# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-26-003063
**Filing Date:** 2026-5
**Character Count:** 275763
**Document Hash:** 8d3ccad3199330b08c28c49fbe7791ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003063.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001580642-26-003063

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 26953725

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### OneAscent Enhanced Small and Mid Cap ETF (Series ID: S000084956)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000249799 | OneAscent Enhanced Small and Mid Cap ETF | OASC            |

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

**united states securities and exchange commission washington, d.c. 20549** 

**form n-csr**

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

Investment Company Act file number: 811-21237

**Unified Series Trust**

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH&nbsp;&nbsp;&nbsp;&nbsp; 45246

(Address of principal executive offices)

(Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

Registrant's telephone number, including area code: 513-587-3400

Date of fiscal year end: <u>August 31</u> <br>Date of reporting period: <u>February 28, 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) Tailored Shareholder Reports

#### FI Institutional Group

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](iad6443e7de769946bb9093ff.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FI Institutional Group ESG Fixed Income Fund for Retirement Plans (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 851-8845.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| FI Institutional Group ESG Fixed Income Fund for Retirement Plans | $- | -% |

---

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$3233236 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Advisory Fee | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;40% |

---

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i234ebc5997ee544a504e0c17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 2.3% |
| Exchange-Traded Funds | 15.9% |
| U.S. Treasury Obligations | 81.4% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

![Image](iad6443e7de769946bb9093ff.jpg)

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

#### Semi-Annual Shareholder Report - February 28, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 022826-QDVBX

#### FI Institutional Group

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](iad6443e7de769946bb9093ff.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FI Institutional Group ESG Stock Fund for Retirement Plans (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 851-8845.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| FI Institutional Group ESG Stock Fund for Retirement Plans | $- | -% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib0080c61aa7ac823891fd2b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.7% |
| Communications | 4.3% |
| Consumer Staples | 4.4% |
| Materials | 5.5% |
| Consumer Discretionary | 6.0% |
| Energy | 6.3% |
| Health Care | 11.3% |
| Industrials | 16.9% |
| Technology | 19.6% |
| Financials | 24.9% |

---

#### Country Weighting (% of net assets)
![Group By Country Chart](i66492f6b8f210bb7e493e716.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Finland | 0.3% |
| India | 0.3% |
| Norway | 1.1% |
| Australia | 1.3% |
| Sweden | 1.5% |
| Canada | 2.0% |
| Denmark | 2.1% |
| Italy | 2.5% |
| Netherlands | 2.6% |
| Germany | 3.2% |
| France | 3.4% |
| Taiwan Province of China | 3.7% |
| Japan | 4.5% |
| Switzerland | 4.9% |
| China | 4.9% |
| Spain | 5.4% |
| United Kingdom | 6.2% |
| United States | 50.0% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $387943 |
| Number of Portfolio Holdings | 101 |
| Advisory Fee | $0 |
| Portfolio Turnover | 8% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

![Image](iad6443e7de769946bb9093ff.jpg)

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

#### Semi-Annual Shareholder Report - February 28, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 022826-QDVSX

#### FI Institutional Group

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](iad6443e7de769946bb9093ff.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FI Institutional Group Fixed Income Fund for Retirement Plans (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 851-8845.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| FI Institutional Group Fixed Income Fund for Retirement Plans | $- | -% |

---

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$3261840 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;Advisory Fee | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;39% |

---

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i2982ed1e15dcdf486456c3a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 2.3% |
| Exchange-Traded Funds | 14.9% |
| U.S. Treasury Obligations | 82.4% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

![Image](iad6443e7de769946bb9093ff.jpg)

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

#### Semi-Annual Shareholder Report - February 28, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 022826-QDIBX

#### FI Institutional Group

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](iad6443e7de769946bb9093ff.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FI Institutional Group Stock Fund for Retirement Plans (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 851-8845.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| FI Institutional Group Stock Fund for Retirement Plans | $- | -% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib4ad1df0fd50d18596e0f68a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.7% |
| Consumer Staples | 4.5% |
| Materials | 5.5% |
| Consumer Discretionary | 5.9% |
| Energy | 6.3% |
| Communications | 6.6% |
| Health Care | 11.0% |
| Industrials | 17.7% |
| Technology | 18.8% |
| Financials | 22.9% |

---

#### Country Weighting (% of net assets)
![Group By Country Chart](ia0575d545f918138da5123a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Finland | 0.2% |
| Brazil | 0.4% |
| India | 0.7% |
| Sweden | 0.7% |
| Australia | 1.1% |
| Denmark | 1.2% |
| Italy | 1.8% |
| Netherlands | 3.0% |
| Taiwan Province of China | 3.5% |
| France | 3.5% |
| Switzerland | 3.6% |
| China | 4.2% |
| Germany | 4.7% |
| Canada | 4.9% |
| Spain | 5.0% |
| Japan | 5.1% |
| United Kingdom | 5.7% |
| United States | 50.6% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $388350 |
| Number of Portfolio Holdings | 108 |
| Advisory Fee | $0 |
| Portfolio Turnover | 6% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

![Image](iad6443e7de769946bb9093ff.jpg)

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

#### Semi-Annual Shareholder Report - February 28, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 022826-QDISX

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i55df8d079f9162010d1a292e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about OneAscent Core Plus Bond ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oacp**. You can also request this information by contacting us at (800) 222-8274.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| OneAscent Core Plus Bond ETF | $35 | 0.70% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $234638818 |
| Number of Portfolio Holdings | 242 |
| Advisory Fee | $524983 |
| Portfolio Turnover | 79% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Note, 4.625%, due 02/15/46 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;United States Treasury Note, 3.750%, due 01/31/31 | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;United States Treasury Note, 3.375%, due 02/29/28 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;United States Treasury Note, 4.125%, due 02/15/36 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;United States Treasury Note, 4.625%, due 11/15/55 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;United States Treasury Note, 3.500%, due 02/15/29 | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Fannie Mae Pool, 5.500%, due 05/1/54 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Fannie Mae Pool, 3.000%, due 04/1/52 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Fannie Mae Pool, 4.000%, due 06/1/52 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Fannie Mae Pool, 3.500%, due 04/1/52 | &nbsp;&nbsp;0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ibb0b6d412acb7a50cf284851.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Term Loans | 0.8% |
| Collateralized Mortgage Obligations | 0.9% |
| Non U.S. Government & Agencies | 6.8% |
| Asset Backed Securities | 8.0% |
| Municipal Bonds | 9.1% |
| U.S. Government & Agencies | 35.6% |
| Corporate Bonds | 37.5% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i55df8d079f9162010d1a292e.jpg)

#### OneAscent Core Plus Bond ETF

#### Semi-Annual Shareholder Report - February 28, 2026
TSR-SAR 022826-OACP

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i55df8d079f9162010d1a292e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about OneAscent Emerging Markets ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oaem**. You can also request this information by contacting us at (800) 222-8274.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| OneAscent Emerging Markets ETF | $75 | 1.25% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $99131456 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee (net of recoupments) | $326799 |
| Portfolio Turnover | 73% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Grupo Mexico S.A.B. de C.V., Class B | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Bharat Petroleum Corp Ltd. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;State Bank of India | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Telekom Malaysia Bhd | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;CPFL Energia S.A. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;South Indian Bank Ltd. (The) | &nbsp;&nbsp;2.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idf1afed2d878463d2f992c81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Consumer Discretionary | 3.5% |
| Consumer Staples | 4.1% |
| Communications | 4.1% |
| Utilities | 4.6% |
| Energy | 5.1% |
| Materials | 9.9% |
| Industrials | 13.0% |
| Financials | 16.8% |
| Technology | 37.0% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i55df8d079f9162010d1a292e.jpg)

#### OneAscent Emerging Markets ETF

#### Semi-Annual Shareholder Report - February 28, 2026
TSR-SAR 022826-OAEM

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i55df8d079f9162010d1a292e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about OneAscent International Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oaim**. You can also request this information by contacting us at (800) 222-8274.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| OneAscent International Equity ETF | $52 | 0.95% |

---

#### What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $296516084 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of recoupments) | $979539 |
| Portfolio Turnover | 46% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6bf8dbb29d25ed520502e6d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Health Care | 1.0% |
| Consumer Discretionary | 3.8% |
| Communications | 6.2% |
| Energy | 7.0% |
| Utilities | 7.3% |
| Materials | 9.6% |
| Technology | 10.4% |
| Industrials | 24.4% |
| Financials | 28.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;NSK Ltd. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Powszechny Zaklad Ubezpieczen S.A. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Construcciones y Auxiliar de Ferrocarriles S.A. | &nbsp;&nbsp;2.9% |

---

Country Weighting (% of net assets)

![Group By Country Chart](icaac5fef5d0e79e42e5174f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Other Countries | 37.5% |
| Luxembourg | 3.5% |
| Netherlands | 3.8% |
| Spain | 4.0% |
| Taiwan Province Of China | 4.1% |
| Belgium | 4.5% |
| Singapore | 5.2% |
| Korea (Republic of) | 5.5% |
| Canada | 6.6% |
| United Kingdom | 7.0% |
| Japan | 16.7% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i55df8d079f9162010d1a292e.jpg)

#### OneAscent International Equity ETF

#### Semi-Annual Shareholder Report - February 28, 2026
TSR-SAR 022826-OAIM

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i55df8d079f9162010d1a292e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about OneAscent Large Cap Core ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oalc**. You can also request this information by contacting us at (800) 222-8274.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| OneAscent Large Cap Core ETF | $25 | 0.49% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $202689747 |
| Number of Portfolio Holdings | 205 |
| Advisory Fee (net of waivers) | $274702 |
| Portfolio Turnover | 21% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;1.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iabfce7a10fd68a84f6ad84cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Real Estate | 0.8% |
| Materials | 1.3% |
| Energy | 2.6% |
| Utilities | 2.6% |
| Consumer Staples | 4.8% |
| Health Care | 7.9% |
| Industrials | 10.1% |
| Financials | 10.2% |
| Communications | 10.9% |
| Consumer Discretionary | 12.0% |
| Technology | 36.7% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i55df8d079f9162010d1a292e.jpg)

#### OneAscent Large Cap Core ETF

#### Semi-Annual Shareholder Report - February 28, 2026
TSR-SAR 022826-OALC

#### OneAscent Enhanced Small and Mid Cap ETF
(OASC) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i55df8d079f9162010d1a292e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about OneAscent Enhanced Small and Mid Cap ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://investments.oneascent.com/d/semi-annual-report-oasc**. You can also request this information by contacting us at (800) 222-8274. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| OneAscent Enhanced Small and Mid Cap ETF | $33 | 0.64% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $73133470 |
| Number of Portfolio Holdings | 185 |
| Advisory Fee (net of waivers) | $90699 |
| Portfolio Turnover | 107% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Howard Hughes Holdings, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Markel Group, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;1.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic56d6afdbb0279f7caba05b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.9% |
| Consumer Staples | 2.1% |
| Utilities | 2.1% |
| Communications | 2.2% |
| Real Estate | 2.5% |
| Energy | 3.9% |
| Materials | 6.8% |
| Consumer Discretionary | 9.3% |
| Health Care | 12.8% |
| Industrials | 12.9% |
| Technology | 18.8% |
| Financials | 23.5% |

---

# Material Fund Changes
Effective November 12, 2025, the OneAscent Small Cap Core ETF changed its name to the OneAscent Enhanced Small and Mid Cap ETF.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i55df8d079f9162010d1a292e.jpg)

#### OneAscent Enhanced Small and Mid Cap ETF

#### Semi-Annual Shareholder Report - February 28, 2026
TSR-SAR 022826-OASC

#### Tactical Multi-Purpose Fund

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

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](iad6443e7de769946bb9093ff.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Tactical Multi-Purpose Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://Inst40ActTSR.com**. You can also request this information by contacting us at (800) 550-1071.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Tactical Multi-Purpose Fund | $50 | 1.00% |

---

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$27807 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Advisory Fee (net of waivers) | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;0% |

---

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i46fea07c0779ba5e87b79b89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.6% |
| Money Market Funds | 103.6% |

---

# Material Fund Changes
No material changes occurred during the period ended February 28, 2026.

![Image](iad6443e7de769946bb9093ff.jpg)

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

#### Semi-Annual Shareholder Report - February 28, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 022826-TMPFX

(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

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

---

**Semi-Annual Financial Statements**

**and Additional Information**

**February 28, 2026**

**FI Institutional Group**

**Stock Fund for Retirement Plans**

**FI Institutional Group**

**ESG Stock Fund for Retirement Plans**

**FI Institutional Group**

**Fixed Income Fund for Retirement Plans**

**FI Institutional Group**

**ESG Fixed Income Fund for Retirement Plans**

---

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

---

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

**Schedule of Investments**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.15%** |  |  |
| **Australia — 1.14%** |  |  |
| **Financials — 0.83%** |  |  |
| Westpac Banking Corp. | 107 | $3240 |
| **Materials — 0.31%** |  |  |
| Rio Tinto Ltd. | 10 | 1191 |
| **Total Australia** |  | 4431 |
| **Brazil — 0.42%** |  |  |
| **Materials — 0.42%** |  |  |
| Vale SA - ADR | 95 | 1632 |
| **Total Brazil** |  | 1632 |
| **Canada — 4.85%** |  |  |
| **Energy — 0.42%** |  |  |
| Suncor Energy, Inc. | 29 | 1639 |
| **Industrials — 1.04%** |  |  |
| Canadian Pacific Kansas City Ltd. | 46 | 4029 |
| **Materials — 3.39%** |  |  |
| Hudbay Minerals, Inc. | 232 | 6573 |
| Lundin Mining Corp. | 208 | 6629 |
|  |  | 13202 |
| **Total Canada** |  | 18870 |
| **China — 4.25%** |  |  |
| **Communications — 0.66%** |  |  |
| Tencent Holdings Ltd. - ADR | 39 | 2562 |
| **Consumer Discretionary — 1.31%** |  |  |
| Alibaba Group Holding Ltd. - ADR | 21 | 3026 |
| Meituan<sup>(a)</sup> | 198 | 2054 |
|  |  | 5080 |
| **Financials — 2.13%** |  |  |
| CITIC Securities Company Ltd. | 1365 | 4896 |
| Ping An Insurance (Group) Company of China Ltd., H Shares | 388 | 3373 |
|  |  | 8269 |
| **Health Care — 0.15%** |  |  |
| Sino Biopharmaceutical Ltd. - ADR | 41 | 599 |
| **Total China** |  | 16510 |
| **Denmark — 1.22%** |  |  |
| **Financials — 0.81%** |  |  |
| Danske Bank A/S | 60 | 3132 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.15% - continued** |  |  |
| **Denmark — 1.22% - continued** |  |  |
| **Industrials — 0.41%** |  |  |
| FLSmidth & Co. A/S<sup>(a)</sup> | 18 | $1596 |
| **Total Denmark** |  | 4728 |
| **Finland — 0.24%** |  |  |
| **Industrials — 0.24%** |  |  |
| Valmet Oyj | 28 | 943 |
| **Total Finland** |  | 943 |
| **France — 3.50%** |  |  |
| **Consumer Discretionary — 0.62%** |  |  |
| Kering SA - ADR | 72 | 2415 |
| **Energy — 0.53%** |  |  |
| TotalEnergies SE | 26 | 2068 |
| **Industrials — 2.10%** |  |  |
| Legrand SA | 25 | 4548 |
| Schneider Electric SE | 11 | 3599 |
|  |  | 8147 |
| **Technology — 0.25%** |  |  |
| Dassault Systems SE | 44 | 965 |
| **Total France** |  | 13595 |
| **Germany — 4.67%** |  |  |
| **Communications — 0.89%** |  |  |
| Deutsche Telekom A.G. | 86 | 3467 |
| **Consumer Discretionary — 0.58%** |  |  |
| adidas AG | 12 | 2245 |
| **Industrials — 2.63%** |  |  |
| MTU Aero Engines AG | 8 | 3457 |
| Siemens AG | 23 | 6728 |
|  |  | 10185 |
| **Technology — 0.57%** |  |  |
| SAP SE | 11 | 2224 |
| **Total Germany** |  | 18121 |
| **India — 0.56%** |  |  |
| **Financials — 0.56%** |  |  |
| HDFC Bank Ltd. - ADR | 68 | 2166 |
| **Total India** |  | 2166 |
| **Italy — 1.79%** |  |  |
| **Energy — 0.60%** |  |  |
| Eni SpA | 101 | 2347 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.15% - continued** |  |  |
| **Italy — 1.79% - continued** |  |  |
| **Financials — 1.19%** |  |  |
| Intesa Sanpaolo SpA | 672 | $4637 |
| **Total Italy** |  | 6984 |
| **Japan — 5.03%** |  |  |
| **Financials — 0.60%** |  |  |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 104 | 2334 |
| **Industrials — 4.43%** |  |  |
| Daifuku Company Ltd. - ADR | 85 | 1741 |
| FANUC Corp. - ADR | 99 | 2242 |
| Mitsubishi Corp. | 160 | 5420 |
| Mitsubishi Heavy Industries Ltd. | 130 | 4174 |
| SMC Corp. - ADR | 98 | 2346 |
| Yaskawa Electric Corp. - ADR | 18 | 1268 |
|  |  | 17191 |
| **Total Japan** |  | 19525 |
| **Netherlands — 2.95%** |  |  |
| **Financials — 0.70%** |  |  |
| ING Groep NV | 93 | 2709 |
| **Technology — 2.25%** |  |  |
| ASML Holding NV | 6 | 8751 |
| **Total Netherlands** |  | 11460 |
| **Spain — 5.02%** |  |  |
| **Consumer Discretionary — 1.06%** |  |  |
| Industria de Diseno Textil SA | 61 | 4098 |
| **Financials — 3.96%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 250 | 5838 |
| Banco Santander SA | 479 | 6110 |
| CaixBank SA | 275 | 3421 |
|  |  | 15369 |
| **Total Spain** |  | 19467 |
| **Sweden — 0.66%** |  |  |
| **Communications — 0.66%** |  |  |
| Spotify Technology SA<sup>(a)</sup> | 5 | 2575 |
| **Total Sweden** |  | 2575 |
| **Switzerland — 3.63%** |  |  |
| **Financials — 2.27%** |  |  |
| Swiss Re AG | 14 | 2476 |
| UBS Group AG | 151 | 6288 |
|  |  | 8764 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.15% - continued** |  |  |
| **Switzerland — 3.63% - continued** |  |  |
| **Health Care — 1.36%** |  |  |
| Novartis AG | 31 | $5262 |
| **Total Switzerland** |  | 14026 |
| **Taiwan Province of China — 3.47%** |  |  |
| **Technology — 3.47%** |  |  |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 36 | 13484 |
| **Total Taiwan Province of China** |  | 13484 |
| **United Kingdom — 5.71%** |  |  |
| **Energy — 1.23%** |  |  |
| BP PLC | 248 | 1597 |
| Shell PLC | 77 | 3187 |
|  |  | 4784 |
| **Financials — 0.74%** |  |  |
| NatWest Group PLC | 346 | 2887 |
| **Health Care — 2.55%** |  |  |
| AstraZeneca PLC | 24 | 5027 |
| GSK PLC | 165 | 4895 |
|  |  | 9922 |
| **Industrials — 1.19%** |  |  |
| Rolls-Royce Holdings PLC | 257 | 4619 |
| **Total United Kingdom** |  | 22212 |
| **United States — 50.04%** |  |  |
| **Communications — 4.34%** |  |  |
| Alphabet, Inc., Class A | 26 | 8106 |
| Meta Platforms, Inc., Class A | 12 | 7778 |
| Netflix, Inc.<sup>(a)</sup> | 10 | 962 |
|  |  | 16846 |
| **Consumer Discretionary — 2.35%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 23 | 4831 |
| Home Depot, Inc. (The) | 8 | 3046 |
| Starbucks Corp. | 13 | 1274 |
|  |  | 9151 |
| **Consumer Staples — 4.52%** |  |  |
| Coca-Cola Co. (The) | 42 | 3425 |
| Costco Wholesale Corp. | 3 | 3032 |
| PepsiCo, Inc. | 13 | 2207 |
| Procter & Gamble Co. (The) | 21 | 3511 |
| Walmart, Inc. | 42 | 5375 |
|  |  | 17550 |
| **Energy — 3.54%** |  |  |
| Chevron Corp. | 30 | 5603 |
| ConocoPhillips | 11 | 1248 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.15% - continued** |  |  |
| **United States — 50.04% - continued** |  |  |
| **Energy — 3.54% - continued** |  |  |
| Exxon Mobil Corp. | 45 | $6863 |
|  |  | 13714 |
| **Financials — 9.19%** |  |  |
| American Express Co. | 13 | 4016 |
| Bank of America Corp. | 57 | 2840 |
| BlackRock, Inc. | 3 | 3190 |
| Citigroup, Inc. | 33 | 3636 |
| Goldman Sachs Group, Inc. (The) | 5 | 4298 |
| Invesco Ltd. | 52 | 1366 |
| Jefferies Financial Group, Inc. | 25 | 1110 |
| JPMorgan Chase & Co. | 14 | 4204 |
| MasterCard, Inc., Class A | 4 | 2069 |
| Morgan Stanley | 29 | 4829 |
| T. Rowe Price Group, Inc. | 10 | 946 |
| Visa, Inc., Class A | 10 | 3201 |
|  |  | 35705 |
| **Health Care — 6.90%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 5 | 1665 |
| Eli Lilly & Co. | 5 | 5260 |
| Incyte Corporation<sup>(a)</sup> | 18 | 1823 |
| Johnson & Johnson | 6 | 1491 |
| Merck & Co., Inc. | 36 | 4458 |
| Pfizer, Inc. | 128 | 3539 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 15 | 1023 |
| Thermo Fisher Scientific, Inc. | 3 | 1563 |
| United Therapeutics Corporation<sup>(a)</sup> | 4 | 2016 |
| UnitedHealth Group, Inc. | 5 | 1466 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5 | 2484 |
|  |  | 26788 |
| **Industrials — 5.62%** |  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 17 | 4288 |
| Boeing Co. (The)<sup>(a)</sup> | 10 | 2275 |
| Cummins, Inc. | 10 | 5839 |
| Deere & Co. | 6 | 3778 |
| Rockwell Automation, Inc. | 6 | 2445 |
| RTX Corp. | 16 | 3242 |
|  |  | 21867 |
| **Materials — 1.34%** |  |  |
| Materion Corp. | 10 | 1631 |
| New Linde PLC | 7 | 3556 |
|  |  | 5187 |
| **Technology — 12.24%** |  |  |
| Apple, Inc. | 42 | 11096 |
| Autodesk, Inc.<sup>(a)</sup> | 7 | 1721 |
| Broadcom, Inc. | 12 | 3835 |
| Cisco Systems, Inc. | 63 | 5006 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.15% - continued** |  |  |
| **United States — 50.04% - continued** |  |  |
| **Technology — 12.24% - continued** |  |  |
| Microsoft Corp. | 21 | $8247 |
| NVIDIA Corp. | 71 | 12580 |
| Oracle Corp. | 14 | 2036 |
| Salesforce, Inc. | 7 | 1364 |
| ServiceNow, Inc.<sup>(a)</sup> | 15 | 1620 |
|  |  | 47505 |
| **Total United States** |  | 194313 |
| **Total Common Stocks — (Cost $227,349)** |  | 385042 |
| **MONEY MARKET FUNDS — 0.72%** |  |  |
| First American Government Obligations Fund, Class X, 3.60%<sup>(b)</sup> | 2814 | 2814 |
| **Total Money Market Funds (Cost $2,814)** |  | 2814 |
| **Total Investments — 99.87% (Cost $230,163)** |  | 387856 |
| **Other Assets in Excess of Liabilities — 0.13%** |  | 494 |
| **NET ASSETS — 100.00%** |  | $388350 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of February 28, 2026.

ADR - American Depositary Receipt

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

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

**Schedule of Investments**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.72%** |  |  |
| **Australia — 0.84%** |  |  |
| **Financials — 0.84%** |  |  |
| Westpac Banking Corp. | 107 | $3240 |
| **Total Australia** |  | 3240 |
| **Canada — 1.97%** |  |  |
| **Materials — 1.97%** |  |  |
| Hudbay Minerals, Inc. | 158 | 4478 |
| Lundin Mining Corp. | 100 | 3187 |
|  |  | 7665 |
| **Total Canada** |  | 7665 |
| **China — 4.88%** |  |  |
| **Communications — 1.00%** |  |  |
| Tencent Holdings Ltd. - ADR | 59 | 3876 |
| **Consumer Discretionary — 1.64%** |  |  |
| Alibaba Group Holding Ltd. - ADR | 30 | 4323 |
| Meituan<sup>(a)</sup> | 199 | 2064 |
|  |  | 6387 |
| **Financials — 2.08%** |  |  |
| CITIC Securities Company Ltd. | 1283 | 4602 |
| Ping An Insurance (Group) Company of China Ltd., H Shares | 404 | 3512 |
|  |  | 8114 |
| **Health Care — 0.16%** |  |  |
| Sino Biopharmaceutical Ltd. - ADR | 42 | 613 |
| **Total China** |  | 18990 |
| **Denmark — 2.14%** |  |  |
| **Financials — 1.22%** |  |  |
| Danske Bank A/S | 91 | 4751 |
| **Industrials — 0.92%** |  |  |
| FLSmidth & Co. A/S<sup>(a)</sup> | 12 | 1064 |
| Vestas Wind Systems A/S | 98 | 2518 |
|  |  | 3582 |
| **Total Denmark** |  | 8333 |
| **Finland — 0.25%** |  |  |
| **Industrials — 0.25%** |  |  |
| Valmet Oyj | 29 | 976 |
| **Total Finland** |  | 976 |
| **France — 3.42%** |  |  |
| **Consumer Discretionary — 0.62%** |  |  |
| Kering SA - ADR | 72 | 2416 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.72% - continued** |  |  |
| **France — 3.42% - continued** |  |  |
| **Energy — 0.62%** |  |  |
| TotalEnergies SE | 30 | $2387 |
| **Industrials — 1.69%** |  |  |
| Schneider Electric SE | 20 | 6544 |
| **Technology — 0.49%** |  |  |
| Dassault Systems SE | 87 | 1908 |
| **Total France** |  | 13255 |
| **Germany — 3.13%** |  |  |
| **Consumer Discretionary — 0.63%** |  |  |
| adidas AG | 13 | 2431 |
| **Industrials — 2.14%** |  |  |
| Daimler Truck Holding AG<sup>(a)</sup> | 53 | 2697 |
| Siemens AG | 19 | 5558 |
|  |  | 8255 |
| **Technology — 0.36%** |  |  |
| SAP SE | 7 | 1415 |
| **Total Germany** |  | 12101 |
| **India — 0.28%** |  |  |
| **Financials — 0.28%** |  |  |
| HDFC Bank Ltd. - ADR | 34 | 1083 |
| **Total India** |  | 1083 |
| **Italy — 2.44%** |  |  |
| **Energy — 1.14%** |  |  |
| Eni SpA | 192 | 4463 |
| **Financials — 1.30%** |  |  |
| Intesa Sanpaolo SpA | 730 | 5037 |
| **Total Italy** |  | 9500 |
| **Japan — 4.49%** |  |  |
| **Financials — 0.97%** |  |  |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 167 | 3747 |
| **Industrials — 3.52%** |  |  |
| Daifuku Company Ltd. - ADR | 64 | 1311 |
| FANUC Corp. - ADR | 92 | 2084 |
| Hitachi Ltd. | 100 | 3347 |
| Marubeni Corp. | 130 | 5001 |
| Yaskawa Electric Corp. - ADR | 27 | 1902 |
|  |  | 13645 |
| **Total Japan** |  | 17392 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.72% - continued** |  |  |
| **Netherlands — 2.63%** |  |  |
| **Technology — 2.63%** |  |  |
| ASML Holding NV | 7 | $10209 |
| **Total Netherlands** |  | 10209 |
| **Norway — 1.04%** |  |  |
| **Energy — 1.04%** |  |  |
| Equinor ASA | 136 | 4028 |
| **Total Norway** |  | 4028 |
| **Spain — 5.44%** |  |  |
| **Consumer Discretionary — 1.03%** |  |  |
| Industria de Diseno Textil SA | 60 | 4031 |
| **Financials — 4.41%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 266 | 6213 |
| Banco Santander SA | 457 | 5831 |
| CaixBank SA | 409 | 5088 |
|  |  | 17132 |
| **Total Spain** |  | 21163 |
| **Sweden — 1.50%** |  |  |
| **Communications — 0.66%** |  |  |
| Spotify Technology SA<sup>(a)</sup> | 5 | 2575 |
| **Industrials — 0.84%** |  |  |
| Atlas Copco AB | 150 | 3243 |
| **Total Sweden** |  | 5818 |
| **Switzerland — 4.81%** |  |  |
| **Financials — 2.18%** |  |  |
| Swiss Re AG | 14 | 2476 |
| UBS Group AG | 143 | 5955 |
|  |  | 8431 |
| **Health Care — 1.26%** |  |  |
| Novartis AG | 29 | 4924 |
| **Industrials — 1.37%** |  |  |
| ABB Ltd. | 57 | 5326 |
| **Total Switzerland** |  | 18681 |
| **Taiwan Province of China — 3.67%** |  |  |
| **Technology — 3.67%** |  |  |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 38 | 14234 |
| **Total Taiwan Province of China** |  | 14234 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.72% - continued** |  |  |
| **United Kingdom — 6.30%** |  |  |
| **Consumer Staples — 0.44%** |  |  |
| Unilever PLC | 23 | $1693 |
| **Energy — 2.16%** |  |  |
| BP PLC | 675 | 4345 |
| Shell PLC | 97 | 4018 |
|  |  | 8363 |
| **Financials — 0.50%** |  |  |
| NatWest Group PLC | 231 | 1927 |
| **Health Care — 1.02%** |  |  |
| AstraZeneca PLC | 19 | 3980 |
| **Materials — 2.18%** |  |  |
| Anglo American PLC | 48 | 2394 |
| Antofagasta PLC | 105 | 6040 |
|  |  | 8434 |
| **Total United Kingdom** |  | 24397 |
| **United States — 49.49%** |  |  |
| **Communications — 2.67%** |  |  |
| Alphabet, Inc., Class A | 27 | 8417 |
| Netflix, Inc.<sup>(a)</sup> | 20 | 1925 |
|  |  | 10342 |
| **Consumer Discretionary — 2.10%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 24 | 5041 |
| Home Depot, Inc. (The) | 8 | 3046 |
|  |  | 8087 |
| **Consumer Staples — 3.99%** |  |  |
| Colgate-Palmolive Co. | 29 | 2875 |
| Costco Wholesale Corp. | 3 | 3032 |
| PepsiCo, Inc. | 18 | 3055 |
| Procter & Gamble Co. (The) | 20 | 3345 |
| Walmart, Inc. | 25 | 3199 |
|  |  | 15506 |
| **Energy — 1.31%** |  |  |
| ConocoPhillips | 18 | 2042 |
| Schlumberger Ltd. | 59 | 3029 |
|  |  | 5071 |
| **Financials — 10.97%** |  |  |
| American Express Co. | 14 | 4325 |
| Bank of America Corp. | 56 | 2790 |
| BlackRock, Inc. | 4 | 4253 |
| Citigroup, Inc. | 50 | 5510 |
| Goldman Sachs Group, Inc. (The) | 5 | 4298 |
| Invesco Ltd. | 124 | 3256 |
| Jefferies Financial Group, Inc. | 20 | 888 |
| JPMorgan Chase & Co. | 14 | 4204 |
| MasterCard, Inc., Class A | 5 | 2586 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.72% - continued** |  |  |
| **United States — 49.49% - continued** |  |  |
| **Financials — 10.97% - continued** |  |  |
| Morgan Stanley | 26 | $4329 |
| T. Rowe Price Group, Inc. | 14 | 1325 |
| Visa, Inc., Class A | 15 | 4802 |
|  |  | 42566 |
| **Health Care — 8.87%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 6 | 1998 |
| Eli Lilly & Co. | 10 | 10520 |
| Incyte Corp.<sup>(a)</sup> | 24 | 2430 |
| Johnson & Johnson | 9 | 2236 |
| Merck & Co., Inc. | 28 | 3467 |
| Pfizer, Inc. | 113 | 3124 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 30 | 2046 |
| Thermo Fisher Scientific, Inc. | 4 | 2084 |
| United Therapeutics Corp.<sup>(a)</sup> | 5 | 2520 |
| UnitedHealth Group, Inc. | 5 | 1466 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5 | 2484 |
|  |  | 34375 |
| **Industrials — 6.22%** |  |  |
| Cummins, Inc. | 11 | 6422 |
| Deere & Co. | 9 | 5666 |
| Rockwell Automation, Inc. | 14 | 5704 |
| Union Pacific Corp. | 7 | 1855 |
| Xylem, Inc. | 35 | 4535 |
|  |  | 24182 |
| **Materials — 0.92%** |  |  |
| New Linde PLC | 7 | 3557 |
| **Technology — 12.44%** |  |  |
| Apple, Inc. | 40 | 10567 |
| Autodesk, Inc.<sup>(a)</sup> | 8 | 1967 |
| Broadcom, Inc. | 13 | 4154 |
| Cisco Systems, Inc. | 71 | 5642 |
| Microsoft Corp. | 21 | 8249 |
| NVIDIA Corp. | 71 | 12580 |
| Oracle Corp. | 13 | 1890 |
| Salesforce, Inc. | 8 | 1558 |
| ServiceNow, Inc.<sup>(a)</sup> | 15 | 1620 |
|  |  | 48227 |
| **Total United States** |  | 191913 |
| **Total Common Stocks — (Cost $232,422)** |  | 382978 |

---

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

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

**Schedule of Investments (continued)**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **PREFERRED STOCKS — 0.44%** |  |  |
| **Australia — 0.44%** |  |  |
| **Materials — 0.44%** |  |  |
| Fortescue Metals Group Ltd. | 113 | $1700 |
| **Total Australia** |  | 1700 |
| **Total Preferred Stocks — (Cost $1,554)** |  | 1700 |
| **MONEY MARKET FUNDS — 0.71%** |  |  |
| First American Government Obligations Fund, Class X, 3.60%<sup>(b)</sup> | 2766 | 2766 |
| **Total Money Market Funds (Cost $2,766)** |  | 2766 |
| **Total Investments — 99.87% (Cost $236,742)** |  | 387444 |
| **Other Assets in Excess of Liabilities — 0.13%** |  | 499 |
| **NET ASSETS — 100.00%** |  | $387943 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day
 effective yield as of February 28, 2026.

ADR - American Depositary Receipt

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

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

**Schedule of Investments**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 82.36%** |  |  |
| United States Treasury Note, 2.63 *%*, 2/15/2029 | $616100 | $602996 |
| United States Treasury Note, 4.00 *%*, 5/31/2030 | 299000 | 305179 |
| United States Treasury Note, 4.00 *%*, 1/31/2031 | 599000 | 611823 |
| United States Treasury Note, 4.50 *%*, 11/15/2033 | 291000 | 304970 |
| United States Treasury Note, 4.50 *%*, 2/15/2036 | 581000 | 610050 |
| United States Treasury Note, 4.50 *%*, 5/15/2038 | 149000 | 155128 |
| United States Treasury Note, 4.63 *%*, 2/15/2040 | 93000 | 96397 |
| **Total U.S. Government & Agencies (Cost $2,754,184)** |  | 2686543 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **EXCHANGE-TRADED FUNDS — 14.96%** |  | |
| iShares MBS ETF | 5034 | 487845 |
| **Total Exchange-Traded Funds (Cost $458,838)** |  | 487845 |
| **MONEY MARKET FUNDS — 2.29%** |  |  |
| First American Government Obligations Fund, Class X, 3.60%<sup>(a)</sup> | 74774 | 74774 |
| **Total Money Market Funds (Cost $74,774)** |  | 74774 |
| **Total Investments — 99.61% (Cost $3,287,796)** |  | 3249162 |
| **Other Assets in Excess of Liabilities — 0.39%** |  | 12678 |
| **NET ASSETS — 100.00%** |  | $3261840 |

---

(a) Rate disclosed is the seven day
 effective yield as of February 28, 2026.

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

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

**Schedule of Investments**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES** — **81.36%** |  |  |
| United States Treasury Note, 2.63 *%*, 2/15/2029 | $570700 | $558561 |
| United States Treasury Note, 4.00 *%*, 5/31/2030 | 300000 | 306199 |
| United States Treasury Note, 4.00 *%*, 1/31/2031 | 573000 | 585266 |
| United States Treasury Note, 4.13 *%*, 7/31/2031 | 40000 | 41098 |
| United States Treasury Note, 4.50 *%*, 11/15/2033 | 292000 | 306018 |
| United States Treasury Note, 4.50 *%*, 2/15/2036 | 557000 | 584850 |
| United States Treasury Note, 4.50 *%*, 5/15/2038 | 147000 | 153047 |
| United States Treasury Note, 4.63 *%*, 2/15/2040 | 92000 | 95360 |
| **Total U.S. Government & Agencies (Cost $2,698,122)** |  | 2630399 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EXCHANGE-TRADED FUNDS — 15.96%** |  |  |
| iShares MBS ETF | 5325 | 516046 |
| **Total Exchange-Traded Funds (Cost $485,215)** |  | 516046 |
| **MONEY MARKET FUNDS — 2.29%** |  |  |
| First American Government Obligations Fund, Class X, 3.60%<sup>(a)</sup> | 74156 | 74156 |
| **Total Money Market Funds (Cost $74,156)** |  | 74156 |
| **Total Investments — 99.61% (Cost $3,257,493)** |  | 3220601 |
| **Other Assets in Excess of Liabilities — 0.39%** |  | 12635 |
| **NET ASSETS — 100.00%** |  | $3233236 |

---

(a) Rate disclosed is the seven day
 effective yield as of February 28, 2026.

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

**FI Institutional Group Fund Family**

**Statements of Assets and Liabilities**

*February 28, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FI Institutional Group** | **FI Institutional Group** | **FI Institutional Group** | **FI Institutional Group** |
|  | **Stock<br> Fund for<br> Retirement<br> Plans** | **ESG Stock<br> Fund for<br> Retirement<br> Plans** | **Fixed Income<br> Fund for<br> Retirement<br> Plans** | **ESG Fixed<br> Income<br> Fund for<br> Retirement<br> Plans** |
| **Assets** |  |  |  |  |
| Investments in securities at value (cost $230,163, $236,742, $3,287,796 and $3,257,493, respectively) | $387856 | $387444 | $3249162 | $3220601 |
| Cash |  | 38 |  |  |
| Dividends and interest receivable | 494 | 461 | 12678 | 12635 |
| **Total Assets** | 388350 | 387943 | 3261840 | 3233236 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $388350 | $387943 | $3261840 | $3233236 |
| **Net Assets consist of:** |  |  |  |  |
| Paid-in capital | $223310 | $226185 | $3537607 | $3533311 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficits) | 165040 | 161758 | (275767) | (300075) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $388350 | $387943 | $3261840 | $3233236 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 19371 | 19535 | 358997 | 358933 |
| &nbsp;&nbsp;&nbsp;Net asset value and offering price per share | $20.05 | $19.86 | $9.09 | $9.01 |

---

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

**FI Institutional Group Fund Family**

**Statements of Operations**

*For the Six Months Ended February 28, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FI Institutional Group** | **FI Institutional Group** | **FI Institutional Group** | **FI Institutional Group** |
|  | **Stock**<br> **Fund for**<br> **Retirement**<br> **Plans** | **ESG Stock**<br> **Fund for**<br> **Retirement**<br> **Plans** | **Fixed Income**<br> **Fund for**<br> **Retirement**<br> **Plans** | **ESG Fixed<br> Income<br> Fund for<br> Retirement<br> Plans** |
| **Investment Income** |  |  |  |  |
| Dividend income | $2947 | $3232 | $15330 | $15877 |
| Interest income | 46 | 46 | 40732 | 39826 |
| Foreign dividend taxes withheld | (284) | (306) |  |  |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 2709 | 2972 | 56062 | 55703 |
| **Net investment income** | 2709 | 2972 | 56062 | 55703 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) on investment securities transactions | 6582 | 10285 | (138036) | (137473) |
| Net realized gain (loss) on foreign currency translations | (1) | 1 |  |  |
| Net change in unrealized appreciation of investment securities and foreign currency translations | 43404 | 40139 | 200544 | 199900 |
| **Net realized and change in unrealized gain on investments and foreign currency** | 49985 | 50425 | 62508 | 62427 |
| **Net increase in net assets resulting from operations** | $52694 | $53397 | $118570 | $118130 |

---

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

**FI Institutional Group Fund Family**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FI Institutional Group Stock<br> Fund for Retirement Plans** | **FI Institutional Group Stock<br> Fund for Retirement Plans** | **FI Institutional Group ESG Stock<br> Fund for Retirement Plans** | **FI Institutional Group ESG Stock<br> Fund for Retirement Plans** |
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2709 | $4987 | $2972 | $5439 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities transactions and foreign currency translations | 6581 | 35625 | 10286 | 34816 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities and foreign currency translations | 43404 | 4569 | 40139 | 161 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 52694 | 45181 | 53397 | 40416 |
| **Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (41216) | (11375) | (40964) | (13735) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (41216) | (11375) | (40964) | (13735) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 41216 | 11375 | 40964 | 13735 |
| **Net increase in net assets resulting from capital transactions** | 41216 | 11375 | 40964 | 13735 |
| **Total Increase in Net Assets** | 52694 | 45181 | 53397 | 40416 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 335656 | 290475 | 334546 | 294130 |
| &nbsp;&nbsp;&nbsp;End of period | $388350 | $335656 | $387943 | $334546 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 2194 | 663 | 2172 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 2194 | 663 | 2172 | 810 |

---

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

**FI Institutional Group Fund Family**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FI Institutional Group Fixed<br> Income Fund for Retirement Plans** | **FI Institutional Group Fixed<br> Income Fund for Retirement Plans** | **FI Institutional Group ESG<br> Fixed Income Fund for Retirement Plans** | **FI Institutional Group ESG<br> Fixed Income Fund for Retirement Plans** |
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $56062 | $105850 | $55703 | $104963 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities transactions and foreign currency translations | (138036) | 230 | (137473) | (4767) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investment securities and foreign currency translations | 200544 | (10689) | 199900 | (5601) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 118570 | 95391 | 118130 | 94595 |
| **Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings | (108322) | (101936) | (107566) | (100293) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (108322) | (101936) | (107566) | (100293) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 108322 | 101936 | 107566 | 100293 |
| **Net increase in net assets resulting from capital transactions** | 108322 | 101936 | 107566 | 100293 |
| **Total Increase in Net Assets** | 118570 | 95391 | 118130 | 94595 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3143270 | 3047879 | 3115106 | 3020511 |
| &nbsp;&nbsp;&nbsp;End of period | $3261840 | $3143270 | $3233236 | $3115106 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 12144 | 11867 | 12168 | 11786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 12144 | 11867 | 12168 | 11786 |

---

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

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

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended**<br> **February 28,<br> 2026**<br> **(Unaudited)** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $19.54 | $17.59 | $14.28 | $11.57 | $15.11 | $11.58 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.16 | 0.30 | 0.25 | 0.19 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.75 | 2.34 | 3.86 | 2.73 | (3.55) | 3.51 |
| Total from investment operations | 2.91 | 2.64 | 4.11 | 2.92 | (3.37) | 3.68 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.26) | (0.22) | (0.18) | (0.17) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.06) | (0.43) | (0.58) | (0.03) |  |  |
| Total distributions | (2.40) | (0.69) | (0.80) | (0.21) | (0.17) | (0.15) |
| Net asset value, end of period | $20.05 | $19.54 | $17.59 | $14.28 | $11.57 | $15.11 |
| **Total Return<sup>(a)</sup>** | 15.71 %<sup>(b)</sup> | 15.55% | 30.02% | 25.75% | (22.55)% | 32.06% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $388 | $336 | $290 | $223 | $178 | $229 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.51 %<sup>(c)</sup> | 1.66% | 1.64% | 1.56% | 1.37% | 1.27% |
| Portfolio turnover rate | 6 %<sup>(b)</sup> | 25% | 9% | 25% | 11% | 1% |

---

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

(b) Not
 annualized.

(c) Annualized.

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

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

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended**<br> **February 28,<br> 2026**<br> **(Unaudited)** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $19.27 | $17.77 | $14.48 | $11.56 | $14.98 | $11.58 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.17 | 0.32 | 0.28 | 0.20 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.78 | 2.01 | 3.90 | 2.91 | (3.45) | 3.40 |
| Total from investment operations | 2.95 | 2.33 | 4.18 | 3.11 | (3.26) | 3.56 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.28) | (0.25) | (0.19) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.99) | (0.55) | (0.64) |  |  |  |
| Total distributions | (2.36) | (0.83) | (0.89) | (0.19) | (0.16) | (0.16) |
| Net asset value, end of period | $19.86 | $19.27 | $17.77 | $14.48 | $11.56 | $14.98 |
| **Total Return<sup>(a)</sup>** | 15.95 %<sup>(b)</sup> | 13.75% | 30.13% | 27.34% | (22.03)% | 31.07% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $388 | $335 | $294 | $226 | $177 | $228 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.65 %<sup>(c)</sup> | 1.80% | 1.78% | 1.56% | 1.37% | 1.23% |
| Portfolio turnover rate | 8 %<sup>(b)</sup> | 23% | 9% | 30% | 10% | 1% |

---

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

(b) Not
 annualized.

(c) Annualized.

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

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

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended**<br> **February 28,<br> 2026**<br> **(Unaudited)** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.06 | $9.10 | $8.70 | $8.97 | $10.44 | $10.53 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.16 | 0.30 | 0.31 | 0.28 | 0.18 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.18 | (0.04) | 0.41 | (0.34) | (1.47) | 0.04 |
| Total from investment operations | 0.34 | 0.26 | 0.72 | (0.06) | (1.29) | 0.25 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.30) | (0.32) | (0.21) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | —<sub></sub> <sup>(a)</sup> | (0.07) |
| Total distributions | (0.31) | (0.30) | (0.32) | (0.21) | (0.18) | (0.34) |
| Net asset value, end of period | $9.09 | $9.06 | $9.10 | $8.70 | $8.97 | $10.44 |
| **Total Return<sup>(b)</sup>** | 3.84 %<sup>(c)</sup> | 3.09% | 8.42% | (0.60)% | (12.54)% | 2.38% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $3262 | $3143 | $3048 | $2812 | $2828 | $3236 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.54 %<sup>(d)</sup> | 3.47% | 3.59% | 3.30% | 1.89% | 2.00% |
| Portfolio turnover rate | 39 %<sup>(c)</sup> | 14% | 28% | 14% | 32% | 46% |

---

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

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

(c) Not
 annualized.

(d) Annualized.

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

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

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended**<br> **February 28,<br> 2026**<br> **(Unaudited)** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $8.98 | $9.02 | $8.64 | $8.92 | $10.41 | $10.54 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.16 | 0.31 | 0.31 | 0.29 | 0.18 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.18 | (0.05) | 0.39 | (0.35) | (1.50) | —<sub></sub> <sup>(a)</sup> |
| Total from investment operations | 0.34 | 0.26 | 0.70 | (0.06) | (1.32) | 0.21 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.30) | (0.32) | (0.22) | (0.17) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | —<sub></sub> <sup>(a)</sup> | (0.07) |
| Total distributions | (0.31) | (0.30) | (0.32) | (0.22) | (0.17) | (0.34) |
| Net asset value, end of period | $9.01 | $8.98 | $9.02 | $8.64 | $8.92 | $10.41 |
| **Total Return<sup>(b)</sup>** | 3.85 %<sup>(c)</sup> | 3.06% | 8.23% | (0.69)% | (12.85)% | 2.02% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $3233 | $3115 | $3021 | $2792 | $2812 | $3227 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.55 %<sup>(d)</sup> | 3.48% | 3.60% | 3.31% | 1.88% | 1.99% |
| Portfolio turnover rate | 40 %<sup>(c)</sup> | 15% | 29% | 14% | 33% | 46% |

---

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

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

(c) Not
 annualized.

(d) Annualized.

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

**FI Institutional Group Fund Family**

**Notes to the Financial Statements**

*February 28, 2026 (Unaudited)*

**NOTE 1. ORGANIZATION**

FI Institutional Group Stock Fund for Retirement Plans (the "Stock Fund"), FI Institutional Group ESG Stock Fund for Retirement Plans (the "ESG Stock Fund"), FI Institutional Group Fixed Income Fund for Retirement Plans (the "Fixed Income Fund") and FI Institutional Group ESG Fixed Income Fund for Retirement Plans (the "ESG Fixed Income Fund") (each a "Fund" and collectively the "Funds") were each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of Unified Series Trust (the "Trust") on November 12, 2018. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. Each Fund is one of a series of funds currently authorized by the Board. The Funds commenced operations on December 13, 2019. The investment adviser to the Funds is Fisher Asset Management, LLC, d/b/a Fisher Investments (the "Adviser"). The investment objective of the Stock Fund and ESG Stock Fund is to seek to outperform, net of fees and expenses, the return of the MSCI ACWI Investable Market Index. The investment objective of the Fixed Income Fund and ESG Fixed Income Fund is to seek to outperform, net of fees and expenses, the return of the ICE BofA U.S. Broad Market Index.

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 Funds' 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 ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

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

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

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

**Federal Income Taxes** – The Funds make no provision for federal income or excise tax. Each Fund has qualified and intends to qualify each year as a regulated investment 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 six months ended February 28, 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 six months ended February 28, 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,

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

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

**Security Transactions and Related Income** – The Funds follow industry practice and record security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.

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

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

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

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

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

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

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

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

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

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

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

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

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.

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

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

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

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Stock Fund | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $385042 | $— | $— | $385042 |
| Money Market Funds | 2814 |  |  | 2814 |
| Total | $387856 | $— | $— | $387856 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ESG Stock Fund | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $382978 | $— | $— | $382978 |
| Preferred Stocks | 1700 |  |  | 1700 |
| Money Market Funds | 2766 |  |  | 2766 |
| Total | $387444 | $— | $— | $387444 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fixed Income Fund | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government & Agencies<sup>(a)</sup> | $— | $2686543 | $— | $2686543 |
| Exchange-Traded Funds | 487845 |  |  | 487845 |
| Money Market Funds | 74774 |  |  | 74774 |
| Total | $562619 | $2686543 | $— | $3249162 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ESG Fixed Income Fund | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government & Agencies<sup>(a)</sup> | $— | $2630399 | $— | $2630399 |
| Exchange-Traded Funds | 516046 |  |  | 516046 |
| Money Market Funds | 74156 |  |  | 74156 |
| Total | $590202 | $2630399 | $— | $3220601 |

---

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

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

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

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

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

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

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

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

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

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chair of the Board and more than 75% of the Trustees are "Independent Trustees," which

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

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

**NOTE 5. INVESTMENT TRANSACTIONS**

For the six months ended February 28, 2026, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock**<br> **Fund** | **ESG Stock**<br>**Fund** | **Fixed Income**<br>**Fund** | **ESG Fixed**<br>**Income Fund** |
| Purchases | $23681 | $31861 | $1237071 | $1233053 |
| Sales | 21548 | 29753 | 1235358 | 1231164 |
| U.S. Government Purchases |  |  |  |  |
| U.S. Government Sales |  |  |  |  |

---

**NOTE 6. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of February 28, 2026, the Adviser owned 100% of outstanding shares of each of the Stock Fund, ESG Stock Fund, Fixed Income Fund and ESG Fixed Income Fund. As a result, the Adviser may be deemed to control each Fund.

**NOTE 7. FEDERAL TAX INFORMATION**

At February 28, 2026, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock**<br> **Fund** | **ESG Stock**<br>**Fund** | **Fixed Income**<br>**Fund** | **ESG Fixed**<br>**Income Fund** |
| Gross unrealized appreciation | $167610 | $160663 | $38354 | $40280 |
| Gross unrealized depreciation | (9992) | (10037) | (76039) | (76228) |
| Net unrealized appreciation (depreciation) on investments | 157618 | 150626 | (37685) | (35948) |
| Tax cost of investments | $230236 | $236818 | $3286847 | $3256551 |

---

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

The tax character of distributions paid for the fiscal year ended August 31, 2025, the Funds' most recent fiscal year end, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock**<br> **Fund** | **ESG Stock**<br>**Fund** | **Fixed Income**<br>**Fund** | **ESG Fixed**<br>**Income Fund** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $4310 | $4704 | $101936 | $100293 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 7066 | 9031 |  |  |
| Total distributions paid | $11376 | $13735 | $101936 | $100293 |

---

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

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

---

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

---

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

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

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

**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.

**FI Institutional Group Fund Family**

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

*February 28, 2026 (Unaudited)*

**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.

**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 FI Institutional Group Stock Fund for Retirement Plans (the "Stock Fund"), FI Institutional Group ESG Stock Fund for Retirement Plans (the "ESG Stock Fund"), FI Institutional Group Fixed Income Fund for Retirement Plans (the "Fixed Income Fund") and FI Institutional Group ESG Fixed Income Fund for Retirement Plans (the "ESG Fixed Income Fund") (together, the "Funds") 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, considered the renewal of each Fund's management agreement with its investment adviser, Fisher Asset Management, LLC ("Fisher"). In connection with such renewals, the Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances.

At the Trustees' quarterly meeting held in February 2026, the Trustees, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust or Fisher (the "Independent Trustees"), approved the renewal of each management agreement between the Trust and Fisher for an additional year. The Trustees' renewal of the Funds' management agreements 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.

**Nature, Extent, and Quality of Services.** The Trustees reviewed and considered information regarding the nature, extent, and quality of services that Fisher provides to each Fund, which included, but was not limited to, providing a continuous investment program for each Fund, adhering to each Fund's investment restrictions, complying with the Trust's policies and procedures, and voting proxies on behalf of each Fund. The Trustees considered the qualifications and experience of Fisher's portfolio managers who were responsible for the day-to-day management of the various Funds' portfolios, as well as the qualifications and experience of the other individuals at Fisher who provided services to the Funds. The Trustees recalled the investment process employed by Fisher, noting its broad analysis of economic, political, sentiment drivers to formulate forecasts and develop portfolio themes for the Funds. The Trustees further reviewed and considered Fisher's compliance program and its team members, including the Trust CCO's compliance review with respect to Fisher and the Funds. The Trustees concluded that they were satisfied with the nature, extent, and quality of investment management services provided by Fisher to each of the Funds.

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

**Fund Performance.** The Trustees next reviewed and discussed in detail the performance of each Fund for periods ended December 31, 2025. The Trustees noted that the Stock Fund and the ESG Stock Fund each outperformed its peer group and benchmark, the MSCI ACWI IMI Index, over the one-year, three-year, five-year and since inception periods. The Trustees also observed that the Stock Fund underperformed compared to a UCITS fund managed by Fisher with a similar strategy to the Stock Fund and considered Fisher's explanation that the underperformance for the one-year, three-year, and five-year periods relative to the UCITS fund was attributable to country and/or sector allocation and equity selection in such countries and sectors. The Trustees discussed that the ESG Stock Fund outperformed a UCITS fund managed by Fisher with a similar investment strategy to the ESG Stock Fund.

The Trustees noted that Fixed Income Fund and ESG Fixed Income Fund both outperformed its peer group, Morningstar category and benchmark, the ICE BofA U.S. Broad Market Index, over the one-year, three-year, and five-year periods. The Trustees reviewed the performance of the Fixed Income Fund since inception, noting that the Fixed Income Fund outperformed its benchmark and peer group but underperformed its Morningstar category. The Trustees reviewed the ESG Fixed Income Fund since inception, noting it outperformed its benchmark but underperformed its Morningstar category and peer group. The Trustees acknowledged Fisher's explanation that relative underperformance was attributable to allocations and security selection. The Trustees noted that Fisher does not manage any other pooled investment vehicle or private account comparable to the Fixed Income Fund or ESG Fixed Income Fund.

The Trustees concluded that the performance of each Fund was acceptable.

**Fee Rate and Profitability.** The Trustees reviewed a fee and expense comparison for each Fund. The Trustees noted that, with respect to the Stock Fund, Fixed Income Fund, ESG Stock Fund and ESG Fixed Income Fund, Fisher did not charge a management fee at the fund level, but that shareholders (retirement plans, plan sponsors, and/or plan participants) paid a separate advisory fee directly to Fisher for its services and also paid fees to record keepers and administrators.

The Trustees also considered profitability analyses for each Fund prepared by Fisher, which showed that Fisher did not earn a profit for managing any of the Funds. The Trustees noted Fisher's representation that it did not enter into soft-dollar transactions related to the Funds. The Trustees concluded that the management fees represent reasonable compensation in light of the nature, extent, and high quality of Fisher's services to the Funds.

**Economies of Scale.** In determining the reasonableness of the management fees, the Trustees also considered the extent to which Fisher would realize economies of scale as the Funds grew larger. The Trustees determined that, in light of the current size of the Funds and Fisher's representations that it was not earning a profit in managing the Funds, it did not appear that Fisher was realizing benefits from economies of scale in managing any of the Funds. Therefore, breakpoints were not a consideration at this time with respect to each Fund. Because Fisher did not charge a management fee to the Stock Fund, Fixed Income Fund, ESG Stock Fund, and ESG Fixed Income Fund, the Trustees determined that economies of scale was not a consideration at this time.

![](oneascent_001.jpg)

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

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

**OneAscent International Equity ETF (OAIM)**

**OneAscent Emerging Markets ETF (OAEM)**

**OneAscent Enhanced Small and Mid Cap ETF (OASC)**

*NYSE Arca, Inc.*

**Semi-Annual Financial Statements and**

**Additional Information**

**February 28, 2026**

**OneAscent Investment Solutions, LLC**

**23 Inverness Center Parkway**

**Birmingham, Alabama 35242**

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.83%** | | |
| **Communications — 10.90%** |  |  |
| Alphabet, Inc., Class C | 17476 | $5442551 |
| Alphabet, Inc., Class A | 21202 | 6609935 |
| AT&T, Inc. | 56284 | 1576515 |
| Booking Holdings, Inc. | 223 | 945375 |
| Electronic Arts, Inc. | 2881 | 577842 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 2847 | 248145 |
| Liberty Broadband Corp., Series C<sup>(a)</sup> | 4547 | 248312 |
| News Corp., Class A | 14607 | 354804 |
| Omnicom Group, Inc. | 13551 | 1155764 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 9360 | 160337 |
| T-Mobile US, Inc. | 4743 | 1029658 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 7574 | 180413 |
| Uber Technologies, Inc.<sup>(a)</sup> | 11626 | 876833 |
| VeriSign, Inc. | 1273 | 290168 |
| Verizon Communications, Inc. | 37841 | 1897347 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 18041 | 508215 |
|  |  | 22102214 |
| **Consumer Discretionary — 11.99%** |  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 5649 | 763236 |
| Amazon.com, Inc.<sup>(a)</sup> | 35736 | 7504561 |
| AutoZone, Inc.<sup>(a)</sup> | 138 | 518270 |
| Best Buy Co., Inc. | 6022 | 373183 |
| BorgWarner, Inc. | 16120 | 928028 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 7361 | 273976 |
| Copart, Inc.<sup>(a)</sup> | 12960 | 493646 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 2669 | 470998 |
| eBay, Inc. | 3901 | 354445 |
| Expedia Group, Inc. | 2098 | 452518 |
| Ford Motor Co. | 61788 | 870593 |
| General Motors Co. | 13873 | 1091944 |
| Gentex Corp. | 28359 | 663601 |
| Harley-Davidson, Inc. | 11638 | 209484 |
| Hilton Worldwide Holdings, Inc. | 944 | 294320 |
| Home Depot, Inc. (The) | 6217 | 2366936 |
| Lear Corp. | 6509 | 854306 |
| Lowe's Cos., Inc. | 4638 | 1227076 |
| Marriott International, Inc., Class A | 1799 | 614772 |
| McDonald's Corp. | 3597 | 1226794 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 6298 | 591256 |
| Rivian Automotive, Inc., Class A<sup>(a)</sup> | 17279 | 264887 |
| Ross Stores, Inc. | 3181 | 654141 |
| Royal Caribbean Cruises Ltd. | 1286 | 399895 |
| Tractor Supply Co. | 5107 | 264747 |
| Williams-Sonoma, Inc. | 1626 | 334387 |
| Yum! Brands, Inc. | 1489 | 250390 |
|  |  | 24312390 |

---

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.83% - continued** | | |
| **Consumer Staples — 4.81%** |  |  |
| Coca-Cola Co. (The) | 25188 | $2054333 |
| Hershey Co. (The) | 1643 | 388208 |
| Keurig Dr Pepper, Inc. | 9689 | 293383 |
| Mondelez International, Inc., Class A | 8711 | 536423 |
| PepsiCo, Inc. | 8039 | 1364540 |
| Procter & Gamble Co. (The) | 10628 | 1777002 |
| Sysco Corp. | 3542 | 322889 |
| Wal-Mart Stores, Inc. | 23538 | 3011687 |
|  |  | 9748465 |
| **Energy — 2.59%** |  |  |
| Chevron Corp. | 7392 | 1380530 |
| ConocoPhillips | 3599 | 408343 |
| Exxon Mobil Corp. | 17782 | 2711754 |
| SLB N.V. | 7242 | 371804 |
| Williams Cos., Inc. (The) | 4966 | 371060 |
|  |  | 5243491 |
| **Financials — 10.20%** |  |  |
| American Express Co. | 2833 | 875113 |
| Ameriprise Financial, Inc. | 648 | 304638 |
| Aon PLC, Class A | 1292 | 433427 |
| Apollo Global Management, Inc., Class A | 3849 | 402605 |
| Arthur J Gallagher & Co. | 844 | 192601 |
| Bank of America Corp. | 33673 | 1677926 |
| Bank of New York Mellon Corp. (The) | 3659 | 435787 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 7043 | 3556363 |
| Blackstone, Inc. | 5831 | 661060 |
| Capital One Financial Corp. | 2059 | 402823 |
| Charles Schwab Corp. (The) | 8256 | 785972 |
| Chubb Ltd. | 1309 | 446186 |
| CME Group, Inc. | 1788 | 571266 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 1255 | 220692 |
| Interactive Brokers Group, Inc., Class A | 6911 | 491994 |
| Intercontinental Exchange, Inc. | 4075 | 668830 |
| JPMorgan Chase & Co. | 11337 | 3404502 |
| Marsh & McLennan Cos., Inc. | 3314 | 618856 |
| Morgan Stanley | 9064 | 1509246 |
| Nasdaq, Inc. | 4066 | 356100 |
| PayPal Holdings, Inc. | 5569 | 257343 |
| PNC Financial Services Group, Inc. (The) | 1623 | 344644 |
| Progressive Corp. (The) | 2651 | 566413 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 3017 | 228839 |
| T. Rowe Price Group, Inc. | 5468 | 517437 |
| Truist Financial Corp. | 6005 | 296107 |
| U.S. Bancorp | 8261 | 451546 |
|  |  | 20678316 |
| **Health Care — 7.87%** |  |  |
| Abbott Laboratories | 9754 | 1134878 |

