# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001752724-23-041515
**Filing Date:** 2023-2
**Character Count:** 24542
**Document Hash:** 81a25b85efbaf6358d9cb174692c38f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041515.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041515

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIFIED SERIES TRUST
- **CENTRAL INDEX KEY:** 0001199046
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 23671492

**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

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

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

## Nport-Ex

Ballast

Small/Mid

Cap

ETF

Schedule

of

Investments

December

31,

2022

-

(Unaudited)

COMMON

STOCKS

—

98.52%

Shares

Fair

Value

Communications

—

3.67%

Criteo

S.A.

-

ADR

(a) 58,930

$

1,535,716

IAC/InterActiveCorp.

(a) 5,229

232,168

TripAdvisor,

Inc.

(a) 36,271

652,152

2,420,036

Consumer

Discretionary

—

15.46%

American

Eagle

Outfitters,

Inc.

70,965

990,671

America's

Car-Mart,

Inc.

(a) 19,090

1,379,443

BorgWarner,

Inc.

37,350

1,503,338

Cavco

Industries,

Inc.

(a) 4,316

976,495

Global

Business

Travel

Group

Inc.

(a) 186,818

1,261,022

Polished.com,

Inc.

(a) 1,093,232

631,560

PulteGroup,

Inc.

35,275

1,606,071

Wayside

Technology

Group,

Inc.

58,100

1,831,893

10,180,493

Consumer

Staples

—

1.33%

Olaplex

Holdings,

Inc.

(a) 168,214

876,395

Energy

—

10.48%

CNX

Resources

Corp.

(a) 60,507

1,018,937

Green

Plains,

Inc.

(a) 72,957

2,225,189

Kosmos

Energy

Ltd.

(a) 110,375

701,985

Sitio

Royalties

Corp.

35,080

1,012,058

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

195,963

1,945,913

6,904,082

Financials

—

18.19%

Capital

Bancorp,

Inc.

81,257

1,912,789

Everest

Re

Group

Ltd.

4,150

1,374,771

Federal

Agricultural

Mortgage

Corp.,

Class

C

15,023

1,693,242

First

Citizens

BancShares,

Inc.,

Class

A

1,992

1,510,652

First

Financial

Bancorp

59,511

1,441,952

International

General

Insurance

Holdings

Ltd.

169,071

1,352,568

International

Money

Express,

Inc.

(a) 53,761

1,310,156

MGIC

Investment

Corp.

106,489

1,384,357

11,980,487

Health

Care

—

2.70%

Bausch

+

Lomb

Corp.

(a) 84,976

1,317,977

iRadimed

Corp.

16,268

460,222

1,778,199

Industrials

—

11.01%

AZZ,

Inc.

36,437

1,464,768

Eagle

Bulk

Shipping,

Inc.

20,300

1,013,782

Eastern

Co.

(The)

59,594

1,148,972

Landstar

System,

Inc.

9,794

1,595,442

Lennox

International,

Inc.

4,316

1,032,517

RXO,

Inc.

(a) 19,679

338,479

Ballast

Small/Mid

Cap

ETF

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

COMMON

STOCKS

—

98.52%

-

continued

Shares

Fair

Value

Industrials

—

11.01%

-

continued

XPO

Logistics,

Inc.

(a) 19,679

$

655,114

7,249,074

Materials

—

18.14%

Bioceres

Crop

Solutions

Corp.

(a) 114,748

1,380,418

CONSOL

Energy,

Inc.

13,968

907,920

Eagle

Materials,

Inc.

12,035

1,598,850

Huntsman

Corp.

54,199

1,489,389

Natural

Resource

Partners,

L.P.

35,134

1,908,830

Northern

Technologies

International

Corp.

141,183

1,879,146

Perimeter

Solutions

S.A.

(a) 121,838

1,113,599

UFP

Technologies,

Inc.

(a) 14,157

1,668,969

11,947,121

Real

Estate

—

3.88%

EPR

Properties

29,050

1,095,766

Lamar

Advertising

Co.,

Class

A

15,438

1,457,347

2,553,113

Technology

—

13.66%

Amdocs

Ltd.

16,203

1,472,853

Cass

Information

Systems,

Inc.

44,820

2,053,653

Extreme

Networks,

Inc.

(a) 50,400

922,824

F5,

Inc.

(a) 7,387

1,060,108

Lumentum

Holdings,

Inc.

(a) 8,300

433,011

Rimini

Street,

Inc.

(a) 295,231

1,124,830

Teradata

Corp.

(a) 57,270

1,927,708

8,994,987

Total

Common

Stocks

(Cost $69,605,193)

64,883,987

Total

Investments

—

98.52%

(Cost

$69,605,193)

64,883,987

Other

Assets

in

Excess

of

Liabilities — 1.48%

977,342

NET

ASSETS

—

100.00%

$

65,861,329

(a) Non-income

producing

security.

ADR

-

American

Depositary

Receipt.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** BALLAST SMALL/MID CAP ETF

- **b. EDGAR series identifier (if any):** S000070046

- **c. LEI of Series:** 549300MWAM7TQ154AZ92

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $66530336.35

**Total Liabilities:** $669007.48

**Net Assets:** $65861328.87

**Cash Not Reported:** $1605623.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222954 | 10.48%               | 4.34%                | -4.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $106828.81               | $6241644.78                                |
| Month 2  | $7573.13                 | $2722603.22                                |
| Month 3  | $-169288.03              | $-2791594.52                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lennox International Inc.                      | Lennox International, Inc.                      | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      4316 | NS      | $1032516.68   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Co                                     | Eastern Company (The)                           | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |     59594 | NS      | $1148972.32   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                                  | Teradata Corporation                            | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |     57270 | NS      | $1927708.20   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                                | BorgWarner, Inc.                                | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     37350 | NS      | $1503337.50   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Business Travel Group inc               | Global Business Travel Group I                  | CUSIP: 37890B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    186818 | NS      | $1261021.50   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bioceres Crop Solutions Corp                   | Bioceres Crop Solutions Corporation             | CUSIP: G1117K114<br>LEI: N/A                  | Long             | EC               | CORP              | AR        |    114748 | NS      | $1380418.44   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                               | Cavco Industries, Inc.                          | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4316 | NS      | $976495.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp.                       | First Financial Bancorp                         | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     59511 | NS      | $1441951.53   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                 | EPR Properties                                  | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     29050 | NS      | $1095766.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Iradimed Corp.                                 | iRadimed Corporation                            | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |     16268 | NS      | $460221.72    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripadvisor Inc                                | TripAdvisor, Inc.                               | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |     36271 | NS      | $652152.58    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc.                                       | RXO, Inc.                                       | CUSIP: 74982T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19679 | NS      | $338478.80    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens Bancshares Inc (North Carolina) | First Citizens BancShares, Inc.                 | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |      1992 | NS      | $1510653.12   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                           | Eagle Materials, Inc.                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     12035 | NS      | $1598849.75   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Bancorp Inc.                           | Capital Bancorp, Inc.                           | CUSIP: 139737100<br>LEI: 549300LQKYGWQ7VP0C75 | Long             | EC               | CORP              | US        |     81257 | NS      | $1912789.78   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                      | CNX Resources Corporation                       | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     60507 | NS      | $1018937.88   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                          | MGIC Investment Corporation                     | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    106489 | NS      | $1384357.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Incorporation                | Lumentum Holdings, Inc.                         | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |      8300 | NS      | $433011.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Consol Energy Inc New                          | CONSOL Energy, Inc.                             | CUSIP: 20854L108<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     13968 | NS      | $907920.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Polished.com Inc.                              | Polished.com, Inc.                              | CUSIP: 28252C109<br>LEI: 549300D8Y9ETZNNDSB51 | Long             | EC               | CORP              | US        |   1093232 | NS      | $631560.13    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                        | XPO, Inc.                                       | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     19679 | NS      | $655113.91    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                         | F5, Inc.                                        | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      7387 | NS      | $1060108.37   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corporation                           | Huntsman Corporation                            | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     54199 | NS      | $1489388.52   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Sa                         | Perimeter Solutions S.A.                        | CUSIP: L7579L106<br>LEI: 2221003U8GJZ9U4MR505 | Long             | EC               | CORP              | LU        |    121838 | NS      | $1113599.32   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                        | AZZ, Inc.                                       | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     36437 | NS      | $1464767.40   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitio Royalties Corp                           | Sitio Royalties Corporation                     | CUSIP: 82983N108<br>LEI: 549300OILIONON7XK623 | Long             | EC               | CORP              | US        |     35080 | NS      | $1012058.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                              | Kosmos Energy Ltd.                              | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    110375 | NS      | $701985.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rimini Street Inc.                             | Rimini Street, Inc.                             | CUSIP: 76674Q107<br>LEI: 54930042ITIRGVM4HY55 | Long             | EC               | CORP              | US        |    295231 | NS      | $1124830.11   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corporation      | Federal Agricultural Mortgage Corporation       | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGA              | US        |     15023 | NS      | $1693242.33   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                                        | IAC, Inc.                                       | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |      5229 | NS      | $232167.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                                | PulteGroup, Inc.                                | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35275 | NS      | $1606070.75   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd.                          | Everest Re Group Ltd.                           | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      4150 | NS      | $1374770.50   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc.                          | Extreme Networks, Inc.                          | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     50400 | NS      | $922824.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Criteo S.A                                     | Criteo S.A.                                     | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |     58930 | NS      | $1535715.80   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Olaplex Holdings Inc                           | Olaplex Holdings, Inc.                          | CUSIP: 679369108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168214 | NS      | $876394.94    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc.                 | American Eagle Outfitters, Inc.                 | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     70965 | NS      | $990671.40    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bulk Shipping Inc.                       | Eagle Bulk Shipping, Inc.                       | CUSIP: Y2187A150<br>LEI: 549300EC4INNZBWR8W37 | Long             | EC               | CORP              | US        |     20300 | NS      | $1013782.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                      | Lamar Advertising Company                       | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     15438 | NS      | $1457347.20   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc.                  | Cass Information Systems, Inc.                  | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |     44820 | NS      | $2053652.40   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Tech Intl                             | Northern Technologies International Corporation | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141183 | NS      | $1879145.73   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                           | Landstar System, Inc.                           | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      9794 | NS      | $1595442.60   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                 | Amdocs Ltd.                                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |     16203 | NS      | $1472852.70   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| America's Car-Mart Inc.                        | America's Car-Mart, Inc.                        | CUSIP: 03062T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19090 | NS      | $1379443.40   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Resource Partners L.P.                 | Natural Resource Partners, L.P.                 | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |     35134 | NS      | $1908830.22   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Plus Lomb Corp.                         | Bausch + Lomb Corporation                       | CUSIP: 071705107<br>LEI: 549300NY6OZM39SO6475 | Long             | EC               | CORP              | CA        |     84976 | NS      | $1317977.76   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| International General Insurance Holdings Ltd   | International General Insurance Holdings Ltd.   | CUSIP: G4809J106<br>LEI: N/A                  | Long             | EC               | CORP              | JO        |    169071 | NS      | $1352568.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Plains Inc                               | Green Plains, Inc.                              | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               | CORP              | US        |     72957 | NS      | $2225188.50   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc                     | Climb Global Solutions, Inc.                    | CUSIP: 946760105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58100 | NS      | $1831893.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express Inc.               | International Money Express, Inc.               | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53761 | NS      | $1310155.57   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Oilfield Infrastructure Inc            | Solaris Oilfield Infrastructure, Inc.           | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    195963 | NS      | $1945912.59   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc.                          | UFP Technologies, Inc.                          | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |     14157 | NS      | $1668968.73   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Unified Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller