# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0000910472-26-002607
**Filing Date:** 2026-2
**Character Count:** 57411
**Document Hash:** e67d147e4e157c517a97f029ca895e9c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002607.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002607

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 26681997

**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

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

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

## Nport-Ex

Absolute

CEF

Opportunities

Schedule

of

Investments

December

31,

2025

(Unaudited)

Closed

End

Funds

—

101.71%

Shares

Fair

Value

abrdn

Income

Credit

Strategies

Fund

86,174

$

466,201

abrdn

Total

Dynamic

Dividend

Fund

1,453

14,167

Advent

Convertible

and

Income

Fund

5,254

BlackRock

Capital

Allocation

Trust

15,319

216,917

BlackRock

Corporate

High

Yield

Fund

BlackRock

Floating

Rate

Income

Trust

10,976

124,358

BlackRock

Innovation

and

Growth

Term

Trust

23,675

156,018

BlackRock

Science

&

Technology

Trust,

USD

Class

1,333

54,040

CBRE

Global

Real

Estate

Income

Fund,

USD

Class

51,951

227,545

ClearBridge

Energy

Midstream

Opportunity

Fund,

Inc.,

USD

Class

1,696

75,726

Cohen

&

Steers

Infrastructure

Fund,

Inc.

12,566

302,966

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

11,013

125,769

Destra

Multi-Alternative

Fund

3,242

29,081

Franklin

Limited

Duration

Income

Trust,

USD

Class

26,597

163,572

FS

Credit

Opportunities

Corp.,

USD

Class

17,358

109,355

FS

Specialty

Lending

Fund

1,269

17,944

High

Income

Securities

Fund

8,946

55,018

Invesco®

Senior

Income

Trust

38,457

125,754

Liberty

All-Star

Equity

Fund,

USD

Class

161,773

1,015,935

Liberty

All-Star

Growth

Fund,

Inc.,

USD

Class

43,910

232,723

LMP

Capital

and

Income

Fund,

Inc.

19,140

283,463

Neuberger

Berman

Real

Estate

Securities

Income

Fund,

Inc.

6,260

19,030

Nuveen

California

Select

Tax-Free

Income

Portfolio

4,396

Absolute

CEF

Opportunities

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Closed

End

Funds

—

101.71%

-

continued

Shares

Fair

Value

Nuveen

Credit

Strategies

Income

Fund

60,647

$

304,448

Nuveen

Floating

Rate

Income

Fund

15,996

125,249

Nuveen

Global

High

Income

Fund

22,523

284,015

NYLI

CBRE

Global

Infrastructure

Megatrends

Term

Fund

11,440

157,414

PIMCO

Dynamic

Income

Fund,

USD

Class

8,724

154,502

Pioneer

Diversified

High

Income

Fund,

Inc.

45,171

70,467

Pioneer

Floating

Rate

Fund,

Inc.

157,093

59,923

Pioneer

High

Income

Fund,

Inc.

133,324

43,997

Pioneer

Municipal

High

Income

Advantage

Fund,

Inc.

77,662

34,948

Pioneer

Municipal

High

Income

Fund

Trust

54,923

20,321

Pioneer

Municipal

High

Income

Opportunities

Fund,

Inc.

36,534

6,576

RiverNorth

Opportunities

Fund,

Inc.

21,201

248,900

Saba

Capital

Income

&

Opportunities

Fund

40,455

283,590

Virtus

Stone

Harbor

Emerging

Markets

Income

Fund

9,141

45,431

Virtus

Total

Return

Fund,

Inc.

39,725

250,268

Western

Asset

Global

High

Income

Fund,

Inc.

26,196

167,916

Western

Asset

High

Yield

Defined

Opportunity

Fund,

Inc.

13,369

149,198

XAI

Madison

Equity

Premium

Income

Fund

16,594

99,564

TOTAL CLOSED

END

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,315,771)

6,332,404

Common

Stocks

—

0.37%

Financials

—

0.37%

Monroe

Capital

Corp.

3,664

23,340

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,667)

23,340

Absolute

CEF

Opportunities

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Exchange-Traded

Funds

—

4.82%

Shares

Fair

Value

NXG

Cushing

Midstream

Energy

Fund

7,686

$

300,138

TOTAL EXCHANGE-TRADED

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $306,894)

300,138

Money

Market

Funds

-

2.47%

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(a) 153,698

153,698

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$153,698)

153,698

Total

Investments

—

109.37%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,801,030)

6,809,580

Liabilities

in

Excess

of

Other

Assets

—

(9.37)%

(583,601)

Net

Assets

—

100.00%

$

6,225,979

(a) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. Absolute

CEF

Opportunities

Schedule

of

Securities

Sold

Short

December

31,

2025

(Unaudited)

Closed

End

Funds

-

Short

-

(14.30)%

Shares

Fair

Value

abrdn

Global

Infrastructure

Income

Fund

(3,873)

$

(86,600)

BlackRock

MuniHoldings

California

Quality

Fund

-

USD

Class

(15,000)

(159,000)

Nuveen

Select

Tax-Free

Income

Portfolio

(4,332)

(61,081)

BlackRock

Enhanced

Capital

and

Income

Fund

(25,000)

(584,250)

TOTAL

CLOSED

END

FUNDS

-

SHORT

(Proceeds

Received $895,127)

(890,931)

Common

Stocks

-

Short

-

(0.68)%

Financials

-

(0.68)%

Horizon

Technology

Finance

Corp.

(6,656)

(42,932)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $45,912)

(42,932)

Exchange-Traded

Funds

-

Short

-

(25.39)

%

Invesco®

Senior

Loan

ETF

(8,776)

(184,296)

iShares®

iBoxx

High

Yield

Corporate

Bond

ETF

(3,896)

(314,134)

iShares®

U.S.

Real

Estate

ETF

(3,995)

(375,091)

iShares®

U.S.

Utilities

ETF

(3,277)

(355,096)

Utilities

Select

Sector

SPDR®

Fund

(8,248)

(352,107)

TOTAL

EXCHANGE-TRADED

FUNDS

-

SHORT

(Proceeds

Received $1,633,284)

(1,580,724)

TOTAL

SECURITIES

SOLD

SHORT

-

(40.37)%

(Proceeds

Received

$2,574,323)

(2,514,587)

ETF

–

Exchange-Traded

Fund

SPDR

–

Standard

&

Poor's

Depository

Receipt

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Common

Stocks

—

86.17%

Shares

Fair

Value

Communications

—

8.87%

Alphabet,

Inc.,

Class

A

(a) 6,998

$

2,190,374

Meta

Platforms,

Inc.,

Class

A

(a) 3,312

2,186,218

Universal

Music

Group

NV

-

ADR

54,691

713,171

5,089,763

Consumer

Discretionary

—

10.39%

Amazon.com,

Inc.

(a)(b) 13,681

3,157,849

CarMax,

Inc.

(a)(b) 8,081

312,250

Carvana

Co.

(b) 1,000

422,020

Copart,

Inc.

(b) 22,940

898,101

Fisker

,

Inc.

(b) 7,480

Floor

&

Decor

Holdings,

Inc.,

Class

A

(b) 5,357

326,187

Lowe's

Companies,

Inc.

3,511

846,713

5,963,125

Consumer

Staples

—

5.54%

Dollar

Tree,

Inc.

(b) 7,200

885,672

Philip

Morris

International,

Inc.

14,289

2,291,956

3,177,628

Energy

—

3.77%

Berkshire

Hathaway,

Inc.,

Class

B

(a)(b) 3,299

1,658,242

Occidental

Petroleum

Corp.

12,266

504,378

2,162,620

Financials

—

15.26%

American

Express

Co.

(a) 1,935

715,853

Aon

PLC,

Class

A

4,271

1,507,150

Charles

Schwab

Corp.

(The)

25,831

2,580,775

Intercontinental

Exchange,

Inc.

11,785

1,908,699

Ryan

Specialty

Group

Holdings,

Inc.

(b) 9,236

476,855

Visa,

Inc.,

Class

A

4,467

1,566,622

8,755,954

Health

Care

—

11.42%

Alcon,

Inc.

14,523

1,144,558

Becton,

Dickinson

and

Co.

9,039

1,754,199

Cooper

Companies,

Inc.

(The)

(b) 12,417

1,017,697

Thermo

Fisher

Scientific,

Inc.

2,799

1,621,880

Waters

Corp.

(b) 2,681

1,018,324

6,556,658

Industrials

—

9.35%

Ashtead

Group

PLC

-

ADR

(b) 17,244

1,219,840

Hayward

Holdings,

Inc.

(b) 30,990

478,795

Jacobs

Solutions,

Inc.

9,105

1,206,048

Keysight

Technologies,

Inc.

(b) 5,504

1,118,358

PACCAR,

Inc.

12,246

1,341,060

5,364,101

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

—

86.17%

-

continued

Shares

Fair

Value

Technology

—

21.57%

Advanced

Micro

Devices,

Inc.

(b) 5,899

$

1,263,330

Amentum

Holdings,

Inc.

(b) 33,316

966,164

Analog

Devices,

Inc.

4,243

1,150,702

Apple,

Inc.

(a) 7,789

2,117,518

Applied

Materials,

Inc.

5,777

1,484,631

Arista

Networks,

Inc.

(b) 8,914

1,168,001

Microsoft

Corp.

3,685

1,782,140

Motorola

Solutions,

Inc.

3,335

1,278,372

Salesforce,

Inc.

4,416

1,169,842

12,380,700

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $31,142,388)

49,450,549

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

CALL

OPTIONS

PURCHASED

—

0.2 6

%

NVIDIA

Corporation

$

2,517,750

$

210.00 January

2026

$

3,510

SPDR

S&P

500

ETF

Trust

807

55,030,944

695.00 January

2026

146,874

TOTAL

CALL

OPTIONS

PURCHASED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

681,499)

150,384

PUT

OPTIONS

PURCHASED

—

0.4 6

%

Amazon.com,

Inc.

1,431,084

210.00 January

2026

2,356

Meta

Platforms,

Inc.

1,848,252

730.00 January

2026

195,860

Philip

Morris

International,

Inc.

898,240

155.00 January

2026

4,200

SPDR

S&P

500

ETF

Trust

1,111

75,761,312

640.00 January

2026

58,883

TOTAL

PUT

OPTIONS

PURCHASED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

1,082,451)

261,299

TOTAL

OPTIONS

PURCHASED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$1,763,950)

411,683

Money

Market

Funds

-

19.81%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(c) 11,369,438

11,369,438

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$11,369,438)

11,369,438

Total

Investments

—

106.70%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$44,275,776)

61,231,670

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

.

Liabilities

in

Excess

of

Other

Assets

—

(6.70)%

$

(3,844,594)

Net

Assets

—

100.00%

$

57,387,076

(a) All

or

a

portion

of

this

security

is

held

as

collateral

for

written

options.

The

value

of

the

collateral

as

of

December

31,

2025

is

$9,464,525.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. ADR

–

American

Depositary

Receipt

ETF

–

Exchange-Traded

Fund

SPDR

–

Standard

&

Poor's

Depository

Receipt

Absolute

Capital

Opportunities

Fund

Schedule

of

Written

Options

December

31,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(7.13)%

Advanced

Micro

Devices,

Inc.

(21) $

(449,736)

$

190.00 January

2026

$

(54,747)

Amazon.com,

Inc.

(31) (715,542)

240.00 March

2026

(33,201)

American

Express

Co.

(8) (295,960)

290.00 January

2026

(66,000)

Applied

Materials,

Inc.

(19) (488,281)

190.00 January

2026

(129,010)

Arista

Networks,

Inc.

(35) (458,605)

125.00 January

2026

(28,700)

Charles

Schwab

Corp.

(The)

(81) (809,271)

82.50 January

2026

(139,928)

Dollar

Tree,

Inc.

(18) (221,418)

100.00 January

2026

(42,750)

Meta

Platforms,

Inc.

(14) (924,126)

760.00 March

2026

(15,554)

Philip

Morris

International,

Inc.

(28) (449,120)

165.00 March

2026

(19,040)

SPDR

S&P

500

ETF

Trust

(566) (38,596,672)

645.00 June

2026

(3,561,272)

Total

Written

Call

Options

(Premiums

Received

$4,150,331)

(4,090,202)

Written

Put

Options

(0.10)%

Amazon.com,

Inc.

(62) (1,431,084)

185.00 January

2026

(496) Meta

Platforms,

Inc.

(28) (1,848,252)

620.00 January

2026

(5,936)

NVIDIA

Corporation

(33) (615,450)

175.00 June

2026

(50,325)

Philip

Morris

International,

Inc.

(56) (898,240)

140.00 January

2026

(672) Total

Written

Put

Options

(Premiums

Received

$140,868)

(57,429)

Total

Written

Options

(Premiums

Received

$4,291,199)

(4,147,631)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Mutual

Funds

—

2.44%

Shares

Fair

Value

Absolute

Flexible

Fund

(a) 2,896,393

$

31,599,648

TOTAL MUTUAL

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $29,390,352)

31,599,648

Convertible

Bonds

—

85.41%

Principal

Amount

Fair

Value

Communications

—

3.97%

AMC

Networks,

Inc.,

4.25%,

2/15/2029

$

5,500,000

5,634,750

AST

SpaceMobile

,

Inc.,

4.25%,

3/1/2032

(b) 5,000,000

14,734,250

AST

SpaceMobile

,

Inc.,

2.00%,

1/15/2036

(b) 6,500,000

6,503,575

BlackSky

Technology,

Inc.,

8.25%,

8/1/2033

(b) 9,000,000

9,601,200

Magnite

,

Inc.,

0.25%,

3/15/2026

6,500,000

6,447,350

Upwork,

Inc.,

0.25%,

8/15/2026

8,640,000

8,452,080

51,373,205

Consumer

Discretionary

—

7.09%

Cracker

Barrel

Old

Country

Store,

Inc.,

1.75%,

9/15/2030

(b) 8,000,000

6,042,800

Etsy,

Inc.,

1.00%,

6/15/2030

(b) 7,500,000

7,616,250

Freshpet

,

Inc.,

3.00%,

4/1/2028

11,000,000

12,886,500

LCI

Industries,

1.13%,

5/15/2026

7,217,000

7,123,179

LCI

Industries,

3.00%,

3/1/2030

(b) 6,525,000

7,748,438

NCL

Corporation

Ltd.,

0.75%,

9/15/2030

(b) 7,000,000

6,785,800

Patrick

Industries,

Inc.,

1.75%,

12/1/2028

10,949,000

18,635,198

Wayfair,

Inc.,

3.25%,

9/15/2027

9,732,000

16,216,204

Winnebago

Industries,

Inc.,

3.25%,

1/15/2030

9,000,000

8,482,500

91,536,869

Consumer

Staples

—

1.92%

Chefs'

Warehouse,

Inc.

(The),

2.38%,

12/15/2028

5,000,000

7,606,000

Post

Holdings,

Inc.,

2.50%,

8/15/2027

7,500,000

8,088,750

Spectrum

Brands,

Inc.,

3.38%,

6/1/2029

9,500,000

9,008,375

24,703,125

Energy

—

3.65%

Eos

Energy

Enterprises,

Inc.,

1.75%,

12/1/2031

(b) 1,000,000

972,500

Fluence

Energy,

Inc.,

2.25%,

6/15/2030

12,000,000

14,557,500

Green

Plains,

Inc.,

2.25%,

3/15/2027

6,500,000

6,256,250

Helix

Energy

Solutions

Group,

Inc.,

9.75%,

3/1/2029

(b) 7,500,000

7,932,143

Northern

Oil

and

Gas,

Inc.,

3.63%,

4/15/2029

7,500,000

7,254,375

Plug

Power,

Inc.,

6.75%,

12/1/2033

(b) 2,500,000

2,502,500

T1

Energy,

Inc.,

5.25%,

12/1/2030

6,000,000

7,692,600

47,167,868

Financials

—

4.62%

Coinbase

Global,

Inc.,

0.00%,

10/1/2029

(b) 1,000,000

930,300

Coinbase

Global,

Inc.,

0.25%,

4/1/2030

2,837,000

2,912,890

Coinbase

Global,

Inc.,

0.00%,

10/1/2032

(b) 3,500,000

3,139,500

Encore

Capital

Group,

Inc.,

4.00%,

3/15/2029

11,250,000

12,408,750

EZCORP,

Inc.,

3.75%,

12/15/2029

(b) 14,000,000

26,047,000

Voyager

Technologies,

Inc.,

0.75%,

11/15/2030

(b) 2,000,000

2,107,000

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Convertible

Bonds

—

85.41%

-

continued

Principal

Amount

Fair

Value

Financials

—

4.62%

-

continued

WisdomTree,

Inc.,

3.25%,

8/15/2029

$

9,254,000

$

11,145,286

WisdomTree,

Inc.,

4.63%,

8/15/2030

(b) 1,000,000

1,028,500

59,719,226

Health

Care

—

14.01%

Accuray

,

Inc.,

3.75%,

6/1/2026

4,250,000

4,080,002

Alphatec

Holdings,

Inc.,

0.75%,

8/1/2026

2,512,000

3,140,000

Alphatec

Holdings,

Inc.,

0.75%,

3/15/2030

(b) 4,250,000

6,522,475

ANI

Pharmaceuticals,

Inc.,

2.25%,

9/1/2029

11,473,000

14,478,926

CONMED

Corp.,

2.25%,

6/15/2027

10,000,000

9,600,000

Enovis

Corp.,

3.88%,

10/15/2028

5,000,000

4,896,250

Exact

Sciences

Corp.,

0.38%,

3/15/2027

7,000,000

7,323,400

Halozyme

Therapeutics,

Inc.,

1.00%,

8/15/2028

14,000,000

18,613,000

Inotiv

,

Inc.,

3.25%,

10/15/2027

1,500,000

363,750

Integer

Holdings

Corp.,

1.88%,

3/15/2030

(b) 20,000,000

18,560,000

Jazz

Investments

I

Ltd.,

2.00%,

6/15/2026

6,000,000

6,958,500

Jazz

Investments

I

Ltd.,

3.13%,

9/15/2030

7,500,000

10,001,250

Lantheus

Holdings,

Inc.,

2.63%,

12/15/2027

(b) 10,600,000

12,171,450

LeMaitre

Vascular,

Inc.,

2.50%,

2/1/2030

11,750,000

11,779,375

LivaNova

PLC,

2.50%,

3/15/2029

8,000,000

9,280,000

MannKind

Corp.,

2.50%,

3/1/2026

4,300,000

4,880,500

Merit

Medical

Systems,

Inc.,

3.00%,

2/1/2029

(b) 15,000,000

18,142,500

Pacira

BioSciences

,

Inc.,

2.13%,

5/15/2029

8,000,000

8,065,000

Repligen

Corp.,

1.00%,

12/15/2028

5,000,000

5,487,500

Tempus

AI,

Inc.,

0.75%,

7/15/2030

(b) 3,500,000

3,738,000

Zoetis,

Inc.,

0.25%,

6/15/2029

(b) 3,000,000

3,097,500

181,179,378

Industrials

—

12.77%

Advanced

Energy

Industries,

Inc.,

2.50%,

9/15/2028

(b) 7,500,000

12,315,000

Alarm.com

Holdings,

Inc.,

5.68%,

1/15/2026

10,000,000

10,025,000

Alarm.com

Holdings,

Inc.,

2.25%,

6/1/2029

8,000,000

7,636,000

Astronics

Corp.,

5.50%,

3/15/2030

1,000,000

2,562,400

Astronics

Corp.,

0.00%,

1/15/2031

(b) 10,000,000

11,775,000

BWX

Technologies,

Inc.,

0.00%,

11/1/2030

(b) 9,570,000

9,144,135

Fluor

Corp.,

1.13%,

8/15/2029

13,889,000

15,857,071

Granite

Construction,

Inc.,

3.25%,

6/15/2030

15,000,000

24,000,000

Greenbrier

Companies,

Inc.

(The),

2.88%,

4/15/2028

13,795,000

14,871,700

Itron

,

Inc.,

3.53%,

3/15/2026

8,000,000

7,932,000

Itron

,

Inc.,

1.38%,

7/15/2030

9,000,000

9,118,125

OSI

Systems,

Inc.,

2.25%,

8/1/2029

12,028,000

17,897,664

Tetra

Tech,

Inc.,

2.25%,

8/15/2028

14,526,000

15,796,299

Xometry

,

Inc.,

0.75%,

6/15/2030

(b) 4,000,000

6,034,600

164,964,994

Materials

—

3.22%

B2Gold

Corp.,

2.75%,

2/1/2030

(b) 6,500,000

10,408,125

Century

Aluminum

Co.,

2.75%,

5/1/2028

5,650,000

11,890,425

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Convertible

Bonds

—

85.41%

-

continued

Principal

Amount

Fair

Value

Materials

—

3.22%

-

continued

McEwen

Mining,

Inc.,

5.25%,

8/15/2030

(b) $

6,000,000

$

11,370,600

SSR

Mining,

Inc.,

2.50%,

4/1/2039

6,000,000

7,840,500

41,509,650

Real

Estate

—

0.21%

Redfin

Corp.,

0.50%,

4/1/2027

2,925,000

2,752,425

Technology

—

32.80%

A10

Networks,

Inc.,

2.75%,

4/1/2030

(b) 8,000,000

8,275,200

Akamai

Technologies,

Inc.,

1.13%,

2/15/2029

13,827,000

13,695,643

Akamai

Technologies,

Inc.,

0.25%,

5/15/2033

(b) 5,000,000

5,540,000

Alkami

Technology,

Inc.,

1.50%,

3/15/2030

(b) 8,590,000

8,832,667

Applied

Optoelectronics,

Inc.,

2.75%,

1/15/2030

9,000,000

10,415,700

Bandwidth,

Inc.,

0.50%,

4/1/2028

9,100,000

7,948,850

Bentley

Systems,

Inc.,

0.38%,

7/1/2027

11,500,000

10,844,500

BlackLine

,

Inc.,

1.00%,

6/1/2029

11,000,000

11,630,850

Box,

Inc.,

1.50%,

9/15/2029

6,500,000

6,337,500

Camtek

Ltd.,

0.00%,

9/15/2030

(b) 7,500,000

8,680,946

Check

Point

Software

Technologies

Ltd.,

0.00%,

12/15/2030

(b) 5,000,000

4,992,500

Cipher

Mining,

Inc.,

1.75%,

5/15/2030

3,000,000

10,477,500

Cipher

Mining,

Inc.,

0.00%,

10/1/2031

(b) 4,000,000

4,760,000

Cleanspark

,

Inc.,

0.00%,

2/15/2032

(b) 4,000,000

3,018,000

Cloudflare,

Inc.,

0.00%,

6/15/2030

(b) 11,000,000

11,984,500

Cohu

,

Inc.,

1.50%,

1/15/2031

(b) 7,050,000

7,857,225

Commvault

Systems,

Inc.,

0.00%,

9/15/2030

(b) 7,500,000

6,652,500

CSG

Systems

International,

Inc.,

3.88%,

9/15/2028

5,000,000

5,928,750

Datadog,

Inc.,

0.00%,

12/1/2029

7,416,000

7,425,270

Enovix

Corp.,

4.75%,

9/15/2030

(b) 3,500,000

3,384,500

Euronet

Worldwide,

Inc.,

0.63%,

10/1/2030

(b) 5,000,000

4,571,875

Evolent

Health,

Inc.,

4.50%,

8/15/2031

(b) 6,500,000

4,615,000

Fastly,

Inc.,

7.75%,

6/1/2028

5,500,000

6,086,850

Fastly,

Inc.,

0.00%,

12/15/2030

(b) 500,000

491,550

Global

Payments,

Inc.,

1.50%,

3/1/2031

5,468,000

4,918,466

Guidewire

Software,

Inc.,

1.25%,

11/1/2029

12,050,000

13,279,100

IMAX

Corp.,

0.75%,

11/15/2030

(b) 7,000,000

7,680,750

IREN

Ltd.,

0.00%,

7/1/2031

(b) 6,486,000

4,819,098

IREN

Ltd.,

0.25%,

6/1/2032

(b) 4,000,000

3,730,000

IREN

Ltd.,

1.00%,

6/1/2033

(b) 4,000,000

3,750,000

Life360,

Inc.,

0.00%,

6/1/2030

(b) 8,157,000

8,758,579

MKS,

Inc.,

1.25%,

6/1/2030

12,268,000

15,678,504

Nutanix,

Inc.,

0.50%,

12/15/2029

13,000,000

12,571,000

ON

Semiconductor

Corp.,

0.50%,

3/1/2029

12,168,000

11,541,348

PagerDuty,

Inc.,

1.50%,

10/15/2028

7,000,000

6,688,500

Parsons

Corp.,

2.63%,

3/1/2029

13,000,000

13,396,500

Penguin

Solutions,

Inc.,

2.00%,

8/15/2030

7,000,000

7,143,500

Pitney

Bowes,

Inc.,

1.50%,

8/15/2030

(b) 6,000,000

5,994,000

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Convertible

Bonds

—

85.41%

-

continued

Principal

Amount

Fair

Value

Technology

—

32.80%

-

continued

Progress

Software

Corp.,

3.50%,

3/1/2030

$

12,617,000

$

12,796,792

Rapid7,

Inc.,

0.25%,

3/15/2027

7,000,000

6,632,500

Rapid7,

Inc.,

1.25%,

3/15/2029

2,000,000

1,829,400

Repay

Holdings

Corp.,

2.88%,

7/15/2029

(b) 9,000,000

7,667,100

Riot

Platforms,

Inc.,

0.75%,

1/15/2030

5,000,000

5,668,750

Semtech

Corp.,

1.63%,

11/1/2027

5,500,000

11,228,250

Semtech

Corp.,

0.00%,

10/15/2030

(b) 1,000,000

1,062,000

SMART

Global

Holdings,

Inc.,

2.00%,

2/1/2029

(b) 10,395,000

12,083,829

Super

Micro

Computer,

Inc.,

0.00%,

6/15/2030

(b) 7,900,000

6,699,200

Synaptics

,

Inc.,

0.75%,

12/1/2031

8,500,000

8,993,000

TeraWulf

,

Inc.,

1.00%,

9/1/2031

(b) 5,000,000

5,922,500

TeraWulf

,

Inc.,

0.00%,

5/1/2032

(b) 1,000,000

867,500

Varonis

Systems,

Inc.,

1.00%,

9/15/2029

10,000,000

9,310,000

Veeco

Instruments,

Inc.,

2.88%,

6/1/2029

7,500,000

9,311,250

Vishay

Intertechnology

,

Inc.,

2.25%,

9/15/2030

11,031,000

9,941,689

Wix.com

Ltd.,

0.00%,

9/15/2030

(b) 7,500,000

6,645,000

Workiva,

Inc.,

1.13%,

8/15/2026

6,000,000

6,983,400

Workiva,

Inc.,

1.25%,

8/15/2028

6,000,000

5,935,500

423,974,881

Utilities

—

1.15%

Ormat

Technologies,

Inc.,

2.50%,

7/15/2027

5,400,000

7,261,650

WEC

Energy

Group,

Inc.,

3.38%,

6/1/2028

(b) 7,500,000

7,606,875

14,868,525

TOTAL

CONVERTIBLE

BONDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,009,931,907)

1,103,750,146

Money

Market

Funds

-

9.99%

Shares

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(c) 126,136,231

126,136,231

Morgan

Stanley

Institutional

Liquidity

Funds

Treasury

Securities

Portfolio,

Institutional

Class,

3.62%

(c) 2,926,279

2,926,279

129,062,510

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$129,062,510)

129,062,510

Total

Investments

—

97.84%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$1,168,384,769)

1,264,412,304

Other

Assets

in

Excess

of

Liabilities

—

2.16%

27,936,983

Net

Assets

—

100.00%

$

1,292,349,287

(a) Affiliated

Company.

(b) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. (c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

December

31,

2025

(Unaudited)

Common

Stocks

-

Short

-

(39.27)%

Shares

Fair

Value

Communications

-

(2.06)%

AMC

Networks,

Inc.,

Class

A

(287,039)

$

(2,732,611)

AST

SpaceMobile

,

Inc.

(230,222)

(16,721,024)

BlackSky

Technology,

Inc.

(164,000)

(3,075,000)

IMAX

Corp.

(110,299)

(4,076,651)

Magnite

,

Inc.

(1,000)

(16,230)

Upwork,

Inc.

(2,000)

(39,640)

(26,661,156)

Consumer

Discretionary

-

(3.69)%

Cracker

Barrel

Old

Country

Store,

Inc.

(57,784)

(1,467,714)

Etsy,

Inc.

(53,200)

(2,949,408)

Freshpet

,

Inc.

(86,800)

(5,288,724)

LCI

Industries

(38,951)

(4,726,314)

Norwegian

Cruise

Lines

Holdings

Ltd.

(122,500)

(2,734,200)

Patrick

Industries,

Inc.

(142,923)

(15,497,141)

Wayfair,

Inc.,

Class

A

(135,300)

(13,585,473)

Winnebago

Industries,

Inc.

(33,923)

(1,374,560)

(47,623,534)

Consumer

Staples

-

(0.83)%

Chefs'

Warehouse,

Inc.

(The)

(82,867)

(5,165,100)

Post

Holdings,

Inc.

(44,480)

(4,405,744)

Spectrum

Brands,

Inc.

(19,200)

(1,134,336)

(10,705,180)

Energy

-

(1.30)%

Eos

Energy

Enterprises,

Inc.

(49,000)

(561,540)

Fluence

Energy,

Inc.

(434,225)

(8,588,970)

Green

Plains,

Inc.

(18,500)

(181,300)

Northern

Oil

and

Gas,

Inc.

(90,408)

(1,941,060)

Plug

Power,

Inc.

(528,360)

(1,040,869)

T1

Energy,

Inc.

(666,000)

(4,448,880)

(16,762,619)

Financials

-

(2.85)%

Coinbase

Global,

Inc.,

Class

A

(12,898)

(2,916,754)

Encore

Capital

Group,

Inc.

(86,550)

(4,703,993)

EZCORP,

Inc.,

Class

A

(1,076,220)

(20,900,192)

Voyager

Technologies,

Inc.

(43,876)

(1,146,919)

WisdomTree

Investments,

Inc.

(583,957)

(7,118,435)

(36,786,293)

Health

Care

-

(5.85)%

Accuray

,

Inc.

(35,250)

(29,067)

Alphatec

Holdings,

Inc.

(278,832)

(5,866,625)

ANI

Pharmaceuticals,

Inc.

(117,000)

(9,235,980)

CONMED

Corp.

(7,000)

(284,200)

Exact

Sciences

Corp.

(12,000)

(1,218,720)

Halozyme

Therapeutics,

Inc.

(177,125)

(11,920,513)

Inotiv

,

Inc.

(7,200)

(4,047)

Integer

Holdings

Corp.

(53,474)

(4,193,966)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

-

Short

-

(39.27)%

-

continued

Shares

Fair

Value

Health

Care

-

(5.85)%

-

continued

Jazz

Pharmaceuticals

PLC

(59,562)

$

(10,125,540)

Lantheus

Holdings,

Inc.

(57,500)

(3,826,625)

LeMaitre

Vascular,

Inc.

(54,660)

(4,432,926)

LivaNova

PLC

(65,032)

(4,001,419)

MannKind

Corp.

(468,100)

(2,654,127)

Merit

Medical

Systems,

Inc.

(116,918)

(10,305,152)

Pacira

BioSciences

,

Inc.

(89,642)

(2,319,935)

Repligen

Corp.

(13,089)

(2,144,764)

Tempus

AI,

Inc.

(30,200)

(1,783,310)

Zoetis,

Inc.,

Class

A

(10,100)

(1,270,782)

(75,617,698)

Industrials

-

(7.01)%

Advanced

Energy

Industries,

Inc.

(43,419)

(9,090,636)

Alarm.com

Holdings,

Inc.

(41,245)

(2,104,320)

Astronics

Corp.

(179,500)

(9,736,080)

BWX

Technologies,

Inc.

(21,850)

(3,776,554)

Camtek

Ltd.

(50,325)

(5,351,812)

Enovis

Corp.

(21,904)

(583,523)

Fluor

Corp.

(181,417)

(7,189,556)

Granite

Construction,

Inc.

(162,844)

(18,784,055)

Greenbrier

Companies,

Inc.

(The)

(129,606)

(6,057,784)

Itron

,

Inc.

(50,777)

(4,715,152)

OSI

Systems,

Inc.

(51,400)

(13,110,084)

Tetra

Tech,

Inc.

(189,359)

(6,351,101)

Xometry

,

Inc.,

Class

A

(62,989)

(3,745,956)

(90,596,613)

Materials

-

(2.50)%

B2Gold

Corp.

(1,655,081)

(7,464,415)

Century

Aluminum

Co.

(281,125)

(11,014,478)

McEwen

Mining,

Inc.

(461,142)

(8,535,738)

SSR

Mining,

Inc.

(239,611)

(5,252,273)

(32,266,904)

Technology

-

(12.68)%

A10

Networks,

Inc.

(208,781)

(3,693,336)

Akamai

Technologies,

Inc.

(83,963)

(7,325,773)

Alkami

Technology,

Inc.

(156,636)

(3,613,593)

Applied

Optoelectronics,

Inc.

(137,235)

(4,784,012)

Bandwidth,

Inc.,

Class

A

(3,000)

(46,350)

Bentley

Systems,

Inc.,

Class

B

(14,854)

(566,903)

BlackLine

,

Inc.

(85,592)

(4,732,382)

Box,

Inc.,

Class

A

(79,545)

(2,379,191)

Check

Point

Software

Technologies

Ltd.

(10,295)

(1,910,340)

Cipher

Mining,

Inc.

(854,495)

(12,612,347)

Cleanspark

,

Inc.

(167,000)

(1,690,040)

Cloudflare,

Inc.,

Class

A

(29,644)

(5,844,315)

Cohu

,

Inc.

(184,570)

(4,294,944)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

(continued)

December

31,

2025

(Unaudited)

Common

Stocks

-

Short

-

(39.27)%

-

continued

Shares

Fair

Value

Technology

-

(12.68)%

-

continued

Commvault

Systems,

Inc.

(17,326)

$

(2,171,987)

CSG

Systems

International,

Inc.

(30,500)

(2,339,045)

Datadog,

Inc.,

Class

A

(19,093)

(2,596,457)

Enovix

Corp.

(248,500)

(1,816,535)

Euronet

Worldwide,

Inc.

(20,500)

(1,560,255)

Evolent

Health,

Inc.,

Class

A

(337,500)

(1,350,000)

Fastly,

Inc.,

Class

A

(96,450)

(981,861)

Global

Payments,

Inc.

(17,200)

(1,331,280)

Guidewire

Software,

Inc.

(30,500)

(6,130,805)

IREN

Ltd.

(183,800)

(6,942,126)

Life360,

Inc.

(71,065)

(4,558,109)

MKS,

Inc.

(55,600)

(8,884,880)

Nutanix,

Inc.,

Class

A

(80,293)

(4,150,345)

ON

Semiconductor

Corp.

(41,600)

(2,252,640)

PagerDuty,

Inc.

(49,501)

(648,958)

Parsons

Corp.

(58,513)

(3,616,103)

Penguin

Solutions,

Inc.

(490,486)

(9,593,906)

Pitney

Bowes,

Inc.

(269,398)

(2,847,537)

Progress

Software

Corp.

(91,890)

(3,947,594)

Rapid7,

Inc.

(8,000)

(121,600)

Repay

Holdings

Corp.,

Class

A

(318,683)

(1,163,193)

Riot

Platforms,

Inc.

(265,000)

(3,357,550)

Semtech

Corp.

(139,000)

(10,242,910)

Super

Micro

Computer,

Inc.

(99,418)

(2,909,965)

Synaptics

,

Inc.

(58,000)

(4,293,160)

TeraWulf

,

Inc.

(369,400)

(4,244,406)

Varonis

Systems,

Inc.

(64,008)

(2,099,462)

Veeco

Instruments,

Inc.

(167,900)

(4,798,582)

Vishay

Intertechnology

,

Inc.

(160,800)

(2,329,992)

Wix.com

Ltd.

(20,397)

(2,119,044)

Workiva,

Inc.,

Class

A

(58,711)

(5,063,824)

(163,957,637)

Utilities

-

(0.50)%

Ormat

Technologies,

Inc.

(40,843)

(4,511,926)

WEC

Energy

Group,

Inc.

(18,400)

(1,940,464)

(6,452,390)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $487,816,425)

(507,430,024)

TOTAL

SECURITIES

SOLD

SHORT

-

(39.27)%

(Proceeds

Received

$487,816,425)

(507,430,024)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Futures

Contracts

December

31,

2025

(Unaudited)

Futures

Contracts

Contracts

Expiration

Date

Notional

Amount

Value/

Unrealized

Appreciation

SHORT

CONTRACTS

CBOT

5-Year

US

Treasury

Note

(300) April

2026

$

(32,791,406)

$

71,875

Total

Futures

$

71,875

Absolute

Flexible

Fund

Schedule

of

Investments

December

31,

2025

(Unaudited)

Convertible

Bonds

—

96.94%

Principal

Amount

Fair

Value

Communications

—

12.65%

AST

SpaceMobile

,

Inc.,

2.38%,

10/15/2032

(a) $

1,000,000

$

1,322,500

BlackSky

Technology,

Inc.,

8.25%,

8/1/2033

(a) 500,000

533,400

Magnite

,

Inc.,

0.25%,

3/15/2026

1,000,000

991,900

Upwork,

Inc.,

0.25%,

8/15/2026

1,250,000

1,222,813

4,070,613

Consumer

Discretionary

—

6.16%

Etsy,

Inc.,

1.00%,

6/15/2030

(a) 500,000

507,750

LCI

Industries,

1.13%,

5/15/2026

1,000,000

987,000

NCL

Corporation

Ltd.,

0.75%,

9/15/2030

(a) 500,000

484,700

1,979,450

Energy

—

3.98%

T1

Energy,

Inc.,

5.25%,

12/1/2030

1,000,000

1,282,100

Financials

—

1.45%

Coinbase

Global,

Inc.,

0.00%,

10/1/2029

(a) 500,000

465,150

Health

Care

—

14.35%

Accuray

,

Inc.,

3.75%,

6/1/2026

450,000

432,000

Inotiv

,

Inc.,

3.25%,

10/15/2027

500,000

121,250

Integer

Holdings

Corp.,

1.88%,

3/15/2030

(a) 1,000,000

928,000

Pacira

BioSciences

,

Inc.,

2.13%,

5/15/2029

1,000,000

1,008,125

Repligen

Corp.,

1.00%,

12/15/2028

1,000,000

1,097,500

Zoetis,

Inc.,

0.25%,

6/15/2029

(a) 1,000,000

1,032,500

4,619,375

Industrials

—

10.38%

Itron

,

Inc.,

3.53%,

3/15/2026

1,000,000

991,500

Tetra

Tech,

Inc.,

2.25%,

8/15/2028

1,000,000

1,087,450

Xometry

,

Inc.,

1.00%,

2/1/2027

1,000,000

1,262,500

3,341,450

Technology

—

47.97%

A10

Networks,

Inc.,

2.75%,

4/1/2030

(a) 1,000,000

1,034,400

Alkami

Technology,

Inc.,

1.50%,

3/15/2030

(a) 1,000,000

1,028,250

Bandwidth,

Inc.,

0.50%,

4/1/2028

1,000,000

873,500

Bentley

Systems,

Inc.,

0.38%,

7/1/2027

1,000,000

943,000

BlackLine

,

Inc.,

1.00%,

6/1/2029

1,000,000

1,057,350

Cohu

,

Inc.,

1.50%,

1/15/2031

(a) 500,000

557,250

Datadog,

Inc.,

0.00%,

12/1/2029

1,000,000

1,001,250

Fastly,

Inc.,

7.75%,

6/1/2028

1,000,000

1,106,700

IREN

Ltd.,

0.00%,

7/1/2031

(a) 1,000,000

743,000

ON

Semiconductor

Corp.,

0.50%,

3/1/2029

1,000,000

948,500

Parsons

Corp.,

2.63%,

3/1/2029

1,000,000

1,030,500

Penguin

Solutions,

Inc.,

2.00%,

8/15/2030

1,000,000

1,020,500

Rapid7,

Inc.,

0.25%,

3/15/2027

1,123,000

1,064,042

TeraWulf

,

Inc.,

1.00%,

9/1/2031

(a) 500,000

592,250

Unity

Software,

Inc.,

0.00%,

3/15/2030

(a) 1,000,000

1,447,500

Absolute

Flexible

Fund

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

Convertible

Bonds

—

96.94%

-

continued

Principal

Amount

Fair

Value

Technology

—

47.97%

-

continued

Workiva,

Inc.,

1.25%,

8/15/2028

$

1,000,000

$

989,250

15,437,242

TOTAL

CONVERTIBLE

BONDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $29,421,474)

31,195,380

Money

Market

Funds

-

2.40%

Shares

First

American

Treasury

Obligations

Fund,

Class

X,

3.68%

(b) 772,845

772,845

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$772,845)

772,845

Total

Investments

—

99.34%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$30,194,319)

31,968,225

Other

Assets

in

Excess

of

Liabilities

—

0.66%

213,766

Net

Assets

—

100.00%

$

32,181,991

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. (b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. Absolute

Flexible

Fund

Schedule

of

Securities

Sold

Short

December

31,

2025

(Unaudited)

Common

Stocks

-

Short

-

(18.70)%

Shares

Fair

Value

Communications

-

(2.83)%

AST

SpaceMobile,

Inc.

(10,600)

$

(769,878)

BlackSky

Technology,

Inc.

(7,500)

(140,625)

(910,503)

Consumer

Discretionary

-

(0.74)%

Etsy,

Inc.

(3,000)

(166,320)

Norwegian

Cruise

Lines

Holdings

Ltd.

(3,198)

(71,379)

(237,699)

Energy

-

(1.51)%

T1

Energy,

Inc.

(72,711)

(485,709)

Financials

-

(0.25)%

Coinbase

Global,

Inc.,

Class

A

(350) (79,149)

Health

Care

-

(1.39)%

Inotiv,

Inc.

(1,000)

(562) Pacira

Pharmaceuticals,

Inc.

(4,400)

(113,872)

Repligen

Corp.

(1,500)

(245,790)

Zoetis,

Inc.,

Class

A

(700) (88,074)

(448,298)

Industrials

-

(2.42)%

Itron,

Inc.

(800) (74,288)

Tetra

Tech,

Inc.

(7,725)

(259,097)

Xometry,

Inc.,

Class

A

(7,500)

(446,025)

(779,410)

Technology

-

(9.56)%

A10

Networks,

Inc.

(12,700)

(224,663)

Alkami

Technology,

Inc.

(9,000)

(207,630)

BlackLine,

Inc.

(2,000)

(110,580)

Cohu,

Inc.

(8,954)

(208,360)

Datadog,

Inc.,

Class

A

(1,840)

(250,222)

Fastly,

Inc.,

Class

A

(7,279)

(74,100)

IREN

Ltd.

(8,400)

(317,268)

ON

Semiconductor

Corp.

(2,800)

(151,620)

Parsons

Corp.

(3,000)

(185,400)

Penguin

Solutions,

Inc.

(13,000)

(254,280)

TeraWulf,

Inc.

(29,100)

(334,359)

Unity

Software,

Inc.

(17,201)

(759,768)

(3,078,250)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $5,939,995)

(6,019,018)

TOTAL

SECURITIES

SOLD

SHORT

-

(18.70)%

(Proceeds

Received

$5,939,995)

(6,019,018)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Unified Series Trust

- **b. Investment Company Act file number:** 811-21237

- **c. CIK number of Registrant:** 0001199046

- **d. LEI of Registrant:** 549300NFHRL589EP7U13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** ABSOLUTE CEF OPPORTUNITIES

- **b. EDGAR series identifier (if any):** S000081741

- **c. LEI of Series:** 5493000NKPH59ZLVE960

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $9194305.85

**Total Liabilities:** $2947993.95

**Net Assets:** $6246311.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244726 | 1.61%                | 0.79%                | 0.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $100825.22               | $17162.27                                  |
| Month 2  | $43845.58                | $-32633.37                                 |
| Month 3  | $22959.48                | $24264.76                                  |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### Schedule of Portfolio Investments

| Name                                                        | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abrdn Income Credit Strategies Fund                         | abrdn Income Credit Strategies Fund                       | CUSIP: 003057106<br>LEI: JZ9OXI4GGKZDI84RNQ78 | Long             | EC               | RF                | US        |     86174 | NS      | $466201.34    | 7.46%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Total Dynamic Dividend Fund                           | abrdn Total Dynamic Dividend Fund                         | CUSIP: 00326L100<br>LEI: 254900D48NKNOGZ95B43 | Long             | EC               | RF                | US        |      1453 | NS      | $14166.75     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Global Infrastructure Income Fund                     | abrdn Global Infrastructure Income Fund                   | CUSIP: 00326W106<br>LEI: 549300ZRYJVK3J3YXY67 | Short            | EC               | RF                | US        |     -3873 | NS      | $-86600.28    | -1.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Advent Convertible And Income Fund                          | Advent Convertible and Income Fund                        | CUSIP: 00764C109<br>LEI: ZEFY1K43K8JK66NIVK50 | Long             | EC               | RF                | US        |       419 | NS      | $5254.26      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Floating Rate Income Trust                        | BlackRock Floating Rate Income Trust                      | CUSIP: 091941104<br>LEI: CORWREIZL67PMUN7T798 | Long             | EC               | RF                | US        |     10976 | NS      | $124358.08    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK MUNIHOLDINGS CALIF QUALITY FD INC                 | BlackRock MuniHoldings California Quality Fund, Inc.      | CUSIP: 09254L107<br>LEI: NKJSRCJXMS5PZYPXY795 | Short            | EC               | RF                | US        |    -15000 | NS      | $-159000.00   | -2.55%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Corporate High Yield Fund Inc.                    | BLACKROCK CORPORATE HIGH YIE                              | CUSIP: 09255P107<br>LEI: 97ZR60BLU36N5VJMH054 | Long             | EC               | RF                | US        |        50 | NS      | $445.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Enhanced Large Cap Core Fund Inc                  | BlackRock Enhanced Capital and Income Fund Inc            | CUSIP: 09256A109<br>LEI: YNYNSGFZPAVB3Q7YA123 | Short            | EC               | RF                | US        |    -25000 | NS      | $-584250.00   | -9.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Science & Technology Trust                        | Blackrock Science & Technology Trust USD Class            | CUSIP: 09258G104<br>LEI: 549300LK15IHMMH5IS84 | Long             | EC               | RF                | US        |      1333 | NS      | $54039.82     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Technology & Private Equity Term Trust            | BlackRock Technology and Private Equity Term Trust        | CUSIP: 09260Q108<br>LEI: 549300G3XFQ7175KM723 | Long             | EC               | RF                | US        |     23675 | NS      | $156018.25    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Capital Allocation Term Trust                     | Blackrock Capital Allocation Trust                        | CUSIP: 09260U109<br>LEI: 5493007LDARS47M53X11 | Long             | EC               | RF                | US        |     15319 | NS      | $216917.04    | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cbre Global Real Estate Income Fund                         | CBRE Global Real Estate Income Fund USD Class             | CUSIP: 12504G100<br>LEI: 549300HYEBBK5ZZO6F11 | Long             | EC               | RF                | US        |     51951 | NS      | $227545.38    | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ClearBridge Energy Midstream Opportunity Fund Incorporation | ClearBridge Energy Midstream Opportunity Fund, Inc.       | CUSIP: 18469P209<br>LEI: 549300U6RAJWN6OONX12 | Long             | EC               | RF                | US        |      1696 | NS      | $75726.40     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Quality Income Realty Fund, Inc.             | COHEN & STEERS QUALITY INCOME REALTY FUND, INC.           | CUSIP: 19247L106<br>LEI: BOWRNZIYSSLA6IG2ST17 | Long             | EC               | RF                | US        |     11013 | NS      | $125768.46    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Infrastructure Fund Inc.                     | Cohen & Steers Infrastructure Fund, Inc.                  | CUSIP: 19248A109<br>LEI: T085JMDV2CFIPONRA870 | Long             | EC               | RF                | US        |     12566 | NS      | $302966.26    | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NXG Cushing Midstream Energy Fund                           | NXG Cushing Midstream  Energy Fund                        | CUSIP: 231631300<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7686 | NS      | $300138.30    | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi Alternative Fund                               | Destra Multi-Alternative Fund                             | CUSIP: 25065A502<br>LEI: 549300SP0KUS5HR5P569 | Long             | EC               | RF                | US        |      3242 | NS      | $29080.74     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Credit Opportunities Corp                                | FS Credit Opportunities Corporation USD Class             | CUSIP: 30290Y101<br>LEI: 549300XFGO8P7BHG1O49 | Long             | EC               | RF                | US        |     17358 | NS      | $109355.40    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                                   | First American Treasury Obligations Fund                  | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    153698 | PA      | $153698.40    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Limited Duration Income Trust                      | Franklin Ltd. Duration Income Trust USD Class             | CUSIP: 35472T101<br>LEI: P58SM14RY02PYB0IA680 | Long             | EC               | RF                | US        |     26597 | NS      | $163571.55    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| High Income Securities Fund                                 | High Income Securities Fund                               | CUSIP: 42968F108<br>LEI: 25RM533JWPQG19PQ1G87 | Long             | EC               | RF                | US        |      8946 | NS      | $55017.90     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Technology Finance Corporation                      | Horizon Technology Finance Corporation                    | CUSIP: 44045A102<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -6656 | NS      | $-42931.20    | -0.69%            |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO SR INCOME TR                                        | Invesco Senior Income Trust                               | CUSIP: 46131H107<br>LEI: 549300C38VE5Y5R75E56 | Long             | EC               | RF                | US        |     38457 | NS      | $125754.39    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II                       | Invesco Senior Loan ETF                                   | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Short            | EC               | RF                | US        |     -8776 | NS      | $-184296.00   | -2.95%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                               | iShares U.S. Utilities ETF                                | CUSIP: 464287697<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -3277 | NS      | $-355095.72   | -5.68%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                               | iShares U.S. Real Estate ETF                              | CUSIP: 464287739<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -3995 | NS      | $-375090.55   | -6.00%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                               | iShares iBoxx $ High Yield Corporate Bond ETF             | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -3896 | NS      | $-314134.48   | -5.03%            |  |  |  | No            |                  1 | On Loan: No      |
