06/09/2025 | Press release | Distributed by Public on 06/09/2025 10:53
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 811-23084
Series Portfolios Trust
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Ryan L. Roell, Principal Executive Officer
Series Portfolios Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 6th Fl
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-1709
Registrant's telephone number, including area code
Date of fiscal year end: September 30, 2025
Date of reporting period: March 31, 2025
Item 1. Reports to Stockholders.
(a) |
Elm Market Navigator ETF
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ELM(Principal U.S. Listing Exchange: NYSE)
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Semi-Annual Shareholder Report | March 31, 2025
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment*
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Elm Market Navigator ETF
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$3
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0.20%
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* | Annualized |
Net Assets
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$429,552,909
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Number of Holdings
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27
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Portfolio Turnover
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21%
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30-Day SEC Yield
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2.86%
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30-Day SEC Yield Unsubsidized
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2.84%
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Top 10 Issuers
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(% of net assets)
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Schwab US TIPS ETF
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17.6%
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Vanguard Total Stock Market ETF
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12.7%
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Vanguard FTSE Emerging Markets ETF
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11.6%
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iShares 0-3 Month Treasury Bond ETF
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10.8%
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iShares Core MSCI Emerging Markets ETF
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8.7%
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Vanguard FTSE Europe ETF
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7.4%
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iShares Core S&P Total U.S. Stock Market ETF
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6.8%
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iShares Core MSCI Europe ETF
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6.5%
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iShares Core MSCI Pacific ETF
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4.2%
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iShares National Muni Bond ETF
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2.2%
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Elm Market Navigator ETF | PAGE 1 | TSR-SAR-81752T429 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for Semi-Annual Reports.
Item 3. Audit Committee Financial Expert.
Not applicable for Semi-Annual Reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for Semi-Annual Reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for Semi-Annual Reports.
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7(a) of this Form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
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Page
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Schedule of Investments
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1
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Statement of Assets and Liabilities
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2
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Statement of Operations
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3
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Statement of Changes in Net Assets
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4
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Financial Highlights
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5
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Notes to the Financial Statements
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6
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Additional Information
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11
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TABLE OF CONTENTS
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Shares
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Value
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EXCHANGE TRADED FUNDS - 99.4%
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iShares 0-3 Month Treasury Bond
ETF
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460,359
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$46,344,340
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iShares Core MSCI Emerging Markets ETF
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691,355
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37,312,429
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iShares Core MSCI Europe ETF
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463,855
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27,900,878
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iShares Core MSCI Pacific ETF
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291,318
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18,131,632
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iShares Core S&P Total U.S. Stock Market ETF
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240,266
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29,314,855
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iShares Core U.S. Aggregate Bond
ETF
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1,800
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178,056
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iShares iBoxx $ Investment Grade Corporate Bond ETF
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35,088
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3,813,715
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iShares MSCI EAFE Small-Cap ETF
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47,880
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3,041,816
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iShares National Muni Bond ETF
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88,230
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9,302,971
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JPMorgan BetaBuilders Canada ETF
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122,862
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8,792,005
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Schwab International Small-Cap
Equity ETF
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76,317
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2,738,254
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Schwab U.S. REIT ETF
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220,713
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4,747,537
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Schwab U.S. TIPS ETF
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2,808,572
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75,522,501
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Vanguard FTSE All-World ex-US
ETF
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71,151
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4,316,020
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Vanguard FTSE Emerging Markets
ETF
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1,104,331
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49,982,021
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Vanguard FTSE Europe ETF
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450,928
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31,659,655
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Vanguard FTSE Pacific ETF
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46,635
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3,379,172
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Vanguard Real Estate ETF
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944
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85,470
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Vanguard S&P 500 ETF
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7,410
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3,808,073
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Vanguard Small-Cap ETF
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35,117
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7,787,195
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Vanguard Total Bond Market ETF
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58,451
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4,293,226
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Vanguard Total Stock Market ETF
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198,425
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54,535,127
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Vanguard Value ETF
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740
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127,828
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TOTAL EXCHANGE TRADED FUNDS
(Cost $352,072,372)
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427,114,776
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Par
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U.S. TREASURY SECURITIES - 0.1%
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U.S. Treasury Inflation Indexed Bonds
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0.63%, 07/15/2032
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$262,404
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245,063
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1.88%, 07/15/2034
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40,496
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40,885
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TOTAL U.S. TREASURY SECURITIES
(Cost $275,822)
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285,948
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Shares
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SHORT-TERM INVESTMENTS - 0.4%
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Money Market Funds - 0.2%
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First American Government Obligations Fund - Class X, 4.27%(a)
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1,096,665
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1,096,665
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Par
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Value
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U.S. Treasury Bills - 0.2%
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U.S. Treasury Bill
3.87%, 12/26/2025(b)
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$850,000
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$825,322
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TOTAL SHORT-TERM INVESTMENTS
(Cost $1,918,419)
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1,921,987
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TOTAL INVESTMENTS - 99.9%
(Cost $354,266,613)
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$429,322,711
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Other Assets in Excess of
Liabilities - 0.1%
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230,198
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TOTAL NET ASSETS - 100.0%
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$429,552,909
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(a)
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The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
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(b)
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The rate shown is the annualized effective yield as of March 31, 2025.
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1
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TABLE OF CONTENTS
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ASSETS:
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Investments, at value
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$429,322,711
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Receivable for fund shares sold
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39,830,213
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Interest receivable
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1,968
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Cash
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376
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Total assets
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469,155,268
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LIABILITIES:
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Payable for investments purchased
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39,538,233
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Payable to Adviser
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64,126
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Total liabilities
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39,602,359
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NET ASSETS
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$429,552,909
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Net Assets Consists of:
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Paid-in capital
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$337,490,052
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Total distributable earnings
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92,062,857
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Total net assets
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$429,552,909
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Net assets
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$429,552,909
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Shares issued and outstanding(a)
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17,525,000
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Net asset value per share
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$24.51
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Cost:
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Investments, at cost
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$354,266,613
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(a)
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Unlimited shares authorized without par value.
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2
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TABLE OF CONTENTS
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INVESTMENT INCOME:
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Dividend income
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$580,055
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Interest income
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407,175
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Total investment income
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987,230
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EXPENSES:
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Investment advisory fees (See Note 3)
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110,253
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Total expenses before waiver
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110,253
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Less: expense waiver by Adviser (See Note 3)
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(10,023)
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Net expenses
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100,230
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Net investment income
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887,000
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REALIZED AND UNREALIZED GAIN ON INVESTMENTS
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Net realized gain on investments
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16,119,759
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Net change in unrealized appreciation/depreciation on investments
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75,056,098
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Net realized and unrealized gain on investments
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91,175,857
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NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
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$92,062,857
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(a)
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Inception date of the Fund was February 10, 2025.
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3
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TABLE OF CONTENTS
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OPERATIONS:
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Net investment income
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$887,000
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Net realized gain on investments
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16,119,759
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Net change in unrealized appreciation/depreciation on investments
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75,056,098
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Net increase in net assets resulting from operations
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92,062,857
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CAPITAL TRANSACTIONS:
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Subscriptions
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358,015,640
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Redemptions
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(20,525,588)
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Net increase in net assets from capital transactions(b)
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337,490,052
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Net increase in net assets
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429,552,909
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NET ASSETS:
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Beginning of the period
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-
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End of the period
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$429,552,909
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(a)
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Inception date of the Fund was February 10, 2025.
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(b)
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A summary of capital share transactions is as follows:
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SHARES TRANSACTIONS
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Subscriptions
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18,350,000
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Redemptions
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(825,000)
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Total increase in shares outstanding
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17,525,000
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4
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TABLE OF CONTENTS
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PER SHARE DATA:
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Net asset value, beginning of period
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$24.99
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INVESTMENT OPERATIONS:
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Net investment income(b)(c)
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0.06
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Net realized and unrealized loss on investments(d)
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(0.54)
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Total from investment operations
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(0.48)
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Net asset value, end of period
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$24.51
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TOTAL RETURN, at NAV(e)
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−1.91%
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SUPPLEMENTAL DATA AND RATIOS:
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Net assets, end of period (in thousands)
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$429,553
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Ratio of expenses to average net assets:
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Before expense waiver(f)(g)
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0.22%
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After expense waiver(f)(g)
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0.20%
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Ratio of net investment income to average net assets(f)(g)
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1.77%
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Portfolio turnover rate(e)(h)
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21%
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(a)
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Inception date of the Fund was February 10, 2025.
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(b)
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Calculated based on average shares outstanding during the period.
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(c)
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Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.
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(d)
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Realized and unrealized loss per share in the caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and does not reconcile with the aggregate gains in the Statement of Operations due to share transactions for the period.
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(e)
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Not annualized for periods less than one year.
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(f)
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Annualized for periods less than one year.
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(g)
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These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.
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(h)
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Portfolio turnover rate excludes in-kind transactions.
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5
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TABLE OF CONTENTS
A.
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Investment Valuation - The following is a summary of the Fund's pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund. Fixed income securities, including short-term debt instruments having a maturity of less than 60 days, are valued, at the evaluated mean price between the bid and asked prices in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of a price from a Pricing Service, Fair Value will be determined. These securities are categorized in Level 2 of the fair value hierarchy.
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6
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TABLE OF CONTENTS
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Investments at Fair Value
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Level 1
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Level 2
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Level 3
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Total
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Assets:
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Exchange Traded Funds
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$427,114,776
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$-
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$ -
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$427,114,776
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U.S. Treasury Securities
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-
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285,948
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-
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285,948
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Money Market Funds
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1,096,665
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-
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-
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1,096,665
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U.S. Treasury Bills
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-
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825,322
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-
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825,322
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Total Investments in Securities
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$428,211,441
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$1,111,270
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$-
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$429,322,711
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B.
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Cash and Cash Equivalents - The Fund considers highly liquid short-term fixed income investments purchased with an original maturity of less than three months and money market funds to be cash equivalents. Cash equivalents are included in short term investments on the Schedule of Investments as well as in investments on the Statement of Assets and Liabilities. Temporary cash overdrafts are reported as a payable to custodian.
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C.
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Guarantees and Indemnifications - In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's 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.
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D.
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Security Transactions, Income and Amortization - The Fund follows industry practice and records security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income and expense is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method. Interest income is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method.
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7
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TABLE OF CONTENTS
E.
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Allocation of Expenses- Expenses associated with a specific fund in the Trust are charged to that Fund. Common Trust expenses are typically allocated evenly between the funds of the Trust or by other equitable means.
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F.
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Share Valuation - The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund's shares will not be priced on days which the New York Stock Exchange ("NYSE") is closed for trading.
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G.
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Use of 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 income and expenses during the reporting period. Actual results could differ from those estimates.
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H.
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Statement of Cash Flows - Pursuant to the Cash Flows Topic of the Codification, the Fund qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows.
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8
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TABLE OF CONTENTS
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9
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TABLE OF CONTENTS
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Purchases
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Sales
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Creations In-Kind
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Redemptions In-Kind
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U.S. Government Securities
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$-
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$-
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$-
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$-
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Other Securities
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$146,811,493
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$76,519,704
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$87,349,181
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$20,690,459
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10
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|
TABLE OF CONTENTS
|
11
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|
TABLE OF CONTENTS
|
12
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|
TABLE OF CONTENTS
|
13
|
|
TABLE OF CONTENTS
|
14
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TABLE OF CONTENTS
(b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Board Consideration of Investment Advisory Agreement under Item 7(a) of this form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.
Item 16. Controls and Procedures.
(a) | The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a). Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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) | Series Portfolios Trust |
By (Signature and Title) | /s/ Ryan L. Roell | ||
Ryan L. Roell, Principal Executive Officer |
Date | 6/5/2025 |
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 (Signature and Title) | /s/ Ryan L. Roell | ||
Ryan L. Roell, Principal Executive Officer |
Date | 6/5/2025 |
By (Signature and Title) | /s/ Douglas Schafer | ||
Douglas Schafer, Principal Financial Officer |
Date | 6/4/2025 |