# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-26-003612
**Filing Date:** 2026-6
**Character Count:** 331318
**Document Hash:** a438e812dc163e384a9cca846c71038d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003612.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001580642-26-003612

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**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:** 261070026

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-346-3324

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**united states securities and exchange commission washington, d.c. 20549 form n-csr certified shareholder report of registered management investment companies**

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

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

225 Pictoria Drive, Suite 450 Cincinnati, OH 45246

(Address of principal executive offices)

(Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive. Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

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

Date of fiscal year end: <u>March 31</u> <br>Date of reporting period: <u>March 31, 2026</u>

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

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

**Item 1. Reports to Stockholders.** 

(a) # Absolute Capital Opportunities Fund

# Institutional Shares (CAPOX)

# Annual Shareholder Report - March 31, 2026
![Image](i19b36dd7bd407aaf41cce1ae.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Capital Opportunities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute_capital_opportunities_fund_capox/#fundliterture. You can also request this information by contacting us at (888) 992-2765. **This report describes changes to the Fund that occured during the reporting period.**

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

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $145 | 1.48% |

---

#### How did the Fund perform during the reporting period?
The Fund returned -4.53% for the year ended March 31, 2026. By comparison, the S&P 500 Index returned 17.80%.

The Fund maintained significant index hedges against a long portfolio over the period. This positioning allowed the Fund to isolate the relative attractiveness of its single name long portfolio over the broad equity market, such as the S&P 500 Index. Fund performance was impacted by its value-based long portfolio under-performing the index hedges, which have sensitivity to both value and growth stocks.

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

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](i4ada4c87ec2210b223e4cad6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Absolute Capital Opportunities Fund - Institutional Shares** | **HFRX Equity Hedge Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $25000 | $25000 | $25000 |
| **Mar-2016** | $25525 | $24223 | $25099 |
| **Mar-2017** | $27425 | $25654 | $29409 |
| **Mar-2018** | $31300 | $27795 | $33523 |
| **Mar-2019** | $30743 | $26367 | $36707 |
| **Mar-2020** | $31812 | $23879 | $34146 |
| **Mar-2021** | $33534 | $29582 | $53387 |
| **Mar-2022** | $31831 | $32221 | $61740 |
| **Mar-2023** | $30096 | $31537 | $56968 |
| **Mar-2024** | $33398 | $34582 | $73991 |
| **Mar-2025** | $33726 | $36142 | $80097 |
| **Mar-2026** | $32197 | $39104 | $94357 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Absolute Capital Opportunities Fund - Institutional Shares | -4.53% | -0.81% | 2.35% |
| HFRX Equity Hedge Index | 8.20% | 5.74% | 4.91% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (888) 992-2765.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3b6d4e042841bd1a3e8bebaf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.5% |
| Options Purchased | 3.3% |
| Energy | 4.4% |
| Consumer Staples | 4.4% |
| Communications | 8.8% |
| Consumer Discretionary | 10.7% |
| Health Care | 11.0% |
| Industrials | 12.4% |
| Financials | 13.2% |
| Money Market Funds | 14.9% |
| Technology | 20.4% |

---

## **Fund Statistics** 
* Net Assets$53,886,889

* Number of Portfolio Holdings57

* Advisory Fee (net of waivers)$564,356

* Portfolio Turnover38%

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus dated August 1, 2025, as supplemented February 19, 2026, which is available at www.sec.gov or upon request at 1-855-233-8300.

Effective January 1, 2026, Kovitz Investment Group Partners, LLC is no longer the sub-adviser for the Fund and Focus Financial Partners, LLC is the sub-adviser of the Fund. The personnel who serviced the Fund and the sub-advisory services provided to the Fund did not change except that Mark Rosland and Rege Eisaman became portfolio managers of the Fund and assumed responsibility for making investment decisions of the Fund.

![Image](i19b36dd7bd407aaf41cce1ae.jpg)

# Absolute Capital Opportunities Fund - Institutional Shares (CAPOX)

# Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-CAPOX

# Absolute CEF Opportunities

# Institutional Shares (ACEFX)

# Annual Shareholder Report - March 31, 2026
![Image](i19b36dd7bd407aaf41cce1ae.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute CEF Opportunities (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute-cef-opportunities/#fundliterture. You can also request this information by contacting us at (888) 992-2765.

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

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $478 | 4.57% |

---

#### How did the Fund perform during the reporting period?
On October 22, 2024, the Fund changed its name from Absolute Strategies Fund to Absolute CEF Opportunities and commenced pursuing the Fund's investment objective by primarily investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in publicly traded closed-end funds ("CEFs"), including buying securities issued by CEFs, or selling short CEF securities.

The Fund returned 9.18% for the year ended March 31, 2026. By comparison, the Bloomberg U.S. Aggregate Bond Index returned 4.35% and the S&P 500 Index returned 17.80%.

The strategy maintained a net long bias with a mix of equity and fixed-income closed-end funds. Relative value trades and event driven trades both contributed to performance.

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

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](ib7043cecc97db2ed27dc37a4.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Absolute CEF Opportunities - Institutional Shares** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** | **HFRX Global Hedge Fund Index** | **MSCI World Index** |
| **Mar-2016** | $25000 | $25000 | $25000 | $25000 | $25000 |
| **Mar-2017** | $24149 | $29293 | $25110 | $26548 | $28692 |
| **Mar-2018** | $23074 | $33392 | $25412 | $27399 | $32591 |
| **Mar-2019** | $22330 | $36563 | $26551 | $26491 | $33899 |
| **Mar-2020** | $23121 | $34011 | $28923 | $26124 | $30377 |
| **Mar-2021** | $21741 | $53177 | $29128 | $30343 | $46791 |
| **Mar-2022** | $20011 | $61497 | $27919 | $30631 | $51526 |
| **Mar-2023** | $19813 | $56745 | $26583 | $29681 | $47908 |
| **Mar-2024** | $18700 | $73701 | $27035 | $31372 | $59936 |
| **Mar-2025** | $17660 | $79782 | $28354 | $32385 | $64155 |
| **Mar-2026** | $19281 | $93986 | $29587 | $34317 | $76279 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Absolute CEF Opportunities - Institutional Shares | 9.18% | -2.37% | -2.56% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| HFRX Global Hedge Fund Index | 5.97% | 2.49% | 3.22% |
| MSCI World Index | 18.90% | 10.27% | 11.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (888) 992-2765.***

## What did the Fund invest in?

## Investment Type of Net Assets (% of net assets)
![Group By Sector Chart](i363bebfec6aef0c86ff0e3b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -18.5% |
| Money Market Funds | 0.4% |
| Closed End Funds | 118.1% |

---

## **Fund Statistics** 
* Net Assets$5,669,224

* Number of Portfolio Holdings60

* Advisory Fee (net of waivers)$0

* Portfolio Turnover389%

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i19b36dd7bd407aaf41cce1ae.jpg)

# Absolute CEF Opportunities - Institutional Shares (ACEFX)

# Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-ACEFX

# Absolute Convertible Arbitrage Fund

# Institutional Shares (ARBIX)

# Annual Shareholder Report - March 31, 2026
![Image](i19b36dd7bd407aaf41cce1ae.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Convertible Arbitrage Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute_convertible_arbitrage_fund_arbix/#fundliterture. You can also request this information by contacting us at (888) 992-2765.

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

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $136 | 1.31% |

---

#### How did the Fund perform during the reporting period?
The Fund's Institutional shares returned 7.86% for the year ended March 31, 2026. By comparison, the S&P 500 Index returned 17.80%.

The Fund's performance for the period matched expectations with price appreciation, interest rates, and equity volatility all contributing to returns.

The convertible bond market was influenced by a calendar year 2025 that marked a record for U.S. convertible issuance, with $119 billion of new securities coming to market. Market participants expect new issuance to remain elevated in 2026 and beyond. With credit spreads still near historic tights and pockets of stock-specific volatility remaining robust, issuers continue to achieve meaningful coupon savings by issuing convertibles versus straight debt. In addition, approximately $150 billion of convertible securities are set to mature over the next three years, increasing the likelihood of refinancing-driven issuance.

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

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](i27a47552030792ad8b2a3e27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Absolute Convertible Arbitrage Fund - Institutional Shares** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** | **HFRX Fixed Income Convertible Arbitrage Index** |
| **Mar-2016** | $25000 | $25000 | $25000 | $25000 |
| **Mar-2017** | $28383 | $29293 | $25110 | $27397 |
| **Mar-2018** | $30071 | $33392 | $25412 | $28687 |
| **Mar-2019** | $31259 | $36563 | $26551 | $28646 |
| **Mar-2020** | $31628 | $34011 | $28923 | $28197 |
| **Mar-2021** | $35776 | $53177 | $29128 | $35371 |
| **Mar-2022** | $36180 | $61497 | $27919 | $34372 |
| **Mar-2023** | $36651 | $56745 | $26583 | $32347 |
| **Mar-2024** | $38934 | $73701 | $27035 | $35127 |
| **Mar-2025** | $41806 | $79782 | $28354 | $37182 |
| **Mar-2026** | $45094 | $93986 | $29587 | $41073 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Absolute Convertible Arbitrage Fund - Institutional Shares | 7.86% | 4.74% | 6.08% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| HFRX Fixed Income Convertible Arbitrage Index | 10.47% | 3.03% | 5.09% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (888) 992-2765.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie2b08c46a3c8586e3a59a960.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.3% |
| Real Estate | 0.2% |
| Utilities | 1.0% |
| Consumer Staples | 1.3% |
| Mutual Funds | 2.1% |
| Materials | 2.4% |
| Communications | 2.6% |
| Energy | 4.5% |
| Financials | 5.5% |
| Consumer Discretionary | 5.9% |
| Industrials | 10.2% |
| Health Care | 11.5% |
| Money Market Funds | 18.3% |
| Technology | 32.2% |

---

## **Fund Statistics** 
* Net Assets$1,505,415,038

* Number of Portfolio Holdings251

* Advisory Fee (net of waivers)$13,059,212

* Portfolio Turnover24%

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i19b36dd7bd407aaf41cce1ae.jpg)

# Absolute Convertible Arbitrage Fund - Institutional Shares (ARBIX)

# Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-ARBIX

# Absolute Convertible Arbitrage Fund

# Investor Shares (ARBOX)

# Annual Shareholder Report - March 31, 2026
![Image](i19b36dd7bd407aaf41cce1ae.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Convertible Arbitrage Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute_convertible_arbitrage_fund_arbix/#fundliterture. You can also request this information by contacting us at (888) 992-2765.

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

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $162 | 1.56% |

---

#### How did the Fund perform during the reporting period?
The Fund's Investor shares returned 7.53% for the year ended March 31, 2026. By comparison, the S&P 500 Index returned 17.80%.

The Fund's performance for the period matched expectations with price appreciation, interest rates, and equity volatility all contributing to returns.

The convertible bond market was influenced by a calendar year 2025 that marked a record for U.S. convertible issuance, with $119 billion of new securities coming to market. Market participants expect new issuance to remain elevated in 2026 and beyond. With credit spreads still near historic tights and pockets of stock-specific volatility remaining robust, issuers continue to achieve meaningful coupon savings by issuing convertibles versus straight debt. In addition, approximately $150 billion of convertible securities are set to mature over the next three years, increasing the likelihood of refinancing-driven issuance.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i90d661080a29f6de422b4af4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Absolute Convertible Arbitrage Fund - Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** | **HFRX Fixed Income Convertible Arbitrage Index** | **S&P 500<sup>®</sup> Index** |
| **Feb-2021** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2021** | $9947 | $9958 | $9930 | $10390 |
| **Mar-2022** | $10033 | $9544 | $9649 | $12015 |
| **Mar-2023** | $10135 | $9088 | $9081 | $11087 |
| **Mar-2024** | $10746 | $9242 | $9861 | $14399 |
| **Mar-2025** | $11512 | $9693 | $10438 | $15588 |
| **Mar-2026** | $12378 | $10115 | $11530 | $18363 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (February 25, 2021) |
| Absolute Convertible Arbitrage Fund - Investor Shares | 7.53% | 4.47% | 4.28% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 0.22% |
| HFRX Fixed Income Convertible Arbitrage Index | 10.47% | 3.03% | 2.84% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 12.67% |

---

***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. For updated performance call (888) 992-2765.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie2b08c46a3c8586e3a59a960.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.3% |
| Real Estate | 0.2% |
| Utilities | 1.0% |
| Consumer Staples | 1.3% |
| Mutual Funds | 2.1% |
| Materials | 2.4% |
| Communications | 2.6% |
| Energy | 4.5% |
| Financials | 5.5% |
| Consumer Discretionary | 5.9% |
| Industrials | 10.2% |
| Health Care | 11.5% |
| Money Market Funds | 18.3% |
| Technology | 32.2% |

---

## **Fund Statistics** 
* Net Assets$1,505,415,038

* Number of Portfolio Holdings251

* Advisory Fee (net of waivers)$13,059,212

* Portfolio Turnover24%

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i19b36dd7bd407aaf41cce1ae.jpg)

# Absolute Convertible Arbitrage Fund - Investor Shares (ARBOX)

# Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-ARBOX

# Absolute Flexible Fund

# Institutional Shares (FLXIX)

# Annual Shareholder Report - March 31, 2026
![Image](i19b36dd7bd407aaf41cce1ae.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Flexible Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/flexible-fund/#fundliterture. You can also request this information by contacting us at (888) 992-2765.

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

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $159 | 1.50% |

---

#### How did the Fund perform during the reporting period?
The Fund returned 12.32% for the year ended March 31, 2026. By comparison, the Bloomberg U.S. Aggregate Bond Index returned 4.35% and the S&P 500 Index returned 17.80%.

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

The Fund's performance benefited from a handful of top performing names where individual equity moves led to strong gamma trading profit. The top 5 profitable names contributed about 50% to the Fund's performance, which is consistent with the Fund's approach with a concentrated portfolio.

## How has the Fund performed since inception?

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](i9f631de1cc137cd9daa482d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Absolute Flexible Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2022** | $25000 | $25000 | $25000 |
| **Mar-2023** | $26342 | $24976 | $27495 |
| **Mar-2024** | $27965 | $25401 | $35711 |
| **Mar-2025** | $29877 | $26640 | $38657 |
| **Mar-2026** | $33557 | $27798 | $45540 |

---

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (June 30, 2022) |
| Absolute Flexible Fund - Institutional Shares | 12.32% | 8.16% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 2.87% |
| S&P 500<sup>®</sup> Index | 17.80% | 17.34% |

---

***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. For updated performance call (888) 992-2765.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0374fb98fe7595b13f6e7acd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.0% |
| Financials | 1.4% |
| Communications | 4.8% |
| Money Market Funds | 5.1% |
| Energy | 5.7% |
| Consumer Discretionary | 6.0% |
| Industrials | 6.5% |
| Health Care | 14.5% |
| Technology | 51.0% |

---

## **Fund Statistics** 
* Net Assets$32,470,424

* Number of Portfolio Holdings65

* Advisory Fee (net of waivers)$266,988

* Portfolio Turnover73%

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i19b36dd7bd407aaf41cce1ae.jpg)

# Absolute Flexible Fund - Institutional Shares (FLXIX)

# Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-FLXIX

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

# Annual Shareholder Report - March 31, 2026
![Image](i19b36dd7bd407aaf41cce1ae.jpg)

## Fund Overview
This annual shareholder report contains important information about Absolute Select Value ETF (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://absoluteadvisers.com/absfunds/absolute_core_strategy_etf_abeq/#fundliterture. You can also request this information by contacting us at (833) 267-3383.

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

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Absolute Select Value ETF | $93 | 0.85% |

---

#### How did the Fund perform during the reporting period?
The Fund generated a 12.26% return for the period. By comparison, the S&P 500 Index returned 17.80%.

The Fund's performance was derived from a concentrated group of equities that exhibit strong cash flow generation and attractive valuations.

We believe the Fund is well positioned to take advantage of opportunities ignored by those investing in index funds. Value investors do not need to predict market movements. The same passive flows that have inflated the prices of the largest index constituents have simultaneously starved capital from well-run companies in sectors like energy, staples, industrials, and materials - businesses with real earnings power, durable competitive advantages, and valuations that reflect pessimism rather than fundamentals. By focusing on these overlooked companies, active value investors can acquire productive assets at a discount precisely because no index algorithm is bidding them up. The biggest risk today is the gradual realization among market participants that their expectations have been too optimistic and that current market levels will not deliver the promised investment returns. Slowly at first, passive investors may realize that they bid prices up too high and that, even in the best circumstances, these valuations will not generate the returns they expect. The opportunities, as always, lie where the crowd is not looking.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i2ea954400917596c9f1db947.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Absolute Select Value ETF - NAV** | **S&P 500<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Jan-2020** | $10000 | $10000 | $10000 |
| **Mar-2020** | $8056 | $7816 | $7256 |
| **Mar-2021** | $10555 | $12220 | $11325 |
| **Mar-2022** | $12102 | $14132 | $12647 |
| **Mar-2023** | $11469 | $13040 | $11899 |
| **Mar-2024** | $12777 | $16936 | $14310 |
| **Mar-2025** | $14539 | $18334 | $15338 |
| **Mar-2026** | $16321 | $21598 | $17771 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 21, 2020) |
| Absolute Select Value ETF - NAV | 12.26% | 9.11% | 8.23% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 13.24% |
| Russell 1000<sup>®</sup> Value Index | 15.87% | 9.43% | 9.73% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (833) 267-3383 or visit https://absoluteadvisers.com/absfunds/absolute_core_strategy_etf_abeq/ for updated performance information.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia31c904f48cc9b906f46a0c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.9% |
| Health Care | 3.8% |
| Communications | 4.3% |
| Consumer Staples | 6.5% |
| Industrials | 9.8% |
| Financials | 10.2% |
| Materials | 13.5% |
| Energy | 18.3% |
| U.S. Treasury Obligations | 30.7% |

---

#### Country Weighting (% of net assets)
![Group By Country Chart](idaa63413c6ace5c81d517cc8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 3.8% |
| United Kingdom | 4.7% |
| Canada | 12.0% |
| United States | 76.6% |

---

## **Fund Statistics** 
* Net Assets$140,544,644

* Number of Portfolio Holdings18

* Advisory Fee (net of waivers)$740,620

* Portfolio Turnover38%

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i19b36dd7bd407aaf41cce1ae.jpg)

# Absolute Select Value ETF (ABEQ)

# Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-ABEQ

#### Dean Equity Income Fund
(DAEIX)

#### Annual Shareholder Report - March 31, 2026
![Image](i26ecab8a805710dcf50d27c6.jpg)

# Fund Overview
This annual shareholder report contains important information about Dean Equity Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/deanmutual/. You can also request this information by contacting us at (888) 899-8343.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Dean Equity Income Fund | $73 | 0.70% |

---

# How did the Fund perform during the reporting period?
The Fund returned 9.00% for the fiscal year ended March 31, 2026, compared to 17.74% for its primary benchmark, the Russell 1000<sup>®</sup> Index. The macro environment was unfavorable for the Fund relative to the benchmark, as the Fund was underweight stocks with higher beta, price volatility, and momentum. On the other hand, higher dividend yield and more profitable security positioning were additive to relative performance.

The Fund's best-performing sectors relative to the benchmark were Health Care and Financials. In Health Care, the Fund's overweight positioning in pharmaceuticals and underweight in health care equipment & services were the key performance drivers. Strong stock selection also contributed to the performance. In Financials, the Fund's underweight positioning was beneficial, and stock selection also outperformed the benchmark.

The Fund's weakest sectors relative to the benchmark were Technology and Industrials. Sector allocation detracted from results, as the Fund was underweight these outperforming sectors. Stock selection in both sectors also lagged.

Johnson & Johnson (JNJ) was the Fund's top contributor. JNJ, a pharmaceutical and medtech company, benefited from their oncology franchise's strong operational growth, a successful pivot in MedTech toward high-growth cardiovascular equipment, and defensive sector rotation amid broad stock market volatility. Integrated energy major Chevron (CVX) was the second-largest contributor, aided by record production levels and a sharp surge in oil prices amid heightened geopolitical tensions involving Iran.

The largest detractors from performance were Paychex (PAYX) and Amdocs (DOX). PAYX shares fell as the stock was impacted by a broad AI-driven de-rating of traditional payroll software businesses amid investor concerns that large language models could displace the compliance, payroll, and HR workflow services. DOX's weakness was similarly driven by investor fears that AI could ultimately disrupt and displace traditional enterprise software business models.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if3d9b9301d12b984bd9b9de9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Dean Equity Income Fund** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Nov-2022** | $10000 | $10000 | $10000 |
| **Mar-2023** | $9734 | $10325 | $9838 |
| **Mar-2024** | $10555 | $13409 | $11831 |
| **Mar-2025** | $11640 | $14458 | $12681 |
| **Mar-2026** | $12688 | $17023 | $14693 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 22, 2022)** |
| Dean Equity Income Fund | 9.00% | 7.36% |
| Russell 1000<sup>®</sup> Index | 17.74% | 17.19% |
| Russell 1000<sup>®</sup> Value Index | 15.87% | 12.16% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 899-8343 or visit https://deanmutualfunds.com/equity-income-fund/ for updated performance information.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $82360070 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $348410 |
| Portfolio Turnover | 30% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i735ab904b0155dd45c3e1889.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Consumer Discretionary | 2.8% |
| Materials | 5.0% |
| Technology | 5.3% |
| Communications | 5.7% |
| Energy | 8.5% |
| Real Estate | 9.1% |
| Industrials | 10.1% |
| Health Care | 10.8% |
| Utilities | 12.8% |
| Consumer Staples | 13.3% |
| Financials | 14.6% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i26ecab8a805710dcf50d27c6.jpg)

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

#### Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DAEIX

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

#### Annual Shareholder Report - March 31, 2026
![Image](i26ecab8a805710dcf50d27c6.jpg)

# Fund Overview
This annual shareholder report contains important information about Dean Mid Cap Value Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/deanmutual/. You can also request this information by contacting us at (888) 899-8343.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Dean Mid Cap Value Fund | $91 | 0.85% |

---

# How did the Fund perform during the reporting period?
The Fund returned 14.08% for the fiscal year ended March 31, 2026, compared to 18.09% for its primary benchmark, the Russell 3000<sup>®</sup> Index. The macro environment was unfavorable for the Fund relative to the benchmark, as the Fund was underweight stocks with high price volatility and momentum. In addition, both small- and large-cap stocks outperformed mid-cap stocks during the period, creating a headwind versus the broad market.

