Securities
Act File No. 333-100654
Investment
Company Act File No. 811-21237
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
N-1A REGISTRATION STATEMENT
UNDER
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THE
SECURITIES ACT OF 1933 |
x |
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Pre-Effective Amendment No. |
o |
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Post-Effective Amendment No. 610 |
x |
and/or
REGISTRATION
STATEMENT
UNDER
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THE
INVESTMENT COMPANY ACT OF 1940 |
x |
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Amendment No. 611 |
x |
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)
Registrant’s
Telephone Number, Including Area Code: (513) 587-3400
Elisabeth
Dahl
Secretary
225
Pictoria Drive, Suite 450
Cincinnati,
Ohio 45246
(Name
and Address of Agent for Service)
Copies
to:
JoAnn
Strasser, Esq.
Thompson
Hine LLP
41
South High Street, 17th Floor
Columbus,
OH 43215-6101
(614)
469-3265
It
is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933,
as amended.
EXPLANATORY
NOTE
This
Post-Effective Amendment No. 610 to the Registration Statement on Form N-1A (File Nos. 333-100654 and 811-21237) of Unified Series Trust
(the “Registration Statement”) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the “Securities
Act”), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No.
610 consists only of a facing page, this explanatory note, and Part C of the Registration Statement setting forth the exhibits to the
Registration Statement. This Post-Effective Amendment No. 610 does not modify any other part of the Registration Statement.
PART
C. OTHER INFORMATION
| (a) |
Articles
of Incorporation |
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|
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1. |
Agreement
and Declaration of Trust as filed with the State of Ohio on October 17, 2002 – Filed with Registrant’s initial registration
statement on Form N-1A dated October 21, 2002 and incorporated herein by reference. |
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|
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2. |
Amendment
No. 51 to Agreement and Declaration of Trust as filed with the State of Ohio on October 8, 2024 – Filed with Registrant’s
registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference. |
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| (b) |
By-laws.
Bylaws of the Registrant, as adopted on October 14, 2002 – Filed with Registrant’s initial registration statement
on Form N-1A dated October 21, 2002 and incorporated herein by reference. |
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| (c) |
Instruments
Defining Rights of Security Holders. None. |
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| (d) |
Investment
Advisory Contracts. |
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1. |
(a) |
Registrant’s
Amended and Restated Management Agreement with Crawford Investment Counsel, Inc. with regard to the Crawford Large Cap Dividend Fund
– Filed with Registrant’s registration statement on Form N-1A dated May 2, 2011 and incorporated herein by reference. |
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(b) |
Registrant’s
Amended and Restated Management Agreement with Crawford Investment Counsel, Inc. with regard to the Crawford Small Cap Dividend Fund
– Filed with Registrant’s registration statement on Form N-1A dated April 29, 2021 and incorporated herein by reference. |
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|
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(c) |
Amended
and Restated Operating Expense Limitation Agreement with Crawford Investment Counsel, Inc. regarding fee waiver and expense reimbursement
with respect to the Crawford Large Cap Dividend Fund, and the Crawford Small Cap Dividend Fund – Filed with Registrant’s
registration statement on Form N-1A dated April 29, 2021 and incorporated herein by reference. |
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2. |
(a) |
Registrant’s
Management Agreement with Crawford Investment Counsel, Inc. with regard to the Crawford Multi-Asset Income Fund – Filed with
Registrant’s registration statement on Form N-1A dated April 29, 2021 and incorporated herein by reference. |
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|
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(b) |
.Amended
and Restated Operating Expense Limitation Agreement with Crawford Investment Counsel, Inc. regarding fee waiver and expense reimbursement
with respect to the Crawford Multi-Asset Income Fund - Filed with Registrant’s registration statement on Form N-1A dated April
29, 2025 and incorporated herein by reference. |
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|
|
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3. |
(a) |
Registrant’s
Management Agreement with Channel Investment Partners LLC with regard to the Channel Short Duration Income Fund dated August 1, 2020
– Filed with Registrant’s registration statement on Form N-1A dated January 27, 2021 and incorporated herein by reference. |
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(b) |
Assignment
and Assumption Agreement among Financial Counselors, Inc., Channel Investment Partners LLC and Unified Series Trust regarding fee
waiver and expense reimbursement with respect to the Channel Short Duration Income Fund – Filed with Registrant’s registration
statement on Form N-1A dated January 27, 2021 and incorporated herein by reference. |
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|
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(c) |
Operating
Expense Limitation Agreement with Channel Investment Partners LLC regarding fee waiver and expense reimbursement with respect to
the Channel Short Duration Income Fund – Filed with Registrant’s registration statement on Form N-1A dated January 27,
2021 and incorporated herein by reference. |
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|
|
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4. |
(a) |
Registrant’s
Amended and Restated Management Agreement with Pekin Hardy Strauss, Inc. with regard to Appleseed Fund – Filed with Registrant’s
registration statement on Form N-1A dated January 28, 2015 and incorporated herein by reference. |
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|
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(b) |
Operating
Expense Limitation Agreement with Pekin Hardy Strauss, Inc. regarding fee waiver and expense reimbursement with respect to the Appleseed
Fund - Filed with Registrant’s registration statement on Form N-1A dated January 27, 2021 and incorporated herein by reference. |
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5. |
(a) |
Registrant’s
Management Agreement with Dean Investment Associates, LLC with regard to the Dean Mid Cap Value Fund dated February 1, 2024 –
Filed with Registrant’s registration statement on Form N-1A dated July 26, 2024 and incorporated herein by reference. |
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(b) |
Registrant’s
Management Agreement with Dean Investment Associates, LLC with regard to the Dean Small Cap Value Fund dated February 1, 2024 –
Filed with Registrant’s registration statement on Form N-1A dated July 26, 2024 and incorporated herein by reference. |
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(c) |
Registrant’s
Management Agreement with Dean Investment Associates, LLC with regard to the Dean Equity Income Fund dated February 1, 2024 –
Filed with Registrant’s registration statement on Form N-1A dated July 26, 2024 and incorporated herein by reference. |
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|
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(d) |
Operating
Expense Limitation Agreement with Dean Investment Associates, LLC regarding fee waiver and expense reimbursement with respect to
the Dean Funds dated October 24, 2023 – Filed with Registrant’s registration statement on Form N-1A dated July 26, 2024
and incorporated herein by reference. |
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|
|
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(e) |
Investment
Subadvisory Agreement between Dean Investment Associates, LLC and Dean Capital Management, LLC with regard to the Dean Mid Cap Value
Fund, Dean Small Cap Value Fund, and Dean Equity Income Fund dated January 1, 2024 – Filed with Registrant’s registration
statement on Form N-1A dated July 26, 2024 and incorporated herein by reference. |
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|
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6. |
Registrant’s
Management Agreement with SBAuer Funds, LLC with regard to the Auer Growth Fund – Filed with Registrant’s registration
statement on Form N-1A dated March 29, 2021 and incorporated herein by reference. |
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|
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7. |
(a) |
Registrant’s
Management Agreement with Fisher Asset Management, LLC with regard to the Tactical Multi-Purpose Fund – Filed with Registrant’s
registration statement on Form N-1A dated November 29, 2021 and incorporated herein by reference. |
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|
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|
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|
(b) |
Amended
and Restated Operating Expense Limitation Agreement with Fisher Asset Management, LLC regarding fee waiver and expense reimbursement
with respect to the Tactical Multi-Purpose Fund – Filed with Registrant’s registration statement on Form N-1A dated December
27, 2024 and incorporated herein by reference. |
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8. |
Registrant’s
Management Agreement with Fisher Asset Management, LLC with regard to the FI Institutional Group Stock Fund for Retirement Plans,
the FI Institutional Group ESG Stock Fund for Retirement Plans, the FI Institutional Group Fixed Income Fund for Retirement Plans,
and the FI Institutional Group ESG Fixed Income Fund for Retirement Plans – Filed with Registrant’s registration statement
on Form N-1A dated December 28, 2021 and incorporated herein by reference. |
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|
|
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9. |
(a) |
Registrant’s
Management Agreement with Standpoint Asset Management, LLC with regard to the Standpoint Multi-Asset Fund – Filed with Registrant’s
registration statement on Form N-1A dated February 26, 2021 and incorporated herein by reference. |
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|
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|
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(b) |
Amended
and Restated Operating Expense Limitation Agreement with Standpoint Asset Management, LLC regarding Standpoint Multi-Asset Fund –
Filed with Registrant’s registration statement on Form N-1A dated February 27, 2025 and incorporated herein by reference. |
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|
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|
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(c) |
Investment
Advisory Agreement between Standpoint Asset Management, LLC and Standpoint Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant’s
registration statement on Form N-1A dated February 26, 2021 and incorporated herein by reference. |
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|
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10. |
(a) |
Registrant’s
Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute Select Value ETF – Filed with Registrant’s
registration statement on Form N-1A dated July 28, 2021 and incorporated herein by reference. |
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|
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|
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|
(b) |
Amended
and Restated Operating Expense Limitation Agreement with Absolute Investment Advisers LLC with regard to the Absolute Select Value
ETF – Filed with Registrant’s registration statement on Form N-1A dated July 28, 2021 and incorporated herein by reference. |
| |
|
(c) |
Registrant’s
Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute Capital Opportunities Fund – Filed with
Registrant’s registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference. |
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|
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(d) |
Registrant’s
Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute Convertible Arbitrage Fund – Filed with
Registrant’s registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference. |
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|
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|
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|
(e) |
Registrant’s
Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute Flexible Fund – Filed with Registrant’s
registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference. |
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|
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|
(f) |
Registrant’s
Management Agreement with Absolute Investment Advisers LLC with regard to the Absolute CEF Opportunities – Filed with Registrant’s
registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference. |
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|
|
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(g) |
Operating
Expense Limitation Agreement with Absolute Investment Advisers LLC with regard to the Absolute Capital Opportunities Fund, Absolute
Convertible Arbitrage Fund, Absolute Flexible Fund, and Absolute Strategies Fund (now Absolute CEF Opportunities) – Filed with
Registrant’s registration statement on Form N-1A dated September 15, 2023 and incorporated herein by reference. |
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(h) |
Assignment
and Assumption Agreement among Absolute Investment Advisers LLC, Forum Funds, and Unified Series Trust with regard to the Absolute
Capital Opportunities Fund, Absolute Convertible Arbitrage Fund, Absolute Flexible Fund, and Absolute Strategies Fund (now Absolute
CEF Opportunities) – Filed with Registrant’s registration statement on Form N-1A dated September 5, 2023 and incorporated
herein by reference. |
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|
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|
(i) |
Subadvisory
Agreement between Absolute Investment Advisers LLC and St. James Investment Company, LLC with regard to the Absolute Select Value
ETF – Filed with Registrant’s registration statement on Form N-1A dated July 28, 2021 and incorporated herein by reference. |
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(j) |
Subadvisory
Agreement between Absolute Investment Advisers LLC and Kovitz Investment Group Partners, LLC with regard to the Absolute Capital
Opportunities Fund – Filed with Registrant’s registration statement on Form N-1A dated September 5, 2023 and incorporated
herein by reference. |
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|
|
|
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|
(k) |
Amended
and Restated Operating Expense Limitation Agreement with Absolute Investment Advisers LLC with regard to Absolute CEF Opportunities
(formerly Absolute Strategies Fund) – Filed with Registrant’s registration statement on Form N-1A dated October 21, 2024
and incorporated herein by reference. |
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|
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|
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11. |
(a) |
Registrant’s
Management Agreement with Ballast Asset Management, LP with regard to the Ballast Small/Mid Cap ETF – Filed with Registrant’s
registration statement on Form N-1A dated November 20, 2020 and incorporated herein by reference. |
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|
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(b) |
Operating
Expense Limitation Agreement with Ballast Asset Management, LP with regard to the Ballast Small/Mid Cap ETF – Filed with Registrant’s
registration statement on Form N-1A dated November 20, 2020 and incorporated herein by reference. |
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|
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|
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12. |
(a) |
Registrant’s
Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Large Cap Core ETF – Filed with
Registrant’s registration statement on Form N-1A dated November 5, 2021 and incorporated herein by reference. |
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|
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(b) |
Operating
Expense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Large Cap Core ETF – Filed
with Registrant’s registration statement on Form N-1A dated April 29, 2024 and incorporated herein by reference. |
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|
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|
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(c) |
Registrant’s
Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Core Plus Bond ETF – Filed with
Registrant’s registration statement on Form N-1A dated March 14, 2022 and incorporated herein by reference. |
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|
|
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(d) |
Operating
Expense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Core Plus Bond ETF – Filed
with Registrant’s registration statement on Form N-1A dated March 14, 2022 and incorporated herein by reference. |
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|
(e) |
Sub-Advisory
Agreement between OneAscent Investment Solutions, LLC and Teachers Advisors, LLC with regard to the OneAscent Core Plus Bond ETF
– Filed with Registrant’s registration statement on Form N-1A dated March 14, 2022 and incorporated herein by reference. |
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|
|
|
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|
(f) |
Registrant’s
Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent International Equity ETF – Filed
with Registrant’s registration statement on Form N-1A dated August 15, 2022 and incorporated herein by reference. |
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|
|
|
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|
(g) |
Registrant’s
Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Emerging Markets ETF – Filed with
Registrant’s registration statement on Form N-1A dated August 15, 2022 and incorporated herein by reference. |
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|
|
|
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(h) |
Operating
Expense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent International Equity ETF and the
OneAscent Emerging Markets ETF – Filed with Registrant’s registration statement on Form N-1A dated August 15, 2022 and
incorporated herein by reference. |
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|
|
|
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|
(i) |
Registrant’s
Management Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Small Cap Core ETF – Filed with
Registrant’s registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference. |
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|
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|
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(j) |
Operating
Expense Limitation Agreement with OneAscent Investment Solutions, LLC with regard to the OneAscent Small Cap Core ETF – Filed
with Registrant’s registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference. |
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|
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13. |
(a) |
Registrant’s
Management Agreement with Efficient Capital Management LLC with regard to the Efficient Enhanced Multi-Asset Fund – Filed with
Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
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(b) |
Operating
Expense Limitation Agreement with Efficient Capital Management LLC with regard to the Efficient Enhanced Multi-Asset Fund –
Filed with Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
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(c) |
Investment
Advisory Agreement between Efficient Capital Management LLC and Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed
with Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
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(d) |
Form
of Sub-Advisory Agreement between Efficient Capital Management LLC and AlphaSimplex Group, LLC with regard to the Efficient Enhanced
Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant’s registration statement
on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary. |
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(e) |
Form
of Sub-Advisory Agreement between Efficient Capital Management LLC and AQR Capital Management, LLC with regard to the Efficient Enhanced
Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant’s registration statement
on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary. |
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(f) |
Form
of Sub-Advisory Agreement between Efficient Capital Management LLC and Aspect Capital Limited with regard to the Efficient Enhanced
Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant’s registration statement
on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary. |
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(g) |
Form
of Sub-Advisory Agreement between Efficient Capital Management LLC and Columbia Management Investment Advisers, LLC with regard to
the Efficient Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant’s
registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary. |
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(h) |
Form
of Sub-Advisory Agreement between Efficient Capital Management LLC and Crabel Capital Management, LLC with regard to the Efficient
Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant’s
registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary. |
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(i) |
Form
of Sub-Advisory Agreement between Efficient Capital Management LLC and Welton Investment Partners LLC with regard to the Efficient
Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant’s registration
statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary. |
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(j) |
Form
of Sub-Advisory Agreement between Efficient Capital Management LLC and Winton Capital Management Limited with regard to the Efficient
Enhanced Multi-Asset Fund and the Efficient Enhanced Multi-Asset (Cayman) Fund, Ltd. – Filed with Registrant’s registration
statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. Redacted proprietary. |
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14. |
(a) |
Registrant’s
Management Agreement with Quantum Advisors Private Limited with regard to the Q India Equity Fund – Filed with Registrant’s
registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference. |
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(b) |
Operating
Expense Limitation Agreement with Quantum Advisors Private Limited with regard to the Q India Equity Fund - Filed with Registrant’s
registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference. |
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| (e) |
Underwriting
Contracts. |
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1. |
(a) |
Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC dated July 1, 2025 – Filed herewith. Redacted
proprietary. |
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(b) |
Amendment to Distribution Agreement between Registrant and Ultimus Fund Distributors, LLC – Filed herewith. Redacted proprietary. |
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2. |
(a) |
Distribution Agreement between Registrant and Northern Lights Distributors, LLC – Filed herewith. Redacted
proprietary. |
| (f) |
Bonus
or Profit Sharing Contracts. None. |
| (g) |
Custodian
Agreements. |
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|
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1. |
Registrant’s
Custodian Agreement with Huntington National Bank dated October 15, 2010 – Filed with Registrant’s registration statement
on Form N-1A dated July 28, 2021 and incorporated herein by reference. Redacted proprietary. |
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2. |
(a) |
Registrant’s
Custodian Agreement with U.S. Bank, N.A. dated September 23, 2005 – Filed with Registrant’s registration statement on
Form N-1A dated July 28, 2021 and incorporated herein by reference. Redacted proprietary. |
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(b) |
Amendment
to Registrant’s Custodian Agreement with U.S. Bank, N.A. – Filed with Registrant’s registration statement on Form
N-1A dated October 11, 2024 and incorporated herein by reference. Redacted proprietary. |
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3. |
(a) |
Registrant’s
Custodian and Transfer Agent Agreement with Brown Brothers Harriman & Co. – Filed with Registrant’s registration
statement on Form N-1A dated February 26, 2021 and incorporated herein by reference. |
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(b) |
Eighth
Amendment to Custodian and Transfer Agent Agreement with Brown Brothers Harriman & Co. reflecting current schedule of ETFs –
Filed with Registrant’s registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference. |
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4. |
(a) |
Registrant’s
Custodian Agreement with MUFG Union Bank, N.A. – Filed with Registrant’s registration statement on Form N-1A dated February
26, 2021 and incorporated herein by reference. |
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(b) |
U.S.
Bank National Association Acknowledgement of Assumption of Custodial Duties – Filed with Registrant’s registration statement
on Form N-1A dated October 27, 2021 and incorporated herein by reference. |
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5. |
Registrant’s
Custodian Agreement with Fifth Third Bank, National Association – Filed with Registrant’s registration statement on Form
N-1A dated November 9, 2021 and incorporated herein by reference. |
| (h) |
Other
Material Contracts. |
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|
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1. |
(a) |
Amended
and Restated Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC – Filed with Registrant’s
registration statement on Form N-1A dated August 24, 2021 and incorporated herein by reference. Redacted proprietary. |
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(b) |
Amendment to Amended and Restated Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC (Notices) – Filed herewith. |
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(c) |
Amendment to Amended and Restated Consulting Agreement between Registrant and Northern Lights Compliance Services, LLC (Schedule A) – Filed herewith. Redacted proprietary. |
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2. |
(a) |
Registrant’s
Investor Class Administrative Services Plan for the Appleseed Fund – Filed with Registrant’s registration statement on
Form N-1A dated January 27, 2017 and incorporated herein by reference. |
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(b) |
Side
Letter Agreement with Pekin Hardy Strauss, Inc. regarding agreement to waive receipt of payments under the administrative services
plan relating to the Fund’s Investor Class until January 31, 2026 – Filed with Registrant’s registration statement
on Form N-1A dated January 28, 2025 and incorporated herein by reference. |
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3. |
(a) |
Master
Services Agreement between Registrant and Ultimus Fund Solutions, LLC – Filed with Registrant’s registration statement
on Form N-1A dated February 22, 2023 and incorporated herein by reference. Redacted proprietary. |
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(b) |
Amendment
to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (N-CEN N-PORT) – Filed with Registrant’s
registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference. |
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(c) |
Amendment
to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (ETF Accounting) – Filed with Registrant’s
registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference. |
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(d) |
Amendment
to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (ETF Administration) – Filed with Registrant’s
registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference. |
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(e) |
Amendment
to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Derivatives) – Filed with Registrant’s
registration statement on Form N-1A dated February 22, 2023 and incorporated herein by reference. Redacted proprietary. |
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(f) |
Amendment
to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Tax Provisioning) – Filed with Registrant’s
registration statement on Form N-1A dated November 13 2023 and incorporated herein by reference. Redacted proprietary. |
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(g) |
Amendment
to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Shareholder Servicing Fees) – Filed with Registrant’s
registration statement on Form N-1A dated November 13 2023 and incorporated herein by reference. |
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(h) |
Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Notices) – Filed herewith. |
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|
(i) |
Amendment to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Schedule A) – Filed herewith. |
| |
|
|
| |
|
(j) |
Amendment
to Master Services Agreement between Registrant and Ultimus Fund Solutions, LLC (Tailored Shareholder Reports) – Filed with
Registrant’s registration statement on Form N-1A dated May 29, 2024 and incorporated herein by reference. Redacted
proprietary. |
| |
|
|
| |
4. |
Form
of Authorized Participant Agreement for ETFs – Filed with Registrant’s registration statement on Form N-1A dated November
20, 2020 and incorporated herein by reference. |
| |
2. |
Rule
18f-3 Plan for the Appleseed Fund –Filed with Registrant’s registration statement on Form N-1A dated January 28, 2011
and incorporated herein by reference. |
| |
|
|
| |
3. |
Rule
18f-3 Plan for Standpoint Multi-Asset Fund – Filed with Registrant’s registration statement on Form N-1A dated October
28, 2019 and incorporated herein by reference. |
| |
|
|
| |
4. |
Rule
18f-3 Plan for Absolute Convertible Arbitrage Fund – Filed with Registrant’s registration statement on Form N-1A dated
September 5, 2023 and incorporated herein by reference. |
| |
|
|
| |
5. |
Rule
18f-3 Plan for Efficient Enhanced Multi-Asset Fund – Filed with Registrant’s registration statement on Form N-1A dated
July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
6. |
Rule
18f-3 Plan for Q India Equity Fund – Filed with Registrant’s registration statement on Form N-1A dated October 11, 2024
and incorporated herein by reference. |
| |
|
|
| (o) |
Reserved. |
| |
|
| (p) |
Codes
of Ethics. |
| |
|
| |
1. |
Registrant’s
Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated October 21, 2024 and incorporated
herein by reference. |
| |
|
|
| |
2. |
Code
of Ethics for Senior Executive Officers – Filed with Registrant’s registration statement on Form N-1A dated November
29, 2021 and incorporated herein by reference. |
| |
|
|
| |
3. |
Code
of Ethics adopted by Ultimus Fund Distributors, LLC and Northern Lights Distributors, LLC, as distributors to Registrant –
Filed with Registrant’s registration statement on Form N-1A dated November 13 2023 and incorporated herein by reference. |
| |
|
|
| |
4. |
Dean
Investment Associates, LLC and Dean Financial Services, LLC Code of Ethics and Insider Trading Policy - Filed with Registrant’s
registration statement on Form N-1A dated December 3, 2021 and incorporated herein by reference. |
| |
|
|
| |
5. |
Dean
Capital Management, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated December 3,
2021 and incorporated herein by reference. |
| |
|
|
| |
6. |
Fisher
Asset Management, LLC Code of Ethics - Filed with Registrant’s registration statement on Form N-1A dated December 27, 2024
and incorporated herein by reference. |
| |
|
|
| |
7. |
Pekin
Hardy Strauss, Inc. Code of Ethics - Filed with Registrant’s registration statement on Form N-1A dated January 28, 2025 and
incorporated herein by reference. |
| |
|
|
| |
8. |
Channel
Investment Partners LLC Code of Ethics - Filed with Registrant’s registration statement on Form N-1A dated July 31, 2020 and
incorporated herein by reference. |
| |
|
|
| |
9. |
SBAuer
Funds, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated March 29, 2021 and incorporated
herein by reference. |
| |
|
|
| |
10. |
Crawford
Investment Counsel, Inc. Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated April 29,
2025 and incorporated herein by reference. |
| |
|
|
| |
11. |
Standpoint
Asset Management, LLC Code of Ethics – Filed with Registrant’s registration on Form N-1A dated February 27, 2025 and
incorporated herein by reference. |
| |
|
|
| |
12. |
Absolute
Investment Advisers LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July 29, 2024
and incorporated herein by reference. |
| |
|
|
| |
13. |
St.
James Investment Company, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July
27, 2023 and incorporated herein by reference. |
| |
|
|
| |
14. |
Ballast
Asset Management, LP Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated November 20,
2020 and incorporated herein by reference. |
| |
15. |
OneAscent
Investment Solutions, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated November
5, 2021 and incorporated herein by reference. |
| |
|
|
| |
16. |
Teachers
Advisors, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated December 27, 2024 and
incorporated herein by reference. |
| |
|
|
| |
17. |
Kovitz
Investment Group Partners, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated September
5, 2023 and incorporated herein by reference. |
| |
|
|
| |
18. |
Efficient
Capital Management LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July 3, 2024
and incorporated herein by reference. |
| |
|
|
| |
19. |
AlphaSimplex
Group, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated
herein by reference. |
| |
|
|
| |
20. |
AQR
Capital Management, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July 3, 2024
and incorporated herein by reference. |
| |
|
|
| |
21. |
Aspect
Capital Limited Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated
herein by reference. |
| |
|
|
| |
22. |
Columbia
Management Investment Advisers, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated
July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
23. |
Crabel
Capital Management, LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July 3, 2024
and incorporated herein by reference. |
| |
|
|
| |
24. |
Welton
Investment Partners LLC Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July 3, 2024
and incorporated herein by reference. |
| |
|
|
| |
25. |
Winton
Capital Management Limited Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated July 3,
2024 and incorporated herein by reference. |
| |
|
|
| |
26. |
Quantum
Advisors Private Limited Code of Ethics – Filed with Registrant’s registration statement on Form N-1A dated October 11,
2024 and incorporated herein by reference. |
| |
|
|
| (q) |
Proxy
Voting Policies. |
| |
|
| |
1. |
Registrant’s
Revised Proxy Voting Policy – Filed with Registrant’s registration statement on Form N-1A dated July 1, 2011 and incorporated
herein by reference. |
| |
|
|
| |
2. |
Proxy
Voting Policy and Procedures adopted by Crawford Investment Counsel, Inc. – Filed with Registrant’s registration statement
on Form N-1A dated December 29, 2003 and incorporated herein by reference. |
| |
|
|
| |
3. |
Proxy
Voting Policy and Procedures adopted by Channel Investment Partners LLC – Filed with Registrant’s registration statement
on Form N-1A dated July 31, 2020 and incorporated herein by reference. |
| |
|
|
| |
4. |
Proxy
Voting Policy and Procedures adopted by Pekin Hardy Strauss, Inc. as adviser to Appleseed Fund – Filed with Registrant’s
registration statement on Form N-1A dated October 2, 2006 and incorporated herein by reference. |
| |
|
|
| |
5. |
Proxy
Voting Policy and Procedures adopted by Dean Investment Associates, LLC as adviser to the Dean Funds – Filed with Registrant’s
registration statement on Form N-1A dated March 7, 2007 and incorporated herein by reference. |
| |
|
|
| |
6. |
Proxy
Voting Policy and Procedures adopted by SBAuer Funds, LLC as adviser to the Auer Growth Fund – Filed with Registrant’s
registration statement on Form N-1A dated December 21, 2007 and incorporated herein by reference. |
| |
|
|
| |
7. |
Proxy
Voting Policy adopted by Fisher Asset Management, LLC as adviser to the Tactical Multi-Purpose Fund and each of the FI Institutional
Group Funds – Filed with Registrant’s registration statement on Form N-1A dated December 27, 2018 and incorporated herein
by reference. |
| |
8. |
Proxy
Voting Policy adopted by Standpoint Asset Management, LLC as adviser to Standpoint Multi-Asset Fund – Filed with Registrant’s
registration statement on Form N-1A dated October 28, 2019 and incorporated herein by reference. |
| |
|
|
| |
9. |
Proxy
Voting Policy adopted by Absolute Investment Advisers, LLC as adviser to Absolute Select Value ETF, Absolute Capital Opportunities
Fund, Absolute Convertible Arbitrage Fund, Absolute CEF Opportunities and Absolute Flexible Fund – Filed with Registrant’s
registration statement on Form N-1A dated July 29, 2024 and incorporated herein by reference. |
| |
|
|
| |
10. |
Proxy
Voting Policy adopted by Ballast Asset Management, LP as adviser to the Ballast Small/Mid Cap ETF – Filed with Registrant’s
registration statement on Form N-1A dated November 20, 2020 and incorporated herein by reference. |
| |
|
|
| |
11. |
Proxy
Voting Policy adopted by OneAscent Investment Solutions, LLC as adviser to OneAscent Large Cap Core ETF, the OneAscent Core Plus
Bond ETF, the OneAscent Small Cap Core ETF, the OneAscent International Equity ETF and the OneAscent Emerging Markets ETF –
Filed with Registrant’s registration statement on Form N-1A dated April 29, 2024 and incorporated herein by reference. |
| |
|
|
| |
12. |
Proxy
Voting Policy adopted by Dean Capital Management, LLC as sub-adviser to each of the Dean Funds – Filed with Registrant’s
registration statement on Form N-1A dated November 18, 2022 and incorporated herein by reference. |
| |
|
|
| |
13. |
Proxy
Voting Policy adopted by Kovitz Investment Group Partners, LLC as sub-adviser to the Absolute Capital Opportunities Fund –
Filed with Registrant’s registration statement on Form N-1A dated September 5, 2023 and incorporated herein by reference. |
| |
|
|
| |
14. |
Proxy
Voting Policy adopted by St. James Investment Company, LLC as sub-adviser to the Absolute Select Value ETF – Filed with Registrant’s
registration statement on Form N-1A dated July 27, 2023 and incorporated herein by reference. |
| |
|
|
| |
15. |
Proxy
Voting Policy adopted by Efficient Capital Management, LLC as adviser to the Efficient Enhanced Multi-Asset Fund – Filed with
Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
16. |
Proxy
Voting Policy adopted by AlphaSimplex Group, LLC as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant’s
registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
17. |
Proxy
Voting Policy adopted by AQR Capital Management, LLC as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with
Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
18. |
Proxy
Voting Policy adopted by Aspect Capital Limited as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed with Registrant’s
registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
19. |
Proxy
Voting Policy adopted by Columbia Management Investment Advisers, LLC as a sub-adviser to the Efficient Enhanced Multi-Asset Fund
– Filed with Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
20. |
Proxy
Voting Policy adopted by Welton Investment Partners LLC as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed
with Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
21. |
Proxy
Voting Policy adopted by Winton Capital Management Limited as a sub-adviser to the Efficient Enhanced Multi-Asset Fund – Filed
with Registrant’s registration statement on Form N-1A dated July 3, 2024 and incorporated herein by reference. |
| |
|
|
| |
22. |
Proxy
Voting Policy adopted by Quantum Advisors Private Limited as adviser to the Q India Equity Fund – Filed with Registrant’s
registration statement on Form N-1A dated October 11, 2024 and incorporated herein by reference. |
| |
|
|
| Item
29. |
Persons
Controlled by or Under Common Control with Registrant |
The
Dean Funds’ investment adviser, Dean Investment Associates LLC, is wholly owned and controlled by C.H. Dean, LLC. The C.H. Dean
Companies, LLC holds the controlling interest in C.H. Dean, LLC. The Funds’ sub-adviser, Dean Capital Management, LLC, is controlled,
by virtue of a 30% ownership in the sub-adviser, by C.H. Dean LLC. As of June 30, 2025, Dennis D. Dean Trust dated 7/25/23 and Terence
M. Dean Trust dated 2/24/16 were deemed to control The C.H. Dean
Companies, LLC and its wholly owned subsidiary, C.H. Dean, LLC by virtue
of their controlling ownership interest in the companies. As of June 30, 2025, The C.H. Dean Companies, LLC owned 1.58%, the Dennis D.
Dean Trust owned 1.33% and the Terence M. Dean Trust owned 1.60% of the Dean Mid Cap Fund. Further, as of June 30, 2025, the Dennis D.
Dean Trust owned 0.40% and the Terence M. Dean Trust owned 0.34% of the Dean Small Cap Fund. As of June 30, 2025, the Terence M Dean
Trust owned 0.76% of the Dean Equity Income Fund. As a result, the Dean Mid Cap Fund, Dean Small Cap Fund, and Dean Equity Income Fund
may be deemed to be under common control with its investment adviser and sub-adviser. Each of the above-named companies is organized
under the laws of Ohio.
Fisher
Asset Management, LLC, d/b/a Fisher Investments is a wholly-owned subsidiary of the holding company Fisher Investments, Inc. Mr. Fisher
is the founder, Chairman, and Co-Chief Investment Officer of the Adviser, and is the majority shareholder of Fisher Investments, Inc.
As such, he controls the Adviser. As of December 28, 2024 the Adviser owned 100% of the shares of the Tactical Multi-Purpose Fund, and
it is anticipated that substantially all of the shares of the Fund will be owned either by the Adviser or by clients of the Adviser as
to whose accounts the Adviser has discretionary investment and voting authority. As a result, the Tactical Multi-Purpose Fund may be
deemed to be under common control with its investment adviser. As of December 28, 2024 the Adviser owned 100% of the shares of the FI
Institutional Group Stock Fund for Retirement Plans, the FI Institutional Group ESG Stock Fund for Retirement Plans, the FI Institutional
Group Fixed Income Fund for Retirement Plans, the FI Institutional Group ESG Fixed Income Fund for Retirement Plans. As a result, each
of these Funds may be deemed to be under common control with its investment adviser. Fisher Asset Management, LLC is organized under
the laws of Delaware and Fisher Investments, Inc. is organized under the laws of California.
Mr.
John H. Crawford, III, Mr. John H. Crawford, IV, and Mr. David B. Crawford each own more than 25% of the Crawford Funds’ investment
adviser, Crawford Investment Counsel, Inc. As such, they control the Adviser. As of March 31, 2024, more than 25% of the shares of the
Funds were owned either by the Adviser or by clients of the Adviser as to whose accounts the Adviser has discretionary investment and
voting authority and it is anticipated that this will be the case in the future. As a result, the Crawford Large Cap Dividend Fund, the
Crawford Small Cap Dividend Fund, and the Crawford Multi-Asset Income Fund may be deemed to be under common control with Crawford Investment
Counsel, Inc., which is organized under the laws of Georgia.
Mr.
Robert C. Auer owns 70% of the Auer Growth Fund’s investment adviser, SBAuer Funds, LLC, and, as of February 28, 2025, owned 4.16%
of Auer Growth Fund (the “Auer Fund”). As a result, the Auer Fund may be deemed to be under common control with SBAuer Funds,
LLC, which is organized under the laws of Indiana.
| Item
30. |
Indemnification. |
Article
VI, Section 6.4 of the Declaration of Trust of Unified Series Trust, an Ohio business trust, provides that:
Indemnification
of Trustees, Officers, etc. Subject to and except as otherwise provided in the Securities Act of 1933, as amended, and the 1940 Act,
the Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust’s request as directors, officers
or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred
to as a “Covered Person”) against all liabilities, including but not limited to amounts paid in satisfaction of judgments,
in compromise or as fines and penalties, and expenses, including reasonable accountants’ and counsel fees, incurred by any Covered
Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court
or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with
which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee
or officer, director or trustee, and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders
to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of such Covered Person’s office.
The
Distribution Agreement with Ultimus Fund Distributors, LLC provides that the Trust, on behalf of each Fund, agrees to indemnify and hold
harmless Distributor and each person who has been, is, or may hereafter be a director, officer, employee, shareholder or control person
of Distributor against any loss, damage or expense (including the reasonable costs of investigation and reasonable attorneys’ fees)
reasonably incurred by any of them in connection with the matters to which the Agreement relates, except a loss resulting from the failure
of Distributor or any such other person to comply with applicable law or the terms of this Agreement, or from willful misfeasance, bad
faith or negligence, including clerical errors and mechanical failures, on the part of any of such persons in the performance of Distributor’s
duties or from the reckless disregard by any of such persons of Distributor’s obligations and duties under this Agreement, for
all of which exceptions Distributor shall be liable to the Trust.
The
Distribution Agreement with Ultimus Fund Distributors, LLC further provides that the Distributor agrees to indemnify and hold harmless
the Trust and each person who has been, is, or may hereafter be a Trustee, officer, employee, shareholder or control person of the Trust
against any loss, damage or expense (including the reasonable costs of investigation and reasonable attorneys’ fees) reasonably
incurred by any of them in connection with any claim or in connection with any action, suit or proceeding to which any of them may be
a party, which arises out of or is alleged to arise out of or is based upon (i) any untrue statement or alleged untrue statement of a
material fact, or the omission or alleged omission to state a material fact necessary to make the statements not misleading, on the part
of Distributor or any agent or employee of Distributor or any other person for whose acts Distributor is responsible, unless such statement
or omission was made in reliance upon written information furnished by the Trust; (ii) Distributor’s failure to exercise reasonable
care
and diligence with respect to its services, if any, rendered in connection with investment, reinvestment, automatic withdrawal and
other plans for Shares; and (iii) Distributor’s failure to comply with applicable laws and the Rules of FINRA.
The
Distribution Agreement with Northern Lights Distributors, LLC provides that the Trust agrees to indemnify and hold harmless the Distributor
and each of its managers and officers and each person, if any, who controls the Distributor within the meaning of Section 15 of the 1933
Act against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss,
liability, claim, damages, or expense and reasonable counsel fees and disbursements incurred in connection therewith), arising by reason
of any person acquiring any Shares or Creation Units, based upon (i) the ground that the registration statement, prospectus, shareholder
reports or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material
fact or omitted to state a material fact required to be stated or necessary in order to make the statements made not misleading, (ii)
the Trust’s failure to maintain an effective registration statement and prospectus with respect to Shares of the Fund that are
the subject of the claim or demand, (iii) the Trust’s failure to properly register Fund Shares under applicable state laws, (iv)
instructions given by the Trust, the Trust’s failure to perform its duties hereunder or any inaccuracy of its representations,
(v) any claim brought under Section 11 of the 1933 Act, or (vi) all actions taken by Distributor hereunder resulting from Distributor’s
reliance on instructions received from an officer, agent or approved service provider of the Trust.
The
Distribution Agreement with Northern Lights Distributors, LLC further provides that the Distributor covenants and agrees that it will
indemnify and hold harmless the Trust and each of its Trustees and officers and each person, if any, who controls the Trust within the
meaning of Section 15 of the 1933 Act, against any loss, liability, damages, claim or expense (including the reasonable cost of investigating
or defending any alleged loss, liability, damages, claim or expense and reasonable counsel fees and disbursements incurred in connection
therewith) arising out of or based upon any Disqualifying Conduct by Distributor in connection with the offering and sale of any Shares.
The
Registrant may maintain a standard trustees and officers liability policy. The policy, if maintained, would provide coverage to the Registrant,
its trustees and officers, and may cover the advisers and their affiliates, among others. Coverage under the policy would include losses
by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.
| Item
31. |
Business
and Other Connections of the Investment Advisers. |
| |
1. |
Crawford
Investment Counsel, Inc. (“Crawford”) serves as the investment adviser for the Crawford Large Cap Dividend Fund, the
Crawford Small Cap Dividend Fund, and Crawford Multi-Asset Income Fund, each a series of the Trust. John H. Crawford III serves as
Founder, Chief Investment Officer and Portfolio Manager of Crawford. Further information about Crawford can be obtained from the
Form ADV Part 1 available on the Investment Adviser Public Disclosure website (“IAPD”). |
| |
|
|
| |
2. |
Dean
Investment Associates, LLC (“Dean”), serves as investment adviser to the Dean Funds. Stephen M. Miller serves as President
and Chief Operating Officer of Dean, and each of Debra E. Rindler and Pamela Miller are executive officers. Further information about
Dean can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
3. |
Dean
Capital Management, LLC (“DCM”), serves as sub-adviser to the Dean Funds. Douglas Leach, Steven Roth and Kevin Laub serve
as portfolio managers and are owners and members of Dean Capital Management, LLC. Further information about DCM can be obtained from
its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
4. |
Channel
Investment Partners LLC (“Channel”) serves as the investment adviser to the Channel Short Duration Income Fund. Mr. Matthew
Duch is the sole owner, Managing Member, President, Chief Investment Officer and Chief Compliance Officer of Channel. Further information
about Channel can be obtained from the Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
5. |
Pekin
Hardy Strauss, Inc. (“Pekin”) serves as investment adviser to the Appleseed Fund. Brandon Hardy, William Pekin, Adam
Strauss, and Joshua Strauss all are executive officers. Further information about Pekin can be obtained from its Form ADV Part 1
available on the IAPD. |
| |
|
|
| |
6. |
SBAuer
Funds, LLC (“SBA”) serves as investment adviser to the Auer Growth Fund. Mr. Ronald Brock is an executive officer of
SBA. Mr. Robert Auer and Sheaff Brock Capital Management, LLC are owners of SBA. Mr. David Gilreath and Mr. Ronald Brock are members
of Sheaff Brock Investment Advisors, LLC (“Sheaff Brock”). Further information about SBA and Sheaff Brock can be obtained
from their respective Forms ADV Part 1 available on the IAPD. |
| |
|
|
| |
7. |
Fisher
Asset Management, LLC d/b/a Fisher Investments, the adviser to the Tactical Multi-Purpose Fund and each of the FI Institutional Group
Funds, provides investment advisory services for large corporations, pension plans, endowments, foundations, governmental agencies
and individuals. To the knowledge of Registrant, none of the directors or officers of Fisher Investments is or has been at any time
during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature. Further
information about Fisher Asset Management can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
8. |
Standpoint
Asset Management, LLC (“Standpoint”) serves as the adviser to the Standpoint Multi-Asset Fund. Standpoint Group, LLC
is the majority owner of Standpoint. Eric Crittenden, William Bologna, Courtney Stover, Shawn Serikov, and Matthew Kaplan, who are
operators and employees of Standpoint, own Standpoint Group, LLC. Further information about Standpoint can be obtained from its Form
ADV Part 1 available on the IAPD. |
| |
|
|
| |
9. |
Absolute
Investment Advisers LLC (“Absolute”) serves as the adviser to the Absolute Select Value ETF, the Absolute Capital Opportunities
Fund, the Absolute Convertible Arbitrage Fund, the Absolute Flexible Fund, and Absolute CEF Opportunities. Absolute is owned and
controlled by James Compson and Brian Hlidek, who are employees of Absolute. Further information about Absolute can be obtained from
its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
10. |
St.
James Investment Company, LLC (“St. James”) serves as the subadviser to the Absolute Select Value ETF. St. James is owned
and controlled by Robert Mark through Sibelius Holdings, LLC of which he is the sole controlling member, and Larry Redell. Further
information about St. James can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
11. |
Ballast
Asset Management, LP (“Ballast”) serves as the adviser to the Ballast Small/Mid Cap ETF. Ballast is owned and controlled
by Inverdale Capital Management, LLC, which is owned and controlled by Ryan Martin and William Hardy. Further information about Ballast
can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
12. |
OneAscent
Investment Solutions, LLC (“OAIS”) serves as the adviser to the OneAscent Large Cap Core ETF, the OneAscent Core Plus
Bond ETF, the OneAscent Small Cap Core ETF the OneAscent International Equity ETF and the OneAscent Emerging Markets ETF. OAIS is
owned and controlled by OneAscent Holdings, LLC (“OAH”). Harry N. Pearson is the majority owner of OAH. Further information
about OAIS can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
13. |
Teachers
Advisors, LLC (“TAL”) serves as the subadviser to the OneAscent Core Plus Bond ETF. TAL is owned and controlled by Nuveen
Finance, LLC which is a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is a subsidiary, and represents the asset
management division, of Teachers Insurance and Annuity Association of America (“TIAA”). TIAA is the ultimate
principal owner of TA. Further information about TAL can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
14. |
Kovitz
Investment Group Partners, LLC (“Kovitz”) serves as the subadviser to the Absolute Capital Opportunities Fund. Kovitz
is owned and controlled by Focus Operating, LLC which is owned and controlled by Focus Financial Partners, LLC, which is owned and
controlled by Focus Financial Partners Inc. Further information about Kovitz can be obtained from its Form ADV Part 1 available on
the IAPD. |
| |
|
|
| |
15. |
Efficient
Capital Management LLC (“Efficient”) serves as the adviser to the Efficient Enhanced Multi-Asset Fund. Efficient
is owned and controlled by Efficient Capital Holdings, LLC (“ECH”). ECH is owned and controlled by Jaffarian
Management Company, LLC, which is in turn controlled by Ernest Lee Jaffarian, and Trula Madsen Jaffarian. Further information
about Efficient can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
16. |
AlphaSimplex
Group, LLC (“AlphaSimplex”) serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. AlphaSimplex
is owned and controlled by Virtus Partners, Inc. (“VPI”). VPI is owned and controlled by Virtus Investment
Partners, Inc. Further information about AlphaSimplex can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
17. |
AQR
Capital Management, LLC (“AQR”) serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. AQR is
owned and controlled by AQR Capital Management Holdings, LLC (“AQR Holdings”). AQR Holdings is owned by AQR Capital Management
Group, L.P. (“AQR Group”) and Topspin Acquisition, LLC, and is controlled by AQR Group. AQR Group is controlled
directly and indirectly by Clifford Scott Asness. Further information about AQR can be obtained from its Form ADV Part
1 available on the IAPD. |
| |
|
|
| |
18. |
Aspect
Capital Limited (“Aspect”) serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. Anthony Todd
James owns a controlling interest in Aspect. Further information about Aspect can be obtained from its Form ADV Part 1
available on the IAPD. |
| |
|
|
| |
19. |
Columbia
Management Investment Advisers, LLC (“CMIA”) serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. CMIA
is owned and controlled by Ameriprise Financial, Inc., a publicly traded company. Further information about CMIA can be
obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
20. |
Crabel
Capital Management, LLC (“Crabel”) serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. Crabel
Investments Group, LLC (“CIG”) owns a controlling interest in Crabel. CIG is owned and controlled by Crabel Holdings |
| |
|
LLC which is in turn owned and controlled by William Harrison Crabel. Further information about Crabel can be obtained
from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
21. |
Welton
Investment Partners LLC (“Welton”) serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. Welton
Investment Corporation (“WIC”) owns a controlling interest in Welton. WIC is owned and controlled by The Welton
Family Trust Dated January 28, 1992. Further information about Welton can be obtained from its Form ADV Part 1 available
on the IAPD. |
| |
|
|
| |
22. |
Winton
Capital Management Limited (“Winton”) serves as a subadviser to the Efficient Enhanced Multi-Asset Fund. Winton
Group Limited (“WGL”) owns a controlling interest in Winton. WGL is owned and controlled by David Winton Harding. Further
information about Winton can be obtained from its Form ADV Part 1 available on the IAPD. |
| |
|
|
| |
23. |
Quantum
Advisors Private Limited (“Quantum”) serves as the adviser to the Q India Equity Fund. Quantum is owned and
controlled by HWIC Asia Fund Class Q Shares (“HWC Asia”) and Ajit Dayal. HWC Asia is owned and controlled
by United States Fire Insurance Company, which is in turn controlled by Crum & Forster Holdings Corp. Further information about
Quantum can be obtained from its Form ADV Part 1 available on the IAPD. |
| Item
32. |
Principal
Underwriters. |
| |
1. |
(a) |
Ultimus
Fund Distributors, LLC is the principal underwriter for some series of the Trust. Ultimus Fund Distributors, LLC serves as a principal
underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |
Axxes
Private Markets Fund
Beacon
Pointe Multi-Alternative Fund
Booster
Income Opportunities Fund
Bruce
Fund, Inc.
CM Advisors Family of Funds
Caldwell & Orkin Funds, Inc.
Cantor
Select Portfolios Trust
Cantor
Fitzgerald Infrastructure Fund
Capitol Series Trust
CAZ
Strategic Opportunities Fund
Centaur Mutual Funds Trust
Chesapeake Investment Trust
Commonwealth International Series Trust
Conestoga Funds
Connors
Funds
Dynamic
Alternatives Fund
Eubel
Brady & Suttman Mutual Fund Trust
Exchange
Place Advisors Trust
Fairway
Private Equity & Venture Capital Opportunities Fund
Fairway
Private Markets Fund
Flat Rock Enhanced Income Fund
HC
Capital Trust
Hussman
Investment Trust
James
Advantage Funds
Johnson
Mutual Funds
|
Lind
Capital Partners Municipal Credit Income Fund
MidBridge Private Markets Fund
MSS
Series Trust
New
Age Alpha Funds Trust
New
Age Alpha Variable Funds Trust
Oak
Associates Funds
OneAscent
Capital Opportunities Fund
OneFund
Trust
Papp
Investment Trust
Peachtree
Alternative Strategies Fund
Private
Debt & Income Fund
RM
Opportunity Trust
Schwartz
Investment Trust
Segall Bryant & Hamill Trust
The Cutler Trust
The Investment House Funds
Williamsburg Investment Trust
Ultimus Managers Trust
Unified Series Trust
Valued Advisers Trust
VELA
Funds
Volumetric
Fund
Waycross
Independent Trust
XD Fund Trust
Yorktown
Funds
83
Investment Group Income Fund |
| |
(b) |
The
officers of Ultimus Fund Distributors, LLC are as follows: |
| Name |
Position
with Distributor |
Position
with Registrant |
| Kevin
M. Guerette |
President |
None |
| Douglas
K. Jones |
Vice
President |
None |
| Stephen
L. Preston |
Vice
President, Chief Compliance Officer, Financial Operations Principal and AML Compliance Officer |
None |
| Melvin
Van Cleave |
Chief
Information Security Officer |
None |
The
address of the Distributor and each of the above-named persons is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.
| |
2. |
(a) |
Northern
Lights Distributors, LLC is the principal underwriter for some series of the Trust. Northern Lights Distributors serves as a principal
underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: Atlas U.S. Tactical
Income Fund, Boyar Value Fund Inc., Copeland Trust, DGI Investment Trust, Grandeur Peak Global Trust, Humankind Benefit Corporation,
Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, North Country Funds, Northern Lights
Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable
Trust, OCM Mutual Fund, CIM Real Assets & Credit Fund, Princeton Everest Fund, Segall Bryant & Hamill Trust (ETF), The Saratoga
Advantage Trust, Texas Capital Funds Trust, THOR Financial Technologies Trust, Tributary Funds, Inc., Two Roads Shared Trust, Zacks
Trust, Ultimus Manager’s Trust (ETF), Capitol Series Trust (ETF), Valued Advisers Trust (ETF), and Unified Series Trust (ETF). |
| |
(b) |
The
officers of Northern Lights Distributors, LLC are as follows: |
| Name
|
Position
with Distributor |
Position
with Registrant |
| Kevin
Guerette |
President |
None |
| Bill
Strait |
Secretary,
General Counsel, and Manager |
None |
| Stephen
Preston |
Treasurer,
FINOP, CCO and AML Officer |
None |
| David
James |
Manager |
None |
| Melvin
Van Cleave |
Chief
Information Security Officer |
None |
The
address of the Distributor and each of the above-named persons is 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022-3474.
| Item
33. |
Location
of Accounts and Records. |
Ultimus
Fund Solutions, LLC
225
Pictoria Drive, Suite 450
Cincinnati,
OH 45246
Brown
Brothers Harriman & Co.
50
Post Office Square
Boston,
MA 02110
Will
maintain physical possession of the accounts, books, and other documents required to be maintained by Rule 31a-(b)(1), 31a-1(b) (2),
and 31a-1(b)(4) through 31a-1(b)(11).
Huntington
National Bank
41
South High Street
Columbus,
OH 43215
U.S.
Bank, National Association
1555
N. Rivercenter Drive
Milwaukee,
WI 53212
Brown
Brothers Harriman & Co.
50
Post Office Square
Boston,
MA 02110
Fifth
Third Bank, National Association
38
Fountain Square Plaza
Cincinnati,
Ohio 45263
Will
maintain physical possession of accounts, books, and other documents required to be maintained by Rule 31(b)(3) for each separate series
for which the entity acts as custodian.
Ultimus
Fund Distributors, LLC
225
Pictoria Drive, Suite 450
Cincinnati,
OH 45246
Northern
Lights Distributors, LLC
4221
North 203rd Street, Suite 100
Elkhorn,
NE 68022
Will
maintain physical possession of the accounts, books, and other documents required to be maintained by a principal underwriter by Rule
31a-1(d) for each separate series for which the entity acts as principal underwriter.
Pekin
Hardy Strauss, Inc.
227
West Monroe Street
Suite
3625
Chicago,
IL 60606
SBAuer
Funds, LLC
580 E Carmel Dr, Ste 350
Carmel,
IN 46032
Crawford
Investment Counsel, Inc.
600 Galleria Parkway SE
Suite
1650
Atlanta,
GA 30339
Dean
Investment Associates, LLC
3500 Pentagon Blvd., Suite 200
Beavercreek,
OH 45431
Dean
Capital Management, LLC
7400 West 130th Street, Suite 350
Overland Park, KS 66213
Channel
Investment Partners LLC
3101
Wilson Blvd., Ste 500
Arlington,
VA 22201
Fisher
Asset Management, LLC
6504
International Pkwy, Suite 1200
Plano,
TX 75093
Standpoint
Asset Management, LLC
4250
N. Drinkwater Blvd., Suite 300
Scottsdale,
AZ 85251
Absolute
Investment Advisers LLC
82
S. Barrett Square, Unit 2G
Rosemary
Beach, FL 32461
St.
James Investment Company, LLC
535
S. Kimball Avenue, Suite 140
Southlake,
TX 76092
Ballast
Asset Management, LP
3879
Maple Avenue, Suite 300
Oaklawn
Building
Dallas,
TX 75201
OneAscent
Investment Solutions, LLC
23
Inverness Center Parkway
Birmingham,
AL 35242
Teachers
Advisors, LLC
730
Third Avenue
New
York, NY 10017
Kovitz
Investment Group Partners, LLC
71
S. Wacker Drive, Suite 1860
Chicago,
IL 60606
Efficient
Capital Management LLC
4355
Weaver Parkway, Suite 200
Warrenville,
IL 60555
AlphaSimplex
Group, LLC
200
State Street
Boston,
MA 02109
AQR
Capital Management, LLC
One
Greenwich Plaza, Suite 130
3rd
Floor
Greenwich,
CT 06830
Aspect
Capital Limited
10
Portman Square
London
United
KingdomW1H 6AZ
Columbia
Management Investment Advisers, LLC
290
Congress Street
Boston,
MA 02210
Crabel
Capital Management, LLC
1999
Avenue of the Stars, Suite 2550
Los
Angeles, CA 90067
Welton
Investment Partners LLC
Eastwood
Building
San
Carlos Between 5th and 6th
Carmel,
CA 93921
Winton
Capital Management Ltd.
1
Hooper’s Court
Knightsbridge,
London
United
Kingdom SW3 1AF
Quantum
Advisors Private Limited
1st
Floor, Apeejay House,
3
Dinshaw Vachha Road, Backbay Reclamation,
Churchgate,
Mumbai, India 400020
Each
adviser (or sub-adviser) will maintain physical possession of the accounts, books and other documents required to be maintained by Rule
31a-1(f) at the address listed above for each separate series of the Trust that the adviser manages.
| Item
34. |
Management
Services - None. |
Registrant
hereby undertakes, if requested by the holders of at least 10% of the Registrant’s outstanding shares, to call a meeting of shareholders
for the purpose of voting upon the question of removal of a trustee(s) and to assist in communications with other shareholders in accordance
with Section 16(c) of the Securities Exchange Act of 1934, as though Section 16(c) applied.
Registrant
hereby undertakes to furnish each person to whom a prospectus is delivered with a copy of its latest annual report to shareholders, upon
request and without charge.
Registrant
hereby undertakes to carry out all indemnification provisions of its Declaration of Trust in accordance with Investment Company Act Release
No. 11330 (Sept. 4, 1980) and successor releases.
Insofar
as indemnifications for liability arising under the Securities Act of 1933, as amended (“1933 Act”), may be permitted to
trustees, officers and controlling person of the Registrant pursuant to the provision under Item 30 herein, or otherwise, the Registrant
has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Cincinnati and the State of Ohio on
August 20, 2025.
| |
UNIFIED
SERIES TRUST |
| |
|
|
|
| |
By:
|
/s/
Martin R. Dean** |
|
| |
|
Martin
R. Dean, President |
|
Attest:
| By:
|
/s/
Zachary Richmond*+ |
|
| |
Zachary
Richmond, Treasurer and
Chief Financial Officer |
|
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the
capacities and on the date indicated.
| Signature |
|
Title |
Date |
| |
|
|
|
| /s/
David R. Carson** |
|
Interested
Trustee |
August
20, 2025 |
| David
R. Carson |
|
|
|
| |
|
|
|
| /s/
Martin R. Dean** |
|
President |
August
20, 2025 |
| Martin
R. Dean |
|
|
|
| |
|
|
|
| /s/
Zachary Richmond*+ |
|
Treasurer
and CFO |
August
20, 2025 |
| Zachary
Richmond |
|
|
|
| |
|
|
|
| /s/
Daniel Condon* |
|
Trustee |
August
20, 2025 |
| Daniel
Condon |
|
|
|
| |
|
|
|
| /s/
Ronald Tritschler* |
|
Trustee |
August
20, 2025 |
| Ronald
Tritschler |
|
|
|
| |
|
|
|
| /s/
Kenneth Grant* |
|
Trustee |
August
20, 2025 |
| Kenneth
Grant |
|
|
|
| |
|
|
|
| /s/
Catharine B. McGauley*** |
|
Trustee |
August
20, 2025 |
| Catharine
B. McGauley |
|
|
|
| |
|
|
|
| /s/
Freddie Jacobs, Jr.**** |
|
Trustee |
August
20, 2025 |
| Freddie
Jacobs, Jr. |
|
|
|
| |
|
|
|
| /s/
Elisabeth A. Dahl |
|
|
|
| Elisabeth
A. Dahl, Attorney in Fact |
|
|
|
EXHIBIT
INDEX