# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-23-000739
**Filing Date:** 2023-2
**Character Count:** 111665
**Document Hash:** 975281a5ce380442bd2f4e1a492c3129
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000739.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001580642-23-000739

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 23590171

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-346-3324

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

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

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

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

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

<u>Unified Series Trust</u> 

(Exact name of registrant as specified in charter)

<u>Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246</u> 

(Address of principal executive offices) (Zip code)

<u>Zachary P. Richmond</u>

<u>Ultimus Fund Solutions, LLC</u>

<u>225 Pictoria Drive, Suite 450</u>

<u>Cincinnati, OH 45246</u> 

(Name and address of agent for service)

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

Date of fiscal year end: <u>11/30</u> 

Date of reporting period: <u>11/30/22</u> 

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

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

**Item 1. Reports to Stockholders.** 

(a) ![(AUER LOGO)](af001_v1.jpg)

**Auer Growth Fund**

**Annual Report**

**November 30, 2022**

**Fund Adviser:**

**SBAuer Funds, LLC**

**8801 River Crossing Blvd, Suite 100**

**Indianapolis, IN 46240**

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

**www.sbauerfunds.com**

---

| |
|:---|
| **Auer Growth Fund** |
| **Management's Discussion of Fund Performance (Unaudited)** |
| *November 30, 2022* |

---

Research, Process and Discipline are what drives the Auer Growth Fund (the "Fund"). We manually review every US listed stock that publicly reports earnings. We rigorously apply our investment process in selecting only the best of the best of companies to include in the portfolio. The Worst stock in the portfolio has increased earnings by 25%, Sales by 20% and is trading for a 12 price-to-earnings ratio. A large portion of the portfolio we build for you is much stronger than that. Research and Process alone are nothing without the discipline to stick with your strategy. Discipline is very easy to say but very hard to do. For several years, our deep value, real earnings, low debt approach was out of favor. It's hard to watch as FANG stock shoots to the moon or Crypto hits it out of the park. We watched some of our peers fall prey to the temptation and become closet indexers. However, we stayed true to our discipline. From the beginning, we have said we will be what we say we are: a true go anywhere fund that is fundamentally based, growth oriented and focused on only selecting the best companies. We believe now more than ever the Auer Growth Fund is a perfect complement to your indexed portfolio.

**Investing Environment**

The year since our last message to you has been very eventful. We have seen the Russians invade the Ukraine, COVID-19 ("COVID") all but disappear from the headlines and the Federal Reserve make the most aggressive steps in its history to curb inflation. All of these shocks to the system have had a significant negative impact to the short-term market performance. We believe that, long-term, the rise in interest rates is a very positive factor. The market has seen 10+ years of unrestrained borrowing at near zero interest rates. Just like it is not healthy for people to live on a diet of donuts and soft drinks, it is not healthy for the market long-term to exist on a diet of free money. We see the tightening of the money supply as a necessary and positive step to long-term market health. The Russian invasion of the Ukraine, while still on going, has led to a great deal of geo-political instability, which is likely to continue and increase into the winter and spring of 2023. Aside from the risk of the conflict widening, we have seen supplies, including energy, fertilizer, wheat and iron, being threatened. We see this trend continuing and becoming more acute. This is of particular concern in Europe and the developing world. While the focus on COVID has diminished, it and other new diseases continue to be an underlying concern.

Underlying these shocks to the system, we have seen the trend of de-globalization continue. While this is a long-term process, we believe de-globalization could have a much greater impact on financial markets. We have seen a number of Fortune 500 companies commit billions to bring manufacturing back to the US. We see this as a significant indication of

---

| |
|:---|
| **Auer Growth Fund** |
| **Management's Discussion of Fund Performance (Unaudited) (continued)** |
| *November 30, 2022* |

---

where large companies see their future opportunities. This is a strong endorsement of the business environment in the US.

**Performance Discussion**

We couldn't be happier with the way the Auer Growth Fund has performed in the last 12 months. As of the fiscal year ended November 30, 2022, the Fund was up 29.12% compared to the S&P 500<sup>®</sup> Index, which was down (9.21)% over the same period. The Auer Growth Fund was ranked #1 out of 480 funds in the Small Cap Growth category over the same period. We see our investment selections in two key sectors driving the Fund's outperformance over the last 12 months. Energy and Industrials together comprised the majority of the portfolio and performed very well compared to the market as a whole. As you know, we do not target specific sectors of the market for inclusion in the portfolio. Applying our research process, we identified growth trends in companies early and invested early and garnered the performance over the last year. While Energy and Industrials performed well for us, we did see our investment in home builders and bulk shippers create a slight drag on the portfolio. Our builders, while individually having strong financials and large back logs, are interest rate sensitive and suffered as a result. Our bulk shippers have long-term contracts and a large back log but are slightly out of favor as a result of China's COVID lockdown policy and longer term as industries move production back on shore. We are very happy with how the portfolio has performed over the last year. Looking at the 5-year period, the Fund was up 10.42% compared to the S&P 500<sup>®</sup> Index, which was up 10.98%. While we didn't outperform over the 5-year period, we were facing the headwinds of very loose monetary policy that has now come to an end with rising interest rates. This impact can also be seen in the 10-year return of the Fund at 9.93% compared to the S&P 500<sup>®</sup> Index at 13.34%. While we believe this cycle has turned in our favor, we still have some catching up to do. Additional details can be found on our newly redesigned website at <u>www.sbauerfunds.com.</u>

**Investment Outlook**

Looking forward, we see the impact of the Russia-Ukraine conflict to continue well into 2023. Even with a quick diplomatic solution, it will be quite sometime before the Ukrainian industry is back online and producing iron like it was pre-war. Wheat and fertilizer production will also take time to recover. Even with a quick diplomatic solution, Russia is likely to face some level of sanctions for the intermediate term but we believe it is likely that the need for energy in Europe will lead to a de-escalation of those sanctions.

---

| |
|:---|
| **Auer Growth Fund** |
| **Management's Discussion of Fund Performance (Unaudited) (continued)** |
| *November 30, 2022* |

---

We see the Federal Reserve continuing to keep interest rates at this level and incrementally increase them over time. We hope they will take a more measured approach rather than the panic application we have seen over the last year.

What does this mean for the Auer Growth Fund? We see this as a great environment for a stock picking fund. As interest rates rise and supplies of energy and materials remain constrained, it creates pockets of opportunity and inefficiency in the market, which we specialize in finding. We will continue to research new companies, apply our investment process of finding high growth opportunities in overlooked industries and rigorously apply our discipline in building you the best possible portfolio.

**Investment Results (Unaudited)**

**Average Annual Total Returns\*<br> as of November 30, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Year** | **Ten Year** |
| **Auer Growth Fund** | 29.12% | 10.42% | 9.93% |
| **S&P 500<sup>®</sup> Index<sup>(a)</sup>** | (9.21)% | 10.98% | 13.34% |

---

Total annual operating expenses, as disclosed in the Auer Growth Fund (the "Fund") prospectus dated March 30, 2022, were 2.37% of average daily net assets. Additional information pertaining to the Fund's expense ratios as of November 30, 2022 can be found in the financial highlights.

***The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance quoted. The Fund's investment objective, risks, charges and expenses should be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 711-2837.***

\* Return figures reflect any change in price per share and assume the reinvestment of all distributions.

(a) The
 S&P 500<sup>®</sup> Index (the "Index") is an unmanaged index generally
 representing the performance of the broad domestic economy through changes in the aggregate
 market value of 500 stocks representing all major industries. Individuals cannot invest directly
 in the Index; however, an individual may invest in exchange-traded funds or other investment
 vehicles that attempt to track the performance of a benchmark index.

***You should consider the Fund's investment objective, risks, charges and expenses carefully before you invest. The Fund's prospectus contains important information about the Fund's investment objective, potential risks, management fees, charges and expenses, and other information and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus or performance data current to the most recent month by calling (888) 711-2837.***

***The Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.***

**Investment Results (Unaudited) (continued)**

**Comparison of the Growth of a $10,000 Investment in the Auer Growth Fund and the S&P 500<sup>®</sup> Index.**

![(LINE GRAPH)](af002_v1.jpg)

*The chart above assumes an initial investment of $10,000 made on November 30, 2012 and held through November 30, 2022. The S&P 500*<sup>®</sup> *Index is a widely recognized unmanaged index of equity prices and is representative of a broader market and range of securities than is found in the Fund's portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index. **THE FUND'S RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.** The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

***Current performance may be lower or higher than the performance data quoted. For more information on the Fund, and to obtain performance data current to the most recent month-end, or to request a prospectus, please call (888) 711-2837. You should carefully consider the investment objective, risks, charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund and should be read carefully before investing.***

*The Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.*

**Fund Holdings (Unaudited)**

**Auer Growth Fund Holdings as of November 30, 2022\***

![(BAT CHAT)](af003_v1.jpg)

\* As a percentage of net assets.

The investment objective of the Fund is long-term capital appreciation.

The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of common stocks traded on major U.S. exchanges, markets, and bulletin boards that SBAuer Funds, LLC (the "Adviser") believes present the most favorable potential for capital appreciation.

**Availability of Portfolio Schedule (Unaudited)**

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov and the Fund's portfolio holdings, as disclosed on its most recent Form N-PORT, are listed on the Fund's website at www.sbauerfunds.com.

---

| |
|:---|
| **Auer Growth Fund** |
| **Schedule of Investments** |
| *November 30, 2022* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.25%** | **Shares** | **Fair Value** |
| **Communication Services — 2.08%** |  |  |
| Perion Network Ltd.<sup>(a)</sup> | 31000 | $850330 |
| **Consumer Discretionary — 10.67%** |  |  |
| Dream Finders Homes, Inc.<sup>(a)</sup> | 18500 | 182040 |
| Forestar Group, Inc.<sup>(a)</sup> | 4700 | 69701 |
| General Motors Co. | 20000 | 811200 |
| KB Home | 8300 | 260537 |
| Landesa Home Corp.<sup>(a)</sup> | 32000 | 175680 |
| Lennar Corp., Class A, A | 9600 | 843168 |
| Marine Products Corp. | 18000 | 209700 |
| Skyline Champion Corp.<sup>(a)</sup> | 6000 | 311940 |
| Toll Brothers, Inc. | 4000 | 191640 |
| TravelCenters of America, Inc.<sup>(a)</sup> | 15000 | 767250 |
| Virco Manufacturing Corp.<sup>(a)</sup> | 40000 | 168000 |
| Winnebago Industries, Inc. | 6500 | 380835 |
|  |  | 4371691 |
| **Consumer Staples — 2.88%** |  |  |
| Cal-Maine Foods, Inc. | 5700 | 332196 |
| Clearwater Paper Corp.<sup>(a)</sup> | 10000 | 390300 |
| Thorne HealthTech Inc.<sup>(a)</sup> | 95000 | 456000 |
|  |  | 1178496 |
| **Energy — 26.60%** |  |  |
| Comstock Resources, Inc. | 20000 | 367000 |
| Coterra Energy, Inc. | 23000 | 641930 |
| Devon Energy Corp. | 3000 | 205560 |
| Earthstone Energy, Inc., Class A<sup>(a)</sup> | 50000 | 792000 |
| Epsilon Energy Ltd. | 80000 | 588800 |
| Halliburton Co. | 22300 | 844947 |
| Imperial Petroleum, Inc.<sup>(a)</sup> | 435000 | 154991 |
| Liberty Oilfield Services, Inc., Class A <sup>(a)</sup> | 23000 | 380190 |
| Mammoth Energy Services, Inc.<sup>(a)</sup> | 33000 | 199320 |
| Matador Resources Co. | 6300 | 418068 |
| Mexco Energy Corp.<sup>(a)</sup> | 9400 | 137240 |
| Murphy Oil Corp. | 17200 | 811839 |
| NexTier Oilfield Solutions, Inc. <sup>(a)</sup> | 13500 | 137565 |
| Occidental Petroleum Corp. | 5600 | 389144 |
| PBF Energy, Inc., Class A | 19500 | 775515 |
| PDC Energy, Inc. | 2100 | 156072 |
| Peabody Energy Corp.<sup>(a)</sup> | 17000 | 542980 |
| Phillips 66 | 7100 | 769924 |
| PHX Minerals, Inc. | 90000 | 324900 |
| Range Resources Corp. | 24000 | 692880 |
| Ranger Oil Corp. | 10000 | 435700 |
| Ring Energy, Inc.<sup>(a)</sup> | 190000 | 513000 |
| U.S. Silica Holdings, Inc.<sup>(a)</sup> | 15000 | 196350 |

---

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Schedule of Investments (continued)** |
| *November 30, 2022* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.25%** | **Shares** | **Fair Value** |
| **Energy — 26.60% - (continued)** |  |  |
| World Fuel Services Corp. | 15000 | $426750 |
|  |  | 10902665 |
| **Financials — 12.86%** |  |  |
| AmeriServ Financial, Inc. | 46000 | 188140 |
| Banco Latinoamericano de Comercio Exterior, S.A. | 12000 | 197880 |
| BankFinancial Corp. | 40000 | 394400 |
| Bankwell Financial Group, Inc. | 5000 | 147950 |
| BCB Bancorp, Inc. | 8300 | 156455 |
| Carter Bankshares, Inc.<sup>(a)</sup> | 8500 | 157590 |
| Consumer Portfolio Services, Inc.<sup>(a)</sup> | 40000 | 344800 |
| First National Corp.<sup>(a)</sup> | 11000 | 206140 |
| First US Bancshares, Inc. | 11500 | 97750 |
| Investar Holding Corp. | 7500 | 166050 |
| Ladder Capital Corp. | 35000 | 388500 |
| Magyar Bancorp, Inc. | 13500 | 174825 |
| MainStreet Bancshares, Inc. | 14000 | 404600 |
| Metropolitan Bank Holding Corp.<sup>(a)</sup> | 11500 | 730710 |
| Northeast Community Bancorp, Inc. | 13500 | 195075 |
| OceanFirst Financial Corp. | 8000 | 186880 |
| Penns Woods Bancorp, Inc.<sup>(a)</sup> | 8000 | 206880 |
| PennyMac Mortgage Investment Trust | 28000 | 427560 |
| The Bank of Princeton | 4000 | 130200 |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 11000 | 216040 |
| Washington Federal, Inc. | 4300 | 151661 |
|  |  | 5270086 |
| **Health Care — 1.65%** |  |  |
| Sensus Healthcare, Inc.<sup>(a)</sup> | 45000 | 300600 |
| SIGA Technologies, Inc. | 41000 | 376380 |
|  |  | 676980 |
| **Industrials — 21.62%** |  |  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 8200 | 389008 |
| ArcBest Corp. | 9500 | 786315 |
| Costamare, Inc. | 32000 | 308480 |
| Euroseas Ltd. | 37500 | 763875 |
| GEE Group Inc.<sup>(a)</sup> | 220000 | 176000 |
| Globus Maritime Ltd.<sup>(a)</sup> | 88000 | 120560 |
| Herc Holdings, Inc. | 6500 | 833105 |
| Heritage-Crystal Clean, Inc.<sup>(a)</sup> | 13500 | 426600 |
| Hub Group, Inc., Class A<sup>(a)</sup> | 9300 | 782595 |
| Insteel Industries, Inc. | 7500 | 221175 |
| JetBlue Airways Corp.<sup>(a)</sup> | 48000 | 382080 |
| Mayville Engineering Co., Inc.<sup>(a)</sup> | 20000 | 255600 |
| Northwest Pipe Co.<sup>(a)</sup> | 5700 | 213522 |
| PACCAR, Inc. | 4000 | 423640 |
| PAM Transportation Services, Inc.<sup>(a)</sup> | 4400 | 123332 |

---

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Schedule of Investments (continued)** |
| *November 30, 2022* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.25%** | **Shares** | **Fair Value** |
| **Industrials — 21.62% - (continued)** |  |  |
| Park-Ohio Holdings Corp. | 15000 | $200250 |
| Perma-Pipe International Holdings, Inc.<sup>(a)</sup> | 12500 | 122000 |
| RCM Technologies, Inc.<sup>(a)</sup> | 21000 | 320880 |
| Southwest Airlines Co.<sup>(a)</sup> | 4200 | 167622 |
| Sypris Solutions, Inc.<sup>(a)</sup> | 72000 | 163440 |
| Taylor Devices, Inc.<sup>(a)</sup> | 15700 | 210694 |
| Titan Machinery, Inc.<sup>(a)</sup> | 11200 | 493136 |
| Wabash National Corp. | 39000 | 977730 |
|  |  | 8861639 |
| **Materials — 11.06%** |  |  |
| AdvanSix, Inc. | 8300 | 341628 |
| Ascent Industries Co.<sup>(a)</sup> | 12000 | 127560 |
| Commercial Metals Co. | 7200 | 354384 |
| FutureFuel Corp. | 50000 | 442000 |
| Intrepid Potash, Inc.<sup>(a)</sup> | 18000 | 648900 |
| LSB Industries, Inc.<sup>(a)</sup> | 22500 | 347175 |
| Mosaic Co. (The) | 4800 | 246240 |
| Nutrien Ltd. | 5000 | 402000 |
| Ramaco Resources, Inc. | 64000 | 732800 |
| Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 27000 | 208980 |
| Sonoco Products Co. | 4500 | 276165 |
| Warrior Met Coal, Inc. | 11000 | 405020 |
|  |  | 4532852 |
| **Technology — 8.83%** |  |  |
| Addvantage Tech Group, Inc.<sup>(a)</sup> | 90000 | 153900 |
| Avnet, Inc. | 6100 | 275537 |
| Jabil, Inc. | 5500 | 397045 |
| MaxLinear, Inc., Class A<sup>(a)</sup> | 12000 | 439200 |
| Photronics, Inc.<sup>(a)</sup> | 40000 | 752000 |
| Richardson Electronics, Ltd. | 9700 | 246768 |
| Sanmina Corp.<sup>(a)</sup> | 6100 | 403149 |
| Super Micro Computer, Inc.<sup>(a)</sup> | 5800 | 523334 |
| United Microelectronics Corp. - ADR | 30000 | 226200 |
| Valero Energy Corp. | 1500 | 200430 |
|  |  | 3617563 |
| **Total Common Stocks (Cost $37,599,532)** |  | 40262302 |
| **MONEY MARKET FUNDS — 1.51%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Class I, 3.56%<sup>(b)</sup> | 619601 | 619601 |
| **Total Money Market Funds (Cost $619,601)** |  | 619601 |
| **Total Investments — 99.76% (Cost $38,219,133)** |  | 40881903 |

---

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Schedule of Investments (continued)** |
| *November 30, 2022* |

---

---

| | |
|:---|:---|
| **Other Assets in Excess of Liabilities — 0.24%** | $97823 |
| **NET ASSETS — 100.00%** | $40979726 |

---

(a) Non-income
producing security.

(b) Rate
disclosed is the seven day effective yield as of November 30, 2022.

ADR - American Depositary Receipt

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Statement of Assets and Liabilities** |
| *November 30, 2022* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $38,219,133) | $40881903 |
| Receivable for fund shares sold | 123319 |
| Dividends receivable | 42430 |
| Prepaid expenses | 13646 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 41061298 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 45 |
| Payable to Adviser | 48808 |
| Payable to affiliates | 9787 |
| Other accrued expenses | 22932 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 81572 |
| **Net Assets** | $40979726 |
| **Net Assets consist of:** |  |
| Paid-in capital | $36178992 |
| Accumulated earnings | 4800734 |
| **Net Assets** | $40979726 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 2809069 |
| Net asset value, offering and redemption price per share <sup>(a)</sup> | $14.59 |

---

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

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Statement of Operations** |
| *For the year ended November 30, 2022* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $4,392) | $654956 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 654956 |
| **Expenses** |  |
| Adviser | 456098 |
| Fund accounting | 34261 |
| Administration | 33193 |
| Legal | 22120 |
| Audit and tax preparation | 19311 |
| Transfer agent | 18630 |
| Trustee | 17177 |
| Compliance services | 12000 |
| Registration | 10978 |
| Report printing | 8306 |
| Custodian | 5148 |
| Insurance | 2665 |
| Pricing | 2006 |
| Miscellaneous | 29567 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 671460 |
| **Net investment loss** | (16504) |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on investment securities transactions | 6172688 |
| Net realized loss on foreign currency translations | (34) |
| Net change in unrealized appreciation of investment securities | 1123728 |
| **Net realized and change in unrealized gain on investments** | 7296382 |
| **Net increase in net assets resulting from operations** | $7279878 |

---

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Statements of Changes in Net Assets** |
| *November 30, 2022* |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**November 30,**<br>**2022** | **For the**<br>**Year Ended**<br>**November 30,**<br>**2021** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(16504) | $(175426) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investment securities and foreign currency translations | 6172654 | 6995542 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities | 1123728 | 247993 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 7279878 | 7068109 |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 15979053 | 229369 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees<sup>(a)</sup> | 1028 |  |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (6118299) | (1893634) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | 9861782 | (1664265) |
| **Total Increase in Net Assets** | 17141660 | 5403844 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 23838066 | 18434222 |
| &nbsp;&nbsp;&nbsp;End of year | $40979726 | $23838066 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1174336 | 20865 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (475535) | (185065) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | 698801 | (164200) |

---

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

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Financial Highlights** |
| *(For a share outstanding during each year)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended November 30,** | **For the Years Ended November 30,** | **For the Years Ended November 30,** | **For the Years Ended November 30,** | **For the Years Ended November 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $11.30 | $8.10 | $8.12 | $7.85 | $8.89 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.01) <sup>(a)</sup> | (0.08) | (0.02) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.30 | 3.28 | — <sup>(b)(c)</sup> | 0.33 | (0.97) |
| Total from investment operations | 3.29 | 3.20 | (0.02) | 0.27 | (1.04) |
| Paid in capital from redemption fees | — <sup>(b)</sup> |  |  |  | — <sup>(b)</sup> |
| Net asset value, end of year | $14.59 | $11.30 | $8.10 | $8.12 | $7.85 |
| **Total Return<sup>(d)</sup>** | 29.12% | 39.51% | (0.25)% | 3.44% | (11.70)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $40980 | $23838 | $18434 | $23963 | $25807 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.20% | 2.37% | 2.56% | 2.31% | 2.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.05)% | (0.76)% | (0.09)% | (0.64)% | (0.74)% |
| Portfolio turnover rate | 149% | 150% | 169% | 210% | 172% |

---

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

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

(c) Realized
and unrealized gains and losses in the caption are balancing amounts necessary to reconcile the change in net in net asset value for
the period and may not reconcile with the Statement of Operations due to share transactions for the period.

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

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Notes to the Financial Statements** |
| *November 30, 2022* |

---

**NOTE 1. ORGANIZATION**

The Auer Growth Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of Unified Series Trust (the "Trust") on September 10, 2007. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The investment objective of the Fund is long-term capital appreciation. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is SBAuer Funds, LLC (the "Adviser").

**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". The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

As of and during the fiscal year ended November 30, 2022, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the year, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three

---

| |
|:---|
| **Auer Growth Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

**Expenses** – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board).

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Distributions received from investments in real estate investment trusts ("REITs") that represent a return of capital or capital gain are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Fund's investments in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Withholding taxes on foreign dividends and related reclaims have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

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

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends

---

| |
|:---|
| **Auer Growth Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

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. There were no such reclassifications for the fiscal year ended November 30, 2022.

**Redemption Fees** – The Fund charges a 1.00% redemption fee for shares redeemed within 7 days of purchase. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Fund will retain the fee charged as an increase in paid-in capital and such fees become part of the Fund's daily NAV calculation.

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange ("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 in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

● 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, the Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

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

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Adviser as 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

---

| |
|:---|
| **Auer Growth Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

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 following is a summary of the inputs used to value the Fund's investments as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $40262302 | $— | $— | $40262302 |
| Money Market Funds | 619601 |  |  | 619601 |
| Total | $40881903 | $— | $— | $40881903 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

The Fund did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

The Adviser, under the terms of the management agreement (the "Agreement"), manages the Fund's investments. As compensation for its management services, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 1.50% of the Fund's average daily net assets. For the fiscal year ended November 30, 2022, the Adviser earned a management fee of $456,098 from the Fund. At November 30, 2022, the Fund owed the Adviser $48,808 for management services.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund, which are approved annually by the Board.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as principal underwriter to the Fund. The Distributor is a

---

| |
|:---|
| **Auer Growth Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

Certain officers and a Trustee 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 Chairman of the Board and more than 75% of the Trustees are "Independent Trustees", which means that they are not "interested persons" as defined in the 1940 Act. The Independent Trustees review and establish compensation at least annually. Each Independent 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 Chairman of the Board receives the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Independent Trustees also receive $1,000 for attending any special meeting that requires an in-person approval of a contract and $250 for the first hour and $200 for each additional hour for attending other special meetings. In addition, the Trust reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.

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

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

For the fiscal year ended November 30, 2022, purchases and sales of investment securities, other than short-term investments, were $53,326,321 and $44,176,549, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended November 30, 2022.

---

| |
|:---|
| **Auer Growth Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

**NOTE 6. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a) (9) of the 1940 Act. At November 30, 2022, Bryan L. Auer and Janet Auer, who are married, Bryan P. Auer, and Robert Auer owned 61.79% of the Fund. As a result, Bryan L. Auer, Janet Auer, Bryan P. Auer, and Robert Auer each may be deemed to control the Fund. Bryan L. Auer, Bryan P. Auer, and Robert Auer are affiliates of the Fund.

**NOTE 7. FEDERAL TAX INFORMATION**

At November 30, 2022, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes was as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $4324315 |
| Gross unrealized depreciation | (1658545) |
| Net unrealized appreciation/(depreciation) on investments | $2665770 |
| Tax cost of investments | $38216133 |

---

At November 30, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $2139696 |
| Accumulated capital and other losses | (4732) |
| Unrealized appreciation on investments | 2665770 |
| Total accumulated earnings | $4800734 |

---

As of November 30, 2022, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the return of capital basis adjustments of underlying securities.

Capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the flowing fiscal year for tax purposes. For the year ended November 30, 2022, the Fund deferred $4,732 of late year ordinary losses. The Fund utilized capital loss carryforwards of $3,863,029.

**NOTE 8. SECTOR RISK**

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

---

| |
|:---|
| **Auer Growth Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of November 30, 2022, the Fund had 26.60% of the value of its net assets invested in stocks within the Energy sector.

**NOTE 9. COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust 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 below.

On December 15, 2022, the Fund paid a short-term capital gain distribution of $0.7618 per share to shareholders of record on December 13, 2022.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Auer Growth Fund and

Board of Trustees of Unified Series Trust

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Auer Growth Fund (the "Fund"), a series of Unified Series Trust, as of November 30, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, 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 audits. 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 audits 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 audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian. Our audits 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 audits provide a reasonable basis for our opinion.

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

![(-s- COHEN & COMPANY LTD)](af004_v1.jpg)

COHEN & COMPANY, LTD.<br> Chicago, Illinois<br> January 26, 2023

**Liquidity Risk Management Program (Unaudited)**

The Fund has adopted and implemented a written liquidity risk management program (the "Program") as required by Rule 22e-4 (the "Liquidity Rule") under the 1940 Act. The Program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration, among other factors, the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long- term cash flow projections; and its cash holdings and access to other funding sources. The Board approved the appointment of the Liquidity Administrator Committee, comprising certain Trust officers and employees of the Adviser. The Liquidity Administrator Committee maintains Program oversight and reports to the Board on at least an annual basis regarding the Program's operational effectiveness through a written report (the "Report"). The most recent Report, which was presented to the Board for consideration at its meeting held on August 16, 2022, outlined the operation of the Program and the adequacy and effectiveness of the Program's implementation. During the review period, the Fund did not experience unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the review period the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that the Program is reasonably designed to prevent violation of the Liquidity Rule and has been effectively implemented.

**Summary of Fund Expenses (Unaudited)**

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 through November 30, 2022.

**Actual Expenses**

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table below is useful in comparing ongoing costs only and will not help you determine the relative costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Beginning**<br>**Account**<br>**Value**<br>**June 1, 2022** | **Ending**<br>**Account**<br>**Value**<br>**November**<br>**30, 2022** |<br>**Expenses**<br>**Paid**<br>**During**<br>**Period<sup>(a)</sup>** | <br>**Annualized**<br>**Expense**<br>**Ratio** |
| Actual | $1000.00 | $1049.60 | $11.07 | 2.15% |
| Hypothetical<sup>(b)</sup> | $1000.00 | $1014.27 | $10.88 | 2.15% |

---

(a) Expenses
are equal to the Fund's annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).

(b) Hypothetical
assumes 5% annual return before expenses.

**Shareholder Voting Results (Unaudited)**

At a Special Shareholder Meeting at which a quorum was present, reconvened on September 13, 2022, Fund shareholders of record as of the close of business on July 5, 2022 voted to approve the following proposal:

**Proposal 1:** To elect the following individuals to serve on the Board of Trustees of the Trust:

---

| |
|:---|
| Freddie Jacobs Jr. |
| Catharine Barrow McGauley |
| Kenneth G.Y. Grant |
| Daniel J. Condon |
| Gary A. Hippenstiel |
| Stephen A. Little |
| Ronald C. Tritschler |
| David R. Carson |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | &nbsp;&nbsp;**Shares Voted in**<br>&nbsp;&nbsp;**Favor\*** | &nbsp;&nbsp;**Shares Voted**<br>&nbsp;&nbsp;**Against or Abstain\*** | &nbsp;&nbsp;**Shares Needed to**<br>&nbsp;&nbsp;**Approve\*** |
| Auer Growth Fund | &nbsp;&nbsp;1415114 | &nbsp;&nbsp;10209 | &nbsp;&nbsp;Plurality |
|  | &nbsp;&nbsp;(99.28%) | &nbsp;&nbsp;(0.72%) | &nbsp;&nbsp;(greater than 50%) |

---

\* as a percentage of the total voting securities of the Fund voted at the meeting at which a quorum was present.

**Trustees and Officers (Unaudited)**

**GENERAL QUALIFICATIONS.** 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 Chairman 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) of the Trust or any adviser, sub-adviser or distributor of the Trust.

The following table provides information regarding the Independent Trustees.

---

| | |
|:---|:---|
| **Name, Address\*, (Year of Birth),<br> Position with Trust\*\*,<br> Term of Position with Trust** | &nbsp;&nbsp;**Principal Occupation During Past 5 Years and Other<br> Directorships** |
| **Daniel J. Condon** (1950)<br> Chairman, May 2022 to present; Chairman of the Audit Committee; Chairman of the Governance & Nominating Committee, May 2020 to May 2022; Independent Trustee, December 2002 to present | &nbsp;&nbsp;**Current:** Retired (2017 – present); Trustee, Peak Income Plus Fund (2022 – present). |
| **Kenneth G.Y. Grant** (1949)<br> Chairman of the Governance & Nominating Committee, May 2022 to present; Chairman, January 2017 to May 2022; Independent Trustee, May 2008 to present | &nbsp;&nbsp;**Current:** Director, Standpoint Multi-Asset (Cayman) Fund, Ltd. (2019 – present); Director, Advisors Charitable Gift Fund (2020 – present), a Donor Advised Fund; Trustee, Peak Income Plus Fund (2022 – present).<br>**Previous:** EVP, Benefit Plans Administrative Services, Inc., provider of retirement benefit plans administration (2019 – 2020); Director, Northeast Retirement Services (NRS) LLC, a transfer agent and fund administrator; and Director, Global Trust Company (GTC), a non-depository trust company sponsoring private investment products (2003 – 2019); EVP, NRS (2003 – 2019); GTC, EVP (2008 – 2019); EVP, Savings Banks Retirement Association (2003 – 2019), provider of qualified retirement benefit plans. |
| **Ronald C. Tritschler** (1952)<br> Chairman of the Audit Committee, May 2022 to present; Independent Trustee, January 2007 to present; Interested Trustee, December 2002 to December 2006 | &nbsp;&nbsp;**Current:** Chief Executive Officer, Director and Legal Counsel of The Webb Companies, a national real estate company, since 2001; Director, Standpoint Multi-Asset (Cayman) Fund, Ltd. (2020 – present); Director of First State Bank of the Southeast (2000 – present); Trustee, Peak Income Plus Fund (2022 – present). |
| **Catharine B. McGauley** (1977)<br> Independent Trustee, September 2022 to present | &nbsp;&nbsp;**Current:** Lead Portfolio Manager of Atlantic Charter Insurance, a workers' compensation insurer, (2010 – present); Investment Advisor for a Family Office (2015 – present); Senior Analyst/Advisor for a Boston real estate company and related family (2010 – present); Trustee, Peak Income Plus Fund (2022 – present). |
| **Freddie Jacobs, Jr.** (1970)<br> Independent Trustee, September 2022 to present | &nbsp;&nbsp;**Current:** Chief Operating Officer and Chief Risk Officer Northeast Retirement Services (NRS) LLC, and its subsidiary Director, Global Trust Company (GTC), NRS is a transfer agent and fund administrator, GTC is a non-depository trust company sponsoring private investment product (2021 – present); Trustee of Buckingham Browne & Nichols (BBN) (2018 – present); Member of the Finance Committee, BBN (2020 – present); Chairman Board of Directors of Crispus Attucks Fund (2020 – present); Board Member and Treasurer of New England Tennis Association (2017 – present); Board Member of Camp Harbor View (2020 – present); Trustee, Peak Income Plus Fund (2022 – present).<br>**Previous:** SVP, Senior Risk Officer NRS (2013 – 2021). |

---

\* The address for each Trustee is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

\*\* As of the date of this report, the Trust consists of 31 series.

**Trustees and Officers (Unaudited) (continued)**

The following table provides information regarding the Interested Trustees and Officers of the Trust.

---

| | |
|:---|:---|
| **Name, Address\*, (Year of Birth),**<br> **Position with Trust,**<br> **Term of Position with Trust** | &nbsp;&nbsp;**Principal Occupation During Past 5 Years and Other**<br> **Directorships** |
| **David R. Carson** (1958)<br> President, January 2016 to August 2021; Interested Trustee, August 2020 to present | &nbsp;&nbsp;**Current:** Senior Vice President Client Strategies of Ultimus Fund Solutions, LLC, since 2013; Interested Trustee of Ultimus Managers Trust, since 2020; Trustee, Peak Income Plus Fund (2022 – present); Trustee, Mammoth Institutional Credit Access Fund (2022 – present); Trustee, Mammoth Institutional Equity Access Fund (2022 – present). |
| **Martin R. Dean** (1963)<br> President, August 2021 to present; Vice President, November 2020 to August 2021; Chief Compliance Officer, April 2021 to August 2021; Assistant Chief Compliance Officer, January 2016 to April 2021 | &nbsp;&nbsp;**Current:** Senior Vice President, Head of Fund Compliance of Ultimus Fund Solutions, LLC, since 2016. |
| **Zachary P. Richmond** (1980)<br> Treasurer and Chief Financial Officer, November 2014 to present | &nbsp;&nbsp;**Current:** Vice President, Director of Financial Administration for Ultimus Fund Solutions, LLC, since 2015. |
| **Gweneth K. Gosselink** (1955)<br> Chief Compliance Officer, August 2021 to present | &nbsp;&nbsp;**Current:** Assistant Vice President, Senior Compliance Officer of Ultimus Fund Solutions, LLC, since 2019.<br>**Previous:** Chief Operating Officer & CCO at Miles Capital, Inc. (2013 – 2019). |
| **Elisabeth Dahl** (1962)<br> Secretary, May 2017 to present; Assistant Secretary, March 2016 to May 2017 | &nbsp;&nbsp;**Current:** Attorney, Ultimus Fund Solutions, LLC since March 2016. |
| **Stephen Preston** (1966)<br> AML Compliance Officer, May 2017 to present | &nbsp;&nbsp;**Current:** Vice President and Chief Compliance Officer, Ultimus Fund Solutions, LLC and Ultimus Fund Distributors, LLC, since 2011. |
| **Lynn E. Wood** (1946)<br> Assistant Chief Compliance Officer, April 2021 to present; Chief Compliance Officer, October 2004 to April 2021 | &nbsp;&nbsp;**Current:** Managing Member, Buttonwood Compliance Partners, LLC, since 2013. |

---

\* The address for each Officer is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

**Other Information (Unaudited)**

The Fund's Statement of Additional Information ("SAI") includes additional information about the trustees and is available without charge, upon request. You may call toll-free at (888) 711-2837 to request a copy of the SAI or to make shareholder inquiries.

**Adviser Agreement Renewal (Unaudited)**

The Auer Growth Fund (the "Fund") is a series of Unified Series Trust (the "Trust"). The Trust's Board of Trustees (the "Board") oversees the management of the Fund and, as required by law, has considered the approval of the continuance of the Fund's management agreement with its investment adviser, SBAuer Funds, LLC ("Auer").

The Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances in connection with the approval of the continuance of the management agreement.

The Trustees held a teleconference on August 10, 2022 to review and discuss materials compiled by Ultimus Fund Solutions, LLC, the Trust's administrator, with regard to the management agreement between the Trust and Auer. At the Trustees' quarterly meeting held in August 2022, the Board interviewed certain executives of Auer, including Auer's Chief Compliance Officer, its Portfolio Manager and Operations Manager, and its Senior Portfolio Manager. After discussion, the Trustees, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust or Auer (the "Independent Trustees"), approved the continuance of the management agreement between the Trust and Auer for an additional year. The Trustees' approval of the continuance of the Fund's management agreement was based on a consideration of all the information provided to the Trustees, and was not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated this information differently, ascribing different weights to various factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>The Nature, Extent, and Quality of Services</u>. The Trustees reviewed and considered information regarding the nature, extent, and quality of services that Auer provides to the Fund, which include, but are not limited to, providing a continuous investment program for the Fund, adhering to the Fund's investment restrictions, complying with the Trust's policies and procedures, and voting proxies on behalf of the Fund. The Trustees considered the qualifications and experience of Auer's portfolio manager who is responsible for the day-to-day management of the Fund's portfolio, as well as the qualifications and experience of the other individuals at Auer who provide services to the Fund. They noted the systematic approach to investment process, comprehensive compliance program, and quality of the Auer personnel. The Trustees concluded that they were satisfied with the nature, extent, and quality of investment management services provided by Auer to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Fund Performance</u>. The Trustees next reviewed and discussed the Fund's performance for periods ended June 30, 2022. The Trustees observed that the Fund had outperformed its benchmark, the S&P 500 Index, for the one- and three-year periods but underperformed for the five-year and since inception periods. The Trustees noted that the Fund outperformed the average return of its Morningstar Small Value Category and peer group, for the one-, three-, and five-year periods but underperformed for the since inception period. It was the consensus of the Trustees that it was reasonable to conclude that Auer has the ability to manage the Fund successfully from a performance standpoint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Fee Rate and Profitability</u>. The Trustees reviewed a fee and expense comparison for funds in the Morningstar Small Value Category and peer group, which indicated that the Fund's management fee and net expenses are higher than the averages and medians for funds in the Morningstar category and peer group but within the range of each. The Trustees considered Auer's

**Adviser Agreement Renewal (Unaudited) (continued)**

explanation that the Fund was actively managed and indicated that they agreed with Auer that the extensive work done in manually reviewing and evaluating earnings reports as part of its investment process provides support for a higher than average management fee. The Trustees also noted that the Fund does not currently compare well in market capitalization or style to either its benchmark or its category and that may contribute to any comparative fee analysis.

The Trustees also considered a profitability analysis prepared by Auer for its management of the Fund, which indicated that Auer is earning a slight profit as a result of managing the Fund.

The Trustees considered other potential benefits that Auer may receive in connection with its management of the Fund, including third-party research obtained by soft dollars, and noted Auer's representation that it does not enter into soft dollar arrangements on behalf of the Fund. After considering the above information, the Trustees concluded that the current management fee for the Fund represents reasonable compensation in light of the nature and quality of Auer's services to the Fund, the fees paid by competitive mutual funds, and the profitability of Auer's services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Economies of Scale</u>. In determining the reasonableness of the management fee, the Trustees also considered the extent to which Auer will realize economies of scale as the Fund grows larger. The Trustees determined that, in light of the size of the Fund and Auer's level of profitability in managing the Fund, Auer is not realizing benefits from economies of scale in managing the Fund and therefore it is premature to reduce the management fee or introduce breakpoints at this time.

Privacy Notice

Rev. January 2020

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES AUER GROWTH FUND (THE "FUND") DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■ Social Security number<br>■ account balances and account transactions<br>■ transaction or loss history and purchase history<br>■ checking account information and wire transfer instructions<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds choose to share; and whether you can limit this sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does the Fund share?** |
| &nbsp;&nbsp;**For our everyday business purposes—**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**For our marketing purposes—**<br> to offer our products and services to you | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes—**<br> information about your transactions and experiences | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes—**<br> information about your creditworthiness | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;**No** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call (888) 711-2837 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Auer Growth Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator) |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does the Fund protect my <br> personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;**How does the Fund collect my <br> personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you<br>■ open an account or deposit money<br>■ buy securities from us or sell securities to us<br>■ make deposits or withdrawals from your account<br>■ give us your account information<br>■ make a wire transfer<br>■ tell us who receives the money<br>■ tell us where to send the money<br>■ show your government-issued ID<br>■ show your driver's license |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only<br>■ sharing for affiliates' everyday business purposes—information about your creditworthiness<br>■ affiliates from using your information to market to you<br>■ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ **SBAuer Funds, LLC., the investment adviser to the Fund, could be deemed to be an affiliate.** |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>■ **The Fund does not share your personal information with nonaffiliates so they can market to you** |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■ **The Fund does not jointly market.** |

---

**Proxy Voting**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (888) 711-2837 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

---

| | |
|:---|:---|
| **TRUSTEES** | **INDEPENDENT REGISTERED** |
| Daniel J. Condon, Chairman | **PUBLIC ACCOUNTING FIRM** |
| David R. Carson | Cohen & Company, Ltd. |
| Kenneth G.Y. Grant | 151 North Franklin Street, Suite 575 |
| Freddie Jacobs, Jr. | Chicago, IL 60606 |
| Catharine B. McGauley |  |
| Ronald C. Tritschler |  |
| **OFFICERS** | **LEGAL COUNSEL** |
| Martin R. Dean, President | Thompson Hine LLP |
| Gweneth K. Gosselink, | 312 Walnut Street, 20th Floor |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer | Cincinnati, OH 45202 |
| Zachary P. Richmond, |  |
| &nbsp;&nbsp;&nbsp;Treasurer and Chief Financial Officer |  |
| Lynn E. Wood, Assistant Chief |  |
| &nbsp;&nbsp;&nbsp;Compliance Officer |  |
| **INVESTMENT ADVISER** | **CUSTODIAN** |
| SBAuer Funds, LLC | Huntington National Bank |
| 8801 River Crossing Blvd, Suite 100 | 41 South High Street |
| Indianapolis, IN 46240 | Columbus, OH 43215 |
| **DISTRIBUTOR** | **ADMINISTRATOR, TRANSFER** |
| Ultimus Fund Distributors, LLC | **AGENT AND FUND ACCOUNTANT** |
| 225 Pictoria Drive, Suite 450 | Ultimus Fund Solutions, LLC |
| Cincinnati, OH 45246 | 225 Pictoria Drive, Suite 450 |
|  | Cincinnati, OH 45246 |

---

This report is intended only for the information of shareholders or those who have received the Fund's prospectus which contains information about the Fund's management fee and expenses. Please read the prospectus carefully before investing.

Distributed by Ultimus Fund Distributors, LLC

Member FINRA/SIPC

AUER-AR-22

&nbsp;&nbsp;&nbsp;&nbsp;(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 the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial expert is Freddie Jacobs, who is "independent" for purposes of this Item 3 of Form N-CSR.

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

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

---

| | | |
|:---|:---|:---|
| Auer Growth Fund: | FY 2022 | $14600 |
|  | FY 2021 | $13800 |

---

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

---

| | | |
|:---|:---|:---|
|  |  | <u>Registrant</u> |
| Auer Growth Fund: | FY 2022 | $0 |
|  | FY 2021 | $0 |

---

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

---

| | | |
|:---|:---|:---|
|  |  | <u>Registrant</u> |
| Auer Growth Fund: | FY 2022 | $4300 |
|  | FY 2021 | $4300 |

---

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

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

---

| | | |
|:---|:---|:---|
|  |  | <u>Registrant</u> |
| Auer Growth Fund: | FY 2022 | $0 |
|  | FY 2021 | $0 |

---

Nature of the fees: Not applicable

(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) None of the services described in paragraph (b) through (d) of this Item 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Registrant</u> <u>Adviser</u>

FY 2022 $0 $0

FY 2021 $0 $0

(h) The registrant's audit committee has considered that the provision of non-audit services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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

NOT APPLICABLE - applies to listed companies only

**Item 6. Schedule of Investments. S**chedule filed with Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** NOT APPLICABLE – applies to closed-end funds only

**Item 8. Portfolio Managers of Closed-End Investment Companies.** NOT APPLICABLE – applies to closed-end funds only

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** NOT APPLICABLE – applies to closed-end funds only

**Item 10. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 11. Controls and Procedures.** 

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "Act")) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal quarter of 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 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.**

Not Applicable.

**Item 13. Exhibits.** 

[(a) (1) Code is filed herewith](coe.htm)

(2) [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-2under the Investment Company Act of 1940 are filed herewith.](cert1.htm)

(3) Not Applicable

(b) [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.](cert2.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) <u>Unified Series Trust</u> 

By <u>/s/ Martin R. Dean</u>

Martin R. Dean, President

Date <u>2/2/2023</u>

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 <u>/s/ Martin R. Dean</u>

Martin R. Dean, President

Date <u>2/2/2023</u>

By <u>/s/ Zachary P. Richmond</u>

Zachary P. Richmond, Treasurer

Date <u>2/2/2023</u>

## Ex-99.Cert

Exhibit 99.CERT

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRESIDENT

<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: <u>2/2/2023</u> <u>/s/ Martin R. Dean</u> 

Martin R. Dean

President

SECTION 302 CERTIFICATIONS

CERTIFICATION OF CHIEF 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;&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: <u>2/2/2023</u> <u>/s/ Zachary P. Richmond</u> 

Zachary P. Richmond

Treasurer

## Exhibit 99.906

EX-99.906CERT

**certification of president and Treasurer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the sarbanes oxley act of 2002**

Martin R. Dean, President, and Zachary P. Richmond, Treasurer of Unified Series Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended November 30, 2022 (the "Form N-CSR") fully complies
with the requirements of Sections 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.

President Treasurer

Unified Series Trust Unified Series Trust

<u>/s/ Martin R. Dean</u> <u>/s/ Zachary P. Richmond</u> 

Martin R. Dean Zachary P. Richmond

Date: <u>2/2/2023</u> Date: <u>2/2/2023</u> 

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

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

## Ex-99.Code

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
with applicable laws and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service
as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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: ___________________ _________________________________________

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: ___________________ _________________________________________

Covered Officer