The Fund's best-performing sectors relative to the benchmark were Technology and Consumer Discretionary. Although the Fund was underweight in Technology, strong stock selection in the Technology Hardware & Equipment and Semiconductor & Semiconductor Equipment industries offset the allocation drag. The Fund's underweight to Consumer Discretionary was beneficial, and stock selection also outperformed the benchmark.

The Fund's weakest-performing sectors relative to the benchmark were Communications and Real Estate. Sector allocation detracted from results, as the Fund was overweight the underperforming Real Estate sector and underweight the outperforming Communications sector. Stock selection in both sectors also lagged the benchmark.

BorgWarner (BWA) was the Fund's top contributor. BWA, which specializes in automotive powertrain technologies, benefited from improved end-market demand and several new program wins, supported by its recent investments in electric vehicle capabilities. Littelfuse (LFUS) was the second-largest contributor, aided by improving demand, declining inventories, and strong traction for new high-voltage products used in data centers.

The largest detractors from performance were Molina Healthcare (MOH) and Conagra Brands (CAG). MOH's profitability was hurt by higher-than-expected medical expenses, which pushed medical cost ratios above forecasts. CAG faced volume declines as consumers shifted to lower-priced alternatives, while rising protein input costs pressured margins. CAG was unable to raise prices sufficiently to offset these challenges.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9f80b8d2673c04cc3f6e2a73.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dean Mid Cap Value Fund** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $11765 | $11807 | $11703 | $11982 |
| **Mar-2018** | $12681 | $13438 | $13130 | $12761 |
| **Mar-2019** | $13074 | $14616 | $13980 | $13130 |
| **Mar-2020** | $10193 | $13282 | $11421 | $9961 |
| **Mar-2021** | $16283 | $21587 | $19831 | $17309 |
| **Mar-2022** | $18109 | $24161 | $21203 | $19291 |
| **Mar-2023** | $18019 | $22088 | $19341 | $17513 |
| **Mar-2024** | $21619 | $28558 | $23663 | $21085 |
| **Mar-2025** | $23499 | $30620 | $24277 | $21564 |
| **Mar-2026** | $26807 | $36157 | $28156 | $25364 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dean Mid Cap Value Fund | 14.08% | 10.49% | 10.36% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap<sup>®</sup> Index | 15.98% | 7.26% | 10.91% |
| Russell Midcap<sup>®</sup> Value Index | 17.62% | 7.94% | 9.75% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 899-8343 or visit https://deanmutualfunds.com/mid-cap-value-fund/ for updated performance information.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $245673943 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee (net of waivers) | $1382893 |
| Portfolio Turnover | 31% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie3904337edc746c6c6a99042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.4% |
| Communications | 1.4% |
| Real Estate | 6.0% |
| Energy | 6.3% |
| Technology | 6.5% |
| Materials | 6.8% |
| Consumer Staples | 7.5% |
| Health Care | 8.1% |
| Consumer Discretionary | 8.6% |
| Utilities | 9.4% |
| Financials | 14.6% |
| Industrials | 20.3% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i26ecab8a805710dcf50d27c6.jpg)

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

#### Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DALCX

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

#### Annual Shareholder Report - March 31, 2026
![Image](i26ecab8a805710dcf50d27c6.jpg)

# Fund Overview
This annual shareholder report contains important information about Dean Small Cap Value Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/deanmutual/. You can also request this information by contacting us at (888) 899-8343.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Dean Small Cap Value Fund | $127 | 1.16% |

---

# How did the Fund perform during the reporting period?
The Fund returned 17.36% during the fiscal year ended March 31, 2026, compared with 18.09% for the Russell 3000<sup>®</sup> Index. The Fund's slight underperformance was primarily driven by its exposure to companies with smaller market capitalizations than those in the Russell 3000<sup>®</sup> Index. A tilt toward stocks with lower price momentum, lower volatility, and higher quality also detracted from relative performance.

The Fund's strongest-performing sectors relative to the benchmark were Technology and Financials. Outperformance in Technology was primarily driven by strong stock selection. In Financials, an overweight allocation to an outperforming sector contributed positively to relative results.

The Fund's weakest-performing sectors relative to the benchmark were Materials and Industrials. Underperformance in Materials was primarily driven by subpar stock selection. In Industrials, an overweight allocation to a sector that underperformed weighed on relative results.

The top contributors to Fund performance were Viavi Solutions (VIAV) and Advanced Energy Industries (AEIS). VIAV, a manufacturer of test-and-measurement instruments serving telecom/cable service providers and network equipment manufacturers, reported better-than-expected earnings driven by accelerating data-center demand, continued strength in aerospace & defense end markets, and a value-accretive acquisition. AEIS, a producer of power conversion products, also exceeded earnings expectations and raised guidance, supported by strong demand from the semiconductor industry and data centers.

The largest detractors from Fund performance were YETI Holdings (YETI) and Steven Madden (SHOO). YETI, a manufacturer of innovative, high-quality outdoor products, faced soft drinkware demand, a highly promotional environment, and margin pressure from tariff-related costs. SHOO, a marketer of fashion footwear, was negatively impacted by tariff uncertainty and weakness in its wholesale and private-label businesses, which reduced earnings visibility.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4214d1818ea584a79a6b0c61.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dean Small Cap Value Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $12367 | $12622 | $12937 | $11807 |
| **Mar-2018** | $12563 | $14110 | $13600 | $13438 |
| **Mar-2019** | $12554 | $14399 | $13624 | $14616 |
| **Mar-2020** | $8519 | $10945 | $9585 | $13282 |
| **Mar-2021** | $15873 | $21326 | $18888 | $21587 |
| **Mar-2022** | $17139 | $20092 | $19515 | $24161 |
| **Mar-2023** | $17976 | $17760 | $16987 | $22088 |
| **Mar-2024** | $17876 | $21260 | $20172 | $28558 |
| **Mar-2025** | $17472 | $20409 | $19542 | $30620 |
| **Mar-2026** | $20504 | $25659 | $25032 | $36157 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dean Small Cap Value Fund | 17.36% | 5.25% | 7.44% |
| Russell 2000<sup>®</sup> Index | 25.72% | 3.77% | 9.88% |
| Russell 2000<sup>®</sup> Value Index | 28.09% | 5.79% | 9.61% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 899-8343 or visit https://deanmutualfunds.com/small-cap-value-fund/ for updated performance information.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $170155305 |
| Number of Portfolio Holdings | 58 |
| Advisory Fee | $1519974 |
| Portfolio Turnover | 160% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i31215941b8fc3e295fb7eeb0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.7% |
| Real Estate | 2.1% |
| Consumer Discretionary | 5.1% |
| Energy | 5.7% |
| Health Care | 5.7% |
| Materials | 6.9% |
| Utilities | 7.7% |
| Technology | 8.6% |
| Consumer Staples | 10.6% |
| Financials | 18.6% |
| Industrials | 24.3% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i26ecab8a805710dcf50d27c6.jpg)

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

#### Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DASCX

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

**Item 2. Code of Ethics.** 

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

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

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

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

(a)(3) Not applicable.

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

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

---

| | | |
|:---|:---|:---|
| Dean Funds: | FY 2026 | $48000 |
|  | FY 2025 | $45900 |
| Absolute Core Strategy ETF | FY 2026 | $19000 |
|  | FY 2025 | $19000 |
| Absolute Funds | FY 2026 | $76000 |
|  | FY 2025 | $76000 |

---

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

---

| | | |
|:---|:---|:---|
| Dean Funds: | FY 2026 | $0 |
|  | FY 2025 | $0 |
| Absolute Core Strategy ETF | FY 2026 | $0 |
|  | FY 2025 | $0 |
| Absolute Funds | FY 2026 | $0 |
|  | FY 2025 | $0 |

---

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

---

| | | |
|:---|:---|:---|
| Dean Funds: | FY 2026 | $10200 |
|  | FY 2025 | $9900 |
| Absolute Core Strategy ETF | FY 2026 | $3400 |
|  | FY 2025 | $3300 |
| Absolute Funds | FY 2026 | $14300 |
|  | FY 2025 | $13200 |

---

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

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

---

| | | |
|:---|:---|:---|
| Dean Funds: | FY 2026 | $0 |
|  | FY 2025 | $0 |
| Absolute Core Strategy ETF | FY 2026 | $0 |
|  | FY 2025 | $0 |
| Absolute Funds | FY 2026 | $0 |
|  | FY 2025 | $0 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY 2026 | $0 | $0 |
| FY 2025 | $0 | $0 |

---

(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; Long Form Financial Statements

---

| |
|:---|
| ![(ABSOLUTE LOGO)](us001_v1.jpg) |
| **Absolute Select Value ETF (ABEQ)** |
| *NYSE Arca, Inc.* |
| **Annual Financial Statements** |
| **and Additional Information** |
| **March 31, 2026** |
| **Fund Adviser:** |
| **Absolute Investment Advisers LLC** |
| **82 South Barrett Square, Unit 4G** |
| **Rosemary Beach, FL 32461** |
| **1-833-267-3383** |

---

---

| |
|:---|
| **Absolute Select Value ETF** |
| **Schedule of Investments** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks — 66.37%** | **Shares** | **Fair Value** |
| **Canada — 12.00%** |  |  |
| **Materials — 12.00%** |  |  |
| Agnico Eagle Mines Ltd. | 29340 | $5955433 |
| Franco-Nevada Corp. | 44190 | 10917140 |
|  |  | 16872573 |
| **Total Canada** |  | 16872573 |
| **Ireland — 3.83%** |  |  |
| **Health Care — 3.83%** |  |  |
| Medtronic PLC | 62062 | 5377672 |
| **Total Ireland** |  | 5377672 |
| **United Kingdom — 4.71%** |  |  |
| **Consumer Staples — 4.71%** |  |  |
| Unilever PLC - ADR | 116138 | 6616382 |
| **Total United Kingdom** |  | 6616382 |
| **United States — 45.83%** |  |  |
| **Communications — 4.31%** |  |  |
| Verizon Communications, Inc. | 120610 | 6054622 |
| **Consumer Staples — 1.76%** |  |  |
| Sysco Corp. | 34655 | 2471941 |
| **Energy — 18.33%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 28940 | 13868048 |
| EOG Resources, Inc. | 37176 | 5374534 |
| ONEOK, Inc. | 72278 | 6533209 |
|  |  | 25775791 |
| **Financials — 10.16%** |  |  |
| Loews Corp. | 93966 | 10029931 |
| Travelers Companies, Inc. (The) | 14565 | 4248319 |
|  |  | 14278250 |
| **Industrials — 9.78%** |  |  |
| Emerson Electric Co. | 25245 | 3307600 |
| Honeywell International, Inc. | 20860 | 4714985 |
| Hubbell, Inc. | 4685 | 2299117 |
| IDEX Corp. | 18025 | 3416639 |
|  |  | 13738341 |
| **Materials — 1.49%** |  |  |
| Air Products & Chemicals, Inc. | 7210 | 2094433 |
| **Total United States** |  | 64413378 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $73,180,391)** |  | 93280005 |

---

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

---

| |
|:---|
| **Absolute Select Value ETF** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
| **U.S. Government & Agencies — 30.75%** | **Principal**<br>**Amount** | |
| United States Treasury Bill 3.87%, 5/14/2026 | $22000000 | $21904561 |
| United States Treasury Strip 3.51%, 2/15/2027 | 22000000 | 21316708 |
| **TOTAL U.S. GOVERNMENT & AGENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $43,229,412)** |  | 43221269 |
| **Total Investments — 97.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $116,409,803)** |  | 136501274 |
| **Other Assets in Excess of Liabilities — 2.88%** |  | 4043370 |
| **Net Assets — 100.00%** |  | $140544644 |

---

(a) Non-income producing security.

ADR - American Depositary Receipt

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

---

| |
|:---|
| **Absolute Select Value ETF** |
| **Statement of Assets and Liabilities** |
| *March 31, 2026* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $116,409,803) | $136501274 |
| Cash | 3923816 |
| Foreign currency (cost $57,393) | 57007 |
| Dividends and interest receivable | 105879 |
| Tax reclaims receivable | 97290 |
| Prepaid expenses | 1352 |
| **Total Assets** | 140686618 |
| **Liabilities** |  |
| Payable to Adviser, net of waiver | 72850 |
| Payable to affiliates | 16958 |
| Payable to trustees | 5412 |
| Other accrued expenses | 46754 |
| **Total Liabilities** | 141974 |
| **Net Assets** | $140544644 |
| **Net Assets consist of:** |  |
| Paid-in capital | $121583365 |
| Accumulated earnings | 18961279 |
| **Net Assets** | $140544644 |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 3725000 |
| **Net asset value per share** | $37.73 |

---

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

---

| |
|:---|
| **Absolute Select Value ETF** |
| **Statement of Operations** |
| *For the Year Ended March 31, 2026* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $107,449) | $1684538 |
| Interest income | 725118 |
| **Total investment income** | 2409656 |
| **Expenses** |  |
| Adviser | 978266 |
| Administration | 74168 |
| Legal | 26596 |
| Audit and tax | 22458 |
| Trustee | 21257 |
| Custodian | 16680 |
| Compliance services | 16333 |
| Report printing | 10037 |
| Transfer agent | 10009 |
| Insurance | 4386 |
| Pricing | 1355 |
| Miscellaneous | 35359 |
| **Total expenses** | 1216904 |
| Fees waived by Adviser | (237646) |
| Net operating expenses | 979258 |
| **Net investment income** | 1430398 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 4531720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 220 |
| Change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 7323652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 4535 |
| **Net realized and unrealized gain (loss) on investment securities and foreign currency translations** | 11860127 |
| **Net increase in net assets resulting from operations** | $13290525 |

---

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

---

| |
|:---|
| **Absolute Select Value ETF** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended March 31,**<br>**2026** | **For the Year**<br>**Ended March 31,**<br>**2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $1430398 | $1478352 |
| Net realized gain on investment securities and foreign currency translations | 4531940 | 5009777 |
| Change in unrealized appreciation on investment securities and foreign currency | 7328187 | 5159216 |
| **Net increase in net assets resulting from operations** | 13290525 | 11647345 |
| **Distributions to Shareholders From:** |  |  |
| Earnings | (1438253) | (1295917) |
| **Total distributions** | (1438253) | (1295917) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 48321228 | 20301010 |
| Amount paid for shares redeemed | (16630014) | (18692714) |
| **Net increase in net assets resulting from capital transactions** | 31691214 | 1608296 |
| **Total Increase in Net Assets** | 43543486 | 11959724 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $97001158 | $85041434 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of year** | $140544644 | $97001158 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1325000 | 625000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (450000) | (575000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 875000 | 50000 |

---

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

---

| |
|:---|
| **Absolute Select Value ETF** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**March 31,**<br>**2026** | **For the**<br>**Year Ended**<br>**March 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**March 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**March 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**March 31,**<br>**2022** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $34.04 | $30.37 | $27.98 | $29.88 | $26.22 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.42 | 0.53 | 0.51 | 0.56 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.72 | 3.61 | 2.62 | (2.13) | 3.61 |
| Total from investment operations | 4.14 | 4.14 | 3.13 | (1.57) | 3.83 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.47) | (0.74) | (0.33) | (0.17) |
| Total distributions | (0.45) | (0.47) | (0.74) | (0.33) | (0.17) |
| Net asset value, end of year | $37.73 | $34.04 | $30.37 | $27.98 | $29.88 |
| Market price, end of year | $37.75 | $34.08 | $30.41 | $27.94 | $29.92 |
| **Total Return(a)** | 12.26% | 13.79% | 11.40% | (5.22)% | 14.66% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $140545 | $97001 | $85041 | $90935 | $64243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets(b) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement | 1.06% | 1.11% | 1.13% | 1.16% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.24% | 1.67% | 1.73% | 2.30% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate(c) | 38% | 20% | 18% | 24% | 23% |

---

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

(b) Ratio was determined after management
 fees reductions, expense reimbursements and/or recoupments.

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

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

**Absolute Select Value ETF Notes to the Financial Statements**

 *March 31, 2026*

**NOTE 1. ORGANIZATION**

Absolute Select Value ETF (the "Fund") was organized as a non-diversified series of Unified Series Trust (the "Trust") on August 20, 2019, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Absolute Investment Advisers LLC (the "Adviser"). The Adviser has retained St. James Investment Company, LLC (the "Sub-Adviser") to serve as the sub-adviser to the Fund. The Fund's investment objective is to seek positive absolute returns.

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

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under FASB Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies

**Absolute Select Value ETF**

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

 *March 31, 2026*

followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

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

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

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

As of and during the fiscal year ended March 31, 2026, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the fiscal year ended March 31, 2026, 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.,

**Absolute Select Value ETF Notes to the Financial Statements (continued)**

 *March 31, 2026*

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

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

**Absolute Select Value ETF**

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

 *March 31, 2026*

For the fiscal year ended March 31, 2026, the Fund made the following reclassifications to increase (decrease) the components of net assets:

---

| | |
|:---|:---|
| <br>**Paid-In Capital** | **Accumulated Earnings**<br>**(Deficit)** |
| $&nbsp;&nbsp;&nbsp;&nbsp; 4493323 | $&nbsp;&nbsp;&nbsp;&nbsp; (4493323) |

---

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

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

**Absolute Select Value ETF**

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

 *March 31, 2026*

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.

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

**Absolute Select Value ETF**

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

 *March 31, 2026*

of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Valuation Inputs** | | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>(a)</sup> | $93280005 | $— | $— | $93280005 |
| U.S. Government & Agencies |  | 43221269 |  | 43221269 |
| Total | $93280005 | $43221269 | $— | $136501274 |

---

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

The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

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

The Adviser, under the terms of the management agreement with the Trust with respect to the Fund (the "Agreement"), manages the Fund's investments. As compensation for its management services, the Fund is obligated to pay the Adviser a management fee computed and accrued daily and paid monthly at an annual rate of 0.85% of the Fund's average daily net assets. For the fiscal year ended March 31, 2026, before the waiver described below, the Adviser earned a management fee of $978,266 from the Fund.

The Adviser has contractually agreed to waive its management fee and/or reimburse the Fund's other expenses in order to limit total annual Fund operating expenses to 0.85% of the average daily net assets of the Fund through July 31, 2026 (excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the 1940 Act; any administrative and/

**Absolute Select Value ETF**

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

 *March 31, 2026*

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). For the fiscal year ended March 31, 2026, the Adviser waived fees of $237,646. At March 31, 2026, the Fund owed the Adviser $72,850.

Each fee waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date in which that particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. As of March 31, 2026, the Adviser may seek repayment of management fees waived and expenses reimbursed pursuant to the aforementioned conditions, from the Fund no later than the dates stated below:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| March 31, 2027 | $244681 |
| March 31, 2028 | 230978 |
| March 31, 2029 | 237646 |

---

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

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

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

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

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

**Absolute Select Value ETF**

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

 *March 31, 2026*

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 March 31, 2026, purchases and sales of investment securities, other than short-term investments, were $37,158,704 and $45,015,491, respectively.

For the fiscal year ended March 31, 2026, there were no purchases and sales of long-term U.S. government obligations.

For the fiscal year ended March 31, 2026, purchases and sales for in-kind transactions were $38,669,589 and $13,692,116, respectively.

For the fiscal year ended March 31, 2026, the Fund had in-kind net realized gains of $4,548,461.

**NOTE 6. CAPITAL SHARE TRANSACTIONS**

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

**Absolute Select Value ETF**

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

 *March 31, 2026*

impact expenses relating to Creation Unit transactions ("Variable Charge", and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets. For the fiscal year ended March 31, 2026, the Fund received $8,000 and $0 in fixed fees and variable fees, respectively. The Transaction Fees for the Fund are listed in the table below:

---

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

---

\* The maximum additional variable charge may be up to 2.00% of the amount invested.

**NOTE 7. FEDERAL TAX INFORMATION**

At March 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $20811653 |
| Gross unrealized depreciation | (785699) |
| Net unrealized appreciation on investments | $20025954 |
| Tax cost of investments | $116475320 |

---

The tax character of distributions paid for the fiscal years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1438253 | $1295917 |
| Total distributions paid | $1438253 | $1295917 |

---

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

At March 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $334882 |
| Accumulated capital and other losses | (1398719) |
| Unrealized appreciation on investments | 20025116 |
| Total accumulated earnings | $18961279 |

---

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

**Absolute Select Value ETF**

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

 *March 31, 2026*

At March 31, 2026, the Fund had $1,398,719 of short-term capital loss carryforwards for federal income tax purposes available to offset future capital gains. These capital loss carryforwards do not expire. At March 31, 2026, the Fund utilized $29,329 of short-term capital loss carryforwards.

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 9. SUBSEQUENT EVENTS**

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

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Absolute Select Value ETF and

Board of Trustees of Unified Series Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Absolute Select Value ETF, (the "Fund"), a series of Unified Series Trust, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, 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 March 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2020.

![(SIGNATURE)](us002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2026

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

The Form 1099-DIV you receive in January 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

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

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

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2026 ordinary income dividends, 66.70% qualifies for the corporate dividends received deduction.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not Applicable.

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

Refer to the financial statements included herein.

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

Not Applicable.

---

| |
|:---|
| ![(ABSOLUTE LOGO)](us001_v1.jpg) |
| **Absolute CEF Opportunities** |
| **Absolute Capital Opportunities Fund** |
| **Absolute Convertible Arbitrage Fund** |
| **Absolute Flexible Fund** |
| **Annual Financial Statements and** |
| **Additional Information** |
| **March 31, 2026** |
| **Fund Adviser:** |
| **Absolute Investment Advisers LLC** |
| **82 South Barrett Square, Unit 4G** |
| **Rosemary Beach, FL 32461** |
| **1-888-992-2765** |

---

---

| |
|:---|
| **Absolute CEF Opportunities** |
| **Schedule of Investments** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Closed End Funds — 118.08%** |  |  |
| abrdn Income Credit Strategies Fund | 35966 | $183427 |
| abrdn Life Sciences Investors | 1812 | 29481 |
| Advent Convertible and Income Fund | 419 | 4676 |
| AllianceBernstein Global High Income Fund, Inc., USD Class | 7328 | 74526 |
| BlackRock Corporate High Yield Fund | 85452 | 728051 |
| BlackRock Energy and Resources Trust | 11654 | 201731 |
| BlackRock Floating Rate Income Strategies Fund, Inc. | 5186 | 57150 |
| BlackRock Floating Rate Income Trust | 10976 | 118102 |
| BlackRock Innovation and Growth Term Trust | 50315 | 332079 |
| BlackRock MuniAssets Fund, Inc. | 9910 | 105150 |
| BlackRock Science and Technology Term Trust | 2577 | 57080 |
| Destra Multi-Alternative Fund | 9627 | 78075 |
| DoubleLine Opportunistic Credit Fund, USD Class | 9862 | 143985 |
| Franklin Limited Duration Income Trust, USD Class | 17325 | 101005 |
| FS Credit Opportunities Corp., USD Class | 29852 | 152245 |
| FS Specialty Lending Fund | 5235 | 65490 |
| High Income Securities Fund | 9031 | 49851 |
| Invesco<sup>®</sup> Senior Income Trust | 32946 | 106086 |
| John Hancock Premium Dividend Fund, USD Class | 4454 | 58347 |
| Liberty All-Star Equity Fund, USD Class | 101839 | 565206 |
| Liberty All-Star Growth Fund, USD Class | 43910 | 208572 |
| LMP Capital and Income Fund, Inc. | 7437 | 111034 |
| Neuberger Real Estate Securities Income Fund, Inc. | 68118 | 193455 |
| Nuveen Credit Strategies Income Fund | 48261 | 235031 |
| Nuveen Floating Rate Income Fund | 21621 | 162590 |
| Nuveen Real Asset Income and Growth Fund | 47311 | 581925 |
| Nuveen S&P 500 Dynamic Overwrite Fund | 24597 | 395280 |
| NXG Cushing Midstream Energy Fund | 8914 | 396584 |
| NXG NextGen Infrastructure Income Fund | 30 | 1648 |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | 19492 | 286338 |
| Pioneer Diversified High Income Fund, Inc. | 45171 | 25865 |
| Pioneer Floating Rate Fund, Inc. | 157093 | 53412 |
| Pioneer High Income Fund, Inc. | 133324 | 6253 |
| Pioneer Municipal High Income Advantage Fund, Inc. | 77662 | 31841 |
| Pioneer Municipal High Income Fund Trust | 54923 | 18125 |
| Pioneer Municipal High Income Opportunities Fund, Inc. | 36534 | 5845 |
| RiverNorth Opportunities Fund, Inc. | 16065 | 178322 |
| Saba Capital Income & Opportunities Fund | 37838 | 255028 |
| Virtus Stone Harbor Emerging Markets Income Fund | 12626 | 60352 |
| Western Asset Global High Income Fund, Inc. | 5592 | 32993 |
| Western Asset High Yield Defined Opportunity Fund, Inc. | 13607 | 145323 |
| XAI Madison Equity Premium Income Fund | 16594 | 96743 |
| **Total Closed End Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,887,786) |  | 6694302 |

---

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

---

| |
|:---|
| **Absolute CEF Opportunities** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Rights — 0.01%** |  |  |
| BlackRock Utilities, Infrastructure & Power Opportunities Trust | 57820 | $463 |
| Gabelli Equity Trust, Inc. (The) | 51019 | 357 |
| Neuberger High Yield Strategies Fund, Inc. | 30 |  |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,951) |  | 820 |
| **Money Market Funds — 0.39%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(a)</sup> | 21948 | 21948 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,948) |  | 21948 |
| **Total Investments — 118.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,911,685) |  | 6717070 |
| **Liabilities in Excess of Other Assets — (18.48)%** |  | (1047846) |
| **Net Assets — 100.00%** |  | $5669224 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

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

---

| |
|:---|
| **Absolute CEF Opportunities** |
| **Schedule of Securities Sold Short** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Closed End Funds — Short — (28.75)%** |  |  |
| abrdn Global Infrastructure Income Fund | (2636) | $(58941) |
| BlackRock Enhanced Capital and Income Fund | (25000) | (525500) |
| BlackRock Utilities, Infrastructure & Power Opportunities Trust, USD Class | (20791) | (548467) |
| Gabelli Equity Trust, Inc. (The), USD Class | (17411) | (97502) |
| Neuberger High Yield Strategies Fund, Inc. | (7465) | (48373) |
| Nuveen S&P 500 Dynamic Overwrite Fund | (21843) | (351017) |
| **Total Closed End Funds — Short** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds Received $1,728,993) |  | (1629800) |
| **Exchange-Traded Funds — Short — (45.74)%** |  |  |
| Alerian MLP ETF | (7536) | (396695) |
| Invesco<sup>®</sup> Senior Loan ETF | (8776) | (179118) |
| iShares<sup>®</sup> iBoxx High Yield Corporate Bond ETF | (7478) | (594950) |
| iShares<sup>®</sup> J.P. Morgan USD Emerging Markets Bond ETF | (2274) | (213597) |
| iShares<sup>®</sup> Nasdaq Biotechnology ETF | (346) | (58422) |
| iShares<sup>®</sup> Russell Mid-Cap Growth ETF | (1927) | (246887) |
| SPDR<sup>®</sup> Blackstone Senior Loan ETF | (14273) | (572918) |
| Utilities Select Sector SPDR<sup>®</sup> Fund | (7210) | (330867) |
| **Total Exchange-Traded Funds — Short** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds Received $2,609,614) |  | (2593454) |
| **Total Securities Sold Short — (74.49)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds Received $4,338,607) |  | (4223254) |

---

ETF – Exchange-Traded Fund <br>SPDR – Standard & Poor's Depository Receipt

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

---

| |
|:---|
| **Absolute Capital Opportunities Fund** |
| **Schedule of Investments** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 85.29%** |  |  |
| **Communications — 8.81%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 6998 | $2012345 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> | 3312 | 1894894 |
| Universal Music Group NV - ADR | 87521 | 840202 |
|  |  | 4747441 |
| **Consumer Discretionary — 10.74%** |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 11851 | 2468208 |
| CarMax, Inc.<sup>(a)(b)</sup> | 13551 | 563451 |
| Carvana Co.<sup>(b)</sup> | 1000 | 314380 |
| Copart, Inc.<sup>(b)</sup> | 29300 | 972760 |
| Fisker, Inc.<sup>(b)</sup> | 7480 | 5 |
| Floor & Decor Holdings, Inc., Class A<sup>(b)</sup> | 8210 | 417068 |
| Lowe's Companies, Inc. | 4451 | 1051682 |
|  |  | 5787554 |
| **Consumer Staples — 4.38%** |  |  |
| Philip Morris International, Inc. | 14289 | 2362543 |
| **Energy — 4.41%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)(b)</sup> | 3299 | 1580881 |
| Occidental Petroleum Corp. | 12266 | 797290 |
|  |  | 2378171 |
| **Financials — 13.17%** |  |  |
| Aon PLC, Class A | 4871 | 1572261 |
| Charles Schwab Corp. (The) | 17731 | 1666360 |
| Intercontinental Exchange, Inc. | 11785 | 1853545 |
| Ryan Specialty Group Holdings, Inc.<sup>(b)</sup> | 13516 | 456030 |
| Visa, Inc., Class A | 5117 | 1546562 |
|  |  | 7094758 |
| **Health Care — 11.03%** |  |  |
| Alcon, Inc. | 14523 | 1094308 |
| Becton, Dickinson and Co. | 9039 | 1421202 |
| Cooper Companies, Inc. (The)<sup>(b)</sup> | 12417 | 887816 |
| Thermo Fisher Scientific, Inc. | 2799 | 1375792 |
| Waters Corp.<sup>(b)</sup> | 3904 | 1162611 |
|  |  | 5941729 |
| **Industrials — 12.34%** |  |  |
| Carrier Global Corp. | 17520 | 986551 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 30990 | 414646 |
| Jacobs Solutions, Inc. | 9105 | 1158884 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 5504 | 1554165 |
| PACCAR, Inc. | 12246 | 1414413 |
| Sunbelt Rentals Holdings, Inc.<sup>(b)</sup> | 17244 | 1122412 |
|  |  | 6651071 |

---

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

---

| |
|:---|
| **Absolute Capital Opportunities Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 85.29% (continued)** |  |  |
| **Technology — 20.41%** |  |  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 5899 | $1200034 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 25341 | 660893 |
| Analog Devices, Inc. | 4243 | 1349868 |
| Apple, Inc.<sup>(a)</sup> | 7789 | 1976770 |
| Applied Materials, Inc. | 2757 | 942315 |
| Arista Networks, Inc.<sup>(b)</sup> | 8914 | 1094461 |
| Microsoft Corp. | 3685 | 1364077 |
| Motorola Solutions, Inc. | 3335 | 1447290 |
| Salesforce, Inc. | 5151 | 961537 |
|  |  | 10997245 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $31,722,733) |  | 45960512 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Exercise**<br>**Price** | **Expiration**<br>**Date** |<br>**Fair Value** |
| **Purchased Call Options — 0.95%** |  |  |  |  |  |
| State Street SPDR S&P 500 ETF Trust | 616 | $40060944 | $655.00 | April 2026 | $449064 |
| State Street SPDR S&P 500 ETF Trust | 807 | 52482438 | 695.00 | May 2026 | 61332 |
| **Total Purchased Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $802,265) |  |  |  |  | 510396 |
| **Purchased Put Options — 2.39%** |  |  |  |  |  |
| Amazon.com, Inc. | 32 | 666464 | 190.00 | June 2026 | 22560 |
| Meta Platforms, Inc. | 21 | 1201473 | 615.00 | June 2026 | 136500 |
| State Street SPDR S&P 500 ETF Trust | 1112 | 72317808 | 635.00 | May 2026 | 1132016 |
| **Total Purchased Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,099,121) |  |  |  |  | 1291076 |
| **Total Purchased Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,901,386) |  |  |  |  | 1801472 |

---

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

---

| |
|:---|
| **Absolute Capital Opportunities Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Money Market Funds — 14.85%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(c)</sup> | 8001818 | $8001818 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,001,818) |  | 8001818 |
| **Total Investments — 103.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $41,625,936) |  | 55763802 |
| **Liabilities in Excess of Other Assets — (3.48)%** |  | (1876913) |
| **Net Assets — 100.00%** |  | $53886889 |

---

<sup>(a)</sup> All or a portion of this security is held as collateral for written options. The value of the collateral held as of March 31, 2026 is $8,052,967.

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

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

---

| |
|:---|
| ADR – American Depositary Receipt |
| ETF – Exchange-Traded Fund |
| SPDR – Standard & Poor's Depository Receipt |

---

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

---

| |
|:---|
| **Absolute Capital Opportunities Fund** |
| **Schedule of Written Options** |
| *March 31, 2026* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Exercise**<br>**Price** | **Expiration**<br>**Date** |<br>**Fair Value** |
| **Written Call Options — (4.43)%** |  |  |  |  |  |
| Advanced Micro Devices, Inc. | (21) | $(427203) | $190.00 | June 2026 | $(60270) |
| Amazon.com, Inc. | (19) | (395713) | 190.00 | September 2026 | (65873) |
| Amazon.com, Inc. | (16) | (333232) | 225.00 | September 2026 | (25040) |
| Analog Devices, Inc. | (19) | (604466) | 300.00 | September 2026 | (86830) |
| Arista Networks, Inc. | (35) | (429730) | 120.00 | June 2026 | (44800) |
| Keysight Technologies, Inc. | (20) | (564740) | 270.00 | September 2026 | (91900) |
| Meta Platforms, Inc. | (14) | (800982) | 750.00 | September 2026 | (18200) |
| Philip Morris International, Inc. | (28) | (462952) | 175.00 | June 2026 | (17360) |
| State Street SPDR S&P 500 ETF Trust | (566) | (36809244) | 640.00 | June 2026 | (1975340) |
| **Total Written Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums Received $3,395,167) |  |  |  |  | (2385613) |
| **Written Put Options — (0.38)%** |  |  |  |  |  |
| Amazon.com, Inc. | (32) | (666464) | 165.00 | June 2026 | (8288) |
| Meta Platforms, Inc. | (21) | (1201473) | 550.00 | June 2026 | (66150) |
| NVIDIA Corp. | (33) | (575520) | 175.00 | June 2026 | (42966) |
| State Street SPDR S&P 500 ETF Trust | (246) | (15998364) | 595.00 | May 2026 | (86838) |
| **Total Written Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums Received $335,159) |  |  |  |  | (204242) |
| **Total Written Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums Received $3,730,326) |  |  |  |  | (2589855) |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Investments** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Mutual Funds — 2.15%** |  |  |
| Absolute Flexible Fund<sup>(a)</sup> | 2936799 | $32334159 |
| **Total Mutual Funds** |  |  |
| (Cost $29,831,184) |  | 32334159 |
| **Preferred Stocks — 0.15%** |  |  |
| **Technology — 0.15%** |  |  |
| Oracle Corp. | 50000 | 2250500 |
| **Total Preferred Stocks** |  |  |
| (Cost $2,500,000) |  | 2250500 |
|  | **Principal** |  |
|  | **Amount** |  |
| **Convertible Bonds — 77.10%** |  |  |
| **Communications — 2.58%** |  |  |
| AMC Networks, Inc., 4.25%, 2/15/2029 | $5500000 | 4901875 |
| AST SpaceMobile, Inc., 2.00%, 1/15/2036<sup>(b)</sup> | 6500000 | 6881875 |
| AST SpaceMobile, Inc., 2.25%, 4/15/2036<sup>(b)</sup> | 8000000 | 7736000 |
| BlackSky Technology, Inc., 8.25%, 8/1/2033<sup>(b)</sup> | 9000000 | 10867500 |
| Upwork, Inc., 0.25%, 8/15/2026 | 8640000 | 8478000 |
|  |  | 38865250 |
| **Consumer Discretionary — 5.91%** |  |  |
| Cracker Barrel Old Country Store, Inc., 1.75%, 9/15/2030<sup>(b)</sup> | 10720000 | 8343160 |
| Etsy, Inc., 1.00%, 6/15/2030<sup>(b)</sup> | 12401000 | 11991767 |
| Freshpet, Inc., 3.00%, 4/1/2028 | 11000000 | 12659900 |
| indie Semiconductor, Inc., 4.00%, 3/15/2031 | 1000000 | 1075000 |
| LCI Industries, 1.13%, 5/15/2026 | 7217000 | 7185967 |
| LCI Industries, 3.00%, 3/1/2030<sup>(b)</sup> | 6525000 | 7864256 |
| NCL Corporation Ltd., 0.75%, 9/15/2030<sup>(b)</sup> | 7000000 | 6511608 |
| Patrick Industries, Inc., 1.75%, 12/1/2028 | 10949000 | 19001990 |
| Wayfair, Inc., 3.25%, 9/15/2027 | 4664000 | 6313239 |
| Winnebago Industries, Inc., 3.25%, 1/15/2030 | 9000000 | 8163000 |
|  |  | 89109887 |
| **Consumer Staples — 1.30%** |  |  |
| Post Holdings, Inc., 2.50%, 8/15/2027 | 7500000 | 8133750 |
| Spectrum Brands, Inc., 3.38%, 6/1/2029 | 11411000 | 11417276 |
|  |  | 19551026 |
| **Energy — 4.50%** |  |  |
| Canadian Solar, Inc., 3.25%, 1/15/2031 | 7946000 | 6325016 |
| Crescent Energy Co., 2.75%, 3/15/2031 | 7500000 | 8628750 |
| Energy Vault Holdings, Inc., 5.25%, 3/1/2031 | 5000000 | 4842414 |
| Eos Energy Enterprises, Inc., 1.75%, 12/1/2031<sup>(b)</sup> | 6000000 | 3585000 |
| Fluence Energy, Inc., 2.25%, 6/15/2030 | 12000000 | 12108000 |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Convertible Bonds — 77.10% (continued)** |  |  |
| **Energy — 4.50% (continued)** |  |  |
| Green Plains, Inc., 2.25%, 3/15/2027 | $2668000 | $2658662 |
| Helix Energy Solutions Group, Inc., 9.75%, 3/1/2029<sup>(b)</sup> | 7500000 | 7885898 |
| Northern Oil and Gas, Inc., 3.63%, 4/15/2029 | 10000000 | 11003438 |
| Plug Power, Inc., 6.75%, 12/1/2033<sup>(b)</sup> | 4000000 | 4514430 |
| T1 Energy, Inc., 5.25%, 12/1/2030 | $6000000 | 6297963 |
|  |  | 67849571 |
| **Financials — 5.46%** |  |  |
| Coinbase Global, Inc., 0.00%, 10/1/2029<sup>(b)</sup> | 5000000 | 4390000 |
| Coinbase Global, Inc., 0.25%, 4/1/2030 | 2837000 | 2639119 |
| Coinbase Global, Inc., 0.00%, 10/1/2032<sup>(b)</sup> | 4500000 | 3619125 |
| Encore Capital Group, Inc., 4.00%, 3/15/2029 | 11250000 | 14203125 |
| EZCORP, Inc., 3.75%, 12/15/2029<sup>(b)</sup> | 14000000 | 33120239 |
| Voyager Technologies, Inc., 0.75%, 11/15/2030<sup>(b)</sup> | 6000000 | 6234000 |
| WisdomTree, Inc., 3.25%, 8/15/2029 | 9308000 | 12688666 |
| WisdomTree, Inc., 4.63%, 8/15/2030<sup>(b)</sup> | 5000000 | 5460000 |
|  |  | 82354274 |
| **Health Care — 11.54%** |  |  |
| Accuray, Inc., 3.75%, 6/1/2026 | 4250000 | 4080054 |
| Alphatec Holdings, Inc., 0.75%, 8/1/2026 | 2512000 | 2486880 |
| Alphatec Holdings, Inc., 0.75%, 3/15/2030<sup>(b)</sup> | 11750000 | 12087225 |
| ANI Pharmaceuticals, Inc., 2.25%, 9/1/2029 | 11473000 | 14262373 |
| CONMED Corp., 2.25%, 6/15/2027 | 8000000 | 7764000 |
| CRISPR Therapeutics AG, 1.73%, 3/1/2031 | 3000000 | 2940000 |
| Enovis Corp., 3.88%, 10/15/2028 | 5000000 | 4836250 |
| Halozyme Therapeutics, Inc., 1.00%, 8/15/2028 | 14000000 | 17948000 |
| Indivior Pharmaceuticals, Inc., 0.63%, 3/15/2031 | 1000000 | 1020000 |
| Inotiv, Inc., 3.25%, 10/15/2027 | 1500000 | 361875 |
| Integer Holdings Corp., 1.88%, 3/15/2030<sup>(b)</sup> | 20000000 | 19170000 |
| Jazz Investments I Ltd., 3.13%, 9/15/2030 | 8350000 | 11844475 |
| Lantheus Holdings, Inc., 2.63%, 12/15/2027<sup>(b)</sup> | 10600000 | 12749150 |
| LeMaitre Vascular, Inc., 2.50%, 2/1/2030 | 13000000 | 14738750 |
| LivaNova PLC, 2.50%, 3/15/2029 | 8000000 | 9344000 |
| Merit Medical Systems, Inc., 3.00%, 2/1/2029<sup>(b)</sup> | 15000000 | 16072500 |
| Pacira BioSciences, Inc., 2.13%, 5/15/2029 | 8000000 | 7725600 |
| Repligen Corp., 1.00%, 12/15/2028 | 5000000 | 4885000 |
| Tempus AI, Inc., 0.75%, 7/15/2030<sup>(b)</sup> | 4500000 | 4300875 |
| Zoetis, Inc., 0.25%, 6/15/2029<sup>(b)</sup> | 5000000 | 4975000 |
|  |  | 173592007 |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Convertible Bonds — 77.10% (continued)** |  |  |
| **Industrials — 10.20%** |  |  |
| Alarm.com Holdings, Inc., 2.25%, 6/1/2029 | $10000000 | $9231250 |
| Astronics Corp., 5.50%, 3/15/2030 | 1000000 | 3086800 |
| Astronics Corp., 0.00%, 1/15/2031<sup>(b)</sup> | 10000000 | 13935000 |
| BWX Technologies, Inc., 0.00%, 11/1/2030<sup>(b)</sup> | 14070000 | 14604660 |
| Fluor Corp., 1.13%, 8/15/2029 | 13889000 | 17156387 |
| Granite Construction, Inc., 3.25%, 6/15/2030 | 15000000 | 24731250 |
| Greenbrier Companies, Inc. (The), 2.88%, 4/15/2028 | 13795000 | 15980128 |
| Itron, Inc., 1.38%, 7/15/2030 | 10000000 | 10075000 |
| Joby Aviation, Inc., 0.75%, 2/15/2032 | 6140000 | 5276563 |
| OSI Systems, Inc., 2.25%, 8/1/2029 | 12028000 | 18465987 |
| Tetra Tech, Inc., 2.25%, 8/15/2028 | 16526000 | 17338253 |
| Xometry, Inc., 0.75%, 6/15/2030<sup>(b)</sup> | 3000000 | 3540000 |
|  |  | 153421278 |
| **Materials — 2.44%** |  |  |
| B2Gold Corp., 2.75%, 2/1/2030<sup>(b)</sup> | 6500000 | 10512125 |
| Century Aluminum Co., 2.75%, 5/1/2028 | 5650000 | 17789025 |
| McEwen Mining, Inc., 5.25%, 8/15/2030<sup>(b)</sup> | 4000000 | 8399600 |
|  |  | 36700750 |
| **Real Estate — 0.19%** |  |  |
| Redfin Corp., 0.50%, 4/1/2027 | 2925000 | 2805075 |
| **Technology — 32.03%** |  |  |
| A10 Networks, Inc., 2.75%, 4/1/2030 | 10000000 | 11923453 |
| Akamai Technologies, Inc., 1.13%, 2/15/2029 | 13827000 | 15825693 |
| Akamai Technologies, Inc., 0.25%, 5/15/2033<sup>(b)</sup> | 6000000 | 8320500 |
| Alkami Technology, Inc., 1.50%, 3/15/2030<sup>(b)</sup> | 8590000 | 7737013 |
| Applied Optoelectronics, Inc., 2.75%, 1/15/2030 | 7000000 | 15625218 |
| Bandwidth, Inc., 0.50%, 4/1/2028 | 9100000 | 8144500 |
| Bentley Systems, Inc., 0.38%, 7/1/2027 | 11500000 | 10936500 |
| BlackLine, Inc., 1.00%, 6/1/2029 | 11000000 | 10364750 |
| Box, Inc., 1.50%, 9/15/2029 | 10000000 | 9190000 |
| Camtek Ltd., 0.00%, 9/15/2030<sup>(b)</sup> | 7000000 | 10965500 |
| Check Point Software Technologies Ltd., 0.00%, 12/15/2030<sup>(b)</sup> | 7500000 | 6982500 |
| Cipher Mining, Inc., 1.75%, 5/15/2030 | 3000000 | 9281798 |
| Cipher Mining, Inc., 0.00%, 10/1/2031<sup>(b)</sup> | 5000000 | 5585918 |
| Cleanspark, Inc., 0.00%, 2/15/2032<sup>(b)</sup> | 4000000 | 2704000 |
| Cloudflare, Inc., 0.00%, 6/15/2030<sup>(b)</sup> | 11000000 | 12493292 |
| Cohu, Inc., 1.50%, 1/15/2031<sup>(b)</sup> | 11050000 | 14873300 |
| Commvault Systems, Inc., 0.00%, 9/15/2030 | 10000000 | 8110000 |
| CSG Systems International, Inc., 3.88%, 9/15/2028 | 5000000 | 6095000 |
| Datadog, Inc., 0.00%, 12/1/2029 | 7416000 | 7195374 |
| Enovix Corp., 4.75%, 9/15/2030<sup>(b)</sup> | 3500000 | 2777250 |
| Euronet Worldwide, Inc., 0.63%, 10/1/2030<sup>(b)</sup> | 6800000 | 5928750 |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Convertible Bonds — 77.10% (continued)** |  |  |
| **Technology — 32.03% (continued)** |  |  |
| Evolent Health, Inc., 4.50%, 8/15/2031<sup>(b)</sup> | $7500000 | $3764063 |
| Global Payments, Inc., 1.50%, 3/1/2031 | 5468000 | 4828523 |
| Guidewire Software, Inc., 1.25%, 11/1/2029 | 10000000 | 9981250 |
| IMAX Corp., 0.75%, 11/15/2030<sup>(b)</sup> | 12500000 | 13971875 |
| IREN Ltd., 0.00%, 7/1/2031<sup>(b)</sup> | 3000000 | 2196150 |
| IREN Ltd., 0.25%, 6/1/2032<sup>(b)</sup> | 5500000 | 4819375 |
| IREN Ltd., 1.00%, 6/1/2033<sup>(b)</sup> | 6000000 | 5323500 |
| Life360, Inc., 0.00%, 6/1/2030<sup>(b)</sup> | 12457000 | 11407498 |
| Microchip Technology, Inc., 0.00%, 2/15/2030 | 3500000 | 3420375 |
| MKS, Inc., 1.25%, 6/1/2030 | 12268000 | 20297406 |
| Nebius Group NV, 2.75%, 9/15/2032 | 7000000 | 7325500 |
| Nutanix, Inc., 0.50%, 12/15/2029 | 13000000 | 11758567 |
| ON Semiconductor Corp., 0.50%, 3/1/2029 | 12168000 | 11924640 |
| PagerDuty, Inc., 1.50%, 10/15/2028 | 9000000 | 8142750 |
| PAR Technology Corp., 4.00%, 3/15/2031 | 7500000 | 7755000 |
| Parsons Corp., 2.63%, 3/1/2029 | 14833000 | 14632755 |
| Penguin Solutions, Inc., 2.00%, 8/15/2030 | 7000000 | 7052775 |
| Pitney Bowes, Inc., 1.50%, 8/15/2030<sup>(b)</sup> | 6000000 | 6063000 |
| Progress Software Corp., 3.50%, 3/1/2030 | 10617000 | 9458685 |
| Rapid7, Inc., 0.25%, 3/15/2027 | 7000000 | 6608001 |
| Rapid7, Inc., 1.25%, 3/15/2029 | 2000000 | 1685000 |
| Repay Holdings Corp., 2.88%, 7/15/2029<sup>(b)</sup> | 10000000 | 8023649 |
| Semtech Corp., 1.63%, 11/1/2027 | 5500000 | 11622875 |
| SMART Global Holdings, Inc., 2.00%, 2/1/2029<sup>(b)</sup> | 9000000 | 10132766 |
| Super Micro Computer, Inc., 0.00%, 6/15/2030<sup>(b)</sup> | 9000000 | 6613967 |
| Synaptics, Inc., 0.75%, 12/1/2031 | 2000000 | 2073500 |
| TeraWulf, Inc., 1.00%, 9/1/2031<sup>(b)</sup> | 5000000 | 6945000 |
| TeraWulf, Inc., 0.00%, 5/1/2032<sup>(b)</sup> | 4000000 | 4141654 |
| Ultra Clean Holdings, Inc., 0.00%, 3/15/2031 | 11936000 | 12673048 |
| Varonis Systems, Inc., 1.00%, 9/15/2029 | 10000000 | 8748708 |
| Veeco Instruments, Inc., 2.88%, 6/1/2029 | 7500000 | 10423978 |
| Vishay Intertechnology, Inc., 2.25%, 9/15/2030 | 11031000 | 10611822 |
| Wix.com Ltd., 0.00%, 9/15/2030<sup>(b)</sup> | 10000000 | 8300000 |
| Workiva, Inc., 1.13%, 8/15/2026 | 6000000 | 5961000 |
| Workiva, Inc., 1.25%, 8/15/2028 | 6000000 | 5632500 |
| Zscaler, Inc., 0.00%, 7/15/2028 | 7500000 | 6831723 |
|  |  | 482213187 |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Convertible Bonds — 77.10% (continued)** |  |  |
| **Utilities — 0.95%** |  |  |
| CenterPoint Energy, Inc., 2.88%, 5/15/2029 | $2500000 | $2509000 |
| Ormat Technologies, Inc., 2.50%, 7/15/2027 | 3000000 | 3927600 |
| WEC Energy Group, Inc., 3.38%, 6/1/2028<sup>(b)</sup> | 7500000 | 7790625 |
|  |  | 14227225 |
| **Total Convertible Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,076,446,776) |  | 1160689530 |
|  | **Shares** |  |
| **Money Market Funds — 18.28%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(c)</sup> | 258972466 | 258972466 |
| Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class, 3.62%<sup>(c)</sup> | 16011795 | 16011795 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $274,984,261) |  | 274984261 |
| **Total Investments — 97.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,383,762,221) |  | 1470258450 |
| **Other Assets in Excess of Liabilities — 2.32%** |  | 34715963 |
| **Net Assets — 100.00%** |  | $1505415038 |

---

<sup>(a)</sup> Affiliated Company.

<sup>(b)</sup> Security exempt from registration under Rule 144A, or Section 4(2) of the Securities Act of 1933.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Securities Sold Short** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (34.84)%** |  |  |
| **Communications — (1.78)%** |  |  |
| AMC Networks, Inc., Class A | (271370) | $(1842602) |
| AST SpaceMobile, Inc. | (115331) | (9557481) |
| BlackSky Technology, Inc. | (161500) | (4063340) |
| IMAX Corp. | (193014) | (7336462) |
| Upwork, Inc. | (2000) | (21920) |
| Yandex N.V., Class A | (38690) | (4014474) |
|  |  | (26836279) |
| **Consumer Discretionary — (2.72)%** |  |  |
| Cracker Barrel Old Country Store, Inc. | (66084) | (1857621) |
| Etsy, Inc. | (79500) | (3973410) |
| Freshpet, Inc. | (87230) | (5143081) |
| indie Semiconductor, Inc., Class A | (103671) | (333821) |
| LCI Industries | (40000) | (4919200) |
| Norwegian Cruise Lines Holdings Ltd. | (111800) | (2090660) |
| Patrick Industries, Inc. | (158100) | (17560166) |
| Wayfair, Inc., Class A | (54974) | (4134595) |
| Winnebago Industries, Inc. | (31400) | (973086) |
|  |  | (40985640) |
| **Consumer Staples — (0.40)%** |  |  |
| Post Holdings, Inc. | (43066) | (4257504) |
| Spectrum Brands, Inc. | (24515) | (1806756) |
|  |  | (6064260) |
| **Energy — (1.77)%** |  |  |
| Canadian Solar, Inc. | (200150) | (2772078) |
| Crescent Energy Co., Class A | (345108) | (4658958) |
| Energy Vault Holdings, Inc. | (772700) | (2549910) |
| Eos Energy Enterprises, Inc. | (298700) | (1481552) |
| Fluence Energy, Inc. | (415600) | (5718655) |
| Green Plains, Inc. | (7500) | (123375) |
| Northern Oil and Gas, Inc. | (138533) | (4049320) |
| Plug Power, Inc. | (982800) | (2221128) |
| T1 Energy, Inc. | (693000) | (3042270) |
|  |  | (26617246) |
| **Financials — (3.58)%** |  |  |
| Coinbase Global, Inc., Class A | (16539) | (2887875) |
| Encore Capital Group, Inc. | (105081) | (7368280) |
| EZCORP, Inc., Class A | (1150883) | (29209410) |
| Voyager Technologies, Inc. | (149998) | (3508453) |
| WisdomTree Investments, Inc. | (745800) | (10858848) |
|  |  | (53832866) |
| **Health Care — (4.54)%** |  |  |
| Accuray, Inc. | (35250) | (13681) |
| Alphatec Holdings, Inc. | (527200) | (5735936) |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Securities Sold Short (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (34.84)% (continued)** |  |  |
| **Health Care — (4.54)% (continued)** |  |  |
| ANI Pharmaceuticals, Inc. | (112000) | $(8612800) |
| CONMED Corp. | (2800) | (99008) |
| CRISPR Therapeutics AG | (24000) | (1141680) |
| Halozyme Therapeutics, Inc. | (178100) | (11510602) |
| Indivior Pharmaceuticals, Inc. | (12800) | (390144) |
| Inotiv, Inc. | (7200) | (1962) |
| Integer Holdings Corp. | (45664) | (4018432) |
| Jazz Pharmaceuticals PLC | (40021) | (7565970) |
| Lantheus Holdings, Inc. | (67000) | (5081950) |
| LeMaitre Vascular, Inc. | (60097) | (6560789) |
| LivaNova PLC | (69300) | (4404708) |
| Merit Medical Systems, Inc. | (99640) | (6868186) |
| Pacira BioSciences, Inc. | (75741) | (1711747) |
| Repligen Corp. | (10383) | (1223325) |
| Tempus AI, Inc. | (31400) | (1419908) |
| Zoetis, Inc., Class A | (16665) | (1969970) |
|  |  | (68330798) |
| **Industrials — (6.19)%** |  |  |
| Alarm.com Holdings, Inc. | (33722) | (1456453) |
| Astronics Corp. | (191152) | (12755573) |
| BWX Technologies, Inc. | (34050) | (6962885) |
| Camtek Ltd. | (52116) | (7901307) |
| Enovis Corp. | (17619) | (400832) |
| Fluor Corp. | (181427) | (8463570) |
| Granite Construction, Inc. | (166696) | (19983517) |
| Greenbrier Companies, Inc. (The) | (129606) | (6823756) |
| Itron, Inc. | (42594) | (3817700) |
| Joby Aviation, Inc. | (327000) | (2701020) |
| OSI Systems, Inc. | (53050) | (14085305) |
| Tetra Tech, Inc. | (200927) | (6051921) |
| Xometry, Inc., Class A | (41986) | (1714708) |
|  |  | (93118547) |
| **Materials — (2.08)%** |  |  |
| B2Gold Corp. | (1675570) | (7590332) |
| Century Aluminum Co. | (295532) | (17344773) |
| McEwen Mining, Inc. | (315372) | (6439896) |
|  |  | (31375001) |
| **Technology — (11.42)%** |  |  |
| A10 Networks, Inc. | (267654) | (6188160) |
| Akamai Technologies, Inc. | (112694) | (12942906) |
| Alkami Technology, Inc. | (91173) | (1428681) |
| Applied Optoelectronics, Inc. | (138200) | (11690337) |
| Bandwidth, Inc., Class A | (2000) | (35640) |
| Bentley Systems, Inc., Class B | (4700) | (165064) |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Securities Sold Short (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (34.84)% (continued)** |  |  |
| **Technology — (11.42)% (continued)** |  |  |
| BlackLine, Inc. | (67915) | $(2512855) |
| Box, Inc., Class A | (67650) | (1599246) |
| Check Point Software Technologies Ltd. | (11697) | (1670916) |
| Cipher Mining, Inc. | (885195) | (11392459) |
| Cleanspark, Inc. | (163903) | (1394815) |
| Cloudflare, Inc., Class A | (28444) | (5869135) |
| Cohu, Inc. | (313049) | (9585560) |
| Commvault Systems, Inc. | (16947) | (1320002) |
| CSG Systems International, Inc. | (30500) | (2438170) |
| Datadog, Inc., Class A | (16354) | (1930590) |
| Enovix Corp. | (241800) | (1252524) |
| Euronet Worldwide, Inc. | (25800) | (1712346) |
| Evolent Health, Inc., Class A | (341000) | (777480) |
| Global Payments, Inc. | (14650) | (985945) |
| Guidewire Software, Inc. | (17700) | (2647212) |
| IREN Ltd. | (211768) | (7259407) |
| Life360, Inc. | (84400) | (3445208) |
| Microchip Technology, Inc. | (15000) | (969150) |
| MKS, Inc. | (64900) | (14914669) |
| Nutanix, Inc., Class A | (59086) | (2245859) |
| ON Semiconductor Corp. | (45500) | (2817360) |
| Oracle Corp. | (11500) | (1691765) |
| PagerDuty, Inc. | (38879) | (241439) |
| PAR Technology Corp. | (258129) | (3440860) |
| Parsons Corp. | (50122) | (2715109) |
| Penguin Solutions, Inc. | (411889) | (7249246) |
| Pitney Bowes, Inc. | (278474) | (3077138) |
| Progress Software Corp. | (49100) | (1259415) |
| Rapid7, Inc. | (8000) | (44080) |
| Repay Holdings Corp., Class A | (337901) | (878543) |
| Semtech Corp. | (138650) | (10660799) |
| Super Micro Computer, Inc. | (109300) | (2488761) |
| Synaptics, Inc. | (13464) | (943019) |
| TeraWulf, Inc. | (488100) | (7043283) |
| Ultra Clean Holdings, Inc. | (97500) | (6062550) |
| Varonis Systems, Inc. | (40484) | (869191) |
| Veeco Instruments, Inc. | (169000) | (5722340) |
| Vishay Intertechnology, Inc. | (164343) | (2958174) |
| Wix.com Ltd. | (20055) | (1806354) |
| Workiva, Inc., Class A | (23498) | (1401186) |
| Zscaler, Inc. | (1725) | (242000) |
|  |  | (171986948) |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Securities Sold Short (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (34.84)% (continued)** |  |  |
| **Utilities — (0.36)%** |  |  |
| CenterPoint Energy, Inc. | (11000) | $(474760) |
| Ormat Technologies, Inc. | (23740) | (2656980) |
| WEC Energy Group, Inc. | (19550) | (2263304) |
|  |  | (5395044) |
| **Total Common Stocks — Short** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds Received $511,416,794) |  | (524542629) |
| **Total Securities Sold Short — (34.84)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds Received $511,416,794) |  | (524542629) |

---

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund** |
| **Schedule of Futures Contracts** |
| *March 31, 2026* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Futures Contracts** | <br>**Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Value/Unrealized**<br>**Appreciation** |
| **Short Contracts** |  |  |  |  |
| CBOT 5-Year US Treasury Note Future | (400) | July 2026 | $(43271875) | $440625 |
| **Total Futures** |  |  |  | $440625 |

---

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

---

| |
|:---|
| **Absolute Flexible Fund** |
| **Schedule of Investments** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Preferred Stocks — 1.39%** |  |  |
| **Technology — 1.39%** |  |  |
| Oracle Corp. | 10000 | $450100 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $449,651) |  | 450100 |
|  | **Principal** |  |
|  | **Amount** |  |
| **Convertible Bonds — 88.45%** |  |  |
| **Communications — 4.84%** |  |  |
| AST SpaceMobile, Inc., 2.25%, 4/15/2036<sup>(a)</sup> | $1000000 | 967000 |
| BlackSky Technology, Inc., 8.25%, 8/1/2033<sup>(a)</sup> | 500000 | 603750 |
|  |  | 1570750 |
| **Consumer Discretionary — 5.99%** |  |  |
| Etsy, Inc., 1.00%, 6/15/2030<sup>(a)</sup> | 500000 | 483500 |
| LCI Industries, 1.13%, 5/15/2026 | 1000000 | 995700 |
| NCL Corporation Ltd., 0.75%, 9/15/2030<sup>(a)</sup> | 500000 | 465115 |
|  |  | 1944315 |
| **Energy — 5.68%** |  |  |
| Canadian Solar, Inc., 3.25%, 1/15/2031 | 1000000 | 796000 |
| T1 Energy, Inc., 5.25%, 12/1/2030 | 1000000 | 1049661 |
|  |  | 1845661 |
| **Financials — 1.35%** |  |  |
| Coinbase Global, Inc., 0.00%, 10/1/2029<sup>(a)</sup> | 500000 | 439000 |
| **Health Care — 14.45%** |  |  |
| Accuray, Inc., 3.75%, 6/1/2026 | 450000 | 432006 |
| CRISPR Therapeutics AG, 1.73%, 3/1/2031 | 250000 | 245000 |
| Inotiv, Inc., 3.25%, 10/15/2027 | 500000 | 120625 |
| Integer Holdings Corp., 1.88%, 3/15/2030<sup>(a)</sup> | 1000000 | 958500 |
| Pacira BioSciences, Inc., 2.13%, 5/15/2029 | 1000000 | 965700 |
| Repligen Corp., 1.00%, 12/15/2028 | 1000000 | 977000 |
| Zoetis, Inc., 0.25%, 6/15/2029<sup>(a)</sup> | 1000000 | 995000 |
|  |  | 4693831 |
| **Industrials — 6.53%** |  |  |
| Tetra Tech, Inc., 2.25%, 8/15/2028 | 1000000 | 1049150 |
| Xometry, Inc., 1.00%, 2/1/2027 | 1000000 | 1072500 |
|  |  | 2121650 |
| **Technology — 49.61%** |  |  |
| A10 Networks, Inc., 2.75%, 4/1/2030<sup>(a)</sup> | 1000000 | 1192345 |
| Alkami Technology, Inc., 1.50%, 3/15/2030<sup>(a)</sup> | 1000000 | 900700 |
| Bentley Systems, Inc., 0.38%, 7/1/2027 | 1000000 | 951000 |
| BlackLine, Inc., 1.00%, 6/1/2029 | 1000000 | 942250 |
| Box, Inc., 1.50%, 9/15/2029 | 500000 | 459500 |
| Cohu, Inc., 1.50%, 1/15/2031<sup>(a)</sup> | 500000 | 673000 |

---

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

---

| |
|:---|
| **Absolute Flexible Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Fair Value** |
| **Convertible Bonds — 88.45% (continued)** |  |  |
| **Technology — 49.61% (continued)** |  |  |
| Commvault Systems, Inc., 0.00%, 9/15/2030 | $1000000 | $811000 |
| Datadog, Inc., 0.00%, 12/1/2029 | 1000000 | 970250 |
| IREN Ltd., 0.00%, 7/1/2031<sup>(a)</sup> | 1000000 | 732050 |
| Microchip Technology, Inc., 0.00%, 2/15/2030 | 500000 | 488625 |
| ON Semiconductor Corp., 0.50%, 3/1/2029 | 1000000 | 980000 |
| Parsons Corp., 2.63%, 3/1/2029 | 1000000 | 986500 |
| Penguin Solutions, Inc., 2.00%, 8/15/2030 | 1000000 | 1007539 |
| Progress Software Corp., 3.50%, 3/1/2030 | 500000 | 445450 |
| Rapid7, Inc., 0.25%, 3/15/2027 | 1123000 | 1060112 |
| TeraWulf, Inc., 1.00%, 9/1/2031<sup>(a)</sup> | 500000 | 694500 |
| Unity Software, Inc., 0.00%, 3/15/2030<sup>(a)</sup> | 1000000 | 998100 |
| Varonis Systems, Inc., 1.00%, 9/15/2029 | 1000000 | 874871 |
| Workiva, Inc., 1.25%, 8/15/2028 | 1000000 | 938750 |
|  |  | 16106542 |
| **Total Convertible Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,839,013) |  | 28721749 |
|  | **Shares** |  |
| **Money Market Funds — 5.13%** |  |  |
| First American Treasury Obligations Fund, Class X, 3.59%<sup>(b)</sup> | 1665841 | 1665841 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,665,841) |  | 1665841 |
| **Total Investments — 94.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,954,505) |  | 30837690 |
| **Other Assets in Excess of Liabilities — 5.03%** |  | 1632734 |
| **Net Assets — 100.00%** |  | $32470424 |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A, or Section 4(2) of the Securities Act of 1933.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

