# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-25-008077
**Filing Date:** 2025-12
**Character Count:** 98293
**Document Hash:** 0075ac9e2baa778f1ec69134af0ff776
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-008077.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001580642-25-008077

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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:** 251613122

**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

### STANDPOINT MULTI-ASSET FUND (Series ID: S000066994)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000215610 | Investor Class      | REMIX           |
| C000215611 | Institutional Class | BLNDX           |

?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&nbsp;&nbsp;&nbsp;&nbsp; 45246

(Address of principal executive offices)

(Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive. Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

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

Date of fiscal year end: <u>10/31</u> <br>Date of reporting period: <u>10/31/25</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) TSR

#### Standpoint Multi-Asset Fund

#### Institutional Class (BLNDX)

#### Annual Shareholder Report - October 31, 2025
![Image](i3f3b0b9d5a4ae2eb3e72d380.jpg)

# Fund Overview
This annual shareholder report contains important information about Standpoint Multi-Asset Fund (the "Fund") for the period of November 1, 2024 through October 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/standpoint/. You can also request this information by contacting us at (866) 738-1128.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $126 | 1.24% |

---

# How did the Fund perform during the reporting period?
The Fund utilizes a multi-asset, all-weather approach to gain exposure to global equities, currencies, commodities, and bonds. Our rules-based strategy was designed to balance risk/reward across different economic environments including inflation, deflation, stagflation, and growth. The Fund is a potential risk-mitigation and return-enhancement solution for investors seeking less dependence on traditional long-only equity/bond investments.

For the fiscal year ended October 31, 2025, the Fund's Institutional Class returned 3.45%. Long positions in gold, silver, U.S. and Japanese equities contributed to performance. Tactical long and short positions in government bonds, crude oil related markets, natural gas, and European equities detracted from performance. The Fund's primary benchmark, ICE BofA U.S. Treasury Bill Index, returned 4.42% over the same period.

We cast our net very wide in search of developing macro-opportunities around the world. As new themes emerge, we integrate them into the portfolio using a systematic, rules-based approach with a strict risk budget. As old themes expire, we remove them from the portfolio using the same systematic discipline.

Predictions are not part of our process. As investors, we can look back through history, but we can never know exactly what the future holds. Our answer to this is to rely on a strategy that is prepared to navigate a wide range of market conditions. Our job is to react with discipline and participate in new macro themes, while managing our risk in the pursuit of stable returns and an all-weather experience.

# How has the Fund performed since inception?

# Total Return Based on $25,000 Investment
![Growth of 10K Chart](i994d8d8d9118a0d37ef2d065.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Standpoint Multi-Asset Fund - Institutional Class** | **50% MSCI World / 50% ICE BAML 3-month T-Bill** | **ICE BofA U.S. Treasury Bill Index** |
| **Dec-2019** | $25000 | $24941 | $25000 |
| **Oct-2020** | $25625 | $24929 | $25183 |
| **Oct-2021** | $35734 | $29812 | $25199 |
| **Oct-2022** | $37035 | $27293 | $25356 |
| **Oct-2023** | $37834 | $29422 | $26580 |
| **Oct-2024** | $42671 | $35177 | $28028 |
| **Oct-2025** | $44142 | $39906 | $29268 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/30/2019)** |
| Standpoint Multi-Asset Fund - Institutional Class | 3.45% | 11.49% | 10.23% |
| ICE BofA U.S. Treasury Bill Index | 4.42% | 3.05% | 2.74% |
| 50% MSCI World / 50% ICE BAML 3-month T-Bill | 13.45% | 10.08% | 8.34% |

---

***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 (866) 738-1128 or visit https://www.standpointfunds.com/fund for updated performance information.***

# What did the Fund invest in?

# Portfolio Composition (% of net assets)
![Group By Sector Chart](i533c3bfc49143e440d37bdbd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 27.0% |
| U.S. Treasury Obligations | 12.3% |
| Equity | 60.7% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$733057999 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;53 |
| &nbsp;&nbsp;Advisory Fee (net of waivers) | &nbsp;&nbsp;$9961262 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;11% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3f3b0b9d5a4ae2eb3e72d380.jpg)

#### Standpoint Multi-Asset Fund - Institutional Class (BLNDX)

#### Annual Shareholder Report - October 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-BLNDX

#### Standpoint Multi-Asset Fund

#### Investor Class (REMIX)

#### Annual Shareholder Report - October 31, 2025
![Image](i3f3b0b9d5a4ae2eb3e72d380.jpg)

# Fund Overview
This annual shareholder report contains important information about Standpoint Multi-Asset Fund (the "Fund") for the period of November 1, 2024 through October 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/standpoint/. You can also request this information by contacting us at (866) 738-1128.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $151 | 1.49% |

---

# How did the Fund perform during the reporting period?
The Fund utilizes a multi-asset, all-weather approach to gain exposure to global equities, currencies, commodities, and bonds. Our rules-based strategy was designed to balance risk/reward across different economic environments including inflation, deflation, stagflation, and growth. The Fund is a potential risk-mitigation and return-enhancement solution for investors seeking less dependence on traditional long-only equity/bond investments.

For the fiscal year ended October 31, 2025, the Fund's Investor Class returned 3.16%. Long positions in gold, silver, U.S. and Japanese equities contributed to performance. Tactical long and short positions in government bonds, crude oil related markets, natural gas, and European equities detracted from performance. The Fund's primary benchmark, ICE BofA U.S. Treasury Bill Index, returned 4.42% over the same period.

We cast our net very wide in search of developing macro-opportunities around the world. As new themes emerge, we integrate them into the portfolio using a systematic, rules-based approach with a strict risk budget. As old themes expire, we remove them from the portfolio using the same systematic discipline.

Predictions are not part of our process. As investors, we can look back through history, but we can never know exactly what the future holds. Our answer to this is to rely on a strategy that is prepared to navigate a wide range of market conditions. Our job is to react with discipline and participate in new macro themes, while managing our risk in the pursuit of stable returns and an all-weather experience.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia3631836b3179eab689aeeab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Standpoint Multi-Asset Fund - Investor Class** | **50% MSCI World / 50% ICE BAML 3-month T-Bill** | **ICE BofA U.S. Treasury Bill Index** |
| **Dec-2019** | $10000 | $9977 | $10000 |
| **Oct-2020** | $10230 | $9972 | $10073 |
| **Oct-2021** | $14236 | $11925 | $10080 |
| **Oct-2022** | $14711 | $10917 | $10142 |
| **Oct-2023** | $14999 | $11769 | $10632 |
| **Oct-2024** | $16871 | $14071 | $11211 |
| **Oct-2025** | $17404 | $15963 | $11707 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (12/30/2019)** |
| Standpoint Multi-Asset Fund - Investor Class | 3.16% | 11.21% | 9.96% |
| ICE BofA U.S. Treasury Bill Index | 4.42% | 3.05% | 2.74% |
| 50% MSCI World / 50% ICE BAML 3-month T-Bill | 13.45% | 10.08% | 8.34% |

---

***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 (866) 738-1128 or visit https://www.standpointfunds.com/fund for updated performance information.***

# What did the Fund invest in?

# Portfolio Composition (% of net assets)
![Group By Sector Chart](i533c3bfc49143e440d37bdbd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 27.0% |
| U.S. Treasury Obligations | 12.3% |
| Equity | 60.7% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$733057999 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;53 |
| &nbsp;&nbsp;Advisory Fee (net of waivers) | &nbsp;&nbsp;$9961262 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;11% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3f3b0b9d5a4ae2eb3e72d380.jpg)

#### Standpoint Multi-Asset Fund - Investor Class (REMIX)

#### Annual Shareholder Report - October 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-REMIX

(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>** 

---

| | | |
|:---|:---|:---|
| Standpoint Multi-Asset Fund: | FY 2025 | $26350 |
| Standpoint Multi-Asset Fund: | FY 2024 | $26350 |

---

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

---

| | | |
|:---|:---|:---|
| Standpoint Multi-Asset Fund: | FY 2025 | $0 |
| Standpoint Multi-Asset Fund: | FY 2024 | $0 |

---

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

---

| | | |
|:---|:---|:---|
| Standpoint Multi-Asset Fund: | FY 2025 | $9000 |
| Standpoint Multi-Asset Fund: | FY 2024 | $9000 |

---

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

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

---

| | | |
|:---|:---|:---|
| Standpoint Multi-Asset Fund: | FY 2025 | $0 |
| Standpoint Multi-Asset Fund: | 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)

**Standpoint Multi-Asset Fund**

**Annual Financial Statements and**

**Additional Information**

**October 31, 2025**

**Fund Adviser:**

**Standpoint Asset Management, LLC**

**4250 N. Drinkwater Blvd., Suite 300**

**Scottsdale, AZ 85251**

**Toll Free (866) 738-1128**

**Standpoint Multi-Asset Fund**

**Consolidated Schedule of Investments**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Exchange-Traded Funds — 60.74%** |  |  |
| iShares Core MSCI International Developed Markets ETF | 469800 | $37926954 |
| iShares Core MSCI Total International Stock ETF | 459800 | 38600210 |
| iShares Core S&P 500 ETF | 108500 | 74347455 |
| Schwab US Large-Cap ETF | 2657500 | 71672775 |
| SPDR Portfolio S&P 500 ETF | 922900 | 74053496 |
| Vanguard FTSE All-World ex-US ETF | 530700 | 38560662 |
| Vanguard S&P 500 ETF | 114600 | 71858784 |
| Vanguard Total International Stock ETF | 512200 | 38225486 |
| **Total Exchange-Traded Funds<br> (Cost $314,688,656)** |  | 445245822 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | |
| **U.S. Government & Agencies — 12.25%<sup>(a)(b)</sup>** |  |  |
| United States Treasury Bill 4.23%, 11/18/2025 | $45000000 | 44927581 |
| United States Treasury Bill 4.15%, 11/28/2025 | 45000000 | 44879289 |
| **Total U.S. Government & Agencies<br> (Cost $89,775,619)** |  | 89806870 |
| **Total Investments — 72.99%<br> (Cost $404,464,275)** |  | 535052692 |
| **Other Assets in Excess of Liabilities** — 27.01%<sup>**(c)**</sup>** |  | 198005307 |
| **Net Assets — 100.00%** |  | $733057999 |

---

(a) The rate shown represents effective yield at time of purchase.

(b) Non-income producing security.

(c) Includes cash held as margin for futures contracts.

