# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0000910472-26-003261
**Filing Date:** 2026-2
**Character Count:** 24274
**Document Hash:** 7080942308f111f0b90f95f3d4a6ff8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003261.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003261

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21237
- **FILM NUMBER:** 26693856

**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

### BALLAST SMALL/MID CAP ETF (Series ID: S000070046)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000222954 | BALLAST SMALL/MID CAP ETF | MGMT            |

## Nport-Ex

Ballast

Small/Mid

Cap

ETF

Schedule

of

Investments

December

31,

2025

(Unaudited)

COMMON

STOCKS

—

97.82%

Shares

Fair

Value

Communications

—

4.08%

ATN

International,

Inc.

85,190

$

1,942,332

Criteo

S.A.

-

ADR

(a) 122,260

2,519,778

TripAdvisor,

Inc.

(a) 121,921

1,775,170

6,237,280

Consumer

Discretionary

—

12.36%

Cavco

Industries,

Inc.

(a) 8,474

5,005,930

Climb

Global

Solutions,

Inc.

58,162

5,978,472

Global

Business

Travel

Group,

Inc.

(a) 326,366

2,496,700

Patrick

Industries,

Inc.

33,482

3,630,453

Phinia

,

Inc.

28,353

1,777,450

18,889,005

Consumer

Staples

—

4.18%

Ingles

Markets,

Inc.,

Class

A

21,399

1,466,901

Turning

Point

Brands,

Inc.

45,361

4,917,133

6,384,034

Energy

—

5.79%

Epsilon

Energy

Ltd.

552,052

2,561,520

Kosmos

Energy

Ltd.

(a) 1,264,441

1,147,354

Solaris

Energy

Infrastructure,

Inc.,

Class

A

78,480

3,607,726

Unit

Corp.

49,642

1,531,456

8,848,056

Financials

—

12.18%

Bank

OZK

44,129

2,030,817

Capital

Bancorp,

Inc.

136,987

3,858,923

Federal

Agricultural

Mortgage

Corp.,

Class

C

25,304

4,442,623

Merchants

Bancorp

90,843

3,094,113

MGIC

Investment

Corp.

100,772

2,944,558

Resolute

Holdings

Management,

Inc.

(a) 10,870

2,243,894

18,614,928

Health

Care

—

8.14%

Bausch

+

Lomb

Corp.

(a) 144,693

2,471,357

Bruker

Corp.

45,059

2,122,729

Collegium

Pharmaceutical,

Inc.

(a) 76,784

3,555,099

iRadimed

Corp.

24,074

2,341,919

QuidelOrtho

Corp.

(a) 68,557

1,957,988

12,449,092

Industrials

—

17.21%

AZZ,

Inc.

37,598

4,029,754

Bel

Fuse,

Inc.,

Class

B

29,179

4,949,634

Brink's

Co.

(The)

34,525

4,030,103

Donaldson

Company,

Inc.

23,866

2,115,960

Hillman

Solutions

Corp.

(a) 286,754

2,483,290

Landstar

System,

Inc.

22,832

3,280,958

Mueller

Industries,

Inc.

20,348

2,335,950

Ballast

Small/Mid

Cap

ETF

Schedule

of

Investments

(continued)

December

31,

2025

(Unaudited)

COMMON

STOCKS

—

97.82%

-

continued

Shares

Fair

Value

Industrials

—

17.21%

-

continued

Terex

Corp.

57,629

$

3,076,236

26,301,885

Materials

—

19.44%

AdvanSix

,

Inc.

74,234

1,284,248

Cabot

Corp.

19,494

1,292,062

Core

Natural

Resources,

Inc.

33,742

2,986,504

Eagle

Materials,

Inc.

13,987

2,890,833

Ecovyst

,

Inc.

(a) 380,295

3,700,271

Ferroglobe

plc

579,934

2,690,894

Natural

Resource

Partners,

L.P.

72,207

7,538,411

Royal

Gold,

Inc.

17,982

3,997,219

TimkenSteel

Corp.

(a) 195,331

3,351,880

29,732,322

Real

Estate

—

3.52%

EPR

Properties

50,046

2,497,295

GEO

Group,

Inc.

(The)

(a) 179,189

2,888,527

5,385,822

Technology

—

10.92%

Cass

Information

Systems,

Inc.

34,816

1,445,560

CompoSecure

,

Inc.

(a) 199,231

3,841,175

Consensus

Cloud

Solutions,

Inc.

(a) 80,921

1,765,696

Extreme

Networks,

Inc.

(a) 92,495

1,540,042

Genpact

Ltd.

51,857

2,425,870

IPG

Photonics

Corp.

(a) 22,275

1,594,890

Knowles

Corp.

(a) 100,698

2,157,958

RCM

Technologies,

Inc.

(a) 94,149

1,924,876

16,696,067

Total

Common

Stocks

(Cost $122,015,716)

149,538,491

Total

Investments

—

97.82%

(Cost

$122,015,716)

149,538,491

Other

Assets

in

Excess

of

Liabilities — 2.18%

3,333,933

NET

ASSETS

—

100.00%

$

152,872,424

(a) Non-income

producing

security.

ADR

-

American

Depositary

Receipt

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** BALLAST SMALL/MID CAP ETF

- **b. EDGAR series identifier (if any):** S000070046

- **c. LEI of Series:** 549300MWAM7TQ154AZ92

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $153558062.96

**Total Liabilities:** $685639.20

**Net Assets:** $152872423.76

**Cash Not Reported:** $3934882.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222954 | -3.14%               | 2.20%                | 2.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3906271.62              | $-8707433.58                               |
| Month 2  | $-2402355.42             | $5590041.37                                |
| Month 3  | $-2599663.91             | $5529921.45                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATN International Inc.                    | ATN International, Inc.                   | CUSIP: 00215F107<br>LEI: 54930013NP7VEU877V56 | Long             | EC               | CORP              | US        |     85190 | NS      | $1942332.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                   | AZZ, Inc.                                 | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     37598 | NS      | $4029753.64   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Advansix Inc                              | AdvanSix, Inc.                            | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     74234 | NS      | $1284248.20   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                  | Bank OZK                                  | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     44129 | NS      | $2030816.58   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Plus Lomb Corp.                    | Bausch + Lomb Corporation                 | CUSIP: 071705107<br>LEI: 549300NY6OZM39SO6475 | Long             | EC               | CORP              | CA        |    144693 | NS      | $2471356.44   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BEL Fuse Inc                              | Bel Fuse, Inc.                            | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     29179 | NS      | $4949633.77   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinks Company                            | Brink's Company (The)                     | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     34525 | NS      | $4030103.25   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                        | Bruker Corporation                        | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |     45059 | NS      | $2122729.49   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corporation                         | Cabot Corporation                         | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     19494 | NS      | $1292062.32   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Bancorp Inc.                      | Capital Bancorp, Inc.                     | CUSIP: 139737100<br>LEI: 549300LQKYGWQ7VP0C75 | Long             | EC               | CORP              | US        |    136987 | NS      | $3858923.79   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc.             | Cass Information Systems, Inc.            | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |     34816 | NS      | $1445560.32   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                          | Cavco Industries, Inc.                    | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8474 | NS      | $5005930.76   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc.             | Collegium Pharmaceutical, Inc.            | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     76784 | NS      | $3555099.20   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Composecure Inc                           | CompoSecure, Inc.                         | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    199231 | NS      | $3841173.68   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc             | Consensus Cloud Solutions, Inc.           | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80921 | NS      | $1765696.22   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc.               | Core Natural Resources, Inc.              | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     33742 | NS      | $2986504.42   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                          | QuidelOrtho Corporation                   | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |     68557 | NS      | $1957987.92   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Criteo S.A                                | Criteo S.A.                               | CUSIP: 226718104<br>LEI: 969500EELFB4RDMFHA76 | Long             | EC               | CORP              | FR        |    122260 | NS      | $2519778.60   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                          | Donaldson Company, Inc.                   | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     23866 | NS      | $2115959.56   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                            | EPR Properties                            | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     50046 | NS      | $2497295.40   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                      | Eagle Materials, Inc.                     | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     13987 | NS      | $2890833.16   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                               | Ecovyst, Inc.                             | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    380295 | NS      | $3700270.35   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Epsilon Energy Limited                    | Epsilon Energy Ltd.                       | CUSIP: 294375209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    552052 | NS      | $2561521.28   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc.                     | Extreme Networks, Inc.                    | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     92495 | NS      | $1540041.75   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corporation | Federal Agricultural Mortgage Corporation | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGSE             | US        |     25304 | NS      | $4442623.28   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc                             | GEO Group, Inc. (The)                     | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |    179189 | NS      | $2888526.68   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Business Travel Group inc          | Global Business Travel Group I            | CUSIP: 37890B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    326366 | NS      | $2496699.90   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp                    | Hillman Solutions Corporation             | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    286754 | NS      | $2483289.64   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                        | IPG Photonics Corporation                 | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |     22275 | NS      | $1594890.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Incorporated              | Ingles Markets, Inc.                      | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     21399 | NS      | $1466901.45   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Iradimed Corp.                            | iRadimed Corporation                      | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |     24074 | NS      | $2341918.72   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                       | Knowles Corporation                       | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    100698 | NS      | $2157958.14   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                         | Kosmos Energy Ltd.                        | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |   1264441 | NS      | $1147353.76   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                      | Landstar System, Inc.                     | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     22832 | NS      | $3280958.40   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                     | MGIC Investment Corporation               | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    100772 | NS      | $2944557.84   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)              | Merchants Bancorp                         | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |     90843 | NS      | $3094112.58   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc.                   | Mueller Industries, Inc.                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |     20348 | NS      | $2335950.40   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Resource Partners L.P.            | Natural Resource Partners, L.P.           | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |     72207 | NS      | $7538410.80   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.                   | Patrick Industries, Inc.                  | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     33482 | NS      | $3630453.26   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc.                               | Phinia, Inc.                              | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     28353 | NS      | $1777449.57   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| RCM Technologies                          | RCM Technologies, Inc.                    | CUSIP: 749360400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94149 | NS      | $1924876.31   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Resolute Holdings Management Inc          | Resolute Holdings Management, Inc.        | CUSIP: 76134H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10870 | NS      | $2243894.10   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                          | Royal Gold, Inc.                          | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     17982 | NS      | $3997218.78   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc         | Solaris Energy Infrastructure, Inc.       | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     78480 | NS      | $3607725.60   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corporation                         | Terex Corporation                         | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     57629 | NS      | $3076236.02   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc.                             | Metallus, Inc.                            | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |    195331 | NS      | $3351879.96   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripadvisor Inc                           | TripAdvisor, Inc.                         | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |    121921 | NS      | $1775169.76   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands Inc                  | Turning Point Brands, Inc.                | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |     45361 | NS      | $4917132.40   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Unit Corporation                          | Unit Corporation                          | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               | CORP              | US        |     49642 | NS      | $1531455.70   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc                | Climb Global Solutions, Inc.              | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |     58162 | NS      | $5978471.98   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferroglobe PLC                            | Ferroglobe plc                            | CUSIP: G33856108<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |    579934 | NS      | $2690893.76   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd.                              | Genpact Ltd.                              | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | US        |     51857 | NS      | $2425870.46   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** Unified Series Trust

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer