# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-25-003483
**Filing Date:** 2025-6
**Character Count:** 164642
**Document Hash:** 7f10194dba14e02cad861a5bb03c61ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003483.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001580642-25-003483

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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:** 251026841

**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

### Channel Income Fund (Series ID: S000002756)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000007552 | Channel Income Fund | CPSIX           |

### Appleseed Fund (Series ID: S000014625)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000040026 | Appleseed Fund Investor Class      | APPLX           |
| C000093602 | Appleseed Fund Institutional Class | APPIX           |

### BALLAST SMALL/MID CAP ETF (Series ID: S000070046)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000222954 | BALLAST SMALL/MID CAP ETF | MGMT            |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>&nbsp;&nbsp;&nbsp;&nbsp; 811-21237</u> <br>

---

| |
|:---|
| Unified Series Trust |
| (Exact name of registrant as specified in charter) |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| (Address of principal executive offices) |
| (Zip code) |
| Zachary P. Richmond |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| (Name and address of agent for service) |

---

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

Date of fiscal year end: <u> September 30&nbsp;&nbsp;&nbsp;&nbsp; </u> <br>

Date of reporting period: <u> March 31, 2025&nbsp;&nbsp;&nbsp;&nbsp; </u> <br>

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

#### Appleseed Fund

#### Institutional Class (APPIX)

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](ic411e215ffc3a82c64c6641c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Appleseed Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/appleseed/. You can also request this information by contacting us at (800) 470-1029.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $48 | 0.95% |

---

# What did the Fund invest in?

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](if4b833b9484608d844a4c92a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Certificates of Deposit | 0.9% |
| Money Market Funds | 1.4% |
| Preferred Stocks | 1.8% |
| U.S. Government & Agencies | 2.3% |
| Convertible Bonds | 5.1% |
| Exchange-Traded Funds | 6.3% |
| Closed End Funds | 11.1% |
| Common Stocks | 71.4% |

---

# **Country Weighting (% of net assets)**![Group By Country Chart](idf89032a54b3becf75dd072f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 1.0% |
| Greece | 1.7% |
| Japan | 1.7% |
| Israel | 2.0% |
| Mexico | 2.3% |
| France | 3.5% |
| China | 3.9% |
| Ireland | 4.8% |
| South Korea | 4.8% |
| Canada | 16.1% |
| United States | 58.5% |

---

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

![Image](ic411e215ffc3a82c64c6641c.jpg)

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54197917 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $97170 |
| Portfolio Turnover | 31% |

---

#### Appleseed Fund - Institutional Class (APPIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting
information

TSR-SAR 033125-APPIX

#### Appleseed Fund

#### Investor Class (APPLX)

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i5e22319ba7546b8155ade2c6.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Appleseed Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/appleseed/. You can also request this information by contacting us at (800) 470-1029.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $58 | 1.14% |

---

# What did the Fund invest in?

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i0c26a27439e3b42553c72569.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Certificates of Deposit | 0.9% |
| Money Market Funds | 1.4% |
| Preferred Stocks | 1.8% |
| U.S. Government & Agencies | 2.3% |
| Convertible Bonds | 5.1% |
| Exchange-Traded Funds | 6.3% |
| Closed End Funds | 11.1% |
| Common Stocks | 71.4% |

---

# **Country Weighting (% of net assets)**![Group By Country Chart](ie33edc2305ccd2b13d6d75fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 1.0% |
| Greece | 1.7% |
| Japan | 1.7% |
| Israel | 2.0% |
| Mexico | 2.3% |
| France | 3.5% |
| China | 3.9% |
| Ireland | 4.8% |
| South Korea | 4.8% |
| Canada | 16.1% |
| United States | 58.5% |

---

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

![Image](i5e22319ba7546b8155ade2c6.jpg)

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54197917 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $97170 |
| Portfolio Turnover | 31% |

---

#### Appleseed Fund - Investor Class (APPLX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-APPLX

#### Ballast Small/Mid Cap ETF
(MGMT) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i4a6858aa0e0d996bed211791.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Ballast Small/Mid Cap ETF (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://etf.mgmtetf.com/. You can also request this information by contacting us at (866) 383-6468.

# 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** |
| Ballast Small/Mid Cap ETF | $55 | 1.10% |

---

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $149035542 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee (net of waivers) | $696669 |
| Portfolio Turnover | 12% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i11527d8a3362501c06c8a8f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Communications | 1.3% |
| Health Care | 3.2% |
| Consumer Staples | 4.1% |
| Real Estate | 4.7% |
| Energy | 8.4% |
| Technology | 12.5% |
| Industrials | 14.2% |
| Financials | 15.0% |
| Consumer Discretionary | 16.1% |
| Materials | 19.8% |

---

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

![Image](i4a6858aa0e0d996bed211791.jpg)

#### Ballast Small/Mid Cap ETF (MGMT)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-MGMT

#### Channel Income Fund

#### (formerly Channel Short Duration Income Fund)
(CPSIX)

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i536d70b2022bee9d8f23bd22.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Channel Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://channelfunds.com/mutual-funds/. You can also request this information by contacting us at (877) 627-8504.

# 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** |
| Channel Income Fund | $48 | 0.95% |

---

#### What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$29274342 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;Advisory Fee (net of waivers) | &nbsp;&nbsp;$25719 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;2,246% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i569a33d249c29d669ae736b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Money Market Funds | 1.2% |
| Consumer Staples | 2.5% |
| Communications | 6.0% |
| U.S. Treasury Obligations | 6.0% |
| Utilities | 10.2% |
| Industrials | 20.6% |
| Energy | 20.8% |
| Financials | 31.7% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus dated January 28, 2025, which is available at https://channelfunds.com/mutual-funds/ or upon request by calling (877) 627-8504.

Effective January 28, 2025, the Fund's name was changed from Channel Short Duration Income Fund to Channel Income Fund.

![Image](i536d70b2022bee9d8f23bd22.jpg)

#### Channel Income Fund (CPSIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-CPSIX

(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) ![(APPLESEED FUND LOGO)](us001_v1.jpg)

**Semi-Annual Financial Statements and Additional Information**

March 31, 2025

Fund Adviser:

Pekin Hardy Strauss, Inc.

227 West Monroe Street, Suite 3625

Chicago, IL 60606

Toll Free (800) 470-1029

www.appleseedfund.com

---

| |
|:---|
| APPLESEED FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks — 71.37%** |<br>**Shares** | **Fair**<br>**Value** |
| ***Canada — 4.96%*** |  |  |
| ***Materials — 1.52%*** |  |  |
| Cameco Corporation | 20000 | $823200 |
| ***Real Estate — 3.44%*** |  |  |
| Boardwalk Real Estate Investment Trust | 40000 | 1865366 |
| ***Total Canada*** |  | 2688566 |
| ***China — 3.90%*** |  |  |
| ***Consumer Discretionary — 3.90%*** |  |  |
| Alibaba Group Holding Ltd. - ADR | 16000 | 2115680 |
| ***Total China*** |  | 2115680 |
| ***France — 3.50%*** |  |  |
| ***Communications — 3.50%*** |  |  |
| Bollore SA | 325000 | 1898734 |
| ***Total France*** |  | 1898734 |
| ***Greece — 1.73%*** |  |  |
| ***Industrials — 1.73%*** |  |  |
| Diana Shipping, Inc.<sup>(a)</sup> | 600000 | 936000 |
| ***Total Greece*** |  | 936000 |
| ***Ireland — 4.77%*** |  |  |
| ***Financials — 3.78%*** |  |  |
| AerCap Holdings NV | 20000 | 2043400 |
| ***Health Care — 0.99%*** |  |  |
| Medtronic PLC | 6000 | 539160 |
| ***Total Ireland*** |  | 2582560 |
| ***Israel — 2.00%*** |  |  |
| ***Industrials — 2.00%*** |  |  |
| Ituran Location and Control Ltd. | 30000 | 1084800 |
| ***Total Israel*** |  | 1084800 |
| ***Japan — 1.64%*** |  |  |
| ***Technology — 1.64%*** |  |  |
| Sony Group Corp. - ADR | 35000 | 888650 |
| ***Total Japan*** |  | 888650 |
| ***Mexico — 2.29%*** |  |  |
| ***Health Care — 2.29%*** |  |  |
| Wal-Mart de Mexico SAB de CV - ADR | 45000 | 1239750 |
| ***Total Mexico*** |  | 1239750 |