ETF - Exchange-Traded Fund <br> SPDR - Standard & Poor's Depositary Receipt

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

**Standpoint Multi-Asset Fund**

**Consolidated Schedule of Futures Contracts**

*October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Contracts** | **Expiration Date** | **Notional Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **LONG CONTRACTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10-Year US Treasury Note Future | 2114 | December 2025 | $238188344 | $(1793501) |
| &nbsp;&nbsp;&nbsp;ASX SPI 200 Index Future | 52 | December 2025 | 7564193 | (34644) |
| &nbsp;&nbsp;&nbsp;Australian Dollar Currency Future | 157 | December 2025 | 10277220 | (166960) |
| &nbsp;&nbsp;&nbsp;British Pound Currency Future | 178 | December 2025 | 14618250 | (461232) |
| &nbsp;&nbsp;&nbsp;Carbon Emissions Future<sup>(a)</sup> | 51 | December 2025 | 4617337 | 79754 |
| &nbsp;&nbsp;&nbsp;Coffee "C" Future<sup>(a)</sup> | 58 | December 2025 | 8527088 | 42151 |
| &nbsp;&nbsp;&nbsp;Copper Future<sup>(a)</sup> | 46 | December 2025 | 12525247 | 1072772 |
| &nbsp;&nbsp;&nbsp;E-Mini S&P 500 Index Future | 337 | December 2025 | 115826901 | 3469107 |
| &nbsp;&nbsp;&nbsp;Euro Foreign Exchange Currency Future | 1035 | December 2025 | 149454000 | (3122471) |
| &nbsp;&nbsp;&nbsp;Euro Stoxx 50 Index Future | 362 | December 2025 | 23656230 | 16747 |
| &nbsp;&nbsp;&nbsp;Euro-BTP Italian Bond Future | 183 | December 2025 | 25615782 | (8783) |
| &nbsp;&nbsp;&nbsp;FTSE 100 Index Future | 83 | December 2025 | 10626460 | 531768 |
| &nbsp;&nbsp;&nbsp;Gold Future<sup>(a)</sup> | 186 | December 2025 | 74334900 | 10594830 |
| &nbsp;&nbsp;&nbsp;Hang Seng Index Future | 28 | November 2025 | 4667519 | (121077) |
| &nbsp;&nbsp;&nbsp;Live Cattle Future<sup>(a)</sup> | 140 | December 2025 | 12861800 | (309490) |
| &nbsp;&nbsp;&nbsp;Long Gilt Future | 278 | December 2025 | 34189877 | 43418 |
| &nbsp;&nbsp;&nbsp;Mexican Peso Currency Future | 232 | December 2025 | 6222240 | 39065 |
| &nbsp;&nbsp;&nbsp;MSCI EAFE Index Future | 95 | December 2025 | 13333725 | 83185 |
| &nbsp;&nbsp;&nbsp;MSCI Singapore Index Future | 43 | November 2025 | 1473691 | (4613) |
| &nbsp;&nbsp;&nbsp;Nikkei 225 Index Future | 38 | December 2025 | 12938153 | 2200754 |
| &nbsp;&nbsp;&nbsp;Platinum Future<sup>(a)</sup> | 37 | January 2026 | 2914490 | 123730 |
| &nbsp;&nbsp;&nbsp;Primary Aluminum Future<sup>(a)</sup> | 123 | December 2025 | 8862765 | 356340 |
| &nbsp;&nbsp;&nbsp;S&P Toronto Stock Exchange 60 Index Future | 37 | December 2025 | 9399907 | 217714 |
| &nbsp;&nbsp;&nbsp;Silver Future<sup>(a)</sup> | 66 | December 2025 | 15892800 | 3111740 |
| &nbsp;&nbsp;&nbsp;Soybean Future<sup>(a)</sup> | 102 | January 2026 | 5687775 | 39375 |
| &nbsp;&nbsp;&nbsp;Swiss Franc Currency Future | 93 | December 2025 | 14519625 | (223256) |
| &nbsp;&nbsp;&nbsp;TOPIX Future | 94 | December 2025 | 20336260 | 1289052 |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year US Treasury Note Future | 829 | December 2025 | 95736547 | (1079595) |
| &nbsp;&nbsp;&nbsp;Zinc Future<sup>(a)</sup> | 20 | December 2025 | 1541650 | 25837 |
|  |  |  |  | $16011717 |
| **SHORT CONTRACTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cboe Volatility Index Future | (102) | November 2025 | $(1951342) | $11858 |
| &nbsp;&nbsp;&nbsp;Cocoa Future<sup>(a)</sup> | (25) | December 2025 | (1537750) | (23390) |
| &nbsp;&nbsp;&nbsp;Cocoa Future<sup>(a)</sup> | (57) | March 2026 | (3361310) | 44376 |
| &nbsp;&nbsp;&nbsp;Corn Future<sup>(a)</sup> | (681) | December 2025 | (14692575) | (367862) |
| &nbsp;&nbsp;&nbsp;Cotton No. 2 Future<sup>(a)</sup> | (99) | December 2025 | (3244230) | 117835 |
| &nbsp;&nbsp;&nbsp;Euro-BUXL 30-Year Bond Future | (75) | December 2025 | (10039193) | (379570) |
| &nbsp;&nbsp;&nbsp;Hard Red Winter Wheat Future<sup>(a)</sup> | (130) | December 2025 | (3409250) | 62750 |
| &nbsp;&nbsp;&nbsp;Henry Hub Natural Gas Future<sup>(a)</sup> | (524) | January 2026 | (22893560) | (1064620) |
| &nbsp;&nbsp;&nbsp;Japanese 10-Year Bond Future | (69) | December 2025 | (60910666) | (31034) |
| &nbsp;&nbsp;&nbsp;Japanese Yen Currency Future | (144) | December 2025 | (11729700) | 529338 |
| &nbsp;&nbsp;&nbsp;Mill Wheat Future<sup>(a)</sup> | (264) | December 2025 | (2936715) | 109051 |

---

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

**Standpoint Multi-Asset Fund**

**Consolidated Schedule of Futures Contracts (continued)**

*October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Contracts** | **Expiration Date** | **Notional Value** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;Sugar No. 11 Future<sup>(a)</sup> | (310) | March 2026 | $(5010096) | $675181 |
| &nbsp;&nbsp;&nbsp;Wheat Future<sup>(a)</sup> | (202) | December 2025 | (5393400) | (93937) |
| &nbsp;&nbsp;&nbsp;White Sugar Future<sup>(a)</sup> | (46) | December 2025 | (956110) | 17915 |
|  |  |  |  | $(392109) |

---

(a) Holding of the Standpoint Multi-Asset (Cayman) Fund, Ltd.

