# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-26-000742
**Filing Date:** 2026-2
**Character Count:** 85358
**Document Hash:** a2db22e8001fe9ca5b4525f290f06e9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000742.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001580642-26-000742

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 26597293

**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

### AUER GROWTH FUND (Series ID: S000020493)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000057444 | AUER GROWTH FUND | AUERX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**Unified Series Trust**

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices)

(Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive. Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

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

Date of fiscal year end: <u>11/30</u> <br>Date of reporting period: <u>11/30/25</u>

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

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

**Item 1. Reports to Stockholders.**

(a) # Auer Growth Fund
(AUERX)

# Annual Shareholder Report - November 30, 2025
![Image](ib09d53e865171eea62d1982f.jpg)

## Fund Overview
This annual shareholder report contains important information about Auer Growth Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://sbauerfunds.com/sbauer-documents/. You can also request this information by contacting us at (888) 711-2837.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Auer Growth Fund | $224 | 2.03% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025, the Fund generated a total return of 20.73%, outperforming the S&P 500 Index, which returned 15.00% for the same period.

Performance reflected the combined effects of security selection, sector allocation, and market conditions. Results were driven primarily by exposure to cyclical sectors, most notably energy, financials, and materials, which together represented a meaningful portion of the Fund's net assets and were the most significant contributors during the year.

Within energy, exploration and production companies benefited from firmer commodity prices and improved operating fundamentals. In financials, regional banks and specialty financial companies experienced stabilization following prior-year volatility, supported by improving credit trends and operating performance. The materials sector also contributed positively, as gold and copper producers benefited from higher metals prices that supported earnings expectations and equity valuations.

The Fund maintained relatively limited exposure to communication services and other non-core areas. Certain holdings in these segments experienced stock-specific weakness, which modestly detracted from results; however, due to smaller portfolio weightings, the overall impact on performance was limited.

Portfolio activity reflected the advisor's active, valuation-driven investment approach. Portfolio turnover was 109%, consistent with adjusting positions in response to changing valuations, fundamentals, and risk-reward considerations. While the Fund does not target investments based on market capitalization, elevated valuations among many larger-capitalization companies resulted in a greater number of opportunities within the small- and mid-capitalization universe, contributing to increased exposure to those segments during the year.

Overall, performance was driven by strong contributions from select energy, financial, and materials holdings, partially offset by weaker results in certain smaller positions, consistent with the Fund's long-term investment objective.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ice43303fc68f5a6096700a2c.jpg)

---

| | | |
|:---|:---|:---|
| | **Auer Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 |
| **Nov-2016** | $9870 | $10806 |
| **Nov-2017** | $12828 | $13277 |
| **Nov-2018** | $11328 | $14111 |
| **Nov-2019** | $11717 | $16384 |
| **Nov-2020** | $11688 | $19244 |
| **Nov-2021** | $16306 | $24617 |
| **Nov-2022** | $21053 | $22350 |
| **Nov-2023** | $22390 | $25443 |
| **Nov-2024** | $28289 | $34066 |
| **Nov-2025** | $34152 | $39175 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Auer Growth Fund | 20.73% | 23.92% | 13.07% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 711-2837 or visit https://sbauerfunds.com/auerx-performance/ for updated performance information.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2482cb7607ce0762dacb0e9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Consumer Staples | 0.7% |
| Utilities | 0.8% |
| Communications | 2.5% |
| Technology | 2.5% |
| Industrials | 5.1% |
| Money Market Funds | 10.1% |
| Health Care | 11.2% |
| Materials | 21.2% |
| Energy | 21.4% |
| Financials | 24.0% |

---

## **Fund Statistics** 
* Net Assets$58,722,632

* Number of Portfolio Holdings86

* Advisory Fee $774,452

* Portfolio Turnover109%

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ib09d53e865171eea62d1982f.jpg)

# Auer Growth Fund

#### Annual Shareholder Report - November 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-AUERX

(b) Not applicable

**Item 2. Code of Ethics.** 

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

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

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

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

(a)(3) Not applicable.

