# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001752724-25-184619
**Filing Date:** 2025-8
**Character Count:** 65330
**Document Hash:** 627731f32242d43d003c7603eff089dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-184619.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001752724-25-184619

**CONFORMED SUBMISSION TYPE**: NT NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NT NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 251174229

**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

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

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

## Nport-Ex

OneAscent

Large

Cap

Core

ETF

Schedule

of

Investments

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

.50

%

Shares

Fair

Value

Communications

—

.90

%

Alphabet,

Inc.,

Class

C

15,333

$

2,650,309

Alphabet,

Inc.,

Class

A

16,569

2,845,561

AT&T,

Inc.

39,328

1,093,319

Booking

Holdings,

Inc.

976,851

Charter

Communications,

Inc.,

Class

A

(a) 1,229

487,016

Comcast

Corp.,

Class

A

24,513

847,414

Electronic

Arts,

Inc.

2,309

331,987

Fox

Corp.,

Class

A

3,690

202,729

Fox

Corp.,

Class

B

3,620

182,014

GoDaddy,

Inc.,

Class

A

(a) 2,249

409,655

News

Corp.,

Class

A

10,625

300,050

Pinterest,

Inc.,

Class

A

(a) 9,303

289,416

Roku,

Inc.

(a) 3,114

225,640

T-Mobile

US,

Inc.

3,210

777,462

VeriSign,

Inc.

(a) 1,601

436,224

Verizon

Communications,

Inc.

24,118

1,060,227

Warner

Bros.

Discovery,

Inc.

(a) 27,367

272,849

Zillow

Group,

Inc.,

Class

A

(a) 2,781

184,019

13,572,742

Consumer

Discretionary

—

.13

%

Airbnb,

Inc.,

Class

A

(a) 4,200

541,800

Amazon.com,

Inc.

(a) 27,220

5,580,373

AutoZone,

Inc.

(a) 99

369,571

Axon

Enterprise,

Inc.

(a) 275

206,349

Best

Buy

Co.,

Inc.

2,710

179,619

BorgWarner,

Inc.

7,913

261,841

CarMax,

Inc.

(a) 1,999

128,856

Chipotle

Mexican

Grill,

Inc.

(a) 5,033

252,053

Copart,

Inc.

(a) 5,728

294,877

Deckers

Outdoor

Corp.

(a) 1,250

131,900

DoorDash,

Inc.,

Class

A

(a) 2,548

531,640

eBay,

Inc.

3,119

228,217

Expedia

Group,

Inc.

(a) 2,282

380,524

Ford

Motor

Co.

35,483

368,314

General

Motors

Co.

9,133

453,088

Hilton

Worldwide

Holdings,

Inc.

760

188,814

Home

Depot,

Inc.

(The)

4,181

1,539,820

Lowe's

Cos.,

Inc.

3,216

725,947

Marriott

International,

Inc.,

Class

A

1,431

377,541

McDonald's

Corp.

2,861

897,924

O'Reilly

Automotive,

Inc.

(a) 334

456,745

Ross

Stores,

Inc.

2,031

284,523

Royal

Caribbean

Cruises

Ltd.

1,010

259,540

Tractor

Supply

Co.

4,049

195,972

Williams-Sonoma,

Inc.

1,304

210,935

Yum!

Brands,

Inc.

1,480

213,031

15,259,814

OneAscent

Large

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

99.50%

-

continued

Shares

Fair

Value

Consumer

Staples

—

.57

%

Coca-Cola

Co.

(The)

19,384

$

1,397,587

Colgate-Palmolive

Co.

1,322

122,867

Hershey

Co.

(The)

1,321

212,271

Keurig

Dr

Pepper,

Inc.

6,942

233,737

Kroger

Co.

(The)

3,187

217,449

Mondelez

International,

Inc.,

Class

A

6,766

456,638

Monster

Beverage

Corp.

(a) 4,912

314,122

PepsiCo,

Inc.

6,670

876,772

Procter

&

Gamble

Co.

(The)

8,466

1,438,288

Sprouts

Farmers

Market,

Inc.

(a) 1,193

206,222

Sysco

Corp.

2,806

204,838

Wal-Mart

Stores,

Inc.

19,818

1,956,433

7,637,224

Energy

—

.49

%

Chevron

Corp.

5,874

802,976

ConocoPhillips

4,533

386,892

EOG

Resources,

Inc.

1,726

187,392

Exxon

Mobil

Corp.

14,154

1,447,953

Kinder

Morgan,

Inc.

5,479

153,631

Schlumberger

Ltd.

5,770

190,699

Williams

Cos.,

Inc.

(The)

3,954

239,257

3,408,800

Financials

—

.52

%

American

Express

Co.

2,278

669,846

Ameriprise

Financial,

Inc.

185,363

Aon

PLC,

Class

A

1,016

378,033

Apollo

Global

Management,

Inc.

2,741

358,221

Arthur

J. Gallagher

&

Co.

660

229,310

Bank

of

America

Corp.

26,776

1,181,625

Bank

of

New

York

Mellon

Corp.

(The)

2,923

259,007

Berkshire

Hathaway,

Inc.,

Class

B

(a) 5,740

2,892,731

BlackRock,

Inc.

653

639,868

Blackstone

Group

L.P.

(The),

Class

A

3,877

537,973

Capital

One

Financial

Corp.

1,645

311,152

Charles

Schwab

Corp.

(The)

6,417

566,878

Chubb

Ltd.

1,033

307,008

CME

Group,

Inc.

1,420

410,380

Interactive

Brokers

Group,

Inc.,

Class

A

1,406

294,810

Intercontinental

Exchange,

Inc.

2,163

388,907

JPMorgan

Chase

&

Co.

9,252

2,442,528

Marsh

&

McLennan

Cos.,

Inc.

2,624

613,124

Morgan

Stanley

7,224

924,889

Nasdaq,

Inc.

3,091

258,222

Otis

Worldwide

Corp.

3,615

344,690

PayPal

Holdings,

Inc.

(a) 4,419

310,567

PNC

Financial

Services

Group,

Inc.

(The)

1,301

226,127

Progressive

Corp.

(The)

2,099

598,068

Truist

Financial

Corp.

4,763

188,139

OneAscent

Large

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

99.50%

-

continued

Shares

Fair

Value

Financials

—

11.52%

-

continued

U.S.

Bancorp

6,562

$

286,037

15,803,503

Health

Care

—

.89

%

Abbott

Laboratories

6,761

903,135

Agilent

Technologies,

Inc.

2,168

242,643

Amgen,

Inc.

1,471

423,913

Boston

Scientific

Corp.

(a) 6,436

677,453

Bristol-Myers

Squibb

Co.

7,597

366,783

Cardinal

Health,

Inc.

2,034

314,131

Cigna

Corp.

1,417

448,679

Danaher

Corp.

3,163

600,654

DexCom,

Inc.

(a) 2,129

182,668

Edwards

LifeSciences

Corp.

(a) 3,526

275,804

Elevance

Health,

Inc.

1,203

461,760

Eli

Lilly

&

Co.

2,441

1,800,652

GE

HealthCare

Technologies,

Inc.

2,428

171,271

Gilead

Sciences,

Inc.

3,666

403,553

Humana,

Inc.

1,054

245,719

IDEXX

Laboratories,

Inc.

(a) 692

355,245

Merck

&

Co.,

Inc.

8,848

679,880

Mettler-Toledo

International,

Inc.

(a) 224

258,836

Molina

Healthcare,

Inc.

(a) 435

132,692

ResMed,

Inc.

919

224,962

Stryker

Corp.

1,841

704,440

Vertex

Pharmaceuticals,

Inc.

(a) 669

295,731

Waters

Corp.

(a) 556

194,177

Zoetis,

Inc.,

Class

A

2,668

449,906

10,814,687

Industrials

—

.88

%

3M

Co.

1,800

267,030

Amphenol

Corp.,

Class

A

7,000

629,510

Carrier

Global

Corp.

3,810

271,272

Caterpillar,

Inc.

2,007

698,497

Cintas

Corp.

1,686

381,879

CSX

Corp.

6,919

218,571

Cummins,

Inc.

670

215,392

Deere

&

Co.

1,236

625,737

Eaton

Corp.

plc

1,951

624,710

Expeditors

International

of

Washington,

Inc.

1,733

195,361

GE

Vernova,

LLC

1,167

551,968

General

Electric

Co.

3,501

860,931

Honeywell

International,

Inc.

2,808

636,489

Howmet

Aerospace,

Inc.

1,015

172,438

Illinois

Tool

Works,

Inc.

1,301

318,849

Johnson

Controls

International

plc

3,784

383,584

Keysight

Technologies,

Inc.

(a) 1,559

244,825

Lockheed

Martin

Corp.,

Class

B

641

309,206

Norfolk

Southern

Corp.

988

244,155

OneAscent

Large

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

99.50%

-

continued

Shares

Fair

Value

Industrials

—

7.88%

-

continued

Old

Dominion

Freight

Line,

Inc.

1,280

$

205,018

Parker-Hannifin

Corp.

325,038

RTX

Corp.

4,591

626,579

Transdigm

Group,

Inc.

309,839

Union

Pacific

Corp.

3,091

685,150

United

Airlines

Holdings,

Inc.

(a) 3,799

301,812

United

Parcel

Service,

Inc.,

Class

B

3,291

321,004

Verisk

Analytics,

Inc.

598

187,856

10,812,700

Materials

—

.36

%

Air

Products

&

Chemicals,

Inc.

738

205,836

Ecolab,

Inc.

1,179

313,166

Linde

plc

2,151

1,005,764

Sherwin-Williams

Co.

(The)

932

334,411

1,859,177

Real

Estate

—

.92

%

CBRE

Group,

Inc.,

Class

A

(a) 4,264

533,085

Crown

Castle

International

Corp.

4,599

461,510

Jones

Lang

LaSalle,

Inc.

(a) 1,179

262,563

1,257,158

Technology

—

.38

%

Adobe,

Inc.

(a) 1,666

691,540

Advanced

Micro

Devices,

Inc.

(a) 5,794

641,570

Analog

Devices,

Inc.

2,936

628,245

Applied

Materials,

Inc.

3,625

568,219

Arista

Networks,

Inc.

(a) 9,393

813,810

Autodesk,

Inc.

(a) 1,101

326,028

Automatic

Data

Processing,

Inc.

1,740

566,422

Broadcom,

Inc.

13,609

3,294,331

Cadence

Design

Systems,

Inc.

(a) 1,231

353,383

Ciena

Corp.

(a) 6,261

501,256

Cisco

Systems,

Inc.

31,504

1,986,012

Corning,

Inc.

16,324

809,507

Credo

Technology

Group

Holding

Ltd.

(a) 3,383

206,228

Crowdstrike

Holdings,

Inc.,

Class

A

(a) 1,014

477,969

Dell

Technologies,

Inc.,

Class

C

2,836

315,562

F5,

Inc.

(a) 2,348

670,072

Fiserv,

Inc.

(a) 2,566

417,719

Fortinet,

Inc.

(a) 2,878

292,923

Gartner,

Inc.

(a) 366

159,730

HP,

Inc.

6,949

173,030

Intel

Corp.

17,793

347,853

InterDigital,

Inc.

1,190

258,539

International

Business

Machines

Corp.

3,272

847,644

Intuit,

Inc.

1,182

890,602

Jabil,

Inc.

1,561

262,264

Juniper

Networks,

Inc.

11,430

410,680

KLA

Corp.

738

558,577

OneAscent

Large

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

99.50%

-

continued

Shares

Fair

Value

Technology

—

38.38%

-

continued

Lam

Research

Corp.

6,605

$

533,618

MasterCard,

Inc.,

Class

A

3,049

1,785,494

Microchip

Technology,

Inc.

6,139

356,308

Micron

Technology,

Inc.

4,627

437,066

Microsoft

Corp.

21,226

9,771,602

Monolithic

Power

Systems,

Inc.

238,946

Moody's

Corp.

999

478,841

Motorola

Solutions,

Inc.

2,229

925,882

MSCI,

Inc.

271,858

NetApp,

Inc.

2,309

228,960

NVIDIA

Corp.

67,600

9,134,788

Oracle

Corp.

6,091

1,008,243

Palantir

Technologies,

Inc.,

Class

A

(a) 6,510

857,888

Palo

Alto

Networks,

Inc.

(a) 2,473

475,855

Qualcomm,

Inc.

4,096

594,739

Roper

Technologies,

Inc.

186,478

S&P

Global,

Inc.

1,500

769,290

Salesforce,

Inc.

3,333

884,478

Seagate

Technology

PLC

2,761

325,632

ServiceNow,

Inc.

(a) 831

840,216

Synopsys,

Inc.

(a) 777

360,512

Texas

Instruments,

Inc.

4,703

859,944

Uber

Technologies,

Inc.

(a) 9,237

777,386

Ubiquiti,

Inc.

824

325,719

Visa,

Inc.,

Class

A

6,115

2,233,137

Workday,

Inc.,

Class

A

(a) 1,100

272,481

Zebra

Technologies

Corp.,

Class

A

(a) 830

240,509

52,645,585

Utilities

—

.46

%

American

Water

Works

Co.,

Inc.

1,266

181,000

Constellation

Energy

Corp.

1,607

491,983

Dominion

Energy,

Inc.

3,601

204,069

Duke

Energy

Corp.

3,443

405,310

NextEra

Energy,

Inc.

8,394

592,951

Public

Service

Enterprise

Group,

Inc.

2,356

190,907

Sempra

5,154

405,053

Southern

Co.

(The)

5,745

517,050

Vistra

Energy

Corp.

2,414

387,616

3,375,939

Total

Common

Stocks/

Investments

—

.50

%

(Cost

$

120,171,388)

136,447,329

Other

Assets

in

Excess

of

Liabilities — 0.50%

685,049

NET

ASSETS

—

100.00%

$

137,132,378

(a) Non-income

producing

security.

OneAscent

Core

Plus

Bond

ETF

Schedule

of

Investments

May

31,

2025

-

(Unaudited)

ASSET

BACKED

SECURITIES

—

10.94%

Principal

Amount

Fair

Value

Aurora

(Sunnova)

I

Issuer,

LLC,

Series

2023-B,

Class

C,

6.00%,

8/22/2050

(a) $

783,671

$

468,023

Centersquare

Issuer,

LLC,

Series

2025-1A,

Class

A2,

5.50%,

3/26/2055

(a) 1,050,000

1,030,926

Century

Plaza

Towers,

Series

2019-CPT,

Class

B,

3.00%,

11/13/2039

(a)(b) 740,000

659,789

CHI

Commercial

Mortgage

Trust,

Series

2025-SFT,

Class

XA,

0.31%,

4/15/2042

(a)(b) 3,925,000

41,089

CHI

Commercial

Mortgage

Trust,

Series

2025-SFT,

Class

A,

5.66%,

4/15/2042

(a)(b) 1,000,000

1,009,927

COMM

Mortgage

Trust,

Series

2022-HC,

Class

B,

3.17%,

1/10/2039

(a) 1,000,000

934,218

Frontier

Issuer,

LLC,

Series

2023-1,

Class

C,

11.50%,

8/20/2053

(a) 1,000,000

1,059,352

Frontier

Issuer,

LLC,

Series

2024-1,

Class

C,

11.16%,

6/20/2054

(a) 1,000,000

1,112,466

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2022-3CS,

Class

B,

5.52%,

2/22/2055

(a) 918,228

884,853

Hertz

Vehicle

Financing,

LLC,

Series

2023-2A,

Class

C,

7.13%,

9/25/2029

(a) 900,000

929,832

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-

609M,

Class

A,

6.06%,

10/15/2033

(US0001M

+

1.370bps)

(a)(b) 1,000,000

995,374

Mosaic

Solar

Loan

Trust,

Series

2022-3A,

Class

A,

6.16%,

6/20/2053

(a) 735,343

733,987

Mosaic

Solar

Loan

Trust,

Series

2023-2A,

Class

C,

8.18%,

9/22/2053

(a) 500,000

342,415

Mosaic

Solar

Loan

Trust

2024-1,

Series

2024-1A,

Class

D,

10.00%,

9/20/2049

(a) 500,000

350,521

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-MILE,

Class

A,

5.91%,

7/15/2036

(US0001M

+

1.500bps)

(a)(b) 848,857

805,855

One

Bryant

Park

Trust,

Series

2019-OBP,

Class

A,

2.52%,

9/15/2054

(a) 1,000,000

900,034

One

Market

Plaza

Trust,

Series

2017-1MKT,

Class

A,

3.61%,

2/10/2032

(a) 365,224

345,561

STWD

Mortgage

Trust,

Series

2021-LIH,

Class

B,

6.10%,

11/15/2036

(US0001M

+

1.656bps)

(a)(b) 1,100,000

1,095,302

Sunrun

Jupiter

Issuer,

LLC,

Series

2022-1A,

Class

A,

4.75%,

7/30/2057

(a) 899,499

831,238

Switch

ABS

Issuer,

Series

2025-1A,

Class

A2,

5.04%,

3/25/2055

(a) 1,000,000

975,796

Tesla

Auto

Lease

Trust,

Series

2023-A,

Class

A3,

5.89%,

6/22/2026

(a) 143,319

143,514

Tesla

Auto

Lease

Trust,

Series

2024-B,

Class

A2A,

4.79%,

1/20/2027

(a) 197,187

197,204

Tesla

Auto

Lease

Trust,

Series

2024-A,

Class

A3,

5.30%,

6/21/2027

(a) 1,170,000

1,173,807

Tesla

Electric

Vehicle

Trust,

Series

2023-1,

Class

A3,

5.38%,

6/20/2028

(a) 750,000

755,705

Vivint

Solar

Financing

V,

LLC,

Series

2018-1A,

Class

B,

7.37%,

4/30/2048

(a) 314,669

299,137

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-SVEN,

Class

X,

0.03%,

6/10/2037

(a)(b) 841,800

Total

Asset

Backed

Securities

(Cost $19,230,323)

18,917,725

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

1.13%

Freddie

Mac

Multiclass

Certificates,

Series

2022-P013,

Class

A2,

2.76%,

2/25/2032

(b) 1,000,000

884,333

Freddie

Mac

Multiclass

Certificates,

Series

2024-P016,

Class

A2,

4.61%,

9/25/2033

(b) 1,000,000

997,014

Government

National

Mortgage

Association,

Series

2023-111,

Class

ZA,

3.00%,

2/20/2052

105,383

65,929

OneAscent

Core

Plus

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

1.13%

-

continued

Principal

Amount

Fair

Value

Total

Collateralized

Mortgage

Obligations

(Cost $2,005,882)

$

1,947,276

CORPORATE

BONDS

—

42.52%

Communications

—

0.60%

Turkcell

Iletisim

Hizmetleri

A/S,

7.65%,

1/24/2032

(a) $

1,025,000

1,041,172

Consumer

Discretionary

—

1.57%

Amazon

Conservation

DAC,

6.03%,

1/16/2042

(a) 400,000

393,518

Conservation

Fund,

Series

2019,

3.47%,

12/15/2029

1,000,000

937,924

NHP

Foundation

(The),

6.00%,

12/1/2033

500,000

531,250

Walmart,

Inc.,

1.80%,

9/22/2031

1,000,000

861,016

2,723,708

Consumer

Staples

—

0.95%

PepsiCo,

Inc.,

3.90%,

7/18/2032

1,100,000

1,048,060

Unilever

Capital

Corp.,

2.63%,

8/12/2051

1,000,000

594,324

1,642,384

Energy

—

4.21%

BP

Capital

Markets

America,

Inc.,

2.77%,

11/10/2050

1,000,000

592,709

ConocoPhillips

Co.,

5.05%,

9/15/2033

500,000

499,377

Continental

Wind,

LLC,

6.00%,

2/28/2033

(a) 955,047

984,574

Diamondback

Energy,

Inc.,

5.55%,

4/1/2035

650,000

640,699

Equinor

ASA,

3.95%,

5/15/2043

1,000,000

801,046

Occidental

Petroleum

Corp.,

6.05%,

10/1/2054

400,000

347,930

Raizen

Fuels

Finance

S.A.,

6.45%,

3/5/2034

(a) 575,000

569,430

Raizen

Fuels

Finance

S.A.,

6.95%,

3/5/2054

(a) 1,075,000

987,446

TotalEnergies

Capital

SA,

5.49%,

4/5/2054

825,000

769,668

TotalEnergies

Capital

SA,

5.43%,

9/10/2064

1,200,000

1,088,813

7,281,692

Financials

—

13.94%

Park

Funding

Trust,

5.74%,

2/15/2055

(a) 975,000

939,002

Ameriprise

Financial,

Inc.,

5.20%,

4/15/2035

1,050,000

1,039,900

Bank

of

America

Corp,

6.63%,

Perpetual

(H15T5Y

+

2.684bps)

(b) 1,000,000

1,018,881

BB

Blue

Financing

DAC,

Series

A2,

4.40%,

9/20/2029

1,000,000

976,943

BB

Blue

Financing

DAC,

Series

A1,

4.40%,

9/20/2037

1,000,000

962,892

Canadian

Imperial

Bank

of

Commerce,

6.95%,

1/28/2085

(H15T5Y

+

2.833bps)

(b) 1,500,000

1,492,616

Consumers

2023

Securitization

Funding,

LLC,

5.55%,

3/1/2028

602,679

606,569

Export

Development

Canada,

4.13%,

2/13/2029

1,000,000

1,004,091

Export

Development

Canada,

4.75%,

6/5/2034

1,000,000

1,023,672

GPS

Blue

Financing

DAC,

5.65%,

11/9/2041

(a) 1,000,000

965,680

Hannon

Armstrong

Sustainable

Infrastructure,

6.38%,

7/1/2034

(a) 1,000,000

979,004

International

Bank

for

Reconstruction

&

Development,

1.75%,

7/31/2033

1,000,000

995,702

Intesa

Sanpaolo

S.p.A.,

MTN,

7.70%,

Perpetual

(USSW5

+

5.462bps)

(a)(b) 1,000,000

1,003,275

JPMorgan

Chase

&

Co.,

5.77%,

4/22/2035

(SOFR

+

1.490bps)

(b) 500,000

516,210

KFW,

4.38%,

2/28/2034

1,000,000

999,409

M&T

Bank

Corp.,

4.83%,

1/16/2029

(SOFRRATE

+

0.930bps)

(b) 1,000,000

1,001,600

Muenchener

Rueckversicherungs-Gesellschaft

A.G.,

5.88%,

5/23/2042

(H15T5Y

+

3.982bps)

(a)(b) 1,000,000

1,017,962

OneAscent

Core

Plus

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

CORPORATE

BONDS

—

42.52%

-

continued

Principal

Amount

Fair

Value

Financials

—

13.94%-

continued

NatWest

Group

plc,

8.13%,

Perpetual

(H15T5Y

+

3.752bps)

(b) $

1,000,000

$

1,059,039

Omnis

Funding

Trust,

6.72%,

5/15/2055

(a) 1,025,000

1,029,319

Private

Export

Funding

Corp.,

4.60%,

2/15/2034

1,000,000

999,747

Province

of

Quebec

Canada,

1.90%,

4/21/2031

1,000,000

876,700

Starwood

Property

Trust,

Inc.,

6.50%,

10/15/2030

(a) 803,000

814,644

UBS

Group

A.G.,

6.30%,

Perpetual

(H15T1Y

+

2.000bps)

(a)(b) 1,000,000

1,055,990

UBS

Group

A.G.,

9.25%,

Perpetual

(H15T5Y

+

4.745bps)

(a)(b) 625,000

682,055

WLB

Asset

VI

Pte

Ltd.,

7.25%,

12/21/2027

(a) 1,000,000

1,042,577

24,103,479

Industrials

—

2.25%

Delta

Air

Lines

Pass

Through

Trust,

Series

2020-1,

Class

A,

2.50%,

6/10/2028

1,168,968

1,096,167

Siemens

Funding

B.V.,

5.20%,

5/28/2035

(a) 1,325,000

1,326,479

Tote

Shipholdings,

LLC,

3.40%,

10/16/2040

881,000

765,014

Vessel

Management

Services,

Inc.,

3.48%,

1/16/2037

797,000

706,663

3,894,323

Insurance

—

0.52%

USAA

Capital

Corp.,

2.13%,

5/1/2030

(a) 1,000,000

900,609

Materials

—

2.37%

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/2031

(a) 1,030,000

1,069,881

Dow

Chemical

Co.

(The),

5.60%,

2/15/2054

1,000,000

883,136

FMG

Resources

Pty

Ltd.,

6.13%,

4/15/2032

(a) 500,000

499,170

LD

Celulose

International

GmbH,

7.95%,

1/26/2032

(a) 375,000

386,241

Smurfit

Westrock

Financing

DAC,

5.42%,

1/15/2035

(a) 1,275,000

1,268,648

4,107,076

Multi-Nationals

—

4.61%

African

Development

Bank,

5.75%,

Perpetual

(H15T5Y

+

1.575bps)

(b) 1,000,000

963,621

Arab

Petroleum

Investments

Corp.,

5.43%,

5/2/2029

(a) 1,000,000

1,025,549

Dominican

Republic

International

Bond,

6.60%,

6/1/2036

(a) 300,000

299,220

European

Investment

Bank,

0.75%,

9/23/2030

1,000,000

844,846

Inter-American

Development

Bank,

GMTN,

3.50%,

4/12/2033

1,000,000

944,387

International

Bank

for

Reconstruction

&

Development,

EMTN,

%,

3/31/2028

500,000

486,723

International

Development

Association,

4.38%,

11/27/2029

(a) 850,000

860,883

International

Finance

Facility

for

Immunisation

Co.,

MTN,

1.00%,

4/21/2026

1,000,000

970,963

OPEC

Fund

for

International

Development

(The),

4.50%,

1/26/2026

(a) 1,000,000

999,743

Serbia

International

Bond,

6.00%,

6/12/2034

(a) 575,000

570,767

7,966,702

Real

Estate

—

2.56%

American

Homes

Rent,

5.50%,

2/1/2034

1,000,000

997,929

Bridge

Housing

Corp.,

3.25%,

7/15/2030

750,000

681,860

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

3.38%,

6/15/2026

(a) 1,000,000

974,122

National

Community

Renaissance

of

California,

3.27%,

12/1/2032

1,000,000

850,436

Preservation

of

Affordable

Housing,

Inc.,

4.48%,

12/1/2032

1,000,000

924,084

4,428,431

OneAscent

Core

Plus

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

CORPORATE

BONDS

—

42.52%

-

continued

Principal

Amount

Fair

Value

Technology

—

0.84%

Apple,

Inc.,

3.00%,

6/20/2027

$

1,000,000

$

980,182

Intel

Corp.,

4.15%,

8/5/2032

500,000

464,841

1,445,023

Utilities

—

8.10%

AES

Corp.

