UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
| Investment Company Act file number: | 811-21237 |
| Unified Series Trust |
| (Exact name of registrant as specified in charter) |
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Address of principal executive offices)
(Zip code)
Zachary P. Richmond
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Name and address of agent for service)
| Registrants telephone number, including area code: | 513-587-3400 |
| Date of fiscal year end: | November 30 |
| Date of reporting period: | May 31, 2026 |
Item 1. Reports to Stockholders.
(a)
Item 2. Code of Ethics.
Not Applicable – disclosed with annual report
Item 3. Audit Committee Financial Expert.
Not Applicable – disclosed with annual report
Item 4. Principal Accountant Fees and Services.
Not Applicable – disclosed with annual report
Item 5. Audit Committee of Listed Registrants.
Not Applicable – disclosed with annual report
Item 6. Investments.
The Registrants schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) Long Form Financial Statements
| Auer Growth Fund |
| Semi-Annual Financial Statements |
| and Additional Information |
| May 31, 2026 |
| Fund Adviser: |
| SBAuer Funds, LLC |
| 580 E Carmel Drive, Suite 350 |
| Carmel, IN 46032 |
| Toll Free (888) 711-AUER (2837) |
| www.sbauerfunds.com |
| Auer Growth Fund |
| Schedule of Investments |
| May 31, 2026 (Unaudited) |
| COMMON STOCKS — 87.39% | Shares | Fair Value | ||||||
| Communications — 3.80% | ||||||||
| MNTN, Inc.(a) | 160,000 | $ | 1,508,800 | |||||
| Motorsport Games, Inc.(a) | 175,000 | 726,250 | ||||||
| Opera Ltd. - ADR | 40,000 | 751,200 | ||||||
| 2,986,250 | ||||||||
| Consumer Staples — 0.71% | ||||||||
| Coffee Holding Company, Inc. | 130,000 | 561,600 | ||||||
| Energy — 16.01% | ||||||||
| Antero Resources Corp.(a) | 40,000 | 1,430,000 | ||||||
| Dorian LPG Ltd. | 10,000 | 402,200 | ||||||
| EQT Corp. | 12,000 | 659,160 | ||||||
| Expand Energy Corp. | 7,500 | 697,350 | ||||||
| Frontline PLC | 22,000 | 762,740 | ||||||
| Gulfport Energy Corp.(a) | 7,500 | 1,264,425 | ||||||
| Imperial Petroleum, Inc.(a) | 75,000 | 383,250 | ||||||
| Infinity Natural Resources, Inc., Class A (a) | 90,000 | 1,219,500 | ||||||
| North American Construction Group Ltd. | 100,000 | 1,383,000 | ||||||
| Range Resources Corp. | 20,000 | 779,000 | ||||||
| Scorpio Tankers, Inc. | 10,000 | 745,100 | ||||||
| TORM PLC | 12,000 | 326,880 | ||||||
| Toyo Company Ltd.(a) | 115,000 | 1,668,650 | ||||||
| Vista Energy SAB de CV - ADR(a) | 11,500 | 853,300 | ||||||
| 12,574,555 | ||||||||
| Financials — 21.38% | ||||||||
| AmeriServ Financial, Inc. | 50,000 | 190,000 | ||||||
| Ames National Corp. | 13,000 | 373,620 | ||||||
| Ategrity Specialty Holdings, LLC(a) | 37,000 | 721,870 | ||||||
| Atlanticus Holdings Corp.(a) | 10,000 | 862,200 | ||||||
| Auburn National BanCorp, Inc. | 15,000 | 374,700 | ||||||
| Banc of California, Inc. | 37,000 | 711,140 | ||||||
| Bankwell Financial Group, Inc. | 6,500 | 340,080 | ||||||
| Capitol Federal Financial, Inc. | 51,000 | 396,270 | ||||||
| CF Bankshares, Inc. | 10,000 | 285,200 | ||||||
| Citigroup, Inc. | 7,700 | 969,430 | ||||||
| Cohen & Co., Inc. | 53,000 | 583,000 | ||||||
| Dime Community Bancshares, Inc. | 22,000 | 823,240 | ||||||
| Eagle Bancorp Montana, Inc. | 20,000 | 443,800 | ||||||
| First Internet Bancorp | 50,000 | 1,208,000 | ||||||
| First Western Financial, Inc.(a) | 10,000 | 291,700 | ||||||
| Flushing Financial Corp. | 21,000 | 335,370 | ||||||
| Hope Bancorp, Inc. | 32,000 | 401,280 | ||||||
| Investar Holding Corp. | 15,000 | 423,900 | ||||||
| Kearney Financial Corp. | 42,000 | 346,080 | ||||||
| Lincoln National Corp. | 35,000 | 1,235,150 | ||||||
| MainStreet Bancshares, Inc. | 16,000 | 366,240 | ||||||
See accompanying notes which are an integral part of these financial statements.
1
| Auer Growth Fund |
| Schedule of Investments (continued) |
| May 31, 2026 (Unaudited) |
| COMMON STOCKS — 87.39% - (continued) | Shares | Fair Value | ||||||
| Financials — 21.38% - (continued) | ||||||||
| NB Bancorp, Inc. | 16,000 | $ | 320,480 | |||||
| Northfield Bancorp, Inc. | 24,000 | 340,320 | ||||||
| Oppenheimer Holdings, Inc., Class A | 8,500 | 779,195 | ||||||
| Parke Bancorp, Inc. | 11,000 | 338,030 | ||||||
| PCB Bancorp | 16,000 | 393,120 | ||||||
| Peapack-Gladstone Financial Corp. | 21,000 | 908,250 | ||||||
| Redwood Trust, Inc. | 47,000 | 254,740 | ||||||
| Texas Capital Bancshares, Inc. | 6,000 | 596,940 | ||||||
| VersaBank | 47,000 | 847,880 | ||||||
| Waterstone Financial, Inc. | 18,000 | 333,180 | ||||||
| 16,794,405 | ||||||||
| Health Care — 6.60% | ||||||||
| CorMedix, Inc.(a) | 180,000 | 1,519,200 | ||||||
| Incyte Corp.(a) | 7,000 | 677,180 | ||||||
| Neurocrine Biosciences, Inc.(a) | 5,000 | 791,500 | ||||||
| Rigel Pharmaceuticals, Inc.(a) | 15,000 | 457,350 | ||||||
| Zevra Therapeutics, Inc.(a) | 150,000 | 1,738,500 | ||||||
| 5,183,730 | ||||||||
| Industrials — 8.10% | ||||||||
| CoreCivic, Inc.(a) | 80,000 | 1,686,400 | ||||||
| Himalaya Shipping Ltd. | 30,000 | 442,500 | ||||||
| Okeanis Eco Tankers Corp. | 7,000 | 330,470 | ||||||
| Pangaea Logistics Solutions Ltd. | 46,000 | 348,220 | ||||||
| Perma-Pipe International Holdings, Inc.(a) | 12,000 | 368,280 | ||||||
| Seanergy Maritime Holdings Corp. | 130,000 | 2,015,000 | ||||||
| Star Bulk Carriers Corp. | 30,000 | 817,500 | ||||||
| Teekay Tankers Ltd., Class A | 5,000 | 351,750 | ||||||
| 6,360,120 | ||||||||
| Materials — 21.87% | ||||||||
| Barrick Mining Corp. | 15,000 | 638,250 | ||||||
| Centerra Gold, Inc. | 47,000 | 830,490 | ||||||
| Coeur Mining, Inc. | 43,000 | 830,760 | ||||||
| Commercial Metals Co. | 12,000 | 912,600 | ||||||
| Eldorado Gold Corp. | 47,000 | 1,590,010 | ||||||
| Equinox Gold Corp. | 53,000 | 717,620 | ||||||
| ERO Copper Corp.(a) | 67,000 | 2,039,480 | ||||||
| Friedman Industries, Inc. | 17,000 | 397,460 | ||||||
| Galiano Gold, Inc.(a) | 450,000 | 1,044,000 | ||||||
| Harmony Gold Mining Co. Ltd. - ADR | 20,000 | 365,400 | ||||||
| IAMGOLD Corp.(a) | 45,000 | 804,600 | ||||||
| Kinross Gold Corp. | 12,000 | 362,160 | ||||||
| McEwen Mining, Inc.(a) | 20,000 | 437,800 | ||||||
| Newmont Goldcorp Corp. | 6,000 | 658,860 | ||||||
| Nexa Resources S.A. | 130,000 | 1,968,200 | ||||||
See accompanying notes which are an integral part of these financial statements.
2
| Auer Growth Fund |
| Schedule of Investments (continued) |
| May 31, 2026 (Unaudited) |
| COMMON STOCKS — 87.39% - (continued) | Shares | Fair Value | ||||||
| Materials — 21.87% - (continued) | ||||||||
| Santacruz Silver Mining Ltd.(a) | 45,000 | $ | 366,750 | |||||
| Smith-Midland Corp.(a) | 11,000 | 352,550 | ||||||
| SSR Mining, Inc.(a) | 28,000 | 874,160 | ||||||
| Tredegar Corp.(a) | 43,000 | 335,830 | ||||||
| Warrior Met Coal, Inc. | 17,500 | 1,654,450 | ||||||
| 17,181,430 | ||||||||
| Real Estate — 0.83% | ||||||||
| Millrose Properties, Inc. | 23,000 | 649,060 | ||||||
| Technology — 7.00% | ||||||||
| Arrow Electronics, Inc.(a) | 4,000 | 858,520 | ||||||
| FatPipe, Inc.(a) | 305,000 | 2,427,800 | ||||||
| Super Micro Computer, Inc.(a) | 48,000 | 2,212,320 | ||||||
| 5,498,640 | ||||||||
| Utilities — 1.09% | ||||||||
| Pampa Energia S.A. - ADR(a) | 10,000 | 852,500 | ||||||
| Total Common Stocks (Cost $58,308,992) | 68,642,290 | |||||||
| MONEY MARKET FUNDS — 12.67% | ||||||||
| Fidelity Investments Money Market Government Portfolio, Class I, 4.19%(b) | 9,951,308 | 9,951,308 | ||||||
| Total Money Market Funds (Cost $9,951,308) | 9,951,308 | |||||||
| Total Investments — 100.06% | ||||||||
| (Cost $68,260,300) | 78,593,598 | |||||||
| Liabilities in Excess of Other Assets — (0.06)% | (44,648 | ) | ||||||
| NET ASSETS — 100.00% | $ | 78,548,950 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day effective yield as of May 31, 2026. |
ADR - American Depositary Receipt
See accompanying notes which are an integral part of these financial statements.
3
| Auer Growth Fund |
| Statement of Assets and Liabilities |
| May 31, 2026 (Unaudited) |
| Assets | ||||
| Investments in securities at fair value (cost $68,260,300) | $ | 78,593,598 | ||
| Receivable for fund shares sold | 2,746 | |||
| Receivable for investments sold | 97,767 | |||
| Dividends and interest receivable | 78,911 | |||
| Prepaid expenses | 15,007 | |||
| Total Assets | 78,788,029 | |||
| Liabilities | ||||
| Payable for fund shares redeemed | 112,315 | |||
| Payable to Adviser | 96,373 | |||
| Payable to affiliates | 11,597 | |||
| Payable to trustees | 5,536 | |||
| Other accrued expenses | 13,258 | |||
| Total Liabilities | 239,079 | |||
| Net Assets | $ | 78,548,950 | ||
| Net Assets consist of: | ||||
| Paid-in capital | $ | 61,201,214 | ||
| Accumulated earnings | 17,347,736 | |||
| Net Assets | $ | 78,548,950 | ||
| Shares outstanding (unlimited number of shares authorized, no par value) | 4,314,067 | |||
| Net asset value, offering and redemption price per share (a) | $ | 18.21 | ||
| (a) | The Fund charges a 1.00% redemption fee on shares redeemed within 7 days of purchase. |
See accompanying notes which are an integral part of these financial statements.
4
| Auer Growth Fund |
| Statement of Operations |
| For the Six Months Ended May 31, 2026 (Unaudited) |
| Investment Income | ||||
| Dividend income (net of foreign taxes withheld of $12,354) | $ | 585,970 | ||
| Interest income | 169,114 | |||
| Total investment income | 755,084 | |||
| Expenses | ||||
| Adviser | 508,743 | |||
| Administration | 34,123 | |||
| Fund accounting | 22,126 | |||
| Legal | 12,410 | |||
| Transfer agent | 11,392 | |||
| Trustee | 10,734 | |||
| Audit and tax preparation | 10,034 | |||
| Registration | 9,515 | |||
| Compliance services | 6,407 | |||
| Report printing | 5,038 | |||
| Custodian | 4,310 | |||
| Insurance | 2,097 | |||
| Pricing | 1,198 | |||
| Miscellaneous | 16,612 | |||
| Total expenses | 654,739 | |||
| Net investment income | 100,345 | |||
| Net Realized and Change in Unrealized Gain (Loss) on Investments | ||||
| Net realized gain on investment securities transactions | 6,956,239 | |||
| Net realized gain on foreign currency translations | 61 | |||
| Net change in unrealized appreciation of investment securities | 4,208,982 | |||
| Net change in unrealized depreciation of foreign currency translations | (35 | ) | ||
| Net realized and change in unrealized gain on investments | 11,165,247 | |||
| Net increase in net assets resulting from operations | $ | 11,265,592 |
See accompanying notes which are an integral part of these financial statements.
5
| Auer Growth Fund |
| Statements of Changes in Net Assets |
| For the | ||||||||
| For the Six | Year Ended | |||||||
| Months Ended | November 30, | |||||||
| May 31, 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Increase (Decrease) in Net Assets due to: | ||||||||
| Operations | ||||||||
| Net investment income | $ | 100,345 | $ | 22,101 | ||||
| Net realized gain on investment securities and foreign currency translations | 6,956,300 | 5,558,126 | ||||||
| Net change in unrealized appreciation of investment securities and foreign currency translations | 4,208,947 | 2,341,691 | ||||||
| Net increase in net assets resulting from operations | 11,265,592 | 7,921,918 | ||||||
| Distributions From: | ||||||||
| Earnings | (5,600,562 | ) | (12,076,850 | ) | ||||
| Total distributions | (5,600,562 | ) | (12,076,850 | ) | ||||
| Capital Transactions | ||||||||
| Proceeds from shares sold | 19,331,566 | 7,356,064 | ||||||
| Proceeds from redemption fees(a) | 68 | 524 | ||||||
| Reinvestment of distributions | 5,554,631 | 11,996,774 | ||||||
| Amount paid for shares redeemed | (10,724,977 | ) | (21,976,458 | ) | ||||
| Net increase (decrease) in net assets resulting from capital transactions | 14,161,288 | (2,623,096 | ) | |||||
| Total Increase (Decrease) in Net Assets | 19,826,318 | (6,778,028 | ) | |||||
| Net Assets | ||||||||
| Beginning of period | 58,722,632 | 65,500,660 | ||||||
| End of period | $ | 78,548,950 | $ | 58,722,632 | ||||
| Share Transactions | ||||||||
| Shares sold | 1,188,718 | 505,007 | ||||||
| Shares issued in reinvestment of distributions | 351,559 | 866,819 | ||||||
| Shares redeemed | (629,008 | ) | (1,673,893 | ) | ||||
| Net increase (decrease) in shares outstanding | 911,269 | (302,067 | ) | |||||
| (a) | The Fund charges a 1.00% redemption fee on shares redeemed within 7 days of purchase. |
See accompanying notes which are an integral part of these financial statements.
6
| Auer Growth Fund |
| Financial Highlights |
| (For a share outstanding during each period) |
| For the Six | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| May 31, 2026 | For the Years Ended November 30, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 17.26 | $ | 17.68 | $ | 14.66 | $ | 14.59 | $ | 11.30 | $ | 8.10 | ||||||||||||
| Income from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) | 0.03 | 0.01 | 0.04 | 0.10 | (0.01 | ) (a) | (0.08 | ) | ||||||||||||||||
| Net realized and unrealized gain | 2.70 | 2.84 | 3.65 | 0.73 | 3.30 | 3.28 | ||||||||||||||||||
| Total from investment operations | 2.73 | 2.85 | 3.69 | 0.83 | 3.29 | 3.20 | ||||||||||||||||||
| Net investment income | (0.01 | ) | (0.04 | ) | (0.11 | ) | — | — | — | |||||||||||||||
| Net realized gains | (1.77 | ) | (3.23 | ) | (0.56 | ) | (0.76 | ) | — | — | ||||||||||||||
| Total distributions | (1.78 | ) | (3.27 | ) | (0.67 | ) | (0.76 | ) | — | — | ||||||||||||||
| Paid in capital from redemption fees | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | — | |||||||||||||
| Net asset value, end of period | $ | 18.21 | $ | 17.26 | $ | 17.68 | $ | 14.66 | $ | 14.59 | $ | 11.30 | ||||||||||||
| Total Return(c) | 17.38 | % (d) | 20.73 | % | 26.34 | % | 6.35 | % | 29.12 | % | 39.51 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 78,549 | $ | 58,723 | $ | 65,501 | $ | 44,330 | $ | 40,980 | $ | 23,838 | ||||||||||||
| Ratio of expenses to average net assets | 1.93 | % (e) | 2.03 | % | 1.96 | % | 2.06 | % | 2.20 | % | 2.37 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets | 0.30 | % (e) | 0.04 | % | 0.23 | % | 0.72 | % | (0.05 | )% | (0.76 | )% | ||||||||||||
| Portfolio turnover rate | 67 | % (d) | 109 | % | 146 | % | 134 | % | 149 | % | 150 | % | ||||||||||||
| (a) | Calculation based on the average number of shares outstanding during the period. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
7
Auer Growth Fund
Notes to the Financial Statements
May 31, 2026 (Unaudited)
NOTE 1. ORGANIZATION
The Auer Growth Fund (the Fund) was registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified series of Unified Series Trust (the Trust) on September 10, 2007. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated October 14, 2002, as amended (the Trust Agreement). The Trust Agreement permits the Board of Trustees of the Trust (the Board) to issue an unlimited number of shares of beneficial interest of separate series. The investment objective of the Fund is long-term capital appreciation. The Fund is one of a series of funds currently authorized by the Board. The Funds investment adviser is SBAuer Funds, LLC (the Adviser).
The Fund has adopted Financial Accounting Standards Board (FASB) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Funds financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entitys chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds CODM is the President and Principal Executive Officer of the Fund. The Fund operates as a single operating segment. The Funds income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The Fund is an investment company and follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (GAAP).
Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
8
Auer Growth Fund
Notes to the Financial Statements (continued)
May 31, 2026 (Unaudited)
Federal Income Taxes – The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company (RIC) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.
As of and during the six months ended May 31, 2026, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the six months ended May 31, 2026, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.
Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds of the Trust based on each funds relative net assets or another appropriate basis (as determined by the Board).
Security Transactions and Related Income – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Distributions received from investments in real estate investment trusts (REITs) that represent a return of capital or capital gain are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds investments in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported. Estimates are based on the most recent REIT distributions information available. Withholding taxes on foreign dividends and related reclaims have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates.
Foreign Currency Translation – The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets
9
Auer Growth Fund
Notes to the Financial Statements (continued)
May 31, 2026 (Unaudited)
and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the realized and unrealized gain or loss from investments. Net realized gain (loss) on foreign currency translations on the Statement of Operations represents currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.
Dividends and Distributions – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value (NAV) per share of the Fund.
Redemption Fees – The Fund charges a 1.00% redemption fee for shares redeemed within 7 days of purchase. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Fund will retain the fee charged as an increase in paid-in capital and such fees become part of the Funds daily NAV calculation.
NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS
The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (NYSE) (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
10
Auer Growth Fund
Notes to the Financial Statements (continued)
May 31, 2026 (Unaudited)
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date
● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
● Level 3 – significant unobservable inputs (including the Funds own assumptions in determining fair value of investments based on the best information available)
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the securitys primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser, as Valuation Designee, under the oversight of the Boards Pricing & Liquidity Committee. The Valuation Designee has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily
11
Auer Growth Fund
Notes to the Financial Statements (continued)
May 31, 2026 (Unaudited)
available in conformity with guidelines adopted by the Board. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Designee pursuant to its policies and procedures. Any fair value provided by the Valuation Designee is subject to the ultimate review of the pricing methodology by the Pricing & Liquidity Committee of the Board on a quarterly basis. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the mutual funds. These securities are categorized as Level 1 securities.
In accordance with the Trusts valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designees opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Funds NAV calculation that may affect a securitys value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trusts Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.
12
Auer Growth Fund
Notes to the Financial Statements (continued)
May 31, 2026 (Unaudited)
The following is a summary of the inputs used to value the Funds investments as of May 31, 2026:
| Valuation Inputs | ||||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks(a) | $ | 68,642,290 | $ | — | $ | — | $ | 68,642,290 | ||||||||
| Money Market Funds | 9,951,308 | — | — | 9,951,308 | ||||||||||||
| Total | $ | 78,593,598 | $ | — | $ | — | $ | 78,593,598 | ||||||||
| (a) | Refer to Schedule of Investments for sector classifications. |
The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS
The Adviser, under the terms of the management agreement, manages the Funds investments. As compensation for its management services, the Fund is obligated to pay the Adviser a management fee computed and accrued daily and paid monthly at an annual rate of 1.50% of the Funds average daily net assets. For the six months ended May 31, 2026, the Adviser earned a management fee of $508,743 from the Fund. At May 31, 2026, the Fund owed the Adviser $96,373 for management services.
Ultimus Fund Solutions, LLC (Ultimus) provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services.
Northern Lights Compliance Services, LLC (NLCS), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund, which are approved annually by the Board.
Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the Distributor) serves as principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.
Certain officers of the Trust are also employees of Ultimus and such persons are not paid by the Fund for serving in such capacities.
The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The
13
Auer Growth Fund
Notes to the Financial Statements (continued)
May 31, 2026 (Unaudited)
Chair of the Board and more than 75% of the Trustees are Independent Trustees, which means that they are not interested persons as defined in the 1940 Act. The Independent Trustees review and establish compensation at least annually. Each Trustee of the Trust receives annual compensation, which is an established amount paid quarterly per fund in the Trust at the time of the regular quarterly Board meetings. The Chair of the Board receives the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Trustees also receive additional fees for attending any special meetings. In addition, the Trust reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.
The Trust, with respect to the Fund, has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund can pay the Distributor, the Adviser and/or other financial institutions or any other person (the Recipient) a fee of 0.25% of the average daily net assets of the Fund in connection with the promotion and distribution of the Funds shares or the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, the printing and mailing of sales literature and servicing shareholder accounts (12b-1 Expenses). The Fund or Adviser may pay all or a portion of these fees to any Recipient who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses actually incurred. The Fund has not implemented the Plan, although the Fund may do so at any time upon 60 days written notice to shareholders.
NOTE 5. PURCHASES AND SALES OF SECURITIES
For the six months ended May 31, 2026, purchases and sales of investment securities, other than short-term investments, were $44,587,468 and $39,852,106, respectively.
There were no purchases or sales of long-term U.S. government obligations during the six months ended May 31, 2026.
14
Auer Growth Fund
Notes to the Financial Statements (continued)
May 31, 2026 (Unaudited)
NOTE 6. BENEFICIAL OWNERSHIP
As of May 31, 2026, the following entity owned beneficially 25% or greater of the Funds outstanding shares. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the origination broker rather than designated separately).
| Percentage | |
| Charles Schwab & Co. | 55% |
NOTE 7. FEDERAL TAX INFORMATION
At May 31, 2026, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:
| Gross unrealized appreciation | $ | 12,046,641 | ||
| Gross unrealized depreciation | (1,755,113 | ) | ||
| Net unrealized appreciation/(depreciation) on investments | $ | 10,291,528 | ||
| Tax cost of investments | $ | 68,302,070 |
The tax character of distributions paid for the fiscal year ended November 30, 2025, the Funds most recent fiscal year end, was as follows:
| Distributions paid from: | ||||
| Ordinary income(a) | $ | 7,915,902 | ||
| Long-term capital gains | 4,160,947 | |||
| Total distributions paid | $ | 12,076,849 |
| (a) | Short-term capital gain distributions are treated as ordinary income for tax purposes. |
At November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:
| Undistributed ordinary income | $ | 2,951,624 | ||
| Undistributed long-term capital gains | 2,648,504 | |||
| Unrealized appreciation on investments | 6,082,578 | |||
| Total accumulated earnings | $ | 11,682,706 |
As of November 30, 2025, the difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the passive foreign investment company basis adjustments of underlying securities, C-Corp basis adjustments, and REIT basis adjustments.
15
Auer Growth Fund
Notes to the Financial Statements (continued)
May 31, 2026 (Unaudited)
Capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Funds fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the fiscal year ended November 30, 2025, the Fund did not defer any post-October capital losses or late year ordinary losses.
NOTE 8. SECTOR RISK
If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Funds NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Funds portfolio will be adversely affected.
NOTE 9. COMMITMENTS AND CONTINGENCIES
The Fund indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.
NOTE 10. SUBSEQUENT EVENTS
Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.
16
Additional Information (Unaudited)
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Statement Regarding Basis for Approval of Investment Advisory Agreement
Not applicable.
17
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not Applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not Applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 15. Submission of Matters to a Vote of Security Holders.
None
Item 16. Controls and Procedures
(a) The registrants Principal Executive Officer and Principal Financial Officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.
(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable
(b) Not applicable
Item 19. Exhibits.
(a)(1) Not applicable – disclosed with annual report.
(a)(2) Not applicable
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act are attached hereto.
(b) Certifications required by Rule 30a-2(b) under the Act are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Unified Series Trust |
| By | /s/ Zachary P. Richmond | |
| Zachary P. Richmond, Principal Executive Officer |
| Date | 8/6/2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ Zachary P. Richmond | |
| Zachary P. Richmond, Principal Executive Officer |
| Date | 8/6/2026 |
| By | /s/ Kevin M. Traegner | |
| Kevin M. Traegner, Principal Financial Officer |
| Date | 8/6/2026 |