---

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

---

| |
|:---|
| APPLESEED FUND |
| SCHEDULE OF INVESTMENTS – continued |
| March 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks — 71.37% — continued** |<br>**Shares** | **Fair**<br>**Value** |
| ***Russia — 0.00%*** |  |  |
| ***Financials — 0.00%*** |  |  |
| Moscow Exchange MICEX-RTS PJSC - ADR<sup>(a)(b)(c)</sup> | 1300000 | $157 |
| Sberbank of Russia PJSC - ADR<sup>(a)(b)(c)</sup> | 324000 | 4 |
| ***Total Russia*** |  | 161 |
| ***South Korea — 4.81%*** |  |  |
| ***Communications — 1.12%*** |  |  |
| Gravity Co. Ltd. - ADR<sup>(a)</sup> | 10000 | 605000 |
| ***Technology — 3.69%*** |  |  |
| Samsung Electronics Co. Ltd. | 51000 | 2000801 |
| ***Total South Korea*** |  | 2605801 |
| ***Switzerland — 0.99%*** |  |  |
| ***Health Care — 0.99%*** |  |  |
| Roche Holding AG - ADR<sup>(a)</sup> | 13000 | 534950 |
| ***Total Switzerland*** |  | 534950 |
| ***United States — 40.78%*** |  |  |
| ***Consumer Discretionary — 1.72%*** |  |  |
| VF Corporation | 60000 | 931200 |
| ***Consumer Staples — 9.09%*** |  |  |
| Dollar General Corp. | 25000 | 2198250 |
| Estee Lauder Companies, Inc. (The), Class A | 25000 | 1650000 |
| Herbalife Ltd.<sup>(a)</sup> | 125000 | 1078750 |
|  |  | 4927000 |
| ***Financials — 4.27%*** |  |  |
| AGNC Investment Corp. | 110000 | 1053800 |
| Willis Lease Finance Corp. | 8000 | 1263760 |
|  |  | 2317560 |
| ***Health Care — 6.15%*** |  |  |
| Ardelyx, Inc.<sup>(a)</sup> | 125000 | 613750 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 7500 | 1128900 |
| Humana, Inc. | 6000 | 1587600 |
|  |  | 3330250 |
| ***Industrials — 7.50%*** |  |  |
| GXO Logistics, Inc.<sup>(a)</sup> | 37000 | 1445959 |
| Stanley Black & Decker, Inc. | 18000 | 1383840 |
| WESCO International, Inc. | 8000 | 1242400 |
|  |  | 4072199 |
| ***Materials — 8.91%*** |  |  |
| CF Industries Holdings, Inc. | 22000 | 1719300 |

---

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

---

| |
|:---|
| APPLESEED FUND |
| SCHEDULE OF INVESTMENTS – continued |
| March 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks — 71.37% — continued** |<br>**Shares** | **Fair**<br>**Value** |
| ***United States — 40.78% — continued*** |  |  |
| ***Materials — 8.91% — continued*** |  |  |
| Chemours Co. (The)<sup>(a)</sup> | 80000 | $1082400 |
| Mosaic Co. (The) | 75000 | 2025749 |
|  |  | 4827449 |
| ***Real Estate — 1.91%*** |  |  |
| Alexander & Baldwin, Inc. | 60000 | 1033800 |
| ***Technology — 1.23%*** |  |  |
| SS&C Technologies Holdings, Inc. | 8000 | 668240 |
| ***Total United States*** |  | 22107698 |
| ***TOTAL COMMON STOCKS<br> (Cost $36,418,063)*** |  | 38683350 |
| **Closed End Funds — 11.11%** |  |  |
| ***Canada — 11.11%*** |  |  |
| Sprott Physical Gold Trust<sup>(a)</sup> | 200000 | 4812000 |
| Sprott Physical Uranium Trust<sup>(a)</sup> | 85000 | 1211250 |
| ***TOTAL CLOSED END FUNDS<br> (Cost $2,868,803)*** |  | 6023250 |
| **Exchange-Traded Funds — 6.28%** |  |  |
| ***United States — 6.28%*** |  |  |
| iShares Bitcoin Trust ETF<sup>(a)</sup> | 25000 | 1170250 |
| Simplify MBS ETF<sup>(a)</sup> | 14500 | 727030 |
| VanEck Merk Gold Shares<sup>(a)</sup> | 50000 | 1507000 |
| ***TOTAL EXCHANGE-TRADED FUNDS<br> (Cost $2,257,997)*** |  | 3404280 |
| **Preferred Stocks — 1.80%** |  |  |
| ***United States — 1.80%*** |  |  |
| ***Financials — 1.80%*** |  |  |
| Federal National Mortgage Association, |  |  |
| Series S, 5.25% | 45000 | 535500 |
| Federal National Mortgage Association, |  |  |
| Series T, 8.25% | 40000 | 442400 |
| ***TOTAL PREFERRED STOCKS<br> (Cost $154,842)*** |  | 977900 |

---

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

---

| |
|:---|
| APPLESEED FUND |
| SCHEDULE OF INVESTMENTS – continued |
| March 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **U.S. Government & Agencies — 2.34%** | **Shares/**<br>**Principal**<br>**Amount** |<br>**Fair**<br>**Value** |
| United States Treasury Inflation Indexed Bonds 0.50%, 1/15/2028<sup>(d)</sup> | $1000000 | $1265634 |
| ***TOTAL U.S. GOVERNMENT & AGENCIES<br> (Cost $1,249,691)*** |  | 1265634 |
| **Convertible Bonds — 5.13%** |  |  |
| Lumentum Holdings, Inc., 0.50%, 12/15/2026 | 2000000 | 2082000 |
| Regions Financial Corp., 2.25%, 5/18/2025 | 700000 | 697439 |
| ***TOTAL CONVERTIBLE BONDS<br> (Cost $2,835,609)*** |  | 2779439 |
| **Certificates of Deposit — 0.92%** |  |  |
| Deerwood Bank, 3.05%, 9/8/2025 | 250000 | 250000 |
| Spring Bank, 3.00%, 3/31/2026 | 250000 | 250000 |
| ***TOTAL CERTIFICATES OF DEPOSIT<br> (Cost $500,000)*** |  | 500000 |
| **Money Market Funds — 1.39%** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 4.21%<sup>(e)</sup> | 750962 | 750962 |
| ***TOTAL MONEY MARKET FUNDS<br> (Cost $750,962)*** |  | 750962 |
| ***Total Investments — 100.34%<br> (Cost $47,035,967)*** |  | 54384815 |
| ***Liabilities in Excess of Other Assets — (0.34)%*** |  | (186898) |
| ***Net Assets — 100.00%*** |  | $54197917 |

---

(a) Non-income
 producing security.

(b) Security is
 currently being valued according to the fair value procedures. See Note 3.

(c) Illiquid security.
 The total fair value of these securities as of March 31, 2025 was $161, representing 0.00% of net assets.

(d) Principal
 amount of security is adjusted periodically based on changes in the Consumer Price Index.

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

ADR — American Depositary Receipt

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

---

| |
|:---|
| APPLESEED FUND |
| STATEMENT OF ASSETS AND LIABILITIES |
| March 31, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
| ***Assets*** |  |
| Investments in securities, at fair value (cost $47,035,967) | $54384815 |
| Cash | 1106 |
| Cash at broker | 60127 |
| Receivable for fund shares sold | 2908 |
| Receivable for investments sold | 86038 |
| Dividends and interest receivable | 105576 |
| Tax reclaims receivable | 67312 |
| Prepaid expenses | 23653 |
| &nbsp;&nbsp;&nbsp;***Total Assets*** | 54731535 |
| ***Liabilities*** |  |
| Payable for fund shares redeemed | 167004 |
| Payable for investments purchased | 299321 |
| Payable to Adviser, net of waiver | 14421 |
| Payable for Administrative Service Plan fees, Investor Class, net of waiver | 3386 |
| Payable to affiliates | 24840 |
| Other accrued expenses | 24646 |
| &nbsp;&nbsp;&nbsp;***Total Liabilities*** | 533618 |
| ***Net Assets*** | $54197917 |
| ***Net Assets consist of:*** |  |
| Paid-in capital | 47115666 |
| Accumulated earnings | 7082251 |
| ***Net Assets*** | $54197917 |
| ***Net Assets: Investor Class*** | $20826005 |
| ***Shares outstanding (unlimited number of shares authorized, no par value)*** | 1424979 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $14.62 |
| ***Net Assets: Institutional Class*** | $33371912 |
| ***Shares outstanding (unlimited number of shares authorized, no par value)*** | 2267987 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $14.71 |

---

(a) The Fund
 charges a 2.00% redemption fee on shares redeemed within 90 calendar days of purchase. Shares are redeemed at the Net Asset Value if held
 longer than 90 calendar days.

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

---

| |
|:---|
| APPLESEED FUND |
| STATEMENT OF OPERATIONS |
| For the Six Months Ended March 31, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
| ***Investment Income*** |  |
| Dividend income (net of foreign taxes withheld of $26,358) | $515673 |
| Interest income | 66402 |
| &nbsp;&nbsp;&nbsp;***Total investment income*** | 582075 |
| ***Expenses*** |  |
| Adviser | 247398 |
| Administration | 30905 |
| Administrative services plan, Investor Class | 27452 |
| Fund accounting | 21251 |
| Transfer agent | 20500 |
| Registration | 18994 |
| Custodian | 14184 |
| Legal | 12238 |
| Audit and tax | 11535 |
| Trustee | 10666 |
| Report printing | 8480 |
| Chief Compliance Officer | 4475 |
| Insurance | 1889 |
| Pricing | 1246 |
| Miscellaneous | 23153 |
| &nbsp;&nbsp;&nbsp;***Total expenses*** | 454366 |
| Fees waived and/or expenses reimbursed by Adviser | (150228) |
| Administrative services plan waiver | (6588) |
| Net operating expenses | 297550 |
| ***Net investment income*** | 284525 |
| ***Net Realized and Change in Unrealized Gain (Loss) on Investments*** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 5926018 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (2074) |
| Change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (4487900) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (1316) |
| ***Net realized and unrealized gain (loss) on investment securities and foreign currency translations*** | 1434728 |
| ***Net increase in net assets resulting from operations*** | $1719253 |

---

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

APPLESEED FUND <br> <u>STATEMENTS OF CHANGES IN NET ASSETS</u> <br>

---

| | | |
|:---|:---|:---|
|  | ***For the*** | |
|  | ***Six Months*** | ***For the*** |
|  | ***Ended*** | ***Year Ended*** |
|  | ***March 31,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** |
|  | ***(Unaudited)*** |  |
| ***Increase (Decrease) in Net Assets due to:*** |  |  |
| ***Operations*** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $284525 | $699000 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities, purchased options and foreign currency translations | 5923944 | 3325594 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investment securities and foreign currency translations | (4489216) | 8913049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1719253 | 12937643 |
| ***Distributions to Shareholders from Earnings:*** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1225828) | (515808) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2164767) | (1022803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3390595) | (1538611) |
| ***Capital Transactions - Investor Class*** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 480702 | 915384 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1174513 | 470296 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (4257697) | (6533124) |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees<sup>(a)</sup> | 1966 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investor Class | (2600516) | (5147149) |
| ***Capital Transactions - Institutional Class*** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 382319 | 2056450 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2134551 | 1012193 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (7410719) | (16224571) |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees<sup>(a)</sup> | 58 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Institutional Class | (4893791) | (13155808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from capital transactions | (7494307) | (18302957) |
| ***Total Decrease in Net Assets*** | (9165649) | (6903925) |

---

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

APPLESEED FUND <br> <u>STATEMENTS OF CHANGES IN NET ASSETS – continued</u> <br>

---

| | | |
|:---|:---|:---|
|  | ***For the*** | |
|  | ***Six Months*** | ***For the*** |
|  | ***Ended*** | ***Year Ended*** |
|  | ***March 31,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** |
|  | ***(Unaudited)*** |  |
| ***Net Assets*** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $63363566 | $70267491 |
| &nbsp;&nbsp;&nbsp;End of period | $54197917 | $63363566 |
| ***Share Transactions - Investor Class*** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 32495 | 65172 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 80834 | 35441 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (284460) | (467694) |
| &nbsp;&nbsp;&nbsp;Total Investor Class | (171131) | (367081) |
| ***Share Transactions - Institutional Class*** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 25881 | 146495 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 145902 | 75820 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (500419) | (1138967) |
| &nbsp;&nbsp;&nbsp;Total Institutional Class | (328636) | (916652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (499767) | (1283733) |

---

(a) The Fund
 charges a 2.00% redemption fee on shares redeemed within 90 calendar days of purchase. Shares are redeemed at the Net Asset Value if held
 longer than 90 calendar days.

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

---

| |
|:---|
| APPLESEED FUND — INVESTOR CLASS |
| FINANCIAL HIGHLIGHTS |
| (For a share outstanding during each period) |

---

---

| | | |
|:---|:---|:---|
|  | ***For the Six*** | ***For the*** |
|  | ***Months Ended*** | ***Year Ended*** |
|  | ***March 31,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** |
|  | ***(Unaudited)*** |  |
| ***Selected Per Share Data:*** |  |  |
| Net asset value, beginning of period | $15.04 | $12.77 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.40 | 2.50 |
| Total from investment operations | 0.44 | 2.54 |
| ***Less distributions to shareholders from:*** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.77) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09) |  |
| Total distributions | (0.86) | (0.27) |
| Paid in capital from redemption fees | — <sup>(c)</sup> | — <sup>(c)</sup> |
| Net asset value, end of period | $14.62 | $15.04 |
| **Total Return<sup>(d)</sup>** | 2.92 % <sup>(e)</sup> | 20.21% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $20826 | $24008 |
| Ratio of net expenses to average net assets<sup>(f)(g)</sup> | 1.14 % <sup>(h)</sup> | 1.14% |
| Ratio of expenses to average net assets before waiver and reimbursement<sup>(f)</sup> | 1.72 % <sup>(h)</sup> | 1.62% |
| Ratio of net investment income to average net assets<sup>(f)</sup> | 0.85 % <sup>(h)</sup> | 0.90% |
| Portfolio turnover rate<sup>(i)</sup> | 31 % <sup>(e)</sup> | 60% |

---

(a) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund
 invests.

(b) Calculation
 based on the average number of shares outstanding during the period.

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

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

(e) Not annualized.

(f) These ratios
 exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(g) Excluding
 dividend and interest expense, the ratios of net expenses to average net assets were 1.14% for the six months ended March 31, 2025 and
 for the fiscal years ended September 30, 2024, 2023, 2022, 2021 and 2020.

(h) Annualized.

(i) Portfolio
 turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

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

---

| | | | |
|:---|:---|:---|:---|
| ***For the*** | ***For the*** | ***For the*** | ***For the*** |
| ***Year Ended***<br>***September 30,***<br>***2023*** | ***Year Ended***<br>***September 30,***<br>***2022*** | ***Year Ended***<br>***September 30,***<br>***2021*** | ***Year Ended***<br>***September 30,***<br>***2020*** |
| $12.72 | $16.50 | $11.51 | $12.51 |
| (0.02) | 0.15 | 0.05 | 0.01 <sup>(b)</sup> |
| 0.94 | (2.93) | 5.14 | (0.64) |
| 0.92 | (2.78) | 5.19 | (0.63) |
|  | (0.17) | (0.21) | (0.37) |
| (0.87) | (0.83) |  |  |
| (0.87) | (1.00) | (0.21) | (0.37) |
| — <sup>(c)</sup> | — <sup>(c)</sup> | 0.01 | — <sup>(c)</sup> |
| $12.77 | $12.72 | $16.50 | $11.51 |
| 1.06% | (18.15)% | 45.55% | (5.37)% |
| $25066 | $29096 | $39598 | $30359 |
| 1.14% | 1.14% | 1.14% | 1.14% |
| 1.61% | 1.48% | 1.43% | 1.45% |
| 0.17% | 1.11% | 0.37% | 0.06% |
| 63% | 110% | 86% | 89% |

---

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

---

| |
|:---|
| APPLESEED FUND — INSTITUTIONAL CLASS |
| FINANCIAL HIGHLIGHTS |
| (For a share outstanding during each period) |

---

---

| | | |
|:---|:---|:---|
|  | ***For the Six*** | ***For the*** |
|  | ***Months Ended*** | ***Year Ended*** |
|  | ***March 31,*** | ***September 30,*** |
|  | ***2025*** | ***2024*** |
|  | ***(Unaudited)*** |  |
| ***Selected Per Share Data:*** |  |  |
| Net asset value, beginning of period | $15.16 | $12.87 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.01) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.45 | 2.57 |
| Total from investment operations | 0.44 | 2.59 |
| ***Less distributions to shareholders from:*** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.80) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09) |  |
| Total distributions | (0.89) | (0.30) |
| Paid in capital from redemption fees | — <sup>(c)</sup> | — <sup>(c)</sup> |
| Net asset value, end of period | $14.71 | $15.16 |
| **Total Return<sup>(d)</sup>** | 2.91 % <sup>(e)</sup> | 20.46% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $33372 | $39355 |
| Ratio of net expenses to average net assets<sup>(f)(g)</sup> | 0.95 % <sup>(h)</sup> | 0.95% |
| Ratio of expenses to average net assets before waiver and reimbursement<sup>(f)</sup> | 1.47 % <sup>(h)</sup> | 1.37% |
| Ratio of net investment income to average net assets<sup>(f)</sup> | 1.05 % <sup>(h)</sup> | 1.09% |
| Portfolio turnover rate<sup>(i)</sup> | 31 % <sup>(e)</sup> | 60% |

---

(a) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund
 invests.

(b) Calculation
 based on the average number of shares outstanding during the period.

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

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

(e) Not annualized.

(f) These ratios
 exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

(g) Excluding
 dividend and interest expense, the ratios of net expenses to average net assets were 0.95% for the six months ended March 31, 2025 and
 for the fiscal years ended September 30, 2024, 2023, 2022, 2021 and 2020.

(h) Annualized.

(i) Portfolio
 turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

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

---

| | | | |
|:---|:---|:---|:---|
| ***For the*** | ***For the*** | ***For the*** | ***For the*** |
| ***Year Ended***<br>***September 30,***<br>***2023*** | ***Year Ended***<br>***September 30,***<br>***2022*** | ***Year Ended***<br>***September 30,***<br>***2021*** | ***Year Ended***<br>***September 30,***<br>***2020*** |
| $12.80 | $16.60 | $11.58 | $12.59 |
| 0.01 | 0.20 | 0.06 | 0.03 <sup>(b)</sup> |
| 0.93 | (2.97) | 5.20 | (0.65) |
| 0.94 | (2.77) | 5.26 | (0.62) |
|  | (0.20) | (0.24) | (0.39) |
| (0.87) | (0.83) |  |  |
| (0.87) | (1.03) | (0.24) | (0.39) |
| — <sup>(c)</sup> | — <sup>(c)</sup> | — <sup>(c)</sup> | — <sup>(c)</sup> |
| $12.87 | $12.80 | $16.60 | $11.58 |
| 1.21% | (17.99)% | 45.85% | (5.20)% |
| $45201 | $52530 | $65369 | $54447 |
| 0.95% | 0.95% | 0.95% | 0.95% |
| 1.30% | 1.23% | 1.19% | 1.20% |
| 0.37% | 1.25% | 0.58% | 0.23% |
| 63% | 110% | 86% | 89% |

---

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

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS |
| March 31, 2025 (Unaudited) |

---

**NOTE 1. ORGANIZATION**

Appleseed 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 September 11, 2006. 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. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Pekin Hardy Strauss, Inc. (the "Adviser"). The investment objective of the Fund is to provide long-term capital appreciation.