(The),

2.45%,

1/15/2031

1,580,000

1,350,606

California

Buyer

Ltd.,

6.38%,

2/15/2032

(a) 450,000

444,994

Comision

Federal

de

Electricidad,

5.70%,

1/24/2030

(a) 700,000

688,975

Comision

Federal

de

Electricidad,

6.45%,

1/24/2035

(a) 475,000

457,392

Duke

Energy

Carolinas,

LLC,

3.55%,

3/15/2052

1,000,000

694,404

Liberty

Utilities,

2.05%,

9/15/2030

(a) 1,000,000

866,502

MidAmerican

Energy

Co.,

5.30%,

2/1/2055

1,050,000

962,418

New

York

State

Electric

&

Gas

Corp.,

2.15%,

10/1/2031

(a) 1,000,000

843,091

NextEra

Energy

Operating

Partners,

L.P.,

7.25%,

1/15/2029

(a) 1,016,000

1,021,694

Pacific

Gas

and

Electric

Co.,

6.70%,

4/1/2053

1,000,000

989,767

PG&E

Recovery

Funding,

LLC,

4.84%,

6/1/2033

1,000,000

1,001,568

Public

Service

Co.

of

Colorado,

5.75%,

5/15/2054

1,100,000

1,048,915

San

Diego

Gas

&

Electric

Co.,

2.95%,

8/15/2051

1,000,000

608,363

Southern

California

Edison

Co.,

5.20%,

6/1/2034

575,000

550,443

Southern

California

Edison

Co.,

3.65%,

6/1/2051

1,000,000

638,849

Topaz

Solar

Farms,

LLC,

5.75%,

9/30/2039

(a) 866,984

826,925

Vistra

Corp.,

7.00%,

Perpetual

(H15T5Y

+

5.740bps)

(a)(b) 1,000,000

1,017,851

14,012,757

Total

Corporate

Bonds

(Cost $75,630,489)

73,547,356

FOREIGN

GOVERNMENT

BONDS

—

1.14%

Canada

Government

International

Bond,

4.00%,

3/18/2030

1,000,000

1,000,683

Colombia

Government

International

Bond,

8.75%,

11/14/2053

1,000,000

978,750

Total

Foreign

Government

Bonds

(Cost $1,976,269)

1,979,433

INTERNATIONAL

BONDS

—

0.58%

Hashemite

Kingdom

of

Jordan,

3.00%,

6/30/2025

1,000,000

998,479

Total

International

Bonds

(Cost $998,801)

998,479

MUNICIPAL

BONDS

—

8.17%

California

—

1.34%

City

&

County

of

San

Francisco

CA

,

5.45 %,

6/15/2064

500,000

467,416

Freddie

Mac

Multifamily

ML

Certificates,

Revenue

,

1.51 %,

9/25/2037

4,829,204

496,394

San

Diego

Unified

School

District/CA,

Revenue

,

3.97 %,

7/1/2029

350,000

,535

San

Francisco

City

&

County

Public

Utilities,

Revenue

,

4.66 %,

10/1/2027

1,000,000

1,008,786

2,319,131

Indiana

—

0.00%

(c) Fort

Wayne,

Solid

Waste

Facility,

Revenue,

Series

2022A-2

,

10.75 %,

12/1/2029

(d) 234,358

OneAscent

Core

Plus

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

MUNICIPAL

BONDS

—

8.17%

-

continued

Principal

Amount

Fair

Value

Iowa

—

0.24%

Iowa

Finance

Authority,

Revenue

,

7.00 %,

11/1/2027

(a) $

415,000

$

418,965

Maryland

—

1.10%

Maryland

Economic

Development

Corp.,

Revenue

,

5.43 %,

5/31/2056

750,000

696,954

Maryland

Economic

Development

Corp.,

Revenue

,

5.94 %,

5/31/2057

1,250,000

1,221,044

1,917,998

Minnesota

—

0.84%

Minnesota

Housing

Finance

Agency,

Revenue

,

5.90 %,

8/1/2049

750,000

726,166

Minnesota

Housing

Finance

Agency,

Revenue

,

5.95 %,

8/1/2054

750,000

728,141

1,454,307

Montana

—

0.59%

Gallatin

County

Industrial

Development,

Revenue,

Series

B

,

11.50 %,

9/1/2027

1,000,000

1,027,386

New

Hampshire

—

.91%

New

Hampshire

Business

Finance

Authority

,

5.69 %,

11/1/2045

750,000

718,823

New

Hampshire

Business

Finance

Authority,

Revenue

,

4.52 %,

7/1/2033

850,000

850,000

1,568,823

New

York

—

1.56%

City

of

New

York

NY

,

5.09 %,

10/1/2049

1,000,000

916,303

Metropolitan

Transportation

Authority,

Revenue

,

5.18 %,

11/15/2049

75,000

63,752

New

York

State

Energy

Research

&

Development

,

6.22 %,

4/1/2040

600,000

594,774

New

York

State

Energy

Research

&

Development

Authority,

Revenue,

Series

A

,

4.87 %,

4/1/2037

788,000

706,211

United

Nations

Development

Corp.,

Revenue

,

6.54 %,

8/1/2055

400,000

413,336

2,694,376

Ohio

—

0.29%

Columbus

Metropolitan

Housing

Authority,

Revenue

,

5.05 %,

4/1/2030

500,000

494,822

Oregon

—

0.44%

State

of

Oregon

,

5.83 %,

5/1/2045

750,000

755,465

Pennsylvania

—

0.28%

Redevelopment

Authority

of

the

City

of

Philadelphia,

Revenue

,

5.23 %,

9/1/2040

500,000

480,598

Wisconsin

—

0.58%

Public

Finance

Authority

,

6.25 %,

6/1/2031

(a) 500,000

498,034

Public

Finance

Authority,

Revenue

,

5.29 %,

7/1/2029

500,000

506,237

1,004,271

Total

Municipal

Bonds

(Cost $14,630,242)

14,136,165

TERM

LOANS

—

1.72%

Utilities

—

1.18%

OneAscent

Core

Plus

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

TERM

LOANS

—

1.72%

-

continued

Principal

Amount

Fair

Value

Constellation

Renewables,

LLC,

7.59%,

12/15/2027

(TSFR1M

+

225.000bps)

(b) $

859,538

$

859,001

TerraForm

Power

Operating,

LLC,

6.30%,

5/30/2029

(TSFR1M

+

200.000bps)

(b) 648,375

645,133

Vistra

Operations

Co.,

LLC,

6.33%,

4/30/2031

(TSFR1M

+

200.000bps)

(b) 548,250

539,341

2,043,475

Industrials

—

0.54%

LTR

Intermediate

Holdings,

Inc.,

9.94%,

5/7/2028

(US0001M

+

450.000bps)

(b) 972,292

930,158

Total

Term

Loans

(Cost $3,016,837)

2,973,633

U.S.

GOVERNMENT

&

AGENCIES

—

32.13%

Fannie

Mae

Pool,

4.00 %

,

5/1/2044

682,766

645,647

Fannie

Mae

Pool,

2.50 %

,

8/1/2051

118,541

97,770

Fannie

Mae

Pool,

2.50 %

,

12/1/2051

265,437

218,569

Fannie

Mae

Pool,

2.50 %

,

2/1/2052

1,950,270

1,608,275

Fannie

Mae

Pool,

2.50 %

,

2/1/2052

172,404

142,150

Fannie

Mae

Pool,

3.00 %

,

2/1/2052

210,104

179,654

Fannie

Mae

Pool,

3.00 %

,

4/1/2052

2,272,588

1,937,311

Fannie

Mae

Pool,

3.00 %

,

4/1/2052

2,323,704

2,000,056

Fannie

Mae

Pool,

3.50 %

,

4/1/2052

2,274,027

2,020,514

Fannie

Mae

Pool,

3.50 %

,

5/1/2052

624,896

555,232

Fannie

Mae

Pool,

5.00 %

,

5/1/2052

155,953

151,523

Fannie

Mae

Pool,

3.00 %

,

6/1/2052

746,565

635,832

Fannie

Mae

Pool,

3.50 %

,

6/1/2052

180,496

160,644

Fannie

Mae

Pool,

4.00 %

,

6/1/2052

2,279,173

2,093,493

Fannie

Mae

Pool,

4.50 %

,

6/1/2052

399,304

377,409

Fannie

Mae

Pool,

5.00 %

,

7/1/2052

398,287

387,177

Fannie

Mae

Pool,

4.00 %

,

8/1/2052

1,353,440

1,243,175

Fannie

Mae

Pool,

4.50 %

,

8/1/2052

1,776,344

1,678,939

Fannie

Mae

Pool,

4.00 %

,

9/1/2052

927,039

849,792

Fannie

Mae

Pool,

4.50 %

,

9/1/2052

1,789,305

1,691,251

Fannie

Mae

Pool,

5.00 %

,

9/1/2052

284,422

276,415

Fannie

Mae

Pool,

4.00 %

,

10/1/2052

1,173,275

1,077,566

Fannie

Mae

Pool,

4.50 %

,

10/1/2052

637,714

602,790

Fannie

Mae

Pool,

5.00 %

,

10/25/2052

587,904

571,203

Fannie

Mae

Pool,

4.50 %

,

11/1/2052

1,218,919

1,152,211

Fannie

Mae

Pool,

5.00 %

,

2/1/2053

112,947

109,655

Fannie

Mae

Pool,

5.50 %

,

2/1/2053

394,593

391,782

Fannie

Mae

Pool,

6.00 %

,

2/1/2053

327,744

331,941

Fannie

Mae

Pool,

6.00 %

,

3/1/2053

264,721

268,047

Fannie

Mae

Pool,

5.50 %

,

6/1/2053

804,007

797,455

Fannie

Mae

Pool,

5.00 %

,

8/1/2053

1,556,595

1,510,820

Fannie

Mae

Pool,

5.50 %

,

10/1/2053

2,071,705

2,054,027

Fannie

Mae

Pool,

6.00 %

,

1/1/2054

247,740

250,459

Fannie

Mae

Pool,

5.50 %

,

4/1/2054

124,753

123,577

Fannie

Mae

Pool,

5.50 %

,

5/1/2054

1,993,963

1,975,158

OneAscent

Core

Plus

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

U.S.

GOVERNMENT

&

AGENCIES

—

32.13%

-

continued

Principal

Amount

Fair

Value

Fannie

Mae

Pool,

6.00 %

,

6/1/2054

$

382,005

$

386,044

Federal

Home

Loan

Mortgage

Corp.,

3.00 %

,

5/1/2052

585,715

499,243

Federal

National

Mortgage

Association,

0.88 %

,

8/5/2030

1,000,000

854,713

Federal

National

Mortgage

Association,

5.00 %

,

4/1/2053

606,628

588,914

Freddie

Mac

Pool,

3.00 %

,

2/1/2052

174,917

150,556

Freddie

Mac

Pool,

3.00 %

,

3/1/2052

1,091,969

930,004

Freddie

Mac

Pool,

4.00 %

,

4/1/2052

164,059

150,948

Freddie

Mac

Pool,

3.00 %

,

6/1/2052

80,310

68,370

Freddie

Mac

Pool,

3.00 %

,

6/1/2052

538,291

461,109

Freddie

Mac

Pool,

5.00 %

,

6/1/2053

1,405,173

1,363,852

Ginnie

Mae

II

Pool,

3.00 %

,

12/20/2051

1,798,032

1,567,739

Ginnie

Mae

II

Pool,

3.00 %

,

1/20/2052

195,713

170,665

Ginnie

Mae

II

Pool,

3.50 %

,

7/20/2052

1,325,387

1,181,726

Ginnie

Mae

II

Pool,

4.50 %

,

8/20/2052

864,661

820,990

Ginnie

Mae

II

Pool,

4.00 %

,

9/20/2052

901,332

829,276

Ginnie

Mae

II

Pool,

4.50 %

,

10/20/2052

149,096

141,566

Ginnie

Mae

II

Pool,

4.50 %

,

12/20/2052

634,838

602,190

Ginnie

Mae

II

Pool,

4.50 %

,

2/20/2053

135,918

128,843

Ginnie

Mae

II

Pool,

5.00 %

,

2/20/2053

222,190

216,106

Ginnie

Mae

II

Pool,

5.50 %

,

2/20/2053

86,166

85,878

Ginnie

Mae

II

Pool,

3.00 %

,

8/20/2053

25,098

21,883

United

States

Treasury

Note,

3.75 %

,

4/30/2027

1,452,000

1,447,179

United

States

Treasury

Note,

3.88 %

,

5/31/2027

2,000,000

1,998,555

United

States

Treasury

Note,

3.75 %

,

5/15/2028

714,000

711,462

United

States

Treasury

Note,

3.88 %

,

4/30/2030

1,311,000

1,304,855

United

States

Treasury

Note,

4.00 %

,

4/30/2032

500,000

494,531

United

States

Treasury

Note,

4.25 %

,

5/15/2035

2,222,000

2,192,663

United

States

Treasury

Note,

5.00 %

,

5/15/2045

5,454,000

5,494,905

United

States

Treasury

Note,

4.63 %

,

2/15/2055

559,000

531,923

Total

U.S.

Government

&

Agencies

(Cost $56,820,036)

55,564,207

Total

Investments

—

98.33%

(Cost

$174,308,879)

170,064,274

Other

Assets

in

Excess

of

Liabilities — 1.67%

2,894,024

NET

ASSETS

—

100.00%

$

172,958,298

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(a)(2)

of

the

Securities

Act

of

1933. The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

May

31,

2025. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(c) Less

than

0.005%

(d) In

default.

EMTN

-

Euro

Medium

Term

Note

GMTN

-

Global

Medium

Term

Note

MTN

-

Medium

Term

Note

OneAscent

International

Equity

ETF

Schedule

of

Investments

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

.33

%

Shares

Fair

Value

Consumer

Staples

—

.17

%

Carrefour

S.A.

(France)

180,398

$

2,696,344

Dollarama,

Inc.

(Canada)

30,977

3,983,476

6,679,820

Energy

—

.33

%

CES

Energy

Solutions

Corp.

(Canada)

466,526

2,124,389

Secure

Waste

Infrastructure

Corp.

(Canada)

362,781

4,049,314

Subsea

S.A.

(Luxembourg)

172,653

2,940,027

9,113,730

Financials

—

.74

%

AIA

Group

Ltd.

(Hong

Kong)

433,229

3,627,245

Alpha

Bank

AE

(Greece)

1,903,616

6,116,296

Bangkok

Bank

PCL

(Thailand)

1,138,167

4,905,295

HDFC

Bank

Ltd.

-

ADR

(India)

57,814

4,358,597

KBC

Group

N.V.

(Belgium)

79,260

7,825,215

26,832,648

Health

Care

—

.91

%

Jeol

Ltd.

(Japan)

74,859

2,106,140

Olympus

Corp.

(Japan)

335,928

4,331,045

PeptiDream,

Inc.

(Japan)

(a) 281,679

3,433,892

Santen

Pharmaceutical

Co.

Ltd.

(Japan)

305,734

3,406,276

Straumann

Holding

AG

(Switzerland)

26,339

3,379,093

16,656,446

Industrials

—

.43

%

AP

Moller

-

Maersk

A/S,

Series

B

(Denmark)

1,511

2,733,769

Element

Fleet

Management

Corp.

(Canada)

205,959

4,906,894

Intertek

Group

plc

(United

Kingdom)

56,316

3,631,479

Mitsubishi

Electric

Corp.

(Japan)

314,161

6,340,908

Safran

S.A.

(France)

16,079

4,771,856

Siemens

AG

(Germany)

22,291

5,360,166

Sulzer

A.G.

(Switzerland)

21,603

4,069,944

Vinci

S.A.

(France)

41,687

5,956,300

Webuild

SpA

(Italy)

1,288,121

5,250,175

43,021,491

Materials

—

.75

%

Alamos

Gold,

Inc.

(Canada)

194,929

5,047,450

CRH

plc

(Ireland)

61,403

5,538,018

Givaudan

S.A.

(Switzerland)

2,498,686

Heidelberg

Materials

A.G.

(Germany)

32,322

6,328,257

Mitsubishi

Materials

Corp.

(Japan)

166,868

2,615,884

Rio

Tinto

plc

(United

Kingdom)

45,822

2,717,710

24,746,005

Technology

—

.05

%

ASML

Holding

N.V.

(Netherlands)

6,117

4,506,822

Canon,

Inc.

(Japan)

134,219

4,134,437

Constellation

Software,

Inc.

(Canada)

1,207

4,375,673

Indra

Sistemas

S.A.

(Spain)

249,927

10,283,100

Murata

Manufacturing

Co.

Ltd.

(Japan)

122,708

1,818,288

OneAscent

International

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

91.33%

-

continued

Shares

Fair

Value

Technology

—

29.05%

-

continued

Nomura

Research

Institute

Ltd.

(Japan)

144,281

$

5,593,585

NXP

Semiconductors

NV

(Netherlands)

17,911

3,423,329

QinetiQ

Group

plc

(United

Kingdom)

458,333

3,070,374

Rakus

Co.

Ltd.

(Japan)

326,059

5,058,165

Screen

Holdings

Co.

Ltd.

(Japan)

56,406

4,057,591

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan

Province

of

China)

166,000

5,363,606

Topicus.com,

Inc.

(Canada)

(a) 30,973

4,050,886

Wise

plc

(United

Kingdom)

(a) 367,383

5,439,961

61,175,817

Utilities

—

.95

%

Enel

SpA

(Italy)

446,427

4,097,823

Total

Common

Stocks

(Cost $160,520,569)

192,323,780

WARRANTS

-

.00

%

(b) Technology

—

.00

%

(b) Constellation

Software,

Inc.,

(Canada)

Expiration

Date

3/31/2040

(c) 872

$

—

Total

Warrants

(Cost

$0)

—

Total

Investments

—

.33

%

(Cost

$

160,520,569)

192,323,780

Other

Assets

in

Excess

of

Liabilities — 8.67%

18,249,856

NET

ASSETS

—

100.00%

$

210,573,636

(a) Non-income

producing

security.

(b) Less

than

0.005%

(c) Security

is

currently

being

valued

according

to

the

fair

value

procedures

of

the

Adviser,

as

Valuation

Designee,

under

oversight

of

the

Board's

Pricing

&

Liquidity

Committee.

ADR

-

American

Depositary

Receipt

OneAscent

Emerging

Markets

ETF

Schedule

of

Investments

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

85.87%

Shares

Fair

Value

Communications

—

3.20%

MakeMyTrip

Ltd.

(Mauritius)

(a) 15,466

$

1,571,810

Consumer

Discretionary

—

9.94%

Ace

Hardware

Indonesia

Tbk

P.T.

(Indonesia)

18,936,042

667,989

Coway

Co.

Ltd.

(South

Korea)

14,654

943,557

Haier

Smart

Home

Co.

Ltd.,

H

Shares

(China)

202,313

593,439

Hankook

Tire

&

Technology

Co.

Ltd.

(Korea

(Republic

of))

30,464

849,489

KIA

Corp.

(Korea

(Republic

of))

10,119

655,217

MercadoLibre,

Inc.

(Argentina)

(a) 456

1,168,861

4,878,552

Consumer

Staples

—

4.93%

Charoen

Pokphand

Foods

PCL

(Thailand)

764,780

570,697

Indofood

CBP

Sukses

Makmur

Tbk

P.T.

(Indonesia)

1,332,990

891,386

Kimberly-Clark

de

Mexico

SAB

de

CV

(Mexico)

536,810

957,497

2,419,580

Energy

—

1.04%

PTT

Exploration

&

Production

PCL

(Thailand)

171,846

512,942

Financials

—

10.80%

Bank

Rakyat

Indonesia

Persero

Tbk

P.T.

(Indonesia)

4,547,583

1,241,518

BB

Seguridade

Participacoes

S.A.

(Brazil)

146,600

965,306

HDFC

Bank

Ltd.

-

ADR

(India)

19,783

1,491,440

NU

Holdings

Ltd.,

Class

A

(Taiwan

Province

of

China)

(a) 82,484

990,633

Regional

S.A.B.

de

C.V.

(Mexico)

79,224

616,007

5,304,904

Health

Care

—

3.70%

Dentium

Co.

Ltd.

(South

Korea)

18,906

846,249

Hugel,

Inc.

(Korea

(Republic

Of))

(a) 4,027

968,344

1,814,593

Industrials

—

13.31%

CJ

Logistics

Corp.

(Korea

(Republic

of))

15,898

925,782

Hanwha

Aerospace

Co.

Ltd.

(Korea

(Republic

of))

3,652

2,145,170

LIG

Nex1

Co.

Ltd.

(Korea

(Republic

of))

6,887

2,139,920

Sporton

International,

Inc.

(Taiwan

Province

of

China)

83,400

509,964

Voltronic

Power

Technology

Corp.

(Taiwan

Province

of

China)

18,000

811,948

6,532,784

Materials

—

7.05%

GCC

S.A.B.

de

C.V.

(Mexico)

106,429

993,069

Harmony

Gold

Mining

Co.

Ltd.

(South

Africa)

123,852

1,761,384

Suzano

S.A.

-

ADR

(Brazil)

81,523

707,620

3,462,073

Real

Estate

—

2.51%

Central

Pattana

PCL

(Thailand)

889,600

1,232,846

Technology

—

29.39%

Accton

Technology

Corp.

(Taiwan

Province

of

China)

84,000

2,091,019

DB

HiTek

Co.

Ltd.

(South

Korea)

17,681

499,438

eMemory

Technology,

Inc.

(Taiwan

Province

of

China)

6,000

482,157

Infosys

Ltd.

-

ADR

(India)

52,881

961,905

OneAscent

Emerging

Markets

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

85.87%

-

continued

Shares

Fair

Value

Technology

—

29.39%

-

continued

MediaTek,

Inc.

(Taiwan

Province

of

China)

39,000

$

1,641,941

Samsung

Electronics

Co.

Ltd.

(South

Korea)

59,873

2,437,123

Samsung

SDI

Co.

Ltd.

(South

Korea)

1,838

224,846

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Taiwan

Province

of

China)

162,000

5,234,362

Wipro

Ltd.

-

ADR

(India)

296,633

854,303

14,427,094

Total

Common

Stocks

(Cost $35,744,926)

42,157,178

RIGHT

-

.05%

Industrials

—

0.05%

Hanwha

Aerospace

Co.

Ltd.

$

22,720

Total

Right

(Cost

$6,447)

22,720

Total

Investments

—

85.92%

(Cost

$35,751,373)

42,179,898

Other

Assets

in

Excess

of

Liabilities — 14.08%

6,911,143

NET

ASSETS

—

100.00%

$

49,091,041

(a) Non-income

producing

security.

ADR

-

American

Depositary

Receipt

OneAscent

Small

Cap

Core

ETF

Schedule

of

Investments

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

.71

%

Shares

Fair

Value

Communications

—

.14

%

Cogent

Communications

Holdings,

Inc.

1,654

$

75,604

IAC,

Inc.

(a) 2,563

92,165

John

Wiley

&

Sons,

Inc.,

Class

A

2,817

110,201

Lumen

Technologies,

Inc.

(a) 27,158

106,459

Telephone

and

Data

Systems,

Inc.

3,194

109,747

494,176

Consumer

Discretionary

—

.30

%

Adtalem

Global

Education,

Inc.

(a) 1,367

180,485

American

Eagle

Outfitters,

Inc.

6,361

69,717

Asbury

Automotive

Group,

Inc.

(a) 736

167,742

Bath

&

Body

Works,

Inc.

3,529

99,235

Boot

Barn

Holdings,

Inc.

(a) 846

135,622

BorgWarner,

Inc.

2,850

94,307

Buckle,

Inc.

(The)

2,213

94,296

Cavco

Industries,

Inc.

(a) 394

170,836

Champion

Homes,

Inc.

(a) 1,309

85,609

Cinemark

Holdings,

Inc.

2,206

74,497

Dana,

Inc.

7,323

121,781

Eplus,

Inc.

(a) 1,337

95,422

Etsy,

Inc.

(a) 2,494

138,043

Fox

Factory

Holding

Corp.

(a) 2,878

73,821

Gentherm,

Inc.

(a) 1,776

48,600

Group

Automotive,

Inc.

108,100

Hanesbrands,

Inc.

(a) 9,364

46,352

Hertz

Global

Holdings,

Inc.

(a) 4,758

31,165

HNI

Corp.

2,960

137,729

KAR

Auction

Services,

Inc.

(a) 6,660

152,713

KB

Home

1,217

62,773

Kohl's

Corp.

7,889

64,138

Kontoor

Brands,

Inc.

1,174

80,536

La-Z-Boy,

Inc.

2,743

114,904

Marcus

Corp.

(The)

3,549

65,586

Meritage

Homes

Corp.

2,364

150,374

Newell

Brands,

Inc.

17,731

93,974

Oxford

Industries,

Inc.

1,062

57,008

Papa

John's

International,

Inc.

1,921

86,925

Patrick

Industries,

Inc.

778

66,799

Phinia,

Inc.

1,663

72,174

Shake

Shack,

Inc.,

Class

A

(a) 1,250

162,237

Signet

Jewelers

Ltd.

1,258

83,745

Six

Flags

Entertainment

Corp

2,742

92,022

St.

Joe

Co.

(The)

2,702

120,806

Steven

Madden

Ltd.

3,212

79,176

Strategic

Education,

Inc.

925

84,388

Stride,

Inc.

(a) 1,106

167,437

Wendy's

Co.

(The)

7,067

80,564

OneAscent

Small

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

99.71%

-

continued

Shares

Fair

Value

Consumer

Discretionary

—

17.30%

-

continued

Winnebago

Industries,

Inc.

2,526

$

85,707

3,997,345

Consumer

Staples

—

.49

%

Cal-Maine

Foods,

Inc.

968

92,860

Edgewell

Personal

Care

Co.

3,404

94,019

National

Beverage

Corp.

1,776

80,328

United

Natural

Foods,

Inc.

(a) 2,549

77,923

345,130

Energy

—

.27

%

Archrock,

Inc.

6,216

154,778

Comstock

Resources,

Inc.

(a) 2,961

68,991

Liberty

Oilfield

Services,

Inc.,

Class

A

5,356

62,076

Nabors

Industries

Ltd.

(a) 1,233

31,824

Northern

Oil

and

Gas,

Inc.

2,890

76,816

Oceaneering

International,

Inc.

