# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001752724-25-206904
**Filing Date:** 2025-8
**Character Count:** 53553
**Document Hash:** 90761d0f262f2cb903c5c57c809db912
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-206904.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-206904

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 251260184

**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

### Absolute CEF Opportunities (Series ID: S000081741)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244726 | INSTITUTIONAL SHARES | ACEFX           |

## Nport-Ex

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

June

30,

2025

(Unaudited)

Common

Stocks

—

87.22%

Shares

Fair

Value

Communications

—

11.29%

Alphabet,

Inc.,

Class

A

(a) 10,893

$

1,919,674

Meta

Platforms,

Inc.,

Class

A

(a) 3,604

2,660,076

Universal

Music

Group

NV

-

ADR

105,825

1,712,248

6,291,998

Consumer

Discretionary

—

11.04%

Amazon.com,

Inc.

(a)(b) 14,495

3,180,058

CarMax,

Inc.

(a)(b) 18,403

1,236,866

Carvana

Co.

(b) 1,000

336,960

Fisker,

Inc.

(b) 7,480

Floor

&

Decor

Holdings,

Inc.,

Class

A

(b) 5,675

431,073

Lowe's

Companies,

Inc.

4,351

965,356

6,150,318

Consumer

Staples

—

6.80%

Dollar

Tree,

Inc.

(b) 10,414

1,031,403

Philip

Morris

International,

Inc.

15,139

2,757,266

3,788,669

Energy

—

4.40%

Berkshire

Hathaway,

Inc.,

Class

B

(a)(b) 3,921

1,904,704

Occidental

Petroleum

Corp.

12,995

545,920

2,450,624

Financials

—

14.99%

American

Express

Co.

(a) 2,935

936,206

Aon

PLC,

Class

A

3,412

1,217,265

Charles

Schwab

Corp.

(The)

27,366

2,496,874

Intercontinental

Exchange,

Inc.

11,038

2,025,142

Visa,

Inc.,

Class

A

4,733

1,680,452

8,355,939

Health

Care

—

5.12%

Becton,

Dickinson

and

Co.

9,576

1,649,466

Thermo

Fisher

Scientific,

Inc.

2,965

1,202,189

2,851,655

Industrials

—

10.60%

Ashtead

Group

PLC

-

ADR

4,567

1,182,670

Hayward

Holdings,

Inc.

(b) 32,830

453,054

Jacobs

Solutions,

Inc.

12,142

1,596,066

Keysight

Technologies,

Inc.

(b) 8,807

1,443,115

PACCAR,

Inc.

12,974

1,233,309

5,908,214

Materials

—

0.83%

PPG

Industries,

Inc.

4,081

464,214

Technology

—

22.15%

Adobe,

Inc.

(b) 2,595

1,003,954

Advanced

Micro

Devices,

Inc.

(b) 6,570

932,283

Amentum

Holdings,

Inc.

(b) 35,296

833,331

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

—

87.22%

-

continued

Shares

Fair

Value

Technology

—

22.15%

-

continued

Analog

Devices,

Inc.

3,480

$

828,310

Apple,

Inc.

(a) 8,252

1,693,063

Applied

Materials,

Inc.

6,120

1,120,388

Arista

Networks,

Inc.

(b) 9,444

966,215

Fiserv,

Inc.

(b) 8,140

1,403,417

Microsoft

Corp.

3,105

1,544,458

Oracle

Corp.

5,405

1,181,695

Salesforce,

Inc.

3,064

835,522

12,342,636

TOTAL COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,939,363)

48,604,267

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Call

Options

Purchased

—

0.32%

SPDR

S&P

500

ETF

Trust

714

$

44,114,490

$

630.00 July

2025

$

177,072

TOTAL

CALL

OPTIONS

PURCHASED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

175,945)

177,072

Put

Options

Purchased

—

0.78%

Amazon.com,

Inc.

1,447,974

210.00 October

2025

62,700

Meta

Platforms,

Inc.

1,328,562

690.00 October

2025

52,650

Philip

Morris

International,

Inc.

1,202,058

175.00 October

2025

46,860

SPDR

S&P

500

ETF

Trust

28,359,315

550.00 July

2025

14,229

SPDR

S&P

500

ETF

Trust

918

56,718,630

565.00 July

2025

42,687

SPDR

S&P

500

ETF

Trust

25,208,280

613.00 July

2025

219,068

TOTAL

PUT

OPTIONS

PURCHASED

(Cost

1,452,272)

438,194

TOTAL

OPTIONS

PURCHASED

—

1.10%

(Cost

$1,628,217)

615,266

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

.

Money

Market

Funds

-

12.26%

Shares

Fair

Value

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.24%

(c) 6,832,411

$

6,832,411

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,832,411)

6,832,411

Total

Investments

—

100.58%

(Cost

$39,399,991)

56,051,944

Liabilities

in

Excess

of

Other

Assets

—

(0.58)%

(325,714)

Net

Assets

—

100.00%

$

55,726,230

(a) All

or

a

portion

of

this

security

is

held

as

collateral

for

written

options.

The

value

of

the

collateral

held

as

of

June

30,

2025

is

$13,530,647.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. ADR

-

American

Depositary

Receipt

ETF

-

Exchange

Traded

Fund

SPDR

-

Standard

&

Poor's

Depository

Receipt

Absolute

Capital

Opportunities

Fund

Schedule

of

Written

Options

June

30,

2025

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

-

(7.88)%

Amazon.com,

Inc.

(33) $

(723,987)

$

230.00 January

2026

$

(58,872)

Meta

Platforms,

Inc.

(9) (664,281)

740.00 January

2026

(73,013)

Philip

Morris

International,

Inc.

(33) (601,029)

190.00 January

2026

(37,620)

SPDR

S&P

500

ETF

Trust

(609) (37,627,065)

570.00 December

2025

(4,210,626)

Total

Written

Call

Options

(Premiums

Received

$3,229,240)

(4,380,131)

Written

Put

Options

-

(0.06)%

Amazon.com,

Inc.

(66) (1,447,974)

170.00 October

2025

(11,484)

Meta

Platforms,

Inc.

(18) (1,328,562)

570.00 October

2025

(12,060)

Philip

Morris

International,

Inc.

(66) (1,202,058)

145.00 October

2025

(9,768)

Total

Written

Put

Options

(Premiums

Received

$51,981)

(33,312)

Total

Written

Options

-

(7.94)%

(Premiums

Received

$3,281,221)

(4,413,443)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

June

30,

2025

(Unaudited)

Mutual

Funds

—

2.46%

Shares

Fair

Value

Absolute

Flexible

Fund

(a) 2,770,696

$

29,286,257

TOTAL MUTUAL

FUNDS

(Cost $28,028,392)

29,286,257

Convertible

Bonds

—

89.72%

Principal

Amount

Fair

Value

Communications

—

4.31%

AMC

Networks,

Inc.,

4.25%,

2/15/2029

$

5,500,000

4,647,500

Applied

Digital

Corp.,

2.75%,

6/1/2030

(b) 4,000,000

5,206,236

AST

SpaceMobile,

Inc.,

4.25%,

3/1/2032

(b) 5,000,000

9,929,218

DoorDash,

Inc.,

0.00%,

5/15/2030

(b) 5,000,000

5,429,277

Fiverr

International

Ltd.,

6.25%,

11/1/2025

12,000,000

11,772,029

Magnite,

Inc.,

0.25%,

3/15/2026

6,500,000

6,283,006

Upwork,

Inc.,

0.25%,

8/15/2026

8,640,000

8,173,237

51,440,503

Consumer

Discretionary

—

8.06%

Cracker

Barrel

Old

Country

Store,

Inc.,

1.75%,

9/15/2030

(b) 6,500,000

6,914,375

Etsy,

Inc.,

1.00%,

6/15/2030

(b) 500,000

477,500

Freshpet,

Inc.,

3.00%,

4/1/2028

11,000,000

13,689,500

GameStop

Corp.,

0.00%,

4/1/2030

(b) 8,000,000

8,660,000

GameStop

Corp.,

0.00%,

6/15/2032

(b) 8,000,000

8,608,000

LCI

Industries,

1.13%,

5/15/2026

7,000,000

6,760,250

LCI

Industries,

3.00%,

3/1/2030

(b) 5,500,000

5,520,625

Norwegian

Cruise

Lines

Holdings

Ltd.,

1.13%,

2/15/2027

10,500,000

10,342,500

Patrick

Industries,

Inc.,

1.75%,

12/1/2028

10,949,000

16,274,320

Wayfair,

Inc.,

3.25%,

9/15/2027

9,679,000

11,053,418

Winnebago

Industries,

Inc.,

3.25%,

1/15/2030

9,000,000

7,785,000

96,085,488

Consumer

Staples

—

2.50%

Chefs'

Warehouse,

Inc.

(The),

2.38%,

12/15/2028

8,000,000

12,488,000

Post

Holdings,

Inc.,

2.50%,

8/15/2027

7,500,000

8,580,000

Spectrum

Brands,

Inc.,

3.38%,

6/1/2029

9,500,000

8,659,250

29,727,250

Energy

—

2.80%

Eos

Energy

Enterprises,

Inc.,

6.75%,

6/15/2030

(b) 3,050,000

3,448,025

Fluence

Energy,

Inc.,

2.25%,

6/15/2030

(b) 6,000,000

3,918,750

Green

Plains,

Inc.,

2.25%,

3/15/2027

5,900,000

4,941,250

Helix

Energy

Solutions

Group,

Inc.,

9.75%,

3/1/2029

(b) 7,500,000

7,933,709

Northern

Oil

and

Gas,

Inc.,

3.63%,

4/15/2029

7,500,000

7,846,875

Solaris

Energy

Infrastructure,

Inc.,

4.75%,

5/1/2030

4,000,000

5,357,500

33,446,109

Financials

—

2.95%

Encore

Capital

Group,

Inc.,

4.00%,

3/15/2029

11,250,000

10,617,187

EZCORP,

Inc.,

3.75%,

12/15/2029

(b) 13,000,000

18,898,750

WisdomTree

Investments,

Inc.,

3.25%,

8/15/2029

(b) 5,000,000

5,789,692

35,305,629

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Convertible

Bonds

—

89.72%

-

continued

Principal

Amount

Fair

Value

Health

Care

—

14.08%

Accuray,

Inc.,

3.75%,

6/1/2026

$

4,250,000

$

4,009,875

Alphatec

Holdings,

Inc.,

0.75%,

8/1/2026

4,000,000

3,966,432

Alphatec

Holdings,

Inc.,

0.75%,

3/15/2030

(b) 4,250,000

4,315,150

ANI

Pharmaceuticals,

Inc.,

2.25%,

9/1/2029

(b) 11,473,000

13,016,495

CONMED

Corp.,

2.25%,

6/15/2027

10,000,000

9,499,675

Enovis

Corp.,

3.88%,

10/15/2028

9,000,000

8,905,500

Exact

Sciences

Corp.,

0.38%,

3/15/2027

10,725,000

10,231,650

Gossamer

Bio,

Inc.,

5.00%,

6/1/2027

1,500,000

788,378

Halozyme

Therapeutics,

Inc.,

1.00%,

8/15/2028

14,000,000

15,974,000

Inotiv,

Inc.,

3.25%,

10/15/2027

1,500,000

365,625

Integer

Holdings

Corp.,

1.88%,

3/15/2030

(b) 19,000,000

19,836,000

Jazz

Pharmaceuticals

PLC,

2.00%,

6/15/2026

6,000,000

6,079,500

Jazz

Pharmaceuticals

PLC,

3.13%,

9/15/2030

(b) 2,500,000

2,662,500

Lantheus

Holdings,

Inc.,

2.63%,

12/15/2027

10,579,000

13,464,422

LeMaitre

Vascular,

Inc.,

2.50%,

2/1/2030

(b) 11,750,000

11,744,125

LivaNova

PLC,

2.50%,

3/15/2029

8,000,000

8,162,562

MannKind

Corp.,

2.50%,

3/1/2026

4,300,000

4,302,150

Merit

Medical

Systems,

Inc.,

3.00%,

2/1/2029

(b) 15,000,000

18,784,084

Pacira

BioSciences,

Inc.,

2.13%,

5/15/2029

7,000,000

6,868,455

Repligen

Corp.,

1.00%,

12/15/2028

5,000,000

4,977,500

167,954,078

Industrials

—

17.51%

Advanced

Energy

Industries,

Inc.,

2.50%,

9/15/2028

10,000,000

12,029,000

Alarm.com

Holdings,

Inc.,

5.68%,

1/15/2026

10,000,000

9,750,000

Alarm.com

Holdings,

Inc.,

2.25%,

6/1/2029

6,600,000

6,418,855

Astronics

Corp.,

5.50%,

3/15/2030

(b) 8,400,000

14,500,069

Fluor

Corp.,

1.13%,

8/15/2029

13,889,000

18,239,729

Granite

Construction,

Inc.,

3.25%,

6/15/2030

15,000,000

20,542,500

Greenbrier

Companies,

Inc.

(The),

2.88%,

4/15/2028

12,795,000

13,627,315

Itron,

Inc.,

3.53%,

3/15/2026

6,000,000

6,781,500

Itron,

Inc.,

1.38%,

7/15/2030

8,000,000

9,552,000

Mesa

Laboratories,

Inc.,

1.38%,

8/15/2025

5,982,000

5,949,072

Middleby

Corp.

(The),

1.00%,

9/1/2025

10,600,000

11,914,400

OSI

Systems,

Inc.,

2.25%,

8/1/2029

(b) 11,976,000

16,275,384

Rocket

Lab

Corp.,

4.25%,

2/1/2029

(b) 6,000,000

42,165,000

Tetra

Tech,

Inc.,

2.25%,

8/15/2028

14,292,000

16,132,095

Xometry,

Inc.,

0.75%,

6/15/2030

(b) 5,000,000

5,104,393

208,981,312

Materials

—

2.16%

B2Gold

Corp.,

2.75%,

2/1/2030

(b) 4,150,000

5,554,256

Century

Aluminum

Co.,

2.75%,

5/1/2028

5,650,000

6,748,337

McEwen

Mining,

Inc.,

5.25%,

8/15/2030

(b) 6,000,000

7,194,000

SSR

Mining,

Inc.,

2.50%,

4/1/2039

6,000,000

6,226,500

25,723,093

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Convertible

Bonds

—

89.72%

-

continued

Principal

Amount

Fair

Value

Real

Estate

—

0.22%

Redfin

Corp.,

0.50%,

4/1/2027

$

2,925,000

$

2,640,101

Technology

—

33.42%

A10

Networks,

Inc.,

2.75%,

4/1/2030

(b) 5,000,000

5,374,732

Akamai

Technologies,

Inc.,

1.13%,

2/15/2029

13,790,000

13,121,185

Akamai

Technologies,

Inc.,

0.25%,

5/15/2033

(b) 5,000,000

5,187,500

Alkami

Technology,

Inc.,

1.50%,

3/15/2030

(b) 7,000,000

8,256,500

Applied

Optoelectronics,

Inc.,

2.75%,

1/15/2030

9,000,000

8,886,350

Bandwidth,

Inc.,

0.50%,

4/1/2028

7,240,000

6,092,460

Bentley

Systems,

Inc.,

0.38%,

7/1/2027

11,500,000

10,873,250

BlackLine,

Inc.,

1.00%,

6/1/2029

11,000,000

11,737,918

Box,

Inc.,

(5.52)%,

1/15/2026

5,000,000

6,692,500

Box,

Inc.,

1.50%,

9/15/2029

(b) 6,500,000

6,711,250

Cipher

Mining,

Inc.,

1.75%,

5/15/2030

2,000,000

2,562,000

Cloudflare,

Inc.,

0.00%,

6/15/2030

(b) 10,000,000

10,815,000

Confluent,

Inc.,

5.86%,

1/15/2027

11,000,000

10,175,000

CSG

Systems

International,

Inc.,

3.88%,

9/15/2028

8,000,000

9,052,000

CSG

Systems

International,

Inc.,

1.25%,

11/1/2029

(b) 9,550,000

11,283,325

CyberArk

Software

Ltd.,

0.00%,

6/15/2030

(b) 5,000,000

5,150,000

Datadog,

Inc.,

0.00%,

12/1/2029

(b) 5,000,000

4,802,500

Dropbox,

Inc.,

0.65%,

3/1/2026

10,000,000

9,935,000

Fastly,

Inc.,

7.75%,

6/1/2028

(b) 6,500,000

6,474,000

Five9,

Inc.,

1.00%,

3/15/2029

7,000,000

6,135,500

Global

Payments,

Inc.,

1.50%,

3/1/2031

9,468,000

8,502,264

GoPro,

Inc.,

1.25%,

11/15/2025

5,600,000

5,012,000

IMAX

Corp.,

0.50%,

4/1/2026

5,000,000

5,616,899

Life360,

Inc.,

0.00%,

6/1/2030

(b) 5,500,000

5,833,438

Lumentum

Holdings,

Inc.,

0.50%,

6/15/2028

4,450,000

4,614,650

MKS,

Inc.,

1.25%,

6/1/2030

12,268,000

12,151,454

Nutanix,

Inc.,

0.50%,

12/15/2029

(b) 10,000,000

11,356,947

ON

Semiconductor

Corp.,

0.50%,

3/1/2029

12,168,000

11,291,296

PagerDuty,

Inc.,

1.50%,

10/15/2028

9,000,000

8,617,500

Parsons

Corp.,

2.63%,

3/1/2029

9,000,000

9,612,000

Progress

Software

Corp.,

1.00%,

4/15/2026

5,350,000

6,393,250

Progress

Software

Corp.,

3.50%,

3/1/2030

12,000,000

13,938,000

Q2

Holdings,

Inc.,

0.13%,

11/15/2025

4,000,000

3,948,000

Rapid7,

Inc.,

0.25%,

3/15/2027

7,000,000

6,527,500

Repay

Holdings

Corp.,

2.88%,

7/15/2029

(b) 9,000,000

7,465,500

Riot

Platforms,

Inc.,

0.75%,

1/15/2030

(b) 10,500,000

10,920,000

Semtech

Corp.,

1.63%,

11/1/2027

9,000,000

12,986,418

SMART

Global

Holdings,

Inc.,

2.00%,

2/1/2029

(b) 9,000,000

10,473,206

SMART

Global

Holdings,

Inc.,

2.00%,

8/15/2030

(b) 7,000,000

6,950,955

Super

Micro

Computer,

Inc.,

0.00%,

6/15/2030

(b) 7,900,000

8,879,600

Synaptics,

Inc.,

0.75%,

12/1/2031

(b) 11,500,000

10,895,382

Varonis

Systems,

Inc.,

1.00%,

9/15/2029

(b) 10,000,000

10,172,500

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Convertible

Bonds

—

89.72%

-

continued

Principal

Amount

Fair

Value

Technology

—

33.42%

-

continued

Veeco

Instruments,

Inc.,

2.88%,

6/1/2029

$

7,500,000

$

7,972,500

Verint

Systems,

Inc.,

0.25%,

4/15/2026

9,500,000

9,134,250

Vertex,

Inc.,

0.75%,

5/1/2029

7,020,000

8,427,635

Vishay

Intertechnology,

Inc.,

2.25%,

9/15/2030

11,000,000

9,900,000

Workiva,

Inc.,

1.13%,

8/15/2026

6,000,000

6,477,000

Workiva,

Inc.,

1.25%,

8/15/2028

6,000,000

5,572,500

398,960,614

Utilities

—

1.71%

Ormat

Technologies,

Inc.,

2.50%,

7/15/2027

14,000,000

15,344,000

WEC

Energy

Group,

Inc.,

3.38%,

6/1/2028

(b) 5,000,000

5,013,750

20,357,750

TOTAL

CONVERTIBLE

BONDS

(Cost $982,044,736)

1,070,621,927

Money

Market

Funds

-

7.42%

Shares

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.24%

(c) 88,538,788

88,538,788

TOTAL

MONEY

MARKET

FUNDS

(Cost

$88,538,788)

88,538,788

Total

Investments

—

99.60%

(Cost

$1,098,611,916)

1,188,446,972

Other

Assets

in

Excess

of

Liabilities

—

0.40%

4,822,702

Net

Assets

—

100.00%

$

1,193,269,674

(a) Affiliated

Company.

(b) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. (c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

June

30,

2025

(Unaudited)

Common

Stocks

-

Short

-

(38.41)%

Shares

Fair

Value

Communications

-

(0.98)%

AMC

Networks,

Inc.,

Class

A

(297,606)

$

(1,865,990)

AST

SpaceMobile,

Inc.

(163,600)

(7,645,028)

Fiverr

International

Ltd.

(1,500)

(43,995)

IMAX

Corp.

(68,114)

(1,904,467)

Magnite,

Inc.

(2,000)

(48,240)

Upwork,

Inc.

(15,727)

(211,371)

(11,719,091)

Consumer

Discretionary

-

(3.69)%

Cracker

Barrel

Old

Country

Store,

Inc.

(58,900)

(3,597,612)

DoorDash,

Inc.,

Class

A

(10,542)

(2,598,708)

Etsy,

Inc.

(3,200)

(160,512)

Freshpet,

Inc.

(109,355)

(7,431,766)

GameStop

Corp.,

Class

A

(370,050)

(9,025,520)

LCI

Industries

(28,128)

(2,564,992)

Norwegian

Cruise

Lines

Holdings

Ltd.

(89,550)

(1,816,074)

Patrick

Industries,

Inc.

(133,000)

(12,271,910)

Wayfair,

Inc.,

Class

A

(65,500)

(3,349,670)

Winnebago

Industries,

Inc.

(40,100)

(1,162,900)

(43,979,664)

Consumer

Staples

-

(1.31)%

Chefs'

Warehouse,

Inc.

(The)

(138,367)

(8,829,198)

Post

Holdings,

Inc.

(51,550)

(5,620,497)

Spectrum

Brands,

Inc.

(22,500)

(1,192,500)

(15,642,195)

Energy

-

(0.85)%

Eos

Energy

Enterprises,

Inc.

(419,000)

(2,145,280)

Fluence

Energy,

Inc.

(189,000)

(1,268,190)

Green

Plains,

Inc.

(63,000)

(379,890)

Northern

Oil

and

Gas,

Inc.

(110,803)

(3,141,265)

Solaris

Energy

Infrastructure,

Inc.,

Class

A

(113,964)

(3,224,042)

(10,158,667)

Financials

-

(1.93)%

Applied

Blockchain,

Inc.

(340,094)

(3,424,747)

Encore

Capital

Group,

Inc.

(81,000)

(3,135,510)

EZCORP,

Inc.,

Class

A

(955,000)

(13,255,400)

WisdomTree

Investments,

Inc.

(275,000)

(3,165,250)

(22,980,907)

Health

Care

-

(5.32)%

Accuray,

Inc.

(66,000)

(90,420)

Alphatec

Holdings,

Inc.

(222,922)

(2,474,434)

ANI

Pharmaceuticals,

Inc.

(101,500)

(6,622,875)

CONMED

Corp.

(12,310)

(641,105)

Exact

Sciences

Corp.

(22,000)

(1,169,080)

Gossamer

Bio,

Inc.

(75,000)

(92,250)

Halozyme

Therapeutics,

Inc.

(161,500)

(8,401,230)

Inotiv,

Inc.

(7,200)

(13,104)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

-

Short

-

(38.41)%

-

continued

Shares

Fair

Value

Health

Care

-

(5.32)%

-

continued

Integer

Holdings

Corp.

(80,875)

$

(9,945,199)

Jazz

Pharmaceuticals

PLC

(21,978)

(2,332,305)

Lantheus

Holdings,

Inc.

(86,900)

(7,113,634)

LeMaitre

Vascular,

Inc.

(59,965)

(4,980,093)

LivaNova

PLC

(55,800)

(2,512,116)

MannKind

Corp.

(206,500)

(772,310)

Merit

Medical

Systems,

Inc.

(132,601)

(12,395,542)

Pacira

BioSciences,

Inc.

(100,292)

(2,396,979)

Repligen

Corp.

(11,072)

(1,377,135)

Tempus

AI,

Inc.

(2,000)

(127,080)

(63,456,891)

Industrials

-

(10.71)%

Advanced

Energy

Industries,

Inc.

(39,561)

(5,241,833)

Alarm.com

Holdings,

Inc.

(44,874)

(2,538,522)

Astronics

Corp.

(293,100)

(9,812,988)

Enovis

Corp.

(61,261)

(1,921,145)

Fluor

Corp.

(203,144)

(10,415,193)

Granite

Construction,

Inc.

(149,362)

(13,966,840)

Greenbrier

Companies,

Inc.

(The)

(136,115)

(6,268,096)

Itron,

Inc.

(59,059)

(7,773,936)

Mesa

Laboratories,

Inc.

(250) (23,555)

Middleby

Corp.

(The)

(66,100)

(9,518,400)

OSI

Systems,

Inc.

(46,700)

(10,500,962)

Rocket

Lab

Corp.

(40,548,871)

Tetra

Tech,

Inc.

(190,507)

(6,850,632)

Xometry,

Inc.,

Class

A

(72,276)

(2,442,206)

(127,823,179)

Materials

-

(0.91)%

B2Gold

Corp.

(917,817)

(3,313,319)

Century

Aluminum

Co.

(182,000)

(3,279,640)

McEwen

Mining,

Inc.

(384,938)

(3,699,255)

SSR

Mining,

Inc.

(48,200)

(614,068)

(10,906,282)

Technology

-

(12.08)%

A10

Networks,

Inc.

(138,500)

(2,679,975)

Akamai

Technologies,

Inc.

(81,500)

(6,500,440)

Alkami

Technology,

Inc.

(149,621)

(4,509,577)

Applied

Optoelectronics,

Inc.

(129,000)

(3,314,010)

Bandwidth,

Inc.,

Class

A

(4,000)

(63,600)

Bentley

Systems,

Inc.,

Class

B

(28,115)

(1,517,367)

BlackLine,

Inc.

(98,627)

(5,584,261)

Box,

Inc.,

Class

A

(262,729)

(8,977,450)

Cipher

Mining,

Inc.

(331,000)

(1,582,180)

Cloudflare,

Inc.,

Class

A

(26,904)

(5,268,610)

Confluent,

Inc.,

Class

A

(5,000)

(124,650)

CSG

Systems

International,

Inc.

(56,300)

(3,676,953)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

(continued)

June

30,

2025

(Unaudited)

Common

Stocks

-

Short

-

(38.41)%

-

continued

Shares

Fair

Value

Technology

-

(12.08)%

-

continued

CyberArk

Software

Ltd.

(6,398)

$

(2,603,218)

Datadog,

Inc.,

Class

A

(9,845)

(1,322,479)

Dropbox,

Inc.,

Class

A

(55,459)

(1,586,127)

Fastly,

Inc.,

Class

A

(84,381)

(595,730)

Five9,

Inc.

(24,795)

(656,572)

Global

Payments,

Inc.

(28,100)

(2,249,124)

GoPro,

Inc.,

Class

A

(14,000)

(10,602)

Guidewire

Software,

Inc.

(25,500)

(6,003,975)

Life360,

Inc.

(47,500)

(3,099,375)

Lumentum

Holdings,

Inc.

(15,410)

(1,464,875)

MKS,

Inc.

(42,700)

(4,242,672)

Nutanix,

Inc.,

Class

A

(78,053)

(5,966,371)

ON

Semiconductor

Corp.

(43,000)

(2,253,630)

PagerDuty,

Inc.

(124,690)

(1,905,263)

Parsons

Corp.

(43,767)

(3,141,158)

Penguin

Solutions,

Inc.

(421,819)

(8,356,234)

Progress

Software

Corp.

(170,500)

(10,884,719)

Q2

Holdings,

Inc.

(1,500)

(140,385)

Rapid7,

Inc.

(9,662)

(223,482)

Repay

Holdings

Corp.,

Class

A

(349,416)

(1,684,185)

Riot

Blockchain,

Inc.

(500,500)

(5,655,650)

Semtech

Corp.

(144,000)

(6,500,160)

Super

Micro

Computer,

Inc.

(103,000)

(5,048,030)

Synaptics,

Inc.

(78,200)

(5,068,924)

Varonis

Systems,

Inc.

(82,505)

(4,187,129)

Veeco

Instruments,

Inc.

(144,500)

(2,936,240)

Verint

Systems,

Inc.

(1,500)

(29,505)

Vertex,

Inc.,

Class

A

(141,000)

(4,982,235)

Vishay

Intertechnology,

Inc.

(161,000)

(2,556,680)

Workiva,

Inc.,

Class

A

(60,498)

(4,141,088)

Zscaler,

Inc.

(3,000)

(941,820)

(144,236,710)

Utilities

-

(0.63)%

Ormat

Technologies,

Inc.

(76,828)

(6,435,113)

WEC

Energy

Group,

Inc.

(9,900)

(1,031,580)

(7,466,693)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $428,318,974)

(458,370,279)

TOTAL

SECURITIES

SOLD

SHORT

-

(38.41)%

(Proceeds

Received

$428,318,974)

(458,370,279)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Futures

Contracts

June

30,

2025

(Unaudited)

Futures

Contracts

Contracts

Expiration

Date

Notional

Amount

Value/

Unrealized

Depreciation

Short

Contracts

5-Year

US

Treasury

Note

Future

(300) October

2025

$

(32,700,000)

$

(350,640)

Total

Futures

$

(350,640)

Absolute

Flexible

Fund

Schedule

of

Investments

June

30,

2025

(Unaudited)

Convertible

Bonds

—

93.84%

Principal

Amount

Fair

Value

Communications

—

10.46%

Fiverr

International

Ltd.,

6.25%,

11/1/2025

$

1,000,000

$

981,002

Magnite,

Inc.,

0.25%,

3/15/2026

1,000,000

966,616

Upwork,

Inc.,

0.25%,

8/15/2026

1,250,000

1,182,471

3,130,089

Consumer

Discretionary

—

9.14%

Cracker

Barrel

Old

Country

Store,

Inc.,

1.75%,

9/15/2030

(a) 1,000,000

1,063,750

Etsy,

Inc.,

1.00%,

6/15/2030

(a) 400,000

382,000

GameStop

Corp.,

0.00%,

6/15/2032

(a) 1,000,000

1,076,000

LCI

Industries,

1.13%,

5/15/2026

217,000

209,568

2,731,318

Health

Care

—

13.36%

Accuray,

Inc.,

3.75%,

6/1/2026

450,000

424,575

Alphatec

Holdings,

Inc.,

0.75%,

8/1/2026

512,000

507,703

Enovis

Corp.,

3.88%,

10/15/2028

1,000,000

989,500

Exact

Sciences

Corp.,

0.38%,

3/15/2027

1,000,000

954,000

Inotiv,

Inc.,

3.25%,

10/15/2027

500,000

121,875

Repligen

Corp.,

1.00%,

12/15/2028

1,000,000

995,500

3,993,153

Industrials

—

7.17%

Itron,

Inc.,

3.53%,

3/15/2026

1,000,000

1,130,250

Xometry,

Inc.,

1.00%,

2/1/2027

1,000,000

1,015,000

2,145,250

Technology

—

53.71%

Bandwidth,

Inc.,

0.50%,

4/1/2028

600,000

504,900

Bentley

Systems,

Inc.,

0.38%,

7/1/2027

1,000,000

945,500

BlackLine,

Inc.,

1.00%,

6/1/2029

1,000,000

1,067,083

Confluent,

Inc.,

5.86%,

1/15/2027

1,077,000

996,225

Datadog,

Inc.,

0.00%,

12/1/2029

(a) 1,000,000

960,500

Dropbox,

Inc.,

0.65%,

3/1/2026

1,000,000

993,500

Fastly,

Inc.,

7.75%,

6/1/2028

(a) 1,000,000

996,000

GoPro,

Inc.,

1.25%,

11/15/2025

400,000

358,000

IMAX

Corp.,

0.50%,

4/1/2026

1,000,000

1,123,380

Lumentum

Holdings,

Inc.,

0.50%,

12/15/2026

1,000,000

1,179,766

ON

Semiconductor

Corp.,

0.50%,

3/1/2029

1,000,000

927,950

PagerDuty,

Inc.,

1.50%,

10/15/2028

1,000,000

957,500

Parsons

Corp.,

2.63%,

3/1/2029

1,000,000

1,068,000

Rapid7,

Inc.,

0.25%,

3/15/2027

1,123,000

1,047,197

SMART

Global

Holdings,

Inc.,

2.00%,

8/15/2030

(a) 1,000,000

992,994

Unity

Software,

Inc.,

0.00%,

3/15/2030

(a) 1,000,000

1,024,500

Workiva,

Inc.,

1.25%,

8/15/2028

1,000,000

928,750

16,071,745

TOTAL

CONVERTIBLE

BONDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,282,550)

28,071,555

Absolute

Flexible

Fund

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Money

Market

Funds

-

3.20%

Shares

Fair

Value

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.24%

(b) 956,399

$

956,399

TOTAL

MONEY

MARKET

FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$956,399)

956,399

Total

Investments

—

97.04%

(Cost

$28,238,949)

29,027,954

Other

Assets

in

Excess

of

Liabilities

—

2.96%

886,316

Net

Assets

—

100.00%

$

29,914,270

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. (b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. Absolute

CEF

Opportunities

Schedule

of

Investments

June

30,

2025

(Unaudited)

Closed

End

Funds

—

93.82%

Shares

Fair

Value

abrdn

Emerging

Markets

ex

China

Fund,

Inc.

(a) 13,117

$

77,915

abrdn

Global

Dynamic

Dividend

Fund

5,293

58,435

abrdn

Income

Credit

Strategies

Fund

(a) 53,636

316,452

Advent

Convertible

and

Income

Fund

(a) 26,820

324,790

BlackRock

Core

Bond

Trust

(a) 75,100

729,972

BlackRock

Income

Trust,

Inc.

(a) 5,260

61,805

BlackRock

Science

and

Technology

Term

Trust

(a) 2,403

49,862

BlackRock

Innovation

and

Growth

Term

Trust

120,828

886,878

Cornerstone

Strategic

Investment

Fund,

Inc.

(a) 41,440

336,493

Cornerstone

Total

Return

Fund,

Inc.

(a) 43,479

336,962

Destra

Multi-Alternative

Fund

(a) 11,940

104,475

Eaton

Vance

California

Municipal

Bond

Fund

(a) 5,300

47,276

Gabelli

Healthcare

&

WellnessRx

Trust

(The)

(a) 9,041

85,437

Invesco®

Advantage

Municipal

Income

Trust

II

(a) 5,400

45,198

Invesco®

Municipal

Opportunity

Trust

(a) 4,900

44,982

Invesco®

Municipal

Trust

(a) 4,900

44,835

Invesco®

Quality

Municipal

Income

Trust

(a) 4,800

45,024

Neuberger

Berman

Real

Estate

Securities

Income

Fund,

Inc.

35,500

114,310

Nuveen

Credit

Strategies

Income

Fund

62,100

334,719

Nuveen

Multi-Asset

Income

Fund

(a) 22,800

287,964

NYLI

CBRE

Global

Infrastructure

Megatrends

Term

Fund

(a) 909

12,917

Pioneer

Diversified

High

Income

Fund,

Inc.

(a) 1,263

15,794

Pioneer

Floating

Rate

Fund,

Inc.

(a) 22,571

221,647

Pioneer

High

Income

Fund,

Inc.

(a) 27,702

224,109

Absolute

CEF

Opportunities

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Closed

End

Funds

—

93.82%

-

continued

Shares

Fair

Value

Pioneer

Municipal

High

Income

Advantage

Fund,

Inc.

(a) 605

$

5,021

Pioneer

Municipal

High

Income

Opportunities

Fund,

Inc.

(a) 8,722

102,920

RiverNorth

Flexible

Municipal

Income

Fund

II,

Inc.

(a) 24,201

305,901

RiverNorth

Opportunities

Fund,

Inc.

(a) 6,600

80,916

Saba

Capital

Income

&

Opportunities

Fund

(a) 40,692

327,977

Saba

Capital

Income

&

Opportunities

Fund

II

(a) 953

8,758

Tortoise

Sustainable

and

Social

Impact

Term

Fund

(a) 3,264

39,968

Virtus

Total

Return

Fund,

Inc.

(a) 50,604

315,263

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

(a) 16,000

112,659

Voya

Emerging

Markets

High

Dividend

Equity

Fund

(a) 19,133

113,650

Western

Asset

Global

High

Income

Fund,

Inc.

(a) 44,238

289,317

Western

Asset

High

Income

Fund

II,

Inc.

(a) 68,900

295,581

XAI

Madison

Equity

Premium

Income

Fund

(a) 14,134

88,338

TOTAL CLOSED

END

FUNDS

(Cost $6,601,713)

6,894,520

Exchange-Traded

Funds

—

2.11%

FT

Confluence

BDC

&

Specialty

Finance

Income

ETF

(a) 37,006

155,052

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $154,436)

155,052

Right

s

-

0.00%

LMP

Capital

and

Income

Fund,

Inc.

RiverNorth

Capital

and

Income

Fund,

Inc.

TOTAL

RIGHTS

(Cost $37)

Absolute

CEF

Opportunities

Schedule

of

Investments

(continued)

June

30,

2025

(Unaudited)

Money

Market

Funds

-

10.99%

Shares

Fair

Value

First

American

Treasury

Government

Obligations

Fund,

Class

X,

4.24%

(b) 807,477

$

807,477

TOTAL

MONEY

MARKET

FUNDS

(Cost

$807,477)

807,477

Total

Investments

—

106.92%

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$7,563,663)

7,857,060

Liabilities

in

Excess

of

Other

Assets

—

(6.92)%

(508,270)

Net

Assets

—

100.00%

$

7,348,790

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. Absolute

CEF

Opportunities

Schedule

of

Securities

Sold

Short

June

30,

2025

(Unaudited)

ETF

–

Exchange-Traded

Fund

SPDR

–

Standard

&

Poor's

Depository

Receipt

Closed

End

Funds

-

Short

-

(0.93)

%

Shares

Fair

Value

XAI

Octagon

Floating

Rate

Alternative

Income

Trust

(12,153)

$

(68,664)

TOTAL

CLOSED

END

FUNDS

-

SHORT

(Proceeds

Received $69,860)

(68,664)

Exchange-Traded

Funds

-

Short

-

(30.70)

%

Health

Care

Select

Sector

SPDR®

Fund

(700) (94,353)

Invesco®

QQQ

Trust,

Series

(990) (546,124)

Invesco®

Senior

Loan

ETF

(1,600)

(33,472)

iShares®

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(3,600)

(333,432)

iShares®

MSCI

Emerging

Markets

ETF

(3,100)

(149,544)

iShares®

National

Muni

Bond

ETF

(5,500)

(574,640)

iShares®

Russell

Mid-Cap

Growth

ETF

(3,100)

(429,908)

iShares®

U.S.

Real

Estate

ETF

(1,000)

(94,770)

TOTAL

EXCHANGE-TRADED

FUNDS

-

SHORT

(Proceeds

Received $2,133,388)

(2,256,243)

TOTAL

SECURITIES

SOLD

SHORT

-

(31.63)%

(Proceeds

Received

$2,203,248)

(2,324,907)

Absolute

Flexible

Fund

Schedule

of

Securities

Sold

Short

June

30,

2025

(Unaudited)

Common

Stocks

-

Short

-

(6.74)%

Shares

Fair

Value

Communications

-

(0.51)%

IMAX

Corp.

(5,000)

$

(139,800)

Upwork,

Inc.

(1,000)

(13,440)

(153,240)

Consumer

Discretionary

-

(1.39)%

Cracker

Barrel

Old

Country

Store,

Inc.

(4,000)

(244,320)

GameStop

Corp.,

Class

A

(7,000)

(170,730)

(415,050)

Health

Care

-

(0.63)%

Inotiv,

Inc.