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

**Standpoint Multi-Asset Fund**

**Consolidated Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $404,464,275) | $535052692 |
| Foreign currencies, at value (cost $37,278,313) | 37033139 |
| Cash held at broker for futures contract transactions<sup>(a)</sup> | 66674202 |
| Cash and cash equivalents | 97839792 |
| Receivable for fund shares sold | 322657 |
| Prepaid expenses | 87684 |
| **Total Assets** | 737010166 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 1033655 |
| Payable for net variation margin on futures contracts | 2081107 |
| Payable to Adviser, net of waiver | 684116 |
| Accrued 12b-1 fees - Investor Class | 13675 |
| Payable to affiliates | 54743 |
| Payable to trustees | 5813 |
| Other accrued expenses | 79058 |
| **Total Liabilities** | 3952167 |
| **Net Assets** | $733057999 |
| **Net Assets consist of:** |  |
| Paid-in capital | $651639729 |
| Accumulated earnings | 81418270 |
| **Net Assets** | $733057999 |
| Net Assets: Institutional Class | $679713604 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 46633848 |
| Net asset value, offering and redemption price per share | $14.58 |
| Net Assets: Investor Class | $53344395 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 3681638 |
| Net asset value, offering and redemption price per share | $14.49 |

---

<sup>(a)</sup> Cash held as collateral at broker.

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

**Standpoint Multi-Asset Fund**

**Consolidated Statement of Operations**

*For the Year Ended October 31, 2025*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $10061309 |
| Interest income | 8047810 |
| **Total investment income** | 18109119 |
| **Expenses** |  |
| Adviser | 11153228 |
| Administration | 539059 |
| 12b-1 fees-Investor Class | 145864 |
| Fund accounting | 138125 |
| Registration | 123493 |
| Report printing | 84667 |
| Custodian | 77525 |
| Transfer agent | 43365 |
| Audit and tax | 35732 |
| Legal | 28411 |
| Trustee | 23182 |
| Compliance services | 13110 |
| Insurance | 11252 |
| Pricing | 2697 |
| Miscellaneous | 75420 |
| **Total expenses** | 12495130 |
| Fees waived by Adviser | (1191964) |
| Net operating expenses | 11303166 |
| **Net investment income** | 6805953 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 60864731 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 1472408 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (95410727) |
| Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 21148582 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (232832) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 5312921 |
| **Net realized and unrealized gain (loss) on investment securities, foreign currency translations and futures contracts** | (6844917) |
| **Net decrease in net assets resulting from operations** | $(38964) |

---

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

**Standpoint Multi-Asset Fund**

**Consolidated Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $6805953 | $9284134 |
| Net realized loss on investment securities, foreign currency translations and futures contracts | (33073588) | (3911655) |
| Change in unrealized appreciation on investment securities, foreign currency translations and futures contracts | 26228671 | 77919121 |
| Net increase (decrease) in net assets resulting from operations | (38964) | 83291600 |
| **Distributions to Shareholders from Earnings:** |  |  |
| Institutional Class | (51933065) | (23638726) |
| Investor Class | (3232525) | (1533078) |
| **Total distributions** | (55165590) | (25171804) |
| **Capital Transactions - Institutional Class** |  |  |
| Proceeds from shares sold | 389776722 | 523140486 |
| Reinvestment of distributions | 51068635 | 23242661 |
| Amount paid for shares redeemed | (671835539) | (251938232) |
| **Total Institutional Class** | (230990182) | 294444915 |
| **Capital Transactions - Investor Class** |  |  |
| Proceeds from shares sold | 26531988 | 30684871 |
| Reinvestment of distributions | 3142496 | 1481920 |
| Amount paid for shares redeemed | (34530378) | (21724005) |
| **Total Investor Class** | (4855894) | 10442786 |
| **Net increase (decrease) in net assets resulting from capital transactions** | (235846076) | 304887701 |
| **Total Increase (Decrease) in Net Assets** | (291050630) | 363007497 |
| **Net Assets** |  |  |
| Beginning of year | $1024108629 | $661101132 |
| **End of year** | $733057999 | $1024108629 |
| **Share Transactions - Institutional Class** |  |  |
| Shares sold | 28060719 | 35420434 |
| Shares issued in reinvestment of distributions | 3556312 | 1770195 |
| Shares redeemed | (49674300) | (17310678) |
| **Total Institutional Class** | (18057269) | 19879951 |
| **Share Transactions - Investor Class** |  |  |
| Shares sold | 1897737 | 2053396 |
| Shares issued in reinvestment of distributions | 219755 | 113210 |
| Shares redeemed | (2503981) | (1513304) |
| **Total Investor Class** | (386489) | 653302 |
| **Net increase (decrease) in shares outstanding** | (18443758) | 20533253 |