(a) 3,927

74,888

Patterson-UTI

Energy,

Inc.

14,787

81,624

SM

Energy

Co.

3,615

84,663

Sunrun,

Inc.

(a) 6,999

52,423

Talos

Energy,

Inc.

(a) 8,317

66,869

754,952

Financials

—

.63

%

Air

Lease

Corp.

2,328

134,116

AMERISAFE,

Inc.

2,738

129,973

BancFirst

Corp.

1,554

192,238

Bank

of

Hawaii

Corp.

2,220

147,652

Berkshire

Hills

Bancorp,

Inc.

5,587

138,334

BGC

Group,

Inc.,

Class

A

13,061

121,206

Bread

Financial

Holdings,

Inc.

1,862

95,409

Columbia

Banking

System,

Inc.

4,001

93,543

Comerica,

Inc.

2,025

115,607

Essent

Group

Ltd.

2,479

143,782

First

American

Financial

Corp.

2,222

124,010

First

Hawaiian,

Inc.

8,584

204,987

First

Interstate

BancSystem,

Inc.,

Class

A

5,106

138,628

GATX

Corp.

851

135,513

Goldman

Sachs,

Inc.

-

BDC

7,915

89,677

Heritage

Financial

Corp.

7,402

173,059

Hilltop

Holdings,

Inc.

4,403

131,297

Independent

Bank

Corp.

2,891

177,797

Jackson

Financial,

Inc.,

Class

A

1,964

160,871

Kearny

Financial

Corp.

18,564

111,941

Kennedy-Wilson

Holdings,

Inc.

25,825

164,505

Lincoln

National

Corp.

6,027

199,736

Marathon

Digital

Holdings,

Inc.

(a) 7,619

107,580

Mr.

Cooper

Group,

Inc.

(a) 1,702

220,461

Pacific

Premier

Bancorp,

Inc.

6,660

141,192

Palomar

Holdings,

Inc.

(a) 814

139,577

OneAscent

Small

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

99.71%

-

continued

Shares

Fair

Value

Financials

—

20.63%

-

continued

Piper

Sandler

Cos.

740

$

186,073

Radian

Group,

Inc.

4,995

170,579

RLI

Corp.

1,258

96,702

S&T

Bancorp,

Inc.

5,291

193,968

Stewart

Information

Services

Corp.

1,665

100,466

United

Community

Banks,

Inc.

6,845

196,725

Zions

Bancorp.

1,887

89,368

4,766,572

Health

Care

—

.22

%

ADMA

Biologics,

Inc.

(a) 5,972

118,485

Catalyst

Pharmaceuticals,

Inc.

(a) 2,911

72,659

Encompass

Health

Corp.

925

111,833

Ensign

Group,

Inc.

(The)

901

132,681

Glaukos

Corp.

(a) 1,473

138,889

ICU

Medical,

Inc.

(a) 707

95,346

Inspire

Medical

Systems,

Inc.

(a) 753

104,065

Krystal

Biotech,

Inc.

(a) 764

96,233

LeMaitre

Vascular,

Inc.

1,227

100,859

Ligand

Pharmaceuticals,

Inc.

(a) 999

102,088

Merit

Medical

Systems,

Inc.

(a) 1,919

182,363

National

Healthcare

Corp.

962

100,183

Pacira

Pharmaceuticals,

Inc.

(a) 2,812

72,662

Prestige

Consumer

Healthcare,

Inc.

(a) 1,060

90,810

Protagonist

Therapeutics,

Inc.

(a) 1,420

67,407

RadNet,

Inc.

(a) 2,072

119,119

Teleflex,

Inc.

838

102,462

TG

Therapeutics,

Inc.

(a) 2,982

104,698

TransMedics

Group,

Inc.

(a) 840

106,781

Varex

Imaging

Corp.

(a) 5,735

43,987

Vericel

Corp.

(a) 1,628

67,228

2,130,838

Industrials

—

.16

%

AAR

Corp.

(a) 1,776

109,064

Advanced

Energy

Industries,

Inc.

1,227

140,835

Aerovironment,

Inc.

(a) 740

131,742

Alamo

Group,

Inc.

851

168,532

Alaska

Air

Group,

Inc.

(a) 2,512

127,937

Badger

Meter,

Inc.

1,036

257,156

Cactus,

Inc.,

Class

A

1,745

71,545

CSW

Industrials,

Inc.

114,671

Douglas

Dynamics,

Inc.

4,105

112,846

Dycom

Industries,

Inc.

(a) 814

187,154

Everus

Contruction

Group,

Inc.

(a) 1,324

76,673

Federal

Signal

Corp.

1,365

128,406

Frontdoor,

Inc.

(a) 2,477

136,260

Gates

Industrial

Corp.

plc

(a) 5,269

111,439

Granite

Construction,

Inc.

1,768

158,148

OneAscent

Small

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

99.71%

-

continued

Shares

Fair

Value

Industrials

—

18.16%

-

continued

Heartland

Express,

Inc.

12,432

$

111,266

Hillenbrand,

Inc.

3,590

70,149

Installed

Building

Products,

Inc.

740

118,015

Itron,

Inc.

(a) 1,659

191,780

JetBlue

Airways

Corp.

(a) 13,183

66,574

Kratos

Defense

&

Security

Solutions,

Inc.

(a) 3,653

134,760

Moog,

Inc.,

Class

A

595

110,259

Mueller

Industries,

Inc.

1,345

104,735

MYR

Group,

Inc.

(a) 740

116,069

Resideo

Technologies,

Inc.

(a) 2,901

60,051

Robert

Half

International,

Inc.

2,591

118,642

RXO,

Inc.

(a) 4,777

74,187

SkyWest,

Inc.

(a) 325

32,971

SPX

Technologies,

Inc.

(a) 1,589

241,671

Sterling

Construction

Co.,

Inc.

(a) 766

144,016

Trinity

Industries,

Inc.

4,112

105,843

Triumph

Group,

Inc.

(a) 1,971

50,832

UniFirst

Corp.

964

181,772

WillScot

Mobile

Mini

Holdings

Corp.,

Class

A

4,802

129,414

4,195,414

Materials

—

.06

%

Alpha

Metallurgical

Resources,

Inc.

(a) 307

34,396

Apogee

Enterprises,

Inc.

1,554

60,062

Balchem

Corp.

519

86,517

Boise

Cascade

Co.

1,221

106,081

Chemours

Co.

(The)

6,367

64,498

Core

Natural

Resources,

Inc.

1,135

78,656

Element

Solutions,

Inc.

4,446

95,055

FMC

Corp.

2,961

120,098

Greif,

Inc.,

Class

B

1,702

102,546

Hawkins,

Inc.

846

112,933

Ingevity

Corp.

(a) 1,578

65,282

Innospec,

Inc.

1,443

122,770

MP

Materials

Corp.

(a) 3,297

71,842

Rogers

Corp.

(a) 934

62,176

Sealed

Air

Corp.

4,995

160,839

Stepan

Co.

1,813

98,428

SunCoke

Energy,

Inc.

7,289

59,332

Sylvamo

Corp.

1,184

62,716

Warrior

Met

Coal,

Inc.

1,480

67,266

1,631,493

Real

Estate

—

.71

%

Cushman

&

Wakefield

PLC

(a) 15,881

159,287

eXp

World

Holdings,

Inc.

6,026

51,342

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

3,811

95,466

Howard

Hughes

Holdings,

Inc.

(a) 2,036

139,079

Jones

Lang

LaSalle,

Inc.

(a) 549

122,262

OneAscent

Small

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

COMMON

STOCKS

—

99.71%

-

continued

Shares

Fair

Value

Real

Estate

—

4.71%

-

continued

Marcus

&

Millichap,

Inc.

4,039

$

116,364

Matson,

Inc.

1,221

137,789

Newmark

Group,

Inc.,

Class

A

9,316

102,569

REX

Holdings,

Inc.,

Class

A

(a) 10,311

77,848

RMR

Group,

Inc.

(The),

Class

A

5,664

85,526

1,087,532

Technology

—

.18

%

A10

Networks,

Inc.

4,995

86,214

ACI

Worldwide,

Inc.

(a) 2,474

114,447

Amentum

Holdings,

Inc.

(a) 3,466

71,608

Axcelis

Technologies,

Inc.

(a) 1,107

62,368

Box,

Inc.,

Class

A

(a) 3,397

128,475

Calix,

Inc.

(a) 2,324

107,462

Cleanspark,

Inc.

(a) 7,042

60,772

Cohu,

Inc.

(a) 4,300

73,401

DoubleVerify

Holdings,

Inc.

(a) 5,034

69,167

DXC

Technology

Co.

(a) 4,889

74,313

F5,

Inc.

(a) 343

97,885

FormFactor,

Inc.

(a) 2,991

89,281

Insight

Enterprises,

Inc.

(a) 888

115,786

InterDigital,

Inc.

817

177,502

LiveRamp

Holdings,

Inc.

(a) 2,886

94,026

N-Able,

Inc.

(a) 7,424

57,833

NCR

Atleos

Corp.

(a) 2,046

54,239

NetScout

Systems,

Inc.

(a) 5,254

120,001

Omnicell,

Inc.

(a) 1,931

58,644

Photronics,

Inc.

(a) 3,404

56,881

Privia

Health

Group,

Inc.

(a) 3,028

68,917

Progress

Software

Corp.

2,916

179,509

Qorvo,

Inc.

(a) 2,083

158,350

Semtech

Corp.

(a) 2,723

101,650

SiTime

Corp.

(a) 563

110,387

SPS

Commerce,

Inc.

(a) 1,110

156,244

Veeco

Instruments,

Inc.

(a) 2,664

51,442

Viavi

Solutions,

Inc.

(a) 14,208

129,435

Vishay

Intertechnology,

Inc.

6,216

87,459

2,813,698

Utilities

—

.55

%

American

States

Water

Co.

1,961

154,664

Avista

Corp.

4,662

179,534

Chesapeake

Utilities

Corp.

1,258

153,715

Northwest

Natural

Holding

Co.

3,737

153,105

NorthWestern

Energy

Group,

Inc.

3,256

180,154

821,172

OneAscent

Small

Cap

Core

ETF

Schedule

of

Investments

(continued)

May

31,

2025

-

(Unaudited)

Total

Common

Stocks/

Investments

—

.71

%

(Cost

$

23,631,451)

$

23,038,322

Other

Assets

in

Excess

of

Liabilities — 0.29%

66,229

NET

ASSETS

—

100.00%

$

23,104,551

(a) Non-income

producing

security.

BDC

-

Business

Development

Company

## 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:** ONEASCENT EMERGING MARKETS ETF

- **b. EDGAR series identifier (if any):** S000077261

- **c. LEI of Series:** 549300ZNHGZUOCGDNW74

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $49170991.78

**Total Liabilities:** $79951.14

**Net Assets:** $49091040.64

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237524 | -2.03%               | 3.51%                | 4.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1014592.25                               |
| Month 2  | $-17268.61               | $1447285.49                                |
| Month 3  | $0.00                    | $1794837.89                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Sporton International Inc                    | Sporton International, Inc.                     | CUSIP: Y8129X109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     83400 | NS      | $509963.91    | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Infosys Ltd.                                 | Infosys Ltd.                                    | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     52881 | NS      | $961905.39    | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimberly-Clark de Mexico S.A.B. de C.V.      | Kimberly-Clark de Mexico S.A.B. de C.V.         | CUSIP: P60694117<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |    536810 | NS      | $957497.18    | 1.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Coway Co Ltd.                                | Coway Company Ltd.                              | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14654 | NS      | $943556.82    | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Indofood Cbp Sukse                           | Indofood CBP Sukses Makmur Tbk P.T.             | CUSIP: Y71260106<br>LEI: 254900YKZW9GRKZZN285 | Long             | EC               | CORP              | ID        |   1332990 | NS      | $891385.95    | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Company Ltd. | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    162000 | NS      | $5234362.47   | 10.66%            |  |  |  | No            | 1                  | On Loan: No      |
| MediaTek Inc.                                | MediaTek, Inc.                                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     39000 | NS      | $1641940.66   | 3.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Charoen Pokphand Foods PCL                   | Charoen Pokphand Foods PCL                      | CUSIP: Y1296K166<br>LEI: 529900FJ3AI2GKGIWK15 | Long             | EC               | CORP              | TH        |    764780 | NS      | $570696.58    | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Lig Nex1 Co Ltd                              | LIG Nex1 Company Ltd.                           | CUSIP: Y5277W107<br>LEI: 988400VTP0QVY3OIY652 | Long             | EC               | CORP              | KR        |      6887 | NS      | $2139919.75   | 4.36%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | BBH SWEEP VEHICLE                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   6956723 | PA      | $6956723.34   | 14.17%            |  |  |  | No            | N/A                | On Loan: No      |
| Kia Corp.                                    | KIA CORPORATION                                 | CUSIP: Y47601102<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     10119 | NS      | $655217.10    | 1.33%             |  |  |  | No            | 1                  | On Loan: No      |
| BB Seguridade Participacoes SA               | BB Seguridade Participacoes S.A.                | CUSIP: P1R1WJ103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    146600 | NS      | $965306.51    | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| GCC, S.A.B. de C.V.                          | GCC S.A.B. de C.V.                              | CUSIP: P4948S124<br>LEI: 254900WY9XL8033CKX68 | Long             | EC               | CORP              | MX        |    106429 | NS      | $993068.86    | 2.02%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Dentium Co Ltd                               | Dentium Company Ltd.                            | CUSIP: Y2R34J108<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     18906 | NS      | $846249.14    | 1.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Hanwha Aerospace Co Ltd                      | Hanwha Aerospace Company Ltd.                   | CUSIP: Y7470L102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      3652 | NS      | $2145170.10   | 4.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Db Hitek Co Ltd                              | DB HiTek Company Ltd.                           | CUSIP: Y3R69A103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     17681 | NS      | $499437.95    | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| eMemory Technology Inc.                      | eMemory Technology, Inc.                        | CUSIP: Y2289B114<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6000 | NS      | $482157.18    | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Hankook Tire & Technology Co Ltd.            | Hankook Tire & Technology Company Ltd.          | CUSIP: Y3R57J108<br>LEI: 9884001BIEVM09M7AH02 | Long             | EC               | CORP              | KR        |     30464 | NS      | $849489.02    | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk          | Bank Rakyat Indonesia Persero Tbk P.T.          | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |   4547583 | NS      | $1241518.06   | 2.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Hugel Inc                                    | Hugel, Inc.                                     | CUSIP: Y3R47A100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4027 | NS      | $968344.35    | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Central Pattana Public Co Ltd.               | Central Pattana PCL                             | CUSIP: Y1242U276<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    889600 | NS      | $1232846.00   | 2.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Voltronic Power Technology Corp.             | Voltronic Power Technology Corporation          | CUSIP: Y937BE103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     18000 | NS      | $811948.68    | 1.65%             |  |  |  | No            | 1                  | On Loan: No      |
| MakeMyTrip Ltd.                              | MakeMyTrip Ltd.                                 | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |     15466 | NS      | $1571809.58   | 3.20%             |  |  |  | No            | 1                  | On Loan: No      |
| CJ Logistics Co Ltd.                         | CJ Logistics Corporation                        | CUSIP: Y166AE100<br>LEI: 988400MIXJ2YDYLYR916 | Long             | EC               | CORP              | KR        |     15898 | NS      | $925781.83    | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Mercadolibre Inc                             | MercadoLibre, Inc.                              | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | AR        |       456 | NS      | $1168860.24   | 2.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Haier Smart Home Co Ltd.                     | Haier Smart Home Company Ltd.                   | CUSIP: Y298BN100<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |    202313 | NS      | $593439.29    | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Harmony Gold Mining Co Ltd                   | Harmony Gold Mining Company Ltd.                | CUSIP: S34320101<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |    123852 | NS      | $1761384.24   | 3.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Suzano S A                                   | Suzano S.A.                                     | CUSIP: 86959K105<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |     81523 | NS      | $707619.64    | 1.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Regional Sab De Cv                           | Regional S.A.B. de C.V.                         | CUSIP: P8008V109<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     79224 | NS      | $616006.51    | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Wipro Ltd.                                   | Wipro Ltd.                                      | CUSIP: 97651M109<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |    296633 | NS      | $854303.04    | 1.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung Electronics Co Ltd.                  | Samsung Electronics Company Ltd.                | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     59873 | NS      | $2437122.99   | 4.96%             |  |  |  | No            | 1                  | On Loan: No      |
| HDFC Bank Ltd.                               | HDFC Bank Ltd.                                  | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     19783 | NS      | $1491440.37   | 3.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Nu Holdings Ltd.                             | NU Holdings Ltd./Cayman Islands                 | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |     82484 | NS      | $990632.84    | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung SDI Co Ltd.                          | Samsung SDI Company Ltd.                        | CUSIP: Y74866107<br>LEI: 9884002AESDO4YW87G32 | Long             | EC               | CORP              | KR        |      1838 | NS      | $224846.05    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Hanwha Aerospace Co Ltd                      | Hanwha Aerospace Company Ltd. Rights            | CUSIP: Y374EK102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |       247 | NS      | $22720.13     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Accton Technology Corp.                      | Accton Technology Corporation                   | CUSIP: Y0002S109<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     84000 | NS      | $2091018.44   | 4.26%             |  |  |  | No            | 1                  | On Loan: No      |
| PTT Exploration & Production Public Co Ltd.  | PTT Exploration & Production PCL                | CUSIP: Y7145P165<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |    171846 | NS      | $512941.89    | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Aspirasi Hidup Indonesia Tbk PT              | Ace Hardware Indonesia Tbk P.T.                 | CUSIP: Y000CY105<br>LEI: 529900WER46RYFNZER60 | Long             | EC               | CORP              | ID        |  18936042 | NS      | $667989.21    | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-05-31

**Name of Applicant:** Unified Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller