OneAscent Large Cap Core ETF (OALC)

OneAscent Core Plus Bond ETF (OACP)

NYSE Arca, Inc.

Annual Report

August 31, 2022

OneAscent Investment Solutions, LLC 23 Inverness Center Parkway Birmingham, Alabama 35242 Telephone: 1-800-222-8274

Dear Shareholder,

It is our privilege to share with you the Annual Report for the OneAscent Investment Solutions suite of Exchange-Traded Funds (ETFs) as of August 31, 2022.

At OneAscent, we believe that business is one of, if not the single, most powerful engines that God has given us to impact the world. Because of this power, we must invest intentionally. We should consider not only who business may be impacting (i.e. People and Places), but also how those groups are being impacted (i.e. positively or negatively). To put it simply, OneAscent seeks to eliminate companies from its investable universe whose products or practices are causing harm, while elevating those companies who make the world a better place. Our aim is to identify and invest in companies that not only make great investments but are also great businesses.

Since its founding in 2017, OneAscent has remained committed to developing investment solutions designed to help investors live aligned with what they value most. We call this Values-Based Investing. Over the past year, we have had the privilege to expand and deepen that commitment through the launch of OneAscent Large Cap Core ETF (November 2021) and OneAscent Core Plus Bond ETF (March 2022). We invite you to learn more about values-based investing and the comprehensive suite of OneAscent investment solutions available by visiting our website at investments.oneascent.com.

On behalf of our team at OneAscent, we want to extend our sincerest thanks and appreciation for the trust you have placed in us. We are honored to partner with you, as together, we seek to invest in businesses that bless the world.

Sincerely,

Cole Pearson, President
OneAscent Investment Solutions

FUND PERFORMANCE AND REVIEW

OneAscent Large Cap Core ETF

The OneAscent Large Cap Core ETF (the “Fund”) returned -18.71% from its inception on November 15, 2021 through August 31, 2022 compared with the -14.49% return of its benchmark, the S&P 500^® Index. The Fund underperformed its benchmark due to the tilt toward growth factors in the portfolio during the first few months of the period. The

launch of the Fund in November 2021 only slightly preceded the peak in market levels that occurred in early January 2022.

A portfolio manager change was made in February and several modifications were made to the composition of the portfolio, with the biggest change being a shift from growth stocks to more conservative positioning. In early February, the portfolio’s biggest weight by sector was in information technology, the beta was 1.06 versus the benchmark, and the tracking error was nearly 5%. By the end of February, the beta was brought down to 0.96 and the tracking error was lowered to close to 4%, even as the active share increased. The number of portfolio holdings dropped from 120 at the beginning of the period to 75 at the end of the period. Cash was the biggest overweight by the end of February followed by financials.

To this end, performance improved significantly throughout the period. From inception (11/15/2021) to February 3, 2022 the Fund underperformed the benchmark by 5.5%. However, from February 4, 2022 through the end of the period, the Fund outperformed the index by 0.30% as the change from growth stocks to conservative stocks were being implemented. Turnover was significant during the period as the portfolio reconstruction unfolded.

For the overall period, information technology holdings detracted from performance the most, followed by consumer discretionary and industrials. Information technology was the worst performing sector overall which, due to our overweight positioning at the start of the period, drove most of the underperformance. The Fund’s exposure to the communications sector led to the biggest contribution to performance, followed by cash and healthcare. For individual position attribution, Vertex Pharmaceuticals, cash, and Pioneer Natural Resources were the three biggest contributors while Yeti Holdings, SVB Financial and T Rowe Price were the biggest detractors.

The best performing stock was Signify Health, Inc. followed by Hess and Vertex Pharmaceuticals, rising by 63%, 50%, and 50% respectively while in the Fund’s portfolio. Yeti Holdings, Align Technology, and Zoom Video Communications were the worst performing stocks dropping 65%, 65%, and 59% respectively while in the Fund’s portfolio.

At the end of the period, cash was still the biggest holding in the portfolio reflecting the manager’s conservative outlook. However, we feel like the portfolio is now in a great position to take advantage of opportunities as the market continues to correct from euphoric levels.

OneAscent Core Plus Bond ETF

The OneAscent Core Plus Bond ETF (the “Fund”) returned -5.23% from its inception on March 30, 2022 to August 31, 2022, compared with the -5.06% return of its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Federal Reserve (the “Fed”) embarked upon an aggressive tightening of monetary policy during the period, punctuated by two 75-basis point increases to the Federal Funds Rate, as well as the start of balance sheet run-off. The latter is sometimes referred to as quantitative tightening, and it follows a couple years of open market purchases of U.S. Treasury and agency mortgage-backed securities (MBS), which pumps liquidity into the financial system via quantitative easing. Given the current hawkish rhetoric and forward guidance offered by a number of Fed governors, the Fed anticipates that interest-rate increases will be ongoing through year-end and into 2023.

The potential for over-tightening is a legitimate risk. The U.S. economy showed signs of contraction during the period as food and energy inflation spiked higher and core inflation broadened out, while labor markets operated near full employment. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, decreased at an annual rate of 0.6 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter. Core inflation, which measures all items except food and energy, rose 6.3% over the twelve months ended August 2022, the highest since March, up from 5.9% in the previous month. Crude oil prices, which were strongly affected by Russia’s invasion of Ukraine in late February 2022 and touched $120 per barrel in March and June, and ended August around $90. The unemployment rate declined steadily over the prior two years to reach 3.6% in March 2022 and remained at 3.7% as of August 2022.

All of the sectors in the Bloomberg U.S. Aggregate Bond Index posted negative returns for the since inception period. From inception through August 31, 2022, U.S. Treasuries, the largest benchmark sector, returned -4.6%. Mortgage-backed securities (MBS) and corporate bonds, the next two largest sectors, returned -4.3% and -7.0%, respectively. Corporate bonds are the longest-duration segment of the index, meaning that they carry the most interest rate sensitivity, which is a headwind when yields (interest rates) are rising. Among smaller sectors in the benchmark, agencies, commercial mortgage backed securities (CMBS), and asset-backed securities (ABS), returned -2.5%, -3.6%, and -1.1%, respectively, as each benefited from shorter durations relative to the broader benchmark. High yield, or below investment grade, corporate bonds, which are not included in the benchmark but are an opportunistic allocation for the Fund, returned -6.7% as investors shed riskier securities in both the equity and debt markets during the period.

Overall, the Fund slightly trailed its benchmark since inception, primarily due to its overweight to the longer duration corporate sector and allocation to off-benchmark high

yield corporates. The Fund’s underweight allocation to Treasuries also detracted. The underweight Treasury and overweight high yield allocations are strategic for the Fund’s strategy and expected to persist over a market cycle. Meanwhile, the positioning of the Fund’s securitized exposures, which are more tactical and based on the investment team’s relative value assessments, contributed favorably to relative performance across MBS, ABS, and CMBS. The Fund’s shorter-than-benchmark duration during the period was the largest positive contributor to relative results.

As part of its investment strategy, the Fund pursues investments in direct and measurable impact securities. Several notable purchases during the period include: a commercial mortgage backed (CMBS) deal to finance a pool of 12 multi-family affordable housing communities located in Florida. Of the 3,082 units, 2,668 will be rented to households with incomes of no more than 60% of Area Median Income (AMI) and 315 units will be available to households with incomes of no more than 35% of AMI. These units have provisions limiting monthly rent to no more than 30% of household income. These affordability provisions are contractually in effect beyond the 2036 term of the bonds. (There are 99 market-rate units without the household income limit.)

The Fund also invested in Fortescue Metals Group’s (FMG) green bond, a USD-denominated high yield corporate bond from an Australian company. FMG is the world’s fourth-largest exporter of iron ore, which is used in steel production. The transition to a more sustainable economy will require significant steel resources, for the construction of wind turbines and solar arrays, among other things. Bond proceeds will be used for a variety of green projects intended to decarbonize mining operations and shipping/transportation of iron ore, including renewable energy, green hydrogen and ammonia production and infrastructure, energy storage, clean transportation, and water purification/recycling.

Total Returns* as of August 31, 2022

Total annual operating expenses based on estimated amounts for the current fiscal year, as disclosed in the OneAscent Large Cap Core ETF’s (the “Fund”) prospectus dated November 7, 2021, as supplemented on February 24, 2022, were 0.76% of average daily net assets. OneAscent Investment Solutions, LLC (the “Adviser”) contractually has agreed to waive its management fee and/or reimburse expenses so that total annual Fund operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, do not exceed 1.00% through December 31, 2022. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/ expense payment and any expense limitation in effect at the time of the recoupment. Additional information pertaining to the Fund’s expense ratio as of August 31, 2022 can be found in the financial highlights.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 222-8274. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. Since exchange-traded funds are bought and sold at prices set by the market, which can result in a premium or discount to NAV, the returns calculated using Market Price can differ from those calculated using NAV. For more information about current performance, holdings or historical premiums/discounts, please visit the Fund’s website at http://investments.oneascent.com.

