# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001580642-25-004913
**Filing Date:** 2025-8
**Character Count:** 54814
**Document Hash:** ba822e3d7a4644872dfd5b8b7a14103e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004913.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001580642-25-004913

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 251189180

**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           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**Unified Series Trust**

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices)

(Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

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

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

Date of reporting period: <u>May 31, 2025</u>

**Item 1. Reports to Stockholders.** 

(a) # Auer Growth Fund
(AUERX)

# Semi-Annual Shareholder Report - May 31, 2025
![Image](iea3fa728857906c43ccef346.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Auer Growth Fund (the "Fund") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://sbauerfunds.com/sbauer-documents/. You can also request this information by contacting us at (888) 711-2837.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Auer Growth Fund | $98 | 2.04% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i82d3298ec13f7695567bd1ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Communications | 1.4% |
| Consumer Discretionary | 1.6% |
| Technology | 2.6% |
| Industrials | 5.3% |
| Money Market Funds | 11.1% |
| Health Care | 12.9% |
| Energy | 13.4% |
| Materials | 23.0% |
| Financials | 27.5% |

---

## **Fund Statistics** 
* Net Assets$44,143,097

* Number of Portfolio Holdings77

* Advisory Fee $387,213

* Portfolio Turnover50%

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](iea3fa728857906c43ccef346.jpg)

# Auer Growth Fund

#### Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://sbauerfunds.com/sbauer-documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-AUERX

**Item 2. Code of Ethics.** 

Not Applicable – disclosed with annual report

**Item 3. Audit Committee Financial Expert.** 

Not Applicable – disclosed with annual report

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

Not Applicable – disclosed with annual report

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

Not Applicable – disclosed with annual report

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

**Auer Growth Fund**

**Semi-Annual Financial Statements**

**and Additional Information**

**May 31, 2025**

**Fund Adviser:**

**SBAuer Funds, LLC**

**580 E Carmel Drive, Suite 350**

**Carmel, IN 46032**

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

**www.sbauerfunds.com**

**Auer Growth Fund**

**Schedule of Investments**

*May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.93%** | **Shares** | **Fair Value** |
| **Communications — 1.41%** |  |  |
| Opera Ltd. - ADR<sup>(a)</sup> | 34000 | $623900 |
| **Consumer Discretionary — 1.61%** |  |  |
| Legacy Education, Inc.<sup>(a)</sup> | 25000 | 226000 |
| Standard Motor Products, Inc. | 16000 | 484800 |
|  |  | 710800 |
| **Energy — 13.37%** |  |  |
| Antero Resources Corp.<sup>(a)</sup> | 24000 | 898800 |
| APA Corp. | 22000 | 374220 |
| Borr Drilling Ltd.<sup>(a)</sup> | 200000 | 350000 |
| Coterra Energy, Inc. | 21000 | 510510 |
| Epsilon Energy Ltd.<sup>(a)</sup> | 33000 | 234300 |
| Greenfire Resources Ltd.<sup>(a)</sup> | 43000 | 180170 |
| Innovex International, Inc.<sup>(a)</sup> | 14000 | 193200 |
| Noble Corporation PLC<sup>(a)</sup> | 21000 | 520170 |
| North American Construction Group Ltd.<sup>(a)</sup> | 35000 | 599900 |
| Ring Energy, Inc.<sup>(a)</sup> | 550000 | 405680 |
| SandRidge Energy, Inc.<sup>(a)</sup> | 42000 | 412020 |
| Valaris Ltd.<sup>(a)</sup> | 20000 | 752400 |
| Vista Energy SAB de CV - ADR<sup>(a)</sup> | 9500 | 470535 |
|  |  | 5901905 |
| **Financials — 27.51%** |  |  |
| Angel Oak Mortgage REIT, Inc.<sup>(a)</sup> | 21000 | 191310 |
| Banc of California, Inc. | 37000 | 507640 |
| BankUnited, Inc. | 9000 | 305820 |
| Bankwell Financial Group, Inc.<sup>(a)</sup> | 6500 | 225615 |
| Brookline Bancorp, Inc.<sup>(a)</sup> | 20000 | 206600 |
| Capitol Federal Financial, Inc. | 51000 | 291210 |
| Carter Bankshares, Inc.<sup>(a)</sup> | 17000 | 279650 |
| Citigroup, Inc. | 7700 | 579964 |
| Dime Community Bancshares, Inc. | 16000 | 410560 |
| Eagle Bancorp Montana, Inc.<sup>(a)</sup> | 20000 | 339400 |
| First Internet Bancorp | 36000 | 873000 |
| First Savings Financial Group, Inc.<sup>(a)</sup> | 15000 | 398850 |
| First Western Financial, Inc.<sup>(a)</sup> | 10000 | 208400 |
| Hamilton Insurance Group Ltd.<sup>(a)</sup> | 60000 | 1305600 |
| Hanover Bancorp, Inc./NY<sup>(a)</sup> | 16000 | 361920 |
| Hennessy Advisors, Inc.<sup>(a)</sup> | 36000 | 388800 |
| Investar Holding Corp. | 15000 | 285150 |
| KeyCorp | 28000 | 444080 |
| Lincoln National Corp. | 30000 | 994200 |
| Meridian Bank | 15000 | 202500 |
| NB Bancorp, Inc.<sup>(a)</sup> | 16000 | 269600 |
| NerdWallet, Inc., Class A<sup>(a)</sup> | 27000 | 284580 |
| OptimumBank Holdings, Inc.<sup>(a)</sup> | 67000 | 294800 |

---

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

**Auer Growth Fund**

**Schedule of Investments (continued)**

*May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.93% - (continued)** | **Shares** | **Fair Value** |
| **Financials — 27.51% - (continued)** |  |  |
| Parke Bancorp, Inc.<sup>(a)</sup> | 11000 | $213290 |
| PCB Bancorp<sup>(a)</sup> | 11000 | 212740 |
| Redwood Trust, Inc. | 47000 | 256150 |
| Shore Bancshares, Inc.<sup>(a)</sup> | 22500 | 326025 |
| Sunrise Realty Trust, Inc.<sup>(a)</sup> | 22000 | 236280 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 6000 | 430140 |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 9000 | 275940 |
| VersaBank<sup>(a)</sup> | 47000 | 546610 |
|  |  | 12146424 |
| **Health Care — 12.96%** |  |  |
| Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | 130000 | 1019200 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 60000 | 1497600 |
| CorMedix Inc<sup>(a)</sup> | 117000 | 1420380 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 25000 | 862500 |
| Incyte Corp.<sup>(a)</sup> | 7000 | 455420 |
| Phibro Animal Health Corp., A | 19000 | 463980 |
|  |  | 5719080 |
| **Industrials — 5.35%** |  |  |
| Insteel Industries, Inc. | 13000 | 455260 |
| Optex Systems Holdings, Inc.<sup>(a)</sup> | 50000 | 426500 |
| Pyxis Tankers, Inc.<sup>(a)</sup> | 60000 | 173400 |
| Seanergy Maritime Holdings Corp. | 130000 | 809900 |
| Star Bulk Carriers Corp.<sup>(a)</sup> | 30000 | 495300 |
|  |  | 2360360 |
| **Materials — 22.99%** |  |  |
| Alcoa Corp. | 17000 | 455090 |
| Anglogold Ashanti PLC | 27000 | 1182870 |
| Aris Mining Corp<sup>(a)</sup> | 36000 | 235080 |
| B2Gold Corp. | 375000 | 1263750 |
| Caledonia Mining Corp PLC<sup>(a)</sup> | 20000 | 342000 |
| Coeur Mining, Inc.<sup>(a)</sup> | 52000 | 420160 |
| Eldorado Gold Corp.<sup>(a)</sup> | 52000 | 1044680 |
| Galiano Gold, Inc.<sup>(a)</sup> | 450000 | 603000 |
| Integra Resources Corp.<sup>(a)</sup> | 135000 | 218700 |
| Kinross Gold Corp. | 63000 | 929250 |
| New Gold, Inc.<sup>(a)</sup> | 225000 | 1001250 |
| Newmont Goldcorp Corp. | 14000 | 738080 |
| Ramaco Resources, Inc., Class A | 42000 | 379680 |
| Silvercorp Metals, Inc.<sup>(a)</sup> | 95000 | 369550 |
| SSR Mining, Inc.<sup>(a)</sup> | 40000 | 473200 |
| Ternium SA - ADR<sup>(a)</sup> | 18000 | 492840 |
|  |  | 10149180 |
| **Real Estate — 1.16%** |  |  |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 7500 | 512325 |

---

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

**Auer Growth Fund**

**Schedule of Investments (continued)**

*May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.93% - (continued)** | **Shares** | **Fair Value** |
| **Technology — 2.57%** |  |  |
| Micron Technology, Inc. | 12000 | $1133520 |
| **Total Common Stocks (Cost $40,083,342)** |  | 39257494 |
| **MONEY MARKET FUNDS — 11.09%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Class I, 4.19%<sup>(b)</sup> | 4894047 | 4894047 |
| **Total Money Market Funds (Cost $4,894,047)** |  | 4894047 |
| **Total Investments — 100.02% (Cost $44,977,389)** |  | 44151541 |
| **Liabilities in Excess of Other Assets — (0.02)%** |  | (8444) |
| **NET ASSETS — 100.00%** |  | $44143097 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of May 31, 2025.

ADR - American Depositary Receipt

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

**Auer Growth Fund**

**Statement of Assets and Liabilities**

*May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $44,977,389) | $44151541 |
| Dividends receivable | 52232 |
| Tax reclaims receivable | 6572 |
| Prepaid expenses | 12718 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 44223063 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 300 |
| Payable to Adviser | 55344 |
| Payable to affiliates | 5474 |
| Other accrued expenses | 18848 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 79966 |
| **Net Assets** | $44143097 |
| **Net Assets consist of:** |  |
| Paid-in capital | $45808042 |
| Accumulated deficit | (1664945) |
| **Net Assets** | $44143097 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 3327205 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $13.27 |

---

(a) The Fund charges a 1.00% redemption fee on shares redeemed within 7 days of purchase.

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

**Auer Growth Fund**

**Statement of Operations**

*For the Six Months Ended May 31, 2025*

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $2,593) | $574172 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 574172 |
| **Expenses** |  |
| Adviser | 387213 |
| Administration | 31046 |
| Fund accounting | 21044 |
| Legal | 11800 |
| Transfer agent | 10923 |
| Trustee | 10820 |
| Audit and tax preparation | 9669 |
| Registration | 8802 |
| Compliance services | 6324 |
| Report printing | 4409 |
| Custodian | 4001 |
| Insurance | 1848 |
| Pricing | 1172 |
| Miscellaneous | 16047 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 525118 |
| **Net investment income** | 49054 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized loss on investment securities transactions | (902689) |
| Net realized gain on foreign currency translations | 53 |
| Net change in unrealized depreciation of investment securities | (4608501) |
| Net change in unrealized depreciation of foreign currency translations | (5) |
| **Net realized and change in unrealized loss on investments** | (5511142) |
| **Net decrease in net assets resulting from operations** | $(5462088) |

---

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

**Auer Growth Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> May 31,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $49054 | $136741 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities and foreign currency translations | (902636) | 12621913 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investment securities | (4608506) | 489919 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (5462088) | 13248573 |
| **Distributions From** |  |  |
| Earnings | (12076850) | (2037992) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2943923 | 15805141 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees<sup>(a)</sup> | 524 | 49 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 11996774 | 1992774 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (18759846) | (7837927) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | (3818625) | 9960037 |
| **Total Increase (Decrease) in Net Assets** | (21357563) | 21170618 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 65500660 | 44330042 |
| &nbsp;&nbsp;&nbsp;End of period | $44143097 | $65500660 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 221705 | 1027828 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 866819 | 141031 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1466184) | (488644) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (377660) | 680215 |

---

(a) The Fund charges a 1.00% redemption fee on shares redeemed within 7 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 period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **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,** |
|  | **For the**<br>**Six Months Ended**<br>**May 31,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.68 | $14.66 | $14.59 | $11.30 | $8.10 | $8.12 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.01 | 0.04 | 0.10 | (0.01)<sup>(a)</sup> | (0.08) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.15) | 3.65 | 0.73 | 3.30 | 3.28 | — <sup>(b)(c)</sup> |
| Total from investment operations | (1.14) | 3.69 | 0.83 | 3.29 | 3.20 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.23) | (0.56) | (0.76) |  |  |  |
| Total distributions | (3.27) | (0.67) | (0.76) |  |  |  |
| Paid in capital from redemption fees | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> |  |  |
| Net asset value, end of period | $13.27 | $17.68 | $14.66 | $14.59 | $11.30 | $8.10 |
| **Total Return<sup>(d)</sup>** | (7.18)%<sup>(e)</sup> | 26.34% | 6.35% | 29.12% | 39.51% | (0.25)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $44143 | $65501 | $44330 | $40980 | $23838 | $18434 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.04 %<sup>(f)</sup> | 1.96% | 2.06% | 2.20% | 2.37% | 2.56% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.19 %<sup>(f)</sup> | 0.23% | 0.72% | (0.05)% | (0.76)% | (0.09)% |
| Portfolio turnover rate | 50 %<sup>(e)</sup> | 146% | 134% | 149% | 150% | 169% |

---

(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.

(e) Not annualized.

(f) Annualized.

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

**Auer Growth Fund**

**Notes to the Financial Statements**

*May 31, 2025 (Unaudited)*

**NOTE 1. ORGANIZATION**

The Auer Growth Fund (the "Fund") was registered under the Investment Company Act of 1940, as amended (the "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").

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies", including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

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

**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.

**Auer Growth Fund**

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

*May 31, 2025 (Unaudited)*

As of and during the six months ended May 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the six months ended May 31, 2025, 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 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 of the Trust 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 statement 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

**Auer Growth Fund**

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

*May 31, 2025 (Unaudited)*

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 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.

**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 or transferring a liability in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in 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

**Auer Growth Fund**

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

*May 31, 2025 (Unaudited)*

reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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

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

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

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

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

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser, as Valuation Designee, under the oversight of the Board's Pricing & Liquidity Committee. The Valuation Designee has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available in conformity with guidelines adopted by the Board. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Designee pursuant to its policies and procedures. Any fair value provided by the Valuation Designee is subject to the ultimate review of the pricing methodology by the Pricing & Liquidity Committee of the Board on a quarterly basis. Under these policies,

**Auer Growth Fund**

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

*May 31, 2025 (Unaudited)*

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 Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Investments** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Common Stocks<sup>(a)</sup> | $39257494 | $— | $— | $39257494 |
| Money Market Funds | 4894047 |  |  | 4894047 |
| Total | $44151541 | $— | $— | $44151541 |

---

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

**Auer Growth Fund**

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

*May 31, 2025 (Unaudited)*

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

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

The Adviser, under the terms of the management agreement, manages the Fund's investments. As compensation for its management services, the Fund is obligated to pay the Adviser a management fee computed and accrued daily and paid monthly at an annual rate of 1.50% of the Fund's average daily net assets. For the six months ended May 31, 2025, the Adviser earned a management fee of $387,213 from the Fund. At May 31, 2025, the Fund owed the Adviser $55,344 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 wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

Certain officers of the Trust are also employees of Ultimus and such persons are not paid by the Fund for serving in such capacities.

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chair of the Board and more than 75% of the Trustees are "Independent Trustees," which means that they are not "interested persons" as defined in the 1940 Act. The Independent Trustees review and establish compensation at least annually. Each Trustee of the Trust receives annual compensation, which is an established amount paid quarterly per fund in the Trust at the time of the regular quarterly Board meetings. The Chair of the Board receives the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Trustees also receive additional fees for attending any special meetings. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings. Beginning in May

**Auer Growth Fund**

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

*May 31, 2025 (Unaudited)*

2024, the Interested Trustee began receiving the same compensation as the Independent Trustees.

The Trust, with respect to the Fund, has adopted a distribution plan (the "Plan") 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 six months ended May 31, 2025, purchases and sales of investment securities, other than short-term investments, were $23,135,031 and $33,768,002, respectively.

There were no purchases or sales of long-term U.S. government obligations during the six months ended May 31, 2025.

**NOTE 6. BENEFICIAL OWNERSHIP**

As of May 31, 2025, the following entity owned beneficially 25% or greater of the Fund's outstanding shares. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the origination broker rather than designated separately).

---

| | |
|:---|:---|
|  | **Percentage** |
| Charles Schwab & Co. | 62% |

---

**Auer Growth Fund**

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

*May 31, 2025 (Unaudited)*

**NOTE 7. FEDERAL TAX INFORMATION**

At May 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $4462531 |
| Gross unrealized depreciation | (5273451) |
| Net unrealized appreciation/(depreciation) on investments | $(810920) |
| Tax cost of investments | $44962461 |

---

The tax character of distributions paid for the fiscal year ended November 30, 2024, the Fund's most recent fiscal year end, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $1527358 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 510634 |
| Total distributions paid | $2037992 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

At November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $7915561 |
| Undistributed long-term capital gains | 4160845 |
| Unrealized appreciation on investments | 3797587 |
| Total accumulated earnings | $15873993 |

---

As of November 30, 2024, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the passive foreign investment company basis adjustments of underlying securities, C-Corp basis adjustments, and REIT basis adjustments.

Capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the fiscal year ended November 30, 2024, the Fund did not defer any post-October capital losses or late year ordinary losses.

**Auer Growth Fund**

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

*May 31, 2025 (Unaudited)*

**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 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 May 31, 2025, the Fund had 27.51% of the value of its net assets invested in stocks within the Financials 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.

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**Proxy Voting (Unaudited)**

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.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not Applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not Applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable – disclosed with annual report. <br>(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act are attached hereto.](ust_ex99-cert.htm)

(b) [Certifications required by Rule 30a-2(b) under the Act are attached hereto.](ust_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Unified Series Trust</u>

---

| | |
|:---|:---|
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |
| Date | 8/6/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Martin R. Dean |
|  | Martin R. Dean, Principal Executive Officer |
| Date | 8/6/2025 |
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |
| Date | 8/6/2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

<u>CERTIFICATIONS</u>

I, Martin R. Dean, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 8/6/2025 | /s/ Martin R. Dean |
|  |  | Martin R. Dean |
|  |  | Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 8/6/2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906 CERT**

**SECTION 906 CERTIFICATION**

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

1. The Registrant's periodic report on Form N-CSR for
 the period ended May 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d)
 of the Securities Exchange Act of 1934, as amended; and

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

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

---

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

---

Date: <u>8/6/2025</u> Date: <u>8/6/2025</u>

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

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