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

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

---

| | | |
|:---|:---|:---|
| Auer Growth Fund: | FY 2025 | $15800 |
|  | FY 2024 | $15800 |

---

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

---

| | | |
|:---|:---|:---|
| Auer Growth Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

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

---

| | | |
|:---|:---|:---|
| Auer Growth Fund: | FY 2025 | $3300 |
|  | FY 2024 | $3300 |

---

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

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

---

| | | |
|:---|:---|:---|
| Auer Growth Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services described
 in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule
 2-01 of Regulation S-X.

(f) During audit of registrant's
 financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement
 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

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

---

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

---

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

(i) Not applicable

(j) Not applicable

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

Not applicable.

**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) ![](img_001.jpg)

**Auer Growth Fund**

**Annual Financial Statements**

**and Additional Information**

**November 30, 2025**

**Fund Adviser:**

**SBAuer Funds, LLC**

**580 E Carmel Drive, Suite 350**

**Carmel, IN 46032**

**Toll Free (888) 711-AUER (2837)**

**www.sbauerfunds.com**

**Auer Growth Fund**

**Schedule of Investments**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 89.86%** | **Shares** | **Fair Value** |
| **Communications — 2.51%** |  |  |
| EverQuote, Inc.<sup>(a)</sup> | 11000 | $290290 |
| Intelligent Protection Management Corp.<sup>(a)</sup> | 125000 | 228750 |
| Motorsport Games, Inc.<sup>(a)</sup> | 175000 | 488250 |
| Opera Ltd. - ADR<sup>(a)</sup> | 34000 | 463080 |
|  |  | 1470370 |
| **Consumer Staples — 0.70%** |  |  |
| Coffee Holding Company, Inc.<sup>(a)</sup> | 110000 | 409200 |
| **Energy — 21.45%** |  |  |
| Antero Resources Corp.<sup>(a)</sup> | 24000 | 874320 |
| BKV Corp.<sup>(a)</sup> | 49000 | 1352890 |
| Coterra Energy, Inc. | 21000 | 563640 |
| Crescent Energy Co., Class A | 112000 | 1056160 |
| Dorian LPT Ltd.<sup>(a)</sup> | 10000 | 247800 |
| Epsilon Energy Ltd. | 100000 | 481000 |
| EQT Corp. | 9000 | 547740 |
| Expand Energy Corp. | 5000 | 609650 |
| Gulport Energy Corp.<sup>(a)</sup> | 6200 | 1379438 |
| North American Construction Group Ltd. | 65000 | 932750 |
| ONEOK, Inc. | 8500 | 618970 |
| Prairie Operating Co.<sup>(a)</sup> | 570000 | 1065900 |
| Range Resources Corp. | 13500 | 533115 |
| Ring Energy, Inc.<sup>(a)</sup> | 550000 | 501820 |
| SandRidge Energy, Inc. | 90000 | 1272600 |
| Vista Energy SAB de CV - ADR<sup>(a)</sup> | 11500 | 565340 |
|  |  | 12603133 |
| **Financials — 24.02%** |  |  |
| AmeriServ Financial, Inc.<sup>(a)</sup> | 40000 | 124400 |
| Ames National Corp. | 13000 | 283660 |
| Ategrity Specialty Holdings, LLC<sup>(a)</sup> | 26000 | 494780 |
| Banc of California, Inc. | 37000 | 682280 |
| Bankwell Financial Group, Inc. | 6500 | 298350 |
| Capitol Federal Financial, Inc. | 51000 | 337110 |
| CF Bankshares, Inc. | 10000 | 239100 |
| Citigroup, Inc. | 7700 | 797720 |
| Dime Community Bancshares, Inc. | 16000 | 453600 |
| Dynex Capital, Inc. | 41000 | 574410 |
| Eagle Bancorp Montana, Inc. | 20000 | 332000 |
| First Internet Bancorp | 36000 | 685800 |
| First Western Financial, Inc.<sup>(a)</sup> | 10000 | 243500 |
| Flushing Financial Corp. | 21000 | 344610 |
| Hamilton Insurance Group Ltd.<sup>(a)</sup> | 60000 | 1636800 |
| Investar Holding Corp. | 15000 | 372000 |
| Kearney Financial Corp. | 42000 | 288540 |
| Lincoln National Corp. | 30000 | 1234200 |

---

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

**Auer Growth Fund**

**Schedule of Investments (continued)**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 89.86% - (continued)** | **Shares** | **Fair Value** |
| **Financials — 24.02% - (continued)** |  |  |
| Meridian Bank<sup>(a)</sup> | 15000 | $239700 |
| NB Bancorp, Inc.<sup>(a)</sup> | 16000 | 313440 |
| Northfield Bancorp, Inc. | 24000 | 258000 |
| Orchid Island Capital, Inc. | 40000 | 289200 |
| Parke Bancorp, Inc.<sup>(a)</sup> | 11000 | 251790 |
| PCB Bancorp | 11000 | 238920 |
| Peapack-Gladstone Financial Corp. | 21000 | 567000 |
| Redwood Trust, Inc. | 47000 | 258970 |
| SiriusPoint Ltd.<sup>(a)</sup> | 15000 | 312000 |
| Sunrise Realty Trust, Inc. | 22000 | 221100 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 6000 | 541020 |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 9000 | 342990 |
| VersaBank | 47000 | 568700 |
| Waterstone Financial, Inc. | 18000 | 281880 |
|  |  | 14107570 |
| **Health Care — 11.18%** |  |  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 60000 | 1404600 |
| CorMedix, Inc.<sup>(a)</sup> | 117000 | 1147770 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 33000 | 1164570 |
| Incyte Corp.<sup>(a)</sup> | 7000 | 731220 |
| Kewaunee Scientific Corp. | 10500 | 403725 |
| MiMedx Group, Inc.<sup>(a)</sup> | 77000 | 529760 |
| Pro-Dex, Inc.<sup>(a)</sup> | 16000 | 583040 |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 8000 | 403920 |
| SIGA Technologies, Inc.<sup>(a)</sup> | 32000 | 193920 |
|  |  | 6562525 |
| **Industrials — 5.10%** |  |  |
| Euroseas Ltd.<sup>(a)</sup> | 6000 | 361740 |
| Insteel Industries, Inc. | 31000 | 947980 |
| Perma-Pipe International Holdings, Inc.<sup>(a)</sup> | 12000 | 308400 |
| Seanergy Maritime Holdings Corp.<sup>(a)</sup> | 130000 | 1374100 |
|  |  | 2992220 |
| **Materials — 21.14%** |  |  |
| B2Gold Corp. | 375000 | 1732500 |
| Caledonia Mining Corp. PLC | 10000 | 308100 |
| Centerra Gold, Inc. | 47000 | 624160 |
| Equinox Gold Corp.<sup>(a)</sup> | 60000 | 832800 |
| ERO Copper Corp.<sup>(a)</sup> | 67000 | 1699790 |
| Galiano Gold, Inc.<sup>(a)</sup> | 450000 | 1093500 |
| Harmony Gold Mining Co. Ltd. - ADR<sup>(a)</sup> | 20000 | 393200 |
| IAMGOLD Corp.<sup>(a)</sup> | 45000 | 699300 |
| Integra Resources Corp.<sup>(a)</sup> | 135000 | 472500 |
| Kinross Gold Corp. | 12000 | 337320 |
| Mosaic Co. (The) | 48000 | 1175520 |