---

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.83% - continued** | | |
| **Health Care — 7.87% - continued** |  |  |
| Agilent Technologies, Inc. | 2720 | $330154 |
| Amgen, Inc. | 1839 | 713826 |
| Boston Scientific Corp.<sup>(a)</sup> | 8497 | 652994 |
| Bristol-Myers Squibb Co. | 15971 | 996111 |
| Cigna Group (The) | 1385 | 401401 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 4446 | 384446 |
| Elevance Health, Inc. | 1198 | 383360 |
| Eli Lilly & Co. | 3312 | 3484190 |
| Gilead Sciences, Inc. | 4586 | 683085 |
| Humana, Inc. | 893 | 170152 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 813 | 533921 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 2049 | 366382 |
| Merck & Co., Inc. | 17032 | 2108902 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 270 | 369006 |
| Regeneron Pharmaceuticals, Inc. | 686 | 536226 |
| ResMed, Inc. | 1149 | 294443 |
| Stryker Corp. | 2442 | 946177 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 973 | 483416 |
| Waters Corp.<sup>(a)</sup> | 694 | 221650 |
| Zoetis, Inc., Class A | 5702 | 747532 |
|  |  | 15942252 |
| **Industrials — 10.09%** |  |  |
| 3M Co. | 2260 | 373623 |
| AMETEK, Inc. | 2110 | 504754 |
| Amphenol Corp., Class A | 8003 | 1168918 |
| Carrier Global Corp. | 5795 | 373198 |
| Caterpillar, Inc. | 2480 | 1842219 |
| Cintas Corp. | 2100 | 422373 |
| CSX Corp. | 8710 | 371830 |
| Cummins, Inc. | 854 | 498625 |
| Deere & Co. | 1558 | 981088 |
| Eaton Corp. plc | 2459 | 924387 |
| Emerson Electric Co. | 1752 | 264114 |
| Expeditors International of Washington, Inc. | 2193 | 318051 |
| FedEx Corp. | 1186 | 458982 |
| GE Vernova, LLC | 1273 | 1112093 |
| General Electric Co. | 4250 | 1454605 |
| Honeywell International, Inc. | 3544 | 863284 |
| Howmet Aerospace, Inc. | 1291 | 338926 |
| Illinois Tool Works, Inc. | 1623 | 471692 |
| Johnson Controls International plc | 4750 | 685425 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 1973 | 606362 |
| Lockheed Martin Corp., Class B | 836 | 550155 |
| Norfolk Southern Corp. | 1264 | 397831 |
| Old Dominion Freight Line, Inc. | 2053 | 416862 |
| Otis Worldwide Corp. | 4202 | 388937 |
| PACCAR, Inc. | 3332 | 420132 |

---

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.83% - continued** | | |
| **Industrials — 10.09% - continued** |  |  |
| Parker-Hannifin Corp. | 627 | $632756 |
| Quanta Services, Inc. | 483 | 271968 |
| RTX Corp. | 5787 | 1172562 |
| TransDigm Group, Inc. | 220 | 286614 |
| Union Pacific Corp. | 3873 | 1026267 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 3145 | 334314 |
| United Parcel Service, Inc., Class B | 4514 | 523442 |
|  |  | 20456389 |
| **Materials — 1.29%** |  |  |
| Ecolab, Inc. | 1103 | 340110 |
| Linde plc | 2703 | 1373340 |
| Newmont Corp. | 3685 | 479050 |
| Sherwin-Williams Co. (The) | 1162 | 421330 |
|  |  | 2613830 |
| **Real Estate — 0.77%** |  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 4716 | 696364 |
| Crown Castle | 4636 | 415107 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1425 | 449659 |
|  |  | 1561130 |
| **Technology — 36.67%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 3182 | 834989 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 6306 | 1262524 |
| Analog Devices, Inc. | 3835 | 1364455 |
| Applied Materials, Inc. | 4545 | 1692104 |
| AppLovin Corp., Class A<sup>(a)</sup> | 1161 | 504768 |
| Arista Networks, Inc.<sup>(a)</sup> | 9139 | 1220057 |
| Autodesk, Inc.<sup>(a)</sup> | 1486 | 365363 |
| Automatic Data Processing, Inc. | 2200 | 471592 |
| Broadcom, Inc. | 15768 | 5038664 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1601 | 482541 |
| Ciena Corp.<sup>(a)</sup> | 2994 | 1044008 |
| Cisco Systems, Inc. | 40992 | 3257224 |
| Corning, Inc. | 14314 | 2152539 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1249 | 464603 |
| Datadog, Inc., Class A<sup>(a)</sup> | 1895 | 212164 |
| Dell Technologies, Inc., Class C | 3572 | 528942 |
| F5, Inc.<sup>(a)</sup> | 2946 | 799427 |
| Fortinet, Inc.<sup>(a)</sup> | 4854 | 383612 |
| Hewlett Packard Enterprise Co. | 18012 | 386718 |
| HP, Inc. | 17080 | 324349 |
| Intel Corp.<sup>(a)</sup> | 20980 | 956898 |
| InterDigital, Inc. | 735 | 269400 |
| International Business Machines Corp. | 3454 | 829685 |
| Intuit, Inc. | 1548 | 633178 |
| KLA Corp. | 861 | 1312638 |
| Lam Research Corp. | 7696 | 1800017 |
| Marvell Technology, Inc. | 2453 | 200386 |

---

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

**OneAscent Large Cap Core ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.83% - continued** | | |
| **Technology — 36.67% - continued** |  |  |
| Mastercard, Inc., Class A | 3790 | $1960226 |
| Microchip Technology, Inc. | 7604 | 567563 |
| Micron Technology, Inc. | 5239 | 2160406 |
| Microsoft Corp. | 26697 | 10484980 |
| Monolithic Power Systems, Inc. | 397 | 453668 |
| Moody's Corp. | 1155 | 551616 |
| Motorola Solutions, Inc. | 3209 | 1547572 |
| NetApp, Inc. | 3336 | 330364 |
| NVIDIA Corp. | 82578 | 14631994 |
| Oracle Corp. | 6703 | 974616 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 8257 | 1132778 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 3527 | 525241 |
| QUALCOMM, Inc. | 6288 | 895160 |
| Roper Technologies, Inc. | 756 | 264396 |
| S&P Global, Inc. | 1868 | 825432 |
| Seagate Technology Holdings plc | 1631 | 665187 |
| ServiceNow, Inc.<sup>(a)</sup> | 6060 | 654541 |
| Synopsys, Inc.<sup>(a)</sup> | 1250 | 517500 |
| Texas Instruments, Inc. | 6429 | 1363655 |
| Ubiquiti, Inc. | 613 | 470165 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 23833 | 708078 |
| Visa, Inc., Class A | 7679 | 2458355 |
| Western Digital Corp. | 2849 | 796865 |
| Workday, Inc., Class A<sup>(a)</sup> | 1807 | 241704 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 1555 | 348258 |
|  |  | 74323165 |
| **Utilities — 2.65%** |  |  |
| American Water Works Co., Inc. | 1588 | 216016 |
| Constellation Energy Corp. | 1897 | 625782 |
| Dominion Energy, Inc. | 8494 | 536311 |
| Duke Energy Corp. | 4317 | 564879 |
| Edison International | 6812 | 509129 |
| NextEra Energy, Inc. | 12524 | 1174376 |
| NRG Energy, Inc. | 1519 | 271840 |
| Public Service Enterprise Group, Inc. | 4266 | 367175 |
| Southern Co. (The) | 7217 | 702792 |
| Vistra Corp. | 2269 | 394556 |
|  |  | 5362856 |
| **Total Common Stock/Investments — 99.83% (Cost $162,550,662)** |  | 202344498 |
| **Other Assets in Excess of Liabilities — 0.17%** |  | 345249 |
| **NET ASSETS — 100.00%** |  | $202689747 |

---

(a) Non-income producing security.

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair Value** |
| **ASSET BACKED SECURITIES — 8.02%** |.1 |.1 |
| Aurora (Sunnova) I Issuer, LLC, Series 2023-B, Class C, 6.00%, 8/22/2050<sup>(a)</sup> | $753151.0 | $524033 |
| BBCMS Trust, Series 2015-SRCH, Class B, 4.50%, 8/10/2035<sup>(a)</sup> | 1000000.0 | 977195 |
| Centersquare Issuer, LLC, Series 2025-1A, Class A2, 5.50%, 3/26/2055<sup>(a)</sup> | 1050000.0 | 1050062 |
| Century Plaza Towers, Series 2019-CPT, Class B, 3.10%, 11/13/2039<sup>(a)</sup> | 740000.0 | 690454 |
| CHI Commercial Mortgage Trust, Series 2025-SFT, Class XA, 0.31%, 4/15/2042<sup>(a)</sup> | 3925000.0 | 34101 |
| CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, 5.67%, 4/15/2042<sup>(a)</sup> | 1000000.0 | 1031807 |
| COMM Mortgage Trust, Series 2022-HC, Class B, 3.17%, 1/10/2039<sup>(a)</sup> | 1000000.0 | 964860 |
| COMM Mortgage Trust, Series 2025-167G, Class A, 5.50%, 8/10/2040<sup>(a)</sup> | 275000.0 | 280196 |
| GoodLeap Sustainable Home Solutions Trust, Series 2022-3CS, Class B, 5.52%, 2/22/2055<sup>(a)</sup> | 860279.0 | 819942 |
| Hertz Vehicle Financing, LLC, Series 2023-2A, Class C, 7.13%, 9/25/2029<sup>(a)</sup> | 900000.0 | 933015 |
| Mosaic Solar Loan Trust, Series 2022-3A, Class A, 6.16%, 6/20/2053<sup>(a)</sup> | 690937.0 | 686664 |
| Mosaic Solar Loan Trust, Series 2023-2A, Class C, 8.18%, 9/22/2053<sup>(a)</sup> | 500000.0 | 110249 |
| Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 5.25%, 7/15/2036 (TSFR1M + 1.500bps)<sup>(a)(b)</sup> | 848857.0 | 818641 |
| NYC Commercial Mortgage Trust, Series 2025-300P, Class D, 6.16%, 7/13/2042<sup>(a)</sup> | 450000.0 | 460375 |
| One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/2054<sup>(a)</sup> | 1000000.0 | 940237 |
| One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, 2/10/2032<sup>(a)</sup> | 365224.0 | 355185 |
| Sabal Issuer, LLC, Series 2026-1A, Class A1, 6.00%, 5/2/2061<sup>(a)</sup> | 1000000.0 | 1003115 |
| STWD Mortgage Trust, Series 2021-LIH, Class B, 5.44%, 11/15/2036 (TSFR1M + 1.656bps)<sup>(a)(b)</sup> | 1100000.0 | 1096991 |
| Sunrun Jupiter Issuer, LLC, Series 2022-1A, Class A, 4.75%, 7/30/2057<sup>(a)</sup> | 881534.0 | 860018 |
| Switch A.B.S Issuer, LLC, Series 2025-1A, Class A2, 5.04%, 3/25/2055<sup>(a)</sup> | 1000000.0 | 994905 |
| Switch A.B.S Issuer, LLC, Series 2025-2A, Class A21, 5.12%, 10/25/2055<sup>(a)</sup> | 730000.0 | 736645 |
| Tesla Auto Lease Trust, Series 2024-A, Class A3, 5.30%, 6/21/2027<sup>(a)</sup> | 413324.0 | 414481 |
| Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, 6/20/2028<sup>(a)</sup> | 599096.0 | 604501 |
| Trinity Rail Leasing, LLC, Series 2025-1A, Class A, 5.09%, 10/19/2055<sup>(a)</sup> | 494457.0 | 502908 |
| Vivint Solar Financing V, LLC, Series 2018-1A, Class B, 7.37%, 4/30/2048<sup>(a)</sup> | 219392.0 | 215234 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-SVEN, Class X, 0.16%, 6/10/2037<sup>(a)</sup> |  | 714510 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-609M, Class A, 5.20%, 8/15/2042 (TSFR1M + 1.542bps)<sup>(a)(b)</sup> | 750000.0 | 750912 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-609M, Class B, 5.50%, 8/15/2042 (TSFR1M + 1.842bps)<sup>(a)(b)</sup> | 150000.0 | 150212 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-609M, Class C, 6.00%, 8/15/2042 (TSFR1M + 2.341bps)<sup>(a)(b)</sup> | 100000.0 | 100185 |
| **Total Asset Backed Securities (Cost $19,109,306)** |  | 18821633 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS** — **0.87%** |  |  |
| Freddie Mac Multiclass Certificates, Series 2022-P013, Class A2, 2.76%, 2/25/2032 | 1000000.0 | 935656 |
| Freddie Mac Multiclass Certificates, Series 2024-P016, Class A2, 4.62%, 9/25/2033 | 1000000.0 | 1028572 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.87% - continued** |.1 |.1 |
| Government National Mortgage Association, Series 2023-111, Class ZA, 3.00%, 2/20/2052 | $107778 | $79761 |
| **Total Collateralized Mortgage Obligations (Cost $2,014,681)** |  | 2043989 |
| **CORPORATE BONDS** — **37.45%** |  |  |
| **Communications — 0.47%** |  |  |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 1/24/2032<sup>(a)</sup> | 1025000 | 1097211 |
| **Consumer Discretionary — 2.04%** |  |  |
| Air Canada, Series 2020-2, Class A, 5.25%, 4/1/2029<sup>(a)</sup> | 421746 | 429759 |
| Amazon Conservation DAC, 6.03%, 1/16/2042<sup>(a)</sup> | 400000 | 417972 |
| Conservation Fund, Series 2019, 3.47%, 12/15/2029 | 1000000 | 968079 |
| NHP Foundation (The), 6.00%, 12/1/2033 | 500000 | 544296 |
| Trustees of Dartmouth College, 4.27%, 6/1/2030 | 1000000 | 1017493 |
| Walmart, Inc., 1.80%, 9/22/2031 | 1000000 | 902254 |
| YMCA of Greater New York, 5.18%, 8/1/2030 | 500000 | 507168 |
|  |  | 4787021 |
| **Consumer Staples — 1.05%** |  |  |
| Alimentation Couche-Tard, Inc., 3.63%, 5/13/2051<sup>(a)</sup> | 1000000 | 735663 |
| PepsiCo, Inc., 3.90%, 7/18/2032 | 1100000 | 1092039 |
| Unilever Capital Corp., 2.63%, 8/12/2051 | 1000000 | 638412 |
|  |  | 2466114 |
| **Energy — 3.85%** |  |  |
| Abu Dhabi Future Energy Co. Pjsc Masdar, 4.88%, 5/21/2030 | 1000000 | 1021710 |
| Cheniere Energy Partners, L.P., 4.00%, 3/1/2031 | 1000000 | 980748 |
| ConocoPhillips Co., 5.05%, 9/15/2033 | 500000 | 520539 |
| Continental Wind, LLC, 6.00%, 2/28/2033<sup>(a)</sup> | 909606 | 944050 |
| Diamondback Energy, Inc., 5.55%, 4/1/2035 | 650000 | 680343 |
| EOG Resources, Inc., 4.40%, 1/15/2031 | 1025000 | 1037465 |
| Equinor ASA, 3.95%, 5/15/2043 | 1000000 | 854694 |
| Occidental Petroleum Corp., 6.05%, 10/1/2054 | 400000 | 398789 |
| TotalEnergies Capital S.A., 5.49%, 4/5/2054 | 825000 | 816647 |
| TotalEnergies Capital S.A., 5.43%, 9/10/2064 | 1200000 | 1148676 |
| Western Midstream Operating, L.P., 5.50%, 12/15/2035 | 625000 | 630513 |
|  |  | 9034174 |
| **Financials — 13.57%** |  |  |
| 200 Park Funding Trust, 5.74%, 2/15/2055<sup>(a)</sup> | 975000 | 967533 |
| Bank of Montreal, 6.88%, Perpetual (H15T5Y + 2.976bps)<sup>(b)</sup> | 1000000 | 1032167 |
| Bank of Nova Scotia (The), 6.88%, 10/27/2085 (H15T5Y + 2.734bps)<sup>(b)</sup> | 1125000 | 1158003 |
| BB Blue Financing DAC, 4.40%, 9/20/2029 | 1000000 | 989599 |
| BB Blue Financing DAC, 4.40%, 9/20/2037 | 1000000 | 992396 |
| BPCE S.A., 6.29%, 1/14/2036 (SOFR + 1.620bps)<sup>(a)(b)</sup> | 1325000 | 1430207 |
| Canadian Imperial Bank of Commerce, 7.00%, 10/28/2085 (H15T5Y + 3.000bps)<sup>(b)</sup> | 1075000 | 1118578 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair Value** |
| **CORPORATE BONDS — 37.45% - continued** |.1 |.1 |
| **Financials — 13.57% - continued** |  |  |
| Canadian Imperial Bank of Commerce, 6.50%, 7/28/2086 (H15T5Y + 2.727bps)<sup>(b)</sup> | $725000 | $727237 |
| Clearinghouse Community Development Financial Institution, 7.00%, 10/15/2030<sup>(a)</sup> | 1000000 | 998775 |
| Consumers 2023 Securitization Funding, LLC, 5.55%, 3/1/2028 | 430798 | 434109 |
| Credit Agricole Corp. & Investment Bank S.A., 4.57%, 8/25/2030 | 1000000 | 1000819 |
| GPS Blue Financing DAC, 5.65%, 11/9/2041<sup>(a)</sup> | 1000000 | 1012300 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 7/1/2034 | 1000000 | 1034655 |
| HA Sustainable Infrastructure Capital, Inc., 8.00%, 6/1/2056 (H15T5Y + 4.301bps)<sup>(b)</sup> | 475000 | 500550 |
| HSBC Holdings PLC, 5.74%, 9/10/2036 (SOFR + 1.960bps)<sup>(b)</sup> | 975000 | 1009846 |
| International Bank for Reconstruction & Development, 1.75%, 7/31/2033 | 1000000 | 1053306 |
| JPMorgan Chase & Co., 5.77%, 4/22/2035 (SOFR + 1.490bps)<sup>(b)</sup> | 500000 | 535891 |
| JPMorgan Chase & Co., 5.58%, 7/23/2036 (SOFR + 1.635bps)<sup>(b)</sup> | 825000 | 857696 |
| M&T Bank Corp., 4.83%, 1/16/2029 (SOFR + 0.930bps)<sup>(b)</sup> | 1000000 | 1016659 |
| Morgan Stanley Private Bank NA, 4.73%, 7/18/2031 (SOFR + 1.080bps)<sup>(b)</sup> | 1125000 | 1146128 |
| Morgan Stanley Private Bank NA, 4.47%, 11/19/2031 (SOFR + 1.020bps)<sup>(b)</sup> | 1000000 | 1006568 |
| Muenchener Rueckversicherungs-Gesellschaft A.G., 5.88%, 5/23/2042 (H15T5Y + 3.982bps)<sup>(a)(b)</sup> | 1000000 | 1052142 |
| NatWest Group plc, 8.13%, Perpetual (H15T5Y + 3.752bps)<sup>(b)</sup> | 1000000 | 1128248 |
| Omnis Funding Trust, 6.72%, 5/15/2055<sup>(a)</sup> | 1025000 | 1069902 |
| Protective Life Corp., 4.70%, 1/15/2031<sup>(a)</sup> | 750000 | 758461 |
| Starwood Property Trust, Inc., 5.25%, 10/15/2028<sup>(a)</sup> | 480000 | 482522 |
| Toronto-Dominion Bank (The), 4.70%, 6/5/2026 | 1000000 | 1002337 |
| UBS Group A.G., 6.30%, Perpetual (H15T1Y + 2.000bps)<sup>(a)(b)</sup> | 1000000 | 1097920 |
| UBS Group A.G., 9.25%, Perpetual (H15T5Y + 4.745bps)<sup>(a)(b)</sup> | 625000 | 683450 |
| USAA Capital Corp., 2.13%, 5/1/2030<sup>(a)</sup> | 1000000 | 931528 |
| WLB Asset VI Pte Ltd., 7.25%, 12/21/2027<sup>(a)</sup> | 987888 | 1037086 |
| WLB Asset VII Pte Ltd., 5.88%, 7/30/2029<sup>(a)</sup> | 462500 | 489405 |
| Wynnton Funding Trust II, 5.99%, 8/15/2055<sup>(a)</sup> | 1075000 | 1091506 |
| Zions Bancorp NA, 4.70%, 8/18/2028 (SOFR + 1.155bps)<sup>(b)</sup> | 1000000 | 1005946 |
|  |  | 31853475 |
| **Health Care — 0.38%** |  |  |
| Eli Lilly & Co., 5.55%, 10/15/2055 | 125000 | 127228 |
| Kaiser Foundation Hospitals, 2.81%, 6/1/2041 | 1000000 | 761282 |
|  |  | 888510 |
| **Industrials — 1.44%** |  |  |
| Capital Impact Partners, 5.34%, 8/1/2030 | 1000000 | 1030967 |
| Delta Air Lines Pass Through Trust, Series 2020-1, Class A, 2.50%, 6/10/2028 | 990961 | 958273 |
| Tote Shipholdings, LLC, 3.40%, 10/16/2040 | 788000 | 720686 |
| Vessel Management Services, Inc., 3.48%, 1/16/2037 | 731000 | 680230 |
|  |  | 3390156 |
| **Materials — 2.05%** |  |  |
| Alcoa Nederland Holding B.V., 7.13%, 3/15/2031<sup>(a)</sup> | 1030000 | 1089560 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair Value** |
| **CORPORATE BONDS — 37.45% - continued** |.1 |.1 |
| **Materials — 2.05% - continued** |  |  |
| Ardagh Metal Packaging Finance USA, LLC, 6.25%, 1/30/2031<sup>(a)</sup> | $1280000.0 | $1310727 |
| Dow Chemical Co. (The), 5.60%, 2/15/2054 | 1000000.0 | 867127 |
| FMG Resources (August 2006) Pty Ltd., 6.13%, 4/15/2032<sup>(a)</sup> | 500000.0 | 524253 |
| Smurfit Westrock Financing DAC, 5.19%, 1/15/2036 | 1000000.0 | 1021115 |
|  |  | 4812782 |
| **Multi-Nationals — 0.43%** |  |  |
| Corp. Andina de Fomento, 4.25%, 2/3/2031 | 1000000.0 | 999388 |
| **Real Estate — 2.41%** |  |  |
| American Homes 4 Rent, 5.50%, 2/1/2034 | 1000000.0 | 1034720 |
| Bridge Housing Corp., 3.25%, 7/15/2030 | 1000000.0 | 950729 |
| Bridge Housing Corp., 5.32%, 7/15/2035 | 600000.0 | 617494 |
| HAT Holdings I, LLC/HAT Holdings II, LLC, 3.38%, 6/15/2026<sup>(a)</sup> | 215000.0 | 214197 |
| National Community Renaissance of California, 3.27%, 12/1/2032 | 1000000.0 | 882149 |
| Preservation of Affordable Housing, Inc., 4.48%, 12/1/2032 | 1000000.0 | 954029 |
| Preservation of Affordable Housing, Inc., 5.44%, 6/1/2036 | 1000000.0 | 1009193 |
|  |  | 5662511 |
| **Technology — 0.65%** |  |  |
| Apple, Inc., 3.00%, 6/20/2027 | 1000000.0 | 994195 |
| WULF Compute, LLC, 7.75%, 10/15/2030<sup>(a)</sup> | 495000.0 | 524598 |
|  |  | 1518793 |
| **Utilities — 9.11%** |  |  |
| AES Corp. (The), 2.45%, 1/15/2031 | 1000000.0 | 927969 |
| California Buyer Ltd., 6.38%, 2/15/2032<sup>(a)</sup> | 1200000.0 | 1196592 |
| Clearway Energy Operating, LLC, 5.75%, 1/15/2034<sup>(a)</sup> | 1000000.0 | 1013648 |
| Comision Federal de Electricidad, 6.45%, 1/24/2035<sup>(a)</sup> | 1125000.0 | 1166423 |
| Duke Energy Carolinas, LLC, 3.55%, 3/15/2052 | 1000000.0 | 734811 |
| Korea Electric Power Corp., 4.13%, 11/12/2030<sup>(a)</sup> | 1000000.0 | 1010316 |
| Liberty Utilities, 2.05%, 9/15/2030<sup>(a)</sup> | 1000000.0 | 918313 |
| MidAmerican Energy Co., 5.30%, 2/1/2055 | 1050000.0 | 1019333 |
| New York State Electric & Gas Corp., 2.15%, 10/1/2031<sup>(a)</sup> | 1000000.0 | 894463 |
| New York State Electric & Gas Corp., 5.05%, 8/15/2035<sup>(a)</sup> | 925000.0 | 943032 |
| NextEra Energy Operating Partners, L.P., 7.25%, 1/15/2029<sup>(a)</sup> | 1016000.0 | 1054147 |
| Pacific Gas and Electric Co., 6.70%, 4/1/2053 | 1000000.0 | 1081271 |
| PG&E Recovery Funding, LLC, 4.84%, 6/1/2033 | 867887.0 | 891800 |
| Public Service Co. of Colorado, 5.75%, 5/15/2054 | 1100000.0 | 1114697 |
| RWE Finance U.S., LLC, 5.13%, 9/18/2035<sup>(a)</sup> | 1075000.0 | 1079383 |
| San Diego Gas & Electric Co., 2.95%, 8/15/2051 | 1000000.0 | 655848 |
| Solar Star Funding, LLC, 5.38%, 6/30/2035<sup>(a)</sup> | 907711.0 | 935204 |
| Southern California Edison Co., 5.20%, 6/1/2034 | 575000.0 | 584847 |
| Southern California Edison Co., 3.65%, 6/1/2051 | 1000000.0 | 704627 |
| Topaz Solar Farms, LLC, 5.75%, 9/30/2039<sup>(a)</sup> | 1828959.0 | 1844532 |
| Vistra Corp., 7.00%, Perpetual (H15T5Y + 5.740bps)<sup>(a)(b)</sup> | 1000000.0 | 1012812 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **CORPORATE BONDS — 37.45% - continued** |.1 |.1 |
| **Utilities — 9.11% - continued** |  |  |
| XPLR Infrastructure Operating Partners, L.P., 7.75%, 4/15/2034<sup>(a)</sup> | $570000.0 | $591373 |
|  |  | 21375441 |
| **Total Corporate Bonds (Cost $87,021,437)** |  | 87885576 |
| **MUNICIPAL BONDS** — **9.11%** |  |  |
| **Arizona** — **0.45%** |  |  |
| Arizona Industrial Development Authority*,* 5.26 *%,* 10/1/2033 | 1000000.0 | 1045824 |
| **California** — **1.67%** |  |  |
| City & County of San Francisco CA*,* 3.70 *%,* 6/15/2026 | 1000000.0 | 1000370 |
| City & County of San Francisco CA*,* 5.45 *%,* 6/15/2064 | 500000.0 | 504113 |
| City of Los Angeles Department of Airports Customer Facility Charge, Revenue*,* 4.24 *%,* 5/15/2048 | 1000000.0 | 898831 |
| City of Oakland CA*,* 4.18 *%,* 7/15/2029 | 1000000.0 | 1014086 |
| Freddie Mac Multifamily ML Certificates, Revenue*,* 1.51 *%,* 9/25/2037 | 4765905.0 | 506568 |
|  |  | 3923968 |
| **Colorado** — **0.21%** |  |  |
| Denver City & County Housing Authority, Revenue*,* 4.13 *%,* 6/1/2028 | 500000.0 | 504274 |
| **Indiana** — **0.00%<sup>(c)</sup>** |  |  |
| Fort Wayne, Solid Waste Facility, Revenue, Series 2022A-2*,* 10.75 *%,* 12/1/2029<sup>(d)</sup> | 234358.0 | 23 |
| **Iowa** — **0.18%** |  |  |
| Iowa Finance Authority, Revenue*,* 7.00 *%,* 11/1/2027<sup>(a)</sup> | 415000.0 | 420973 |
| **Maryland** — **0.99%** |  |  |
| Maryland Economic Development Corp., Revenue*,* 5.43 *%,* 5/31/2056 | 750000.0 | 757690 |
| Maryland Economic Development Corp., Revenue*,* 5.94 *%,* 5/31/2057 | 1250000.0 | 1277586 |
| Maryland Health & Higher Educational Facilities, Revenue*,* 5.61 *%,* 7/1/2031 | 300000.0 | 311134 |
|  |  | 2346410 |
| **Minnesota** — **0.66%** |  |  |
| Minnesota Housing Finance Agency, Revenue*,* 5.90 *%,* 8/1/2049 | 750000.0 | 765452 |
| Minnesota Housing Finance Agency, Revenue*,* 5.95 *%,* 8/1/2054 | 750000.0 | 764233 |
|  |  | 1529685 |
| **New Hampshire** — **0.69%** |  |  |
| New Hampshire Business Finance Authority*,* 5.69 *%,* 11/1/2045 | 750000.0 | 762776 |
| New Hampshire Business Finance Authority, Revenue*,* 4.12 *%,* 7/1/2033 | 850000.0 | 850000 |
|  |  | 1612776 |
| **New York** — **2.17%** |  |  |
| City of New York NY*,* 5.09 *%,* 10/1/2049 | 1000000.0 | 983159 |
| New York City Housing Development Corp.*,* 4.27 *%,* 2/1/2030 | 500000.0 | 507700 |
| New York City Housing Development Corp.*,* 5.55 *%,* 8/1/2040 | 1000000.0 | 1022673 |
| New York City Housing Development Corp.*,* 5.88 *%,* 2/1/2055 | 750000.0 | 761357 |
| New York State Energy Research & Development*,* 6.22 *%,* 4/1/2040 | 600000.0 | 637427 |
| New York State Energy Research & Development Authority, Revenue, Series A*,* 4.87 *%,* 4/1/2037 | 783000.0 | 754130 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **MUNICIPAL BONDS — 9.11% - continued** |.1 |.1 |
| **New York** — **2.17% - continued** |  |  |
| United Nations Development Corp., Revenue*,* 6.54%, 8/1/2055 | $400000 | $432329 |
|  |  | 5098775 |
| **Ohio** — **0.65%** |  |  |
| Columbus Metropolitan Housing Authority*,* 4.60%, 12/1/2028 | 1000000 | 1002661 |
| Columbus Metropolitan Housing Authority, Revenue, 5.05%, 4/1/2030 | 500000 | 509633 |
|  |  | 1512294 |
| **Oregon** — **0.35%** |  |  |
| State of Oregon, 5.83%, 5/1/2045 | 750000 | 813870 |
| **Pennsylvania** — **0.44%** |  |  |
| Redevelopment Authority of the City of Philadelphia, Revenue, 5.23 *%,* 9/1/2040 | 1000000 | 1025904 |
| **Wisconsin** — **0.65%** |  |  |
| Public Finance Authority, 6.25%, 6/1/2031<sup>(a)</sup> | 500000 | 513205 |
| Public Finance Authority, Revenue, 5.29%, 7/1/2029 | 1000000 | 1019580 |
|  |  | 1532785 |
| **Total Municipal Bonds (Cost $21,110,782)** |  | 21367561 |
| **NON U.S. GOVERNMENT & AGENCIES** — **6.80%** |  |  |
| **Multifamily — 1.97%** |  |  |
| African Development Bank, 5.75%, Perpetual (H15T5Y + 1.575bps)<sup>(b)</sup> | 1000000 | 1009605 |
| Arab Petroleum Investments Corp., 5.43%, 5/2/2029 | 1000000 | 1044962 |
| Dominican Republic International Bond, 6.60%, 6/1/2036 | 300000 | 315540 |
| European Investment Bank, 0.75%, 9/23/2030 | 1000000 | 885283 |
| International Bank for Reconstruction & Development, EMTN, 4.75%, 3/31/2028<sup>(b)</sup> | 500000 | 491821 |
| International Development Association, 4.38%, 11/27/2029 | 850000 | 875605 |
|  |  | 4622816 |
| **Sovereign — 1.12%** |  |  |
| Brazilian Government International Bond, 5.50%, 2/4/2033 | 1000000 | 1001250 |
| Canada Government International Bond, 4.00%, 3/18/2030 | 1000000 | 1020267 |
| Serbia International Bond, 6.00%, 6/12/2034 | 575000 | 608863 |
|  |  | 2630380 |
| **Supranational — 1.99%** |  |  |
| Central American Bank for Economic Integration, 3.75%, 1/22/2029 | 675000 | 677442 |
| Inter-American Development Bank, 3.80%, 11/12/2030 | 1000000 | 997775 |
| Inter-American Development Bank, GMTN, 3.50%, 4/12/2033 | 1000000 | 980555 |
| International Bank for Reconstruction & Development, 1.12%, 3/31/2032 | 1000000 | 1005068 |
| International Finance Facility for Immunisation Co., MTN, 1.00%, 4/21/2026 | 1000000 | 996297 |
|  |  | 4657137 |
| **Financials — 1.28%** |  |  |
| Export Development Canada, 4.13%, 2/13/2029 | 1000000 | 1019876 |
| Export Development Canada, 4.75%, 6/5/2034 | 1000000 | 1063246 |
| Province of Quebec Canada, 1.90%, 4/21/2031 | 1000000 | 916494 |
|  |  | 2999616 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **NON U.S. GOVERNMENT & AGENCIES — 6.80% - continued** |.1 |.1 |
| **Agency — 0.44%** |  |  |
| Kreditanstalt fuer Wiederaufbau, 4.38%, 2/28/2034 | $1000000.0 | $1038550 |
| **Total Non U.S. Government & Agencies (Cost $15,655,450)** |  | 15948499 |
| **TERM LOANS** — **0.84%** |  |  |
| **Utilities — 0.84%** |  |  |
| Constellation Renewables, LLC, 6.45%, 12/15/2027 (TSFR3M + 225.000bps)<sup>(b)</sup> | 813909.0 | 815943 |
| TerraForm Power Operating, LLC, 6.30%, 5/30/2029 (TSFR3M + 200.000bps)<sup>(b)</sup> | 595125.0 | 598845 |
| Vistra Operations Co., LLC, 5.57%, 4/30/2031 (TSFR1M + 200.000bps)<sup>(b)</sup> | 548250.0 | 545509 |
|  |  | 1960297 |
| **Total Term Loans (Cost $1,952,673)** |  | 1960297 |
| **U.S. GOVERNMENT & AGENCIES** — **35.63%** |  |  |
| Fannie Mae Pool, 4.00 *%*, 5/1/2044 | 627767.0 | 628881 |
| Fannie Mae Pool, 2.50 *%*, 8/1/2051 | 111401.0 | 98516 |
| Fannie Mae Pool, 2.50 *%*, 12/1/2051 | 249965.0 | 218720 |
| Fannie Mae Pool, 2.50 *%*, 2/1/2052 | 1020748.0 | 899170 |
| Fannie Mae Pool, 2.50 *%*, 2/1/2052 | 159672.0 | 140858 |
| Fannie Mae Pool, 3.00 *%*, 2/1/2052 | 273610.0 | 248230 |
| Fannie Mae Pool, 3.00 *%*, 4/1/2052 | 2836626.0 | 2575155 |
| Fannie Mae Pool, 3.00 *%*, 4/1/2052 | 2152889.0 | 1972733 |
| Fannie Mae Pool, 3.50 *%*, 4/1/2052 | 2105923.0 | 1988831 |
| Fannie Mae Pool, 5.00 *%*, 5/1/2052 | 132530.0 | 134184 |
| Fannie Mae Pool, 3.50 *%*, 6/1/2052 | 168754.0 | 159380 |
| Fannie Mae Pool, 4.00 *%*, 6/1/2052 | 2134901.0 | 2078358 |
| Fannie Mae Pool, 4.50 *%*, 6/1/2052 | 370635.0 | 368419 |
| Fannie Mae Pool, 5.00 *%*, 7/1/2052 | 364779.0 | 368542 |
| Fannie Mae Pool, 4.00 *%*, 8/1/2052 | 1267643.0 | 1233813 |
| Fannie Mae Pool, 4.50 *%*, 8/1/2052 | 1655130.0 | 1644557 |
| Fannie Mae Pool, 4.00 *%*, 9/1/2052 | 871725.0 | 848760 |
| Fannie Mae Pool, 4.50 *%*, 9/1/2052 | 1666086.0 | 1655954 |
| Fannie Mae Pool, 5.00 *%*, 9/1/2052 | 261331.0 | 264014 |
| Fannie Mae Pool, 4.00 *%*, 10/1/2052 | 688795.0 | 670342 |
| Fannie Mae Pool, 4.50 *%*, 10/1/2052 | 194190.0 | 193129 |
| Fannie Mae Pool, 5.00 *%*, 10/25/2052 | 538919.0 | 544617 |
| Fannie Mae Pool, 4.50 *%*, 11/1/2052 | 1140615.0 | 1133443 |
| Fannie Mae Pool, 5.00 *%*, 2/1/2053 | 103610.0 | 104658 |
| Fannie Mae Pool, 5.50 *%*, 2/1/2053 | 347274.0 | 354438 |
| Fannie Mae Pool, 6.00 *%*, 2/1/2053 | 268951.0 | 277690 |
| Fannie Mae Pool, 6.00 *%*, 3/1/2053 | 212340.0 | 219485 |
| Fannie Mae Pool, 5.00 *%*, 4/1/2053 | 1086596.0 | 1097472 |
| Fannie Mae Pool, 5.50 *%*, 6/1/2053 | 706951.0 | 721319 |
| Fannie Mae Pool, 5.00 *%*, 8/1/2053 | 1432599.0 | 1445543 |
| Fannie Mae Pool, 5.50 *%*, 10/1/2053 | 1805416.0 | 1840457 |
| Fannie Mae Pool, 6.00 *%*, 1/1/2054 | 194804.0 | 200432 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

 

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 35.63% - continued** |.1 |.1 |
| Fannie Mae Pool, 5.50 *%*, 4/1/2054 | $109658.0 | $111586 |
| Fannie Mae Pool, 5.50 *%*, 5/1/2054 | 2711791.0 | 2759455 |
| Fannie Mae Pool, 6.00 *%*, 6/1/2054 | 300199.0 | 308435 |
| Fannie Mae Pool, 5.50 *%*, 10/1/2054 | 487705.0 | 496103 |
| Federal National Mortgage Association, 0.88 *%*, 8/5/2030 | 1000000.0 | 895769 |
| Freddie Mac Pool, 3.00 *%*, 2/1/2052 | 170703.0 | 156420 |
| Freddie Mac Pool, 3.00 *%*, 3/1/2052 | 1021712.0 | 926930 |
| Freddie Mac Pool, 4.00 *%*, 4/1/2052 | 152265.0 | 148811 |
| Freddie Mac Pool, 3.00 *%*, 5/1/2052 | 552973.0 | 501603 |
| Freddie Mac Pool, 3.00 *%*, 6/1/2052 | 504937.0 | 460129 |
| Freddie Mac Pool, 5.00 *%*, 6/1/2053 | 1304147.0 | 1316733 |
| Ginnie Mae II Pool, 3.00 *%*, 12/20/2051 | 1666769.0 | 1530614 |
| Ginnie Mae II Pool, 3.00 *%*, 1/20/2052 | 181313.0 | 166496 |
| Ginnie Mae II Pool, 3.50 *%*, 7/20/2052 | 1230289.0 | 1169140 |
| Ginnie Mae II Pool, 4.50 *%*, 8/20/2052 | 789252.0 | 786567 |
| Ginnie Mae II Pool, 4.00 *%*, 9/20/2052 | 833349.0 | 810078 |
| Ginnie Mae II Pool, 4.50 *%*, 10/20/2052 | 137382.0 | 136957 |
| Ginnie Mae II Pool, 4.50 *%*, 12/20/2052 | 585934.0 | 583670 |
| Ginnie Mae II Pool, 4.50 *%*, 2/20/2053 | 124795.0 | 124190 |
| Ginnie Mae II Pool, 5.00 *%*, 2/20/2053 | 199137.0 | 201114 |
| Ginnie Mae II Pool, 5.50 *%*, 2/20/2053 | 73984.0 | 75416 |
| Ginnie Mae II Pool, 3.00 *%*, 8/20/2053 | 22267.0 | 20561 |
| United States Treasury Note, 3.38 *%*, 2/29/2028 | 7533000.0 | 7532559 |
| United States Treasury Note, 3.50 *%*, 2/15/2029 | 3921000.0 | 3934019 |
| United States Treasury Note, 3.75 *%*, 1/31/2031 | 9035000.0 | 9130291 |
| United States Treasury Note, 4.00 *%*, 1/31/2033 | 246000.0 | 250305 |
| United States Treasury Note, 4.13 *%*, 2/15/2036 | 6867000.0 | 6958739 |
| United States Treasury Note, 4.63 *%*, 2/15/2046 | 10508000.0 | 10582705 |
| United States Treasury Note, 4.63 *%*, 11/15/2055 | 5200000.0 | 5191875 |
| **Total U.S. Government & Agencies (Cost $82,697,479)** |  | 83597370 |
| **Total Investments — 98.72% (Cost $229,561,808)** |  | 231624925 |
| **Other Assets in Excess of Liabilities — 1.28%** |  | 3013893 |
| **NET ASSETS — 100.00%** |  | $234638818 |

---

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

**OneAscent Core Plus Bond ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

 

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

(b) Variable rate security. Interest rate resets periodically. The
 rate shown is the effective interest rate as of February 28, 2026. For securities based on a published reference rate and spread,
 the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published
 reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore,
 do not indicate a reference rate and spread.

(c) Less than 0.005%.

(d) In default.

EMTN - Euro Medium Term Note

GMTN - Global Medium Term Note

MTN - Medium Term Note

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

**OneAscent International Equity ETF**

**Schedule of Investments**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.37%** | | |
| **Communications — 6.18%** | | |
| Airtel Africa plc (United Kingdom) | 976530 | $4593237 |
| Millicom International Cellular S.A. (Luxembourg) | 65700 | 4788873 |
| Singapore Telecommunications Ltd. (Singapore) | 1476746 | 5884241 |
| Telekom Malaysia Bhd (Malaysia) | 1588200 | 3040887 |
|  |  | 18307238 |
| **Consumer Discretionary — 3.84%** |  |  |
| Continental A.G. (Germany) | 49700 | 4296092 |
| Seiko Group Corp. (Japan) | 83668 | 7098908 |
|  |  | 11395000 |
| **Energy — 6.99%** |  |  |
| MOL Hungarian Oil & Gas plc (Hungary) | 626958 | 6936490 |
| Motor Oil Hellas Corinth Refineries S.A. (Greece) | 125140 | 5426333 |
| Subsea 7 S.A. (Luxembourg) | 192020 | 5549472 |
| Ultrapar Participacoes S.A. (Brazil) | 559400 | 2816424 |
|  |  | 20728719 |
| **Financials — 28.68%** |  |  |
| Ageas SA/NV (Belgium) | 77085 | 5731938 |
| Banca Popolare di Sondrio SPA (Italy) | 132017 | 2684351 |
| Challenger Ltd. (Australia) | 820214 | 5213175 |
| Chang Hwa Commercial Bank Ltd. (Taiwan Province Of China) | 919000 | 632642 |
| Credicorp Ltd. (Bermuda) | 12320 | 4267402 |
| DBS Group Holdings Ltd. (Singapore) | 214090 | 9668046 |
| EFG International A.G. (Switzerland) | 224400 | 5510903 |
| flatexDEGIRO A.G. (Germany) | 106530 | 3881374 |
| HSBC Holdings plc (United Kingdom) | 547888 | 10290530 |
| Industrivarden A.B. (Sweden) | 105300 | 6003028 |
| KBC Group N.V. (Belgium) | 55804 | 7573353 |
| Lancashire Holdings Ltd. (Bermuda) | 663385 | 5990295 |
| Powszechny Zaklad Ubezpieczen S.A. (Poland) | 478437 | 9056975 |
| Toronto-Dominion Bank (The) (Canada) | 87558 | 8529844 |
|  |  | 85033856 |
| **Health Care — 0.97%** |  |  |
| ALK-Abello A/S (Denmark)<sup>(a)</sup> | 82890 | 2889035 |
| **Industrials — 24.41%** |  |  |
| AP Moller - Maersk A/S, Series B (Denmark) | 1667 | 4132208 |
| Central Japan Railway Co. (Japan) | 310517 | 9162503 |
| Construcciones y Auxiliar de Ferrocarriles S.A. (Spain) | 121862 | 8514061 |
| Element Fleet Management Corp. (Canada) | 229052 | 5455938 |
| Kinden Corp. (Japan) | 70150 | 3812847 |
| Mitsubishi Electric Corp. (Japan) | 349403 | 13404242 |
| NSK Ltd. (Japan) | 1074636 | 9692471 |
| Promotora y Operadora de Infraestructura S.A.B. de (Mexico) | 441507 | 7273463 |
| Safran S.A. (France) | 17877 | 7185459 |
| Sunway Construction Group Bhd (Malaysia) | 2059000 | 3730647 |
|  |  | 72363839 |

---

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

**OneAscent International Equity ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.37% - continued** | | |
| **Materials — 9.65%** | | |
| Alamos Gold, Inc. (Canada) | 102850 | $5574560 |
| KCC Corp. (Korea (Republic of)) | 17713 | 8004695 |
| Malayan Cement Bhd (Malaysia) | 1363800 | 3014310 |
| Rio Tinto plc (United Kingdom) | 60751 | 6005668 |
| Yara International ASA (Norway) | 118600 | 5995802 |
|  |  | 28595035 |
| **Technology — 10.39%** |  |  |
| ASML Holding N.V. (Netherlands) | 7668 | 11122894 |
| SK Hynix, Inc. (Korea (Republic of)) | 11190 | 8241706 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan Province Of China) | 180000 | 11444689 |
|  |  | 30809289 |
| **Utilities — 7.26%** |  |  |
| CPFL Energia S.A. (Brazil) | 519800 | 5091128 |
| Enel SpA (Italy) | 563242 | 6787669 |
| Osaka Gas Co. Ltd. (Japan) | 150234 | 6268528 |
| Solaria Energia y Medio Ambiente S.A. (Spain)<sup>(a)</sup> | 131113 | 3405311 |
|  |  | 21552636 |
| **Total Common Stocks (Cost $231,949,317)** |  | 291674647 |
| **WARRANTS** — **0.00%<sup>(b)</sup>** |  |  |
| **Technology** — **0.00%<sup>(b)</sup>** |  |  |
| Constellation Software, Inc., (Canada) Expiration Date 3/31/2040<sup>(c)</sup> | 872 |  |
| **Total Warrants (Cost $0)** |  |  |
| **Total Investments — 98.37% (Cost $231,949,317)** |  | 291674647 |
| **Other Assets in Excess of Liabilities — 1.63%** |  | 4841437 |
| **NET ASSETS — 100.00%** |  | $296516084 |

---

(a) Non-income
 producing security.

(b) Less
 than 0.005%.

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

ADR - American Depositary Receipt

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

**OneAscent Emerging Markets ETF**

**Schedule of Investments**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.01%** | | |
| **Communications — 4.11%** | | |
| Magyar Telekom Telecommunications plc (Hungary) | 150000 | $1018408 |
| Telekom Malaysia Bhd (Malaysia) | 1602300 | 3067884 |
|  |  | 4086292 |
| **Consumer Discretionary — 3.51%** |  |  |
| Hankook Tire & Technology Co. Ltd. (Korea (Republic of)) | 41965 | 2123667 |
| Mahle Metal Leve S.A. (Brazil) | 192800 | 1358070 |
|  |  | 3481737 |
| **Consumer Staples — 4.06%** |  |  |
| GS Holdings Corp. (Korea (Republic of)) | 30084 | 1434710 |
| Japfa Comfeed Indonesia Tbk P.T. (Indonesia) | 5097300 | 723064 |
| Sime Darby Plantation Bhd (Malaysia) | 944800 | 1396196 |
| United Plantations BHD (Malaysia) | 61000 | 462791 |
|  |  | 4016761 |
| **Energy — 5.11%** |  |  |
| Bharat Petroleum Corp Ltd. (India) | 851349 | 3605120 |
| Ultrapar Participacoes S.A. (Brazil) | 289400 | 1457049 |
|  |  | 5062169 |
| **Financials — 16.74%** |  |  |
| Bank Polska Kasa Opieki S.A. (Poland) | 28872 | 1827782 |
| Karur Vysya Bank Ltd. (The) (India) | 562984 | 2017811 |
| Multi Commodity Exchange of India Ltd. (India) | 34699 | 931524 |
| NU Holdings Ltd., Class A (Cayman Islands)<sup>(a)</sup> | 66320 | 993474 |
| Powszechny Zaklad Ubezpieczen S.A. (Poland) | 109625 | 2075238 |
| SinoPac Financial Holdings Co. Ltd. (Taiwan Province Of China) | 2487000 | 2631494 |
| South Indian Bank Ltd. (The) (India) | 5770767 | 2609178 |
| State Bank of India (India) | 267531 | 3532406 |
|  |  | 16618907 |
| **Industrials — 12.98%** |  |  |
| Benefit Systems S.A. (Poland)<sup>(a)</sup> | 1222 | 1325250 |
| CJ Logistics Corp. (Korea (Republic of)) | 21899 | 2006642 |
| Hanwha Aerospace Co. Ltd. (Korea (Republic of)) | 2576 | 2136906 |
| International Container Terminal Services, Inc. (Philippines) | 125960 | 1567677 |
| L&K Engineering Co. Ltd. (Taiwan Province Of China) | 13000 | 242375 |
| Motiva Infraestrutura de Mobilidade S.A. (Brazil) | 511300 | 1654664 |
| Promotora y Operadora de Infraestructura S.A.B. de (Mexico) | 146326 | 2410600 |
| Sunway Construction Group Bhd (Malaysia) | 840400 | 1522699 |
|  |  | 12866813 |
| **Materials — 9.87%** |  |  |
| Grupo Mexico S.A.B. de C.V., Class B (Mexico) | 297696 | 3772908 |
| KCC Corp. (Korea (Republic of)) | 4106 | 1855545 |
| Malayan Cement Bhd (Malaysia) | 666300 | 1472675 |
| National Aluminium Co. Ltd. (India) | 406233 | 1582757 |
| Press Metal Aluminium Holdings Bhd (Malaysia) | 593800 | 1088099 |
|  |  | 9771984 |
| **Technology — 36.99%** |  |  |
| Accton Technology Corp. (Taiwan Province Of China) | 49000 | 2186315 |
| ADATA Technology Co. Ltd. (Taiwan Province Of China) | 150000 | 1364853 |

---

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

**OneAscent Emerging Markets ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.01% - continued** | | |
| **Technology — 36.99% - continued** | | |
| Samsung Electronics Co. Ltd. (South Korea) | 82479 | $12395754 |
| SK Hynix, Inc. (Korea (Republic of)) | 7511 | 5532034 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan Province Of China) | 225000 | 14305860 |
| United Microelectronics Corp. (Taiwan Province Of China) | 418000 | 871250 |
|  |  | 36656066 |
| **Utilities — 4.64%** |  |  |
| CPFL Energia S.A. (Brazil) | 292700 | 2866819 |
| Perusahaan Gas Negara Tbk P.T. (Indonesia) | 12157000 | 1731746 |
|  |  | 4598565 |
| **Total Common Stocks/Investments — 98.01% (Cost $64,050,461)** |  | 97159294 |
| **Other Assets in Excess of Liabilities — 1.99%** |  | 1972162 |
| **NET ASSETS — 100.00%** |  | $99131456 |

---

(a) Non-income
 producing security.

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

**OneAscent Enhanced Small and Mid Cap ETF**

**Schedule of Investments**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.14%** | | |
| **Communications — 2.23%** | | |
| Applied Digital Corp.<sup>(a)</sup> | 3650 | $99536 |
| Eventbrite, Inc., Class A<sup>(a)</sup> | 30155 | 133285 |
| Expedia Group, Inc. | 1455 | 313829 |
| fuboTV, Inc.<sup>(a)</sup> | 62531 | 73161 |
| Lumen Technologies, Inc.<sup>(a)</sup> | 30363 | 215880 |
| Marqeta, Inc., Class A<sup>(a)</sup> | 68976 | 264868 |
| Roku, Inc.<sup>(a)</sup> | 3417 | 336267 |
| Upwork, Inc.<sup>(a)</sup> | 14440 | 193785 |
|  |  | 1630611 |
| **Consumer Discretionary — 9.31%** |  |  |
| Callaway Golf Co.<sup>(a)</sup> | 15636 | 219842 |
| Carnival Corp. | 12443 | 392577 |
| Cavco Industries, Inc.<sup>(a)</sup> | 490 | 282857 |
| Chewy, Inc., Class A<sup>(a)</sup> | 4084 | 111983 |
| Cricut, Inc., Class A | 51125 | 219838 |
| Dillard's, Inc., Class A | 538 | 324301 |
| Freshpet, Inc.<sup>(a)</sup> | 1978 | 167042 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 1794 | 132146 |
| Interface, Inc. | 19383 | 610371 |
| Kohl's Corp. | 10314 | 168840 |
| Levi Strauss & Co., Class A | 19368 | 429195 |
| OPENLANE, Inc.<sup>(a)</sup> | 21342 | 608460 |
| Peloton Interactive, Inc., Class A<sup>(a)</sup> | 39359 | 158223 |
| Polaris, Inc. | 2605 | 158228 |
| Ralph Lauren Corp. | 3312 | 1200931 |
| Tapestry, Inc. | 2487 | 386654 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1135 | 777237 |
| Urban Outfitters, Inc.<sup>(a)</sup> | 6913 | 457641 |
|  |  | 6806366 |
| **Consumer Staples — 2.07%** |  |  |
| Andersons, Inc. (The) | 6796 | 443711 |
| Five Below, Inc.<sup>(a)</sup> | 2570 | 574472 |
| Mission Produce, Inc.<sup>(a)</sup> | 10840 | 153820 |
| Vita Coco Co., Inc. (The)<sup>(a)</sup> | 3921 | 227653 |
| Vital Farms, Inc.<sup>(a)</sup> | 5300 | 111777 |
|  |  | 1511433 |
| **Energy — 3.95%** |  |  |
| APA Corp. | 18115 | 550152 |
| EnerSys | 4245 | 705307 |
| Expro Group Holdings N.V.<sup>(a)</sup> | 7379 | 131789 |
| HF Sinclair Corp. | 11659 | 583066 |
| SM Energy Co. | 11672 | 269973 |
| Talos Energy, Inc.<sup>(a)</sup> | 20034 | 245417 |
| Valaris Ltd.<sup>(a)</sup> | 4182 | 400845 |
|  |  | 2886549 |

---

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

**OneAscent Enhanced Small and Mid Cap ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.14% - continued** | | |
| **Financials — 23.53%** | | |
| 1st Source Corp. | 10196 | $683234 |
| Affiliated Managers Group, Inc. | 3763 | 1152155 |
| Assurant, Inc. | 3239 | 743642 |
| Banc of California, Inc. | 55287 | 1021150 |
| Bankwell Financial Group, Inc. | 13245 | 618542 |
| Bread Financial Holdings, Inc. | 6177 | 437702 |
| Cincinnati Financial Corp. | 7811 | 1280848 |
| CION Investment Corp. | 17833 | 142307 |
| CNA Financial Corp. | 31387 | 1507203 |
| Federated Hermes, Inc., Class B | 6685 | 374427 |
| First Financial Corp. | 4696 | 297539 |
| Galaxy Digital, Inc., Class A<sup>(a)</sup> | 9750 | 200753 |
| Gladstone Investment Corp. | 70474 | 964789 |
| Hagerty, Inc.<sup>(a)</sup> | 29280 | 343747 |
| Hanover Insurance Group, Inc. (The) | 4047 | 731010 |
| Hartford Insurance Group, Inc. (The) | 7301 | 1028200 |
| HomeTrust Bancshares, Inc. | 6933 | 292157 |
| Invesco Ltd. | 29852 | 783914 |
| LendingTree, Inc.<sup>(a)</sup> | 5072 | 189541 |
| Markel Group, Inc.<sup>(a)</sup> | 565 | 1170946 |
| NerdWallet, Inc., Class A<sup>(a)</sup> | 9495 | 103021 |
| Northrim BanCorp, Inc. | 36665 | 861261 |
| Palomar Holdings, Inc.<sup>(a)</sup> | 1156 | 143009 |
| SuRo Capital Corp. | 26412 | 247745 |
| Synchrony Financial | 16334 | 1128842 |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 8333 | 330070 |
| United Fire Group, Inc. | 5944 | 230984 |
| WisdomTree, Inc. | 11776 | 201487 |
|  |  | 17210225 |
| **Health Care — 12.79%** |  |  |
| 10X Genomics, Inc., Class A<sup>(a)</sup> | 6024 | 138853 |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 14653 | 359878 |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 5969 | 120753 |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 7349 | 154035 |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 6472 | 174550 |
| Arvinas, Inc.<sup>(a)</sup> | 16252 | 215664 |
| AtriCure, Inc.<sup>(a)</sup> | 9361 | 292625 |
| Avanos Medical, Inc.<sup>(a)</sup> | 19470 | 274527 |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 7257 | 300657 |
| Cerus Corp.<sup>(a)</sup> | 71786 | 183772 |
| CorMedix, Inc.<sup>(a)</sup> | 9610 | 68519 |
| Exelixis, Inc.<sup>(a)</sup> | 14559 | 641470 |
| HealthEquity, Inc.<sup>(a)</sup> | 1825 | 139594 |
| Incyte Corp.<sup>(a)</sup> | 7595 | 769146 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 3253 | 209851 |
| Insulet Corp.<sup>(a)</sup> | 1913 | 471765 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 4974 | 403640 |

---

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

**OneAscent Enhanced Small and Mid Cap ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.14% - continued** | | |
| **Health Care — 12.79% - continued** |  |  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 1012 | $135355 |
| Keros Therapeutics, Inc.<sup>(a)</sup> | 14426 | 204705 |
| Krystal Biotech, Inc.<sup>(a)</sup> | 1010 | 278396 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 597 | 269701 |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 2300 | 212267 |
| NeuroPace, Inc.<sup>(a)</sup> | 8117 | 118346 |
| Phibro Animal Health Corp., Class A | 3816 | 208315 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 4385 | 299013 |
| Royalty Pharma plc, Class A | 22621 | 1045317 |
| SI-BONE, Inc.<sup>(a)</sup> | 10543 | 163627 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 2338 | 127959 |
| Tactile Systems Technology, Inc.<sup>(a)</sup> | 14194 | 415742 |
| TG Therapeutics, Inc.<sup>(a)</sup> | 5831 | 175455 |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 4771 | 142128 |
| Varex Imaging Corp.<sup>(a)</sup> | 35452 | 466903 |
| Veracyte, Inc.<sup>(a)</sup> | 4752 | 173876 |
|  |  | 9356404 |
| **Industrials — 12.94%** |  |  |
| AMMO, Inc.<sup>(a)</sup> | 76602 | 163162 |
| Bel Fuse, Inc., Class B | 1860 | 427261 |
| Bowman Consulting Group Ltd.<sup>(a)</sup> | 5164 | 173201 |
| Brink's Co. (The) | 2454 | 286553 |
| Comfort Systems USA, Inc. | 293 | 418805 |
| Dycom Industries, Inc.<sup>(a)</sup> | 472 | 198249 |
| Expeditors International of Washington, Inc. | 1148 | 166494 |
| Information Services Group, Inc. | 51213 | 246335 |
| Innovative Solutions and Support, Inc.<sup>(a)</sup> | 11306 | 293278 |
| Installed Building Products, Inc. | 1077 | 352998 |
| ITT, Inc. | 1872 | 378912 |
| Kennametal, Inc. | 16307 | 656846 |
| Kimball Electronics, Inc.<sup>(a)</sup> | 7922 | 197971 |
| Manitowoc Co., Inc. (The)<sup>(a)</sup> | 19532 | 288097 |
| Mesa Laboratories, Inc. | 3769 | 363972 |
| Napco Security Technologies, Inc. | 8018 | 373719 |
| nLight, Inc.<sup>(a)</sup> | 5571 | 313034 |
| OSI Systems, Inc.<sup>(a)</sup> | 985 | 280922 |
| Powell Industries, Inc. | 717 | 375421 |
| Primoris Services Corp. | 2999 | 452010 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 572 | 244890 |
| Strattec Security Corp.<sup>(a)</sup> | 2226 | 195888 |
| Terex Corp. | 4377 | 301094 |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 9758 | 495511 |
| TriNet Group, Inc. | 7425 | 282744 |
| UL Solutions, Inc., Class A | 2680 | 225040 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 1410 | 149883 |
| Watts Water Technologies, Inc., Class A | 3540 | 1163739 |
|  |  | 9466029 |

---

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

**OneAscent Enhanced Small and Mid Cap ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.14% - continued** | | |
| **Materials — 6.85%** | | |
| Alcoa Corp. | 13270 | $823801 |
| CF Industries Holdings, Inc. | 10945 | 1089465 |
| Coeur Mining, Inc.<sup>(a)</sup> | 11530 | 313040 |
| Crown Holdings, Inc. | 11029 | 1263923 |
| Hecla Mining Co. | 14699 | 366152 |
| Kaiser Aluminum Corp. | 5677 | 738805 |
| Magnera Corp.<sup>(a)</sup> | 8757 | 113403 |
| NWPX Infrastructure, Inc.<sup>(a)</sup> | 2241 | 173902 |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 5327 | 125078 |
|  |  | 5007569 |
| **Real Estate — 2.55%** |  |  |
| Compass, Inc., Class A<sup>(a)</sup> | 32129 | 313258 |
| Five Point Holdings, LLC<sup>(a)</sup> | 24050 | 132756 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 19564 | 1415846 |
|  |  | 1861860 |
| **Technology — 18.84%** |  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 3297 | 130825 |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 7306 | 140421 |
| Ambarella, Inc.<sup>(a)</sup> | 2728 | 164608 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 1643 | 135728 |
| Calix, Inc.<sup>(a)</sup> | 2388 | 123627 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 5233 | 738481 |
| Coherent Corp.<sup>(a)</sup> | 3435 | 889425 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 1640 | 184123 |
| Daktronics, Inc.<sup>(a)</sup> | 16971 | 437512 |
| Digi International, Inc.<sup>(a)</sup> | 4596 | 224377 |
| Duolingo, Inc.<sup>(a)</sup> | 1107 | 111807 |
| Dynatrace, Inc.<sup>(a)</sup> | 2796 | 100432 |
| Fastly, Inc.<sup>(a)</sup> | 23152 | 442666 |
| Flex Ltd.<sup>(a)</sup> | 9159 | 577200 |
| Gartner, Inc.<sup>(a)</sup> | 2790 | 438588 |
| GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 4653 | 206314 |
| Harmonic, Inc.<sup>(a)</sup> | 15256 | 162171 |
| Jabil, Inc. | 1640 | 434584 |
| JFrog Ltd.<sup>(a)</sup> | 5633 | 226165 |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 1262 | 884549 |
| MKS, Inc. | 2951 | 721401 |
| MongoDB, Inc.<sup>(a)</sup> | 532 | 174746 |
| Okta, Inc.<sup>(a)</sup> | 2210 | 160225 |
| Oscar Health, Inc., Class A<sup>(a)</sup> | 8948 | 122051 |
| Paymentus Holdings, Inc., Class A<sup>(a)</sup> | 8268 | 202318 |
| Pegasystems, Inc. | 2833 | 123887 |
| Photronics, Inc.<sup>(a)</sup> | 15833 | 592629 |
| PTC, Inc.<sup>(a)</sup> | 2975 | 465855 |
| Qualys, Inc.<sup>(a)</sup> | 1252 | 115772 |
| Remitly Global, Inc.<sup>(a)</sup> | 14044 | 234535 |
| Rubrik, Inc., Class A<sup>(a)</sup> | 4088 | 212412 |

---

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

**OneAscent Enhanced Small and Mid Cap ETF**

**Schedule of Investments (continued)**

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.14% - continued** | | |
| **Technology — 18.84% - continued** |  |  |
| Sandisk Corp.<sup>(a)</sup> | 1330 | $845029 |
| Sanmina Corp.<sup>(a)</sup> | 1736 | 269531 |
| Sprinklr, Inc., Class A<sup>(a)</sup> | 15045 | 87562 |
| Teradata Corp.<sup>(a)</sup> | 11965 | 376778 |
| Toast, Inc., Class A<sup>(a)</sup> | 4275 | 116750 |
| Twilio, Inc., Class A<sup>(a)</sup> | 1955 | 236477 |
| UiPath, Inc., Class A<sup>(a)</sup> | 19757 | 211993 |
| Unity Software, Inc.<sup>(a)</sup> | 6243 | 113810 |
| Veeco Instruments, Inc.<sup>(a)</sup> | 6057 | 185102 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 26199 | 778373 |
| Vicor Corp.<sup>(a)</sup> | 2061 | 415085 |
| Yext, Inc.<sup>(a)</sup> | 24802 | 140875 |
| ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 19867 | 123374 |
|  |  | 13780173 |
| **Utilities — 2.08%** |  |  |
| Clearway Energy, Inc., Class A | 20817 | 749828 |
| Clearway Energy, Inc., Class C | 20161 | 772368 |
|  |  | 1522196 |
| **Total Common Stocks/Investments — 97.14% (Cost $65,879,718)** |  | 71039415 |
| **Other Assets in Excess of Liabilities — 2.86%** |  | 2094055 |
| **NET ASSETS — 100.00%** |  | $73133470 |

---

(a) Non-income
 producing security.

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

**OneAscent ETFs**

**Statements of Assets and Liabilities**

*February 28, 2026 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **OneAscent<br> Large Cap**<br> **Core ETF** | **OneAscent<br> Core Plus<br> Bond ETF** | **OneAscent<br> International<br> Equity ETF** |
| **Assets** | | | |
| Investments in securities, at fair value (cost $162,550,662, $229,561,808 and $231,949,317) | $202344498 | $231624925 | $291674647 |
| Foreign currency (cost $0, $0 and $191,684) |  |  | 192156 |
| Cash | 246929 | 383816 | 4216526 |
| Receivable for fund shares sold |  | 1161647 |  |
| Receivable for investments sold |  | 18500953 | 25726755 |
| Dividend and interest receivable | 181543 | 1973486 | 332856 |
| Tax reclaims receivable |  |  | 741142 |
| Prepaid expenses and other assets | 1641 | 1744 | 13937 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 202774611 | 253646571 | 322898019 |
| **Liabilities** |  |  |  |
| Payable for investments purchased |  | 18119802 | 26176370 |
| Payable for distributions to shareholders |  | 759780 |  |
| Payable to Adviser | 47499 | 88001 | 173754 |
| Payable to affiliates | 8624 | 11863 | 14103 |
| Payable for audit and tax | 9884 | 10158 | 10405 |
| Payable to trustees | 5371 | 5371 | 5370 |
| Other accrued expenses | 13486 | 12778 | 1933 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 84864 | 19007753 | 26381935 |
| **Net Assets** | $202689747 | $234638818 | $296516084 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $163864825 | $239778059 | $203707587 |
| Accumulated earnings (deficit) | 38824922 | (5139241) | 92808497 |
| **Net Assets** | $202689747 | $234638818 | $296516084 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 5625000 | 10100000 | 6375000 |
| Net asset value per share | $36.03 | $23.23 | $46.51 |

---

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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **OneAscent<br> Emerging<br> Markets ETF** | **OneAscent<br> Enhanced Small and<br> Mid Cap ETF** |
| **Assets** | | |
| Investments in securities, at fair value (cost $64,050,461 and $65,879,718) | $97159294 | $71039415 |
| Foreign currency (cost $2,138 and $0) | 2137 |  |
| Cash | 1860880 | 2024021 |
| Dividend and interest receivable | 144611 | 97264 |
| Tax reclaims receivable | 2630 |  |
| Prepaid expenses and other assets | 49320 | 12173 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 99218872 | 73172873 |
| **Liabilities** |  |  |
| Payable to Adviser | 64649 | 15630 |
| Payable to affiliates | 4399 | 1911 |
| Payable for audit and tax | 10405 | 9885 |
| Payable to trustees | 5372 | 5371 |
| Other accrued expenses | 2591 | 6606 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 87416 | 39403 |
| **Net Assets** | $99131456 | $73133470 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | $65730806 | $64717641 |
| Accumulated earnings | 33400650 | 8415829 |
| **Net Assets** | $99131456 | $73133470 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 2200000 | 2375000 |
| Net asset value per share | $45.06 | $30.79 |

---

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

**OneAscent ETFs**

**Statements of Operations**

*For the six months ended February 28, 2026 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **OneAscent**<br>**Large Cap**<br>**Core ETF** | **OneAscent**<br>**Core Plus**<br>**Bond ETF** | **OneAscent**<br>**International**<br>**Equity ETF** |
| **Investment Income** |  |  |  |
| Dividend income (net of foreign taxes withheld of $214, $– and $321,275) | $1142123 | $— | $1426172 |
| Interest income | 13129 | 5224903 | 295310 |
| Tax reclaims received | 13 |  | 58954 |
| **Total investment income** | 1155265 | 5224903 | 1780436 |
| **Expenses** |  |  |  |
| Adviser | 321492 | 524983 | 930106 |
| Administration | 67910 | 82933 | 91948 |
| Custodian | 22761 | 13847 | 31061 |
| Trustee | 10783 | 10783 | 10782 |
| Legal | 10620 | 10620 | 11109 |
| Audit and tax | 9855 | 10128 | 10375 |
| Compliance services | 7536 | 11647 | 8346 |
| Report printing | 6125 | 5665 | 8622 |
| Transfer agent | 6008 | 10396 | 8263 |
| Pricing | 2720 | 23200 | 1518 |
| Insurance | 2455 | 2610 | 2827 |
| Miscellaneous | 25436 | 29723 | 30497 |
| **Total expenses** | 493701 | 736535 | 1145454 |
| Fees recouped (waived) by Adviser | (46790) |  | 49433 |
| Net operating expenses | 446911 | 736535 | 1194887 |
| **Net investment income** | 708354 | 4488368 | 585549 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (530068) | (93708) | 3631754 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | 625311 |  | 32271935 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (178990) |
| Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 11857880 | 3408947 | 11926767 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | (46662) |
| **Net realized and change in unrealized gain (loss) on investment securities** | 11953123 | 3315239 | 47604804 |
| **Net increase in net assets resulting from operations** | $12661477 | $7803607 | $48190353 |

---

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

**OneAscent ETFs**

**Statements of Operations (continued)**

*For the six months ended February 28, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **OneAscent**<br> **Emerging**<br> **Markets ETF** | **OneAscent<br> Enhanced<br> Small and<br> Mid Cap ETF** |
| **Investment Income** |  |  |
| Dividend income (net of foreign taxes withheld of $117,834 and $–) | $509703 | $448522 |
| Interest income | 104549 |  |
| Tax reclaims received | 656 |  |
| **Total investment income** | 614908 | 448522 |
| **Expenses** |  |  |
| Adviser | 273215 | 108624 |
| Administration | 32961 | 28028 |
| Custodian | 24763 | 9667 |
| Trustee | 10781 | 10783 |
| Legal | 10620 | 10620 |
| Audit and tax | 10375 | 9855 |
| Transfer agent | 8682 | 5421 |
| Compliance services | 6728 | 6728 |
| Report printing | 6471 | 4330 |
| Insurance | 2067 | 2326 |
| Pricing | 1327 | 2720 |
| Miscellaneous | 20494 | 18118 |
| **Total expenses** | 408484 | 217220 |
| Fees recouped (waived) by Adviser | 53584 | (17925) |
| Net operating expenses | 462068 | 199295 |
| **Net investment income** | 152840 | 249227 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 1226975 | 2988388 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions |  | 591104 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (101655) |  |
| Change in unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 26111186 | 2665548 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 7352 |  |
| **Net realized and change in unrealized gain (loss) on investment securities** | 27243858 | 6245040 |
| **Net increase in net assets resulting from operations** | $27396698 | $6494267 |

---

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

**OneAscent ETFs**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OneAscent<br> Large Cap Core ETF** | **OneAscent<br> Large Cap Core ETF** | **OneAscent<br> Core Plus Bond ETF** | **OneAscent<br> Core Plus Bond ETF** |
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended <br>August 31,<br> 2025** |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income | $708354 | $1089722 | $4488368 | $7729586 |
| Net realized gain (loss) on investment securities and foreign currency transactions | 95243 | 7020553 | (93708) | (1111699) |
| Change in unrealized appreciation (depreciation) on investment securities and foreign currency translations | 11857880 | 15114527 | 3408947 | (824969) |
| **Net increase in net assets resulting from operations** | 12661477 | 23224802 | 7803607 | 5792918 |
| **Distributions to Shareholders From:** |  |  |  |  |
| Earnings | (1172840) | (859050) | (4596280) | (7613350) |
| **Total distributions** | (1172840) | (859050) | (4596280) | (7613350) |
| **Capital Transactions** |  |  |  |  |
| Proceeds from shares sold | 41137870 | 43704301 | 45099370 | 43174356 |
| Amount paid for shares redeemed | (1821752) | (30397201) |  | (18101350) |
| **Net increase in net assets resulting from capital transactions** | 39316118 | 13307100 | 45099370 | 25073006 |
| **Total Increase in Net Assets** | 50804755 | 35672852 | 48306697 | 23252574 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $151884992 | $116212140 | $186332121 | $163079547 |
| &nbsp;&nbsp;&nbsp;**End of period** | $202689747 | $151884992 | $234638818 | $186332121 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1175000 | 1450000 | 1950000 | 1900000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50000) | (1000000) |  | (800000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1125000 | 450000 | 1950000 | 1100000 |

---

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

 

**OneAscent ETFs**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OneAscent<br> International Equity ETF** | **OneAscent<br> International Equity ETF** | **OneAscent<br> Emerging Markets ETF** | **OneAscent<br> Emerging Markets ETF** |
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| Net investment income | $585549 | $2570835 | $152840 | $637495 |
| Net realized gain on investment securities and foreign currency transactions | 35724699 | 3164410 | 1125320 | 2549893 |
| Change in unrealized appreciation (depreciation) on investment securities and foreign currency translations | 11880105 | 29125209 | 26118538 | (208539) |
| **Net increase in net assets resulting from operations** | 48190353 | 34860454 | 27396698 | 2978849 |
| **Distributions to Shareholders From:** |  |  |  |  |
| Earnings | (2546250) | (3193840) | (608020) | (498187) |
| **Total distributions** | (2546250) | (3193840) | (608020) | (498187) |
| **Capital Transactions** |  |  |  |  |
| Proceeds from shares sold | 127048754 | 78749075 | 16635332 | 9476804 |
| Amount paid for shares redeemed | (105276419) | (13635430) |  | (32003706) |
| **Net increase (decrease) in net assets resulting from capital transactions** | 21772335 | 65113645 | 16635332 | (22526902) |
| **Total Increase (Decrease) in Net Assets** | 67416438 | 96780259 | 43424010 | (20046240) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $229099646 | $132319387 | $55707446 | $75753686 |
| &nbsp;&nbsp;&nbsp;**End of period** | $296516084 | $229099646 | $99131456 | $55707446 |
| **Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3150000 | 2325000 | 475000 | 300000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2625000) | (400000) |  | (1075000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 525000 | 1925000 | 475000 | (775000) |

---

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

 

**OneAscent ETFs**

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

---

| | | |
|:---|:---|:---|
|  | **OneAscent<br> Enhanced Small and Mid Cap ETF** | **OneAscent<br> Enhanced Small and Mid Cap ETF** |
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $249227 | $210220 |
| Net realized gain (loss) on investment securities and foreign currency transactions | 3579492 | (420072) |
| Change in unrealized appreciation on investment securities and foreign currency translations | 2665548 | 1879236 |
| **Net increase in net assets resulting from operations** | 6494267 | 1669384 |
| **Distributions to Shareholders From:** |  |  |
| Earnings | (361560) | (80990) |
| **Total distributions** | (361560) | (80990) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 36445619 | 22501654 |
| Amount paid for shares redeemed | (4540666) |  |
| **Net increase in net assets resulting from capital transactions** | 31904953 | 22501654 |
| **Total Increase in Net Assets** | 38037660 | 24090048 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $35095810 | $11005762 |
| &nbsp;&nbsp;&nbsp;**End of period** | $73133470 | $35095810 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1275000 | 850000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (150000) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1125000 | 850000 |

---

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

 

 

**OneAscent Large Cap Core ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Period Ended<br> August 31,<br> 2022<sup>(a)</sup>** |
|  | (Unaudited) | | | | |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $33.75 | $28.69 | $23.36 | $20.31 | $25.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.10 | 0.25 | 0.17 | 0.12 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.40 | 5.02 | 5.26 | 3.01 | (4.72) |
| Total from investment operations | 2.50 | 5.27 | 5.43 | 3.13 | (4.68) |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.21) | (0.10) | (0.08) | (0.01) |
| Total distributions | (0.22) | (0.21) | (0.10) | (0.08) | (0.01) |
| Net asset value, end of period | $36.03 | $33.75 | $28.69 | $23.36 | $20.31 |
| Market price, end of period | $36.00 | $33.74 | $28.72 | $23.37 | $20.35 |
| **Total Return<sup>(b)</sup>** | 7.40 %<sup>(c)</sup> | 18.45% | 23.31% | 15.48% | (18.71 %)<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $202690 | $151885 | $116212 | $37383 | $58378 |
| Ratio of net expenses to average net assets | 0.49 %<sup>(d)</sup> | 0.49% | 0.58% | 0.86% | 0.81 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 0.54 %<sup>(d)</sup> | 0.58% | 0.64% | 0.86% | 0.81 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.78 %<sup>(d)</sup> | 0.84% | 0.87% | 0.60% | 0.28 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 21 %<sup>(c)</sup> | 28% | 95% | 105% | 52 %<sup>(c)</sup> |

---

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

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

(c) Not annualized.

(d) Annualized.

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

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

 

**OneAscent Core Plus Bond ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Period Ended<br> August 31,<br> 2022<sup>(a)</sup>** |
|  | (Unaudited) | | | | |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $22.86 | $23.13 | $22.34 | $23.46 | $25.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.48 | 1.03 | 0.98 | 0.87 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.38 | (0.28) | 0.80 | (1.12) | (1.55) |
| Total from investment operations | 0.86 | 0.75 | 1.78 | (0.25) | (1.31) |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.49) | (1.02) | (0.99) | (0.87) | (0.23) |
| Total distributions | (0.49) | (1.02) | (0.99) | (0.87) | (0.23) |
| Net asset value, end of period | $23.23 | $22.86 | $23.13 | $22.34 | $23.46 |
| Market price, end of period | $23.24 | $22.86 | $23.14 | $22.33 | $23.40 |
| **Total Return<sup>(b)</sup>** | 3.81 %<sup>(c)</sup> | 3.35% | 8.23% | (1.05%) | (5.23 %)<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $234639 | $186332 | $163080 | $109483 | $105563 |
| Ratio of net expenses to average net assets | 0.70 %<sup>(d)</sup> | 0.74% | 0.74% | 0.77% | 0.83 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 0.70 %<sup>(d)</sup> | 0.74% | 0.74% | 0.77% | 0.83 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 4.27 %<sup>(d)</sup> | 4.57% | 4.39% | 3.83% | 2.51 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 79 %<sup>(c)</sup> | 129% | 197% | 128% | 122 %<sup>(c)</sup> |

---

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

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

(c) Not annualized.

(d) Annualized.

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

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

 

**OneAscent International Equity ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Period Ended<br> August 31,<br> 2023<sup>(a)</sup>** |
|  | (Unaudited) | | | |
| **Selected Per Share Data:** |  |  |  |  |
| Net asset value, beginning of period | $39.16 | $33.71 | $30.29 | $25.00 |
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.07 | 0.51 | 0.56 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 7.69 | 5.71 | 3.44 | 4.87 |
| Total from investment operations | 7.76 | 6.22 | 4.00 | 5.45 |
| **Less distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.77) | (0.54) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.04) |  |
| Total distributions | (0.41) | (0.77) | (0.58) | (0.16) |
| Net asset value, end of period | $46.51 | $39.16 | $33.71 | $30.29 |
| Market price, end of period | $46.53 | $39.04 | $33.83 | $30.44 |
| **Total Return<sup>(b)</sup>** | 19.94 %<sup>(c)</sup> | 18.95% | 13.45% | 21.89 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $296516 | $229100 | $132319 | $82549 |
| Ratio of net expenses to average net assets | 0.95 %<sup>(d)</sup> | 0.95% | 0.95% | 0.95 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 0.91 %<sup>(d)</sup> | 0.95% | 0.99% | 1.11 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.47 %<sup>(d)</sup> | 1.52% | 2.16% | 2.04 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 46 %<sup>(c)</sup> | 40% | 31% | 13 %<sup>(c)</sup> |

---

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

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

(c) Not annualized.

(d) Annualized.

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

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

**OneAscent Emerging Markets ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Period Ended<br> August 31,<br> 2023<sup>(a)</sup>** |
|  | (Unaudited) | | | |
| **Selected Per Share Data:** |  |  |  |  |
| Net asset value, beginning of period | $32.29 | $30.30 | $27.93 | $25.00 |
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.01 | 0.43 | 0.14 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 13.04 | 1.83 | 2.71 | 2.59 |
| Total from investment operations | 13.05 | 2.26 | 2.85 | 2.94 |
| **Less distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.27) | (0.19) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.29) |  |
| Total distributions | (0.28) | (0.27) | (0.48) | (0.01) |
| Net asset value, end of period | $45.06 | $32.29 | $30.30 | $27.93 |
| Market price, end of period | $45.27 | $32.38 | $30.29 | $27.85 |
| **Total Return<sup>(b)</sup>** | 40.59 %<sup>(c)</sup> | 7.53% | 10.26% | 11.77 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $99131 | $55707 | $75754 | $31426 |
| Ratio of net expenses to average net assets | 1.25 %<sup>(d)</sup> | 1.25% | 1.25% | 1.25 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 1.10 %<sup>(d)</sup> | 1.22% | 1.20% | 1.73 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.41 %<sup>(d)</sup> | 1.15% | 1.29% | 1.54 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 73 %<sup>(c)</sup> | 42% | 35% | 45 %<sup>(c)</sup> |

---

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

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

(c) Not annualized.

(d) Annualized.

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

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

**OneAscent Enhanced Small and Mid Cap ETF**

**Financial Highlights**

*(For a share outstanding during the period)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Period Ended<br> August 31,<br> 2024<sup>(a)</sup>** |
|  | (Unaudited) | | |
| **Selected Per Share Data:** |  |  |  |
| Net asset value, beginning of period | $28.08 | $27.51 | $25.00 |
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.04 | 0.15 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.83 | 0.54 | 2.46 |
| Total from investment operations | 2.87 | 0.69 | 2.51 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.09) |  |
| Total distributions | (0.16) | (0.12) |  |
| Net asset value, end of period | $30.79 | $28.08 | $27.51 |
| Market price, end of period | $30.79 | $28.15 | $27.52 |
| **Total Return<sup>(b)</sup>** | 10.23 %<sup>(c)</sup> | 2.54% | 10.04 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000 omitted) | $73133 | $35096 | $11006 |
| Ratio of net expenses to average net assets | 0.64 %<sup>(d)</sup> | 0.64% | 0.64 %<sup>(d)</sup> |
| Ratio of gross expenses to average net assets before waiver | 0.70 %<sup>(d)</sup> | 1.33% | 4.96 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.80 %<sup>(d)</sup> | 1.05% | 1.31 %<sup>(d)</sup> |
| Portfolio turnover rate<sup>(e)</sup> | 107 %<sup>(c)</sup> | 32% | — %<sup>(c)</sup> |

---

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

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

(c) Not annualized.

(d) Annualized.

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

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

**OneAscent ETFs**

**Notes to the Financial Statements**

*February 28, 2026 - (Unaudited)*

**NOTE 1. ORGANIZATION**

OneAscent Large Cap Core ETF (the "Large Cap Core ETF"), OneAscent Core Plus Bond ETF (the "Core Plus Bond ETF"), OneAscent International Equity ETF (the "International Equity ETF"), OneAscent Emerging Markets ETF (the "Emerging Markets ETF") and OneAscent Enhanced Small and Mid Cap ETF (the "Enhanced Small and Mid Cap ETF", formerly OneAscent Small Cap Core ETF) (each a "Fund" and collectively the "Funds") are registered under the Investment Company Act of 1940, as amended ("1940 Act"), as diversified series of Unified Series Trust (the "Trust"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board" or "Trustees") to issue an unlimited number of shares of beneficial interest of separate series. Each Fund is one of a series of funds currently authorized by the Board. The Funds' investment adviser is OneAscent Investment Solutions, LLC (the "Adviser"). The Adviser has retained Teachers Advisors, LLC (the "Sub-Adviser") to serve as sub-adviser to the Core Plus Bond ETF. The investment objective of the Large Cap Core ETF is to seek closely to replicate the returns of the S&P 500 Index, before deduction of expenses, using an investment universe that is subjected to the OneAscent Values-Based Screening process. The investment objective of the Core Plus Bond ETF is to seek total return, with an emphasis on income as the source of that total return, while giving special consideration to certain Values-Based Screening and Impact criteria. The investment objective of the International Equity ETF and Emerging Markets ETF is to seek to achieve long-term capital appreciation. The investment objective of the Enhanced Small and Mid Cap ETF is to seek to outperform the Bloomberg US 2500 Total Return Index, before deduction of expenses, using an instrument universe that is subjected to the OneAscent Values-Based Screening process.

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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

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 ("ASC") Topic 946, "Financial Services- Investment Companies", including Accounting Standard Update 2013-08. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

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

**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 six months ended February 28, 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 period, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous tax year end and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

 

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

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

**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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

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

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

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

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

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

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

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the Nasdaq 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 &

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

Liquidity Committee. The Valuation Designee has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available in conformity with guidelines adopted by the Board. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Designee pursuant to its policies and procedures. Any fair value provided by the Valuation Designee is subject to the ultimate review of the pricing methodology by the Pricing & Liquidity Committee of the Board on a quarterly basis. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

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

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

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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Large Cap Core ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $202344498 | $— | $— | $202344498 |
| Total | $202344498 | $— | $— | $202344498 |
| **Core Plus Bond ETF** |  |  |  |  |
| Asset Backed Securities | $— | $18821633 | $— | $18821633 |
| Collateralized Mortgage Obligations |  | 2043989 |  | 2043989 |
| Corporate Bonds |  | 87885576 |  | 87885576 |
| Municipal Bonds |  | 21367561 |  | 21367561 |
| Non U.S. Government & Agencies |  | 15948499 |  | 15948499 |
| Term Loans |  | 1960297 |  | 1960297 |
| U.S. Government & Agencies |  | 83597370 |  | 83597370 |
| Total | $— | $231624925 | $— | $231624925 |
| **International Equity ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $291674647 | $— | $— | $291674647 |
| Warrants |  |  | — <sup>(b)</sup> |  |
| Total | $291674647 | $— | $— | $291674647 |
| **Emerging Markets ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $97159294 | $— | $— | $97159294 |
| Total | $97159294 | $— | $— | $97159294 |
| **Enhanced Small and Mid Cap ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $71039415 | $— | $— | $71039415 |
| Total | $71039415 | $— | $— | $71039415 |

---

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

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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** | **Emerging<br> Markets ETF** | **Enhanced<br> Small and<br> Mid Cap ETF** |
| Management fee rate | 0.35% | 0.50% | 0.74% | 0.74% | 0.35% |
| Management fees earned | $321492 | $524983 | $930106 | $273215 | $108624 |
| Management fees (waived) recouped | $(46790) | $— | $49433 | $53584 | $(17925) |

---

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

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Funds' business, do not exceed 0.49% of the Large Cap Core ETF's average daily net assets, 1.00% of the Core Plus Bond ETF's average daily net assets, 0.95% of the International Equity ETF's average daily net assets, 1.25% of the Emerging Markets ETF's average daily net assets and 0.64% of the Enhanced Small and Mid Cap ETF's average daily net assets. The contractual arrangements for the Large Cap Core ETF, Core Plus Bond ETF, International Equity ETF, Emerging Markets ETF and Enhanced Small and Mid Cap ETF are in place through December 31, 2026. These expense caps may not be terminated prior to this date except by the Board upon sixty days' written notice to the Adviser.

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Recoverable Through** | **Large Cap<br> Core ETF** | **International<br> Equity ETF** | **Emerging<br> Markets ETF** | **Enhanced<br> Small and<br> Mid Cap ETF** |
| August 31, 2026 | $— | $61479 | $25211 | $— |
| August 31, 2027 | 47612 | 38209 |  | 66138 |
| August 31, 2028 | 120715 |  |  | 139181 |
| February 28, 2029 | 46790 |  |  | 17925 |

---

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

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

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

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

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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

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

For the six months ended February 28, 2026, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** |
| Large Cap Core ETF | $39213555 | $38932359 | $— | $— |
| Core Plus Bond ETF | 77345591 | 21648861 | 121832386 | 134748669 |
| International Equity ETF | 229696351 | 108439069 |  |  |
| Emerging Markets ETF | 64249826 | 50244601 |  |  |
| Enhanced Small and Mid Cap ETF | 64302821 | 65360287 |  |  |

---

For the six months ended February 28, 2026, purchases and sales for in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Large Cap Core ETF | $41033982 | $1826646 |
| Core Plus Bond ETF |  |  |
| International Equity ETF | 27636692 | 103361224 |
| Emerging Markets ETF | 5883385 |  |
| Enhanced Small and Mid Cap ETF | 35648168 | 4400242 |

---

For the six months ended February 28, 2026, the Funds incurred net realized gains on in-kind redemptions as follows:

---

| | |
|:---|:---|
|  | **In-Kind**<br> **Realized Gains** |
| Large Cap Core ETF | $625311 |
| Core Plus Bond ETF |  |
| International Equity ETF | 32271935 |
| Emerging Markets ETF |  |
| Enhanced Small and Mid Cap ETF | 591104 |

---

**NOTE 6. CAPITAL SHARE TRANSACTIONS**

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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

Creation Units from a Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of a Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, a Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate a Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). For the six months ended February 28, 2026, the Large Cap Core ETF, the Core Plus Bond ETF, the International Equity ETF, the Emerging Markets ETF and Enhanced Small and Mid Cap ETF incurred $17,000, $5,600, $15,000, $10,800, and $24,750 in fixed fees, respectively. For the six months ended February 28, 2026, the Large Cap Core ETF had variable charges of $31. The Transaction Fees for each Fund are listed in the table below:

---

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

---

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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

**NOTE 7. FEDERAL TAX INFORMATION**

At February 28, 2026, the net unrealized appreciation (depreciation) and tax cost of investments, other than futures contracts, for tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** | **Emerging**<br> **Markets ETF** | **Enhanced<br> Small and<br> Mid Cap ETF** |
| Gross unrealized appreciation | $46575116 | $4649591 | $60781609 | $33254767 | $9255896 |
| Gross unrealized depreciation | (6781280) | (2586474) | (1056279) | (145934) | (4096199) |
| Net unrealized appreciation on investments | $39793836 | $2063117 | $59725330 | $33108833 | $5159697 |
| Tax cost of investments | $162550662 | $229561808 | $231949317 | $64050461 | $65879718 |

---

The tax character of distributions paid for the fiscal year ended August 31, 2025, the Funds' most recent fiscal year end, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** |
| Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $859050 | $7563390 | $3193840 |
| Total distributions paid | $859050 | $7563390 | $3193840 |

---

---

| | | |
|:---|:---|:---|
|  | **Emerging**<br> **Markets ETF** | **Enhanced<br> Small and<br> Mid Cap<br> ETF** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $498187 | $80990 |
| Total distributions paid | $498187 | $80990 |

---

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap<br> Core ETF** | **Core Plus<br> Bond ETF** | **International<br> Equity ETF** |
| Undistributed ordinary income | $726986 | $862209 | $2058125 |
| Distributions payable |  | (725350) |  |
| Accumulated capital and other losses | (1339284) | (7126818) | (1786475) |
| Unrealized appreciation (depreciation) on investments | 27948583 | (1356610) | 46892744 |
| Total accumulated earnings (deficit) | $27336285 | $(8346569) | $47164394 |

---

---

| | | |
|:---|:---|:---|
|  | **Emerging<br> Markets ETF** | **Enhanced<br> Small and<br> Mid Cap<br> ETF** |
| Undistributed ordinary income | $525931 | $203086 |
| Distributions payable |  |  |
| Accumulated capital and other losses | (523992) | (414631) |
| Unrealized appreciation on investments | 6610033 | 2494667 |
| Total accumulated earnings | $6611972 | $2283122 |

---

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

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

---

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

---

In this reporting period, the Funds 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

**OneAscent ETFs**

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

*February 28, 2026 - (Unaudited)*

period. Adoption of the new standard impacted financial statement disclosures only and did not impact the Funds financial positions or results of operations. For the six months ended February 28, 2026, there were no material federal, state or local income taxes or any material income taxes in foreign jurisdictions paid by the Funds.

**NOTE 8. SECTOR RISK**

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of a Fund's portfolio will be adversely affected. As of February 28, 2026, the Large Cap Core ETF and Emerging Markets ETF had 36.67% and 36.99% of the value of its net assets invested in securities within the Technology sector, respectively. International Equity ETF had 28.68% of the value of its net assets invested in securities within the Financials sector.

**NOTE 9. INDEMNIFICATIONS**

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

**NOTE 10. SUBSEQUENT EVENTS**

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

**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.

---

| |
|:---|
| **Tactical Multi-Purpose Fund** |
| **Semi-Annual Financial Statements<br> and Additional Information** |
| **February 28, 2026** |
| **Fund Adviser:** |
| **Fisher Asset Management, LLC** |
| **6500 International Parkway, Suite 2050** |
| **Plano, Texas 75093** |
| **(800) 550-1071** |

---

**Tactical Multi-Purpose Fund**

**Schedule of Investments**

*February 28, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS - 103.55%** |  |  |
| First American Government Obligations Fund, Class X, 3.60%<sup>(a)(b)</sup> | 28795 | $28795 |
| **Total Money Market Funds (Cost $28,795)** |  | 28795 |
| **Total Investments — 103.55% (Cost $28,795)** |  | 28795 |
| **Liabilities in Excess of Other Assets — (3.55)%** |  | (988) |
| **NET ASSETS — 100.00%** |  | $27807 |

---

(a) Rate
 disclosed is the seven day effective yield as of February 28, 2026.

(b) Represents
 an investment greater than 25% of the Fund's net assets. Performance of the Fund may be adversely impacted by concentrated investments
 in securities. As of February 28, 2026, the percentage of net assets invested in First American Government Obligations Fund, Class
 X was 103.55% of the Fund. The financial statements and portfolio holdings of First American Government Obligations Fund, Class X can
 be found at www.sec.gov.

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

**Tactical Multi-Purpose Fund**

**Statement of Assets and Liabilities**

*February 28, 2026 (Unaudited)*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $28,795) | $28795 |
| Interest receivable | 77 |
| Receivable from Adviser | 26566 |
| Prepaid expenses | 1497 |
| **Total Assets** | 56935 |
| **Liabilities** |  |
| Payable to affiliates | 15283 |
| Payable to trustees | 5201 |
| Other accrued expenses | 8644 |
| **Total Liabilities** | 29128 |
| **Net Assets** | $27807 |
| **Net Assets consist of:** |  |
| Paid-in capital | $27560 |
| Accumulated earnings | 247 |
| **Net Assets** | $27807 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 2809 |
| Net asset value, offering and redemption price per share | $9.90 |

---

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

**Tactical Multi-Purpose Fund**

**Statement of Operations**

*For the Six Months Ended February 28, 2026 (Unaudited)*

 

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $480 |
| Interest income | 98 |
| **Total investment income** | 578 |
| **Expenses** |  |
| Administration | 16835 |
| Fund accounting | 14878 |
| Legal | 11770 |
| Trustee | 11068 |
| Compliance services | 6372 |
| Transfer agent | 5951 |
| Audit and tax | 5790 |
| Custodian | 3089 |
| Report printing | 1490 |
| Registration | 136 |
| Adviser | 34 |
| Miscellaneous | 9771 |
| **Total expenses** | 87184 |
| Fees waived and/or expenses reimbursed by Adviser | (78035) |
| Fees reduced by Administrator | (9011) |
| **Net operating expenses** | 138 |
| **Net investment income** | 440 |
| Net change in unrealized depreciation of investment securities | (5) |
| **Net realized and change in unrealized loss on investments** | (5) |
| **Net increase in net assets resulting from operations** | $435 |

---

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

**Tactical Multi-Purpose Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> February 28,<br> 2026** | **For the<br> Year Ended<br> August 31,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $440 | $954 |
| Net change in unrealized appreciation (depreciation) of investment securities | (5) | 1 |
| Net increase in net assets resulting from operations | 435 | 955 |
| **Distributions to Shareholders From:** |  |  |
| Earnings | (1016) | (1063) |
| **Total distributions** | (1016) | (1063) |
| **Capital Transactions** |  |  |
| Reinvestment of distributions | 1016 | 1063 |
| **Net increase in net assets resulting from capital transactions** | 1016 | 1063 |
| **Total Increase in Net Assets** | 435 | 955 |
| **Net Assets** |  |  |
| Beginning of period | 27372 | 26417 |
| End of period | $27807 | $27372 |
| **Share Transactions** |  |  |
| Shares issued in reinvestment of distributions | 104 | 107 |
| **Net increase in shares** | 104 | 107 |

---

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

**Tactical Multi-Purpose Fund**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended**<br> **February 28,<br> 2026**<br> **(Unaudited)** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Year Ended<br> August 31,<br> 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.12 | $10.17 | $10.11 | $9.80 | $9.84 | $9.93 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.16 | 0.35 | 0.43 | 0.33 | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | — <sup>(a)</sup> | 0.01 | 0.01 | (0.02) | — <sup>(a)</sup> |  |
| Total from investment operations | 0.16 | 0.36 | 0.44 | 0.31 | (0.04) | (0.09) |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.41) | (0.38) |  |  |  |
| Total distributions | (0.38) | (0.41) | (0.38) |  |  |  |
| **Net asset value, end of period** | $9.90 | $10.12 | $10.17 | $10.11 | $9.80 | $9.84 |
| **Total Return<sup>(b)</sup>** | 1.56 %<sup>(c)</sup> | 3.64% | 4.52% | 3.16% | (0.41)% | (0.91)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28 | $27 | $26 | $25 | $24 | $25 |
| Ratio of net expenses to average net assets | 1.00 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of gross expenses to average net assets before waiver and reimbursement | 637.13 %<sup>(d)</sup> | 645.10% | 630.32% | 657.38% | 644.19% | 635.29% |
| Ratio of net investment income (loss) to average net assets | 3.22 %<sup>(d)</sup> | 3.55% | 4.27% | 3.30% | (0.44)% | (0.91)% |
| Portfolio turnover rate | — %<sup>(c)</sup> | —% | —% | —% | — % | —% |

---

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

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

(c) Not
 annualized.

(d) Annualized.

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

**Tactical Multi-Purpose Fund**

**Notes to the Financial Statements**

*February 28, 2026 (Unaudited)*

**NOTE 1. ORGANIZATION**

The Tactical Multi-Purpose Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified series of Unified Series Trust (the "Trust") on November 14, 2016. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds currently authorized by the Board. The Fund commenced operations on March 30, 2017. The investment adviser to the Fund is Fisher Asset Management, LLC, d/b/a Fisher Investments (the "Adviser"). The investment objective of the Fund is to seek positive total returns over the long-term regardless of market conditions in the U.S. and foreign equity markets.

The Fund 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.

**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 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

**Tactical Multi-Purpose Fund**

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

*February 28, 2026 (Unaudited)*

assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on 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 six months ended February 28, 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 six months ended February 28, 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., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

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

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing

**Tactical Multi-Purpose Fund**

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

*February 28, 2026 (Unaudited)*

of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

**NOTE 3. NON-DIVERSIFICATION RISK**

The Fund is non-diversified, which means it may invest a greater percentage of its assets in a limited number of issuers as compared to other mutual funds that are more broadly diversified. As a result, the Fund's share price may be more volatile than the share price of some other mutual funds, and the poor performance of an individual holding in the Fund's portfolio may have a significant negative impact on the Fund's performance.

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

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

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

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

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published

**Tactical Multi-Purpose Fund**

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

*February 28, 2026 (Unaudited)*

 and is the basis for current transactions for identical assets or liabilities at the valuation date

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

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

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

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

**Tactical Multi-Purpose Fund**

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

*February 28, 2026 (Unaudited)*

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

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

**Tactical Multi-Purpose Fund**

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

*February 28, 2026 (Unaudited)*

The following is a summary of the inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money Market Funds | $28795 | $— | $— | $28795 |
| Total | $28795 | $— | $— | $28795 |

---

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

**NOTE 5. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

The Adviser, under the terms of the management agreement with the Trust with respect to the Fund, manages the Fund's investments. As compensation for its management services, the Fund is obligated to pay the Adviser a management fee computed and accrued daily and paid monthly at an annual rate of 0.25% of the Fund's average daily net assets. For the six months ended February 28, 2026, the Adviser earned management fees of $34 from the Fund before the waiver and reimbursement described below.

The Adviser has contractually agreed to limit the Fund's total annual operating expenses to 1.00% of the Fund's average daily net assets through December 31, 2030 (excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business). This expense cap may not be terminated prior to this date except by the Board upon 60 days' written notice to the Adviser. For the six months ended February 28, 2026, the Adviser waived fees and/or reimbursed expenses in the amount of $78,035.

Each expense payment by the Adviser (but not management fee waiver) is subject to recoupment by the Adviser from the Fund in the three years following the date the particular expense payment occurred, but only if such recoupment can be achieved without

**Tactical Multi-Purpose Fund**

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

*February 28, 2026 (Unaudited)*

exceeding the annual expense limitation in effect at the time of the expense payment and any expense limitation in effect at the time of the recoupment. As of February 28, 2026, the Adviser may seek repayment of expense reimbursements in amounts as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| August 31, 2026 | $82251 |
| August 31, 2027 | 156037 |
| August 31, 2028 | 155938 |
| February 28, 2029 | 78035 |

---

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

Ultimus has agreed to waive its fees to the extent necessary so that the Fund's total annual operating expenses (excluding taxes, borrowing costs such as interest and dividend expenses on securities sold short, brokerage commissions, acquired fund fees and expenses, shareholder servicing fees paid to financial intermediaries, extraordinary expenses and expenses outside the normal course of business) do not exceed $156,000 annually, based on a twelve-month period commencing April 1 and ending March 31 (the "Annual Period"). The waiver will accrue on a monthly basis such that the Fund's operating expenses for any month during the Annual Period will not exceed the sum of $13,000 (the"Monthly Expense Cap"), provided that Ultimus may recoup any fees waived by Ultimus in a prior month during the Annual Period to the extent of any unused amount of the Monthly Expense Cap in the current month. The waiver will be suspended and forfeited in any month that the Adviser is not the sole shareholder of the Fund. The waiver is subject to recoupment for the Annual Period during which the fees were waived, but only if such recoupment can be achieved without exceeding the Monthly Expense Cap. The total amount waived by Ultimus during the six months ended February 28, 2026 was $9,011, and the amount recoupable as of February 28, 2026 was $16,718.

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

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

**Tactical Multi-Purpose Fund**

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

*February 28, 2026 (Unaudited)*

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

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

**NOTE 6. INVESTMENT TRANSACTIONS**

For the six months ended February 28, 2026, there were no purchases or sales of investment securities, other than short-term investments.

There were no purchases or sales of long-term U.S. government obligations during the six months ended February 28, 2026.

**NOTE 7. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of February 28, 2026, the Adviser owned 100% of the Fund's outstanding shares. As a result, the Adviser may be deemed to control the Fund.

**NOTE 8. FEDERAL TAX INFORMATION**

At February 28, 2026, the net unrealized appreciation (depreciation) and tax cost of investments, other than futures contracts, for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $— |
| Gross unrealized depreciation |  |
| Net unrealized appreciation on investments | $— |
| Tax cost of investments | $28795 |

---

**Tactical Multi-Purpose Fund**

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

*February 28, 2026 (Unaudited)*

The tax character of distributions paid for the fiscal year endedAugust 31, 2025, the Fund's most recent fiscal year end, was as follows:

---

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

---

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

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

---

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

---

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

**NOTE 9. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 10. SUBSEQUENT EVENTS**

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

**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 Tactical Multi-Purpose Fund (the "Fund") is a series of Unified Series Trust (the "Trust"). The Trust's Board of Trustees (the "Board" or the "Trustees") oversees the management of the Fund and, as required by law, has considered the renewal of the Fund's management agreement with its investment adviser, Fisher Asset Management, LLC ("Fisher"). In connection with such renewal, the Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances.

At the Trustees' quarterly meeting held in February 2026, the Trustees, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940) of the Trust or Fisher (the "Independent Trustees"), approved the renewal of the management agreement between the Trust and Fisher for an additional year. The Trustees' renewal of the Tactical Fund's management 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.

**Nature, Extent, and Quality of Services.** The Trustees reviewed and considered information regarding the nature, extent, and quality of services that Fisher currently provided to the Fund and would provide when the strategy was deployed, including providing a continuous investment program for the Fund, adhering to the Fund's investment strategy and any restrictions, complying with the Trust's policies and procedures, and voting proxies on behalf of the Fund. The Trustees considered the qualifications and experience of Fisher's portfolio managers responsible for the day-to-day management of the Fund's portfolio, as well as the qualifications and experience of the other individuals at Fisher who provide services to the Fund. The Trustees further reviewed and considered Fisher's compliance program and its team members, including the Trust CCO's compliance review. They noted the strategic nature of the Fund, Fisher's market outlook with respect to use of the Fund and continued evaluation of the necessity for the Fund, the fact that the strategy has not yet been deployed, and the timeline necessary for the strategy to be deployed. The Trustees concluded that they were satisfied with the nature, extent, and expect the same quality of investment management services to be provided by Fisher to the Fund upon deployment of the strategy.

**Fund Performance.** The Trustees next noted that Fisher has not yet deployed the strategy, which is intended to be used strategically under extraordinary market circumstances. Therefore, the Fund's performance to date consists of returns from minimal money market fund holdings. The Trustees

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

acknowledged Fisher's explanation on the market conditions that would trigger deployment of the Fund and Fisher's post-deployment investment strategy. The Trustees concluded that Fisher had the ability to manage the Fund successfully in accordance with its investment strategy.

**Fee Rate and Profitability.** The Trustees reviewed the management fee but noted that Fisher had agreed to waive its management fee and to reimburse expenses of the Fund to the extent they exceed 1.00% annually through December 31, 2029. The Trustees noted that the Fund was not profitable to Fisher because it had not commenced public operations.

**Economies of Scale.** The Trustees also considered whether Fisher may realize economies of scale when Fisher deployed the Fund's strategy and invested client assets in the Fund. The Trustees determined that, so long as Fisher continued to waive its management fee/or reimburse the Fund's expenses, and due to the nature of the Fund's strategy, Fisher was not expected to realize benefits from economies of scale in managing the Fund. They further concluded that reductions or breakpoints are not a relevant consideration 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) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Not applicable – disclosed with annual report.

(a)(2) Not applicable

---

| | |
|:---|:---|
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](ust_ex99cert.htm) |

---

(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](ust_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) Unified
 Series Trust

---

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

---

Date <u> 5/1/2026</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/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |

---

Date <u> 5/1/2026</u>

---

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

---

Date <u> 5/1/2026</u>

## Ex-99.Cert

**EX-99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

<u>CERTIFICATIONS</u>

I, Martin R. Dean, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 5/1/2026 | /s/ Martin R. Dean |
|  |  | Martin R. Dean<br> Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

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 | 5/1/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906 CERT**

**SECTION 906 certification**

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

1. The Registrant's periodic report on Form N-CSR for the period ended February 28, 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<br> Unified Series Trust | Principal Financial Officer<br> Unified Series Trust |
| /s/ Martin R. Dean | /s/ Zachary P. Richmond |
| Martin R. Dean | Zachary P. Richmond |

---

Date: <u>5/1/2026</u> Date: <u>5/1/2026</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.