| LMP Capital & Income Fund Inc.                              | LMP Capital and Income Fund, Inc.                         | CUSIP: 50208A102<br>LEI: 549300YJH1GYGXCCQ467 | Long             | EC               | RF                | US        |     19140 | NS      | $283463.40    | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty All Star Growth Fund Inc.                           | Liberty All Star Growth Fund, Inc. USD Class              | CUSIP: 529900102<br>LEI: 54930046Y8IF3CB2AL60 | Long             | EC               | RF                | US        |     43910 | NS      | $232723.00    | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty All Star                                            | Liberty All-Star Equity Fund USD Class                    | CUSIP: 530158104<br>LEI: 549300DLV755RNHI1N92 | Long             | EC               | RF                | US        |    161773 | NS      | $1015934.44   | 16.26%            |  |  |  | No            |                  1 | On Loan: No      |
| XAI Madison Equity Premium Income Fund                      | XAI Madison Equity Premium Income Fund                    | CUSIP: 557437100<br>LEI: 254900DMET709D189F74 | Long             | EC               | RF                | US        |     16594 | NS      | $99564.00     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NYLI CBRE Global Infrastructure Megatrends Term Fund        | NYLI CBRE Global Infrastructure Megatrends Term Fund      | CUSIP: 56064Q107<br>LEI: N/A                  | Long             | EC               | RF                | US        |     11440 | NS      | $157414.40    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Monroe                                                      | Monroe Capital Corporation                                | CUSIP: 610335101<br>LEI: 549300RZ898DGFGWKV04 | Long             | EC               | RF                | US        |      3664 | NS      | $23339.68     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Real Estate Securities Income Fund Inc.           | NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND, INC. | CUSIP: 64190A103<br>LEI: 549300WU72ZN21PNWQ56 | Long             | EC               | RF                | US        |      6260 | NS      | $19030.40     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Specialty Lending Fund                                   | FS Specialty Lending Fund                                 | CUSIP: 644323107<br>LEI: 54930004XHN0QROEGZ58 | Long             | EC               | RF                | US        |      1269 | NS      | $17943.66     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Select Tax Free Income Portfolio                     | Nuveen Select Tax-Free Income Portfolio                   | CUSIP: 67062F100<br>LEI: 5493005XMO16VD219F88 | Short            | EC               | RF                | US        |     -4332 | NS      | $-61081.20    | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen California Select Tax-Free Income Portfolio          | Nuveen California Select Tax-Free Income Portfolio        | CUSIP: 67063R103<br>LEI: 549300PYJN62OFE8VK36 | Long             | EC               | RF                | US        |       333 | NS      | $4395.60      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Floating Rate Income Fund                            | Nuveen Floating Rate Income Fund/Closed-end Fund          | CUSIP: 67072T108<br>LEI: HJXCPP3KYE3BVU373P27 | Long             | EC               | RF                | US        |     15996 | NS      | $125248.68    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Credit Strategies Income Fund                        | Nuveen Credit Strategies Income Fund                      | CUSIP: 67073D102<br>LEI: W4CSTD4RDGQSJ4FOVO30 | Long             | EC               | RF                | US        |     60647 | NS      | $304447.94    | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Global High Income Fund                              | NUVEEN GLOBAL H-I FD                                      | CUSIP: 67075G103<br>LEI: 549300I4IAH7O6ZZEH53 | Long             | EC               | RF                | US        |     22523 | NS      | $284015.03    | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Dynamic Income Fd                                     | Pimco Dynamic Income Fund USD Class                       | CUSIP: 72201Y101<br>LEI: F0MWMXS5YG3P711FB044 | Long             | EC               | RF                | US        |      8724 | NS      | $154502.04    | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Diversified High Income Fund Inc                    | Pioneer Diversified High Income Fund, Inc.                | CUSIP: 723653101<br>LEI: GRH7C46DLKO4V5KVBT29 | Long             | EC               | RF                | US        |     45171 | NS      | $70466.76     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer High Income Fund Inc                                | Pioneer High Income Fund, Inc.                            | CUSIP: 72369H106<br>LEI: GRH7C46DLKO4V5KVBT29 | Long             | EC               | RF                | US        |    133324 | NS      | $43996.92     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Floating Rate Fund Inc                              | Pioneer Floating Rate Fund, Inc.                          | CUSIP: 72369J102<br>LEI: 5493002P921ISFUETH70 | Long             | EC               | RF                | US        |    157093 | NS      | $59923.28     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Municipal High Income Opportunities Fund Inc        | Pioneer Municipal High Income Opportunities Fund, Inc.    | CUSIP: 723760104<br>LEI: 5493005BKX8X756MKL25 | Long             | EC               | RF                | US        |     36534 | NS      | $6576.12      | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PIONEER MUN HIGH INCOME ADVANTAGE TR                        | Pioneer Municipal High Income Advantage Fund, Inc.        | CUSIP: 723762100<br>LEI: 549300XEJODK1I7Q2U66 | Long             | EC               | RF                | US        |     77662 | NS      | $34947.90     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PIONEER MUN HIGH INCOME TR                                  | Pioneer Municipal High Income Fund Trust                  | CUSIP: 723763108<br>LEI: 5493009JYKCUKTUKGP36 | Long             | EC               | RF                | US        |     54923 | NS      | $20321.51     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivernorth Opportunities Fd Inc                             | RiverNorth Opportunities Fund, Inc.                       | CUSIP: 76881Y109<br>LEI: 5493001RICR0OU8TM159 | Long             | EC               | RF                | US        |     21201 | NS      | $248899.74    | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Saba Capital Income & Opportunities Fund                    | Saba Capital Income & Opportunities Fund                  | CUSIP: 78518H202<br>LEI: 549300MGSUUJ7E55N746 | Long             | EC               | RF                | US        |     40455 | NS      | $283589.55    | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                    | Utilities Select Sector SPDR Fund                         | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Short            | EC               | RF                | US        |     -8248 | NS      | $-352107.12   | -5.64%            |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Stone Harbor Emerging Markets Income Fund            | Virtus Stone Harbor Emerging Markets Income Fund          | CUSIP: 86164T107<br>LEI: XXFOYQ5TGUGS75Z22C46 | Long             | EC               | RF                | US        |      9141 | NS      | $45430.77     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Total Return Fund Incorporation                      | Virtus Total Return Fund, Inc.                            | CUSIP: 92835W107<br>LEI: 549300KKRHI4GF7RNQ81 | Long             | EC               | RF                | US        |     39725 | NS      | $250267.50    | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Global High Income Fund Inc.                  | Western Asset Global High Income Fund, Inc.               | CUSIP: 95766B109<br>LEI: 549300JWVV1XIQ66WD13 | Long             | EC               | RF                | US        |     26196 | NS      | $167916.36    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset High Yield Opportunity Fund Inc.              | WESTERN ASSET HIGH YIELD DEF                              | CUSIP: 95768B107<br>LEI: 549300MT3R4UXA0DZF65 | Long             | EC               | RF                | US        |     13369 | NS      | $149198.04    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** United Series Trust

**Signature:** Martin R. Dean

**Name of Signer:** Martin R. Dean

**Title:** President