---

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

**Auer Growth Fund**

**Schedule of Investments (continued)**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 89.86% - (continued)** | **Shares** | **Fair Value** |
| **Materials — 21.14% - (continued)** |  |  |
| New Gold, Inc.<sup>(a)</sup> | 225000 | $1878750 |
| Smith-Midland Corp.<sup>(a)</sup> | 7000 | 243740 |
| SSR Mining, Inc. | 28000 | 651840 |
| Tredegar Corp.<sup>(a)</sup> | 35000 | 273000 |
|  |  | 12416020 |
| **Real Estate — 0.47%** |  |  |
| Millrose Properties, Inc. | 9000 | 274140 |
| **Technology — 2.52%** |  |  |
| BOS Better Online Solutions Ltd.<sup>(a)</sup> | 50000 | 233000 |
| Pagaya Technologies Ltd.<sup>(a)</sup> | 50000 | 1247500 |
|  |  | 1480500 |
| **Utilities — 0.77%** |  |  |
| National Fuel Gas Co. | 5500 | 453475 |
| **Total Common Stocks (Cost $46,644,837)** |  | 52769153 |
| **MONEY MARKET FUNDS — 10.14%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Class I, 3.86%<sup>(b)</sup> | 5954350 | 5954350 |
| **Total Money Market Funds (Cost $5,954,350)** |  | 5954350 |
| **Total Investments — 100.00% (Cost $52,599,187)** |  | 58723503 |
| **Liabilities in Excess of Other Assets — 0.00%** |  | (871) |
| **NET ASSETS — 100.00%** |  | $58722632 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day
 effective yield as of November 30, 2025.

ADR - American Depositary Receipt

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

**Auer Growth Fund**

**Statement of Assets and Liabilities**

*November 30, 2025*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $52,599,187) | $58723503 |
| Receivable for fund shares sold | 284 |
| Dividends and interest receivable | 97822 |
| Prepaid expenses | 11457 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 58833066 |
| **Liabilities** |  |
| Payable to Adviser | 69515 |
| Payable to affiliates | 12234 |
| Payable to trustees | 5413 |
| Other accrued expenses | 23272 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 110434 |
| **Net Assets** | $58722632 |
| **Net Assets consist of:** |  |
| Paid-in capital | $47039926 |
| Accumulated earnings | 11682706 |
| **Net Assets** | $58722632 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 3402798 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $17.26 |

---

(a) The Fund charges a 1.00% redemption
 fee on shares redeemed within 7 days of purchase.

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

**Auer Growth Fund**

**Statement of Operations**

*For the Year Ended November 30, 2025*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $15,879) | $819269 |
| Interest income | 252999 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 1072268 |
| **Expenses** |  |
| Adviser | 774452 |
| Administration | 60237 |
| Fund accounting | 42793 |
| Legal | 23834 |
| Transfer agent | 22466 |
| Trustee | 21744 |
| Audit and tax preparation | 18414 |
| Registration | 18267 |
| Compliance services | 12799 |
| Report printing | 8774 |
| Custodian | 7559 |
| Insurance | 3771 |
| Pricing | 2157 |
| Miscellaneous | 32900 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 1050167 |
| **Net investment income** | 22101 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on investment securities transactions | 5558299 |
| Net realized loss on foreign currency translations | (173) |
| Net change in unrealized appreciation of investment securities | 2341664 |
| Net change in unrealized appreciation of foreign currency translations | 27 |
| **Net realized and change in unrealized gain on investments** | 7899817 |
| **Net increase in net assets resulting from operations** | $7921918 |

---

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

**Auer Growth Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> November 30,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $22101 | $136741 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities and foreign currency translations | 5558126 | 12621913 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities | 2341691 | 489919 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 7921918 | 13248573 |
| **Distributions From:** |  |  |
| Earnings | (12076850) | (2037992) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 7356064 | 15805141 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees<sup>(a)</sup> | 524 | 49 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 11996774 | 1992774 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (21976458) | (7837927) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | (2623096) | 9960037 |
| **Total Increase (Decrease) in Net Assets** | (6778028) | 21170618 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 65500660 | 44330042 |
| &nbsp;&nbsp;&nbsp;End of year | $58722632 | $65500660 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 505007 | 1027828 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 866819 | 141031 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1673893) | (488644) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (302067) | 680215 |

---

(a) The Fund charges a 1.00% redemption
 fee on shares redeemed within 7 days of purchase.

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

**Auer Growth Fund**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended November 30,** | **For the Years Ended November 30,** | **For the Years Ended November 30,** | **For the Years Ended November 30,** | **For the Years Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $17.68 | $14.66 | $14.59 | $11.30 | $8.10 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.01 | 0.04 | 0.10 | (0.01)<sup>(a)</sup> | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 2.84 | 3.65 | 0.73 | 3.30 | 3.28 |
| Total from investment operations | 2.85 | 3.69 | 0.83 | 3.29 | 3.20 |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.11) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.23) | (0.56) | (0.76) |  |  |
| Total distributions | (3.27) | (0.67) | (0.76) |  |  |
| Paid-in capital from redemption fees | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> |  |
| Net asset value, end of year | $17.26 | $17.68 | $14.66 | $14.59 | $11.30 |
| **Total Return<sup>(c)</sup>** | 20.73% | 26.34% | 6.35% | 29.12% | 39.51% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $58723 | $65501 | $44330 | $40980 | $23838 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.03% | 1.96% | 2.06% | 2.20% | 2.37% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.04% | 0.23% | 0.72% | (0.05)% | (0.76)% |
| Portfolio turnover rate | 109% | 146% | 134% | 149% | 150% |

---

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

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

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

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

 

**Notes to the Financial Statements**

**NOTE 1. ORGANIZATION**

The Auer Growth Fund (the "Fund") was registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of Unified Series Trust (the "Trust") on September 10, 2007. 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 investment objective of the Fund is long-term capital appreciation. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is SBAuer Funds, LLC (the "Adviser").

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies", including Accounting Standards Update 2013-08. 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.

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

As of and during the fiscal year ended November 30, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the fiscal year ended November 30, 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.

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

**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

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

shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

For the fiscal year ended November 30, 2025, the Fund made the following reclassifications to increase (decrease) the components of net assets:

---

| | |
|:---|:---|
| **Paid-In Capital** | **Accumulated Deficit** |
| $36355 | $(36355) |

---

**Redemption Fees** – The Fund charges a 1.00% redemption fee for shares redeemed within 7 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 NAV calculation.

**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 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.)

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

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

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

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

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

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

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

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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Investments** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Common Stocks<sup>(a)</sup> | $52769153 | $— | $— | $52769153 |
| Money Market Funds | 5954350 |  |  | 5954350 |
| Total | $58723503 | $— | $— | $58723503 |

---

\* (a) 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, 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 1.50% of the Fund's average daily net assets. For the fiscal year ended November 30, 2025, the Adviser earned a management fee of $774,452 from the Fund. At November 30, 2025, the Fund owed the Adviser $69,515 for management services.

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

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

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.

The Trust, with respect to the Fund, has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund can pay the Distributor, the Adviser and/or other financial institutions or any other person (the "Recipient") a fee of 0.25% of the average daily net assets of the Fund in connection with the promotion and distribution of the Fund's shares or the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). The Fund or Adviser may pay all or a portion of these fees to any Recipient who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses actually incurred. The Fund has not implemented the Plan, although the Fund may do so at any time upon 60 days' notice to shareholders.

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

For the fiscal year ended November 30, 2025, purchases and sales of investment securities, other than short-term investments, were $50,597,040 and $61,092,274, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended November 30, 2025.

**NOTE 6. BENEFICIAL OWNERSHIP**

As of November 30, 2025, the following entity owned beneficially 25% or greater of the Fund's outstanding shares. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the origination broker rather than designated separately).

---

| | |
|:---|:---|
|  | **Percentage** |
| Charles Schwab & Co. | 62% |

---

**NOTE 7. FEDERAL TAX INFORMATION**

At November 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $8567386 |
| Gross unrealized depreciation | (2484840) |
| Net unrealized appreciation/(depreciation) on investments | $6082546 |
| Tax cost of investments | $52640957 |

---

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

The tax character of distributions paid for the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $7915902 | $1527358 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 4160947 | 510634 |
| Total distributions paid | $12076849 | $2037992 |

---

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

At November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $2951624 |
| Undistributed long-term capital gains | 2648504 |
| Unrealized appreciation on investments | 6082578 |
| Total accumulated earnings | $11682706 |

---

As of November 30, 2025, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the passive foreign investment company basis adjustments of underlying securities, C-Corp basis adjustments, and REIT basis adjustments.

Capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the fiscal year ended November 30, 2025, the Fund did not defer any post-October capital losses or late year ordinary losses.

**NOTE 8. SECTOR RISK**

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

**NOTE 9. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 10. SUBSEQUENT EVENTS**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this

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

evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

On December 12, 2025, the Fund paid a capital gain distribution of $1.7665 per share and an ordinary income distribution of $0.0114 per share to shareholders of record on December 11, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Auer Growth Fund and

Board of Trustees of Unified Series Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Auer Growth Fund (the "Fund") as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2008.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 23, 2026

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

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Fund designates approximately 5.22% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

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

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2025 ordinary income dividends, 4.48% qualifies for the corporate dividends received deduction.

For the fiscal year ended November 30, 2025, the Fund designated $4,160,947 as long-term capital gain distributions.

**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**

No matter was submitted to a vote of shareholders during the period covered by the report.

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

Refer to the financial statements included herein.

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

The Auer Growth Fund (the "Fund") is a series of Unified Series Trust (the "Trust"). The Trust's Board of Trustees (the "Board") oversees the management of the Fund and, as required by law, has considered the renewal of the management agreement with its investment adviser, SBAuer Funds, LLC ("Auer"). In connection with such renewal, the Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances.

At the Trustees' quarterly meeting held in August 2025, the Trustees, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust or Auer (the "Independent Trustees"), approved the renewal of the management agreement between the Trust and Auer 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) <u>Nature, Extent, and Quality of Services</u>. The Board discussed the services that Auer provides to the Fund including, but not limited to, providing a continuous investment program, adhering to investment restrictions and portfolio guidelines, complying with the Trust's policies and procedures, and voting proxies. The Board reviewed the background information of key investment personnel responsible for servicing the Fund, considering their education and financial industry experience. The Board recognized that Auer utilized various pre- and post-trade compliance checklists to ensure compliance with investment restrictions and portfolio guidelines. The Board acknowledged that Auer selected broker-dealers based on several factors including commissions and quality of execution. The Board concluded that Auer continued to provide a high level of service to the Fund and its shareholders.

(ii) <u>Fund Performance</u>. The Trustees next reviewed the Fund's performance for various periods ended June 30, 2025, noting that the Fund outperformed its peer group and Morningstar category over the one-year, three-year, five-year, and ten-year periods. The Board observed that the Fund outperformed its benchmark, the S&P 500 Index, over the five-year period but underperformed the benchmark across all other periods. The Board also noted the Fund underperformed its peer group and Morningstar category over the since inception period. The Board acknowledged Auer's explanation that the Fund underperformed its benchmark over the one-year and three-year periods due to the benchmark's heavy weighting in large-cap growth stocks which generally outperformed the small

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

and micro-cap stocks held by the Fund. The Board also noted that Auer attributed underperformance since inception to the Fund's launch in 2007, which immediately preceded the global financial crisis and a prolonged period of growth-driven markets, which disadvantaged the Fund's value orientation and micro-cap strategy. The Board concluded that, based on the stated strategy of Auer, the Fund provided solid performance to its shareholders.

(iii) <u>Fee Rate and Profitability</u>. The Board observed that the Fund's management fee and net expense ratio were higher than the averages and medians of its Morningstar category and peer group. The Board discussed Auer's explanation that active management, and the extensive research and labor involved in executing the Fund's strategy, were the reasons for the higher fees. The Board considered other potential benefits that Auer may receive in connection with its management of the Fund, noting Auer's representation that it does not enter into soft dollar arrangements on behalf of the Fund. The Board concluded that the management fee charged by Auer was not unreasonable.

The Trustees also considered a profitability analysis prepared by Auer, noting that Auer realized a small profit in terms of actual dollars and percentage of revenue in connection with its relationship with the Fund. The Board also reviewed Auer's profitability analysis from the prior year and examined whether there were any material differences in expenses year over year. The Board also discussed and considered the financial status of Auer. The Board agreed that Auer's profits were not unreasonable.

(iv) <u>Economies of Scale</u>. The Board considered whether economies of scale had been realized in connection with the services provided by Auer to the Fund. They noted that based on the Fund's current asset size, the absence of breakpoints was acceptable at this time. The Board agreed to continue to monitor the Fund's asset levels and revisit the matter as the Fund continued to grow.

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics attached hereto.](ust_ex99codeeth.htm) |
| (a)(2) | Not applicable |
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](ust_ex99-cert.htm) |
| (a)(4) | Not applicable |
| (a)(5) | Not applicable |
| (b) | [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](ust_ex99-906cert.htm) |

---

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | Unified Series Trust |
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |
| Date | 2/2/2026 |
| 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. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |
| Date | 2/2/2026 |
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |
| Date | 2/2/2026 |

---

## 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: | &nbsp;&nbsp;&nbsp;&nbsp;2/2/2026 | /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: | 2/2/2026 | /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 November 30, 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 Unified Series Trust Principal Financial Officer Unified Series Trust

---

| | |
|:---|:---|
| /s/ Martin R. Dean | /s/ Zachary P. Richmond |
| Martin R. Dean | Zachary P. Richmond |

---

Date: <u>2/2/2026</u> Date: <u>2/2/2026</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Unified Series Trust and will be retained by Unified Series Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**EX-99.CODEETH**

**UNIFIED SERIES TRUST**

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

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

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

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

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by each series of the Trust;

● compliance with applicable laws and governmental rules and regulations;

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

● accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with any series of the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or any investment adviser to any series of the Trust designed to prevent, or identify and correct, violations of the Investment Company Act and the Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Trust's administrator or its principal underwriter of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties, whether formally for the Trust or any service provider or affiliate of the Trust, be involved in establishing policies and implementing decisions that will have different effects on these entities and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and affiliates and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by any series of the Trust whereby the Covered Officer would benefit personally to the detriment of the series;

● not cause the Trust or any series to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for any series of the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report at least annually any affiliations or other relationships related to conflicts of interest that the Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust or Counsel to the Trust, if material. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its principal underwriter, transfer agent, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges, soft dollar credits or spreads paid by any series of the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● Each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

● Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the investment advisers to each series of the Trust and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that each series of the Trust files with, or submits to, the SEC and in other public communications made by the series.

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

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read, and understands this Code;

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

● not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Chief Compliance Officer promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee of the Board (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

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

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

● if, after such investigation and review, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

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

● if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

● the Board will be responsible for granting waivers, as appropriate; and

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

**V.** **Other Policies and Procedures** 

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

**VI.** **Amendments** 

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

**VII.** **Confidentiality** 

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

**VIII.** **Internal Use** 

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

Adopted and Approved August 14, 2006.

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

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

**Persons Covered by this Code of Ethics**

(Updated August 17, 2021)

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

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

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

<u>UNIFIED SERIES TRUST</u>

**Covered Officer Annual Affirmation**

For the period ended ____________

In accordance with Section IV of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Trust (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

Date:     <br> Covered Officer

**<u>EXHIBIT C</u>**

<u>UNIFIED SERIES TRUST</u>

**Covered Officer Initial Affirmation of Understanding**

In accordance with Section IV of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

Date:     <br> Covered Officer