Unified Series Trust NPORT-P Silk Invest New Horizons Frontier Fund (Mar 2023 report)

Silk

Invest

New

Horizons

Frontier

Fund

Schedule

of

Investments

March

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

87.31%

Shares

Fair

Value

Bangladesh

—

6.69%

BRAC

Bank

Ltd.

(a)

1,449,563‌

$

520,478‌

GrameenPhone

Ltd.

(a)

143,000‌

382,222‌

902,700‌

Egypt

—

8.14%

EFG-Hermes

Holding

Co.

(b)

810,180‌

441,095‌

Elswedy

Electric

Co.

(b)

418,000‌

204,480‌

Ibnsina

Pharma

S.A.E.

2,451,402‌

108,796‌

Telecom

Egypt

Co.

271,540‌

218,252‌

Tenth

of

Ramadan

Pharmaceuticals

and

Diagnostics

Reagents

Co.

1,938,589‌

124,604‌

1,097,227‌

Kazakhstan

—

3.01%

Kapsi.kz

JSC

5,370‌

406,342‌

Kenya

—

7.18%

Centum

Investment

Co.

Ltd.

(a)

2,590,670‌

175,148‌

Equity

Group

Holdings

Ltd.

1,050,000‌

360,485‌

KCB

Group

Ltd.

1,085,000‌

290,978‌

Safaricom

Ltd.

1,033,577‌

141,159‌

967,770‌

Morocco

—

2.34%

Douja

Promotion

Groupe

Addoha

SA

(a)

(b)

439,000‌

248,671‌

Residences

Dar

Saada

(b)

62,000‌

60,552‌

Travaux

Generaux

de

Construction

(b)

557‌

6,743‌

315,966‌

Nigeria

—

31.99%

Access

Bank

PLC

32,550,000‌

636,405‌

Airtel

Africa

PLC

153,804‌

494,170‌

Guaranty

Trust

Holding

Co.

PLC

11,727,752‌

649,673‌

Lafarge

Africa

PLC

10,230,000‌

577,815‌

MTN

Nigeria

Communications

PLC

1,190,000‌

620,437‌

Nestle

Nigeria

PLC

285,000‌

668,851‌

Zenith

Bank

PLC

11,869,452‌

666,549‌

4,313,900‌

Pakistan

—

6.68%

Habib

Bank

Ltd.

478,000‌

123,468‌

MCB

Bank

Ltd.

313,500‌

127,079‌

Meezan

Bank

Ltd.

339,020‌

113,764‌

Nishat

Mills

Ltd.

664,500‌

123,225‌

Silk

Invest

New

Horizons

Frontier

Fund

Schedule

of

Investments

(continued)

March

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

87.31%

-

continued

Shares

Fair

Value

Systems

Ltd.

253,840‌

$

413,427‌

900,963‌

United

Arab

Emirates

—

5.77%

Emaar

Properties

PJSC

421,960‌

644,721‌

Emirates

NBD

Bank

PJSC

37,112‌

132,798‌

777,519‌

United

Kingdom

—

0.58%

Airtel

Africa

PLC

60,000‌

78,718‌

Vietnam

—

14.93%

Digiworld

Corp.

112,700‌

138,694‌

Phu

Nhuan

Jewelry

JSC

32,666‌

108,622‌

SSI

Securities

Corp.

409,918‌

377,313‌

Vietnam

Prosperity

JSC

Bank

597,439‌

538,645‌

Vincom

Retail

JSC

(b)

32,300‌

40,852‌

Vinh

Hoan

Corp.

127,300‌

290,794‌

Vinhomes

JSC

91,410‌

200,955‌

VNDirect

Securities

Corp.

477,000‌

316,838‌

2,012,713‌

Total

Common

Stocks

(Cost $13,322,543)

11,773,818‌

EXCHANGE-TRADED

FUNDS

—

2.44%

Vietnam

—

2.44%

VFMVN

DIAMOND

ETF

(b)

343,000‌

329,676‌

Total

Exchange-Traded

Funds

(Cost $219,736)

329,676‌

MONEY

MARKET

FUNDS

-

1.22%

First

American

Government

Obligations

Fund,

Class

X,

4.65%

(c)

164,344‌

164,344‌

Total

Money

Market

Funds

(Cost

$164,344)

164,344‌

Total

Investments

—

90.97%

(Cost

$13,706,623)

12,267,838‌

Other

Assets

in

Excess

of

Liabilities — 9.03%

1,217,375‌

NET

ASSETS

—

100.00%

$

13,485,213‌

(a)

All

or

a

portion

of

this

security

has

been

deemed

illiquid

by

the

Adviser.

The

total

fair

value

of

these

securities

as

of

March

31,

2023

was

$1,017,672,

representing

7.55

%

of

net

assets.

(b)

Non-income

producing

security.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2023.

ETF

-

Exchange-Traded

Fund