---

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

**Standpoint Multi-Asset Fund - Institutional Class**

**Consolidated Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $14.90 | $13.71 | $13.78 | $14.12 | $10.25 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.14 | 0.13 | 0.12 | (0.14) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.36 | 1.56 | 0.16 | 0.59 | 4.07 |
| Total from investment operations | 0.50 | 1.69 | 0.28 | 0.45 | 4.01 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.82) | (0.12) | (0.07) | (0.61) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.38) | (0.28) | (0.18) |  |
| Total distributions | (0.82) | (0.50) | (0.35) | (0.79) | (0.14) |
| Net asset value, end of year | $14.58 | $14.90 | $13.71 | $13.78 | $14.12 |
| **Total Return<sup>(a)</sup>** | 3.45% | 12.79% | 2.16% | 3.64% | 39.45% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $679714 | $963829 | $614526 | $499727 | $118606 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement | 1.37% | 1.37% | 1.39% | 1.46% | 1.91% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.77% | 1.07% | 0.96% | (0.26)% | (0.49)% |
| Portfolio turnover rate<sup>(b)</sup> | 11% | —% | 8% | 158% | —% |

---

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

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

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

**Standpoint Multi-Asset Fund - Investor Class**

**Consolidated Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $14.82 | $13.64 | $13.71 | $14.08 | $10.23 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.07 | 0.10 | 0.12 | (0.26) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.39 | 1.54 | 0.13 | 0.67 | 4.05 |
| Total from investment operations | 0.46 | 1.64 | 0.25 | 0.41 | 3.97 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.79) | (0.08) | (0.04) | (0.60) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.38) | (0.28) | (0.18) |  |
| Total distributions | (0.79) | (0.46) | (0.32) | (0.78) | (0.12) |
| Net asset value, end of year | $14.49 | $14.82 | $13.64 | $13.71 | $14.08 |
| **Total Return<sup>(a)</sup>** | 3.16% | 12.48% | 1.96% | 3.34% | 39.16% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $53344 | $60280 | $46575 | $44095 | $9298 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement | 1.62% | 1.62% | 1.66% | 1.71% | 2.16% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.49% | 0.84% | 0.89% | (0.51)% | (0.75)% |
| Portfolio turnover rate<sup>(b)</sup> | 11% | —% | 8% | 158% | —% |

---

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

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

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

**Standpoint Multi-Asset Fund**

**Notes to the Consolidated Financial Statements**

*October 31, 2025*

**NOTE 1. ORGANIZATION**

Standpoint Multi-Asset Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of Unified Series Trust (the "Trust") on October 10, 2019. 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 from time to time (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Standpoint Asset Management, LLC (the "Adviser"). The investment objective of the Fund is to seek positive absolute returns.

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

The Consolidated Financial Statements of the Fund include the Fund and its wholly-owned subsidiary, Standpoint Multi-Asset (Cayman) Fund, Ltd. (the "CFC"). The CFC commenced operations on January 8, 2020 and is incorporated in the Cayman Islands as an exempted company with limited liability.

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

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

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

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.

**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 fluctuation arising from changes in market prices of securities held. These fluctuations are included with the realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

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

As of and during the fiscal year ended October 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations when incurred. During the fiscal year ended October 31, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

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.

**Cash and Cash Equivalents** – Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Consolidated Statement of Assets and Liabilities. The Fund maintains cash in the bank deposit accounts which, at times, may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. Amounts swept overnight are available on the next business day.

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

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

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

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

For the fiscal year ended October 31, 2025, the Fund made the following reclassifications to increase (decrease) the components of net assets:

---

| | |
|:---|:---|
| **Paid-In Capital** | **Accumulated Earnings<br> (Deficit)** |
| $(44632896) | $44632896 |

---

The reclassifications reflect permanent book to tax differences between the Fund and its wholly-owned and controlled foreign subsidiary.

**Consolidation of Subsidiary –** The Consolidated Schedules of Investments and Futures Contracts of the Fund include the investments of the CFC, which is a wholly-owned and controlled foreign subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest. Controlling economic interest is generally deemed to exist with investment interests comprising greater than 50% of the NAV of the subsidiary. However, the Fund may also consider qualitative aspects of control in determining if a controlling economic interest exists. These qualitative control considerations include the nature and organizational structure of the investment, as well as the Fund's ability to control the circumstances leading to majority ownership. All inter-company accounts and transactions have been eliminated in consolidation.

The Fund may invest up to 25% of its total assets in a controlled foreign subsidiary, which acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies. As of October 31, 2025, the net assets of the CFC were $76,914,873, which represented 10.49% of the Fund's net assets.

**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

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

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

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

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

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

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

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

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.

Futures contracts that the Fund invests in are valued at the settlement price established each day by the board of trade or exchange on which they are traded, and when the market is considered active, will generally be 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 responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $445245822 | $— | $— | $445245822 |
| U.S. Government & Agencies |  | 89806870 |  | 89806870 |
| Long Futures Contracts<sup>(a)</sup> | 16011717 |  |  | 16011717 |
| Total | $461257539 | $89806870 | $— | $551064409 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Liabilities</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short Futures Contracts<sup>(a)</sup> | $(392109) | $— | $— | $(392109) |
| Total | $(392109) | $— | $— | $(392109) |

---

<sup>(a)</sup> The amount shown represents the net unrealized appreciation/depreciation of the futures contracts.

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. DERIVATIVE TRANSACTIONS**

**Futures Contracts –** The Fund may invest in futures contracts to hedge or manage risks associated with the Fund's securities investments or to obtain market exposure in an effort to generate returns. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts.

The following tables identify the location and fair value of derivative instruments on the Consolidated Statement of Assets and Liabilities as of October 31, 2025, and the effect of derivative instruments on the Consolidated Statement of Operations for the fiscal year ended October 31, 2025.

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

At October 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Assets** | **Liabilities** |
| <br> **<br> Contract Type/Primary Risk Exposure** | **Unrealized<br> Appreciation on<br> Futures Contracts\*** | **Unrealized<br> Depreciation on<br> Futures Contracts\*** |
| Equity Contracts | $7820185 | $(160334) |
| Foreign Exchange Contracts | 568403 | (3973919) |
| Interest Rate Contracts | 43419 | (3292483) |
| Commodity Contracts | 16473637 | (1859300) |

---

\* Includes cumulative appreciation/(depreciation) on futures contracts, as reported in the Consolidated Schedule of Future Contracts. Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

For the fiscal year ended October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Location** | **Equity Contracts** | **Foreign Exchange<br> Contracts** | **Interest Rate<br> Contracts** | **Commodity<br> Contracts** | **Total** |
| Net realized gain (loss) on: |  |  |  |  |  |
| Futures contracts | $(6933810) | $(1864025) | $(40903592) | $(45709300) | $(95410727) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  |
| Futures contracts | $10353307 | $(3555867) | $(2424230) | $939711 | $5312921 |

---

The following table summarizes the average ending monthly fair value of derivatives outstanding during the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Derivatives** | **Average Ending Monthly<br> Notional Value** |
| Long futures contracts | $607304781 |
| Short futures contracts | (624853329) |

---

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

**Balance Sheet Offsetting Information**

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statement of Assets and Liabilities as of October 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in<br> Consolidated Statements of<br> Assets and Liabilities** | **Gross Amounts Not Offset in<br> Consolidated Statements of<br> Assets and Liabilities** | |
|  | **Gross<br> Amounts of**<br> **Recognized<br> Liabilities** | **Gross Amounts<br> Offset in<br> Consolidated<br> Statement of**<br>**Assets and<br> liabilities** | **Net Amounts<br> of Liabilities<br> Presented in<br> Consolidated<br> Statement of**<br>**Assets and<br> Liabilities** | **Financial<br> Instruments** | **Collateral<br> Pledged** |<br>**Net<br> Amount** |
| Variation Margin on Futures Contracts\* | $3075716 | $(994609) | $2081107 | $— | $(2081107)\*\* | $— |

---

\* Reflects the current day variation margin as reported on the Fund's statement of assets and liabilities.

\*\* Any over-collateralization of total financial instruments is not shown. Collateral amounts can be found on the Consolidated Statement of Assets and Liabilities as Cash held at broker for futures contract transactions.