The Fund currently offers two classes of shares, Investor Class and Institutional Class. Investor Class shares were first offered to the public on December 8, 2006; and Institutional Class shares were first offered to the public on January 31, 2011. Each share represents an equal proportionate interest in the assets and liabilities belonging to the applicable class and is entitled to such dividends and distributions out of income belonging to the applicable class as are declared by the Board. The primary difference between the two classes is attributable to the administrative service fee arrangements for the Investor Class. On matters that affect the Fund as a whole, each class has the same voting and other rights and preferences as any other class. On matters that affect only one class, only shareholders of that class may vote. Each class votes separately on matters affecting only that class, or on matters expressly required to be voted on separately by state or federal law. Shares of each class of a series have the same voting and other rights and preferences as the other classes and series of the Trust for matters that affect the Trust as a whole. The Fund may offer additional classes of shares in the future.

*Non-Diversification Risk –* As a non-diversified fund, the Fund's portfolio may focus on a limited number of companies. Because the Fund may hold the securities of fewer issuers than a diversified fund, the poor performance of an individual security in the Fund's portfolio may have a greater negative impact on the Fund's performance than if the Fund's asset were diversified among a larger number of portfolio securities.

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 1. ORGANIZATION — continued**

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES — continued**

books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

*Short Sales* – The Fund may make short sales as part of its overall portfolio management strategies or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including ETFs and futures. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert, or exchange securities to replace the borrowed securities (also known as "covering" the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund will be required to pledge its liquid assets to the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund's needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These types of short sales expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short and borrowing costs are not covered under the Adviser's expense limitation agreement with the Fund and, therefore, these expenses will be borne by the shareholders of the Fund. The Fund's ESG investment screens are not applied to short sales.

*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

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES — continued**

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 March 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the six months ended March 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three years tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

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

*Security Transactions and Related Income* – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Dividend income from Real Estate Investment Trusts ("REITs") and distributions from Limited Partnerships are recognized on the ex-date. The calendar year end classification of distributions received from REITs during the fiscal year are reported subsequent to year end; accordingly, the Fund estimates the

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES — continued**

character of REIT distributions based on the most recent information available. Income or loss from Limited Partnerships is reclassified in the components of net assets upon receipt of K-1's. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments in a specific country or region.

*Redemption Fees –* The Fund charges a 2.00% redemption fee, applicable to each share class, for shares redeemed within 90 calendar days of purchase. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Fund will retain the fee charged as an increase in paid-in capital and such fees become part of the Fund's daily net asset value ("NAV") calculation.

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

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

The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

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

business. Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

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

Various inputs are used in determining the value of the Fund's investments.

These inputs are summarized in the three broad levels listed below.

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

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

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

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

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

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 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

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

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

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 Board or the Adviser 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.

Certificates of deposit are priced at their original cost, which approximates their fair value, through maturity date. These securities will be classified as Level 2 securities.

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

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that 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

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

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

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 any may not designate or assign that responsibility to any third party.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | ***Valuation Inputs*** | ***Valuation Inputs*** | |
| <br>***Assets*** |<br>***Level 1*** | ***Level 2*** | ***Level 3*** |<br>***Total*** |
| Common Stocks<sup>(a)</sup> | $38683189 | $— | $161 | $38683350 |
| Closed-End Funds | 6023250 |  |  | 6023250 |
| Exchange-Traded Funds | 3404280 |  |  | 3404280 |
| Preferred Stocks<sup>(a)</sup> | 977900 |  |  | 977900 |
| U.S. Government & Agencies |  | 1265634 |  | 1265634 |
| Convertible Bonds |  | 2779439 |  | 2779439 |
| Certificates of Deposit |  | 500000 |  | 500000 |
| Money Market Funds | 750962 |  |  | 750962 |
| Total | $49839581 | $4545073 | $161 | $54384815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Refer to Schedule of Investments for sector classifications.* 

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

For the six months ended March 31, 2025, there were no significant changes into/out of Level 3.

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 4. DERIVATIVE TRANSACTIONS**

The Fund may engage in options and futures transactions, which are sometimes referred to as derivative transactions. The Fund uses derivative instruments for any purpose consistent with its investment objective, such as for hedging or obtaining interest rate exposure. The Fund also may use derivative instruments to obtain market exposure (that is, for speculative purposes rather than hedging). The Adviser may establish a position in the derivatives market as a substitute for buying, selling, or holding certain securities. The use of derivative instruments may provide a less expensive, more expedient or more specifically focused way to invest than traditional securities would.

*Written Options Contracts* – The Fund may write options contracts for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. Investing in written options contracts exposes the Fund to equity price risk.

The Fund did not hold any derivatives at March 31, 2025.

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

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 0.85% of the Fund's average daily net assets. For the six months ended March 31, 2025, before the waiver described below, the Adviser earned a fee of $247,398 from the Fund. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses through January 31, 2026 so that total annual operating expenses (excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 5. FEES AND OTHER TRANSACTIONS WITH AFFILIATES — continued**

12b-1 under the 1940 Act; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business) do not exceed 0.95% of the Fund's average daily net assets. At March 31, 2025, the Adviser was owed $14,421 from the Fund for management services. For the six months ended March 31, 2025, the Adviser waived management fees of $150,228.

Each fee waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date in which that particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. As of March 31, 2025, the Adviser may seek repayment of management fees waived and expenses reimbursed pursuant to the aforementioned conditions from the Fund no later than the dates stated below:

---

| | |
|:---|:---|
| ***Recoverable through*** | |
| September 30, 2025 | $141011 |
| September 30, 2026 | 290346 |
| September 30, 2027 | 287596 |
| March 31, 2028 | 150228 |

---

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.

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.

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 5. FEES AND OTHER TRANSACTIONS WITH AFFILIATES — continued**

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

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

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chair of the Board and more than 75% of the Trustees are "Independent Trustees," which means that they are not "interested persons" as defined in the 1940 Act. The Independent Trustees review and establish compensation at least annually. Each Trustee of the Trust receives annual compensation, which is an established amount paid quarterly per fund in the Trust at the time of the regular quarterly Board meetings. The Chair of the Board receives the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Trustees also receive additional fees for attending any special meetings. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings. Beginning in May 2024, the interested Trustee began receiving the same compensation as the Independent Trustees.

The Fund has adopted an Administrative Services Plan with respect to Investor Class shares, pursuant to which the Fund pays an annual fee of 0.25% of the average daily net assets of the Fund's Investor Class shares to reimburse the Adviser for compensating financial intermediaries who provide administrative services to the Investor Class shareholders. The Adviser has contractually agreed to waive its receipt of payments under the Administrative Services Plan, to the extent such payments exceed an annual rate of 0.19% of the average daily net assets of Investor Class shares. This contractual waiver is in effect through January 31, 2026. Financial intermediaries eligible to receive payments under the Administrative Services Plan include mutual fund supermarkets and other platforms sponsored by any 401(k) plan, bank, trust company or broker-

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 5. FEES AND OTHER TRANSACTIONS WITH AFFILIATES — continued**

dealer that have entered into an agreement with the Fund or the Fund's distributor to sell the Fund's Investor Class shares. For purposes of the Administrative Services Plan, administrative services include, but are not limited to (i) acting as record holder and nominee of Investor Class shares beneficially owned by the financial intermediary's customers; (ii) providing sub-accounting services to such customers; (iii) processing and issuing confirmations with respect to orders to purchase, redeem or exchange Investor Class shares; (iv) processing dividend payments; and (v) providing periodic account statements. At March 31, 2025, $3,386 was owed to the Adviser pursuant to the Administrative Services Plan. For the six months ended March 31, 2025, the Investor Class incurred Administrative Services fees of $27,452 ($20,864 after the waiver described above).

The Trust, with respect to the Investor Class shares of the Fund, has adopted a Distribution Plan under Rule 12b-1 of the 1940 Act (the "Plan"), pursuant to which the Fund is authorized to pay a fee of up to 0.25% of the average daily net assets of the Investor Class shares of the Fund to the Adviser or any bank, broker-dealer, investment adviser or other financial intermediary that assists the Fund in the sale and distribution of its Investor Class shares or that provides shareholder servicing. The Fund does not currently intend to activate the Plan but may do so upon 60 days' notice to shareholders. If the Plan is activated, these fees will, over time, increase the cost of your investment and may cost you more than paying other types of sales charges because these fees are paid out of the Fund's assets on an on-going basis.

**NOTE 6. INVESTMENT TRANSACTIONS**

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

---

| | |
|:---|:---|
| Purchases | $17075041.0 |
| Sales | 24934611.0 |

---

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

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $6884837 |
| Gross unrealized depreciation | (4472287) |
| Net unrealized appreciation on investments | $2412550 |
| Tax cost of investments | $51972266 |

---

The tax character of distributions paid for the fiscal year ended September 30, 2024, the Fund's most recent fiscal year end, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1538611 |
| Total distributions paid | $1538611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Short-term capital gain distributions are treated as ordinary income for tax purposes.*

At September 30, 2024, the components of accumulated earnings (deficit)

on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $2701740 |
| Accumulated capital and other losses | (848596) |
| Unrealized appreciation on investments | 6900449 |
| Total accumulated earnings | $8753593 |

---

At September 30, 2024, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and basis adjustments for investments in passive foreign investment companies.

As of September 30, 2024, the Fund had short-term capital loss carryforwards available to offset future gains, not subject to expiration, in the amount of $847,486.

Currency and qualified late year ordinary 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 following fiscal year for tax purposes. For the fiscal year ended September 30, 2024, the Fund did not defer any late year ordinary losses.

---

| |
|:---|
| APPLESEED FUND |
| NOTES TO FINANCIAL STATEMENTS – continued |
| March 31, 2025 (Unaudited) |

---

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 9. SUBSEQUENT EVENTS**

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

<u>ADDITIONAL INFORMATION</u> <br>

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**PROXY VOTING (Unaudited)**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (800) 470-1029 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

---

| |
|:---|
| ![(LOGO)](us002_v1.jpg) |
| **Ballast Small/Mid Cap ETF (MGMT)** |
| *NYSE Arca, Inc.* |
| **Semi-Annual Financial Statements** |
| **and Additional Information** |
| **March 31, 2025** |
| **Fund Adviser:** |
| **Ballast Asset Management, LP <br> 3879 Maple Avenue, Suite 300** |
| **Oaklawn Building** |
| **Dallas, TX 75219 <br> 1-866-383-6468** |

---

---

| |
|:---|
| **Ballast Small/Mid Cap ETF** |
| **Schedule of Investments** |
| *March 31, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.29%** | **Shares** | **Fair Value** |
| **Communications — 1.31%** |  |  |
| TripAdvisor, Inc.<sup>(a)</sup> | 137757 | $1952017 |
| **Consumer Discretionary — 16.11%** |  |  |
| America's Car-Mart, Inc.<sup>(a)</sup> | 37168 | 1687056 |
| BorgWarner, Inc. | 71108 | 2037245 |
| Cavco Industries, Inc.<sup>(a)</sup> | 12225 | 6352476 |
| Climb Global Solutions, Inc. | 65722 | 7279368 |
| Global Business Travel Group, Inc.<sup>(a)</sup> | 288884 | 2097298 |
| Patrick Industries, Inc. | 37834 | 3199243 |
| Phinia, Inc. | 32043 | 1359584 |
|  |  | 24012270 |
| **Consumer Staples — 4.13%** |  |  |
| Ingles Markets, Inc., Class A | 23863 | 1554197 |
| Turning Point Brands, Inc. | 77317 | 4595723 |
|  |  | 6149920 |
| **Energy — 8.42%** |  |  |
| Epsilon Energy Ltd. | 315779 | 2229400 |
| Green Plains, Inc.<sup>(a)</sup> | 146022 | 708207 |
| Kosmos Energy Ltd.<sup>(a)</sup> | 764336 | 1742686 |
| Sitio Royalties Corp., Class A | 83984 | 1668762 |
| Solaris Energy Infrastructure, Inc., Class A | 227508 | 4950574 |
| Unit Corp. | 44985 | 1256521 |
|  |  | 12556150 |
| **Financials — 15.00%** |  |  |
| Capital Bancorp, Inc. | 154743 | 4383869 |
| Federal Agricultural Mortgage Corp., Class C | 28598 | 5362411 |
| International General Insurance Holdings Ltd. | 218803 | 5756707 |
| International Money Express, Inc.<sup>(a)</sup> | 162376 | 2049185 |
| MGIC Investment Corp. | 178378 | 4420207 |
| Resolute Holdings Management, Inc.<sup>(a)</sup> | 12118 | 379778 |
|  |  | 22352157 |
| **Health Care — 3.14%** |  |  |
| Bausch + Lomb Corp.<sup>(a)</sup> | 163480 | 2370460 |
| iRadimed Corp. | 30954 | 1624466 |
| QuidelOrtho Corp.<sup>(a)</sup> | 19465 | 680691 |
|  |  | 4675617 |
| **Industrials — 14.18%** |  |  |
| AZZ, Inc. | 51689 | 4321718 |
| Bel Fuse, Inc., Class B | 53619 | 4013919 |
| Brink's Co. (The) | 39002 | 3360412 |
| Hillman Solutions Corp.<sup>(a)</sup> | 295713 | 2599317 |
| Landstar System, Inc. | 18646 | 2800629 |
| Lennox International, Inc. | 2375 | 1331971 |
| Terex Corp. | 35150 | 1327967 |
| Timken Co. (The) | 19262 | 1384360 |
|  |  | 21140293 |

---

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

---

| |
|:---|
| **Ballast Small/Mid Cap ETF** |
| **Schedule of Investments (continued)** |
| *March 31, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.29% (continued)** | **Shares** | **Fair Value** |
| **Materials — 19.78%** |  |  |
| Bioceres Crop Solutions Corp.<sup>(a)</sup> | 338944 | $1547279 |
| Core Natural Resources, Inc. | 38134 | 2940131 |
| Eagle Materials, Inc. | 15805 | 3507604 |
| Ecovyst, Inc.<sup>(a)</sup> | 375810 | 2330023 |
| Ferroglobe plc | 623308 | 2312473 |
| Natural Resource Partners, L.P. | 81588 | 8476993 |
| Northern Technologies International Corp. | 109457 | 1139447 |
| Royal Gold, Inc. | 20322 | 3322850 |
| TimkenSteel Corp.<sup>(a)</sup> | 220362 | 2944036 |
| UFP Technologies, Inc.<sup>(a)</sup> | 4688 | 945616 |
|  |  | 29466452 |
| **Real Estate — 4.71%** |  |  |
| EPR Properties | 56548 | 2974990 |
| GEO Group, Inc. (The)<sup>(a)</sup> | 138576 | 4047805 |
|  |  | 7022795 |
| **Technology — 12.51%** |  |  |
| Amdocs Ltd. | 17061 | 1561082 |
| Cass Information Systems, Inc. | 76517 | 3309360 |
| CompoSecure, Inc. | 222264 | 2416010 |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 90253 | 2083039 |
| Extreme Networks, Inc.<sup>(a)</sup> | 103195 | 1365270 |
| Genpact Ltd. | 58592 | 2951865 |
| IPG Photonics Corp.<sup>(a)</sup> | 25173 | 1589423 |
| Knowles Corp.<sup>(a)</sup> | 113784 | 1729517 |
| RCM Technologies, Inc.<sup>(a)</sup> | 105035 | 1638546 |
|  |  | 18644112 |
| **Total Common Stocks (Cost $138,489,161)** |  | 147971783 |
| **Total Investments — 99.29% (Cost $138,489,161)** |  | 147971783 |
| **Other Assets in Excess of Liabilities — 0.71%** |  | 1063759 |
| **NET ASSETS — 100.00%** |  | $149035542 |

---

(a) Non-income producing security.

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

---

| |
|:---|
| **Ballast Small/Mid Cap ETF** |
| **Statement of Assets and Liabilities** |
| *March 31, 2025 (Unaudited)* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $138,489,161) | $147971783 |
| Cash | 1164723 |
| Dividends receivable | 35423 |
| Tax reclaims receivable | 12559 |
| Prepaid expenses | 1100 |
| **Total Assets** | 149185588 |
| **Liabilities** |  |
| Payable to Adviser, net of waiver | 113364 |
| Payable to affiliates | 18965 |
| Payable to audit and tax | 10225 |
| Other accrued expenses | 7492 |
| **Total Liabilities** | 150046 |
| **Net Assets** | $149035542 |
| **Net Assets consist of:** |  |
| Paid-in capital | $149358617 |
| Accumulated deficit | (323075) |
| **Net Assets** | $149035542 |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 3900000 |
| **Net asset value per share** | $38.21 |

---

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

---

| |
|:---|
| **Ballast Small/Mid Cap ETF** |
| **Statement of Operations** |
| *For the Six Months Ended March 31, 2025 (Unaudited)* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $5,000) | $1658998 |
| **Total investment income** | 1658998 |
| **Expenses** |  |
| Adviser | 740060 |
| Administration | 67603 |
| Custodian | 12509 |
| Legal | 11583 |
| Compliance services | 11273 |
| Trustee | 10665 |
| Audit and tax | 10170 |
| Report printing | 8889 |
| Transfer agent | 4987 |
| Insurance | 2225 |
| Pricing | 594 |
| Miscellaneous | 19589 |
| **Total expenses** | 900147 |
| Fees waived by Adviser | (43391) |
| Net operating expenses | 856756 |
| **Net investment income** | 802242 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 7143898 |
| Change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (9045663) |
| **Net realized and unrealized gain (loss) on investment securities** | (1901765) |
| **Net decrease in net assets resulting from operations** | $(1099523) |

---

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

---

| |
|:---|
| **Ballast Small/Mid Cap ETF** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br>**Months Ended**<br>**March 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**September 30,**<br>**2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $802242 | $1686444 |
| Net realized gain (loss) on investment securities | 7143898 | (2669339) |
| Change in unrealized appreciation (depreciation) on investment securities | (9045663) | 17810421 |
| **Net increase (decrease) in net assets resulting from operations** | (1099523) | 16827526 |
| **Distributions to Shareholders from:** |  |  |
| Earnings | (801750) | (1440500) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (801750) | (1440500) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 15723389 | 47726004 |
| Amount paid for shares redeemed | (19012569) | (19071281) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (3289180) | 28654723 |
| **Total Increase (Decrease) in Net Assets** | (5190453) | 44041749 |
| **Net Assets** |  |  |
| Beginning of period | $154225995 | $110184246 |
| **End of period** | $149035542 | $154225995 |
| **Share Transactions** |  |  |
| Shares sold | 375000 | 1325000 |
| Shares redeemed | (475000) | (525000) |
| Net increase (decrease) in shares outstanding | (100000) | 800000 |

---

 

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

---

| |
|:---|
| **Ballast Small/Mid Cap ETF** |
| **Financial Highlights** |

---

*(For a share outstanding during each period)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br>**Months**<br>**Ended March**<br>**31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**September**<br>**30, 2024** |<br>**For the**<br>**Year Ended**<br>**September**<br>**30, 2023** |<br>**For the**<br>**Year Ended**<br>**September**<br>**30, 2022** | **For the**<br>**Period**<br>**Ended**<br>**September**<br>**30, 2021**<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $38.56 | $34.43 | $29.00 | $35.72 | $25.00 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.21 | 0.48 | 0.20 | 0.30 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.35) | 4.08 | 5.52 | (6.92) | 10.70 |
| Total from investment operations | (0.14) | 4.56 | 5.72 | (6.62) | 10.72 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.43) | (0.29) | (0.10) |  |
| Total distributions | (0.21) | (0.43) | (0.29) | (0.10) |  |
| Net asset value, end of period | $38.21 | $38.56 | $34.43 | $29.00 | $35.72 |
| Market price, end of period | $38.60 | $38.51 | $34.45 | $29.05 | $35.80 |
| **Total Return<sup>(b)</sup>** | (0.39)% <sup>(c)</sup> | 13.29% | 19.79% | (18.60)% | 42.88 % <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $149036 | $154226 | $110184 | $59441 | $37507 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.10 % <sup>(d)</sup> | 1.10% | 1.10% | 1.10% | 1.10 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement | 1.16 % <sup>(d)</sup> | 1.17% | 1.26% | 1.37% | 2.08 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.03 % <sup>(d)</sup> | 1.27% | 0.74% | 1.00% | 0.10 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 12 % <sup>(c)</sup> | 23% | 25% | 29% | 8 % <sup>(c)</sup> |

---

(a) For the period December 2, 2020 (commencement
 of operations) to September 30, 2021.

(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.*

**Ballast Small/Mid Cap ETF**

**Notes to the Financial Statements**

*March 31, 2025 (Unaudited)*

**NOTE 1. ORGANIZATION**

Ballast Small/Mid Cap ETF (the "Fund") was organized as a diversified series of Unified Series Trust (the "Trust") on November 18, 2020, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Ballast Asset Management, LP (the "Adviser"). The Fund seeks to generate positive risk adjusted returns as its investment objective.

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

**Ballast Small/Mid Cap ETF** 

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

*March 31, 2025 (Unaudited)* 

As of and during the six months ended March 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the six months ended March 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

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

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific 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 Fund's investments in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Withholding taxes on foreign dividends and related reclaims have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

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

**Ballast Small/Mid Cap ETF** 

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

*March 31, 2025 (Unaudited)* 

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. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

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

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

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

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

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

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

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which

**Ballast Small/Mid Cap ETF** 

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

*March 31, 2025 (Unaudited)* 

is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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

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

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

**Ballast Small/Mid Cap ETF**

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

*March 31, 2025 (Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>(a)</sup> | $147971783 | $— | $— | $147971783 |
| Total | $147971783 | $— | $— | $147971783 |

---

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

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

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

The Adviser, under the terms of the management agreement with the Trust with respect to the Fund, 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 0.95% of the Fund's average daily net assets. For the six months ended March 31, 2025, before the fee waiver described below, the Adviser earned a management fee of $740,060 from the Fund.

The Adviser has contractually agreed to waive its management fee and/or reimburse the Fund's expenses in order to limit the Fund's total annual operating expenses to 1.10% of the Fund's average daily net assets through January 31, 2026 (excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any 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

**Ballast Small/Mid Cap ETF** 

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

*March 31, 2025 (Unaudited)*

Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business). For the six months ended March 31, 2025, the Adviser waived fees and reimbursed Fund expenses of $43,391. At March 31, 2025, the Fund owed the Adviser $113,364.

Each fee waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date in which that particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. As of March 31, 2025, the Adviser may seek repayment of management fees waived and expense reimbursements pursuant to the aforementioned conditions, from the Fund no later than the dates stated below:

**Recoverable Through**

---

| | |
|:---|:---|
| September 30, 2025 | $72724 |
| September 30, 2026 | 118925 |
| September 30, 2027 | 91974 |
| March 31, 2028 | 43391 |

---

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

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

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

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

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

**Ballast Small/Mid Cap ETF** 

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

*March 31, 2025 (Unaudited)*

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. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings. Beginning in May 2024, the interested Trustee began receiving the same compensation as the Independent Trustees.

**NOTE 5. INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2025, purchases and sales of investment securities, other than short-term investments, were $18,624,299 and $18,333,268, respectively.

For the six months ended March 31, 2025, purchases and sales for in-kind transactions were $46,235,179 and $19,891,863, respectively.

For the six months ended March 31, 2025, the Fund had in-kind net realized gains of $8,578,426.

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

**NOTE 6. CAPITAL SHARE TRANSACTIONS**

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units" of 25,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant, or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable

**Ballast Small/Mid Cap ETF** 

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

*March 31, 2025 (Unaudited)*

charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets. For the six months ended March 31, 2025, the Fund received $2,450 and $0 in fixed fees and variable fees, respectively. The Transaction Fees for the Fund are listed in the table below:

---

| | | |
|:---|:---|:---|
| Fixed Fee | Variable Charge |  |
| $350 | 2.00 | %\* |

---

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

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $30072475 |
| Gross unrealized depreciation | (20990385) |
| Net unrealized appreciation on investments | $9082090 |
| Tax cost of investments | $138889694 |

---

The tax character of distributions paid for the fiscal year ended September 30, 2024, the Fund's most recent fiscal year end, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1440500 |
| Total distributions paid | $1440500 |

---

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

At September 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $300423 |
| Accumulated capital and other losses | (16849979) |
| Unrealized appreciation on investments | 18127753 |
| Total accumulated earnings | $1578197 |

---

As of September 30, 2024, the Fund had accumulated short-term capital loss carryforwards of $9,872,935 and long-term capital loss carryforwards of $6,977,043, not subject to expiration.

**Ballast Small/Mid Cap ETF** 

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

*March 31, 2025 (Unaudited)*

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 9. SUBSEQUENT EVENTS**

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

**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 Ballast Small/Mid Cap ETF (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, considered the renewal of the Fund's management agreement with its investment adviser, Ballast Asset Management, LP ("Ballast"). In connection with such renewal, the Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances.

The Trustees held a teleconference on November 13, 2024 to review and discuss materials compiled by Ultimus Fund Solutions, LLC, the Trust's administrator, with regard to the renewal of the management agreement between the Trust and Ballast. At the Trustees' quarterly meeting held in November 2024, the Board interviewed certain executives of Ballast including Ballast's Chief Executive Officer and its Chief Compliance Officer. They also received a compliance review from the Trust CCO. After discussion, 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 Ballast (the "Independent Trustees"), approved the renewal of the management agreement between the Trust and Ballast for an additional year. The Trustees' renewal of the 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.

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Nature, Extent, and Quality of Services. The Trustees reviewed and considered information regarding the nature, extent, and quality of services that Ballast provides to the Fund, which include, but are not limited to, providing a continuous investment program for the Fund, adhering to the Fund's investment 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 Ballast's portfolio manager who is responsible for the day-to-day management of the Fund's portfolio, as well as the qualifications and experience of the other individuals at Ballast who provide services to the Fund. After a thorough discussion and consideration of the nature, extent and quality of services provided by Ballast, the Trustees concluded they were satisfied with the investment management services provided by Ballast to the Fund.

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Performance. The Trustees next reviewed and discussed the Fund's performance for periods ended September 30, 2024. The Trustees observed that that Fund had outperformed the

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

Fund's benchmark index, the Russell 2500 Value Index, peer group, and Morningstar Small Blend category over the since-inception period, but had underperformed each over the one-year and three-year periods. The Board acknowledged that Ballast attributed underperformance over the one-year period to the volatility of certain securities held by the Fund, which experienced sharp rises then drops during the period. The Board further acknowledged that Ballast attributed underperformance over the three-year period to stock selection and certain sector weightings. The Trustees noted that Ballast continued to have confidence in its stock selection in the small and mid-cap value space despite certain market events that affected stock prices. The Trustees also reviewed and discussed the performance of Ballast's similarly managed accounts compared to that of the Fund, noting that the performance of the accounts was substantially similar to that of the Fund. Based upon the foregoing, the Trustees concluded that the performance of the Fund is acceptable.

(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee Rate and Profitability. The Trustees observed that the Fund's management fee and net expense ratio are higher than the averages and medians of the Fund's Morningstar category and peer group. The Trustees considered that the Fund's management fee is slightly lower than the management fee charged by Ballast for its similarly managed accounts. The Board considered Ballast's position that the resources involved in executing the Fund's strategy with a focus on strong risk controls justified the higher fees relative to the funds in the peer group and Morningstar category

The Trustees further acknowledged that many of the funds within the Morningstar category and peer group had much higher assets than the Fund or were part of a larger fund family, which contributed to the Fund's higher net expense ratio. The Trustees also noted Ballast waives its management fee and/or reduces the Fund's other expenses in order to limit the Fund's total annual operating expenses to 1.10% of the Fund's average daily net assets.

The Trustees considered a profitability analysis prepared by Ballast with respect to its management of the Fund and observed that Ballast is earning a profit before and after deduction of marketing expenses. The Trustees considered other potential benefits that Ballast may receive in connection with its management of the Fund, including third-party research obtained by its soft dollar arrangements. The Board also reviewed Ballast's profitability analysis from the prior year and examined whether there were any material differences in expenses year over year.

After considering the above information, the Trustees concluded that the current management fee for the Fund represents reasonable compensation in light of the nature and quality of services Ballast provides to the Fund, the fees paid by competitive ETFs and mutual funds, and the level of profitability that Ballast realizes with respect to the Fund.

(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Economies of Scale. In determining the reasonableness of the management fee, the Trustees also considered the extent to which Ballast will realize economies of scale as the Fund grows larger. The Trustees determined that, in light of the current size of the Fund, it does not appear that Ballast is benefitting from economies of scale in managing the Fund and therefore it is premature to reduce the management fee or introduce breakpoints at this time. The Board noted that Ballast was willing to discuss the implementation of breakpoints as the Fund grows. The Board agreed to monitor and revisit the issue at the appropriate time.

**Proxy Voting (Unaudited)**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (866) 383-6468 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

![(CHANNELFUND)](us003_v1.jpg)

**Channel Income Fund**

**(formerly Channel Short Duration Income Fund)**

**Semi-Annual Financial Statements**

**and Additional Information**

**March 31, 2025**

**Fund Adviser:**

**Channel Investment Partners LLC 3101 Wilson Boulevard, Suite 500 Arlington, VA 22201**

**Toll Free (877) 627-8504**

---

| |
|:---|
| **Channel Income Fund** |
| **Schedule of Investments** |
| *March 31, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 91.83%** | **Principal**<br>**Amount** |<br>**Fair Value** |
| **Corporate Bonds - Domestic — 90.62%** |  |  |
| Activision Blizzard, Inc., 3.40%, 9/15/2026 | $232000 | $227151 |
| Ally Financial, Inc., Series B, 4.70%, 8/15/2169<sup>(a)</sup> | 500000 | 466846 |
| American Airlines Pass Through Trust, Series 2017-2B, 3.70%, 10/15/2025 | 295845 | 291976 |
| American Airlines Pass Through Trust, Series 2016-3, 3.75%, 10/15/2025 | 790848 | 780363 |
| American Airlines Pass Through Trust, Series 2016-1A, 4.10%, 1/15/2028 | 296600 | 284927 |
| American Airlines Pass Through Trust, Series 2019-1, 3.85%, 2/15/2028 | 256158 | 244910 |
| American Airlines Pass Through Trust, Series 2016-2A, 3.65%, 12/15/2029 | 1195938 | 1127239 |
| American Electric Power Company, Inc., 7.05%, 12/15/2054 (H15T5Y + 275BPS) | 500000 | 509330 |
| Apache Corp., 7.75%, 12/15/2029 | 1000000 | 1090966 |
| Blue Owl Capital Corp., 3.40%, 7/15/2026 | 1000000 | 977081 |
| Blue Owl Credit Income Corp., 6.65%, 3/15/2031 | 500000 | 510700 |
| Charter Communications Operating LLC, 5.05%, 3/30/2029 | 500000 | 497425 |
| Cheniere Energy Partners LP, 4.50%, 10/1/2029 | 500000 | 487456 |
| Comerica, Inc., 5.98%, 1/30/2030 (SOFRRATE + 215.50BPS) | 500000 | 508375 |
| Devon Energy Corp., 7.88%, 9/30/2031 | 500000 | 570385 |
| Dominion Energy, Inc., 6.88%, 2/1/2055 (H15T5Y + 238.60BPS) | 500000 | 516744 |
| Edison International, 4.13%, 3/15/2028 (FIXED) | 550000 | 528557 |
| Edison International, 5.38%, 9/15/2069 (H15T5Y + 469.80bps)<sup>(a)</sup> | 1500000 | 1437798 |
| Energy Transfer LP, 6.50%, 11/15/2167 (H15T5Y + 569.40bps)<sup>(a)</sup> | 1500000 | 1502285 |
| EQT Corp., 7.00%, 2/1/2030 | 500000 | 539595 |
| EverBank Financial Corp., 5.75%, 7/2/2025 | 500000 | 498840 |
| First Horizon Bank, 5.75%, 5/1/2030 | 750000 | 758678 |
| FS KKR Capital Corp., 6.13%, 1/15/2030 | 500000 | 497259 |
| Genworth Holdings, Inc., 6.59%, 11/15/2036 (SOFRRATE + 200.25bps)<sup>(a)</sup> | 2500000 | 2060113 |
| GEO Group, Inc. (The), 10.25%, 4/15/2031 | 800000 | 871449 |
| Hawaiian Airlines Pass Through Trust, Series 2013-1A, 3.90%, 1/15/2026 | 410339 | 397400 |
| JetBlue Airways Pass Through Trust, Series 2020-1B, 7.75%, 11/15/2028 | 582646 | 595844 |
| KeyBank NA/Cleveland OH, 3.90%, 4/13/2029 | 750000 | 720423 |
| Occidental Petroleum Corp., 7.20%, 3/15/2029 | 1307000 | 1402517 |
| Paramount Global, 6.38%, 3/30/2062<sup>(a)</sup> | 500000 | 488368 |
| Philip Morris International, Inc., 4.90%, 11/1/2034 | 750000 | 737346 |
| Spirit Airlines Passthrough Trust, Series 2015-1A, 4.10%, 4/1/2028 | 301245 | 277440 |
| Sprint Capital Corp., 6.88%, 11/15/2028 | 500000 | 533549 |
| Synovus Financial Corp., 6.17%, 11/1/2030 (TSFR3M + 800bps) | 750000 | 759996 |
| Truist Bank, 2.25%, 3/11/2030 | 350000 | 307275 |
| United Airlines Pass Through Trust, Series 2013-1, 4.30%, 8/15/2025 | 442573 | 441516 |
| United Airlines Pass Through Trust, Series 2020-1B, 4.88%, 1/15/2026 | 576000 | 573778 |
| United Airlines Pass Through Trust, Series 2018-1B, 4.60%, 3/1/2026 | 136059 | 133826 |
| United Airlines Pass Through Trust, Series 2014-1, 4.00%, 4/11/2026 | 626336 | 618840 |
| US Airways Pass Through Trust, Series 2013-1, 3.95%, 11/15/2025 | 262058 | 259855 |
| Western Midstream Operating LP, 4.50%, 3/1/2028 | 500000 | 495387 |
| **TOTAL CORPORATE BONDS - DOMESTIC (Cost $25,471,254)** |  | 26529808 |

---

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

---

| |
|:---|
| **Channel Income Fund** |
| **Schedule of Investments (continued)** |
| *March 31, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS — 91.83% - continued** | **Principal**<br>**Amount** |<br>**Fair Value** |
| **Corporate Bonds - Foreign — 1.21%** |  |  |
| **Corporate Bonds - Ireland - 1.21%** |  |  |
| AerCap Ireland Capital DAC, 3.30%, 1/30/2032 | $400000 | $354268 |
| **TOTAL CORPORATE BONDS - FOREIGN (Cost $342,132)** |  | 354268 |
| **TOTAL CORPORATE BONDS (Cost $25,813,386)** |  | 26884076 |
| **U.S. GOVERNMENT & AGENCIES — 6.00%** |  |  |
| United States Treasury Note, 4.25 *%*, 11/15/2034 | 1750000 | 1755605 |
| **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,713,434)** |  | 1755605 |
| **MONEY MARKET FUNDS - 1.20%** | **Shares** |  |
| Fidelity Investments Money Market Government Portfolio, Class I, 4.23%<sup>(b)</sup> | 350538 | 350538 |
| **TOTAL MONEY MARKET FUNDS (Cost $350,538)** |  | 350538 |
| **TOTAL INVESTMENTS — 99.03% (Cost $27,877,358)** |  | 28990219 |
| **Other Assets in Excess of Liabilities — 0.97%** |  | 284123 |
| **NET ASSETS — 100.00%** |  | $29274342 |

---

(a) Variable rate security. The rate
 shown is the effective interest rate as of March 31, 2025. on which the rate is calculated is shown parenthetically.

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

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

---

| |
|:---|
| **Channel Income Fund** |
| **Statement of Assets and Liabilities** |
| *March 31, 2025 (Unaudited)* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $27,877,358) | $28990219 |
| Receivable for investments sold | 9553906 |
| Dividends and interest receivable | 395527 |
| Prepaid expenses | 14505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 38954157 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 107857 |
| Payable for investments purchased | 9548965 |
| Payable to Adviser | 1968 |
| Payable to Administrator | 10420 |
| Other accrued expenses | 10605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 9679815 |
| **Net Assets** | $29274342 |
| **Net Assets consist of:** |  |
| Paid-in capital | $30371082 |
| Accumulated deficit | (1096740) |
| **Net Assets** | $29274342 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 2971328 |
| Net asset value, offering and redemption price per share (a) | $9.85 |

---

(a) The Fund charges a 1.00% redemption
 fee on shares redeemed within 60 days of purchase. Shares are redeemed at the Net Asset Value if held longer than 60 calendar days.

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

---

| |
|:---|
| **Channel Income Fund** |
| **Statement of Operations** |
| *For the Six Months Ended March 31, 2025 (Unaudited)* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Interest income | $1018790 |
| Dividend income | 8412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 1027202 |
| **Expenses** |  |
| Adviser | 64682 |
| Administration | 18240 |
| Fund accounting | 15206 |
| Legal | 11585 |
| Registration | 11485 |
| Custodian | 10697 |
| Trustee | 10666 |
| Audit and tax preparation | 10347 |
| Transfer agent | 6508 |
| Compliance services | 6318 |
| Report printing | 4190 |
| Pricing | 4112 |
| Insurance | 1857 |
| Miscellaneous | 16790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 192683 |
| Fees waived and/or expenses reimbursed by Adviser | (38963) |
| **Net operating expenses** | 153720 |
| **Net investment income** | 873482 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on investment securities transactions | 502045 |
| Net change in unrealized depreciation of investment securities | (516832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and change in unrealized loss on investments** | (14787) |
| **Net increase in net assets resulting from operations** | $858695 |

---

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

---

| |
|:---|
| **Channel Income Fund** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br>**Months Ended**<br>**March 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**September 30,**<br>**2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $873482 | $1909073 |
| Net realized gain (loss) on investment securities transactions | 502045 | (192437) |
| Net change in unrealized appreciation (depreciation) of investment securities | (516832) | 1803099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 858695 | 3519735 |
| **Distributions to Shareholders From:** |  |  |
| Earnings | (893566) | (1907091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (893566) | (1907091) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 1152457 | 2516453 |
| Reinvestment of distributions | 221346 | 115624 |
| Amount paid for shares redeemed | (6185336) | (756305) |
| Proceeds from redemption fees<sup>(a)</sup> |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | (4811533) | 1875821 |
| **Total Increase (Decrease) in Net Assets** | (4846404) | 3488465 |
| **Net Assets** |  |  |
| Beginning of period | 34120746 | 30632281 |
| End of period | $29274342 | $34120746 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 117162 | 257924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 22483 | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (629494) | (79081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (489849) | 190820 |

---

(a) The Fund charges a 1.00% redemption
 fee on shares redeemed within 60 days of purchase. Shares are redeemed at the Net Asset Value if held longer than 60 calendar days.

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

---

| |
|:---|
| **Channel Income Fund** |
| **Financial Highlights** |
| *(For a Share outstanding during each period)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br>**Months**<br>**Ended**<br>**March**<br>**31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**September**<br>**30, 2024** |<br>**For the**<br>**Year Ended**<br>**September**<br>**30, 2023** |<br>**For the**<br>**Year Ended**<br>**September**<br>**30, 2022** |<br>**For the**<br>**Year Ended**<br>**September**<br>**30, 2021** |<br>**For the**<br>**Year Ended**<br>**September**<br>**30, 2020** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.86 | $9.37 | $9.09 | $10.47 | $11.04 | $10.62 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.27 | 0.58 | 0.52 | 0.24 | 0.17 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  | 0.49 | 0.28 | (1.19) | 0.24 | 0.43 |
| Total from investment operations | 0.27 | 1.07 | 0.80 | (0.95) | 0.41 | 0.62 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.58) | (0.52) | (0.24) | (0.17) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.19) | (0.81) |  |
| Total distributions | (0.28) | (0.58) | (0.52) | (0.43) | (0.98) | (0.20) |
| Paid in capital from redemption fees |  | — <sup>(a)</sup> |  |  |  |  |
| **Net asset value, end of period** | $9.85 | $9.86 | $9.37 | $9.09 | $10.47 | $11.04 |
| **Total Return<sup>(b)</sup>** | 2.73 % <sup>(c)</sup> | 11.74% | 8.94% | (9.27)% | 3.96% | 5.92% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $29274 | $34121 | $30632 | $29981 | $32386 | $30432 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.95 % <sup>(d)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before reimbursement/recoupment | 1.19 % <sup>(d)</sup> | 1.16% | 1.18% | 1.15% | 1.10% | 0.89% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 5.40 % <sup>(d)</sup> | 6.03% | 5.55% | 2.47% | 1.64% | 1.73% |
| Portfolio turnover rate | 2246 % <sup>(e)</sup> | 4672 % <sup>(e)</sup> | 4404 % <sup>(e)</sup> | 6521 % <sup>(e)</sup> | 1659 % <sup>(e)</sup> | 178 % <sup>(f)</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.

(e) Turnover may be elevated in times
 of market volatility as part of a systematic U.S. Treasury trading strategy used to manage overall portfolio risk with the possibility
 of generating excess returns.

(f) Elevated portfolio turnover rate
 is due to an adviser change during the fiscal year ended September 2020.

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

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements** |
| *March 31, 2025 (Unaudited)* |

---

**NOTE 1. ORGANIZATION**

Channel Income Fund (previously known as Channel Short Duration Income Fund) (the "Fund") was organized as a diversified series of Unified Series Trust (the "Trust") on June 15, 2005, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust ("the Board") to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of a series of funds currently authorized by the Board. The Fund commenced operations on October 4, 2005. The investment adviser to the Fund is Channel Investment Partners LLC (the "Adviser"). The Fund seeks to provide total return, comprised of both income and capital appreciation.

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements (continued)** |
| *March 31, 2025 (Unaudited)* |

---

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 March 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the six months ended March 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

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

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific 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. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

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

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements (continued)** |
| *March 31, 2025 (Unaudited)* |

---

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

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

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

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

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

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

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

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

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements (continued)** |
| *March 31, 2025 (Unaudited)* |

---

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 the Valuation Designee's valuation policies and procedures which comply with guidelines adopted by the Board. All fair value pricing and the pricing methodology are subject to review and approval by the Board's Pricing & Liquidity Committee. These securities will generally be categorized as Level 3 securities.

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

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

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements (continued)** |
| *March 31, 2025 (Unaudited)* |

---

counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Domestic Corporate Bonds | $— | $26529808 | $— | $26529808 |
| Foreign Corporate Bonds |  | 354268 |  | 354268 |
| U.S. Government & Agencies |  | 1755605 |  | 1755605 |
| Money Market Funds | 350538 |  |  | 350538 |
| Total | $350538 | $28639681 | $— | $28990219 |

---

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

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

The Adviser, under the terms of the management agreement with the Trust with respect to the Fund, 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 0.40% of the Fund's average daily net assets. For the six months ended March 31, 2025, the Adviser earned fees of $64,682, from the Fund. At March 31, 2025, the Adviser was owed $1,968 from the Fund.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses through January 31, 2024 so that the Fund's total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including, for example, option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the 1940 Act; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; 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 Fund's business, do not

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements (continued)** |
| *March 31, 2025 (Unaudited)* |

---

exceed 0.95% of the Fund's average daily net assets. For the six months ended March 31, 2025, the Adviser waived fees of $38,963.

Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the applicable annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of recoupment. As of March 31, 2025, the Adviser may seek repayment of management fees waived and expense reimbursements pursuant to the aforementioned conditions, from the Fund no later than the dates stated below:

---

| | |
|:---|:---|
| **Recoverable Through** | **Recoverable Through** |
| September 30, 2025 | $62173 |
| September 30, 2026 | 69992 |
| September 30, 2027 | 66447 |
| March 31, 2028 | 38963 |

---

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.

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

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

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

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chair of the Board and more than 75% of the Trustees are "Independent Trustees," which means that they are not "interested persons" as defined in the 1940 Act. The Independent Trustees review and establish compensation at least annually. Each Trustee of the Trust receives annual compensation, which is an established amount paid quarterly per fund in the Trust at the time of the regular quarterly Board meetings. The Chair of the Board receives

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements (continued)** |
| *March 31, 2025 (Unaudited)* |

---

the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Trustees also receive additional fees for attending any special meetings. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings. Beginning in May 2024, the interested Trustee began receiving the same compensation as the Independent Trustees.

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

For the six months ended March 31, 2025, purchases and sales of investment securities, other than short-term investments and short-term U.S. government obligations were as follows:

---

| | |
|:---|:---|
| **Purchases** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations | $694828194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 9941244 |
| **Sales** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations | $693723946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 13762058 |

---

**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 March 31, 2025, Charles Schwab & Company, Inc. owned 99.43% of the Fund's outstanding shares. As a result, Charles Schwab & Company, Inc. may be deemed to control the Fund.

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1065206 |
| Gross unrealized depreciation | (40474) |
| Net unrealized appreciation/(depreciation) on investments | $1024732 |
| Tax cost of investments | $27965488 |

---

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements (continued)** |
| *March 31, 2025 (Unaudited)* |

---

The tax character of distributions paid for the fiscal year ended September 30, 2024, the

Fund's most recent fiscal year end, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1908500 |
| Total distributions paid | $1908500 |

---

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

At September 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $162302 |
| Distributions payable | (136646) |
| Accumulated capital and other losses | (2629088) |
| Unrealized appreciation on investments | 1541563 |
| Total accumulated deficit | $(1061869) |

---

At September 30, 2024, the difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of wash sales and dividends payable.

During the fiscal year ended September 30, 2024, the Fund utilized $106,571 in available short-term capital loss carryforwards.

As of September 30, 2024, the Fund had accumulated short-term capital loss carryforwards of $1,584,969 and long-term capital loss carryforwards of $1,044,119, not subject to expiration.

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

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

---

| |
|:---|
| **Channel Income Fund** |
| **Notes to the Financial Statements (continued)** |
| *March 31, 2025 (Unaudited)* |

---

**NOTE 9. SUBSEQUENT EVENTS**

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

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**Proxy Voting (Unaudited)**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (877) 627-8504 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) 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.](ex99-302cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](ex99-906cert.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)<u>&nbsp;&nbsp;&nbsp;&nbsp; Unified Series Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

---

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

---

Date <u> 6/4/2025</u> <br>

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 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |

---

Date <u>6/4/2025</u> <br>

---

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

---

Date <u>6/4/2025</u>

## Ex-99.Cert

Exhibit 99.CERT

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

<u>CERTIFICATIONS</u>

I, Martin R. Dean, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/4/2025 | /s/ Martin R. Dean |
|  |  | Martin R. Dean |
|  |  | Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date | 6/4/2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**SECTION 906 CERTIFICATION**

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

1. The
 Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the
 "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d)
 of the Securities Exchange Act of 1934, as amended; and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Unified Series Trust | Unified Series Trust | Unified Series Trust | Unified Series Trust |
| /s/ Martin R. Dean | /s/ Martin R. Dean | /s/ Zachary P. Richmond | /s/ Zachary P. Richmond |
| Martin R. Dean | Martin R. Dean | Zachary P. Richmond | Zachary P. Richmond |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;6/4/2025 | Date: | &nbsp;&nbsp;&nbsp;&nbsp;6/4/2025 |

---

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.