Fund’s portfolio. Index returns do not reflect the deduction of expenses, which have been deducted from the Fund’s returns. Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in an index.

The Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund and may be obtained by calling (800) 222-8274. Please read it carefully before investing.

The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC.

Comparison of the Growth of a $10,000 Investment in the OneAscent Large Cap Core ETF (NAV) and the S&P 500^® Index (Unaudited)

The chart above assumes an initial investment of $10,000 made on November 15, 2021 (commencement of operations) and through August 31, 2022. THE ONEASCENT LARGE CAP CORE ETF’S RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS. The S&P 500^® Index is a widely recognized unmanaged index of equity prices and are representative of a broader market and range of securities than are found in the OneAscent Large Cap Core ETF’s portfolio. The returns shown do not reflect deduction of taxes that a shareholder would pay on the OneAsecnt Large Cap Core ETF distributions or the redemption of shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.

Current performance may be lower or higher than the performance data quoted. For more information on the OneAscent Large Cap Core ETF, and to obtain performance data current to the most recent month-end, or to request a prospectus, please call (800) 222-8274. The OneAscent Large Cap Core ETF’s prospectus and summary prospectus contains important information about the OneAscent Large Cap Core ETF’s investment objectives, potential risks, management fees, charges and expenses, and other information. Please read the prospectus or summary prospectus carefully before investing.

The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC.

Total Returns* as of August 31, 2022

Total annual operating expenses based on estimated amounts for the current fiscal year, as disclosed in the OneAscent Core Plus Bond ETF’s (the “Fund”) prospectus dated March 15, 2022, as supplemented on March 28, 2022, were 0.79% of average daily net assets. The Adviser contractually has agreed to waive its management fee and/or reimburse expenses so that total annual Fund operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, do not exceed 1.00% through December 31, 2023. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. Additional information pertaining to the Fund’s expense ratio as of August 31, 2022 can be found in the financial highlights.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 222-8274. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. Since exchange-traded funds are bought and sold at prices set by the market, which can result in a premium or discount to NAV, the returns calculated using Market Price can differ from those calculated using NAV. For more information about current performance, holdings or historical premiums/discounts, please visit the Fund’s website at http://investments.oneascent.com.

The Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund and may be obtained by calling (800) 222-8274. Please read it carefully before investing.

The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC.

Comparison of the Growth of a $10,000 Investment in the OneAscent Core Plus Bond ETF (NAV) and the Bloomberg U.S. Aggregate Bond Index (Unaudited)

The chart above assumes an initial investment of $10,000 made on March 30, 2022 (commencement of operations) and through August 31, 2022. THE ONEASCENT CORE PLUS BOND ETF’S RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS. The Bloomberg U.S. Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States representative of a broader market and range of securities than are found in the OneAscent Core Plus Bond ETF’s portfolio. The returns shown do not reflect deduction of taxes that a shareholder would pay on the OneAsecnt Core Plus Bond ETF distributions or the redemption of shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.

Current performance may be lower or higher than the performance data quoted. For more information on the OneAscent Core Plus Bond ETF, and to obtain performance data current to the most recent month-end, or to request a prospectus, please call (800) 222-8274. The OneAscent Core Plus Bond ETF’s prospectus and summary prospectus contains important information about the OneAscent Core Plus Bond ETF’s investment objectives, potential risks, management fees, charges and expenses, and other information. Please read the prospectus or summary prospectus carefully before investing.

The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC.

OneAscent Large Cap Core ETF Holdings as of August 31, 2022.*

The investment objective of the OneAscent Large Cap Core ETF is to seek capital appreciation.

Portfolio holdings are subject to change.

OneAscent Core Plus Bond ETF Holdings as of August 31, 2022.*

The investment objective of the OneAscent Core Plus Bond ETF is to seek total return, with an emphasis on income as the source of that total return, while giving special consideration to certain values-based and impact criteria.

Portfolio holdings are subject to change.

The Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each Fund’s Form N-PORT reports are available on the SEC’s website at http:// www.sec.gov or on the Funds’ website at http://investments.oneascent.com.

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

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

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

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

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

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

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

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

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

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

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

NOTE 1. ORGANIZATION

OneAscent Large Cap Core ETF (the “Large Cap Core ETF”) and the OneAscent Core Plus Bond ETF (the “Core Plus Bond ETF”) (each a “Fund” and collectively the “Funds”) are registered under the Investment Company Act of 1940, as amended (“1940 Act”), as diversified series of Unified Series Trust (the “Trust”). 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. Each Fund is one of a series of funds currently authorized by the Board. The Funds’ investment adviser is OneAscent Investment Solutions, LLC (the “Adviser”). The Adviser has retained Teachers Advisors, LLC (the “Sub-Adviser”) to serve as sub-adviser to the Core Plus Bond ETF. The investment objective of the Large Cap Core ETF is to seek capital appreciation. The investment objective of the Core Plus Bond ETF is to seek total return, with an emphasis on income as the source of that total return, while giving special consideration to certain values-based and impact criteria.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Federal Income Taxes – The Funds make no provision for federal income or excise tax. Each 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. Each Fund also intends to distribute sufficient net investment income and net 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 Funds could incur a tax expense.

As of and during the fiscal period ended August 31, 2022, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the period, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the interim tax period since inception, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

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

Security Transactions and Related Income – The Funds follow industry practice and record security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Distributions received from investments in real estate investment trusts (“REITs”) that represent a return of capital or capital gain are recorded as a reduction of the cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITs are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate 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 country’s tax rules and rates.

Dividends and Distributions – The Large Cap Core ETF intends to distribute its dividends from net investment income and net realized long-term and short-term capital gains, if any, at least annually. The Core Plus Bond ETF typically distributes dividends from net investment income monthly and any realized net capital gains, if any, 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 Funds.

For the fiscal period ended August 31, 2022, the Funds made the following reclassifications to increase (decrease) the components of net assets:

NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security’s primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. When using market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, a Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

Debt securities are valued by using the mean between the closing bid and ask prices provided by a pricing service. If the closing bid and ask prices are not readily available, the pricing service may provide a price determined by a matrix pricing method. Matrix pricing is a mathematical technique used to value fixed income securities without relying exclusively on quoted prices. Matrix pricing takes into consideration recent transactions, yield, liquidity, risk, credit quality, coupon, maturity, type of issue and any other factors or market data the pricing service deems relevant for the actual security being priced and for other securities with similar characteristics. These securities will generally be categorized as Level 2 securities. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities or when prices are not readily available from a pricing service, securities are valued at fair value as determined by the Adviser, in conformity with guidelines adopted by and subject to review of the Board. These securities will generally be categorized as Level 3 securities.

The following is a summary of the inputs used to value the Funds’ investments as of August 31, 2022:

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

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

The Adviser, under the terms of the management agreement with the Trust with respect to each Fund (each an “Agreement”), manages the Funds’ investments. As compensation for its management services, each Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly as follows:

The Adviser has retained a sub-adviser to provide portfolio management and related services to the Core Plus Bond ETF. The Sub-Adviser receives a fee from the Adviser for these services.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing

costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Funds’ business, do not exceed 1.00% of the average daily net assets with respect to the Large Cap Core ETF through December 31, 2022 and 1.00% of the Fund’s average daily net assets with the respect of the Core Plus Bond ETF through December 31, 2023. For the fiscal period ended August 31, 2022, the Adviser did not waive any fees in each Fund. At August 31, 2022, the Funds owed the Adviser $17,977 and $47,033 for the Large Cap Core ETF and Core Plus Bond ETF, respectively.

Each fee waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date in which that particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment.

Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting and transfer agent services to the Funds. The Funds pay 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 Funds, which are approved annually by the Board.

Under the terms of a Distribution Agreement with the Trust, Northern Lights Distributors, LLC (the “Distributor”) serves as principal underwriter to the Funds. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

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

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chairman of the Board and more than 75% of the Trustees are “Independent Trustees,” which means that they are not “interested persons” as defined in the 1940 Act. Each

Independent Trustee of the Trust receives annual compensation of $2,785 per fund from the Trust, except that the Chairman of the Audit Committee, the Chairman of the Governance & Nominating Committee, and the Chairman of the Pricing & Liquidity Committee each receives annual compensation of $3,235 per fund from the Trust, and the Independent Chairman of the Board receives $3,435 per fund from the Trust. Independent Trustees also receive $1,000 for attending any special meeting that requires an in person approval of a contract and $250 for the first hour and $200 for each additional hour for attending other special meetings. In addition, the Trust reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.

NOTE 5. PURCHASES AND SALES OF SECURITIES

For the fiscal period ended August 31, 2022, purchases and sales of investment securities, other than short-term investments, were as follows:

For the fiscal period ended August 31, 2022, purchases and sales for in-kind transactions were as follows:

For the fiscal period ended August 31, 2022, the Funds incurred net realized gains on in-kind redemptions as follows:

NOTE 6. CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by each Fund at NAV only in large blocks known as “Creation Units.” Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units

from a Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate a Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for each Fund are disclosed in the Statements of Changes in Net Assets. For the fiscal period ended August 31, 2022, the Large Cap Core ETF and the Core Plus Bond ETF received $14,500 and $600 in fixed fees, respectively. There were no variable rate fees charged for the Large Cap Core ETF or the Core Plus Bond ETF during the fiscal period ended August 31, 2022. The Transaction Fees for each Fund are listed in the table below:

NOTE 7. FEDERAL TAX INFORMATION

At August 31, 2022, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes was as follows:

The tax character of distributions paid for the fiscal period ended August 31, 2022 were as follows:

At August 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

As of August 31, 2022, the Core Plus Bond ETF had short-term capital loss carryforwards available to offset future gains and not subject to expiration in the amount of $1,700,946.

Under current tax law, net investment losses after December 31 and capital losses realized after October 31 of the Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the fiscal year ended August 31, 2022, the Large Cap Core ETF deferred Post-October capital losses of $4,634,577.

NOTE 8. SECTOR RISK

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of August 31, 2022, the Large Cap Core ETF had 32.20% of the value of its net assets invested in securities within the Technology sector.

NOTE 9. COMMITMENTS AND CONTINGENCIES

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

NOTE 10. SUBSEQUENT EVENTS

Management of the Funds 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.

To the Shareholders of OneAscent ETFs and
Board of Trustees of Unified Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of OneAscent Investments, comprising the funds listed below (the “Funds”) as of August 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2022.

COHEN & COMPANY, LTD.
Chicago, Illinois
October 28, 2022

The Funds have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act. The Program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, each Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long- term cash flow projections; and its cash holdings and access to other funding sources. The Board approved the appointment of the Liquidity Administrator Committee, comprising certain Trust officers and employees of the Adviser. The Liquidity Administrator Committee maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Program’s most recent report, which was presented to the Board for consideration at its meeting held on August 15-16, 2022, outlined the operation of the Program and the adequacy and effectiveness of the Program’s implementation. During the review period, the Funds did not experience unusual stress or disruption to their operations related to purchase and redemption activity. Also, during the review period the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that the Program is reasonably designed to prevent violation of the Liquidity Rule and has been effectively implemented.

As a shareholder of a Fund, you incur two types of costs: (1) transaction and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. You may pay brokerage commissions on purchases and sales of exchange-traded fund shares, which are not reflected in the example. Each Fund’s example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2022 through August 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

At a Special Shareholder Meeting at which a quorum was present, held on September 6, 2022, Fund shareholders of record as of the close of business on July 5, 2022 voted to approve the following proposal:

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

The Form 1099-DIV you receive in January 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income. The Funds designate the following percentage or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

Qualified Business Income. The Funds designate the following percentage of ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Funds’ dividend distribution that qualifies under tax law. For the Funds’ calendar year 2019 ordinary income dividends, the following percentage qualifies for the corporate dividends received deduction.

The Funds designate the following amounts as long-term capital gains distributions. The amounts designated may not agree with long-term capital gains in the tax character of distribution table due to utilization of earnings and profits distributed to shareholders on redemption of shares.

GENERAL QUALIFICATIONS. The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chairman of the Board and more than 75% of the Trustees are “Independent Trustees,” which means that they are not “interested persons” (as defined in the 1940 Act) of the Trust or any adviser, sub-adviser or distributor of the Trust.

The following table provides information regarding the Independent Trustees.

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

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the trustees and is available without charge, upon request. You may call toll-free at (800) 222-8274 to request a copy of the SAI or to make shareholder inquiries.

The OneAscent Core Plus Bond ETF (the “Fund”) is a series of Unified Series Trust (the “Trust”). The Trust’s Board of Trustees (the “Board” or “Trustees”) oversees the management of the Fund and, as required by law, considered the approval of the Fund’s management agreement with its investment adviser, OneAscent Investment Solutions, LLC (“OneAscent”) and OneAscent’s sub-advisory agreement with Teachers Advisors, LLC (“TAL”). The Board approved the management agreement and the sub-advisory agreement.

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

The Trustees met at a special meeting in December 2021 to review and discuss materials compiled by Ultimus Fund Solutions, LLC, the Trust’s administrator, with regard to the management agreement between the Trust and OneAscent and the sub-advisory agreement between OneAscent and TAL. At the special meeting, the Board interviewed certain executives of OneAscent, including OneAscent’s Vice President, Director of Portfolio Strategy and Chief Compliance Officer. The Board also interviewed certain executives of TAL. After discussion, the Trustees, including the Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940) of the Trust, OneAscent or TAL (the “Independent Trustees”), approved the management agreement between the Trust and OneAscent and the sub-advisory agreement between OneAscent and TAL, each for an initial period of two years. The Trustees’ approval of the Fund’s management agreement and sub-advisory agreement was based on a consideration of all the information provided to the Trustees, and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated this information differently, ascribing different weights to various factors.

(i) The Nature, Extent, and Quality of Services. The Trustees reviewed and considered information regarding the nature, extent, and quality of services that each of OneAscent and TAL would provide to the Fund, which include, but are not limited to, providing a continuous investment program for the Fund, adhering to the Fund’s investment restrictions, complying with the Trust’s policies and procedures, and voting proxies on behalf of the Fund. The Trustees considered the qualifications and experience of TAL’s portfolio managers who would be responsible for the day-to-day management of the Fund’s portfolio, as well as the qualifications and experience of the other individuals at OneAscent and TAL who would provide services to the Fund. They discussed OneAscent’s and TAL’s value-based investment strategy, how any screens are applied with respect to the Fund, and the self-discipline associated with such impact investing. The Trustees discussed and reviewed OneAscent’s compliance program and its compliance policies and procedures with respect to regulatory requirements for ETFs, and Ms. Gosselink and Mr. Wood provided assurances regarding their continuing review and oversight with respect to adoption of appropriate compliance policies. They further discussed OneAscent’s financial position and its commitment with respect to supporting the expense reimbursement and fee waiver commitments to the Fund. After a thorough discussion and consideration, the Trustees concluded that OneAscent and TAL both have adequate resources to provide satisfactory investment management services to the proposed Fund.

(ii) Fund Performance. The Trustees next reviewed and discussed the performance of separate accounts that have an investment strategy similar to that of the proposed Fund and which is managed by key personnel of TAL and its affiliates who will also manage the Fund. The Trustees once again considered OneAscent and TAL’s values-based investment strategy. It was the consensus

of the Trustees that it was reasonable to conclude that OneAscent and TAL have the ability to manage the proposed Fund successfully from a performance standpoint.

(iii) Fee Rate and Profitability. The Trustees reviewed a fee and expense comparison for the Morningstar Intermediate Core-Plus Bond category, which indicated that the Fund’s proposed management fee is higher than the average but in line with the median for the category. The Trustees noted that the estimated net expense ratio is higher than the average and median for the category. The Trustees also considered a profitability analysis prepared by OneAscent for its management of the Fund, which indicated that, both before and after the deduction of marketing expenses, OneAscent expects to earn a profit as a result of managing the Fund in its first and second years of operations. The Trustees noted that TAL, both before and after deduction of marketing expenses, does not expect to earn a profit in the first two years of operations.

The Trustees considered other potential benefits that OneAscent or TAL may receive in connection with its management of the Fund, including third-party research obtained by soft dollars, and noted that OneAscent currently does not have soft dollar arrangements in place but may in the future. The Trustees noted that TAL does not employ the use of soft dollars. After considering the above information, the Trustees concluded that the proposed management fee and sub-advisory fee represent reasonable compensation in light of the nature and quality of the services that OneAscent and TAL propose to provide to the Fund and the fees paid by other exchange-traded funds in the same Morningstar category.

(iv) Economies of Scale. In determining the reasonableness of the management fee, the Trustees also considered the extent to which OneAscent or TAL will realize economies of scale as the Fund grows larger. The Trustees determined that, in light of the anticipated size of the Fund in its first two years of operations, it does not appear that OneAscent will realize benefits from economies of scale in managing the Fund in the near term to such an extent that breakpoints in the management fee need to be considered at this time. The Trustees also noted that the sub-advisory fee already includes breakpoints, but at a level exceeding the anticipated size of the Fund in the first two years of operations.

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (800) 222-8274 and (2) in Fund documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.

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

Distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC

ONEASENT-AR-22