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

The Adviser, under the terms of the management agreement with the Trust with respect to the Fund, manages the Fund's investments. As compensation for its management services, the Fund is obligated to pay the Adviser a management fee computed and accrued daily and paid monthly at an annual rate of 1.24% of the Fund's average daily net assets. For the fiscal year ended October 31, 2025, before the waiver described below, the Adviser earned a management fee of $11,153,228 from the Fund. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the 1940 Act; any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business) do not exceed 1.24% of average daily net assets of each class of shares of the Fund through February 28, 2027. For the fiscal year ended October 31, 2025, the Adviser waived fees and/or reimbursed expenses of $1,191,966. At October 31, 2025, the Adviser was owed $684,116 from the Fund for management services.

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

---

| | |
|:---|:---|
| **Recoverable Through** | |
| October 31, 2026 | $936444 |
| October 31, 2027 | 1173991 |
| October 31, 2028 | 1191966 |

---

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

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

Trustees review and establish compensation at least annually. Each Trustee of the Trust receives annual compensation, which is an established amount paid quarterly per fund in the Trust at the time of the regular quarterly Board meetings. The Chair of the Board receives the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Trustees also receive additional fees for attending any special meetings. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings. Beginning in May 2024, the Interested Trustee began receiving the same compensation as the Independent Trustees.

The Trust, with respect to the Fund, has adopted a Distribution Plan (the "Plan") for its Investor Class shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund will pay the Distributor, the Adviser and/or any registered securities dealer, financial institution or any other person (the "Recipient") a fee of 0.25% of the average daily net assets of the Investor Class shares in connection with the promotion and distribution of the Fund's Investor Class 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. For the fiscal year ended October 31, 2025, Investor Class 12b-1 Expenses incurred by the Fund were $145,864. The Fund owed $13,675 for Investor Class 12b-1 Expenses as of October 31, 2025.

**NOTE 6. INVESTMENT TRANSACTIONS**

For the fiscal year ended October 31, 2025, purchases and sales of investment securities, other than short-term investments, were $57,224,433 and $185,091,357, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended October 31, 2025.

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

**NOTE 7. FEDERAL TAX INFORMATION**

At October 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments, other than futures contracts, for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $130588417 |
| Gross unrealized depreciation |  |
| Net unrealized appreciation on investments | $130588417 |
| Tax cost of investments | $404464275 |

---

The tax character of distributions paid for the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $55165590 | $15855549 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | $— | $9316255 |
| Total distributions paid | $55165590 | $25171804 |

---

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $3978335 |
| Accumulated capital and other losses | (57850115) |
| Unrealized appreciation on investments | 135290050 |
| Total accumulated earnings | $81418270 |

---

As of October 31, 2025, the Fund had short-term capital loss carryforwards of $51,551,204 and long-term capital loss carryforwards of $6,298,911, respectively. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

For the year ended October 31, 2025, the Fund utilized long-term capital loss carryforwards of $3,458,082.

**NOTE 8. INVESTMENT IN OTHER INVESTMENT COMPANIES**

The Fund may invest a significant portion of its assets in shares of one or more investment companies, including ETFs. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of October 31, 2025, the Fund had 60.74% of the value of its net assets invested in ETFs. The financial statements of these ETFs can be found at www.sec.gov.

**Standpoint Multi-Asset Fund**

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

*October 31, 2025*

**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 evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure, other than as disclosed below.

On December 5, 2025, the Fund paid an income distribution of $0.1087 per share for the Institutional Class and an income distribution of $0.0688 per share for the Investor Class to shareholders of record on December 4, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Standpoint Multi-Asset Fund and Board of Trustees of Unified Series Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedules of investments and futures contracts, of Standpoint Multi-Asset Fund (the "Fund"), a series of Unified Series Trust, as of October 31, 2025, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related consolidated 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 October 31, 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.

<u>Basis for Opinion</u>

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 October 31, 2025, by correspondence with the custodian and broker. 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 2020.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 23, 2025

**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 18% 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, 7% qualifies for the corporate dividends received deduction.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**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.**

Not applicable

**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 | 12/26/2025 |
| 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 | 12/26/2025 |
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |
| Date | 12/29/2025 |

---

## 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

## 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: | 12/26/2025 | /s/ Martin R. Dean |
|  |  | Martin R. Dean |
|  |  | Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

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

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

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | 12/29/2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond |
|  |  | Principal Financial Officer |

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## 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 October 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Principal Executive Officer Unified Series Trust Principal Financial Officer Unified Series Trust

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

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Date: <u>12/26/2025</u> Date: <u>12/29/2025</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.