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

---

| |
|:---|
| **Absolute Flexible Fund** |
| **Schedule of Securities Sold Short** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — Short — (16.09)%** |  |  |
| **Communications — (2.32)%** |  |  |
| AST SpaceMobile, Inc. | (6800) | $(563516) |
| BlackSky Technology, Inc. | (7600) | (191216) |
|  |  | (754732) |
| **Consumer Discretionary — (0.72)%** |  |  |
| Etsy, Inc. | (3000) | (149940) |
| Norwegian Cruise Lines Holdings Ltd. | (4400) | (82280) |
|  |  | (232220) |
| **Energy — (2.30)%** |  |  |
| Canadian Solar, Inc. | (20994) | (290767) |
| T1 Energy, Inc. | (104000) | (456560) |
|  |  | (747327) |
| **Financials — (0.19)%** |  |  |
| Coinbase Global, Inc., Class A | (350) | (61114) |
| **Health Care — (1.11)%** |  |  |
| Inotiv, Inc. | (1000) | (273) |
| Pacira Pharmaceuticals, Inc. | (4400) | (99440) |
| Repligen Corp. | (1500) | (176730) |
| Zoetis, Inc., Class A | (700) | (82747) |
|  |  | (359190) |
| **Industrials — (1.35)%** |  |  |
| Tetra Tech, Inc. | (7725) | (232677) |
| Xometry, Inc., Class A | (5000) | (204200) |
|  |  | (436877) |
| **Technology — (8.10)%** |  |  |
| A10 Networks, Inc. | (12700) | (293624) |
| Alkami Technology, Inc. | (4600) | (72082) |
| BlackLine, Inc. | (2000) | (74000) |
| Cohu, Inc. | (8954) | (274171) |
| Datadog, Inc., Class A | (1840) | (217212) |
| IREN Ltd. | (7300) | (250244) |
| Microchip Technology, Inc. | (900) | (58149) |
| ON Semiconductor Corp. | (2900) | (179568) |
| Oracle Corp. | (1000) | (147110) |
| Parsons Corp. | (3000) | (162510) |
| Penguin Solutions, Inc. | (16000) | (281600) |
| Progress Software Corp. | (900) | (23085) |
| TeraWulf, Inc. | (29500) | (425684) |
| Unity Software, Inc. | (8000) | (175520) |
|  |  | (2634559) |
| **Total Common Stocks — Short** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds Received $6,118,484) |  | (5226019) |
| **Total Securities Sold Short — (16.09)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Proceeds Received $6,118,484) |  | (5226019) |

---

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

---

| |
|:---|
| **Absolute Mutual Funds** |
| **Statements of Assets and Liabilities** |
| *March 31, 2026* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Absolute** | | |
|  | **Absolute** | **Capital** | **Absolute** | **Absolute** |
|  | **CEF** | **Opportunities** | **Convertible** | **Flexible** |
|  | **Opportunities** | **Fund** | **Arbitrage Fund** | **Fund** |
| **Assets** |  |  |  |  |
| Investments in securities at fair value (cost $6,911,685, $41,625,936, $1,353,931,037 and $30,954,505, respectively) | $6717070 | $55763802 | $1437924291 | $30837690 |
| Investments in affiliates at value (cost $–, $–, $29,831,184 and $–, respectively) |  |  | 32334159 |  |
| Cash | 23941 | 333013 |  |  |
| Cash at broker | 2969445 | 513065 | 555535492 | 6818092 |
| Receivable for fund shares sold | 35 | 4000 | 1463263 |  |
| Receivable for investments sold | 584376 |  | 380388 |  |
| Dividends and interest receivable | 13329 | 58374 | 6367617 | 104095 |
| Tax reclaims receivable |  | 1704 | 795 | 66 |
| Prepaid expenses | 14968 | 26563 | 56653 | 7771 |
| **Total Assets** | 10323164 | 56700521 | 2034062658 | 37767714 |
| **Liabilities** |  |  |  |  |
| Securities sold short (premiums received $4,338,607,$–, $511,416,794 and $6,118,484, respectively) | 4223254 |  | 524542629 | 5226019 |
| Written options (premiums received $–, $3,730,326,$– and $–, respectively) |  | 2589855 |  |  |
| Payable for investments purchased | 370910 |  | 10076 |  |
| Payable for fund shares redeemed |  | 126000 | 2311819 |  |
| Payable for net variation margin on futures contracts |  |  | 56250 |  |
| Payable to Adviser | 2763 | 41264 | 1267508 | 23987 |
| Accrued 12b-1 fees – Investor Shares |  |  | 54612 |  |

---

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

---

| |
|:---|
| **Absolute Mutual Funds** |
| **Statements of Assets and Liabilities** |
| *March 31, 2026 (continued)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Absolute** | | |
|  | **Absolute** | **Capital** | **Absolute** | **Absolute** |
|  | **CEF** | **Opportunities** | **Convertible** | **Flexible** |
|  | **Opportunities** | **Fund** | **Arbitrage Fund** | **Fund** |
| **Liabilities (continued)** |  |  |  |  |
| Payable to affiliates | $9138 | $14884 | $115486 | $11340 |
| Payable to auditors | 22500 | 22400 | 23000 | 22400 |
| Payable to trustees | 5412 | 5412 | 5412 | 5412 |
| Other accrued expenses | 12591 | 13817 | 260828 | 8132 |
| Payable for dividends on securities sold short | 7372 |  |  |  |
| **Total Liabilities** | 4653940 | 2813632 | 528647620 | 5297290 |
| **Net Assets** | $5669224 | $53886889 | $1505415038 | $32470424 |
| **Net Assets consist of:** |  |  |  |  |
| Paid-in capital | 44745533 | 70450816 | 1439334674 | 29871899 |
| Accumulated earnings (deficit) | (39076309) | (16563927) | 66080364 | 2598525 |
| **Net Assets** | $5669224 | $53886889 | $1505415038 | $32470424 |
| **Institutional Shares** |  |  |  |  |
| Net Assets | $5669224 | $53886889 | $1219850857 | $32470424 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 875528 | 5332084 | 104301166 | 2949254 |
| Net asset value, offering and redemption price per share | $6.48 | $10.11 | $11.70 | $11.01 |
| **Investor Shares** |  |  |  |  |
| Net Assets | $— | $— | $285564181 | $— |
| Shares outstanding (unlimited number of shares authorized, no par value) |  |  | 24492843 |  |
| Net asset value, offering and redemption price per share | $— | $— | $11.66 | $— |

---

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

---

| |
|:---|
| **Absolute Mutual Funds** |
| **Statements of Operations** |
| *For the Year Ended March 31, 2026* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Absolute** | | |
|  | **Absolute** | **Capital** | **Absolute** | **Absolute** |
|  | **CEF** | **Opportunities** | **Convertible** | **Flexible** |
|  | **Opportunities** | **Fund** | **Arbitrage Fund** | **Fund** |
| **Investment Income** |  |  |  |  |
| Dividend income (net of foreign taxes withheld of $–, $14,490, $– and $–, respectively) | $675206 | $403973 | $— | $695 |
| Dividend income from affiliated investments |  |  | 949808 |  |
| Interest income | 23008 | 288895 | 48871843 | 1345663 |
| **Total investment income** | 698214 | 692868 | 49821651 | 1346358 |
| **Expenses** |  |  |  |  |
| Adviser | 95884 | 765221 | 12615680 | 435311 |
| 12b-1 fees – Investor Shares |  |  | 472768 |  |
| Registration | 31337 | 32149 | 88030 | 26793 |
| Audit and tax preparation | 22882 | 22782 | 23382 | 22782 |
| Trustee | 21484 | 21484 | 21484 | 21484 |
| Legal | 21112 | 27592 | 29162 | 21111 |
| Administration | 18959 | 48044 | 612392 | 30595 |
| Transfer agent | 18678 | 18428 | 81288 | 18337 |
| Compliance services | 13567 | 17316 | 40917 | 13566 |
| Custodian | 8332 | 4644 | 27120 | 4395 |
| Report printing | 3140 | 3369 | 61581 | 2704 |
| Dividend expense on securities sold short | 190178 |  | 1807716 | 5277 |
| Miscellaneous | 35030 | 48705 | 1116116 | 31569 |
| **Total expenses** | 480583 | 1009734 | 16997636 | 633924 |
| Fees contractually waived and expenses reimbursed by Adviser | (167831) | (200865) |  | (168323) |
| Adviser fees waived related to investments in affiliated vehicles |  |  | (436163) |  |
| Fees recouped by Adviser |  |  | 879696 |  |
| Net operating expenses | 312752 | 808869 | 17441169 | 465601 |
| **Net investment income (loss)** | 385462 | (116001) | 32380482 | 880757 |

---

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

---

| |
|:---|
| **Absolute Mutual Funds** |
| **Statements of Operations** |
| *For the Year Ended March 31, 2026 (continued)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Absolute** | | |
|  | **Absolute** | **Capital** | **Absolute** | **Absolute** |
|  | **CEF** | **Opportunities** | **Convertible** | **Flexible** |
|  | **Opportunities** | **Fund** | **Arbitrage Fund** | **Fund** |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** | **Net Realized and Change in Unrealized Gain (Loss) on Investments** | **Net Realized and Change in Unrealized Gain (Loss) on Investments** | **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| **Net realized gain (loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | $509666 | $5145539 | $159203381 | $3256481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  |  | 852984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (317599) |  | (120594431) | (999503) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  | (6161902) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  | (1824357) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  | (694655) |  |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 54307 | (309730) | 60417666 | (276741) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  |  | 1743835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 42706 |  | (41653777) | 707412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  | 113865 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 583248 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  | 782700 |  |
| **Net realized and change in unrealized gain (loss) on investments** | 289080 | (2453337) | 60057703 | 2687649 |
| **Net increase (decrease) in net assets resulting from operations** | $674542 | $(2569338) | $92438185 | $3568406 |

---

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

---

| |
|:---|
| **Absolute Mutual Funds** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Absolute CEF Opportunities** | **Absolute CEF Opportunities** |
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $385462 | $179361 |
| Net realized gain on investment securities transactions | 192067 | 361799 |
| Net change in unrealized appreciation (depreciation) of investment securities | 97013 | (794272) |
| **Net increase (decrease) in net assets resulting from operations** | 674542 | (253112) |
| **Distributions to Shareholders from Earnings** |  |  |
| Institutional Shares | (5898) | (242097) |
| **Total distributions** | (5898) | (242097) |
| **Capital Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3048140 | 2295698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 5802 | 234621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (4031053) | (16247127) |
| Total Institutional Shares | (977111) | (13716808) |
| Net decrease in net assets resulting from capital transactions | (977111) | (13716808) |
| **Total Decrease in Net Assets** | (308467) | (14212017) |
| **Net Assets** |  |  |
| Beginning of year | 5977691 | 20189708 |
| **End of year** | $5669224 | $5977691 |
| **Share Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 520546 | 382387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 951 | 39180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (652993) | (2493370) |
| Total Institutional Shares | (131496) | (2071803) |

---

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

---

| |
|:---|
| **Absolute Mutual Funds** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Absolute Capital Opportunities Fund** | **Absolute Capital Opportunities Fund** |
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $(116001) | $317349 |
| Net realized gain (loss) on investment securities transactions | (2840720) | 4531092 |
| Net change in unrealized appreciation (depreciation) of investment securities | 387383 | (4345085) |
| **Net increase (decrease) in net assets resulting from operations** | (2569338) | 503356 |
| **Distributions to Shareholders from Earnings** |  |  |
| Institutional Shares |  | (551884) |
| **Total distributions** |  | (551884) |
| **Capital Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 15417270 | 15305953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 551884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (14951329) | (24468132) |
| Total Institutional Shares | 465941 | (8610295) |
| Net increase (decrease) in net assets resulting from capital transactions | 465941 | (8610295) |
| **Total Decrease in Net Assets** | (2103397) | (8658823) |
| **Net Assets** |  |  |
| Beginning of year | 55990286 | 64649109 |
| **End of year** | $53886889 | $55990286 |
| **Share Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1466091 | 1473619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 53708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1420839) | (2349060) |
| Total Institutional Shares | 45252 | (821733) |

---

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

---

| |
|:---|
| **Absolute Mutual Funds** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Absolute Convertible Arbitrage Fund** | **Absolute Convertible Arbitrage Fund** |
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $32380482 | $31339136 |
| Net realized gain on investment securities transactions | 38767279 | 26452903 |
| Net change in unrealized appreciation of investment securities | 21290424 | 12876266 |
| **Net increase in net assets resulting from operations** | 92438185 | 70668305 |
| **Distributions to Shareholders from Earnings** |  |  |
| Institutional Shares | (57270302) | (38292813) |
| Investor Shares | (9107394) | (8090201) |
| **Total distributions** | (66377696) | (46383014) |
| **Capital Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 480958092 | 269925529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 42704307 | 25627387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (262282226) | (145706406) |
| Total Institutional Shares | 261380173 | 149846510 |
| **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 137880682 | 9450426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 9107386 | 8089560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (39357467) | (27044414) |
| Total Investor Shares | 107630601 | (9504428) |
| Net increase in net assets resulting from capital transactions | 369010774 | 140342082 |
| **Total Increase in Net Assets** | 395071263 | 164627373 |
| **Net Assets** |  |  |
| Beginning of year | 1110343775 | 945716402 |
| **End of year** | $1505415038 | $1110343775 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Absolute Convertible Arbitrage Fund** | **Absolute Convertible Arbitrage Fund** |
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **Share Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 41198317 | 23849023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 3681815 | 2281897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (22457158) | (12885318) |
| Total Institutional Shares | 22422974 | 13245602 |
| **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 11804745 | 837257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 787548 | 722223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3372568) | (2368827) |
| Total Investor Shares | 9219725 | (809347) |

---

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

---

| |
|:---|
| **Absolute Mutual Funds** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Absolute Flexible Fund** | **Absolute Flexible Fund** |
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**March 31, 2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $880757 | $1174246 |
| Net realized gain on investment securities transactions | 2256978 | 549996 |
| Net change in unrealized appreciation of investment securities | 430671 | 129824 |
| **Net increase in net assets resulting from operations** | 3568406 | 1854066 |
| **Distributions to Shareholders from Earnings** |  |  |
| Institutional Shares | (1810437) | (1447041) |
| **Total distributions** | (1810437) | (1447041) |
| **Capital Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 45000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1810437 | 1447041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (45403) | (7136240) |
| Total Institutional Shares | 1810034 | 1310801 |
| Net increase in net assets resulting from capital transactions | 1810034 | 1310801 |
| **Total Increase in Net Assets** | 3568003 | 1717826 |
| **Net Assets** |  |  |
| Beginning of year | 28902421 | 27184595 |
| **End of year** | $32470424 | $28902421 |
| **Share Transactions** |  |  |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4032 | 686275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 166807 | 141280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4032) | (699170) |
| Total Institutional Shares | 166807 | 128385 |

---

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

---

| |
|:---|
| **Absolute CEF Opportunities — Institutional Shares** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| **Selected Per Share Data:** | **2026** | **2025** | **2024** | **2023** | **2022** |
| Net asset value, beginning of year | $5.94 | $6.56 | $7.00 | $7.07 | $7.88 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.35 | 0.16 | 0.09 | (0.01) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on Investments | 0.19 | (0.53) | (0.48) | (0.06) | (0.53) |
| Total from investment operations | 0.54 | (0.37) | (0.39) | (0.07) | (0.62) |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | — <sup>(b)</sup> | (0.25) | (0.05) |  | (0.19) |
| Total from distributions | — <sup>(b)</sup> | (0.25) | (0.05) |  | (0.19) |
| Net asset value, end of year | $6.48 | $5.94 | $6.56 | $7.00 | $7.07 |
| **Total Return<sup>(c)</sup>** | 9.18% | (5.56)% | (5.62)% | (0.99)% | (7.96)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $5669 | $5978 | $20190 | $32833 | $30563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 5.63% | 2.59% | 1.38% | (0.13)% | (1.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 4.57% | 2.90% | 1.72% | 1.79% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest expenses | 2.78% | 0.87% | —% | 0.02% | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.79% | 1.79% | 1.72% | 1.77% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 7.02% | 5.51% | 2.46% | 2.34% | 2.32% |
| Portfolio turnover | 389% | 169% | 15% | 42% | 11% |

---

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

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

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

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

---

| |
|:---|
| **Absolute Capital Opportunities Fund — Institutional Shares** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| **Selected Per Share Data:** | **2026** | **2025** | **2024** | **2023** | **2022** |
| Net asset value, beginning of year | $10.59 | $10.58 | $9.54 | $10.09 | $10.63 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.02) | 0.05 | 0.04 | (0.02) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.46) | 0.05 | 1.01 | (0.53) | (0.43) |
| Total from investment operations | (0.48) | 0.10 | 1.05 | (0.55) | (0.54) |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.09) | (0.01) |  |  |
| Total from distributions |  | (0.09) | (0.01) |  |  |
| Net asset value, end of year | $10.11 | $10.59 | $10.58 | $(9.54) | $10.09 |
| **Total Return<sup>(b)</sup>** | (4.53)% | 0.98% | 10.97% | (5.45)% | (5.08)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $53887 | $55990 | $64649 | $96681 | $146266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.21)% | 0.51% | 0.41% | (0.17)% | (1.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.48% | 1.48% | 1.48% | 1.55% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest expenses | —% | —% | —% | 0.06% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.48% | 1.48% | 1.48% | 1.49% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 1.85% | 1.76% | 1.73% | 1.71% | 1.73% |
| Portfolio turnover | 38% | 23% | 11% | 120% | 30% |

---

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

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

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund — Institutional Shares** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| **Selected Per Share Data:** | **2026** | **2025** | **2024** | **2023** | **2022** |
| Net asset value, beginning of year | $11.43 | $11.17 | $10.90 | $11.12 | $11.34 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.30 | 0.36 | 0.38 | 0.21 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.58 | 0.45 | 0.29 | (0.07) | 0.12 |
| Total from investment operations | 0.88 | 0.81 | 0.67 | 0.14 | 0.13 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.40) | (0.40) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.38) | (0.15) |  | (0.22) | (0.35) |
| Total from distributions | (0.61) | (0.55) | (0.40) | (0.36) | (0.35) |
| Net asset value, end of year | $11.70 | $11.43 | $11.17 | $10.90 | $11.12 |
| **Total Return<sup>(b)</sup>** | 7.86% | 7.38% | 6.23% | 1.30% | 1.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $1219851 | $936212 | $766589 | $783028 | $680871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.60% | 3.21% | 3.44% | 1.96% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.31% | 1.41% | 1.37% | 1.33% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest expenses | 0.14% | 0.21% | 0.17% | 0.13% | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 1.27% | 1.38% | 1.43% | 1.54% | 1.75% |
| Portfolio turnover<sup>(c)</sup> | 24% | 25% | 51% | 34% | 45% |

---

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

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

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

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

---

| |
|:---|
| **Absolute Convertible Arbitrage Fund — Investor Shares** |
| **Financial Highlights** |
| *(For a share outstanding during each period)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the**<br>**Period**<br>**Ended**<br>**March 31,** |
| **Selected Per Share Data:** | **2026** | **2025** | **2024** | **2023** | **2022<sup>(a)</sup>** |
| Net asset value, beginning of period | $11.40 | $11.14 | $10.86 | $11.09 | $11.34 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.27 | 0.34 | 0.35 | 0.24 | — <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.58 | 0.44 | 0.29 | (0.14) | 0.10 |
| Total from investment operations | 0.85 | 0.78 | 0.64 | 0.10 | 0.10 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.37) | (0.36) | (0.11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.38) | (0.15) |  | (0.22) | (0.35) |
| Total from distributions | (0.59) | (0.52) | (0.36) | (0.33) | (0.35) |
| Net asset value, end of period | $11.66 | $11.40 | $11.14 | $10.86 | $10.09 |
| **Total Return<sup>(d)</sup>** | 7.53% | 7.13% | 6.03% | 1.01% | 0.86 % <sup>(e)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $285564 | $174132 | $179128 | $274291 | $30533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 2.34% | 2.97% | 3.16% | 2.20% | (0.01)% <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.56% | 1.67% | 1.62% | 1.58% | 1.77 % <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest expenses | 0.15% | 0.22% | 0.17% | 0.13% | 0.32 % <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.45% | 1.45% | 1.45% | 1.45% | 1.45 % <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 1.52% | 1.64% | 1.71% | 1.82% | 2.16 % <sup>(f)</sup> |
| Portfolio turnover<sup>(g)</sup> | 24% | 25% | 51% | 34% | 45 % <sup>(e)</sup> |

---

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

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

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

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

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

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

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

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

---

| |
|:---|
| **Absolute Flexible Fund — Institutional Shares** |
| **Financial Highlights** |
| *(For a share outstanding during each period)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the**<br>**Period**<br>**Ended**<br>**March 31,** |
| **Selected Per Share Data:** | **2026** | **2025** | **2024** | **2023<sup>(a)</sup>** |
| Net asset value, beginning of period | $10.39 | $10.24 | $10.32 | $10.00 |
| Income from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.31 | 0.43 | 0.54 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.95 | 0.25 | 0.07 | 0.23 |
| Total from investment operations | 1.26 | 0.68 | 0.61 | 0.53 |
| **Less distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.47) | (0.50) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.30) | (0.06) | (0.19) | (0.04) |
| Total from distributions | (0.64) | (0.53) | (0.69) | (0.21) |
| Net asset value, end of period | $11.01 | $10.39 | $10.24 | $10.32 |
| **Total Return<sup>(c)</sup>** | 12.32% | 6.83% | 6.16% | 5.37 % <sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $32470 | $28902 | $27185 | $21438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.83% | 4.15% | 5.22% | 3.96 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.50% | 1.50% | 1.51% | 1.49 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest expenses | 0.02% | 0.02% | 0.02% | — % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses without dividend and interest expenses | 1.48% | 1.48% | 1.49% | 1.49 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 2.04% | 2.06% | 2.13% | 2.43 % <sup>(e)</sup> |
| Portfolio turnover | 73% | 52% | 50% | 21 % <sup>(d)</sup> |

---

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

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

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

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

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

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

**Absolute Mutual Funds**

 **Notes to the Financial Statements**

 *March 31, 2026*

**NOTE 1. ORGANIZATION**

Absolute CEF Opportunities ("CEF Opportunities"), Absolute Capital Opportunities Fund ("Capital Opportunities Fund"), Absolute Convertible Arbitrage Fund ("Convertible Arbitrage Fund") and Absolute Flexible Fund ("Flexible Fund") (individually, a "Fund" and collectively, the "Funds") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of Unified Series Trust (the "Trust"). Prior to a tax-free reorganization as of the close of business on September 8, 2023, the Funds were each a diversified series of the Forum Funds Trust (collectively the "Predecessor Funds"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. Each Fund is one of a series of funds currently authorized by the Board. The investment adviser to the Funds is Absolute Investment Advisers LLC (the "Adviser"). Effective January 1, 2026, Focus Financial Partners, LLC is the sub-adviser to Capital Opportunities Fund. Prior to January 1, 2026, Kovitz Investment Group Partners, LLC was the sub-adviser to the Capital Opportunities Fund. CEF Opportunities currently offers Institutional Shares. Institutional Shares of CEF Opportunities' Predecessor Fund commenced operations on July 11, 2005 with the same investment objective but different investment strategies. CEF Opportunities seeks to achieve long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to traditional financial market indices, such as the S&P 500<sup>®</sup> Index. Capital Opportunities Fund currently offers Institutional Shares. Institutional Shares of Capital Opportunities Fund's Predecessor Fund commenced operations on December 30, 2015. Capital Opportunities Fund seeks to achieve long-term capital appreciation with a lower sensitivity to traditional financial market indices, such as the S&P 500<sup>®</sup> Index. Flexible Fund currently offers Institutional Shares. Institutional Shares of Flexible Fund's Predecessor Fund commenced operations on June 30, 2022. Flexible Fund seeks to achieve positive absolute returns over the long-term with low volatility when compared to traditional market indices.

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

**Absolute Mutual Funds**

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

 *March 31, 2026*

The Funds acquired all of the assets and liabilities of the Predecessor Funds in a tax-free reorganization on September 8, 2023. In connection with this acquisition, shares of each Predecessor Fund's Institutional Class were exchanged for Institutional Class shares of the corresponding Fund and shares of the Investor Class of Convertible Arbitrage Predecessor Fund were exchanged for Investor Class shares of the Convertible Arbitrage Fund. The Predecessor Funds of each of Capital Opportunities Fund, Convertible Arbitrage Fund, and Flexible Fund had investment objectives and strategies that were, in all material respects, the same as those of their respective Fund, and were managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the applicable Funds. The Predecessor Fund of CEF Opportunities had an investment objective the same as CEF Opportunities and, prior to CEF Opportunities changing its principal investment strategies on October 22, 2024, had the same investment strategies which are reflected in this report. The Funds' performance for periods prior to September 11, 2023 is that of the Predecessor Funds. The Funds are a continuation of the Predecessor Funds, and therefore, the performance information includes the performance of the Predecessor Funds.

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

**Absolute Mutual Funds**

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

 *March 31, 2026*

**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 capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense.

As of and during the fiscal year ended March 31, 2026, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year ended March 31, 2026, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

**Absolute Mutual Funds**

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

 *March 31, 2026*

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board). Expenses specifically attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation, and fund-wide expenses not allocated to a particular class shall be allocated to each class based on the net assets of that class in relation to the net assets of the entire fund.

**Security Transactions and Related Income** – The Funds follow industry practice and record security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Distributions received from investments in real estate investment trusts ("REITs") that represent a return of capital or capital gain are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds' investments in REITs are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Withholding taxes on foreign dividends and related reclaims have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Distributions to Shareholders** – Distributions to shareholders of net investment income, if any, are declared and paid semi-annually. Distributions to shareholders of net capital gains and foreign currency gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of each Fund.

For the fiscal year ended March 31, 2026, the Funds made the following reclassifications to increase (decrease) the components of net assets:

---

| | | |
|:---|:---|:---|
|  |<br>**Paid-In Capital** | **Accumulated**<br>**Earnings (Deficit)** |
| CEF Opportunities | $6518 | $(6518) |
| Capital Opportunities Fund | (119130) | 119130 |

---

**Absolute Mutual Funds**

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

 *March 31, 2026*

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

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

Notional amounts of each individual futures contract outstanding as of March 31, 2026, for each Fund, if any, are disclosed in each Fund's Schedule of Futures Contracts.

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

To complete the transaction, the Fund must borrow the security in order to deliver it to the buyer. The Fund must replace the borrowed security by purchasing it at market price at the time of replacement; the price may be higher or lower than the price at which the Fund sold

**Absolute Mutual Funds**

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

 *March 31, 2026*

the security. The Fund incurs a loss from a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a profit if the price of the security declines between those dates.

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

**Purchased Options** – When a Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

The values of each individual purchased option outstanding as of March 31, 2026, for each Fund, if any, are disclosed in each Fund's Schedule of Investments.

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

The values of each individual written option outstanding as of March 31, 2026, for each Fund, if any, are disclosed in each Fund's Schedule of Written Options.

**Restricted Securities** – Each Fund may invest in securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities may be resold in transactions that are exempt from registration under the Federal securities laws or if the securities are registered to the public. The sale or other disposition of these securities may

**Absolute Mutual Funds**

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

 *March 31, 2026*

involve additional expenses and the prompt sale of these securities at an acceptable price may be difficult. Information regarding restricted securities held by each Fund is included in their Schedule of Investments, if applicable.

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

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

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

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

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

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

**Absolute Mutual Funds**

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

 *March 31, 2026*

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

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

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

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

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

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

**Absolute Mutual Funds**

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

 *March 31, 2026*

Level 2 securities. If the Valuation Designee decides that a price provided by the pricing service does not accurately reflect the fair value of the securities or when prices are not readily available from a pricing service, securities are valued at fair value as determined by the Valuation Designee, in conformity with guidelines adopted by and subject to review of the Board through its Pricing & Liquidity Committee. These securities will generally be categorized as Level 3 securities.

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

Option contracts are generally traded on an exchange and are generally valued at the last trade price, as provided by a pricing service. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. The option contracts will generally be categorized as Level 1 securities unless the market is considered inactive or the absence of a last bid or ask price, in which case, they will be categorized as Level 2 securities.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that a Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, the administrator, sub-advisers, accountants, or counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

**Absolute Mutual Funds**

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

 *March 31, 2026*

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CEF Opportunities** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed End Funds | $6694302 | $— | $— | $6694302 |
| Rights | 820 |  |  | 820 |
| Money Market Funds | 21948 |  |  | 21948 |
| Total | $6717070 | $— | $— | $6717070 |
| **Liabilities:** |  |  |  |  |
| Closed End Funds | $(1629800) | $— | $— | $(1629800) |
| Exchange-Traded Funds | (2593454) |  |  | (2593454) |
| Total | $(4223254) | $— | $— | $(4223254) |
| **Capital Opportunities Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $45960512 | $— | $— | $45960512 |
| Purchased Call Options | 510396 |  |  | 510396 |
| Purchased Put Options | 1291076 |  |  | 1291076 |
| Money Market Funds | 8001818 |  |  | 8001818 |
| Total | $55763802 | $— | $— | $55763802 |
| **Liabilities:** |  |  |  |  |
| Written Call Options | $(2385613) | $— | $— | $(2385613) |
| Written Put Options | (204242) |  |  | (204242) |
| Total | $(2589855) | $— | $— | $(2589855) |
| **Convertible Arbitrage Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Mutual Funds | $32334159 | $— | $— | $32334159 |
| Preferred Stocks<sup>(a)</sup> | 2250500 |  |  | 2250500 |
| Convertible Bonds<sup>(a)</sup> |  | 1160689530 |  | 1160689530 |
| Money Market Funds | 274984262 |  |  | 274984262 |
| Futures<sup>(b)</sup> | 440625 |  |  | 440625 |
| Total | $310009546 | $1160689530 | $— | $1470699076 |
| **Liabilities:** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $(524542629) | $— | $— | $(524542629) |
| Total | $(524542629) | $— | $— | $(524542629) |

---

**Absolute Mutual Funds**

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

 *March 31, 2026*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Flexible Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Preferred Stocks<sup>(a)</sup> | $450100 | $— | $— | $450100 |
| Convertible Bonds<sup>(a)</sup> |  | 28721749 |  | 28721749 |
| Money Market Funds | 1665841 |  |  | 1665841 |
| Total | $2115941 | $28721749 | $— | $30837690 |
| **Liabilities:** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $(5226019) | $— | $— | $(5226019) |
| Total | $(5226019) | $— | $— | $(5226019) |

---

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

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

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

**NOTE 4 – INVESTMENTS IN AFFILIATED ISSUERS**

An affiliated issuer is an entity in which a Fund has ownership of at least 5% of the voting securities or any investment managed by the Adviser. Issuers that are affiliates of a Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in a Fund owning in excess of 5% of the outstanding shares at period-end. The following tables reflect transactions during the period with entities that are affiliates as of March 31, 2026 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

**Convertible Arbitrage Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Value**<br>**Beginning of**<br>**Period** |<br>**Purchases** |<br>**Sales**<br>**Proceeds** |<br>**Net Realized**<br>**Gain** | **Change in**<br>**Unrealized**<br>**Appreciation** |<br>**Value End of**<br>**Period** |
| Flexible Fund | $28787532 | $1802792 | $— | $— | $1743835 | $32334159 |
| Total | $28787532 | $1802792 | $— | $— | $1743835 | $32334159 |
|  |  |  | **Shares** |  |  |  |
|  | **Dividend** | **Capital Gain** | **Beginning of** |  |  | **Shares End** |
| **Fund** | **Income** | **Distributions** | **Period** | **Purchases** | **Sales** | **of Period** |
| Flexible Fund | $949808 | $— | 2770696 | 166103 |  | 2936799 |
| Total | $949808 | $— | 2770696 | 166103 |  | 2936799 |

---

**Absolute Mutual Funds**

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

 *March 31, 2026*

**NOTE 5. DERIVATIVE TRANSACTIONS**

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

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

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

The use of derivative instruments by Capital Opportunities Fund for the fiscal year ended March 31, 2026, related to the use of purchased options and written options. Capital Opportunities Fund utilized such options in order to manage or enhance return (including through leverage), to obtain leverage for speculative purposes, and to implement selective hedging and to manage risk exposure.

The use of derivative instruments by Convertible Arbitrage Fund for the fiscal year ended March 31, 2026, related to the use of futures contracts. Convertible Arbitrage Fund utilized futures contracts in order to generate absolute, risk-adjusted returns, to obtain leverage for speculative purposes, to gain exposure to certain asset classes (in which case the derivatives may have economic characteristics similar to those of the reference asset), and to implement selective hedging and to manage risk exposure.

A futures contract is a bilateral agreement where one party agrees to accept, and the other party agrees to make, delivery of cash or underlying securities or commodities, as called for in the contract, at a specified date and at an agreed upon price. An index futures contract involves the delivery of an amount of cash equal to a specified dollar amount multiplied by the difference between the index value at the close of trading of the contract and at the price

**Absolute Mutual Funds**

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

 *March 31, 2026*

designated by the futures contract. Generally, these futures contracts are closed out prior to the expiration date of the contracts. A public market exists in futures contracts covering certain indexes, financial instruments and foreign currencies.

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

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

The following tables identify the location and fair value of derivative instruments on the Statements of Assets and Liabilities as of March 31, 2026, and the effect of derivative instruments on the Statements of Operations for the fiscal year ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Location of Derivatives on Statements of Assets and Liabilities** | **Location of Derivatives on Statements of Assets and Liabilities** | **Location of Derivatives on Statements of Assets and Liabilities** | **Location of Derivatives on Statements of Assets and Liabilities** | **Location of Derivatives on Statements of Assets and Liabilities** |
| **Fund** | **Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Fair Value** |
|  | *Equity Price Risk:* |  |  |  |
| Capital Opportunities Fund | Purchased Options | Investments in securities at fair value |  | $1801472 |
|  | Written Options |  | Written options | (2589855) |
| Convertible Arbitrage Fund | Futures Contracts |  | Payable for net variation margin on futures contracts | (56250) |

---

**Absolute Mutual Funds**

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

 *March 31, 2026*

For the fiscal year ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivatives** | **Location of**<br>**Gain (Loss) on**<br>**Derivatives on**<br>**Statements of**<br>**Operations** |<br><br>**Realized Loss**<br>**on Derivatives** |<br>**Change in**<br>**Unrealized**<br>**Appreciation on**<br>**Derivatives** |
|  | *Equity Risk Exposure:* | Net Realized and Change in Unrealized Gain (Loss) on Investments |  |  |
| Capital Opportunities Fund | Purchased Options |  | $(6161902) | $113865 |
|  | Written Options |  | (1824357) | 583248 |
| Convertible Arbitrage Fund | Futures Contracts |  | (694655) | 782700 |

---

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivatives** |<br>**Gross Amounts**<br>**of Recognized**<br>**Liabilities** | **Gross Amounts**<br>**Offset in**<br>**Statements**<br>**of Assets and**<br>**Liabilities** |
| Capital Opportunities Fund | Written Options | $2589855 | $— |
| Convertible Arbitrage Fund | Futures Contracts | 56250 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Gross Amounts Not Offset<br> in Statements of Assets and<br> Liabilities** | **Gross Amounts Not Offset<br> in Statements of Assets and<br> Liabilities** | |
|<br>**Net Amounts**<br>**of Liabilities**<br>**Presented in**<br>**Statements**<br>**of Assets and**<br>**Liabilities** |<br><br>**Financial**<br>**Instruments** |<br><br>**Collateral**<br>**Pledged** |<br><br><br>**Net Amount** |
| $2589855 | $(2589855) | $— | $— |
| 56250 | (56250) |  |  |

---

The following table summarizes the average ending monthly fair value of derivatives outstanding during the fiscal year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | <br>**Derivatives** | **Average Market**<br>**Value** |
| Capital Opportunities Fund | Purchased Options | $1065976 |
|  | Written Options | (3174910) |
| Convertible Arbitrage Fund | Futures Contracts | 37253971 |

---

**Absolute Mutual Funds**

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

 *March 31, 2026*

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

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

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

The Trust and the Adviser assumed the expense limitation agreements that were in effect for each Predecessor Fund. The Adviser has contractually agreed to waive its management fee and/or reimburse certain CEF Opportunities' operating expenses, but only to the extent necessary so that the CEF Opportunities' total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business, do not exceed 1.79% of CEF Opportunities' average daily net assets. The contractual agreement is in place through at least July 31, 2026 and may not be terminated prior to this date except by the Board upon sixty (60) days' written notice to the Adviser. For the fiscal year ended March 31, 2026, the Adviser waived fees of $167,831 for CEF Opportunities Fund.

The Adviser has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that each of Capital Opportunities Fund's and Flexible Fund's total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the

**Absolute Mutual Funds**

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

 *March 31, 2026*

Fund's business, do not exceed 1.48% of Capital Opportunities Fund's average daily net assets and 1.48% of Flexible Fund's average daily net assets. The contractual agreement is in place through at least July 31, 2026 and may only be waived by the Board upon sixty (60) days' written notice to the Adviser. For the fiscal year ended March 31, 2026, the Adviser waived fees of $200,865 and $168,323 for Capital Opportunities Fund and Flexible Fund, respectively.

The Adviser has also contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Convertible Arbitrage Fund's total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business, do not exceed 1.20% and 1.45% of Convertible Arbitrage Fund's average daily net assets of the Institutional Shares and Investor Shares, respectively, through at least July 31, 2026. The contractual agreement may not be terminated prior to this date except by the Board upon sixty (60) days' written notice to the Adviser. For the fiscal year ended March 31, 2026, the Adviser recouped fees of $879,896 for Convertible Arbitrage Fund. In addition, the Adviser has agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by Absolute. As of March 31, 2026, Convertible Arbitrage Fund owned 99.58% of Flexible Fund. For the fiscal year ended March 31, 2026, the Adviser waived management fees of $436,163 for Convertible Arbitrage Fund related to this investment in a pooled vehicle sponsored by the Adviser and this waiver is not subject to recoupment.

The expense caps may only be raised with the consent of the Board. The Adviser may recoup from a Fund fees waived (other than advisory fees waived by the Adviser related to the Funds' investments in other pooled vehicles sponsored by the Adviser) and expenses reimbursed by the Adviser pursuant to the expense caps in the three years following the date the particular waiver/expense payment occurred in connection with a Fund or its predecessor fund, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will increase if exclusions from the expense cap

**Absolute Mutual Funds**

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

 *March 31, 2026*

apply. As of March 31, 2026, the Adviser may seek repayment of management fees waived and expenses reimbursed pursuant to the aforementioned conditions, from the Funds no later than the dates stated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Recoverable Through** |<br>**CEF**<br>**Opportunities** | **Capital**<br>**Opportunities**<br>**Fund** |<br>**Convertible**<br>**Arbitrage Fund** |<br>**Flexible Fund** |
| March 31, 2027 | $172366 | $195386 | $39480 | $160048 |
| March 31, 2028 | 163183 | 173646 |  | 157720 |
| March 31, 2029 | 167831 | 200865 |  | 168323 |

---

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

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

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter. The Trust has adopted a Rule 12b-1 plan under which the Convertible Arbitrage Fund pays the Distributor a fee up to 0.25% of the average daily net assets of Investor Shares of Convertible Arbitrage Fund for distribution services and/or the servicing of shareholder accounts.

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

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

**Absolute Mutual Funds**

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

 *March 31, 2026*

**NOTE 7. INVESTMENT TRANSACTIONS**

For the fiscal year ended March 31, 2026, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| CEF Opportunities | $12778889 | $13404487 |
| Capital Opportunities Fund | 18108645 | 21042184 |
| Convertible Arbitrage Fund | 176854700 | 149929436 |
| Flexible Fund | 17124974 | 19407221 |

---

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended March 31, 2026.

**NOTE 8. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, Convertible Arbitrage Fund owned 99.58% of the Flexible Fund's outstanding shares. As a result, Convertible Arbitrage Fund may be deemed to control the Flexible Fund.

**NOTE 9. FEDERAL INCOME TAX**

At March 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments, including derivative instruments, for tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Gross**<br>**Unrealized**<br>**Appreciation** |<br>**Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)**<br>**on Investments** |<br>**Tax Cost of**<br>**Investments** |
| CEF Opportunities | $237396 | $(299390) | $(61994) | $2555811 |
| Capital Opportunities Fund | 15994784 | (3407228) | 12587556 | 43176246 |
| Convertible Arbitrage Fund | 211633620 | (175033479) | 36600141 | 909115681 |
| Flexible Fund | 2166007 | (1463874) | 702133 | 24909538 |

---

**Absolute Mutual Funds**

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

 *March 31, 2026*

The tax character of distributions for the fiscal year ended March 31, 2026, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| <br>**Fund** |<br>**Ordinary**<br>**Income<sup>(a)</sup>** |<br>**Net Long Term**<br>**Capital Gains** | **Total**<br>**Distributions**<br>**Paid** |
| CEF Opportunities | $5898 | $— | $5898 |
| Capital Opportunities Fund |  |  |  |
| Convertible Arbitrage Fund | 25011105 | 41366591 | 66377696 |
| Flexible Fund | 1552834 | 257603 | 1810437 |

---

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

---

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

---

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

At March 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Undistributed**<br>**Ordinary**<br>**Income** |<br>**Undistributed**<br>**Long-Term**<br>**Capital Gains** |<br>**Accumulated**<br>**Capital and**<br>**Other Losses** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**on Investments** | **Total**<br>**Accumulated**<br>**Earnings**<br>**(Deficit)** |
| CEF Opportunities | $14177 | $— | $(39028491) | $(61995) | $(39076309) |
| Capital Opportunities Fund |  |  | (30291954) | 13728027 | (16563927) |
| Convertible Arbitrage Fund | 7551640 | 21928583 |  | 36600140 | 66080363 |
| Flexible Fund | 499911 | 1396482 |  | 702132 | 2598525 |

---

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

**Absolute Mutual Funds**

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

 *March 31, 2026*

As of March 31, 2026, CEF Opportunities and Capital Opportunities Fund had $38,077,537 and $30,270,029 of available short-term capital loss carryforwards, respectively, and CEF Opportunities had $950,954 of available long-term capital loss carryforwards not subject to expiration.

During the fiscal year ended March 31, 2026, CEF Opportunities Fund utilized $166,228 of long-term capital loss carryforwards and CEF Opporunities utilized $404,626 of short-term capital loss carryforwards.

For tax purposes, the current deferred post October short-term and long-term losses are $21,925 for Capital Opportunities Fund. These losses were recognized for tax purposes on the first business day of Capital Opportunities Fund's current fiscal year, April 1, 2026.

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

Each Fund may invest a significant portion of its assets in shares of one or more investment companies. Each Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of March 31, 2026, CEF Opportunities had 100% of the value of its net invested in investment companies. The financial statements of these funds can be found at www.sec.gov and should be read in conjunction with each Fund's financial statements.

**NOTE 11. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 12. SUBSEQUENT EVENTS**

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

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Absolute Mutual Funds and

Board of Trustees of Unified Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, securities sold short, futures contracts, and written options of Absolute Mutual Funds, comprising the funds listed below (the "FUNDS"), each a series of Unified Series Trust, as of March 31, 2026, the related statements of operations, the statements of changes in net assets, the financial highlights, 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 March 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of<br> Operations | Statements of<br> Changes in Net<br> Assets | Financial Highlights |
| Absolute CEF Opportunities Fund, Absolute Capital Opportunities Fund, Absolute Convertible Arbitrage Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026, and 2025 | For the years ended March 31, 2026, 2025, 2024, and 2023 |
| Absolute Flexible Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026, and 2025 | For the years ended March 31, 2026, 2025, 2024 and the period from June 30, 2022 (commencement of operations) through March 31, 2023 |

---

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

**Basis for Opinion**

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

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023

![(SIGNATURE)](us002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2026

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

The Form 1099-DIV you receive in January 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

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

---

| | |
|:---|:---|
| **Fund** | |
| CEF Opportunities | 52.39% |
| Capital Opportunities Fund | —% |
| Convertible Arbitrage Fund | —% |
| Flexible Fund | —% |

---

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

---

| | |
|:---|:---|
| **Fund** | |
| CEF Opportunities | 56.43% |
| Capital Opportunities Fund | —% |
| Convertible Arbitrage Fund | —% |
| Flexible Fund | —% |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Fund** | |
| CEF Opportunities | $— |
| Capital Opportunities Fund |  |
| Convertible Arbitrage Fund | 41366591 |
| Flexible Fund | 257603 |

---

**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.

---

| |
|:---|
| ![(DEAN LOGO)](us003_v1.jpg) |
| **DEAN FUNDS** |
| **Dean Small Cap Value Fund** |
| **Dean Mid Cap Value Fund** |
| **Dean Equity Income Fund** |
| **Annual Financial Statements** |
| **and Additional Information** |
| **March 31, 2026** |

---

---

| |
|:---|
| **Dean Small Cap Value Fund** |
| **Schedule of Investments** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.28%** | **Shares** | **Fair Value** |
| **Consumer Discretionary — 5.05%** |  |  |
| Johnson Outdoors, Inc., Class A | 37092 | $1725149 |
| Leggett & Platt, Inc. | 46659 | 460991 |
| Rush Enterprises, Inc., Class A | 29842 | 1972855 |
| Steven Madden Ltd. | 36249 | 1229566 |
| Winnebago Industries, Inc. | 13826 | 428468 |
| YETI Holdings, Inc.<sup>(a)</sup> | 76039 | 2782266 |
|  |  | 8599295 |
| **Consumer Staples — 10.62%** |  |  |
| J&J Snack Foods Corp. | 22913 | 1816314 |
| John B. Sanfilippo & Son, Inc. | 76700 | 6084610 |
| Marzetti Co. (The) | 13141 | 1817795 |
| Mission Produce, Inc.<sup>(a)</sup> | 212114 | 2918689 |
| Reynolds Consumer Products, Inc. | 256173 | 5425744 |
|  |  | 18063152 |
| **Energy — 5.68%** |  |  |
| Helmerich & Payne, Inc. | 171636 | 6184045 |
| Innovex International, Inc.<sup>(a)</sup> | 130582 | 3184895 |
| World Kinect Corp. | 12982 | 299495 |
|  |  | 9668435 |
| **Financials — 18.61%** |  |  |
| 1st Source Corp. | 51457 | 3561338 |
| Camden National Corp. | 87898 | 4170761 |
| Cathay General Bancorp | 20064 | 1000391 |
| Diamond Hill Investment Group, Inc. | 6407 | 1102645 |
| Employers Holdings, Inc. | 70691 | 2908227 |
| First Financial Corp. | 33720 | 2131104 |
| Fulton Financial Corp. | 112063 | 2279361 |
| Great Southern Bancorp, Inc. | 12081 | 762674 |
| Independent Bank Corp. | 26470 | 1990809 |
| PROG Holdings, Inc. | 81434 | 2336341 |
| QCR Holdings, Inc. | 45072 | 3851402 |
| S&T Bancorp, Inc. | 56687 | 2371217 |
| Safety Insurance Group, Inc. | 31676 | 2300945 |
| Simmons First National Corp., Class A | 46152 | 897656 |
|  |  | 31664871 |
| **Health Care — 5.70%** |  |  |
| Addus HomeCare Corp.<sup>(a)</sup> | 42793 | 4007564 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 96060 | 5693477 |
|  |  | 9701041 |
| **Industrials — 24.27%** |  |  |
| AAR Corp.<sup>(a)</sup> | 29168 | 3192729 |
| Advanced Energy Industries, Inc. | 11106 | 3584017 |
| Alamo Group, Inc. | 23773 | 3921832 |
| Astec Industries, Inc. | 9442 | 508357 |
| Atkore, Inc. | 7832 | 461383 |
| Bel Fuse, Inc., Class B | 21020 | 4161540 |

---

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

---

| |
|:---|
| **Dean Small Cap Value Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.28% - continued** | **Shares** | **Fair Value** |
| **Industrials — 24.27% - continued** |  |  |
| Brady Corp., Class A | 53576 | $4352515 |
| Cactus, Inc., Class A | 115323 | 5462851 |
| Douglas Dynamics, Inc. | 31023 | 1305758 |
| ESCO Technologies, Inc. | 7249 | 2039651 |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 59017 | 1094765 |
| Heartland Express, Inc. | 346476 | 3603350 |
| Kennametal, Inc. | 113500 | 4100755 |
| Littelfuse, Inc. | 5224 | 1772764 |
| Werner Enterprises, Inc. | 58597 | 1723338 |
|  |  | 41285605 |
| **Materials — 6.94%** |  |  |
| Minerals Technologies, Inc. | 38104 | 2702336 |
| Quaker Houghton | 25139 | 3123018 |
| Sonoco Products Co. | 35380 | 1913704 |
| Stepan Co. | 81267 | 4061725 |
|  |  | 11800783 |
| **Real Estate — 2.10%** |  |  |
| Broadstone Net Lease, Inc. | 195940 | 3579824 |
| **Technology — 8.59%** |  |  |
| Cohu, Inc.<sup>(a)</sup> | 125279 | 3836043 |
| CSG Systems International, Inc. | 23930 | 1912964 |
| Synaptics, Inc.<sup>(a)</sup> | 11039 | 773172 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 171973 | 5723261 |
| Vishay Intertechnology, Inc. | 131564 | 2368152 |
|  |  | 14613592 |
| **Utilities — 7.72%** |  |  |
| American States Water Co. | 66212 | 5006951 |
| Chesapeake Utilities Corp. | 23924 | 3023276 |
| Portland General Electric Co. | 96875 | 5112094 |
|  |  | 13142321 |
| **Total Common Stocks/Investments — 95.28% (Cost $145,785,141)** |  | 162118919 |
| **Other Assets in Excess of Liabilities — 4.72%** |  | 8036386 |
| **NET ASSETS — 100.00%** |  | $170155305 |

---

(a) Non-income producing security.

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

---

| |
|:---|
| **Dean Mid Cap Value Fund** |
| **Schedule of Investments** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.58%** | **Shares** | **Fair Value** |
| **Communications — 1.45%** |  |  |
| Omnicom Group, Inc. | 47213 | $3555611 |
| **Consumer Discretionary — 8.61%** |  |  |
| BorgWarner, Inc. | 78129 | 4239280 |
| Hasbro, Inc. | 41941 | 3925678 |
| Levi Strauss & Co., Class A | 166347 | 3075756 |
| LKQ Corp. | 121092 | 3556472 |
| Masco Corp. | 50491 | 3048142 |
| PulteGroup, Inc. | 28049 | 3298842 |
|  |  | 21144170 |
| **Consumer Staples — 7.49%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 42812 | 4213557 |
| Dollar General Corp. | 42606 | 5058611 |
| Hershey Co. (The) | 25460 | 5292879 |
| US Foods Holding Corp.<sup>(a)</sup> | 41519 | 3828467 |
|  |  | 18393514 |
| **Energy — 6.30%** |  |  |
| Baker Hughes Co., Class A | 84835 | 5179177 |
| Coterra Energy, Inc. | 136724 | 4804481 |
| Permian Resources Corp., Class A | 257727 | 5494740 |
|  |  | 15478398 |
| **Financials — 14.63%** |  |  |
| Assurant, Inc. | 20757 | 4521082 |
| Bank of New York Mellon Corp. (The) | 53718 | 6372566 |
| Hartford Insurance Group, Inc. (The) | 32859 | 4443523 |
| Prosperity Bancshares, Inc. | 66707 | 4481376 |
| Raymond James Financial, Inc. | 26214 | 3795525 |
| Regions Financial Corp. | 154414 | 4033294 |
| Reinsurance Group of America, Inc. | 20673 | 4220600 |
| W.R. Berkley Corp. | 61300 | 4062964 |
|  |  | 35930930 |
| **Health Care — 8.13%** |  |  |
| Encompass Health Corp. | 41087 | 3974346 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 39128 | 7397148 |
| Quest Diagnostics, Inc. | 23002 | 4507932 |
| Zimmer Biomet Holdings, Inc. | 45366 | 4101994 |
|  |  | 19981420 |
| **Industrials — 20.31%** |  |  |
| AGCO Corp. | 32709 | 3789992 |
| Dover Corp. | 21611 | 4504813 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 169324 | 3828415 |
| ITT, Inc. | 22580 | 4302167 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 20144 | 5688061 |
| Knight-Swift Transportation Holdings, Inc. | 82316 | 4739755 |
| L3Harris Technologies, Inc. | 14596 | 5037809 |
| Littelfuse, Inc. | 17791 | 6037376 |
| Regal Rexnord Corp. | 20260 | 3793888 |

---

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

---

| |
|:---|
| **Dean Mid Cap Value Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.58% - continued** | **Shares** | **Fair Value** |
| **Industrials — 20.31% - continued** |  |  |
| Republic Services, Inc. | 17164 | $3759259 |
| WESCO International, Inc. | 16217 | 4437296 |
|  |  | 49918831 |
| **Materials — 6.76%** |  |  |
| Avery Dennison Corp. | 26716 | 4613318 |
| Eastman Chemical Co. | 57316 | 4374357 |
| International Flavors & Fragrances, Inc. | 61043 | 4428670 |
| RPM International, Inc. | 32182 | 3198891 |
|  |  | 16615236 |
| **Real Estate — 5.99%** |  |  |
| AvalonBay Communities, Inc. | 20492 | 3347368 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 24155 | 3272036 |
| Regency Centers Corp. | 58081 | 4394409 |
| STAG Industrial, Inc. | 102634 | 3700982 |
|  |  | 14714795 |
| **Technology — 6.54%** |  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 29344 | 4208223 |
| Microchip Technology, Inc. | 56362 | 3641549 |
| MKS, Inc. | 16930 | 3890683 |
| SS&C Technologies Holdings, Inc. | 63893 | 4317250 |
|  |  | 16057705 |
| **Utilities — 9.37%** |  |  |
| Ameren Corp. | 47607 | 5232961 |
| Atmos Energy Corp. | 25573 | 4723845 |
| CenterPoint Energy, Inc. | 98842 | 4266021 |
| OGE Energy Corp. | 101267 | 4856765 |
| Xcel Energy, Inc. | 49533 | 3934902 |
|  |  | 23014494 |
| **Total Common Stocks/Investments — 95.58% (Cost $187,782,840)** |  | 234805104 |
| **Other Assets in Excess of Liabilities — 4.42%** |  | 10868839 |
| **NET ASSETS — 100.00%** |  | $245673943 |

---

(a) Non-income producing security.

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

---

| |
|:---|
| **Dean Equity Income Fund** |
| **Schedule of Investments** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.05%** | **Shares** | **Fair Value** |
| **Communications — 5.68%** |  |  |
| Comcast Corp., Class A | 35984 | $1033101 |
| Omnicom Group, Inc. | 18453 | 1389695 |
| Verizon Communications, Inc. | 44881 | 2253026 |
|  |  | 4675822 |
| **Consumer Discretionary — 2.78%** |  |  |
| Home Depot, Inc. (The) | 4482 | 1474085 |
| LKQ Corp. | 27746 | 814900 |
|  |  | 2288985 |
| **Consumer Staples — 13.32%** |  |  |
| Altria Group, Inc. | 29723 | 1961421 |
| Hershey Co. (The) | 8436 | 1753760 |
| Mondelez International, Inc., Class A | 22078 | 1272576 |
| PepsiCo, Inc. | 18981 | 2947559 |
| Procter & Gamble Co. (The) | 12390 | 1789612 |
| Sysco Corp. | 17465 | 1245778 |
|  |  | 10970706 |
| **Energy — 8.48%** |  |  |
| Chevron Corp. | 15620 | 3231778 |
| EOG Resources, Inc. | 18585 | 2686833 |
| Kinder Morgan, Inc., Class P | 31898 | 1069540 |
|  |  | 6988151 |
| **Financials — 14.63%** |  |  |
| BlackRock, Inc. | 1054 | 1013642 |
| JPMorgan Chase & Co. | 6591 | 1938809 |
| Marsh & McLennan Companies, Inc. | 6525 | 1131761 |
| PNC Financial Services Group, Inc. (The) | 8963 | 1865111 |
| Principal Financial Group, Inc. | 22737 | 2048831 |
| Prudential Financial, Inc. | 13906 | 1358477 |
| T. Rowe Price Group, Inc. | 16081 | 1449542 |
| Truist Financial Corp. | 27021 | 1242155 |
|  |  | 12048328 |
| **Health Care — 10.81%** |  |  |
| Amgen, Inc. | 7909 | 2782782 |
| Bristol-Myers Squibb Co. | 16740 | 1015281 |
| Johnson & Johnson | 10611 | 2593752 |
| Merck & Co., Inc. | 11665 | 1403183 |
| Pfizer, Inc. | 39411 | 1106661 |
|  |  | 8901659 |
| **Industrials — 10.08%** |  |  |
| Fastenal Co. | 24517 | 1137589 |
| Illinois Tool Works, Inc. | 9293 | 2418875 |
| Lockheed Martin Corp., Class B | 2438 | 1473503 |
| Paychex, Inc. | 18124 | 1669583 |
| Union Pacific Corp. | 6591 | 1599108 |
|  |  | 8298658 |

---

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

---

| |
|:---|
| **Dean Equity Income Fund Schedule** |
| **of Investments (continued)** |
| *March 31, 2026* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.05% - continued** | **Shares** | **Fair Value** |
| **Materials — 5.02%** |  |  |
| Air Products & Chemicals, Inc. | 5009 | $1455065 |
| PPG Industries, Inc. | 12390 | 1324243 |
| Sonoco Products Co. | 25044 | 1354630 |
|  |  | 4133938 |
| **Real Estate — 9.09%** |  |  |
| American Tower Corp., Class A | 6129 | 1057743 |
| Digital Realty Trust, Inc. | 9490 | 1710193 |
| Essex Property Trust, Inc. | 7513 | 1818146 |
| Lamar Advertising Co., Class A | 15026 | 1903193 |
| Public Storage | 3691 | 999818 |
|  |  | 7489093 |
| **Technology — 5.32%** |  |  |
| Amdocs Ltd. | 23989 | 1565522 |
| Cisco Systems, Inc. | 18453 | 1431768 |
| Texas Instruments, Inc. | 7118 | 1381889 |
|  |  | 4379179 |
| **Utilities — 12.84%** |  |  |
| Alliant Energy Corp. | 23330 | 1674161 |
| American Electric Power Company, Inc. | 14170 | 1857404 |
| Duke Energy Corp. | 13049 | 1708636 |
| NextEra Energy, Inc. | 13181 | 1224251 |
| WEC Energy Group, Inc. | 16806 | 1945631 |
| Xcel Energy, Inc. | 27285 | 2167520 |
|  |  | 10577603 |
| **Total Common Stocks/Investments — 98.05% (Cost $70,396,034)** |  | 80752122 |
| **Other Assets in Excess of Liabilities — 1.95%** |  | 1607948 |
| **NET ASSETS — 100.00%** |  | $82360070 |

---

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

---

| |
|:---|
| **Dean Funds** |
| **Statements of Assets and Liabilities** |
| *March 31, 2026* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Dean Small Cap**<br>**Value Fund** | **Dean Mid Cap**<br>**Value Fund** | **Dean Equity**<br>**Income Fund** |
| **Assets** |  |  |  |
| Investments in securities at value (cost $145,785,141, $187,782,840 and $70,396,034) | $162118919 | $234805104 | $80752122 |
| Cash and cash equivalents | 8104052 | 10576269 | 1723463 |
| Receivable for fund shares sold | 6573 | 166484 | 34 |
| Receivable for investments sold | 2567627 |  |  |
| Dividends receivable | 199355 | 421897 | 136858 |
| Prepaid expenses | 14868 | 17706 | 11284 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 173011394 | 245987460 | 82623761 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | 2599108 |  | 14174 |
| Payable for fund shares redeemed | 57073 | 119525 | 186924 |
| Payable to Adviser | 131244 | 124620 | 26225 |
| Payable to affiliates | 23379 | 26806 | 12322 |
| Payable to trustees |  |  | 0 |
| Other accrued expenses | 45285 | 42566 | 24046 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 2856089 | 313517 | 263691 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $170155305 | $245673943 | $82360070 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $157192643 | $197006972 | $71136282 |
| Accumulated earnings | 12962662 | 48666971 | 11223788 |
| **Net Assets** | $170155305 | $245673943 | $82360070 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 8543269 | 8792845 | 3703635 |
| Net asset value, offering and redemption price per share | $19.92 | $27.94 | $22.24 |

---

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

---

| |
|:---|
| **Dean Funds** |
| **Statements of Operations** |
| *For the year ended March 31, 2026* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Dean Small Cap**<br>**Value Fund** | **Dean Mid Cap**<br>**Value Fund** | **Dean Equity**<br>**Income Fund** |
| **Investment Income** |  |  |  |
| Dividend income (net of foreign taxes withheld of $911, $– and $5,651) | $3356904 | $4250007 | $3107421 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 3356904 | 4250007 | 3107421 |
| **Expenses** |  |  |  |
| Adviser | 1519974 | 1614854 | 431719 |
| Administration | 146677 | 179888 | 84318 |
| Custodian | 56128 | 28853 | 12762 |
| Transfer agent | 39193 | 23345 | 9551 |
| Fund accounting | 36269 | 35857 | 21097 |
| Registration | 28088 | 28755 | 23073 |
| Legal | 24131 | 24131 | 24131 |
| Trustee | 21700 | 21700 | 21700 |
| Audit and tax preparation | 19783 | 19783 | 19783 |
| Compliance services | 10351 | 10351 | 10351 |
| Report printing | 7501 | 17759 | 4300 |
| Insurance | 5028 | 5007 | 4303 |
| Pricing | 1529 | 1382 | 1360 |
| Miscellaneous | 50706 | 50708 | 19355 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 1967058 | 2062373 | 687803 |
| Fees waived by Adviser |  | (231961) | (83309) |
| **Net operating expenses** | 1967058 | 1830412 | 604494 |
| **Net investment income** | 1389846 | 2419595 | 2502927 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain on investment securities transactions | 1095468 | 3602795 | 1556281 |
| Net realized gain on foreign currency transactions |  |  | 1016 |
| Net change in unrealized appreciation of investment securities | 22849874 | 22525751 | 3957852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of foreign currency |  |  | 91 |
| **Net realized and change in unrealized gain on investments** | 23945342 | 26128546 | 5515240 |
| **Net increase in net assets resulting from operations** | $25335188 | $28548141 | $8018167 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dean Small Cap Value Fund** | **Dean Small Cap Value Fund** | **Dean Mid Cap Value Fund** | **Dean Mid Cap Value Fund** |
|  | **For the Year**<br>**Ended**<br>**March 31, 2026** | **For the Year**<br>**Ended**<br>**March 31, 2025** | **For the Year**<br>**Ended**<br>**March 31, 2026** | **For the Year**<br>**Ended**<br>**March 31, 2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1389846 | $3050144 | $2419595 | $1552460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions | 1095468 | 5870024 | 3602795 | 14651460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investment securities | 22849874 | (11507171) | 22525751 | (2426544) |
| **Net increase (decrease) in net assets resulting from operations** | 25335188 | (2587003) | 28548141 | 13777376 |
| **Distributions to Shareholders From:** |  |  |  |  |
| Earnings | (3298117) | (7593080) | (13353213) | (11881979) |
| **Total distributions** | (3298117) | (7593080) | (13353213) | (11881979) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 17962946 | 27470011 | 69767380 | 67068041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 3206007 | 6693837 | 11689970 | 9496926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (54162269) | (86382980) | (30678800) | (26166205) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (32993316) | (52219132) | 50778550 | 50398762 |
| **Total Increase (Decrease) in Net Assets** | (10956245) | (62399215) | 65973478 | 52294159 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 181111550 | 243510765 | 179700465 | 127406306 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $170155305 | $181111550 | $245673943 | $179700465 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 984126 | 1486406 | 2568630 | 2576204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 160541 | 339789 | 435057 | 355557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3067308) | (4637018) | (1127686) | (1000114) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (1922641) | (2810823) | 1876001 | 1931647 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Dean Equity Income Fund** | **Dean Equity Income Fund** |
|  | **For the Year**<br>**Ended**<br>**March 31, 2026** | **For the Year**<br>**Ended**<br>**March 31, 2025** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $2502927 | $2674568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions and foreign currency | 1557297 | 2520347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities and foreign currency | 3957943 | 3165403 |
| **Net increase in net assets resulting from operations** | 8018167 | 8360318 |
| **Distributions to Shareholders From:** |  |  |
| Earnings | (3519374) | (4450931) |
| **Total distributions** | (3519374) | (4450931) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 14499641 | 12216854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 3411545 | 4120448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (21753334) | (25488300) |
| **Net decrease in net assets resulting from capital transactions** | (3842148) | (9150998) |
| **Total Increase (Decrease) in Net Assets** | 656645 | (5241611) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 81703425 | 86945036 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $82360070 | $81703425 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 704001 | 578962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 159591 | 195309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1002970) | (1220481) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in shares outstanding** | (139378) | (446212) |

---

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

---

| |
|:---|
| **Dean Small Cap Value Fund** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $17.30 | $18.34 | $18.78 | $18.13 | $16.96 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.18 | 0.32 | 0.24 | 0.32 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.83 | (0.65) | (0.35) | 0.57 | 1.15 |
| Total from investment operations | 3.01 | (0.33) | (0.11) | 0.89 | 1.35 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.31) | (0.33) | (0.24) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.30) | (0.40) |  |  |  |
| Total distributions | (0.39) | (0.71) | (0.33) | (0.24) | (0.18) |
| **Net asset value, end of year** | $19.92 | $17.30 | $18.34 | $18.78 | $18.13 |
| **Total Return<sup>(a)</sup>** | 17.36% | (2.26)% | (0.56)% | 4.89% | 7.98% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $170155 | $181112 | $243511 | $214784 | $180266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(b)</sup> | 1.16% | 1.15% | 1.14% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 1.16% | 1.15% | 1.14% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.82% | 1.42% | 1.60% | 1.90% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 160% | 114% | 81% | 77% | 57% |

---

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

(b) Ratio was determined after management
 fees reductions, expense reimbursements and/or recoupments.

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

---

| |
|:---|
| **Dean Mid Cap Value Fund** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $25.98 | $25.56 | $22.49 | $23.79 | $22.58 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.27 | 0.22 | 0.23 | 0.29 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.32 | 2.06 | 4.12 | (0.41) | 2.34 |
| Total from investment operations | 3.59 | 2.28 | 4.35 | (0.12) | 2.53 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.23) | (0.26) | (0.21) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.36 | (1.63) | (1.02 | (0.97) | (1.12) |
| Total distributions | (1.63 | (1.86) | (1.28 | (1.18) | (1.32) |
| **Net asset value, end of year** | $27.94 | $25.98 | $25.56 | $22.49 | $23.79 |
| **Total Return<sup>(a)</sup>** | 14.08 | 8.70% | 19.98 | (0.50)% | 11.22% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $245674 | 179700 | $127406 | 74467 | $80380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(b)</sup> | 0.85 | 0.85% | 0.85 | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 0.96 | 0.98% | 1.06 | 1.08% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.12 | 0.97% | 1.18 | 1.25% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 31 | 34% | 48 | 22% | 27% |

---

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

(b) Ratio was determined after management
 fees reductions, expense reimbursements and/or recoupments.

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

---

| |
|:---|
| **Dean Equity Income Fund** |
| **Financial Highlights** |
| *(For a share outstanding during each period)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | |
|  | **2026** | **2025** | **2024** | **For the**<br>**Period**<br>**Ended**<br>**March 31,**<br>**2023<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |
| Net asset value, beginning of period | $21.26 | $20.27 | $19.41 | $20.00 |
| **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.63 | 0.65 | 0.60 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.24 | 1.41 | 0.98 | (0.71) |
| Total from investment operations | 1.87 | 2.06 | 1.58 | (0.53) |
| **Less distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.63) | (0.65) | (0.71) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.26) | (0.42) | (0.01) |  |
| Total distributions | (0.89) | (1.07) | (0.72) | (0.06) |
| **Net asset value, end of period** | $22.24 | $21.26 | $20.27 | $19.41 |
| **Total Return<sup>(b)</sup>** | 9.00% | 10.28% | 8.43% | (2.66)% <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $82360 | $81703 | $86945 | $73647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(d)</sup> | 0.70% | 0.70% | 0.70% | 0.70 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets before waiver or recoupment | 0.80% | 0.79% | 0.79% | 1.04 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.90% | 3.06% | 3.21% | 3.62 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 30% | 17% | 19% | 16 % <sup>(c)</sup> |

---

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

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

(c) Not annualized.

(d) Ratio was determined after management
 fees reductions, expense reimbursements and/or recoupments.

(e) Annualized.

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

**Dean Funds**

 **Notes to the Financial Statements**

 *March 31, 2026*

**NOTE 1. ORGANIZATION**

Dean Small Cap Value Fund (the "Small Cap Fund"), Dean Mid Cap Value Fund (the "Mid Cap Fund") and Dean Equity Income Fund (the "Equity Income Fund") (each a "Fund" and, collectively the "Funds"), are each organized as diversified series of Unified Series Trust (the "Trust"). The Small Cap Fund and the Mid Cap Fund were organized on November 13, 2006 and the Equity Income Fund was organized on November 15, 2022. The Funds are registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended from time to time (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Funds are each a series of the Trust currently authorized by the Board. The investment adviser to each Fund is Dean Investment Associates, LLC (the "Adviser"). In addition, the Adviser has retained Dean Capital Management, LLC (the "Sub-Adviser") to serve as sub-adviser to the Funds. The Sub-Adviser is an affiliate of the Adviser. The investment objective of the Small Cap Fund and the Mid Cap Fund is long-term capital appreciation and, secondarily, dividend income. The investment objective of the Equity Income Fund is long-term capital appreciation with an income focus.

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and follow accounting and reporting guidance under FASB Accounting Standards Codification 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

**Dean Funds**

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

 *March 31, 2026*

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 Funds make no provision for federal income or excise tax. Each Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. Each Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense.

As of and during the fiscal year ended March 31, 2026, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year ended March 31, 2026, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund are allocated to the individual funds of the Trust based on each fund's relative net assets or another appropriate basis (as determined by the Board).

**Security Transactions and Related Income** – The Funds follow industry practice and record security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Distributions received from investments in real estate investment trusts ("REITs") that represent a return of capital or capital gain are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital

**Dean Funds**

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

 *March 31, 2026*

included in distributions received from the Funds' investments in REITs are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Withholding taxes on foreign dividends and related reclaims have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

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

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

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

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

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable.

**Dean Funds**

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

 *March 31, 2026*

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

**Dean Funds**

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

 *March 31, 2026*

by the Valuation Designee is subject to the ultimate review of the pricing methodology by the Pricing & Liquidity Committee of the Board on a quarterly basis. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

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

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that a Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $162118919 | $— | $— | $162118919 |
| Total | $162118919 | $— | $— | $162118919 |

---

**Dean Funds**

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

 *March 31, 2026*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $234805104 | $— | $— | $234805104 |
| Total | $234805104 | $— | $— | $234805104 |
| **Equity Income Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $80752122 | $— | $— | $80752122 |
| Total | $80752122 | $— | $— | $80752122 |

---

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

The Funds did not hold any investments during or at the end of the reporting period in which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

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

Each Fund's investments are managed by the Adviser pursuant to the terms of a management agreement with the Trust. The Adviser has hired the Sub-Adviser to manage the Funds' assets on a day-to-day basis. The Sub-Adviser is paid by the Adviser. In accordance with the management agreement for each Fund, the Adviser is entitled to a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.90%, 0.75% and 0.50% of the average daily net assets of the Small Cap Fund, the Mid Cap Fund, and the Equity Income Fund, respectively. For the fiscal year ended March 31, 2026, the Adviser earned management fees, before the waiver described below, of $1,519,974, $1,614,854 and $431,719 from the Small Cap Fund, the Mid Cap Fund, and the Equity Income Fund, respectively. At March 31, 2026, the Adviser was owed $131,244 from the Small Cap Fund, $124,620 from the Mid Cap Fund, and $26,225 from the Equity Income Fund.

The Adviser has contractually agreed to waive its management fee and/or to reimburse certain Fund operating expenses through July 31, 2026 for each Fund, but only to the extent necessary so that total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the 1940 Act; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers, and other expenses that the Trustees agree have not been incurred in

**Dean Funds**

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

 *March 31, 2026*

the ordinary course of the Funds' business), do not exceed 1.25% of the Small Cap Fund's average daily net assets, 0.85% of the Mid Cap Fund's average daily net assets and 0.70% of the Equity Income Fund's average daily net assets. For the fiscal year ended March 31, 2026, the Adviser waived fees of $231,961 and $83,309 for the Mid Cap Fund and the Equity Income Fund, respectively.

Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from a Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of recoupment. As of March 31, 2026, the Adviser may seek repayment of management fees waived and expenses reimbursed pursuant to the aforementioned conditions, from the Mid Cap Fund and the Equity Income Fund no later than the dates stated below:

---

| | | |
|:---|:---|:---|
| <br>**Recoverable Through** |<br>**Mid Cap Fund** | **Equity Income**<br>**Fund** |
| March 31, 2027 | $199996 | $72686 |
| March 31, 2028 | 209770 | 79889 |
| March 31, 2029 | 231961 | 83309 |

---

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

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

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

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

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chair of the Board and more than 75% of the Trustees are "Independent Trustees", which means that they are not "interested persons" as defined in the 1940 Act. The Independent

**Dean Funds**

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

 *March 31, 2026*

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. PURCHASES AND SALES OF SECURITIES**

For the fiscal year ended March 31, 2026, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Small Cap Fund | $265499027 | $306847970 |
| Mid Cap Fund | 97831242 | 64109158 |
| Equity Income Fund | 25468118 | 29587253 |

---

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended March 31, 2026.

**NOTE 6. FEDERAL TAX INFORMATION**

At March 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap**<br>**Fund** | **Mid Cap**<br>**Fund** | **Equity Income**<br>**Fund** |
| Gross unrealized appreciation | $17824564 | $50427134 | $12346246 |
| Gross unrealized depreciation | (3660458) | (3515523) | (2631276) |
| Net unrealized appreciation | $14164106 | $46911611 | $9714970 |
| Tax cost of investments | $147954813 | $187893493 | $71037152 |

---

**Dean Funds**

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

 *March 31, 2026*

The tax character of distributions paid for the fiscal years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund** | **Small Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $742229 | $6525553 | $2239445 | $1448631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gains | 2555888 | 1067527 | 11113768 | 10433348 |
| Total distributions paid | $3298117 | $7593080 | $13353213 | $11881979 |

---

---

| | | |
|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** |
|  | **2026** | **2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $2501837 | $2687695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gains | 1017537 | 1763236 |
| Total distributions paid | $3519374 | $4450931 |

---

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

At March 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Small Cap Fund** |<br>**Mid Cap Fund** | **Equity Income**<br>**Fund** |
| Undistributed ordinary income | $1388480 | $708213 | $51953 |
| Undistributed long-term capital gains |  | 1047147 | 1456865 |
| Accumulated capital and other losses | (2589924) |  |  |
| Unrealized appreciation on investments | 14164106 | 46911611 | 9714970 |
| Total accumulated earnings | $12962662 | $48666971 | $11223788 |

---

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

As of March 31, 2026, the Small Cap Fund had short-term loss carryforwards of $2,589,924. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

For the year ended March 31, 2026, none of the Funds utilized capital loss carryforwards.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting

**Dean Funds**

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

 *March 31, 2026*

period. For the fiscal year March 31, 2026, federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Fund were immaterial.

**NOTE 7. SECTOR RISK**

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

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 9. SUBSEQUENT EVENTS**

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

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Dean Funds and

Board of Trustees of Unified Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Dean Funds, comprising the funds listed below (the "Funds"), each a series of Unified Series Trust as of March 31, 2026, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of<br> Operations | Statements of<br> Changes in Net<br> Assets | Financial<br> Highlights |
| Dean Mid Cap Value Fund<br> Dean Small Cap Value Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026 and 2025 | For the years ended March 31, 2026, 2025, 2024, 2023 and 2022 |
| Dean Equity Income Fund | For the year ended March 31, 2026 | For the year ended March 31, 2026 and 2025 | For the years ended March 31, 2026, 2025, 2024 and the period from November 22, 2022 (commencement of operations) through March 31, 2023 |

---

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

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

evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2007.

![(SIGNATURE)](us002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2026

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

The Form 1099-DIV you receive in January 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in a Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

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

---

| | | |
|:---|:---|:---|
| **Small Cap Fund** | **Mid Cap Fund** | **Equity Income Fund** |
| 86% | 100% | 100% |

---

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

---

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

---

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Funds' dividend distribution that qualifies under tax law. For the Funds' calendar year 2026 ordinary income dividends, the following percentage qualifies for the corporate dividends received deduction.

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Small Cap Fund** | **Mid Cap Fund** | **Equity Income Fund** |
| $2555888 | $11113768 | $1017537 |

---

**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 Dean Mid Cap Value Fund (the "Mid Cap Fund"), the Dean Small Cap Value Fund (the "Small Cap Fund") and the Dean Equity Income Fund (the "Equity Income Fund") (together the "Funds" and each, a "Fund") are series of Unified Series Trust (the "Trust"). The Trust's Board of Trustees (the "Board" or the "Trustees") oversees the management of the Funds and, as required by law, has considered the renewal of the Funds' management agreements with their investment adviser, Dean Investment Associates, LLC ("DIA") and sub-advisory agreements between DIA and Dean Capital Management, LLC ("DCM").

At the Trustees' quarterly meeting held in November 2025, the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust, DIA or DCM (the "Independent Trustees"), approved the renewal of the management agreements between the Trust and DIA, and sub-advisory agreements between DIA and DCM for an additional year. The Trustees' renewal of each Fund's management agreement and 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 examined information regarding the nature, extent, and quality of services that DIA and DCM (collectively, "Dean") provide to the Funds including a continuous investment program, adhering to investment restrictions, complying with the Trust's policies and procedures, and voting proxies on behalf of the Funds. The Trustees considered the qualifications and experience of DCM's portfolio managers who were responsible for the day-to-day management of the Funds' portfolios, as well as the qualifications and experience of the other individuals at Dean who provided services to the Funds. The Board agreed that Dean was very responsive to the Board and clearly articulated the services provided to the Funds. The Trustees reviewed the services provided by DIA in its oversight of DCM, noting the affiliation between the two investment advisers. The Trustees agreed that the work of DIA was not duplicative of DCM and that each is responsible for a significant amount of work on behalf of the Funds. The Board discussed that Dean was disciplined in the implementation of its investment programs and expressed their appreciation of Dean's continued devotion of its resources to the compliance and operation of the firm. The Board concluded that it could expect DIA and DCM to continue providing high quality service to the Funds and their shareholders.

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

(ii) <u>Fund Performance.</u> The Trustees reviewed and discussed the Funds' performance over various periods ended September 30, 2025. The Board noted each Fund performed comparably to Dean's separately managed accounts with similar investment strategies, considering differences in fees and methods of calculating performance.

Equity Income Fund. The Trustees noted that the Fund underperformed its peer group, Morningstar category and benchmarks for the one-year and since inception periods. The Board considered that the Fund's investment style had been out of favor over the past few years but recognized Dean's commitment to the investment strategy over the long-term. The Board recalled Dean's discussion about how the Fund's particular dividend focus impacted its performance relative to that of its peers. The Board concluded that Dean should be afforded additional time to manage the Fund over a full market cycle.

Mid Cap Fund. The Board observed that the Fund outperformed the Russell Mid Cap Value Index, its peer group, and Morningstar category over the one-year, five-year, and ten-year periods and underperformed the Russell 3000 Index over the same periods. The Board also noted that the Fund underperformed its Morningstar category, the Russell Mid Cap Value Index, and the Russell 3000 Index over the since inception period. The Board acknowledged Dean's position that the Fund underperformed the Russell 3000 Index due to the benchmark's significant exposure to the information technology sector and heavy weighting to large capitalization stocks, which outperformed mid-capitalization stocks held by the Fund. The Trustees considered the Funds' performance to be satisfactory.

Small Cap Fund. The Board noted that the Fund underperformed its peer group, Morningstar category and benchmarks across all periods. The Board discussed Dean's explanation for underperformance relative to the benchmarks, mainly that its focus on stocks with smaller market capitalizations and stronger value characteristics significantly underperformed the broader market. The Board also recalled Dean's statement that returns over the past few years had a dramatic impact on the Fund's performance over the long term. The Board concluded that Dean should be given the opportunity to continue to seek positive performance for shareholders.

(iii) <u>Fee Rate and Profitability.</u> Equity Income Fund. The Board considered that the Fund's management fee and net expense ratio were lower than the averages and medians of Morningstar category and peer group. The Board noted the management fee for the Fund was below the management fee charged by DIA for separately managed accounts. The Board recounted that DIA had an expense limitation agreement in place with respect to the Fund.

Mid Cap Fund. The Board discussed that the Fund's management fee and net expense ratio were higher than the averages and medians of Morningstar category. The Board also noted that the Fund's management fee and net expense ratio were both equal to the median of its peer group, and that the net expense ratio was below the peer group average but the management fee was higher than the peer group average. The Board noted the management fee for the Fund was below the management fee charged by DIA for separately managed accounts. The Board acknowledged DIA's position that most of the funds in its peer group were part of large organizations with much greater economies of scale. The Board also considered that DIA had an expense limitation agreement in place.

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

Small Cap Fund. The Board acknowledged that the Fund's management fee and net expense ratio were higher than the averages and medians of its Morningstar category and peer group. The Board noted the management fee was equal to the lowest management fee in a sliding fee scale that DIA charges for separately managed accounts. The Board acknowledged DIA's position that most of the funds in its peer group were part of large organizations with much greater economies of scale. The Board considered that DIA had an expense limitation agreement in place.

For each Fund, the Board reviewed the fee split and allocation of responsibilities between DIA and DCM, noting that DCM received the sub-advisory fee from DIA and not the applicable Fund. The Board also compared the sub-advisory fees to DCMs' fees for other similar accounts, noting that the sub-advisory fee paid by DIA to DCM was at or below the lowest fee charged by DCM for separately managed accounts. The Board concluded that the sub-advisory fees were not unreasonable.

The Trustees also considered profitability analyses prepared by DIA and DCM for their management of each Fund. The Board acknowledged that DIA was managing Equity Income Fund at a loss and concluded, therefore, that excessive profitability was not an issue with respect to Equity Income Fund at this time. The Board noted that DIA was earning a profit as a result of managing the Small Cap Fund and Mid Cap Fund and considered DIA's position that the profits were reasonable given the regulatory, operational, and reputation risks associated with managing the Funds.

The Board reviewed DCM's profitability analysis in connection with the sub-advisory services provided to the Funds and considered the profit levels in both actual dollars and as a percentage of revenue. The Board considered DCM's justifications for its profitability with respect to the Funds.

The Trustees also considered other potential benefits that DIA or DCM may receive in connection with its management of the Funds, including DIA's use of credits provided by Bloomberg Tradebook. After considering the above information, the Trustees concluded that the management fee and sub-advisory fee for each Fund were not unreasonable, and any profits earned in connection with managing the Funds were not excessive.

(iv) <u>Economies of Scale.</u> In determining the reasonableness of the management fee and sub-advisory fee for each Fund, the Trustees also considered whether DIA and/or DCM had realized economies of scale. The Trustees determined that, in light of the size of the Funds and DIA's and DCM's levels of profitability in managing the Funds, it does not appear that DIA or DCM had benefitted from economies of scale in managing the Funds to such an extent that breakpoints should be implemented at this time. The Board agreed that it would continue to monitor for opportunities to implement breakpoints as each Fund's size increased significantly. The Board concluded that based on each Fund's current asset size, the absence of breakpoints was acceptable at this time.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics attached hereto.](coe.htm)

(a)(2) Not applicable

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

(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](ex99-906.htm)

**SIGNATURES**

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

(Registrant) <u>Unified Series Trust</u> 

---

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

---

Date <u> 6/4/2026</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/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Executive Officer |

---

Date <u> 6/4/2026</u>

---

| | |
|:---|:---|
| By | /s/ Kevin M. Traegner |
|  | Kevin M. Traegner, Principal Financial Officer |

---

Date <u> 6/4/2026</u>

## Ex-99.Code

**UNIFIED SERIES TRUST**

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
with applicable laws and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service
as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
Board will be responsible for granting waivers, as appropriate; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

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

Adopted and Approved August 14, 2006.

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

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

**Persons Covered by this Code of Ethics**

(Updated August 17, 2021)

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

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

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

<u>UNIFIED SERIES TRUST</u>

**Covered Officer Annual Affirmation**

For the period ended ____________

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

Date: ___________________ _________________________________________

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: ___________________ _________________________________________

Covered Officer

## Ex-99.Cert

Exhibit 99.CERT

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date | 6/4/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond |
|  |  | Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Kevin M. Traegner, certify that:

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 6/4/2026 | /s/ Kevin M. Traegner |
|  |  | Kevin M. Traegner |
|  |  | Principal Financial Officer |

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## Exhibit 99.906

EX-99.906CERT

**SECTION 906 CERTIFICATION**

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

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies
with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Principal Executive Officer Unified Series Trust Principal Financial Officer Unified Series Trust

---

| | |
|:---|:---|
| /s/ Zachary P. Richmond | /s/ Kevin M. Traegner |
| Zachary P. Richmond | Kevin M. Traegner |

---

Date: <u>6/4/2026</u> Date: <u>6/4/2026</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.