(1,000)

(1,820)

Repligen

Corp.

(1,500)

(186,570)

(188,390)

Industrials

-

(0.24)%

Enovis

Corp.

(1,200)

(37,632)

Xometry,

Inc.,

Class

A

(1,000)

(33,790)

(71,422)

Technology

-

(3.97)%

Bentley

Systems,

Inc.,

Class

B

(2,000)

(107,940)

BlackLine,

Inc.

(2,000)

(113,240)

Dropbox,

Inc.,

Class

A

(2,000)

(57,200)

Lumentum

Holdings,

Inc.

(1,000)

(95,060)

ON

Semiconductor

Corp.

(2,800)

(146,748)

PagerDuty,

Inc.

(8,000)

(122,240)

Parsons

Corp.

(3,000)

(215,310)

Penguin

Solutions,

Inc.

(13,000)

(257,530)

Unity

Software,

Inc.

(3,000)

(72,600)

(1,187,868)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $1,974,362)

(2,015,970)

TOTAL

SECURITIES

SOLD

SHORT

-

(6.74)%

(Proceeds

Received

$1,974,362)

(2,015,970)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** ABSOLUTE CEF OPPORTUNITIES

- **b. EDGAR series identifier (if any):** S000081741

- **c. LEI of Series:** 5493000NKPH59ZLVE960

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $9842607.19

**Total Liabilities:** $2497641.96

**Net Assets:** $7344965.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244726 | -1.85%               | 2.57%                | 2.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-68346.87               | $-52408.69                                 |
| Month 2  | $-198664.94              | $331508.13                                 |
| Month 3  | $86143.79                | $75428.54                                  |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### Schedule of Portfolio Investments

| Name                                                    | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tortoise Sustainable and Social Impact Term Fund        | Tortoise Sustainable and Social Impact Term Fund                    | CUSIP: 27901F109<br>LEI: 549300JEEQF7C836SM26 | Long             | EC               | RF                | US        |      3264 | NS      | $39967.68     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                               | First American Treasury Obligations Fund                            | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    807477 | PA      | $807477.35    | 10.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Insured California Municipal Bond Fund      | Eaton Vance California Municipal Bond Fund                          | CUSIP: 27828A100<br>LEI: 549300FJGD8HWP11TO17 | Long             | EC               | RF                | US        |      5300 | NS      | $47276.00     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                           | iShares MSCI Emerging Markets ETF                                   | CUSIP: 464287234<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -3100 | NS      | $-149544.00   | -2.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Cornerstone Strategic Investment Fund Inc.              | Cornerstone Strategic Investment Fund Inc.                          | CUSIP: 21924B302<br>LEI: 549300H6BMBD46PC0Z18 | Long             | EC               | RF                | US        |     41440 | NS      | $336492.80    | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cornerstone Total Return Fund Inc.                      | Cornerstone Total Return Fund Inc.                                  | CUSIP: 21924U300<br>LEI: 5493000TUAHPA5P8NM98 | Long             | EC               | RF                | US        |     43479 | NS      | $336962.25    | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Global High Income Fund Inc.              | Western Asset Global High Income Fund, Inc.                         | CUSIP: 95766B109<br>LEI: 549300JWVV1XIQ66WD13 | Long             | EC               | RF                | US        |     44238 | NS      | $289316.52    | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Income                                        | Blackrock Income Trust Inc.                                         | CUSIP: 09247F209<br>LEI: TZVEKBHO1R4X5PI73286 | Long             | EC               | RF                | US        |      5260 | NS      | $61805.00     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI Octagon Floating Rate Alternative Income Trust      | XAI Octagon Floating Rate Alternative Income Trust                  | CUSIP: 98400T106<br>LEI: 549300XT617P63BLW552 | Short            | EC               | RF                | US        |    -12153 | NS      | $-68664.45    | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Voya Asia Pacific High Dividend Equity Income Fund      | Voya Asia Pacific High Dividend Equity Income Fund                  | CUSIP: 92912J102<br>LEI: 549300GNK7F1VWTNPE94 | Long             | EC               | RF                | US        |     16000 | NS      | $112659.20    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Municipal High Income Opportunities Fund Inc    | Pioneer Municipal High Income Opportunities Fund, Inc.              | CUSIP: 723760104<br>LEI: 5493005BKX8X756MKL25 | Long             | EC               | RF                | US        |      8722 | NS      | $102919.60    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                           | iShares National Muni Bond ETF                                      | CUSIP: 464288414<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -5500 | NS      | $-574640.00   | -7.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Diversified High Income Fund Inc                | Pioneer Diversified High Income Trust                               | CUSIP: 723653101<br>LEI: GRH7C46DLKO4V5KVBT29 | Long             | EC               | RF                | US        |      1263 | NS      | $15793.82     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Science and Technology Term Trust             | BlackRock Science and Technology Term Trust                         | CUSIP: 09260K101<br>LEI: 549300NQ3IL1NKVC9M67 | Long             | EC               | RF                | US        |      2403 | NS      | $49862.25     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Gabelli Healthcare & Wellness Trust                     | Gabelli Healthcare & WellnessRx Trust/The                           | CUSIP: 36246K103<br>LEI: 549300XULWZNLHFTG832 | Long             | EC               | RF                | US        |      9041 | NS      | $85437.45     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust Exchange Traded Fund VIII                   | FT Confluence BDC & Specialty Finance Income ETF                    | CUSIP: 33740F110<br>LEI: 549300NT36PJKGP5Y765 | Long             | EC               | RF                | US        |     37006 | NS      | $155051.44    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Core Bond Trust                               | BlackRock Core Bond Trust                                           | CUSIP: 09249E101<br>LEI: CC8M7XFKTNG56DXMAR33 | Long             | EC               | RF                | US        |     75100 | NS      | $729972.00    | 9.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivernorth Opportunities Fd Inc                         | RiverNorth Opportunities Fund, Inc.                                 | CUSIP: 76881Y109<br>LEI: 5493001RICR0OU8TM159 | Long             | EC               | RF                | US        |      6600 | NS      | $80916.00     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LMP CAP & INCOME FD INC RT 071125                       | LMP Capital and Income Fund, Inc. LMP Capital and Income Fund, Inc. | CUSIP: 50208A110<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        90 | NS      | $6.40         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Capital and Income Fund Inc                  | RiverNorth Capital and Income Fund Rights                           | CUSIP: 76882B124<br>LEI: 54930061II7PXY87SC72 | Long             | EC               | CORP              | US        |        90 | NS      | $4.95         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust, Series 1                             | Invesco QQQ Trust Series 1                                          | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |      -990 | NS      | $-546123.60   | -7.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                                | Health Care Select Sector SPDR Fund                                 | CUSIP: 81369Y209<br>LEI: 5493008JJKIPMEX3CO91 | Short            | EC               | RF                | US        |      -700 | NS      | $-94353.00    | -1.28%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                           | iShares U.S. Real Estate ETF                                        | CUSIP: 464287739<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -1000 | NS      | $-94770.00    | -1.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi Alternative Fund                           | Destra Multi-Alternative Fund                                       | CUSIP: 25065A502<br>LEI: 549300SP0KUS5HR5P569 | Long             | EC               | RF                | US        |     11940 | NS      | $104475.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                           | iShares JP Morgan USD Emerging Markets Bond ETF                     | CUSIP: 464288281<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -3600 | NS      | $-333432.00   | -4.54%            |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO QUALITY MUN INCOME TR                           | Invesco Quality Municipal Income Trust                              | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             | EC               | RF                | US        |      4800 | NS      | $45024.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO VAN KAMPEN MUN TR                               | Invesco Municipal Trust                                             | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |      4900 | NS      | $44835.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset High Income Fund II Inc.                  | WESTERN ASSET HIGH INC FD II                                        | CUSIP: 95766J102<br>LEI: 549300LH0LPNF7USIA77 | Long             | EC               | RF                | US        |     68900 | NS      | $295581.00    | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II                   | Invesco Senior Loan ETF                                             | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Short            | EC               | RF                | US        |     -1600 | NS      | $-33472.00    | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| PIONEER MUN HIGH INCOME ADVANTAGE TR                    | Pioneer Municipal High Income Advantage Trust                       | CUSIP: 723762100<br>LEI: 549300XEJODK1I7Q2U66 | Long             | EC               | RF                | US        |       605 | NS      | $5021.50      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Saba Capital Income & Opportunities Fund II             | Saba Capital Income & Opportunities Fund II                         | CUSIP: 880198205<br>LEI: QU1AAXOSV5K4OVMXJP19 | Long             | EC               | RF                | US        |       953 | NS      | $8758.07      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Total Return Fund Incorporation                  | Virtus Total Return Fund Inc                                        | CUSIP: 92835W107<br>LEI: 549300KKRHI4GF7RNQ81 | Long             | EC               | RF                | US        |     50604 | NS      | $315262.92    | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Advent Convertible And Income Fund                      | ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME                   | CUSIP: 00764C109<br>LEI: ZEFY1K43K8JK66NIVK50 | Long             | EC               | RF                | US        |     26820 | NS      | $324790.20    | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Technology & Private Equity Term Trust        | BlackRock Technology and Private Equity Term Trust                  | CUSIP: 09260Q108<br>LEI: 549300G3XFQ7175KM723 | Long             | EC               | RF                | US        |    120828 | NS      | $886877.52    | 12.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Abrdn Global Dynamic Dividend Fund                      | abrdn Global Dynamic Dividend Fund                                  | CUSIP: 00302M106<br>LEI: 2549008871AD4OJQWG76 | Long             | EC               | RF                | US        |      5293 | NS      | $58434.72     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI Madison Equity Premium Income Fund                  | XAI Madison Equity Premium Income Fund                              | CUSIP: 557437100<br>LEI: 254900DMET709D189F74 | Long             | EC               | RF                | US        |     14134 | NS      | $88337.50     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Credit Strategies Income Fund                    | Nuveen Credit Strategies Income Fund                                | CUSIP: 67073D102<br>LEI: W4CSTD4RDGQSJ4FOVO30 | Long             | EC               | RF                | US        |     62100 | NS      | $334719.00    | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Emerging Markets High Dividend Equity Fund         | Voya Emerging Markets High Dividend Equity Fund                     | CUSIP: 92912P108<br>LEI: 549300MBU0OQHUKI2Y86 | Long             | EC               | RF                | US        |     19133 | NS      | $113650.02    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Floating Rate Fund Inc                          | PIONEER FLOATING RATE TRUST                                         | CUSIP: 72369J102<br>LEI: 5493002P921ISFUETH70 | Long             | EC               | RF                | US        |     22571 | NS      | $221647.22    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO VAN KAMPEN MUN OPPORTUNITY TR                   | Invesco Municipal Opportunity Trust                                 | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |      4900 | NS      | $44982.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Flexible Municipal Income Fund Ii Inc        | RiverNorth Flexible Municipal Income Fund II Inc                    | CUSIP: 76883Y107<br>LEI: 549300U301TLYWQNC025 | Long             | EC               | RF                | US        |     24201 | NS      | $305900.64    | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Multi Asset Income Fund                          | Nuveen Multi-Asset Income Fund                                      | CUSIP: 670750108<br>LEI: 549300VLJPKC3DNIJ668 | Long             | EC               | RF                | US        |     22800 | NS      | $287964.00    | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer High Income Fund Inc                            | Pioneer High Income Fund, Inc.                                      | CUSIP: 72369H106<br>LEI: GRH7C46DLKO4V5KVBT29 | Long             | EC               | RF                | US        |     27702 | NS      | $224109.18    | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Saba Capital Income & Opportunities Fund                | Saba Capital Income & Opportunities Fund                            | CUSIP: 78518H202<br>LEI: 549300MGSUUJ7E55N746 | Long             | EC               | RF                | US        |     40692 | NS      | $327977.52    | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO VAN KAMPEN ADVANTAGE MUN INCOME TR II           | Invesco Advantage Municipal Income Trust II                         | CUSIP: 46132E103<br>LEI: DA89O2CSN0WUDR74HM71 | Long             | EC               | RF                | US        |      5400 | NS      | $45198.00     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Emerging Markets ex China Fund Inc.               | abrdn Emerging Markets ex China Fund, Inc.                          | CUSIP: 00301W105<br>LEI: 549300MSYUW07RYUZD27 | Long             | EC               | RF                | US        |     13117 | NS      | $77914.98     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Real Estate Securities Income Fund Inc | NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND, INC.           | CUSIP: 64190A103<br>LEI: 549300WU72ZN21PNWQ56 | Long             | EC               | RF                | US        |     35500 | NS      | $114310.00    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                           | iShares Russell Mid-Cap Growth ETF                                  | CUSIP: 464287481<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -3100 | NS      | $-429908.00   | -5.85%            |  |  |  | No            |                  1 | On Loan: No      |
| NYLI CBRE Global Infrastructure Megatrends Term Fund    | NYLI CBRE Global Infrastructure Megatrends Term Fund                | CUSIP: 56064Q107<br>LEI: N/A                  | Long             | EC               | RF                | US        |       909 | NS      | $12916.89     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Income Credit Strategies Fund                     | abrdn Income Credit Strategies Fund                                 | CUSIP: 003057106<br>LEI: JZ9OXI4GGKZDI84RNQ78 | Long             | EC               | RF                | US        |     53636 | NS      | $316452.40    | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Unified Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller