a)</sup> | 10051 | 948312 |
| **Total Exchange-Traded Funds (Cost $1,000,800)** |  | 948312 |
| **MONEY MARKET FUNDS — 0.49%** |  |  |
| First American Government Obligations Fund, Class X, 4.20%<sup>(b)</sup> | 15499 | 15499 |
| **Total Money Market Funds (Cost $15,499)** |  | 15499 |
| **Total Investments — 99.66% (Cost $3,371,761)** |  | 3132583 |
| **Other Assets in Excess of Liabilities — 0.34%** |  | 10687 |
| **NET ASSETS — 100.00%** |  | $3143270 |

---

(a) Represents an investment greater than 25% of the Fund's net assets. Performance of the Fund may be adversely
 impacted by concentrated investments in securities. As of August 31, 2025, the percentage of net assets invested in this security
 was 30.17% of the Fund. The financial statements and portfolio holdings for this security can be found at www.sec.gov.

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

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

**FI Institutional Group ESG Fixed Income Fund for Retirement Plans Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 24.07%** | **Principal<br> Amount** | **Fair<br> Value** |
| **Communications — 3.17%** |  |  |
| Comcast Corp., 3.55%, 5/1/2028 | $100000 | $98807 |
| **Consumer Staples — 3.42%** |  |  |
| Procter & Gamble Co. (The), 5.50%, 2/1/2034 | 100000 | 106396 |
| **Financials — 9.26%** |  |  |
| BlackRock, Inc., 3.25%, 4/30/2029 | 100000 | 97922 |
| Charles Schwab Corp. (The), 2.90%, 3/3/2032 | 100000 | 90683 |
| JPMorgan Chase & Co., 4.13%, 12/15/2026 | 100000 | 100041 |
|  |  | 288646 |
| **Health Care — 2.13%** |  |  |
| Bristol-Myers Squibb Co., 4.55%, 2/20/2048 | 78000 | 66398 |
| **Real Estate — 3.51%** |  |  |
| Simon Property Group LP, 6.25%, 1/15/2034 | 100000 | 109454 |
| **Technology — 2.58%** |  |  |
| International Business Machines Corp., 4.25%, 5/15/2049 | 100000 | 80244 |
| **Total Corporate Bonds (Cost $831,566)** |  | 749945 |
| **U.S. GOVERNMENT & AGENCIES — 43.91%** |  |  |
| United States Treasury Note, 2.63 *%*, 2/15/2029 | 381700 | 369608 |
| United States Treasury Note, 4.00 *%*, 1/31/2031 | 434000 | 439129 |
| United States Treasury Note, 4.13 *%*, 7/31/2031 | 40000 | 40655 |
| United States Treasury Note, 4.50 *%*, 2/15/2036 | 505000 | 518188 |
| **Total U.S. Government & Agencies (Cost $1,471,945)** |  | 1367580 |
| **EXCHANGE-TRADED FUNDS — 31.19%** | **Shares** |  |
| iShares MBS ETF<sup>(a)(b)</sup> | 10298 | 971616 |
| **Total Exchange-Traded Funds (Cost $1,022,422)** |  | 971616 |
| **MONEY MARKET FUNDS — 0.49%** |  |  |
| First American Government Obligations Fund, Class X, 4.20%<sup>(c)</sup> | 15321 | 15321 |
| **Total Money Market Funds (Cost $15,321)** |  | 15321 |
| **Total Investments — 99.66% (Cost $3,341,254)** |  | 3104462 |
| **Other Assets in Excess of Liabilities — 0.34%** |  | 10644 |
| **NET ASSETS — 100.00%** |  | $3115106 |

---

(a) Represents an investment greater than 25% of the Fund's net assets. Performance of the Fund may be adversely
 impacted by concentrated investments in securities. As of August 31, 2025, the percentage of net assets invested in this security
 was 31.19% of the Fund. The financial statements and portfolio holdings for this security can be found at www.sec.gov.

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

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

**FI Institutional Group Fund Family**

**Statements of Assets and Liabilities**

*August 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FI Institutional Group** | **FI Institutional Group** | **FI Institutional Group** | **FI Institutional Group** |
|  | **Stock<br> Fund for<br> Retirement<br> Plans** | **ESG Stock<br> Fund for<br> Retirement<br> Plans** | **Fixed Income<br> Fund for<br> Retirement<br> Plans** | **ESG Fixed<br> Income <br> Fund for<br> Retirement Plans** |
| **Assets** |  |  |  |  |
| Investments in securities at value (cost $220,817, $223,471, $3,371,761 and $3,341,254, respectively) | $335106 | $334034 | $3132583 | $3104462 |
| Cash |  | 38 |  |  |
| Dividends and interest receivable | 550 | 474 | 10687 | 10644 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 335656 | 334546 | 3143270 | 3115106 |
| **Net Assets** | $335656 | $334546 | $3143270 | $3115106 |
| **Net Assets consist of:** |  |  |  |  |
| Paid-in capital | $182094 | $185221 | $3429285 | $3425745 |
| Accumulated earnings (deficits) | 153562 | 149325 | (286015) | (310639) |
| **Net Assets** | $335656 | $334546 | $3143270 | $3115106 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 17177 | 17363 | 346853 | 346765 |
| Net asset value and offering price per share | $19.54 | $19.27 | $9.06 | $8.98 |

---

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

**FI Institutional Group Fund Family**

**Statements of Operations**

*For the Year Ended August 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FI Institutional Group** | **FI Institutional Group** | **FI Institutional Group** | **FI Institutional Group** |
|  | **Stock**<br> **Fund for**<br> **Retirement**<br> **Plans** | **ESG Stock**<br> **Fund for**<br> **Retirement**<br> **Plans** | <br>**Fixed Income**<br> **Fund for**<br> **Retirement**<br> **Plans** | **ESG Fixed<br> Income<br> Fund for<br> Retirement Plans** |
| **Investment Income** |  |  |  |  |
| Dividend income | $5392 | $5980 | $37353 | $38293 |
| Interest income | 81 | 78 | 68497 | 66670 |
| Foreign dividend taxes withheld | (486) | (619) |  |  |
| **Total investment income** | 4987 | 5439 | 105850 | 104963 |
| **Net investment income** | 4987 | 5439 | 105850 | 104963 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) on investment securities transactions | 35423 | 34623 | 230 | (4767) |
| Net realized gain on foreign currency translations | 202 | 193 |  |  |
| Net change in unrealized appreciation (depreciation) of investment securities and foreign currency translations | 4569 | 161 | (10689) | (5601) |
| **Net realized and change in unrealized gain (loss) on investments and foreign currency** | 40194 | 34977 | (10459) | (10368) |
| **Net increase in net assets resulting from operations** | $45181 | $40416 | $95391 | $94595 |

---

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

**FI Institutional Group Fund Family**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FI Institutional Group Stock<br> Fund for Retirement Plans** | **FI Institutional Group Stock<br> Fund for Retirement Plans** | **FI Institutional Group ESG<br> Stock Fund for Retirement Plans** | **FI Institutional Group ESG<br> Stock Fund for Retirement Plans** |
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4987 | $4148 | $5439 | $4560 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions and foreign currency translations | 35625 | 7347 | 34816 | 9327 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities and foreign currency translations | 4569 | 55621 | 161 | 54180 |
| **Net increase in net assets resulting from operations** | 45181 | 67116 | 40416 | 68067 |
| **Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (11375) | (12571) | (13735) | (13790) |
| **Total distributions** | (11375) | (12571) | (13735) | (13790) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 11375 | 12571 | 13735 | 13790 |
| **Net increase in net assets resulting from capital transactions** | 11375 | 12571 | 13735 | 13790 |
| **Total Increase in Net Assets** | 45181 | 67116 | 40416 | 68067 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 290475 | 223359 | 294130 | 226063 |
| &nbsp;&nbsp;&nbsp;End of year | $335656 | $290475 | $334546 | $294130 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 663 | 869 | 810 | 943 |
| **Net increase in shares outstanding** | 663 | 869 | 810 | 943 |

---

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

**FI Institutional Group Fund Family**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FI Institutional Group Fixed<br> Income Fund for Retirement Plans** | **FI Institutional Group Fixed<br> Income Fund for Retirement Plans** | **FI Institutional Group ESG<br> Fixed Income Fund for Retirement Plans** | **FI Institutional Group ESG<br> Fixed Income Fund for Retirement Plans** |
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $105850 | $103387 | $104963 | $102845 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities transactions and foreign currency translations | 230 | 201 | (4767) | (14314) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investment securities and foreign currency translations | (10689) | 132537 | (5601) | 139738 |
| **Net increase in net assets resulting from operations** | 95391 | 236125 | 94595 | 228269 |
| **Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (101936) | (102965) | (100293) | (102555) |
| **Total distributions** | (101936) | (102965) | (100293) | (102555) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 101936 | 102965 | 100293 | 102555 |
| **Net increase in net assets resulting from capital transactions** | 101936 | 102965 | 100293 | 102555 |
| **Total Increase in Net Assets** | 95391 | 236125 | 94595 | 228269 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 3047879 | 2811754 | 3020511 | 2792242 |
| &nbsp;&nbsp;&nbsp;End of year | $3143270 | $3047879 | $3115106 | $3020511 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 11867 | 11808 | 11786 | 11869 |
| **Net increase in shares outstanding** | 11867 | 11808 | 11786 | 11869 |

---

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

**FI Institutional Group Stock Fund for Retirement Plans**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $17.59 | $14.28 | $11.57 | $15.11 | $11.58 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.30 | 0.25 | 0.19 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.34 | 3.86 | 2.73 | (3.55) | 3.51 |
| Total from investment operations | 2.64 | 4.11 | 2.92 | (3.37) | 3.68 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.22) | (0.18) | (0.17) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.43) | (0.58) | (0.03) |  |  |
| Total distributions | (0.69) | (0.80) | (0.21) | (0.17) | (0.15) |
| Net asset value, end of year | $19.54 | $17.59 | $14.28 | $11.57 | $15.11 |
| **Total Return<sup>(a)</sup>** | 15.55% | 30.02% | 25.75% | (22.55)% | 32.06% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $336 | $290 | $223 | $178 | $229 |
| Ratio of net investment income to average net assets | 1.66% | 1.64% | 1.56% | 1.37% | 1.27% |
| Portfolio turnover rate | 25% | 9% | 25% | 11% | 1% |

---

(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.*

**FI Institutional Group ESG Stock Fund for Retirement Plans**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $17.77 | $14.48 | $11.56 | $14.98 | $11.58 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.32 | 0.28 | 0.20 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.01 | 3.90 | 2.91 | (3.45) | 3.40 |
| Total from investment operations | 2.33 | 4.18 | 3.11 | (3.26) | 3.56 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.25) | (0.19) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.55) | (0.64) |  |  |  |
| Total distributions | (0.83) | (0.89) | (0.19) | (0.16) | (0.16) |
| Net asset value, end of year | $19.27 | $17.77 | $14.48 | $11.56 | $14.98 |
| **Total Return<sup>(a)</sup>** | 13.75% | 30.13% | 27.34% | (22.03)% | 31.07% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $335 | $294 | $226 | $177 | $228 |
| Ratio of net investment income to average net assets | 1.80% | 1.78% | 1.56% | 1.37% | 1.23% |
| Portfolio turnover rate | 23% | 9% | 30% | 10% | 1% |

---

(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.*

**FI Institutional Group Fixed Income Fund for Retirement Plans**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $9.10 | $8.70 | $8.97 | $10.44 | $10.53 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.30 | 0.31 | 0.28 | 0.18 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.04) | 0.41 | (0.34) | (1.47) | 0.04 |
| Total from investment operations | 0.26 | 0.72 | (0.06) | (1.29) | 0.25 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.32) | (0.21) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | — <sup>(a)</sup> | (0.07) |
| Total distributions | (0.30) | (0.32) | (0.21) | (0.18) | (0.34) |
| Net asset value, end of year | $9.06 | $9.10 | $8.70 | $8.97 | $10.44 |
| **Total Return<sup>(b)</sup>** | 3.09% | 8.42% | (0.60)% | (12.54)% | 2.38% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $3143 | $3048 | $2812 | $2828 | $3236 |
| Ratio of net investment income to average net assets | 3.47% | 3.59% | 3.30% | 1.89% | 2.00% |
| Portfolio turnover rate | 14% | 28% | 14% | 32% | 46% |

---

(a) Rounds to less than $0.005 per share.

(b) 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.*

**FI Institutional Group ESG Fixed Income Fund for Retirement Plans**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $9.02 | $8.64 | $8.92 | $10.41 | $10.54 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.31 | 0.31 | 0.29 | 0.18 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.05) | 0.39 | (0.35) | (1.50) | — <sup>(a)</sup> |
| Total from investment operations | 0.26 | 0.70 | (0.06) | (1.32) | 0.21 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.32) | (0.22) | (0.17) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | — <sup>(a)</sup> | (0.07) |
| Total distributions | (0.30) | (0.32) | (0.22) | (0.17) | (0.34) |
| Net asset value, end of year | $8.98 | $9.02 | $8.64 | $8.92 | $10.41 |
| **Total Return<sup>(b)</sup>** | 3.06% | 8.23% | (0.69)% | (12.85)% | 2.02% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $3115 | $3021 | $2792 | $2812 | $3227 |
| Ratio of net investment income to average net assets | 3.48% | 3.60% | 3.31% | 1.88% | 1.99% |
| Portfolio turnover rate | 15% | 29% | 14% | 33% | 46% |

---

(a) Rounds to less than $0.005 per share.

(b) 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.*

**FI Institutional Group Fund Family**

**Notes to the Financial Statements**

*August 31, 2025*

**NOTE 1. ORGANIZATION**

FI Institutional Group Stock Fund for Retirement Plans (formerly known as Fisher Investments Institutional Group Stock Fund for Retirement Plans) (the "Stock Fund"), FI Institutional Group ESG Stock Fund for Retirement Plans (formerly known as Fisher Investments Institutional Group ESG Stock Fund for Retirement Plans) (the "ESG Stock Fund"), FI Institutional Group Fixed Income Fund for Retirement Plans (formerly known as Fisher Investments Institutional Group Fixed Income Fund for Retirement Plans) (the "Fixed Income Fund") and FI Institutional Group ESG Fixed Income Fund for Retirement Plans (formerly known as Fisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans) (the "ESG Fixed Income Fund") (each a "Fund" and collectively the "Funds") were each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of Unified Series Trust (the "Trust") on November 12, 2018. 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. Each Fund is one of a series of funds currently authorized by the Board. The Funds commenced operations on December 13, 2019. The investment adviser to the Funds is Fisher Asset Management, LLC, d/b/a Fisher Investments (the "Adviser"). The investment objective of the Stock Fund and ESG Stock Fund is to seek to outperform, net of fees and expenses, the return of the MSCI ACWI Investable Market Index. The investment objective of the Fixed Income Fund and ESG Fixed Income Fund is to seek to outperform, net of fees and expenses, the return of the ICE BofA U.S. Broad Market Index.

Each Fund operates as a single operating segment. The Funds' 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 Funds, 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").

**FI Institutional Group Fund Family**

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

*August 31, 2025*

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

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

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

**FI Institutional Group Fund Family**

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

*August 31, 2025*

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 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.

**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 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.

**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.

**FI Institutional Group Fund Family**

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

*August 31, 2025*

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

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

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

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

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

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser, as Valuation Designee, under the oversight of the Board's Pricing & Liquidity Committee. The Valuation Designee has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily 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

**FI Institutional Group Fund Family**

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

*August 31, 2025*

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.

With respect to foreign equity securities that are principally traded on a market outside the United States, the Board has approved the utilization of an independent fair value pricing service to evaluate the effect of market fluctuations on these securities after the close of trading in that foreign market. To the extent that securities are valued using this service, they will be classified as Level 2 securities.

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

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that a Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a

**FI Institutional Group Fund Family**

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

*August 31, 2025*

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $332126 | $797 | $— | $332923 |
| Money Market Funds | 2183 |  |  | 2183 |
| Total | $334309 | $797 | $— | $335106 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ESG Stock Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $329902 | $817 | $— | $330719 |
| Preferred Stocks | 1427 |  |  | 1427 |
| Money Market Funds | 1888 |  |  | 1888 |
| Total | $333217 | $817 | $— | $334034 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed Income Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds<sup>(a)</sup> | $— | $749945 | $— | $749945 |
| U.S. Government & Agencies |  | 1418827 |  | 1418827 |
| Exchange-Traded Funds | 948312 |  |  | 948312 |
| Money Market Funds | 15499 |  |  | 15499 |
| Total | $963811 | $2168772 | $— | $3132583 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ESG Fixed Income Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds<sup>(a)</sup> | $— | $749945 | $— | $749945 |
| U.S. Government & Agencies |  | 1367580 |  | 1367580 |
| Exchange-Traded Funds | 971616 |  |  | 971616 |
| Money Market Funds | 15321 |  |  | 15321 |
| Total | $986937 | $2117525 | $— | $3104462 |

---

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

**FI Institutional Group Fund Family**

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

*August 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**

The Adviser, under the terms of the management agreement with the Trust with respect to the Funds, manages the Funds' investments. The Adviser pays all of the operating expenses of the Funds except portfolio transaction and other investment related costs (including brokerage fees and commissions, and fees and expenses associated with investments in derivative instruments, such as option and swap fees and expenses), taxes, borrowing costs (such as interest and dividend expense on securities sold short), extraordinary expenses, and any indirect expenses (such as fees and expenses associated with investment in acquired funds and other collective investment vehicles). In this regard, it should be noted that most investment companies pay their own operating expenses directly, while the Funds' expenses, except those specified above, are paid by the Adviser. The Funds are available only to eligible retirement plans receiving the Adviser's managed account or other services. The Funds do not pay a management fee to the Adviser. Retirement plans, plan sponsors and/or plan participants pay a separate fee for the Adviser's services and also pay fees to record keepers and administrators.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Funds. The Adviser 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 Adviser, 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

**FI Institutional Group Fund Family**

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

*August 31, 2025*

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.

**NOTE 5. INVESTMENT TRANSACTIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock<br> Fund** | **ESG Stock<br> Fund** | **Fixed Income<br> Fund** | **ESG Fixed**<br> **Income Fund** |
| Purchases | $77675 | $73020 | $56118 | $56585 |
| Sales | 74060 | 69016 | 416488 | 391788 |
| U.S. Government Purchases |  |  | 532088 | 548601 |
| U.S. Government Sales |  |  |  | 42900 |

---

**NOTE 6. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of August 31, 2025, the Adviser owned 100% of outstanding shares of each of the Stock Fund, ESG Stock Fund, Fixed Income Fund and ESG Fixed Income Fund. As a result, the Adviser may be deemed to control each Fund.

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock<br> Fund** | **ESG Stock<br> Fund** | **Fixed Income<br> Fund** | **ESG Fixed**<br> **Income Fund** |
| Gross unrealized appreciation | $124572 | $122689 | $6728 | $6724 |
| Gross unrealized depreciation | (10357) | (12202) | (244957) | (242573) |
| Net unrealized appreciation (depreciation) on investments | 114215 | 110487 | (238229) | (235849) |
| Tax cost of investments | $220891 | $223547 | $3370812 | $3340311 |

---

**FI Institutional Group Fund Family**

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

*August 31, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock Fund** | **Stock Fund** | **ESG Stock Fund** | **ESG Stock Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $4310 | $3495 | $4704 | $3848 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 7066 | 9076 | 9031 | 9942 |
| Total distributions paid | $11376 | $12571 | $13735 | $13790 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fixed Income Fund** | **Fixed Income Fund** | **ESG Fixed Income Fund** | **ESG Fixed Income Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $101936 | $102965 | $100293 | $102555 |
| Total distributions paid | $101936 | $102965 | $100293 | $102555 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock<br> Fund** | **ESG Stock<br> Fund** | **Fixed Income<br> Fund** | **ESG Fixed<br> Income Fund** |
| Undistributed ordinary income | $3925 | $4481 | $68493 | $67916 |
| Undistributed long-term capital gains | 35422 | 34357 |  |  |
| Accumulated capital and other losses |  |  | (116279) | (142706) |
| Unrealized appreciation on investments | 114215 | 110487 | (238229) | (235849) |
| Total accumulated earnings | $153562 | $149325 | $(286015) | $(310639) |

---

The differences between book-basis and tax-basis of unrealized appreciation (depreciation) are primarily attributable to C Corporation return of capital basis adjustments, wash sales and PFIC adjustments.

As of August 31, 2025, the Fixed Income Fund had accumulated long-term capital loss carryforwards of $116,279 and ESG Fixed Income Fund had accumulated long-term capital loss carryforwards of $142,706. Capital loss carryforwards are not subject to expiration.

For the fiscal year ended August 31, 2025, the Fixed Income Fund utilized long-term capital loss carryforwards of $230.

**FI Institutional Group Fund Family**

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

*August 31, 2025*

**NOTE 8. 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 a Fund than would be the case if a 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 a 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 a Fund's portfolio will be adversely affected. As of August 31, 2025, Stock Fund and ESG Stock Fund had 26.28% and 28.74%, respectively, of the value of its net assets invested in stocks within the Financials sector.

**NOTE 9. COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the 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 10. SUBSEQUENT EVENTS**

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

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of FI Institutional Group Fund Family and

Board of Trustees of Unified Series Trust

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of FI Institutional Group Stock Fund for Retirement Plans (formerly known as Fisher Investments Institutional Group Stock Fund for Retirement Plans), FI Institutional Group ESG Stock Fund for Retirement Plans (formerly known as Fisher Investments Institutional Group ESG Stock Fund for Retirement Plans), FI Institutional Group Fixed Income Fund for Retirement Plans (formerly known as Fisher Investments Institutional Group Fixed Income Fund for Retirement Plans) and FI Institutional Group ESG Fixed Income Fund for Retirement Plans (formerly Fisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans) (the "Funds"), each a series of Unified Series Trust, as of August 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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 August 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 auditor of one or more investment companies advised by Fisher Asset Management, LLC since 2017.

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

![](fisher_001.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 29, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock<br> Fund** | **ESG Stock<br> Fund** | **Fixed Income<br> Fund** | **ESG Fixed<br> Income Fund** |
| **Qualified Dividend Income** | 88.05% | 84.38% | – % | – % |

---

**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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock<br> Fund** | **ESG Stock<br> Fund** | **Fixed Income<br> Fund** | **ESG Fixed<br> Income Fund** |
| **Qualified Business Income** |  |  |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock<br> Fund** | **ESG Stock<br> Fund** | **Fixed Income<br> Fund** | **ESG Fixed<br> Income Fund** |
| **Dividends Received Deduction** | 49.16% | 39.59% | – % | – % |

---

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock<br> Fund** | **ESG Stock<br> Fund** | **Fixed Income<br> Fund** | **ESG Fixed<br> Income Fund** |
| **Long-Term Capital Gains Distributions** | $7066 | $9031 | $– $|  |

---

**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 (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 (800) 851-8845 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![](oalc_001.jpg)

**OneAscent Large Cap Core ETF (OALC)**

**OneAscent Core Plus Bond ETF (OACP)**

**OneAscent International Equity ETF (OAIM) OneAscent Emerging Markets ETF (OAEM)**

**OneAscent Small Cap Core ETF (OASC)**

*NYSE Arca, Inc.*

**Annual Financial Statements**

**and Additional Information**

**August 31, 2025**

**OneAscent Investment Solutions, LLC**

**23 Inverness Center Parkway**

**Birmingham, Alabama 35242**

**Telephone: 1-800-222-8274**

**OneAscent Large Cap Core ETF**

**Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.36%** | **Shares** | **Fair<br> Value** |
| **Communications — 9.93%** |  |  |
| Alphabet, Inc., Class C | 15419 | $3292419 |
| Alphabet, Inc., Class A | 16972 | 3613508 |
| AT&T, Inc. | 39548 | 1158361 |
| Booking Holdings, Inc. | 178 | 996631 |
| Electronic Arts, Inc. | 2322 | 399268 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 2262 | 335477 |
| Interpublic Group of Cos., Inc. (The) | 13720 | 368245 |
| News Corp., Class A | 10684 | 314216 |
| Omnicom Group, Inc. | 6128 | 480006 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 9355 | 342674 |
| Roku, Inc.<sup>(a)</sup> | 3047 | 294218 |
| T-Mobile US, Inc. | 3432 | 864830 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 6047 | 330529 |
| VeriSign, Inc. | 1591 | 434932 |
| Verizon Communications, Inc. | 29666 | 1312127 |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 27520 | 320333 |
| Zillow Group, Inc., Class A<sup>(a)</sup> | 2797 | 227900 |
|  |  | 15085674 |
| **Consumer Discretionary — 12.63%** |  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 4524 | 590518 |
| Amazon.com, Inc.<sup>(a)</sup> | 27677 | 6338033 |
| AutoZone, Inc.<sup>(a)</sup> | 100 | 419853 |
| Axon Enterprise, Inc.<sup>(a)</sup> | 251 | 187570 |
| Best Buy Co., Inc. | 4807 | 353987 |
| BorgWarner, Inc. | 7957 | 340241 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 5815 | 245044 |
| Copart, Inc.<sup>(a)</sup> | 6676 | 325856 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 2203 | 263545 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 2428 | 595467 |
| eBay, Inc. | 3136 | 284153 |
| Expedia Group, Inc. | 2295 | 492966 |
| Ford Motor Co. | 39889 | 469494 |
| General Motors Co. | 10109 | 592286 |
| Gentex Corp. | 18238 | 510846 |
| Hilton Worldwide Holdings, Inc. | 764 | 210910 |
| Home Depot, Inc. (The) | 4412 | 1794669 |
| Lear Corp. | 4068 | 447480 |
| Lennar Corp., Class A | 1523 | 202772 |
| Lowe's Cos., Inc. | 3273 | 844630 |
| Marriott International, Inc., Class A | 1439 | 385450 |
| McDonald's Corp. | 2877 | 902055 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 5038 | 522340 |
| RH<sup>(a)</sup> | 907 | 204683 |
| Rivian Automotive, Inc., Class A<sup>(a)</sup> | 13817 | 187497 |
| Ross Stores, Inc. | 2551 | 375405 |
| Royal Caribbean Cruises Ltd. | 1016 | 369032 |

---

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.36% - continued** | **Shares** | **Fair<br> Value** |
| **Consumer Discretionary — 12.63% - continued** |  |  |
| Tractor Supply Co. | 4072 | $251487 |
| Williams-Sonoma, Inc. | 1311 | 246717 |
| Yum! Brands, Inc. | 1488 | 218691 |
|  |  | 19173677 |
| **Consumer Staples — 4.89%** |  |  |
| Coca-Cola Co. (The) | 20151 | 1390217 |
| Hershey Co. (The) | 1328 | 244020 |
| Keurig Dr Pepper, Inc. | 7754 | 225564 |
| Kroger Co. (The) | 3205 | 217427 |
| Mondelez International, Inc., Class A | 6804 | 418038 |
| PepsiCo, Inc. | 9705 | 1442648 |
| Procter & Gamble Co. (The) | 8513 | 1336882 |
| Sysco Corp. | 2822 | 227086 |
| Wal-Mart Stores, Inc. | 19929 | 1932715 |
|  |  | 7434597 |
| **Energy — 2.43%** |  |  |
| Chevron Corp. | 5907 | 948664 |
| ConocoPhillips | 4558 | 451105 |
| EOG Resources, Inc. | 1736 | 216688 |
| Exxon Mobil Corp. | 14233 | 1626689 |
| Schlumberger Ltd. | 5802 | 213746 |
| Williams Cos., Inc. (The) | 3976 | 230131 |
|  |  | 3687023 |
| **Financials — 11.35%** |  |  |
| American Express Co. | 2291 | 758962 |
| Ameriprise Financial, Inc. | 463 | 238357 |
| Aon PLC, Class A | 1022 | 375074 |
| Apollo Global Management, Inc., Class A | 3084 | 420133 |
| Arthur J. Gallagher & Co. | 664 | 201026 |
| Bank of America Corp. | 26926 | 1366225 |
| Bank of New York Mellon Corp. (The) | 2939 | 310358 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 5772 | 2903200 |
| Blackstone Group L.P. (The), Class A | 4661 | 798895 |
| Capital One Financial Corp. | 1654 | 375822 |
| Charles Schwab Corp. (The) | 6453 | 618456 |
| Chubb Ltd. | 1039 | 285798 |
| CME Group, Inc. | 1428 | 380576 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 850 | 258859 |
| Interactive Brokers Group, Inc., Class A | 5516 | 343316 |
| Intercontinental Exchange, Inc. | 2175 | 384105 |
| JPMorgan Chase & Co. | 9460 | 2851434 |
| Marsh & McLennan Cos., Inc. | 2639 | 543133 |
| Morgan Stanley | 7264 | 1093087 |
| Nasdaq, Inc. | 3108 | 294452 |
| Otis Worldwide Corp. | 3635 | 313991 |
| PayPal Holdings, Inc.<sup>(a)</sup> | 4444 | 311924 |
| PNC Financial Services Group, Inc. (The) | 1308 | 271332 |

---

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.36% - continued** | **Shares** | **Fair<br> Value** |
| **Financials — 11.35% - continued** |  |  |
| Progressive Corp. (The) | 2111 | $521544 |
| T. Rowe Price Group, Inc. | 4388 | 472237 |
| Truist Financial Corp. | 4790 | 224268 |
| U.S. Bancorp | 6599 | 322228 |
|  |  | 17238792 |
| **Health Care — 7.01%** |  |  |
| Abbott Laboratories | 6799 | 901955 |
| Agilent Technologies, Inc. | 2180 | 273939 |
| Amgen, Inc. | 1479 | 425523 |
| Boston Scientific Corp.<sup>(a)</sup> | 6472 | 682796 |
| Bristol-Myers Squibb Co. | 8369 | 394849 |
| Cigna Corp. | 1115 | 335470 |
| DexCom, Inc.<sup>(a)</sup> | 2141 | 161303 |
| Edwards LifeSciences Corp.<sup>(a)</sup> | 3546 | 288432 |
| Elevance Health, Inc. | 1210 | 385566 |
| Eli Lilly & Co. | 2576 | 1887127 |
| Gilead Sciences, Inc. | 3686 | 416407 |
| Humana, Inc. | 713 | 216510 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 696 | 450375 |
| Merck & Co., Inc. | 13111 | 1102897 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 225 | 292734 |
| Regeneron Pharmaceuticals, Inc. | 575 | 333903 |
| ResMed, Inc. | 924 | 253647 |
| Stryker Corp. | 1851 | 724499 |
| Teleflex, Inc. | 1733 | 219069 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 673 | 263156 |
| Waters Corp.<sup>(a)</sup> | 559 | 168706 |
| Zoetis, Inc., Class A | 2986 | 467011 |
|  |  | 10645874 |
| **Industrials — 7.81%** |  |  |
| 3M Co. | 1810 | 281509 |
| Amphenol Corp., Class A | 7039 | 766266 |
| Carrier Global Corp. | 3941 | 256953 |
| Caterpillar, Inc. | 2018 | 845622 |
| Cintas Corp. | 1695 | 356001 |
| CSX Corp. | 6958 | 226205 |
| Cummins, Inc. | 674 | 268549 |
| Deere & Co. | 1243 | 594950 |
| Eaton Corp. plc | 1962 | 685013 |
| Expeditors International of Washington, Inc. | 1743 | 210101 |
| FedEx Corp. | 961 | 222058 |
| GE Vernova, LLC | 1006 | 616648 |
| General Electric Co. | 3521 | 968980 |
| Honeywell International, Inc. | 2824 | 619868 |
| Howmet Aerospace, Inc. | 1021 | 177756 |
| Illinois Tool Works, Inc. | 1308 | 346162 |
| Johnson Controls International plc | 3805 | 406716 |

---

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.36% - continued** | **Shares** | **Fair<br> Value** |
| **Industrials — 7.81% - continued** |  |  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 1568 | $256258 |
| Lockheed Martin Corp., Class B | 656 | 298893 |
| Norfolk Southern Corp. | 994 | 278300 |
| Old Dominion Freight Line, Inc. | 1648 | 248799 |
| Parker-Hannifin Corp. | 492 | 373600 |
| RTX Corp. | 4617 | 732256 |
| Transdigm Group, Inc. | 212 | 296563 |
| Union Pacific Corp. | 3108 | 694855 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 3785 | 397425 |
| United Parcel Service, Inc., Class B | 5009 | 437987 |
|  |  | 11864293 |
| **Materials — 1.41%** |  |  |
| Air Products & Chemicals, Inc. | 742 | 218230 |
| Ecolab, Inc. | 1186 | 328569 |
| Linde plc | 2163 | 1034541 |
| Newmont Corp. | 2965 | 220596 |
| Sherwin-Williams Co. (The) | 937 | 342783 |
|  |  | 2144719 |
| **Real Estate — 0.97%** |  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 4022 | 652046 |
| Crown Castle International Corp. | 4625 | 458523 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1186 | 362406 |
|  |  | 1472975 |
| **Technology — 38.71%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 2552 | 910298 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 5826 | 947482 |
| Analog Devices, Inc. | 2952 | 741867 |
| Applied Materials, Inc. | 3645 | 585970 |
| Arista Networks, Inc.<sup>(a)</sup> | 8756 | 1195632 |
| Autodesk, Inc.<sup>(a)</sup> | 1107 | 348373 |
| Automatic Data Processing, Inc. | 1750 | 532088 |
| Broadcom, Inc. | 13685 | 4069782 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1238 | 433832 |
| Ciena Corp.<sup>(a)</sup> | 5730 | 538448 |
| Cisco Systems, Inc. | 31680 | 2188771 |
| Corning, Inc. | 16415 | 1100297 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1020 | 432174 |
| Dell Technologies, Inc., Class C | 2852 | 348372 |
| F5, Inc.<sup>(a)</sup> | 2361 | 739324 |
| Fiserv, Inc.<sup>(a)</sup> | 2580 | 356504 |
| Fortinet, Inc.<sup>(a)</sup> | 2894 | 227960 |
| HP, Inc. | 12242 | 349387 |
| Intel Corp. | 17892 | 435670 |
| InterDigital, Inc. | 980 | 266276 |
| International Business Machines Corp. | 3290 | 801082 |
| Intuit, Inc. | 1189 | 793063 |
| KLA Corp. | 742 | 647024 |

---

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.36% - continued** | **Shares** | **Fair<br> Value** |
| **Technology — 38.71% - continued** |  |  |
| Lam Research Corp. | 6642 | $665196 |
| MasterCard, Inc., Class A | 3066 | 1825159 |
| Microchip Technology, Inc. | 6173 | 401245 |
| Micron Technology, Inc. | 4653 | 553754 |
| Microsoft Corp. | 21345 | 10815299 |
| Monolithic Power Systems, Inc. | 363 | 303381 |
| Moody's Corp. | 1005 | 512309 |
| Motorola Solutions, Inc. | 2241 | 1058783 |
| MSCI, Inc. | 485 | 275344 |
| NetApp, Inc. | 2322 | 261898 |
| NVIDIA Corp. | 67978 | 11840409 |
| Oracle Corp. | 6080 | 1374870 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 6544 | 1025510 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 2549 | 485635 |
| Qualcomm, Inc. | 4519 | 726339 |
| Roper Technologies, Inc. | 329 | 173156 |
| S&P Global, Inc. | 1508 | 827048 |
| Seagate Technology PLC | 2431 | 406949 |
| ServiceNow, Inc.<sup>(a)</sup> | 856 | 785346 |
| Synopsys, Inc.<sup>(a)</sup> | 781 | 471349 |
| Texas Instruments, Inc. | 4729 | 957528 |
| Uber Technologies, Inc.<sup>(a)</sup> | 9289 | 870844 |
| Ubiquiti, Inc. | 789 | 416695 |
| Visa, Inc., Class A | 6149 | 2163095 |
| Workday, Inc., Class A<sup>(a)</sup> | 1447 | 333997 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 835 | 264770 |
|  |  | 58785584 |
| **Utilities — 2.22%** |  |  |
| American Water Works Co., Inc. | 1273 | 182688 |
| Constellation Energy Corp. | 1590 | 489688 |
| Dominion Energy, Inc. | 3621 | 216898 |
| Duke Energy Corp. | 3462 | 424060 |
| Edison International | 5462 | 306582 |
| NextEra Energy, Inc. | 9585 | 690600 |
| Public Service Enterprise Group, Inc. | 2369 | 195040 |
| Southern Co. (The) | 5777 | 533217 |
| Vistra Energy Corp. | 1785 | 337561 |
|  |  | 3376334 |
| **Total Common Stocks/Investments — 99.36% (Cost $122,973,586)** |  | 150909542 |
| **Other Assets in Excess of Liabilities — 0.64%** |  | 975450 |
| **NET ASSETS — 100.00%** |  | $151884992 |

---

(a) Non-income producing security.

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **ASSET BACKED SECURITIES — 10.36%** | **Principal<br> Amount** | **Fair<br> Value** |
| Aurora (Sunnova) I Issuer, LLC, Series 2023-B, Class C, 6.00%, 8/22/2050<sup>(a)</sup> | $774059 | $570268 |
| Centersquare Issuer, LLC, Series 2025-1A, Class A2, 5.50%, 3/26/2055<sup>(a)</sup> | 1050000 | 1049942 |
| Century Plaza Towers, Series 2019-CPT, Class B, 3.10%, 11/13/2039<sup>(a)</sup> | 740000 | 672522 |
| CHI Commercial Mortgage Trust, Series 2025-SFT, Class XA, 0.31%, 4/15/2042<sup>(a)</sup> | 3925000 | 38852 |
| CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, 5.67%, 4/15/2042<sup>(a)</sup> | 1000000 | 1025258 |
| COMM Mortgage Trust, Series 2022-HC, Class B, 3.17%, 1/10/2039<sup>(a)</sup> | 1000000 | 950496 |
| COMM Mortgage Trust, Series 2025-167G, Class A, 5.50%, 8/10/2040<sup>(a)</sup> | 275000 | 276988 |
| Frontier Issuer, LLC, Series 2023-1, Class C, 11.50%, 8/20/2053<sup>(a)</sup> | 1000000 | 1048754 |
| Frontier Issuer, LLC, Series 2024-1, Class C, 11.16%, 6/20/2054<sup>(a)</sup> | 1000000 | 1127940 |
| GoodLeap Sustainable Home Solutions Trust, Series 2022-3CS, Class B, 5.52%, 2/22/2055<sup>(a)</sup> | 899621 | 850966 |
| Hertz Vehicle Financing, LLC, Series 2023-2A, Class C, 7.13%, 9/25/2029<sup>(a)</sup> | 900000 | 934558 |
| Mosaic Solar Loan Trust, Series 2022-3A, Class A, 6.16%, 6/20/2053<sup>(a)</sup> | 721114 | 725847 |
| Mosaic Solar Loan Trust, Series 2023-2A, Class C, 8.18%, 9/22/2053<sup>(a)</sup> | 500000 | 341561 |
| Mosaic Solar Loan Trust 2024-1, Series 2024-1A, Class D, 10.00%, 9/20/2049<sup>(a)</sup> | 500000 | 158341 |
| Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 5.94%, 7/15/2036 (TSFR1M + 1.500bps)<sup>(a)(b)</sup> | 848857 | 814619 |
| NYC Commercial Mortgage Trust, Series 2025-300P, Class D, 6.16%, 7/13/2042<sup>(a)</sup> | 450000 | 454932 |
| One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/2054<sup>(a)</sup> | 1000000 | 920749 |
| One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, 2/10/2032<sup>(a)</sup> | 365224 | 350089 |
| STWD Mortgage Trust, Series 2021-LIH, Class B, 6.13%, 11/15/2036 (US0001M + 1.656bps)<sup>(a)(b)</sup> | 1100000 | 1097886 |
| Sunrun Jupiter Issuer, LLC, Series 2022-1A, Class A, 4.75%, 7/30/2057<sup>(a)</sup> | 893917 | 850777 |
| Switch ABS Issuer, Series 2025-1A, Class A2, 5.04%, 3/25/2055<sup>(a)</sup> | 1000000 | 991504 |
| Tesla Auto Lease Trust, Series 2024-B, Class A2A, 4.79%, 1/20/2027<sup>(a)</sup> | 133297 | 133411 |
| Tesla Auto Lease Trust, Series 2024-A, Class A3, 5.30%, 6/21/2027<sup>(a)</sup> | 1084521 | 1087729 |
| Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, 6/20/2028<sup>(a)</sup> | 750000 | 757069 |
| Vivint Solar Financing V, LLC, Series 2018-1A, Class B, 7.37%, 4/30/2048<sup>(a)</sup> | 314669 | 302057 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-SVEN, Class X, 0.16%, 6/10/2037<sup>(a)</sup> | 300000000 | 771360 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-609M, Class A, 5.89%, 8/15/2042 (TSFR1M + 1.542bps)<sup>(a)(b)</sup> | 750000 | 750315 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-609M, Class B, 6.19%, 8/15/2042 (TSFR1M + 1.842bps)<sup>(a)(b)</sup> | 150000 | 150017 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-609M, Class C, 6.69%, 8/15/2042 (TSFR1M + 2.341bps)<sup>(a)(b)</sup> | 100000 | 100058 |
| **Total Asset Backed Securities (Cost $19,553,877)** |  | 19304865 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.06%** | **Principal<br> Amount** | **Fair<br> Value** |
| Freddie Mac Multiclass Certificates, Series 2022-P013, Class A2, 2.76%, 2/25/2032 | $1000000 | $902945 |
| Freddie Mac Multiclass Certificates, Series 2024-P016, Class A2, 4.77%, 9/25/2033 | 1000000 | 1011143 |
| Government National Mortgage Association, Series 2023-111, Class ZA, 3.00%, 2/20/2052 | 106176 | 69347 |
| **Total Collateralized Mortgage Obligations (Cost $2,008,787)** |  | 1983435 |
| **CORPORATE BONDS — 46.16%** |  |  |
| **Communications — 0.58%** |  |  |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 1/24/2032<sup>(a)</sup> | 1025000 | 1073067 |
| **Consumer Discretionary — 2.29%** |  |  |
| Air Canada, Series 2020-2, Class A, 5.25%, 4/1/2029<sup>(a)</sup> | 472032 | 477687 |
| Amazon Conservation DAC, 6.03%, 1/16/2042<sup>(a)</sup> | 400000 | 407272 |
| Conservation Fund, Series 2019, 3.47%, 12/15/2029 | 1000000 | 943485 |
| NHP Foundation (The), 6.00%, 12/1/2033 | 500000 | 538659 |
| Trustees of Dartmouth College, 4.27%, 6/1/2030 | 1000000 | 1008948 |
| Walmart, Inc., 1.80%, 9/22/2031 | 1000000 | 882295 |
|  |  | 4258346 |
| **Consumer Staples — 0.90%** |  |  |
| PepsiCo, Inc., 3.90%, 7/18/2032 | 1100000 | 1069482 |
| Unilever Capital Corp., 2.63%, 8/12/2051 | 1000000 | 605751 |
|  |  | 1675233 |
| **Energy — 4.50%** |  |  |
| BP Capital Markets America, Inc., 2.77%, 11/10/2050 | 1000000 | 604208 |
| Cheniere Energy Partners, L.P., 4.00%, 3/1/2031 | 1000000 | 963673 |
| ConocoPhillips Co., 5.05%, 9/15/2033 | 500000 | 510591 |
| Continental Wind, LLC, 6.00%, 2/28/2033<sup>(a)</sup> | 955047 | 976435 |
| Diamondback Energy, Inc., 5.55%, 4/1/2035 | 650000 | 657379 |
| Equinor ASA, 3.95%, 5/15/2043 | 1000000 | 841174 |
| Occidental Petroleum Corp., 6.05%, 10/1/2054 | 400000 | 372248 |
| Raizen Fuels Finance S.A., 6.45%, 3/5/2034<sup>(a)</sup> | 575000 | 561345 |
| Raizen Fuels Finance S.A., 6.95%, 3/5/2054<sup>(a)</sup> | 1075000 | 993232 |
| TotalEnergies Capital SA, 5.49%, 4/5/2054 | 825000 | 786218 |
| TotalEnergies Capital SA, 5.43%, 9/10/2064 | 1200000 | 1110535 |
|  |  | 8377038 |
| **Financials — 17.85%** |  |  |
| 200 Park Funding Trust, 5.74%, 2/15/2055<sup>(a)</sup> | 975000 | 956960 |
| Ameriprise Financial, Inc., 5.20%, 4/15/2035 | 1050000 | 1062357 |
| Bank of Montreal, 6.88%, Perpetual (H15T5Y + 2.976bps)<sup>(b)</sup> | 1000000 | 1008448 |
| BB Blue Financing DAC, Series A2, 4.40%, 9/20/2029 | 1000000 | 982967 |
| BB Blue Financing DAC, Series A1, 4.40%, 9/20/2037 | 1000000 | 980353 |
| BNP Paribas S.A., 7.45%, Perpetual (H15T5Y + 3.134bps)<sup>(a)(b)</sup> | 500000 | 510312 |
| Canadian Imperial Bank of Commerce, 7.00%, 10/28/2085 (H15T5Y + 3.000bps)<sup>(b)</sup> | 1075000 | 1098511 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 46.16% - continued** | **Principal<br> Amount** | **Fair<br> Value** |
| **Financials — 17.85% - continued** |  |  |
| Clearinghouse Community Development Financial Institution, 7.00%, 10/15/2030<sup>(a)</sup> | $1000000 | $1014750 |
| Consumers 2023 Securitization Funding, LLC, 5.55%, 3/1/2028 | 602679 | 607722 |
| Credit Agricole Corp. & Investment Bank S.A., 4.57%, 8/25/2030 | 1000000 | 1000000 |
| Export Development Canada, 4.13%, 2/13/2029 | 1000000 | 1015676 |
| Export Development Canada, 4.75%, 6/5/2034 | 1000000 | 1040749 |
| GPS Blue Financing DAC, 5.65%, 11/9/2041<sup>(a)</sup> | 1000000 | 991300 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 7/1/2034 | 1000000 | 992044 |
| HA Sustainable Infrastructure Capital, Inc., 6.75%, 7/15/2035 | 1025000 | 1035806 |
| International Bank for Reconstruction & Development, 1.75%, 7/31/2033 | 1000000 | 1018262 |
| Intesa Sanpaolo S.p.A., MTN, 7.70%, Perpetual (USSW5 + 5.462bps)<sup>(a)(b)</sup> | 1000000 | 1001538 |
| JPMorgan Chase & Co., 5.77%, 4/22/2035 (SOFR + 1.490bps)<sup>(b)</sup> | 500000 | 528056 |
| JPMorgan Chase & Co., 5.58%, 7/23/2036 (SOFR + 1.635bps)<sup>(b)</sup> | 825000 | 843669 |
| KFW, 4.38%, 2/28/2034 | 1000000 | 1017133 |
| Lloyds Banking Group plc, 7.67%, 6/13/2036 (H15T1Y + 1.600bps)<sup>(b)</sup> | 725000 | 749847 |
| M&T Bank Corp., 5.76%, 1/16/2029 (SOFR + 0.930bps)<sup>(b)</sup> | 1000000 | 1011314 |
| Morgan Stanley Private Bank, 4.73%, 7/18/2031 (SOFR + 1.080bps)<sup>(b)</sup> | 1125000 | 1140807 |
| Muenchener Rueckversicherungs-Gesellschaft A.G., 5.88%, 5/23/2042 (H15T5Y + 3.982bps)<sup>(a)(b)</sup> | 1000000 | 1034710 |
| NatWest Group plc, 8.13%, Perpetual (H15T5Y + 3.752bps)<sup>(b)</sup> | 1000000 | 1109735 |
| Omnis Funding Trust, 6.72%, 5/15/2055<sup>(a)</sup> | 1025000 | 1060465 |
| Private Export Funding Corp., 4.60%, 2/15/2034 | 1000000 | 1005170 |
| Province of Quebec Canada, 1.90%, 4/21/2031 | 1000000 | 895664 |
| Starwood Property Trust, Inc., 6.50%, 10/15/2030<sup>(a)</sup> | 803000 | 830919 |
| UBS Group A.G., 6.30%, Perpetual (H15T1Y + 2.000bps)<sup>(a)(b)</sup> | 1000000 | 1083073 |
| UBS Group A.G., 9.25%, Perpetual (H15T5Y + 4.745bps)<sup>(a)(b)</sup> | 625000 | 686544 |
| UBS Group A.G., 10.30%, Perpetual (USISSO05 + 3.296bps)<sup>(a)(b)</sup> | 325000 | 328453 |
| WLB Asset VI Pte Ltd., 7.25%, 12/21/2027<sup>(a)</sup> | 1000000 | 1046524 |
| WLB Asset VII Pte Ltd., 5.88%, 7/30/2029<sup>(a)</sup> | 500000 | 510684 |
| Wynnton Funding Trust II, 5.99%, 8/15/2055<sup>(a)</sup> | 1075000 | 1070235 |
| Zions Bancorp NA, 4.70%, 8/18/2028 (SOFR + 1.155bps)<sup>(b)</sup> | 1000000 | 1003827 |
|  |  | 33274584 |
| **Health Care — 0.07%** |  |  |
| Eli Lilly & Co., 5.55%, 10/15/2055 | 125000 | 124385 |
| **Industrials — 2.62%** |  |  |
| Capital Impact Partners, 5.34%, 8/1/2030 | 1000000 | 1016550 |
| Delta Air Lines Pass Through Trust, Series 2020-1, Class A, 2.50%, 6/10/2028 | 1079965 | 1026188 |
| Siemens Funding B.V., 5.20%, 5/28/2035<sup>(a)</sup> | 1325000 | 1365958 |
| Tote Shipholdings, LLC, 3.40%, 10/16/2040 | 881000 | 781038 |
| Vessel Management Services, Inc., 3.48%, 1/16/2037 | 764000 | 685052 |
|  |  | 4874786 |
| **Insurance — 0.49%** |  |  |
| USAA Capital Corp., 2.13%, 5/1/2030<sup>(a)</sup> | 1000000 | 916150 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 46.16% - continued** | **Principal<br> Amount** | **Fair<br> Value** |
| **Materials — 1.55%** |  |  |
| Alcoa Nederland Holding B.V., 7.13%, 3/15/2031<sup>(a)</sup> | $1030000 | $1087130 |
| Dow Chemical Co. (The), 5.60%, 2/15/2054 | 1000000 | 891231 |
| FMG Resources (August 2006) Pty Ltd., 6.13%, 4/15/2032<sup>(a)</sup> | 500000 | 513356 |
| LD Celulose International GmbH, 7.95%, 1/26/2032<sup>(a)</sup> | 375000 | 394322 |
|  |  | 2886039 |
| **Multi-Nationals — 4.35%** |  |  |
| African Development Bank, 5.75%, Perpetual (H15T5Y + 1.575bps)<sup>(b)</sup> | 1000000 | 1001670 |
| Arab Petroleum Investments Corp., 5.43%, 5/2/2029<sup>(a)</sup> | 1000000 | 1036069 |
| Dominican Republic International Bond, 6.60%, 6/1/2036<sup>(a)</sup> | 300000 | 309639 |
| European Investment Bank, 0.75%, 9/23/2030 | 1000000 | 864203 |
| Inter-American Development Bank, GMTN, 3.50%, 4/12/2033 | 1000000 | 961917 |
| International Bank for Reconstruction & Development, EMTN, 0.00%, 3/31/2028 | 500000 | 491821 |
| International Development Association, 4.38%, 11/27/2029<sup>(a)</sup> | 850000 | 871228 |
| International Finance Facility for Immunisation Co., MTN, 1.00%, 4/21/2026 | 1000000 | 980754 |
| OPEC Fund for International Development (The), 4.50%, 1/26/2026<sup>(a)</sup> | 1000000 | 1000531 |
| Serbia International Bond, 6.00%, 6/12/2034<sup>(a)</sup> | 575000 | 590223 |
|  |  | 8108055 |
| **Real Estate — 2.02%** |  |  |
| American Homes 4 Rent, 5.50%, 2/1/2034 | 1000000 | 1027261 |
| Bridge Housing Corp., 3.25%, 7/15/2030 | 750000 | 702758 |
| HAT Holdings I, LLC/HAT Holdings II, LLC, 3.38%, 6/15/2026<sup>(a)</sup> | 215000 | 212209 |
| National Community Renaissance of California, 3.27%, 12/1/2032 | 1000000 | 876090 |
| Preservation of Affordable Housing, Inc., 4.48%, 12/1/2032 | 1000000 | 937965 |
|  |  | 3756283 |
| **Technology — 0.53%** |  |  |
| Apple, Inc., 3.00%, 6/20/2027 | 1000000 | 987934 |
| **Utilities — 8.41%** |  |  |
| AES Corp. (The), 2.45%, 1/15/2031 | 2080000 | 1863731 |
| California Buyer Ltd., 6.38%, 2/15/2032<sup>(a)</sup> | 450000 | 456715 |
| Comision Federal de Electricidad, 6.45%, 1/24/2035<sup>(a)</sup> | 1125000 | 1133158 |
| Duke Energy Carolinas, LLC, 3.55%, 3/15/2052 | 1000000 | 712041 |
| Liberty Utilities, 2.05%, 9/15/2030<sup>(a)</sup> | 1000000 | 890634 |
| MidAmerican Energy Co., 5.30%, 2/1/2055 | 1050000 | 991059 |
| New York State Electric & Gas Corp., 2.15%, 10/1/2031<sup>(a)</sup> | 1000000 | 867025 |
| New York State Electric & Gas Corp., 5.05%, 8/15/2035<sup>(a)</sup> | 925000 | 918174 |
| NextEra Energy Operating Partners, L.P., 7.25%, 1/15/2029<sup>(a)</sup> | 1016000 | 1038387 |
| Pacific Gas and Electric Co., 6.70%, 4/1/2053 | 1000000 | 1035130 |
| PG&E Recovery Funding, LLC, 4.84%, 6/1/2033 | 918668 | 929533 |
| Public Service Co. of Colorado, 5.75%, 5/15/2054 | 1100000 | 1086691 |
| San Diego Gas & Electric Co., 2.95%, 8/15/2051 | 1000000 | 628017 |
| Southern California Edison Co., 5.20%, 6/1/2034 | 575000 | 572201 |
| Southern California Edison Co., 3.65%, 6/1/2051 | 1000000 | 681755 |
| Topaz Solar Farms, LLC, 5.75%, 9/30/2039<sup>(a)</sup> | 866984 | 875554 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 46.16% - continued** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities — 8.41% - continued** |  |  |
| Vistra Corp., 7.00%, Perpetual (H15T5Y + 5.740bps)<sup>(a)(b)</sup> | $1000000 | $1014972 |
|  |  | 15694777 |
| **Total Corporate Bonds (Cost $86,475,999)** |  | 86006677 |
| **FOREIGN GOVERNMENT BONDS — 1.11%** |  |  |
| Canada Government International Bond, 4.00%, 3/18/2030 | 1000000 | 1013261 |
| Colombia Government International Bond, 8.75%, 11/14/2053 | 1000000 | 1059690 |
| **Total Foreign Government Bonds (Cost $1,976,463)** |  | 2072951 |
| **MUNICIPAL BONDS — 8.21%** |  |  |
| **California — 1.25%** |  |  |
| City & County of San Francisco CA*,* 5.45 *%,* 6/15/2064 | 500000 | 468337 |
| Freddie Mac Multifamily ML Certificates, Revenue*,* 1.51 *%,* 9/25/2037 | 4811680 | 502532 |
| San Diego Unified School District/CA, Revenue*,* 3.97 *%,* 7/1/2029 | 350000 | 351984 |
| San Francisco City & County Public Utilities, Revenue*,* 4.66 *%,* 10/1/2027 | 1000000 | 1016395 |
|  |  | 2339248 |
| **Indiana** — **0.00%<sup>(c)</sup>** |  |  |
| Fort Wayne, Solid Waste Facility, Revenue, Series 2022A-2*,* 10.75 *%,* 12/1/2029<sup>(d)</sup> | 234358 | 23 |
| **Iowa — 0.23%** |  |  |
| Iowa Finance Authority, Revenue*,* 7.00 *%,* 11/1/2027<sup>(a)</sup> | 415000 | 420836 |
| **Maryland — 1.05%** |  |  |
| Maryland Economic Development Corp., Revenue*,* 5.43 *%,* 5/31/2056 | 750000 | 709262 |
| Maryland Economic Development Corp., Revenue*,* 5.94 *%,* 5/31/2057 | 1250000 | 1249026 |
|  |  | 1958288 |
| **Minnesota — 0.80%** |  |  |
| Minnesota Housing Finance Agency, Revenue*,* 5.90 *%,* 8/1/2049 | 750000 | 746721 |
| Minnesota Housing Finance Agency, Revenue*,* 5.95 *%,* 8/1/2054 | 750000 | 748309 |
|  |  | 1495030 |
| **Montana — 0.55%** |  |  |
| Gallatin County Industrial Development, Revenue, Series B*,* 11.50 *%,* 9/1/2027 | 1000000 | 1030445 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS — 8.21% - continued** | **Principal<br> Amount** | **Fair<br> Value** |
| **New Hampshire — 0.85%** |  |  |
| New Hampshire Business Finance Authority*,* 5.69 *%,* 11/1/2045 | $750000 | $723891 |
| New Hampshire Business Finance Authority, Revenue*,* 4.52 *%,* 7/1/2033 | 850000 | 850000 |
|  |  | 1573891 |
| **New York — 1.45%** |  |  |
| City of New York NY*,* 5.09 *%,* 10/1/2049 | 1000000 | 944504 |
| New York State Energy Research & Development*,* 6.22 *%,* 4/1/2040 | 600000 | 608675 |
| New York State Energy Research & Development Authority, Revenue, Series A*,* 4.87 *%,* 4/1/2037 | 788000 | 725164 |
| United Nations Development Corp., Revenue*,* 6.54 *%,* 8/1/2055 | 400000 | 415601 |
|  |  | 2693944 |
| **Ohio — 0.27%** |  |  |
| Columbus Metropolitan Housing Authority, Revenue*,* 5.05 *%,* 4/1/2030 | 500000 | 503744 |
| **Oregon — 0.41%** |  |  |
| State of Oregon*,* 5.83 *%,* 5/1/2045 | 750000 | 770524 |
| **Pennsylvania — 0.81%** |  |  |
| Chester Upland School District*,* 5.33 *%,* 12/30/2025<sup>(a)</sup> | 1000000 | 1000000 |
| Redevelopment Authority of the City of Philadelphia, Revenue*,* 5.23 *%,* 9/1/2040 | 500000 | 491391 |
|  |  | 1491391 |
| **Wisconsin — 0.54%** |  |  |
| Public Finance Authority*,* 6.25 *%,* 6/1/2031<sup>(a)</sup> | 500000 | 505994 |
| Public Finance Authority, Revenue*,* 5.29 *%,* 7/1/2029 | 500000 | 512005 |
|  |  | 1017999 |
| **Total Municipal Bonds (Cost $15,539,986)** |  | 15295363 |
| **TERM LOANS — 1.60%** |  |  |
| **Utilities — 1.08%** |  |  |
| Constellation Renewables, LLC, 6.59%, 12/15/2027 (TSFR3M + 225.000bps)<sup>(b)</sup> | 813909 | 814417 |
| TerraForm Power Operating, LLC, 6.34%, 5/30/2029 (TSFR3M + 200.000bps)<sup>(b)</sup> | 646750 | 647154 |
| Vistra Operations Co., LLC, 6.34%, 4/30/2031 (TSFR1M + 200.000bps)<sup>(b)</sup> | 548250 | 546194 |
|  |  | 2007765 |
| **Industrials — 0.52%** |  |  |
| LTR Intermediate Holdings, Inc., 8.82%, 5/7/2028 (TSFR1M + 450.000bps)<sup>(b)</sup> | 969773 | 966137 |
| **Total Term Loans (Cost $2,967,737)** |  | 2973902 |
| **U.S. GOVERNMENT & AGENCIES — 31.04%** |  |  |
| Fannie Mae Pool, 4.00 *%*, 5/1/2044 | 661817 | 637319 |
| Fannie Mae Pool, 2.50 *%*, 8/1/2051 | 115500 | 97293 |
| Fannie Mae Pool, 2.50 *%*, 12/1/2051 | 259899 | 218128 |
| Fannie Mae Pool, 2.50 *%*, 2/1/2052 | 1059559 | 895356 |
| Fannie Mae Pool, 2.50 *%*, 2/1/2052 | 167688 | 141700 |
| Fannie Mae Pool, 3.00 *%*, 2/1/2052 | 206214 | 179335 |
| Fannie Mae Pool, 3.00 *%*, 4/1/2052 | 2956649 | 2570687 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCIES — 31.04% - continued** | **Principal<br> Amount** | **Fair<br> Value** |
| Fannie Mae Pool, 3.00 *%*, 4/1/2052 | $2252364 | $1978186 |
| Fannie Mae Pool, 3.50 *%*, 4/1/2052 | 2210197 | 2002169 |
| Fannie Mae Pool, 5.00 *%*, 5/1/2052 | 151737 | 150609 |
| Fannie Mae Pool, 3.50 *%*, 6/1/2052 | 175480 | 159236 |
| Fannie Mae Pool, 4.00 *%*, 6/1/2052 | 2226802 | 2084163 |
| Fannie Mae Pool, 4.50 *%*, 6/1/2052 | 388142 | 374907 |
| Fannie Mae Pool, 5.00 *%*, 7/1/2052 | 385736 | 382487 |
| Fannie Mae Pool, 4.00 *%*, 8/1/2052 | 1321779 | 1237041 |
| Fannie Mae Pool, 4.50 *%*, 8/1/2052 | 1730955 | 1671934 |
| Fannie Mae Pool, 4.00 *%*, 9/1/2052 | 904372 | 846393 |
| Fannie Mae Pool, 4.50 *%*, 9/1/2052 | 1743598 | 1684145 |
| Fannie Mae Pool, 5.00 *%*, 9/1/2052 | 276520 | 274177 |
| Fannie Mae Pool, 4.00 *%*, 10/1/2052 | 718012 | 672192 |
| Fannie Mae Pool, 4.50 *%*, 10/1/2052 | 203989 | 197517 |
| Fannie Mae Pool, 5.00 *%*, 10/25/2052 | 570100 | 565239 |
| Fannie Mae Pool, 4.50 *%*, 11/1/2052 | 1193334 | 1152275 |
| Fannie Mae Pool, 5.00 *%*, 2/1/2053 | 109989 | 109040 |
| Fannie Mae Pool, 5.50 *%*, 2/1/2053 | 381696 | 385792 |
| Fannie Mae Pool, 6.00 *%*, 2/1/2053 | 312542 | 320973 |
| Fannie Mae Pool, 6.00 *%*, 3/1/2053 | 251366 | 258070 |
| Fannie Mae Pool, 5.50 *%*, 6/1/2053 | 775877 | 782846 |
| Fannie Mae Pool, 5.00 *%*, 8/1/2053 | 1517024 | 1502211 |
| Fannie Mae Pool, 5.50 *%*, 10/1/2053 | 2014166 | 2033652 |
| Fannie Mae Pool, 6.00 *%*, 1/1/2054 | 236552 | 241992 |
| Fannie Mae Pool, 5.50 *%*, 4/1/2054 | 121652 | 122589 |
| Fannie Mae Pool, 5.50 *%*, 5/1/2054 | 1949077 | 1964079 |
| Fannie Mae Pool, 6.00 *%*, 6/1/2054 | 368536 | 377110 |
| Fannie Mae Pool, 5.50 *%*, 10/1/2054 | 548532 | 552311 |
| Federal Home Loan Mortgage Corp., 3.00 *%*, 5/1/2052 | 573029 | 498122 |
| Federal National Mortgage Association, 0.88 *%*, 8/5/2030 | 1000000 | 874129 |
| Federal National Mortgage Association, 5.00 *%*, 4/1/2053 | 1149194 | 1138817 |
| Freddie Mac Pool, 3.00 *%*, 2/1/2052 | 173610 | 152479 |
| Freddie Mac Pool, 3.00 *%*, 3/1/2052 | 1055749 | 917933 |
| Freddie Mac Pool, 4.00 *%*, 4/1/2052 | 160496 | 150332 |
| Freddie Mac Pool, 3.00 *%*, 6/1/2052 | 78688 | 68402 |
| Freddie Mac Pool, 3.00 *%*, 6/1/2052 | 529541 | 462646 |
| Freddie Mac Pool, 5.00 *%*, 6/1/2053 | 1372124 | 1359434 |
| Ginnie Mae II Pool, 3.00 *%*, 12/20/2051 | 1745949 | 1549539 |
| Ginnie Mae II Pool, 3.00 *%*, 1/20/2052 | 189924 | 168580 |
| Ginnie Mae II Pool, 3.50 *%*, 7/20/2052 | 1288466 | 1175129 |
| Ginnie Mae II Pool, 4.50 *%*, 8/20/2052 | 835802 | 813826 |
| Ginnie Mae II Pool, 4.00 *%*, 9/20/2052 | 875853 | 824419 |
| Ginnie Mae II Pool, 4.50 *%*, 10/20/2052 | 144511 | 140443 |
| Ginnie Mae II Pool, 4.50 *%*, 12/20/2052 | 616073 | 598035 |
| Ginnie Mae II Pool, 4.50 *%*, 2/20/2053 | 132219 | 128344 |
| Ginnie Mae II Pool, 5.00 *%*, 2/20/2053 | 214086 | 212929 |
| Ginnie Mae II Pool, 5.50 *%*, 2/20/2053 | 82532 | 83625 |
| Ginnie Mae II Pool, 3.00 *%*, 8/20/2053 | 24149 | 21534 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCIES — 31.04% - continued** | **Principal<br> Amount** | **Fair<br> Value** |
| United States Treasury Note, 3.88 *%*, 7/31/2027 | $2144000 | $2152794 |
| United States Treasury Note, 3.63 *%*, 8/31/2027 | 500000 | 500029 |
| United States Treasury Note, 3.63 *%*, 8/15/2028 | 1162000 | 1163316 |
| United States Treasury Note, 3.88 *%*, 7/31/2030 | 2918000 | 2941025 |
| United States Treasury Note, 4.00 *%*, 7/31/2032 | 485000 | 487122 |
| United States Treasury Note, 4.25 *%*, 8/15/2035 | 3648000 | 3654555 |
| United States Treasury Note, 4.88 *%*, 8/15/2045 | 6269000 | 6275856 |
| United States Treasury Note, 4.75 *%*, 5/15/2055 | 508000 | 494586 |
| **Total U.S. Government & Agencies (Cost $58,291,307)** |  | 57831133 |
| **Total Investments — 99.54% (Cost $186,814,156)** |  | 185468326 |
| **Other Assets in Excess of Liabilities — 0.46%** |  | 863795 |
| **NET ASSETS — 100.00%** |  | $186332121 |

---

(a) Security exempt from registration under Rule 144A
 or Section 4(a)(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to
 qualified institutional buyers.

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

(c) Less than 0.005%.

(d) In default.

EMTN - Euro Medium Term Note <br> GMTN - Global Medium Term Note <br> MTN - Medium Term Note

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

**OneAscent International Equity ETF**

**Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 86.56%** | **Shares** | **Fair<br> Value** |
| **Consumer Staples — 1.88%** |  |  |
| Dollarama, Inc. (Canada) | 31644 | $4314745 |
| **Energy — 5.06%** |  |  |
| CES Energy Solutions Corp. (Canada) | 577002 | 3482977 |
| Secure Waste Infrastructure Corp. (Canada) | 370616 | 4423050 |
| Subsea 7 S.A. (Luxembourg) | 176378 | 3681052 |
|  |  | 11587079 |
| **Financials — 13.62%** |  |  |
| AIA Group Ltd. (Hong Kong) | 442720 | 4168535 |
| Alpha Bank A.E. (Greece) | 1944734 | 7704777 |
| Bangkok Bank PCL (Thailand) | 1162752 | 5600283 |
| HDFC Bank Ltd. - ADR (India) | 59062 | 4202852 |
| KBC Group N.V. (Belgium) | 80970 | 9542318 |
|  |  | 31218765 |
| **Health Care — 2.83%** |  |  |
| Santen Pharmaceutical Co. Ltd. (Japan) | 312336 | 3320643 |
| Straumann Holding AG (Switzerland) | 26905 | 3154653 |
|  |  | 6475296 |
| **Industrials — 20.86%** |  |  |
| AP Moller - Maersk A/S, Series B (Denmark) | 1541 | 3172094 |
| Element Fleet Management Corp. (Canada) | 210406 | 5607354 |
| Intertek Group plc (United Kingdom) | 57529 | 3646489 |
| Mitsubishi Electric Corp. (Japan) | 320944 | 7756796 |
| Safran S.A. (France) | 16425 | 5473719 |
| Siemens AG (Germany) | 22772 | 6302322 |
| Sulzer A.G. (Switzerland) | 22069 | 4131594 |
| Vinci S.A. (France) | 42584 | 5773173 |
| Webuild SpA (Italy) | 1315944 | 5926289 |
|  |  | 47789830 |
| **Materials — 12.89%** |  |  |
| Alamos Gold, Inc. (Canada) | 199136 | 6066808 |
| CRH plc (Ireland) | 62727 | 7056703 |
| Givaudan S.A. (Switzerland) | 508 | 2139522 |
| Heidelberg Materials A.G. (Germany) | 33019 | 7801893 |
| Mitsubishi Materials Corp. (Japan) | 170472 | 2960151 |
| Rio Tinto plc (United Kingdom) | 55807 | 3501137 |
|  |  | 29526214 |
| **Technology — 27.34%** |  |  |
| ASML Holding N.V. (Netherlands) | 7047 | 5233244 |
| Canon, Inc. (Japan) | 156016 | 4617837 |
| Constellation Software, Inc. (Canada) | 1232 | 4082004 |
| Indra Sistemas S.A. (Spain) | 205107 | 8272417 |
| Nomura Research Institute Ltd. (Japan) | 147394 | 5812840 |
| NXP Semiconductors NV (Netherlands) | 18297 | 4297050 |
| QinetiQ Group plc (United Kingdom) | 468234 | 3010944 |
| Rakus Co. Ltd. (Japan) | 368002 | 6587963 |
| Screen Holdings Co. Ltd. (Japan) | 57624 | 4461962 |

---

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

**OneAscent International Equity ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 86.56% - continued** | **Shares** | **Fair<br> Value** |
| **Technology — 27.34% - continued** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan Province of China) | 169000 | $6411145 |
| Topicus.com, Inc. (Canada)<sup>(a)</sup> | 31640 | 3928534 |
| Wise plc (United Kingdom)<sup>(a)</sup> | 415056 | 5912382 |
|  |  | 62628322 |
| **Utilities — 2.08%** |  |  |
| Enel SpA (Italy) | 517384 | 4771383 |
| **Total Common Stocks (Cost $150,513,071)** |  | 198311634 |
| **WARRANTS** — **0.00%<sup>(b)</sup>** |  |  |
| **Technology** — **0.00%<sup>(b)</sup>** |  |  |
| Constellation Software, Inc., (Canada) Expiration Date 3/31/2040<sup>(c)</sup> | 872 |  |
| **Total Warrants (Cost $0)** |  |  |
| **Total Investments — 86.56% (Cost $150,513,071)** |  | 198311634 |
| **Other Assets in Excess of Liabilities — 13.44%** |  | 30788012 |
| **NET ASSETS — 100.00%** |  | $229099646 |

---

(a) Non-income producing security.

(b) Less than 0.005%.

(c) Security is currently being valued according
 to the fair value procedures of the Adviser, as Valuation Designee, under oversight of the Board's Pricing & Liquidity Committee.

ADR - American Depositary Receipt

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

**OneAscent Emerging Markets ETF**

**Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 89.66%** | **Shares** | **Fair<br> Value** |
| **Communications — 4.50%** |  |  |
| Bharti Airtel Ltd. (India) | 40000 | $856956 |
| MakeMyTrip Ltd. (Mauritius)<sup>(a)</sup> | 16676 | 1646755 |
|  |  | 2503711 |
| **Consumer Discretionary — 9.28%** |  |  |
| Coway Co. Ltd. (South Korea) | 15799 | 1186166 |
| Haier Smart Home Co. Ltd., H Shares (China) | 211713 | 712639 |
| Hankook Tire & Technology Co. Ltd. (Korea (Republic of)) | 32844 | 950145 |
| KIA Corp. (Korea (Republic of)) | 10909 | 831608 |
| MercadoLibre, Inc. (Argentina)<sup>(a)</sup> | 601 | 1486219 |
|  |  | 5166777 |
| **Consumer Staples — 4.37%** |  |  |
| Charoen Pokphand Foods PCL (Thailand) | 824530 | 559298 |
| Indofood CBP Sukses Makmur Tbk P.T. (Indonesia) | 1437130 | 783564 |
| Kimberly-Clark de Mexico SAB de CV (Mexico) | 578750 | 1089582 |
|  |  | 2432444 |
| **Energy — 1.15%** |  |  |
| PTT Exploration & Production PCL (Thailand) | 185271 | 642714 |
| **Financials — 14.25%** |  |  |
| Bank Polska Kasa Opieki S.A. (Poland) | 22640 | 1138555 |
| Bank Rakyat Indonesia Persero Tbk P.T. (Indonesia) | 4902863 | 1206281 |
| BB Seguridade Participacoes S.A. (Brazil) | 155700 | 937841 |
| HDFC Bank Ltd. - ADR (India) | 21328 | 1517700 |
| Kasikornbank PCL (Thailand) | 224250 | 1170374 |
| NU Holdings Ltd., Class A (Taiwan Province of China)<sup>(a)</sup> | 88929 | 1316149 |
| Regional S.A.B. de C.V. (Mexico) | 85414 | 663536 |
|  |  | 7950436 |
| **Health Care — 3.29%** |  |  |
| Dentium Co. Ltd. (South Korea) | 20382 | 844428 |
| Hugel, Inc. (Korea (Republic Of))<sup>(a)</sup> | 4342 | 987046 |
|  |  | 1831474 |
| **Industrials — 10.25%** |  |  |
| Benefit Systems S.A. (Poland) | 956 | 855281 |
| CJ Logistics Corp. (Korea (Republic of)) | 17139 | 1031146 |
| Hanwha Aerospace Co. Ltd. (Korea (Republic of)) | 2062 | 1313375 |
| LIG Nex1 Co. Ltd. (Korea (Republic of)) | 2897 | 1021761 |
| NCC Ltd. (India) | 377600 | 875867 |
| Voltronic Power Technology Corp. (Taiwan Province of China) | 19000 | 615148 |
|  |  | 5712578 |
| **Materials — 8.96%** |  |  |
| GCC S.A.B. de C.V. (Mexico) | 114744 | 1074457 |
| Grupo Mexico S.A.B. de C.V., Class B (Mexico) | 194925 | 1278565 |
| Harmony Gold Mining Co. Ltd. (South Africa) | 133527 | 1780007 |
| Suzano S.A. - ADR (Brazil) | 87893 | 855199 |
|  |  | 4988228 |
| **Real Estate — 2.75%** |  |  |
| Central Pattana PCL (Thailand) | 959100 | 1529902 |

---

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

**OneAscent Emerging Markets ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 89.66% - continued** | **Shares** | **Fair<br> Value** |
| **Technology — 30.86%** |  |  |
| Accton Technology Corp. (Taiwan Province of China) | 40000 | $1327753 |
| DB HiTek Co. Ltd. (South Korea) | 19062 | 631106 |
| eMemory Technology, Inc. (Taiwan Province of China) | 6000 | 405193 |
| Infosys Ltd. - ADR (India) | 57011 | 958925 |
| MediaTek, Inc. (Taiwan Province of China) | 43000 | 1926549 |
| Samsung Electronics Co. Ltd. (South Korea) | 64552 | 3241832 |
| SK Hynix, Inc. (Korea (Republic of)) | 5879 | 1139472 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan Province of China) | 176000 | 6676696 |
| Wipro Ltd. - ADR (India) | 319808 | 882670 |
|  |  | 17190196 |
| **Total Common Stocks/Investments — 89.66% (Cost $42,950,813)** |  | 49948460 |
| **Other Assets in Excess of Liabilities — 10.34%** |  | 5758986 |
| **NET ASSETS — 100.00%** |  | $55707446 |

---

(a) Non-income producing security.

ADR - American Depositary Receipt

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

**OneAscent Small Cap Core ETF**

**Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.60%** | **Shares** | **Fair<br> Value** |
| **Communications — 2.15%** |  |  |
| Cogent Communications Holdings, Inc. | 147 | $5620 |
| IAC, Inc.<sup>(a)</sup> | 3460 | 126705 |
| John Wiley & Sons, Inc., Class A | 3681 | 149375 |
| Lumen Technologies, Inc.<sup>(a)</sup> | 36700 | 182399 |
| TEGNA, Inc. | 5617 | 119080 |
| Telephone and Data Systems, Inc. | 4312 | 172868 |
|  |  | 756047 |
| **Consumer Discretionary — 16.87%** |  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 1620 | 212139 |
| Advance Auto Parts, Inc. | 1849 | 112771 |
| American Eagle Outfitters, Inc. | 8597 | 111245 |
| Armstrong World Industries, Inc. | 1121 | 219458 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 899 | 226134 |
| Bath & Body Works, Inc. | 309 | 9026 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 1087 | 193236 |
| BorgWarner, Inc. | 4617 | 197423 |
| Buckle, Inc. (The) | 2736 | 154830 |
| Cavco Industries, Inc.<sup>(a)</sup> | 537 | 284874 |
| Champion Homes, Inc.<sup>(a)</sup> | 1764 | 133111 |
| Cinemark Holdings, Inc. | 2986 | 77039 |
| Dana, Inc. | 7617 | 153559 |
| Eplus, Inc. | 1805 | 130628 |
| Etsy, Inc.<sup>(a)</sup> | 3365 | 178379 |
| Fox Factory Holding Corp.<sup>(a)</sup> | 3892 | 112596 |
| Freshpet, Inc.<sup>(a)</sup> | 1535 | 85684 |
| Gentherm, Inc.<sup>(a)</sup> | 156 | 5736 |
| Group 1 Automotive, Inc. | 346 | 160814 |
| Hanesbrands, Inc.<sup>(a)</sup> | 14433 | 91072 |
| Hertz Global Holdings, Inc.<sup>(a)</sup> | 419 | 2401 |
| HNI Corp. | 4000 | 179760 |
| KAR Auction Services, Inc.<sup>(a)</sup> | 6231 | 180200 |
| KB Home | 1646 | 104603 |
| Kohl's Corp. | 7380 | 111143 |
| Kontoor Brands, Inc. | 1590 | 122828 |
| La-Z-Boy, Inc. | 3705 | 136974 |
| Marcus Corp. (The) | 4797 | 74066 |
| Meritage Homes Corp. | 3196 | 248298 |
| Newell Brands, Inc. | 23958 | 141831 |
| Oxford Industries, Inc. | 95 | 4185 |
| Papa John's International, Inc. | 2597 | 126500 |
| Patrick Industries, Inc. | 1051 | 117554 |
| Phinia, Inc. | 2248 | 131463 |
| Shake Shack, Inc., Class A<sup>(a)</sup> | 1692 | 179352 |
| Signet Jewelers Ltd. | 1700 | 149685 |
| Six Flags Entertainment Corp<sup>(a)</sup> | 3704 | 84044 |
| St. Joe Co. (The) | 3651 | 184228 |

---

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

**OneAscent Small Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.60% - continued** | **Shares** | **Fair<br> Value** |
| **Consumer Discretionary — 16.87% - continued** |  |  |
| Steven Madden Ltd. | 4343 | $126120 |
| Strategic Education, Inc. | 1250 | 101688 |
| Stride, Inc.<sup>(a)</sup> | 1454 | 237278 |
| Urban Outfitters, Inc.<sup>(a)</sup> | 1521 | 102029 |
| Wendy's Co. (The) | 9550 | 101326 |
| Winnebago Industries, Inc. | 3410 | 122691 |
|  |  | 5920001 |
| **Consumer Staples — 1.31%** |  |  |
| Cal-Maine Foods, Inc. | 1306 | 151026 |
| Edgewell Personal Care Co. | 4600 | 110492 |
| National Beverage Corp.<sup>(a)</sup> | 2400 | 100920 |
| United Natural Foods, Inc.<sup>(a)</sup> | 3446 | 97453 |
|  |  | 459891 |
| **Energy — 3.29%** |  |  |
| Archrock, Inc. | 8400 | 207984 |
| Comstock Resources, Inc.<sup>(a)</sup> | 4001 | 64536 |
| Liberty Oilfield Services, Inc., Class A | 7897 | 88841 |
| Nabors Industries Ltd.<sup>(a)</sup> | 107 | 3989 |
| Northern Oil and Gas, Inc. | 4479 | 117171 |
| Oceaneering International, Inc.<sup>(a)</sup> | 5305 | 129442 |
| Patterson-UTI Energy, Inc. | 23296 | 135350 |
| SM Energy Co. | 4944 | 141151 |
| Sunrun, Inc.<sup>(a)</sup> | 8002 | 127792 |
| Talos Energy, Inc.<sup>(a)</sup> | 14022 | 138537 |
|  |  | 1154793 |
| **Financials — 21.35%** |  |  |
| Air Lease Corp. | 3147 | 189481 |
| AMERISAFE, Inc. | 3700 | 170866 |
| BancFirst Corp. | 2100 | 279237 |
| Bancorp, Inc. (The)<sup>(a)</sup> | 1357 | 103458 |
| Bank of Hawaii Corp. | 3000 | 204360 |
| Beacon Financial Corp., Inc. | 7550 | 197282 |
| BGC Group, Inc., Class A | 17650 | 173147 |
| Bread Financial Holdings, Inc. | 2512 | 166269 |
| Comerica, Inc. | 2740 | 193389 |
| Essent Group Ltd. | 3201 | 200831 |
| First American Financial Corp. | 3002 | 198132 |
| First Hawaiian, Inc. | 11600 | 301019 |
| First Interstate BancSystem, Inc., Class A | 6900 | 225768 |
| GATX Corp. | 1150 | 193557 |
| Genworth Financial, Inc., Class A<sup>(a)</sup> | 11849 | 101546 |
| Goldman Sachs, Inc. - BDC | 10657 | 121916 |
| Goosehead Insurance, Inc., Class A | 950 | 80475 |
| Heritage Financial Corp. | 10002 | 244449 |
| Hilltop Holdings, Inc. | 5950 | 208726 |
| Independent Bank Corp. | 3905 | 279247 |
| Jackson Financial, Inc. | 2653 | 262116 |

---

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

**OneAscent Small Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.60% - continued** | **Shares** | **Fair<br> Value** |
| **Financials — 21.35% - continued** |  |  |
| Kearny Financial Corp. | 25090 | $169358 |
| Kennedy-Wilson Holdings, Inc. | 34899 | 307111 |
| Lincoln National Corp. | 7830 | 336142 |
| Marathon Digital Holdings, Inc.<sup>(a)</sup> | 10067 | 160871 |
| Mr. Cooper Group, Inc.<sup>(a)</sup> | 1912 | 360469 |
| Pacific Premier Bancorp, Inc. | 9000 | 220410 |
| Palomar Holdings, Inc.<sup>(a)</sup> | 1100 | 135322 |
| Piper Sandler Cos. | 1000 | 333789 |
| Radian Group, Inc. | 6392 | 222953 |
| RLI Corp. | 1700 | 115141 |
| S&T Bancorp, Inc. | 7150 | 282497 |
| Stewart Information Services Corp. | 2250 | 163890 |
| StoneX Group, Inc.<sup>(a)</sup> | 1294 | 132208 |
| United Community Banks, Inc. | 9250 | 308949 |
| Zions Bancorp. | 2550 | 147926 |
|  |  | 7492307 |
| **Health Care — 8.05%** |  |  |
| Acadia Pharmaceuticals, Inc.<sup>(a)</sup> | 4306 | 111913 |
| ADMA Biologics, Inc.<sup>(a)</sup> | 8065 | 139202 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 257 | 5292 |
| Encompass Health Corp. | 1250 | 152200 |
| Ensign Group, Inc. (The) | 964 | 165596 |
| Glaukos Corp.<sup>(a)</sup> | 1993 | 190969 |
| ICU Medical, Inc.<sup>(a)</sup> | 1101 | 140554 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 1167 | 109336 |
| Krystal Biotech, Inc.<sup>(a)</sup> | 1037 | 153165 |
| LeMaitre Vascular, Inc. | 1656 | 157924 |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 1151 | 186127 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 2595 | 234952 |
| National Healthcare Corp. | 1300 | 147524 |
| Pacira Pharmaceuticals, Inc.<sup>(a)</sup> | 248 | 6614 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 1634 | 111177 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 1914 | 113022 |
| RadNet, Inc.<sup>(a)</sup> | 2800 | 200928 |
| Teleflex, Inc. | 1297 | 163954 |
| TG Therapeutics, Inc.<sup>(a)</sup> | 4035 | 118347 |
| TransMedics Group, Inc.<sup>(a)</sup> | 1101 | 126571 |
| Varex Imaging Corp.<sup>(a)</sup> | 505 | 5833 |
| Vericel Corp.<sup>(a)</sup> | 2337 | 84973 |
|  |  | 2826173 |
| **Industrials — 16.81%** |  |  |
| AAR Corp.<sup>(a)</sup> | 2270 | 171748 |
| Advanced Energy Industries, Inc. | 1656 | 247870 |
| Aerovironment, Inc.<sup>(a)</sup> | 64 | 15446 |
| Alamo Group, Inc. | 1033 | 218438 |
| Alaska Air Group, Inc.<sup>(a)</sup> | 2681 | 168314 |
| Badger Meter, Inc. | 1400 | 256088 |

---

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

**OneAscent Small Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.60% - continued** | **Shares** | **Fair<br> Value** |
| **Industrials — 16.81% - continued** |  |  |
| Cactus, Inc., Class A | 2356 | $98834 |
| CSW Industrials, Inc. | 505 | 138138 |
| Douglas Dynamics, Inc. | 5021 | 169057 |
| Dycom Industries, Inc.<sup>(a)</sup> | 929 | 234544 |
| Everus Contruction Group, Inc.<sup>(a)</sup> | 1792 | 140564 |
| Federal Signal Corp. | 1846 | 227039 |
| Frontdoor, Inc.<sup>(a)</sup> | 3161 | 192031 |
| Gates Industrial Corp. plc<sup>(a)</sup> | 7115 | 181859 |
| Granite Construction, Inc. | 2080 | 224120 |
| Heartland Express, Inc. | 16800 | 144312 |
| Hillenbrand, Inc. | 315 | 7998 |
| Installed Building Products, Inc. | 847 | 221762 |
| Itron, Inc.<sup>(a)</sup> | 2061 | 253379 |
| JetBlue Airways Corp.<sup>(a)</sup> | 19446 | 104036 |
| John Bean Technologies Corp. | 1345 | 192725 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 4940 | 325250 |
| Moog, Inc., Class A | 803 | 157268 |
| Mueller Industries, Inc. | 1252 | 120117 |
| MYR Group, Inc.<sup>(a)</sup> | 817 | 153000 |
| Resideo Technologies, Inc.<sup>(a)</sup> | 4682 | 159422 |
| Robert Half International, Inc. | 3501 | 130657 |
| RXO, Inc.<sup>(a)</sup> | 6454 | 105394 |
| SkyWest, Inc.<sup>(a)</sup> | 31 | 3763 |
| SPX Technologies, Inc.<sup>(a)</sup> | 1919 | 359065 |
| Sterling Construction Co., Inc.<sup>(a)</sup> | 886 | 246777 |
| Trinity Industries, Inc. | 5555 | 157873 |
| UniFirst Corp. | 1214 | 215874 |
| WillScot Mobile Mini Holdings Corp., Class A | 6492 | 157366 |
|  |  | 5900128 |
| **Materials — 7.36%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 411 | 61317 |
| Apogee Enterprises, Inc. | 2100 | 92348 |
| Balchem Corp. | 967 | 156741 |
| Boise Cascade Co. | 1650 | 143550 |
| Chemours Co. (The) | 8603 | 132486 |
| Core Natural Resources, Inc. | 1538 | 114212 |
| Element Solutions, Inc. | 6006 | 154474 |
| FMC Corp. | 4001 | 156439 |
| Greif, Inc., Class B | 1992 | 136014 |
| Hawkins, Inc. | 991 | 165824 |
| Ingevity Corp.<sup>(a)</sup> | 2137 | 124758 |
| Innospec, Inc. | 1950 | 170800 |
| MP Materials Corp.<sup>(a)</sup> | 3670 | 261084 |
| Rogers Corp.<sup>(a)</sup> | 1259 | 98781 |
| Sealed Air Corp. | 6750 | 219172 |
| Stepan Co. (The) | 2450 | 122574 |
| SunCoke Energy, Inc. | 9850 | 76042 |

---

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

**OneAscent Small Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.60% - continued** | **Shares** | **Fair<br> Value** |
| **Materials — 7.36% - continued** |  |  |
| Sylvamo Corp. | 1600 | $73808 |
| Warrior Met Coal, Inc. | 2000 | 122280 |
|  |  | 2582704 |
| **Real Estate — 4.96%** |  |  |
| Cushman & Wakefield PLC<sup>(a)</sup> | 17759 | 280059 |
| eXp World Holdings, Inc. | 8145 | 88210 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 5150 | 145436 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 2751 | 209819 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 744 | 227344 |
| Marcus & Millichap, Inc. | 5456 | 177811 |
| Matson, Inc. | 1631 | 169706 |
| Newmark Group, Inc., Class A | 9968 | 181517 |
| REX Holdings, Inc., Class A<sup>(a)</sup> | 13938 | 131296 |
| RMR Group, Inc. (The), Class A | 7653 | 129183 |
|  |  | 1740381 |
| **Technology — 13.31%** |  |  |
| A10 Networks, Inc. | 6750 | 119543 |
| ACI Worldwide, Inc.<sup>(a)</sup> | 3345 | 165076 |
| Amentum Holdings, Inc.<sup>(a)</sup> | 4881 | 121781 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 1454 | 116378 |
| Box, Inc., Class A<sup>(a)</sup> | 4593 | 149870 |
| Calix, Inc.<sup>(a)</sup> | 2765 | 164379 |
| Cleanspark, Inc.<sup>(a)</sup> | 8931 | 84577 |
| Clear Secure, Inc., Class A | 2763 | 100325 |
| Cohu, Inc.<sup>(a)</sup> | 5808 | 115579 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 6802 | 110669 |
| DXC Technology Co.<sup>(a)</sup> | 7329 | 105904 |
| F5, Inc.<sup>(a)</sup> | 460 | 144044 |
| FormFactor, Inc.<sup>(a)</sup> | 4044 | 118044 |
| Impinj, Inc.<sup>(a)</sup> | 593 | 111170 |
| Insight Enterprises, Inc.<sup>(a)</sup> | 1200 | 156192 |
| InterDigital, Inc. | 910 | 247256 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 3900 | 108888 |
| N-Able, Inc.<sup>(a)</sup> | 10037 | 80898 |
| NCR Atleos Corp.<sup>(a)</sup> | 2761 | 109391 |
| NetScout Systems, Inc.<sup>(a)</sup> | 6604 | 164374 |
| Omnicell, Inc.<sup>(a)</sup> | 2688 | 87602 |
| Photronics, Inc.<sup>(a)</sup> | 300 | 6801 |
| Privia Health Group, Inc.<sup>(a)</sup> | 4518 | 104095 |
| Progress Software Corp. | 3943 | 182520 |
| Qorvo, Inc.<sup>(a)</sup> | 2811 | 254957 |
| Sandisk Corp.<sup>(a)</sup> | 3229 | 169426 |
| Sanmina Corp.<sup>(a)</sup> | 1319 | 155009 |
| Semtech Corp.<sup>(a)</sup> | 3011 | 174909 |
| SiTime Corp.<sup>(a)</sup> | 704 | 170136 |
| SPS Commerce, Inc.<sup>(a)</sup> | 1500 | 165450 |
| TTM Technologies, Inc.<sup>(a)</sup> | 2853 | 127158 |

---

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

**OneAscent Small Cap Core ETF**

**Schedule of Investments (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.60% - continued** | **Shares** | **Fair<br> Value** |
| **Technology — 13.31% - continued** |  |  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 3600 | $88272 |
| ViaSat, Inc.<sup>(a)</sup> | 2565 | 82926 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 15733 | 177468 |
| Vishay Intertechnology, Inc. | 8400 | 129864 |
|  |  | 4670931 |
| **Utilities — 3.14%** |  |  |
| American States Water Co. | 2650 | 197505 |
| Avista Corp. | 6300 | 230202 |
| Chesapeake Utilities Corp. | 1700 | 210085 |
| Northwest Natural Holding Co. | 5050 | 209727 |
| NorthWestern Energy Group, Inc. | 4400 | 253044 |
|  |  | 1100563 |
| **Total Common Stocks/Investments — 98.60% (Cost $32,109,770)** |  | 34603919 |
| **Other Assets in Excess of Liabilities — 1.40%** |  | 491891 |
| **NET ASSETS — 100.00%** |  | $35095810 |

---

(a) Non-income producing security.

BDC - Business Development Company

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

**OneAscent ETFs**

**Statements of Assets and Liabilities**

*August 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **OneAscent**<br>**Large Cap**<br>**Core ETF** | **OneAscent**<br>**Core Plus**<br>**Bond ETF** | **OneAscent**<br>**International**<br>**Equity ETF** |
| **Assets** |  |  |  |
| Investments in securities, at fair value (cost $122,973,586, $186,814,156 and $150,513,071) | $150909542 | $185468326 | $198311634 |
| Foreign currency (cost $0, $0 and $189,195) |  |  | 189682 |
| Cash | 933366 | 1285243 | 29987014 |
| Receivable for investments sold |  | 6572121 |  |
| Dividend and interest receivable | 146172 | 1679675 | 174654 |
| Tax reclaims receivable |  |  | 679261 |
| Prepaid expenses | 4097 | 4354 | 4716 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 151993177 | 195009719 | 229346961 |
| **Liabilities** |  |  |  |
| Payable for investments purchased |  | 7799474 |  |
| Payable for distributions to shareholders |  | 725350 |  |
| Payable to Adviser | 30002 | 77607 | 145626 |
| Payable to affiliates | 10807 | 13492 | 15581 |
| Payable for audit and tax | 19890 | 20440 | 20940 |
| Payable to custody | 38060 | 23651 | 47321 |
| Other accrued expenses | 9426 | 17584 | 17847 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 108185 | 8677598 | 247315 |
| **Net Assets** | $151884992 | $186332121 | $229099646 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $124548707 | $194678689 | $181935252 |
| Accumulated earnings (deficit) | 27336285 | (8346568) | 47164394 |
| **Net Assets** | $151884992 | $186332121 | $229099646 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 4500000 | 8150000 | 5850000 |
| Net asset value per share | $33.75 | $22.86 | $39.16 |

---

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

**OneAscent ETFs**

**Statements of Assets and Liabilities (continued)**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **OneAscent**<br>**Emerging**<br>**Markets ETF** | **OneAscent**<br>**Small Cap**<br>**Core ETF** |
| **Assets** |  |  |
| Investments in securities, at fair value (cost $42,950,813 and $32,109,770) | $49948460 | $34603919 |
| Cash | 7601357 | 504746 |
| Receivable for fund shares sold |  | 1403881 |
| Dividend and interest receivable | 56752 | 23452 |
| Tax reclaims receivable | 1736 |  |
| Prepaid expenses | 3448 | 3881 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 57611753 | 36539879 |
| **Liabilities** |  |  |
| Payable for investments purchased |  | 1382361 |
| Due to custodian | 1805095 |  |
| Payable to Adviser | 36807 | 2856 |
| Payable to affiliates | 5504 | 3590 |
| Payable for audit and tax | 20940 | 19890 |
| Payable to custody | 29955 | 26264 |
| Other accrued expenses | 6006 | 9108 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1904307 | 1444069 |
| **Net Assets** | $55707446 | $35095810 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | $49095474 | $32812688 |
| Accumulated earnings | 6611972 | 2283122 |
| **Net Assets** | $55707446 | $35095810 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 1725000 | 1250000 |
| Net asset value per share | $32.29 | $28.08 |

---

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

**OneAscent ETFs**

**Statements of Operations**

*For the year ended August 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **OneAscent**<br>**Large Cap**<br>**Core ETF** | **OneAscent**<br>**Core Plus**<br>**Bond ETF** | **OneAscent**<br>**International**<br>**Equity ETF** |
| **Investment Income** |  |  |  |
| Dividend income (net of foreign taxes withheld of $–, $– and $737,726) | $1675019 | $210565 | $3199364 |
| Interest income | 53633 | 8767194 | 694910 |
| Tax reclaims received |  |  | 282552 |
| **Total investment income** | 1728652 | 8977759 | 4176826 |
| **Expenses** |  |  |  |
| Adviser | 453280 | 845507 | 1249180 |
| Administration | 110952 | 150270 | 138277 |
| Custodian | 32982 | 43381 | 38023 |
| Trustee | 21462 | 21462 | 21458 |
| Legal | 20696 | 23622 | 20538 |
| Audit and tax | 19720 | 20271 | 22803 |
| Report printing | 18061 | 11155 | 13459 |
| Compliance services | 14448 | 22962 | 15360 |
| Transfer agent | 9611 | 9561 | 12994 |
| Pricing | 5821 | 40591 | 3162 |
| Insurance | 4342 | 4618 | 4360 |
| Miscellaneous | 48270 | 54773 | 61569 |
| **Total expenses** | 759645 | 1248173 | 1601183 |
| Fees recouped (waived) by Adviser | (120715) |  | 4808 |
| Net operating expenses | 638930 | 1248173 | 1605991 |
| **Net investment income** | 1089722 | 7729586 | 2570835 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 760544 | (1111699) | (1659997) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | 6260009 |  | 4867403 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (42996) |
| Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 15114527 | (824969) | 29102198 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | 23011 |
| **Net realized and change in unrealized gain (loss) on investment securities** | 22135080 | (1936668) | 32289619 |
| **Net increase in net assets resulting from operations** | $23224802 | $5792918 | $34860454 |

---

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

**OneAscent ETFs**

**Statements of Operations (continued)**

*For the year ended August 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **OneAscent**<br>**Emerging**<br>**Markets ETF** | **OneAscent**<br>**Small Cap**<br>**Core ETF** |
| **Investment Income** |  |  |
| Dividend income (net of foreign taxes withheld of $184,543 and $–) | $1050464 | $338479 |
| Interest income | 279981 |  |
| **Total investment income** | 1330445 | 338479 |
| **Expenses** |  |  |
| Adviser | 410709 | 69911 |
| Administration | 70678 | 46913 |
| Custodian | 40213 | 11531 |
| Audit and tax | 22803 | 19890 |
| Trustee | 21465 | 21438 |
| Legal | 20538 | 20271 |
| Compliance services | 13776 | 12488 |
| Report printing | 12148 | 8075 |
| Transfer agent | 10092 | 9487 |
| Insurance | 3779 |  |
| Pricing | 1564 | 5852 |
| Miscellaneous | 47855 | 41584 |
| **Total expenses** | 675620 | 267440 |
| Fees recouped (waived) by Adviser | 17330 | (139181) |
| Net operating expenses | 692950 | 128259 |
| **Net investment income** | 637495 | 210220 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 1098467 | (420072) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | 1513525 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (62099) |  |
| Change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (200702) | 1879236 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (7837) |  |
| **Net realized and change in unrealized gain (loss) on investment securities** | 2341354 | 1459164 |
| **Net increase in net assets resulting from operations** | $2978849 | $1669384 |

---

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

**OneAscent ETFs**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OneAscent Large Cap<br> Core ETF** | **OneAscent Large Cap<br> Core ETF** | **OneAscent Core Plus<br> Bond ETF** | **OneAscent Core Plus<br> Bond ETF** |
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1089722 | $717691 | $7729586 | $6109145 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities and foreign currency transactions | 7020553 | 7280132 | (1111699) | (1040129) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investment securities and foreign currency translations | 15114527 | 10293404 | (824969) | 5890842 |
| **Net increase in net assets resulting from operations** | 23224802 | 18291227 | 5792918 | 10959858 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (859050) | (277500) | (7613350) | (6152345) |
| **Total distributions** | (859050) | (277500) | (7613350) | (6152345) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 43704301 | 67858036 | 43174356 | 55629937 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (30397201) | (7042747) | (18101350) | (6840674) |
| **Net increase in net assets resulting from capital transactions** | 13307100 | 60815289 | 25073006 | 48789263 |
| **Total Increase in Net Assets** | 35672852 | 78829016 | 23252574 | 53596776 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $116212140 | $37383124 | $163079547 | $109482771 |
| &nbsp;&nbsp;&nbsp;**End of period** | $151884992 | $116212140 | $186332121 | $163079547 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1450000 | 2700000 | 1900000 | 2450000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1000000) | (250000) | (800000) | (300000) |
| Net increase in shares outstanding | 450000 | 2450000 | 1100000 | 2150000 |

---

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

**OneAscent ETFs**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OneAscent International<br> Equity ETF** | **OneAscent International<br> Equity ETF** | **OneAscent Emerging<br> Markets ETF** | **OneAscent Emerging<br> Markets ETF** |
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2570835 | $2249574 | $637495 | $620466 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities and foreign currency transactions | 3164410 | 2159582 | 2549893 | (1026016) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investment securities and foreign currency translations | 29125209 | 10089102 | (208539) | 5362489 |
| **Net increase in net assets resulting from operations** | 34860454 | 14498258 | 2978849 | 4956939 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (3193840) | (1831170) | (498187) | (932880) |
| **Total distributions** | (3193840) | (1831170) | (498187) | (932880) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 78749075 | 47597563 | 9476804 | 55470842 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (13635430) | (10494347) | (32003706) | (15166926) |
| **Net increase (decrease) in net assets resulting from capital transactions** | 65113645 | 37103216 | (22526902) | 40303916 |
| **Total Increase (Decrease) in Net Assets** | 96780259 | 49770304 | (20046240) | 44327975 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $132319387 | $82549083 | $75753686 | $31425711 |
| &nbsp;&nbsp;&nbsp;**End of period** | $229099646 | $132319387 | $55707446 | $75753686 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2325000 | 1525000 | 300000 | 1900000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (400000) | (325000) | (1075000) | (525000) |
| Net increase (decrease) in shares outstanding | 1925000 | 1200000 | (775000) | 1375000 |

---

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

 

 

**OneAscent ETFs**

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

---

| | | |
|:---|:---|:---|
|  | **OneAscent Small Cap<br> Core ETF** | **OneAscent Small Cap<br> Core ETF** |
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Period Ended**<br> **August 31,<br> 2024<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $210220 | $20096 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities and foreign currency transactions | (420072) | 59719 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation on investment securities and foreign currency translations | 1879236 | 614913 |
| **Net increase in net assets resulting from operations** | 1669384 | 694728 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (80990) |  |
| **Total distributions** | (80990) |  |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 22501654 | 10311034 |
| **Net increase in net assets resulting from capital transactions** | 22501654 | 10311034 |
| **Total Increase in Net Assets** | 24090048 | 11005762 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $11005762 | $— |
| &nbsp;&nbsp;&nbsp;**End of period** | $35095810 | $11005762 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 850000 | 400000 |
| Net increase in shares outstanding | 850000 | 400000 |

---

(a) For the period June 12, 2024 (commencement of operations) to August 31, 2024.

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

**OneAscent Large Cap Core ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the**<br> **Year Ended**<br> **August 31,**<br> **2025** | **For the**<br> **Year Ended**<br> **August 31,**<br> **2024** | **For the**<br> **Year Ended**<br> **August 31,**<br> **2023** | **For the**<br> **Period Ended**<br> August 31,<br> **2022<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |
| Net asset value, beginning of period | $28.69 | $23.36 | $20.31 | $25.00 |
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.25 | 0.17 | 0.12 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.02 | 5.26 | 3.01 | (4.72) |
| Total from investment operations | 5.27 | 5.43 | 3.13 | (4.68) |
| **Less distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.10) | (0.08) | (0.01) |
| Total distributions | (0.21) | (0.10) | (0.08) | (0.01) |
| Net asset value, end of period | $33.75 | $28.69 | $23.36 | $20.31 |
| Market price, end of period | $33.74 | $28.72 | $23.37 | $20.35 |
| **Total Return<sup>(b)</sup>** | 18.45% | 23.31% | 15.48% | (18.71 %)<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $151885 | $116212 | $37383 | $58378 |
| Ratio of net expenses to average net assets | 0.49% | 0.58% | 0.86% | 0.81 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 0.58% | 0.64% | 0.86% | 0.81 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.84% | 0.87% | 0.60% | 0.28 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 28% | 95% | 105% | 52 %<sup>(c)</sup> |

---

(a) For the period November 15, 2021 (commencement of operations)
 to August 31, 2022.

(b) 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.

(c) Not annualized.

(d) Annualized.

(e) 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.*

**OneAscent Core Plus Bond ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the**<br> **Year Ended**<br> **August 31,**<br> **2025** | **For the**<br> **Year Ended**<br> **August 31,**<br> **2024** | **For the**<br> **Year Ended**<br> **August 31,**<br> **2023** | **For the**<br> **Period Ended**<br> August 31,<br> **2022<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |
| Net asset value, beginning of period | $23.13 | $22.34 | $23.46 | $25.00 |
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.03 | 0.98 | 0.87 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.28) | 0.80 | (1.12) | (1.55) |
| Total from investment operations | 0.75 | 1.78 | (0.25) | (1.31) |
| **Less distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.02) | (0.99) | (0.87) | (0.23) |
| Total distributions | (1.02) | (0.99) | (0.87) | (0.23) |
| Net asset value, end of period | $22.86 | $23.13 | $22.34 | $23.46 |
| Market price, end of period | $22.86 | $23.14 | $22.33 | $23.40 |
| **Total Return<sup>(b)</sup>** | 3.35% | 8.23% | (1.05%) | (5.23 %)<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $186332 | $163080 | $109483 | $105563 |
| Ratio of net expenses to average net assets | 0.74% | 0.74% | 0.77% | 0.83 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 0.74% | 0.74% | 0.77% | 0.83 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 4.57% | 4.49% | 3.83% | 2.51 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 129% | 197% | 128% | 122 %<sup>(c)</sup> |

---

(a) For the period March 30, 2022 (commencement of operations) to
 August 31, 2022.

(b) 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.

(c) Not annualized.

(d) Annualized.

(e) 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.*

**OneAscent International Equity ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Year Ended**<br> **August 31,**<br> **2025** | **For the**<br> **Year Ended**<br> **August 31,**<br> **2024** | **For the**<br> **Period Ended**<br> **August 31,**<br> **2023<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |
| Net asset value, beginning of period | $33.71 | $30.29 | $25.00 |
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.51 | 0.56 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 5.71 | 3.44 | 4.87 |
| Total from investment operations | 6.22 | 4.00 | 5.45 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.77) | (0.54) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.04) |  |
| Total distributions | (0.77) | (0.58) | (0.16) |
| Net asset value, end of period | $39.16 | $33.71 | $30.29 |
| Market price, end of period | $39.04 | $33.83 | $30.44 |
| **Total Return<sup>(b)</sup>** | 18.95% | 13.45% | 21.89 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000 omitted) | $229100 | $132319 | $82549 |
| Ratio of net expenses to average net assets | 0.95% | 0.95% | 0.95 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 0.95% | 0.99% | 1.11 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 1.52% | 2.16% | 2.04 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 40% | 31% | 13 %<sup>(c)</sup> |

---

(a) For the period September 14, 2022 (commencement of operations)
 to August 31, 2023.

(b) 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.

(c) Not annualized.

(d) Annualized.

(e) 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.*

**OneAscent Emerging Markets ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the**<br> **Period Ended**<br> **August 31,**<br> **2023<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |
| Net asset value, beginning of period | $30.30 | $27.93 | $25.00 |
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.43 | 0.14 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.83 | 2.71 | 2.59 |
| Total from investment operations | 2.26 | 2.85 | 2.94 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.19) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.29) |  |
| Total distributions | (0.27) | (0.48) | (0.01) |
| Net asset value, end of period | $32.29 | $30.30 | $27.93 |
| Market price, end of period | $32.38 | $30.29 | $27.85 |
| **Total Return<sup>(b)</sup>** | 7.53% | 10.26% | 11.77 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000 omitted) | $55707 | $75754 | $31426 |
| Ratio of net expenses to average net assets | 1.25% | 1.25% | 1.25 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 1.22% | 1.20% | 1.73 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 1.15% | 1.29% | 1.54 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 42% | 35% | 45 %<sup>(c)</sup> |

---

(a) For the period September 14, 2022 (commencement
 of operations) to August 31, 2023.

(b) 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.

(c) Not annualized.

(d) Annualized.

(e) 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.*

**OneAscent Small Cap Core ETF**

**Financial Highlights**

*(For a share outstanding during the period)*

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the**<br> **Period Ended**<br> **August 31,**<br> **2024<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of period | $27.51 | $25.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.15 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.54 | 2.46 |
| Total from investment operations | 0.69 | 2.51 |
| **Less distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09) |  |
| Total distributions | (0.12) |  |
| Net asset value, end of period | $28.08 | $27.51 |
| Market price, end of period | $28.15 | $27.52 |
| **Total Return<sup>(b)</sup>** | 2.54% | 10.04 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $35096 | $11006 |
| Ratio of net expenses to average net assets | 0.64% | 0.64 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 1.33% | 4.96 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 1.05% | 1.31 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 32% | — %<sup>(c)</sup> |

---

(a) For the period June 12, 2024 (commencement
 of operations) to August 31, 2024.

(b) 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.

(c) Not annualized.

(d) Annualized.

(e) 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.*

**OneAscent ETFs**

**Notes to the Financial Statements**

*August 31, 2025*

**NOTE 1. ORGANIZATION**

OneAscent Large Cap Core ETF (the "Large Cap Core ETF"), OneAscent Core Plus Bond ETF (the "Core Plus Bond ETF"), OneAscent International Equity ETF (the "International Equity ETF"), OneAscent Emerging Markets ETF (the "Emerging Markets ETF") and OneAscent Small Cap Core ETF (the "Small Cap Core ETF") (each a "Fund" and collectively the "Funds") are registered under the Investment Company Act of 1940, as amended ("1940 Act"), as diversified series of Unified Series Trust (the "Trust"). 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" or "Trustees") to issue an unlimited number of shares of beneficial interest of separate series. Each Fund is one of a series of funds currently authorized by the Board. The Funds' investment adviser is OneAscent Investment Solutions, LLC (the "Adviser"). The Adviser has retained Teachers Advisors, LLC (the "Sub-Adviser") to serve as sub-adviser to the Core Plus Bond ETF. The investment objective of the Large Cap Core ETF is to seek closely to replicate the returns of the S&P 500 Index, before deduction of expenses, using an investment universe that is subjected to the OneAscent Values-Based Screening process. The investment objective of the Core Plus Bond ETF is to seek total return, with an emphasis on income as the source of that total return, while giving special consideration to certain Values-Based Screening and Impact criteria. The investment objective of the International Equity ETF and Emerging Markets ETF is to seek to achieve long-term capital appreciation. The investment objective of the Small Cap Core ETF is to seek to closely replicate returns of the S&P SmallCap 600 Index, before deduction of expenses, using an instrument universe that is subjected to the OneAscent Values-Based Screening process.

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").

**OneAscent ETFs**

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

*August 31, 2025*

**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.

**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 August 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 August 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 tax year end 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

**OneAscent ETFs**

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

*August 31, 2025*

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** – The Core Plus Bond ETF typically distributes dividends from net investment income monthly and any realized net capital gains, if any, to shareholders annually. The Large Cap Core ETF, International Equity ETF, Emerging Markets ETF and Small Cap Core ETF ordinarily distribute dividends from net investment income, if any, annually and distribute net realized capital gains, if any, to shareholders annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Funds.

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

---

| | | |
|:---|:---|:---|
|  | **Paid-In<br> Capital** | **Accumulated<br> Earnings (Deficit)** |
| **Large Cap Core ETF** | $6263984 | $(6263984) |
| **Core Plus Bond ETF** | $— | $— |
| **International Equity ETF** | $4867403 | $(4867403) |
| **Emerging Markets ETF** | $1512098 | $(1512098) |
| **Small Cap Core ETF** | $— | $— |

---

**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

**OneAscent ETFs**

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

*August 31, 2025*

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

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

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

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

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

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

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser, as Valuation Designee, under the oversight of the Board's Pricing & Liquidity Committee. The Valuation Designee has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily 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

**OneAscent ETFs**

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

*August 31, 2025*

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 Adviser, as 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. These securities will generally be categorized as Level 3 securities.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5, 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 Funds 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

**OneAscent ETFs**

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

*August 31, 2025*

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Large Cap Core ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $150909542 | $— | $— | $150909542 |
| Total | $150909542 | $— | $— | $150909542 |
| **Core Plus Bond ETF** |  |  |  |  |
| Asset Backed Securities | $— | $19304865 | $— | $19304865 |
| Collateralized Mortgage Obligations |  | 1983435 |  | 1983435 |
| Corporate Bonds |  | 86006677 |  | 86006677 |
| Foreign Government Bonds |  | 2072951 |  | 2072951 |
| Municipal Bonds |  | 15295363 |  | 15295363 |
| Term Loans |  | 2973902 |  | 2973902 |
| U.S. Government & Agencies |  | 57831133 |  | 57831133 |
| Total | $— | $185468326 | $— | $185468326 |
| **International Equity ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $198311634 | $— | $— | $198311634 |
| Warrants |  |  | — <sup>(b)</sup> |  |
| Total | $198311634 | $— | $— | $198311634 |
| **Emerging Markets ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $49948460 | $— | $— | $49948460 |
| Total | $49948460 | $— | $— | $49948460 |
| **Small Cap Core ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $34603919 | $— | $— | $34603919 |
| Total | $34603919 | $— | $— | $34603919 |

---

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

<sup>(b)</sup> Constellation Software, Inc., is currently being fair valued according to the fair value procedures of the Adviser, as Valuation Designee, under oversight of the Board's Pricing & Liquidity Committee.

**OneAscent ETFs**

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

*August 31, 2025*

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

The Adviser, under the terms of the management agreement with the Trust with respect to each Fund, manages the Funds' investments. As compensation for its management services, each Fund is obligated to pay the Adviser a management fee computed and accrued daily and paid monthly as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** | **Emerging<br> Markets ETF** | **Small Cap<br> Core ETF** |
| Management fee rate | 0.35% | 0.50% | 0.74% | 0.74% | 0.35% |
| Management fees earned | $453280 | $845507 | $1249180 | $410709 | $69911 |
| Management fees (waived) recouped | $(120715) | $— | $4808 | $17330 | $(139181) |

---

The Adviser has retained the Sub-Adviser to provide portfolio management and related services to the Core Plus Bond ETF. The Sub-Adviser receives a fee from the Adviser for these services.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Funds' business, do not exceed 0.49% of the Large Cap Core ETF's average daily net assets, 0.95% of the International Equity ETF's average daily net assets, 1.25% of the Emerging Markets ETF's average daily net assets and 0.64% of the Small Cap Core ETF's average daily net assets. The contractual arrangements for the Large Cap Core ETF, International Equity ETF, Emerging Markets ETF and Small Cap Core ETF are in place through December 31, 2025. These expense caps may not be terminated prior to this date except by the Board upon sixty days' written notice to the Adviser.

**OneAscent ETFs**

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

*August 31, 2025*

Each fee waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the applicable Fund in the three years following the date in which that particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Recoverable Through** | **Large Cap<br> Core ETF** | **International<br> Equity ETF** | **Emerging<br> Markets ETF** | **Small Cap<br> Core ETF** |
| August 31, 2026 | $— | $110912 | $78795 | $— |
| August 31, 2027 | 47612 | 38209 |  | 66138 |
| August 31, 2028 | 120715 |  |  | 139181 |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides administration and fund accounting 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, Northern Lights 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 meeting. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.

**OneAscent ETFs**

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

*August 31, 2025*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** |
| Large Cap Core ETF | $35904930 | $35581144 | $— | $— |
| Core Plus Bond ETF | 56220081 | 39331378 | 170801728 | 165304009 |
| International Equity ETF | 91894097 | 60199174 |  |  |
| Emerging Markets ETF | 20266149 | 33200464 |  |  |
| Small Cap Core ETF | 6825322 | 6265726 |  |  |

---

For the fiscal year ended August 31, 2025, purchases and sales for in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Large Cap Core ETF | $43160880 | $30010719 |
| Core Plus Bond ETF |  |  |
| International Equity ETF | 36681607 | 13263493 |
| Emerging Markets ETF | 3484338 | 11278028 |
| Small Cap Core ETF | 21928988 |  |

---

For the fiscal year ended August 31, 2025, the Funds incurred net realized gains on in-kind redemptions as follows:

---

| | |
|:---|:---|
|  | **In-Kind**<br> **Realized Gains** |
| Large Cap Core ETF | $6260009 |
| Core Plus Bond ETF |  |
| International Equity ETF | 4867403 |
| Emerging Markets ETF | 1513525 |
| Small Cap Core ETF |  |

---

**NOTE 6. CAPITAL SHARE TRANSACTIONS**

Each Fund will issue and redeem shares at NAV only in aggregations of large block of shares or "Creation Units" and only to Authorized Participants. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem

**OneAscent ETFs**

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

*August 31, 2025*

Creation Units from a 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 a 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, a 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 a 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"). For the fiscal year ended August 31, 2025, the Large Cap Core ETF, the Core Plus Bond ETF, the International Equity ETF, the Emerging Markets ETF and Small Cap Core ETF incurred $23,500, $7,800, $36,000, $16,200, and $21,750 in fixed fees, respectively. For the fiscal year ended August 31, 2025, the Large Cap Core ETF had variable charges of $107. The Transaction Fees for each Fund are listed in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fixed Fee** | **Variable<br> Charge** |  |
| Large Cap Core ETF | $500 | 2.00 | %\* |
| Core Plus Bond ETF | $200 | 2.00 | %\* |
| International Equity ETF | $1000 | 2.00 | %\* |
| Emerging Markets ETF | $1350 | 2.00 | %\* |
| Small Cap Core ETF | $750 | 2.00 | %\* |

---

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

**OneAscent ETFs**

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

*August 31, 2025*

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap**<br> **Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** | **Emerging**<br> **Markets ETF** | **Small Cap<br> Core ETF** |
| Gross unrealized appreciation | $30294096 | $2801748 | $47295453 | $8956627 | $4075847 |
| Gross unrealized depreciation | (2345513) | (4158358) | (436118) | (2338948) | (1581180) |
| Net unrealized appreciation (depreciation) on investments | $27948583 | $(1356610) | $46859335 | $6617679 | $2494667 |
| Tax cost of investments | $122960959 | $186824936 | $151452299 | $43330781 | $32109252 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Core ETF** | **Large Cap Core ETF** | **Core Plus Bond ETF** | **Core Plus Bond ETF** | **International Equity ETF** | **International Equity ETF** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $859050 | $277500 | $7563390 | $5848375 | $3193840 | $1831170 |
| Total distributions paid | $859050 | $277500 | $7563390 | $5848375 | $3193840 | $1831170 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets ETF** | **Emerging Markets ETF** | **Small Cap Core ETF** | **Small Cap Core ETF** |
|  | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $498187 | $932880 | $80990 | $— |
| Total distributions paid | $498187 | $932880 | $80990 | $— |

---

**OneAscent ETFs**

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

*August 31, 2025*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International**<br> **Equity ETF** | **Emerging**<br> **Markets ETF** | **Small Cap<br> Core ETF** |
| Undistributed ordinary income | $726986 | $862209 | $2058125 | $525931 | $203086 |
| Distributions payable |  | (725350) |  |  |  |
| Accumulated capital and other losses | (1339284) | (7126818) | (1786475) | (523992) | (414631) |
| Unrealized appreciation (depreciation) on investments | 27948583 | (1356610) | 46892744 | 6610033 | 2494667 |
| Total accumulated earnings (deficits) | $27336285 | $(8346569) | $47164394 | $6611972 | $2283122 |

---

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to: tax deferral of losses on wash sales, differences related to passive foreign investment companies and the return of capital adjustments from underlying investments.

The Large Cap Core ETF and Emerging Markets ETF utilized capital loss carryforwards in the amount of $764,455 and $1,365,250, respectively. As of August 31, 2025, the Funds had short-term and long-term capital loss carryforwards available to offset future gains and not subject to expiration, presented in the table below:

---

| | | |
|:---|:---|:---|
|  | **Short-term<br> Losses** | **Long-term<br> Losses** |
| **Large Cap Core ETF** | $661948 | $677336 |
| **Core Plus Bond ETF** | 4658201 | 2468617 |
| **International Equity ETF** | 744323 | 1042152 |
| **Emerging Markets ETF** | 523992 |  |
| **Small Cap Core ETF** | 354586 | 60045 |

---

**NOTE 8. 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 a Fund's portfolio will be adversely affected. As of August 31, 2025, the Large Cap Core ETF, International Equity ETF and Emerging Markets ETF

**OneAscent ETFs**

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

*August 31, 2025*

had 38.7%, 27.3% and 30.8% of the value of its net assets invested in securities within the Technology sector, respectively.

**NOTE 9. INDEMNIFICATIONS**

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 10. SUBSEQUENT EVENTS**

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

Effective no earlier than November 12, 2025, the Small Cap Core ETF will be changing its investment objective to seek to outperform the Bloomberg US 2500 Total Return Index, before deduction of expenses, using an investment universe that is subjected to the OneAscent Values-Based Screening process. The Small Cap Core ETF will also change its 80% policy to invest at least 80% of the value of its net assets (plus borrowings for investment purposes) in equity securities (principally common stocks) of Small and Mid-Cap Companies. Effective with these changes, the Small Cap Core ETF will change its name to OneAscent Enhanced Small and Mid Cap ETF and will make corresponding revisions to its principal strategies.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of OneAscent ETFs 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 OneAscent ETFs, comprising the funds listed below (the "Funds"), each a series of Unified Series Trust, as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 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** | &nbsp;&nbsp;**Statements of<br> Operations** | &nbsp;&nbsp;**Statements of Changes<br> in Net Assets** | &nbsp;&nbsp;**Financial Highlights** |
| OneAscent Large Cap Core ETF | &nbsp;&nbsp;For the year ended August 31, 2025 | &nbsp;&nbsp;For the years ended August 31, 2025, and 2024 | &nbsp;&nbsp;For the years ended August 31, 2025, 2024, 2023, and the period from November 15, 2021 (commencement of operations) through August 31, 2022 |
| OneAscent Core Plus Bond ETF | &nbsp;&nbsp;For the year ended August 31, 2025 | &nbsp;&nbsp;For the years ended August 31, 2025, and 2024 | &nbsp;&nbsp;For the years ended August 31, 2025, 2024, 2023, and the period from March 30, 2022 (commencement of operations) through August 31, 2022 |
| OneAscent International Equity ETF and OneAscent Emerging Markets ETF | &nbsp;&nbsp;For the year ended August 31, 2025 | &nbsp;&nbsp;For the years ended August 31, 2025, and 2024 | &nbsp;&nbsp;For the years ended August 31, 2025, 2024, and for the period from September 14, 2022 (commencement of operations) through August 31, 2023 |
| OneAscent Small Cap Core ETF | &nbsp;&nbsp;For the year ended August 31, 2025 | &nbsp;&nbsp;For the year ended August 31, 2025, and for the period from June 12, 2024 (commencement of operations) through August 31, 2024 | &nbsp;&nbsp;For the year ended August 31, 2025, and for the period from June 12, 2024 (commencement of operations) through August 31, 2024 |

---

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

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 August 31, 2025, by correspondence with the custodians 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 auditor of one or more investment companies advised by OneAscent Investment Solutions, LLC since 2022.

![](oalc_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 29, 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** | **Emerging<br> Markets ETF** | **Small Cap<br> Core ETF** |
| **Qualified Dividend Income** | 100% | – % | 81% | 88% | 27% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** | **Emerging<br> Markets ETF** | **Small Cap<br> Core ETF** |
| **Qualified Business Income** | – % | – % | – % | – % | – % |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** | **Emerging<br> Markets ETF** | **Small Cap<br> Core ETF** |
| **Dividends Received Deduction** | 100% | – % | 23% | – % | 26% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap**<br> **Core ETF** | **Core Plus**<br> **Bond ETF** | **International**<br> **Equity ETF** | **Emerging**<br> **Markets ETF** | **Small Cap**<br> **Core ETF** |
| **Long-Term Capital Gains Distributions** | $| $| $| $| $|

---

**Foreign Tax Credit Pass Through.** The Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. The International Equity ETF and Emerging Market ETF foreign source income per share was $0.67 and $0.72 and the foreign tax expense per share was $0.07 and $0.11, respectfully.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

The OneAscent Core Plus Bond ETF ("OACP"), the OneAscent Large Cap Core ETF ("OALC"), the OneAscent Emerging Equity Markets ETF ("OAEM"), and the OneAscent International Equity ETF ("OAIM") (each a "Fund" and together, the "Funds") are series of Unified Series Trust (the "Trust"). The Trust's Board of Trustees (the "Board" or "Trustees") oversees the management of the Funds and, as required by law, has considered the renewal of each Fund's management agreement with its investment adviser, OneAscent Investment Solutions, LLC ("OneAscent"), as well as the sub-advisory agreement between OneAscent and Teachers Advisors, LLC ("TAL") on behalf of OACP. In connection with such approvals, the Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances.

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

(i) <u>The Nature, Extent, and Quality of Services</u>. The Trustees reviewed and considered information regarding the nature, extent, and quality of services that OneAscent provides to the Funds, as well as the services TAL provides to OACP, which include, but are not limited to, providing a continuous investment program, adhering to investment restrictions, complying with the Trust's policies and procedures, and voting proxies. The Trustees reviewed the backgrounds of key personnel responsible for the day-to-day management of OALC's, OAEM's OAIM's, and OACP's portfolios, as well as the allocation of responsibilities between OneAscent and TAL with respect to OACP. The Board discussed that OneAscent was disciplined in its implementation of its values-based investment process. The Trustees considered succession planning and the potential impact on the management of the Funds. The Board reviewed OneAscent's process for selecting brokers and ensuring best execution, noting that OneAscent delegated broker-dealer selection to TAL for OACP but regularly reviewed TAL's processes for executing trades and selecting brokers. The Trustees concluded that

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

they are satisfied with the nature, extent, and high quality of investment management services provided by OneAscent to each Fund and by TAL with respect to OACP.

(ii) <u>Fund Performance</u>. The Trustees next reviewed and discussed each Fund's performance for various periods ended March 31, 2025.

The Trustees observed that OALC had underperformed its benchmark, the S&P 500 Index, and the medians of its Morningstar Large Blend category and peer group, for the one-year and since-inception periods. The Trustees further noted that OALC underperformed its benchmark for the three-year period but outperformed the medians of its Morningstar category and peer group over the same period. The Board considered that OneAscent implemented a strategy change in 2024 and acknowledged OneAscent's explanation that OALC's underperformance over the one-year period was largely attributable to its underweight positions in a few stocks. It was the consensus of the Trustees that OneAscent should be afforded additional time to manage OALC in accordance with its current strategy.

The Trustees next observed that OACP performed in line with its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year period and outperformed the benchmark over the three-year and since-inception periods. The Board further observed that OACP underperformed the medians of its Morningstar Intermediate Core Plus Bond category and peer group across each of those periods. The Board acknowledged that OneAscent and TAL attributed underperformance to OACP's underweighting in high yield bonds compared to that of its peers. It was the consensus of the Trustees that OneAscent and TAL managed OACP successfully from a performance standpoint.

The Trustees observed that OAEM underperformed the medians of its Diversified Emerging Markets category and peer group, and its benchmark, the MSCI Emerging Markets Index, for the one-year and since-inception periods. The Board acknowledged that OneAscent attributed underperformance to its underweighting in China. The Board concluded that OAEM was performing as expected according to its prospectus.

The Trustees discussed that OAIM underperformed the medians of its Morningstar Foreign Large Blend category and peer group, and its benchmark, the MSCI ACWI Ex USA Index, for the one-year period, but outperformed each for the since-inception period. The Board acknowledged OneAscent's position that OAIM underperformed over the one-year period due to its underweighting in China and stock selection within Indonesia. It was the consensus of the Trustees that OneAscent was managing OAIM successfully from a performance standpoint.

(iii) <u>Fee Rate and Profitability</u>. The Trustees discussed that OALC's management fee was lower than the medians and averages of its Morningstar category and peer group. The Trustees observed that OALC's net expenses are higher than the medians and averages of its Morningstar category, equal to the median of its peer group, and below its peer group average. The Trustees noted that each of OAEM's and OAIM's management fee and net expenses are higher than the medians and averages of their Morningstar category and peer group. The Trustees noted that OACP's management fee and net expenses were higher than the medians and averages of its Morningstar category and peer group but below the category highs. The Trustees acknowledged that OneAscent attributed the higher fees and expenses to the resources required to effectively implement the values-based investment process of each Fund's strategy.

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

The Board also reviewed the fee arrangement between OneAscent and TAL with respect to OACP, noting that TAL received a variable fee that decreased as the assets of OACP increased. They discussed that the sub-advisory fee was paid to TAL by OneAscent, not by OACP.

The Trustees considered profitability analyses prepared by OneAscent with respect to its management of each Fund, which indicated that OneAscent is not earning a profit as a result of managing any Fund. The Board reviewed TAL's profitability analysis in connection with the sub-advisory services provided to OACP and considered the profit levels in both actual dollars and as a percentage of revenue. The Board concluded that TAL's profitability was not excessive.

The Trustees considered other potential benefits that OneAscent or TAL may receive in connection with the management of each Fund. The Trustees determined that the services provided to OACP are not duplicative as between adviser and sub-adviser. After considering the above information, the Trustees concluded that the management fee for each Fund, and the sub-advisory fee for OACP, were not unreasonable.

(iv) <u>Economies of Scale</u>. In determining the reasonableness of the management fees, and sub-advisory fee for OACP, the Trustees acknowledged that OneAscent is not yet realizing a profit for managing the Funds and considered the extent to which OneAscent or TAL may realize economies of scale as each Fund grows larger. The Trustees noted that TAL's sub-advisory fee already included breakpoints. The Trustees determined that, in light of the current size of each Fund, it is premature to reduce the management fees or introduce breakpoints in the management fees at this time.

**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 (800) 222-8274 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

---

| |
|:---|
| **Tactical Multi-Purpose Fund** |
| **Annual Financial Statements<br> and Additional Information** |
| **August 31, 2025** |
| **Fund Adviser:** |
| **Fisher Asset Management, LLC** |
| **6500 International Parkway, Suite 2050** |
| **Plano, Texas 75093** |
| **(800) 550-1071** |

---

**Tactical Multi-Purpose Fund**

**Schedule of Investments**

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCIES — 47.16%** | **Principal<br> Amount** | **Fair<br> Value** |
| United States Treasury Bill, 4.01 *%*, 11/4/2025<sup>(a)</sup> | $13000 | $12908 |
| **Total U.S. Government & Agencies (Cost $12,903)** |  | 12908 |
| **MONEY MARKET FUNDS — 53.07%** | **Shares** |  |
| First American Government Obligations Fund, Class X, 4.22%<sup>(a)(b)</sup> | 14526 | 14526 |
| **Total Money Market Funds (Cost $14,526)** |  | 14526 |
| **Total Investments — 100.23% (Cost $27,429)** |  | 27434 |
| **Liabilities in Excess of Other Assets — (0.23)%** |  | (62) |
| **NET ASSETS — 100.00%** |  | $27372 |

---

(a) Represents
 an investment greater than 25% of the Fund's net assets. Performance of the Fund may be adversely impacted by concentrated investments
 in securities. As of August 31, 2025, the percentage of net assets invested in United States Treasury Bill, 4.01 *%*, 11/4/2025
 and First American Government Obligations Fund, Class X, 4.22% was 47.16% and 53.07%, respectively of the Fund. The financial statements
 and portfolio holdings for the First American Government Obligations Fund, Class X can be found at www.sec.gov.

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

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

**Tactical Multi-Purpose Fund**

**Statement of Assets and Liabilities**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets** | |
| Investments in securities at fair value (cost $27,429) | $27434 |
| Interest receivable | 62 |
| Receivable from Adviser | 26146 |
| Prepaid expenses | 3216 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 56858 |
| **Liabilities** |  |
| Payable to affiliates | 13549 |
| Other accrued expenses | 15937 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 29486 |
| **Net Assets** | $27372 |
| **Net Assets consist of:** |  |
| Paid-in capital | $26544 |
| Accumulated earnings | 828 |
| **Net Assets** | $27372 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 2705 |
| Net asset value, offering and redemption price per share | $10.12 |

---

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

**Tactical Multi-Purpose Fund**

**Statement of Operations**

*For the Year Ended August 31, 2025*

---

| | |
|:---|:---|
| **Investment Income** | |
| Dividend income | $864 |
| Interest income | 359 |
| **Total investment income** | 1223 |
| **Expenses** |  |
| Administration | 33950 |
| Fund accounting | 30003 |
| Legal | 23588 |
| Trustee | 19785 |
| Compliance services | 15026 |
| Transfer agent | 12000 |
| Audit and tax | 11750 |
| Custodian | 5001 |
| Report printing | 1867 |
| Registration | 255 |
| Adviser | 67 |
| Miscellaneous | 9100 |
| Other expenses | 10887 |
| **Total expenses** | 173279 |
| Fees waived and/or expenses reimbursed by Adviser | (156004) |
| Fees reduced by Administrator | (17006) |
| **Net operating expenses** | 269 |
| **Net investment income** | 954 |
| Net change in unrealized appreciation of investment securities | 1 |
| **Net realized and change in unrealized gain on investments** | 1 |
| **Net increase in net assets resulting from operations** | $955 |

---

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

**Tactical Multi-Purpose Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $954 | $1102 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities | 1 | 48 |
| Net increase in net assets resulting from operations | 955 | 1150 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (1063) | (961) |
| **Total distributions** | (1063) | (961) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1063 | 961 |
| **Net increase in net assets resulting from capital transactions** | 1063 | 961 |
| **Total Increase in Net Assets** | 955 | 1150 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 26417 | 25267 |
| &nbsp;&nbsp;&nbsp;End of year | $27372 | $26417 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 107 | 98 |
| **Net increase in shares** | 107 | 98 |

---

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

**Tactical Multi-Purpose Fund**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31, <br>2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $10.17 | $10.11 | $9.80 | $9.84 | $9.93 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.35 | 0.43 | 0.33 | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.01 | 0.01 | (0.02) | — <sup>(a)</sup> |  |
| Total from investment operations | 0.36 | 0.44 | 0.31 | (0.04) | (0.09) |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.38) |  |  |  |
| Total distributions | (0.41) | (0.38) |  |  |  |
| **Net asset value, end of year** | $10.12 | $10.17 | $10.11 | $9.80 | $9.84 |
| **Total Return<sup>(b)</sup>** | 3.64% | 4.52% | 3.16% | (0.41)% | (0.91)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $27 | $26 | $25 | $24 | $25 |
| Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of gross expenses to average net assets before waiver and reimbursement | 645.10% | 630.32% | 657.38% | 644.19% | 635.29% |
| Ratio of net investment income (loss) to average net assets | 3.55% | 4.27% | 3.30% | (0.44)% | (0.91)% |
| Portfolio turnover rate | —% | —% | —% | — % | —% |

---

(a) Rounds to less than $0.005 per share.

(b) 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.*

**Tactical Multi-Purpose Fund**

**Notes to the Financial Statements**

*August 31, 2025*

**NOTE 1. ORGANIZATION**

The Tactical Multi-Purpose Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified series of Unified Series Trust (the "Trust") on November 14, 2016. 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 commenced operations on March 30, 2017. The investment adviser to the Fund is Fisher Asset Management, LLC, d/b/a Fisher Investments (the "Adviser"). The investment objective of the Fund is to seek positive total returns over the long-term regardless of market conditions in the U.S. and foreign equity markets.

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.

**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.

**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

**Tactical Multi-Purpose Fund**

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

*August 31, 2025*

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 August 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 August 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 identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.

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

**NOTE 3. NON-DIVERSIFICATION RISK**

The Fund is non-diversified, which means it may invest a greater percentage of its assets in a limited number of issuers as compared to other mutual funds that are more broadly diversified. As a result, the Fund's share price may be more volatile than the share price of

**Tactical Multi-Purpose Fund**

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

*August 31, 2025*

some other mutual funds, and the poor performance of an individual holding in the Fund's portfolio may have a significant negative impact on the Fund's performance.

**NOTE 4. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

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

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

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

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

● 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

**Tactical Multi-Purpose Fund**

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

*August 31, 2025*

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.

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.

**Tactical Multi-Purpose Fund**

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

*August 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 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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government & Agencies | $— | $12908 | $— | $12908 |
| Money Market Funds | 14526 |  |  | 14526 |
| Total | $14526 | $12908 | $— | $27434 |

---

The Fund did not hold any investments 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. The Fund did not hold any derivative instruments during the reporting period.

**Tactical Multi-Purpose Fund**

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

*August 31, 2025*

**NOTE 5. 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, 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 0.25% of the Fund's average daily net assets. For the fiscal year ended August 31, 2025, the Adviser earned management fees of $67 from the Fund before the waiver and reimbursement described below.

The Adviser has contractually agreed to limit the Fund's total annual operating expenses to 1.00% of the Fund's average daily net assets through December 31, 2029 (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). This expense cap may not be terminated prior to this date except by the Board upon 60 days' written notice to the Adviser. For the fiscal year ended August 31, 2025, the Adviser waived fees and/or reimbursed expenses in the amount of $156,004.

Each expense payment by the Adviser (but not management fee waiver) is subject to recoupment by the Adviser from the Fund in the three years following the date the particular expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the expense payment and any expense limitation in effect at the time of the recoupment. As of August 31, 2025, the Adviser may seek repayment of expense reimbursements in amounts as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| August 31, 2026 | $156166 |
| August 31, 2027 | 156037 |
| August 31, 2028 | 155938 |

---

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

**Tactical Multi-Purpose Fund**

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

*August 31, 2025*

Ultimus has agreed to waive its fees to the extent necessary so that the Fund's total annual operating expenses (excluding taxes, borrowing costs such as interest and dividend expenses on securities sold short, brokerage commissions, acquired fund fees and expenses, shareholder servicing fees paid to financial intermediaries, extraordinary expenses and expenses outside the normal course of business) do not exceed $156,000 annually, based on a twelve-month period commencing April 1 and ending March 31 (the "Annual Period"). The waiver will accrue on a monthly basis such that the Fund's operating expenses for any month during the Annual Period will not exceed the sum of $13,000 (the "Monthly Expense Cap"), provided that Ultimus may recoup any fees waived by Ultimus in a prior month during the Annual Period to the extent of any unused amount of the Monthly Expense Cap in the current month. The waiver will be suspended and forfeited in any month that the Adviser is not the sole shareholder of the Fund. The waiver is subject to recoupment for the Annual Period during which the fees were waived, but only if such recoupment can be achieved without exceeding the Monthly Expense Cap. The total amount waived by Ultimus during the fiscal year ended August 31, 2025 was $17,006, and the amount recoupable as of August 31, 2025 was $7,707.

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

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

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

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chair of the Board and more than 75% of the Trustees are "Independent Trustees," which means that they are not "interested persons" as defined in the 1940 Act. The Independent Trustees review and establish compensation at least annually. Each Trustee of the Trust receives annual compensation, which is an established amount paid quarterly per fund in the Trust at the time of the regular quarterly Board meetings. The Chair of the Board receives the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Trustees also receive additional fees for attending any special meetings. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.

**Tactical Multi-Purpose Fund**

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

*August 31, 2025*

**NOTE 6. INVESTMENT TRANSACTIONS**

For the fiscal year ended August 31, 2025, there were no purchases or sales of investment securities, other than short-term investments.

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

**NOTE 7. 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 August 31, 2025, the Adviser owned 100% of the Fund's outstanding shares. As a result, the Adviser may be deemed to control the Fund.

**NOTE 8. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $5 |
| Gross unrealized depreciation |  |
| Net unrealized appreciation on investments | $5 |
| Tax cost of investments | $27429 |

---

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1063 | $961 |
| Total distributions paid | $1063 | $961 |

---

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

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $823 |
| Unrealized appreciation on investments | 5 |
| Total accumulated earnings | $828 |

---

Certain capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Fund's fiscal year may be deferred and treated as occurring on the first business day of the Fund's following taxable year.

**Tactical Multi-Purpose Fund**

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

*August 31, 2025*

**NOTE 9. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 10. SUBSEQUENT EVENTS**

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

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Tactical Multi-Purpose Fund and

Board of Trustees of Unified Series Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Tactical Multi-Purpose Fund (the "Fund"), a series of Unified Series Trust, as of August 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 August 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.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our 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 August 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 auditor of one or more investment companies advised by Fisher Asset Management, LLC since 2017.

![](tactical_001.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 29, 2025

**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 (Unaudited)**

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 (800) 550-1071 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_ex99cert.htm) |

---

(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 <u>10/31/2025</u>

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

---

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

---

Date <u>10/31/2025</u>

---

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

---

Date <u>10/31/2025</u>

## 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

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

<u>CERTIFICATIONS</u>

I, Martin R. Dean, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: | 10/31/2025 | /s/ Martin R. Dean |
|  |  | Martin R. Dean<br> Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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 | 10/31/2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**SECTION 906 certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended August 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

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

---

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

---

Date: <u>10/31/2025</u> Date: <u>10/31/2025</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.