Entrepreneurshares Series Trust

08/27/2026 | Press release | Distributed by Public on 08/27/2026 10:01

Annual Report by Investment Company (Form N-CSR)





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 811-22436

EntrepreneurShares Series Trust

175 Federal Street, Suite #875
Boston, MA 02110
Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer
175 Federal Street, Suite #875
Boston, MA 02110 
Date of fiscal year end: June 30



Date of reporting period: July 1, 2025 - June 30, 2026
Item 1. Reports to Stockholders.
(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.

ERShares Global Entrepreneurs

ENTIX

: Institutional Class

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about the ERShares Global Entrepreneurs (the "Fund") for the period of July 1, 2025, to June 30, 2026. You can find additional information about the Fund at https://entrepreneurshares.com/investor-resources/. You can also request this information by contacting us at (877) 271-8811.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Class
$97
0.98%

How did the Fund perform in the last year?

The Fund's performance during the reporting period reflected a challenging market environment characterized by elevated interest rate uncertainty, persistent inflation concerns, and heightened geopolitical tensions. While market leadership remained concentrated in large-cap U.S. companies, particularly the Magnificent Seven, broader entrepreneurial growth companies experienced a more mixed environment. International equity markets generally outperformed U.S. markets over the reporting period, creating a headwind for the Fund's positioning.

The Fund maintained a stronger allocation to U.S. companies, reflecting both our conviction in the long-term strength of U.S. entrepreneurial businesses and the relative resilience of the U.S. market during a period of heightened geopolitical uncertainty. Although this positioning benefited from resilient consumer demand and improving corporate profitability in certain sectors, uncertainty surrounding the Federal Reserve's policy path created headwinds for many growth-oriented companies held by the Fund.

Despite these challenges, we remained disciplined in executing our investment strategy, focusing on entrepreneurial companies with durable competitive advantages, expanding margins, and strong long-term growth prospects. The Fund remained committed to its differentiated approach of bridging private and public markets. We believe that selective exposure to disruptive innovators, alongside a disciplined focus on management, positioned the Fund well in varying market environments.

How did the Fund perform over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
Date
ERShares Global Entrepreneurs Institutional
S&P 500® Index
MSCI World Index
06/30/16
10,000
10,000
10,000
09/30/16
10,677
10,385
10,487
12/31/16
10,796
10,782
10,681
03/31/17
11,566
11,436
11,362
06/30/17
12,405
11,790
11,820
09/30/17
13,091
12,318
12,391
12/31/17
14,049
13,136
13,074
03/31/18
14,351
13,037
12,906
06/30/18
14,718
13,484
13,130
09/30/18
15,258
14,524
13,784
12/31/18
12,505
12,560
11,935
03/31/19
14,504
14,275
13,424
06/30/19
14,881
14,889
13,961
09/30/19
14,598
15,142
14,036
12/31/19
15,961
16,515
15,237
03/31/20
12,872
13,279
12,029
06/30/20
16,340
16,006
14,358
09/30/20
18,769
17,436
15,497
12/31/20
22,099
19,554
17,660
03/31/21
21,949
20,761
18,529
06/30/21
23,306
22,536
19,964
09/30/21
21,138
22,667
19,963
12/31/21
20,117
25,167
21,513
03/31/22
17,524
24,009
20,405
06/30/22
14,206
20,144
17,102
09/30/22
13,272
19,160
16,044
12/31/22
13,746
20,609
17,610
03/31/23
15,293
22,154
18,972
06/30/23
16,018
24,091
20,267
09/30/23
15,112
23,302
19,566
12/31/23
17,020
26,026
21,799
03/31/24
19,573
28,774
23,735
06/30/24
19,378
30,006
24,360
09/30/24
20,885
31,773
25,910
12/31/24
22,777
32,538
25,869
03/31/25
21,233
31,148
25,406
06/30/25
26,651
34,556
28,320
09/30/25
29,556
37,364
30,379
12/31/25
27,799
38,356
31,326
03/31/26
23,447
36,694
30,207
06/30/26
26,255
42,271
34,363

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

Average Annual Total Returns

Table Summary
One Year
Five Year
Ten Year
Institutional Class
-1.49%
2.41%
10.13%
S&P 500® Index
22.32%
13.41%
15.51%
MSCI World Index
21.34%
11.47%
13.14%

Past performance does not guaranteee future results. Call 877-271-8811 or visit https://entrepreneurshares.com/ershares-mutualfunds/entix/ for current month-end performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Effective January 8, 2026, the Fund changed its primary benchmark index from the MSCI World Index (Net) to the S&P 500® Index due to regulatory considerations. The S&P 500® Index is a broad-based, unmanaged measure of changes in stock market conditions based on the average performance of stocks of 500 large U.S. companies.

What did the Fund invest in?

Sector Weightings (% of net assets)

Table Summary
Value
Value
Consumer Staples
0.8%
Utilities
1.9%
Energy
1.9%
Materials
3.3%
Money Market Fund
6.6%
Financials
7.7%
Industrial
8.3%
Consumer Discretionary
9.0%
Health Care
9.2%
Communications
16.7%
Technology
35.7%

Fund Statistics

Table Summary
Total Net Assets
$42,900,370
# of Portfolio Holdings
57
Portfolio Turnover Rate
23%
Investment Advisory Fees (Net of fees waived)
$258,309

Country Weightings (% total investments)

Table Summary
Value
Value
United States
71.4%
Israel
4.3%
Sweden
4.1%
Ireland
3.4%
Australia
3.2%
Other
13.6%

Material Fund Changes

The following is a summary of material changes made to the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund's disclosure documents on its webpage at https://entrepreneurshares.com/investor-resources/ or upon request at (877) 271-8811.

Effective November 1, 2025, the Fund reduced its expense cap on all classes from 1.33% to 0.98%, subject to exclusions as described in the Fees and Expenses table in the Fund's prospectus. The expense cap, as revised, remains in place through November 1, 2026.

ERShares Global Entrepreneurs

ENTIX

214A-ENTIX-26

Annual Shareholder Report - June 30, 2026

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit https://entrepreneurshares.com/investor-resources/.

P.O. Box 588

Portland, ME 04112

(877) 271-8811

(b) Not applicable.
Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, EntrepreneurShares Series Trust (the "Registrant") has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the "Code of Ethics").
(c) There have been no amendments to the Registrant's Code of Ethics during the period covered by this report.
(d) There have been no waivers to the Registrant's Code of Ethics during the period covered by this report.
(e) Not applicable.
(f)(1) A copy of the Code of Ethics is being filed under Item 19(a)(1) hereto.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant's Board of Trustees has determined that the Registrant does not have an audit committee financial expert. The committee members and the full Board considered a possibility of adding a member that would qualify as an expert. The audit committee determined that, although none of its members meet the technical definition of an audit committee expert, the committee has sufficient financial expertise to adequately perform its duties under the Audit Committee Charter without the addition of a qualified expert.
(a)(2) Not applicable.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $16,000 in 2025 and $16,000 in 2026.
(b) Audit-Related Fees - The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2025 and $0 in 2026.
(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $1,500 in 2025 and $2,500 in 2026. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.
(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2025 and $0 in 2026.
(e)(1) Pre-Approval of Audit and Permitted Non-Audit Services Provided to the Company
Pre-Approval Requirements. The Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditor, including the fees therefor. The Committee may delegate to one or more of its members the authority to grant pre-approvals. In connection with such delegation, the Committee shall establish pre-approval policies and procedures, including the requirement that the decisions of any member to whom authority is delegated under this section (B) shall be presented to the full Committee at each of its scheduled meetings.
De Minimis Exception to Pre-Approval: Pre-approval for a permitted non-audit service shall not be required if:
a. the aggregate amount of all such non-audit services is not more than 5% of the total revenues paid by the Company to the Auditor in the fiscal year in which the non-audit services are provided;
b. such services were not recognized by the Company at the time of the engagement to be non-audit services; and
c. such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by one or more members of the Committee to whom authority to grant such approvals has been delegated by the Committee.
Additionally, the Committee shall pre-approve the Auditor's engagements for non-audit services with the Adviser and any affiliate of the Adviser that provides ongoing services to the Company in accordance with the foregoing, if the engagement relates directly to the operations and financial reporting of the Company, unless the aggregate amount of all services provided constitutes no more than 5% of the total amount of revenues paid to the Auditor by the Company, the Adviser and any affiliate of the Adviser that provides ongoing services to the Company during the fiscal year in which the services are provided that would have to be pre-approved by the Committee pursuant to this paragraph (without regard to this exception).
(e)(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable
(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2025 and $0 in 2026. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant's investment adviser or any Affiliate.
(h) During the Reporting Period, the Registrant's principal accountant provided no non-audit services to the investment advisers or any entity controlling, controlled by or under common control with the investment advisers to the series of the Registrant to which this report relates.
(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
(j) Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a)
Included as part of financial statements filed under Item 7(a).
(b)
Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a)
EntreprenuerShares
Series
Trust
TM
ERShares
Global
Entrepreneurs
(ENTIX)
Annual
Financial
Statements
and
Other
Information
June
30,
2026
ERShares
Global
Entrepreneurs
SCHEDULE
OF
INVESTMENTS
June
30,
2026
1
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Shares
Security
Description
Value
Common
Stock
-
94.5%
Australia
-
3.2%
Communications
-
0.7%
34,715‌
SEEK,
Ltd.
$
323,270‌
323,270‌
Health
Care
-
0.9%
33,555‌
Telix
Pharmaceuticals,
Ltd.
(a)
385,183‌
385,183‌
Technology
-
1.6%
33,491‌
Technology
One,
Ltd.
683,336‌
683,336‌
Total
Australia
1,391,789‌
Canada
-
2.6%
Technology
-
2.6%
179‌
Constellation
Software,
Inc./Canada
336,986‌
6,883‌
Shopify,
Inc.
(a)
785,901‌
1,122,887‌
Total
Canada
1,122,887‌
Ireland
-
3.4%
Health
Care
-
3.4%
27,809‌
Alkermes
PLC
(a)
1,457,053‌
Total
Ireland
1,457,053‌
Israel
-
4.4%
Communications
-
0.9%
8,319‌
Wix.com,
Ltd.
(a)
377,433‌
377,433‌
Technology
-
3.5%
6,528‌
Check
Point
Software
Technologies,
Ltd.
(a)
857,975‌
8,733‌
Monday.com,
Ltd.
(a)
632,182‌
1,490,157‌
Total
Israel
1,867,590‌
Japan
-
2.1%
Communications
-
1.0%
20,556‌
GMO
internet
group,
Inc.
422,511‌
422,511‌
Consumer
Discretionary
-
1.1%
72,180‌
Sanrio
Co.,
Ltd.
488,317‌
488,317‌
Total
Japan
910,828‌
Netherlands
-
0.3%
Technology
-
0.3%
2,013‌
Topicus.com,
Inc.
(a)
128,338‌
Total
Netherlands
128,338‌
Singapore
-
2.
7
%
Communications
-
1.4%
6,194‌
Sea,
Ltd.,
ADR
(a)
593,571‌
593,571‌
Consumer
Staples
-
0.8%
123,149‌
Wilmar
International,
Ltd.
343,627‌
343,627‌
Technology
-
0.5%
4,865‌
Karooooo,
Ltd.
240,137‌
240,137‌
Total
Singapore
1,177,335‌
Sweden
-
4.2%
Communications
-
0.7%
21,460‌
Asmodee
Group
AB,
Class B
(a)
314,053‌
314,053‌
Consumer
Discretionary
-
0.7%
4,269‌
Evolution
AB
(a)(b)
292,867‌
292,867‌
Shares
Security
Description
Value
Technology
-
2.8%
21,460‌
Coffee
Stain
Group
AB
(a)
$
38,727‌
21,460‌
Embracer
Group
AB
(a)
139,697‌
2,191‌
Spotify
Technology
SA
(a)
1,005,954‌
1,184,378‌
Total
Sweden
1,791,298‌
Thailand
-
1.9%
Industrial
-
1.9%
1,463‌
Fabrinet
(a)
822,323‌
Total
Thailand
822,323‌
United
Kingdom
-
2.1%
Consumer
Discretionary
-
2.1%
45,186‌
Klarna
Group
PLC
(a)(c)
914,565‌
Total
United
Kingdom
914,565‌
United
States
-
65.7%
Communications
-
12.0%
7,247‌
Alphabet,
Inc.,
Class A
2,589,860‌
2,234‌
AppLovin
Corp.,
Class A
(a)
1,151,024‌
12,384‌
Maplebear,
Inc.
(a)
586,382‌
1,449‌
Meta
Platforms,
Inc.,
Class A
816,207‌
5,143,473‌
Consumer
Discretionary
-
3.2%
2,621‌
Airbnb,
Inc.,
Class A
(a)
375,065‌
2,635‌
Amazon.com,
Inc.
(a)
628,026‌
13,894‌
DraftKings,
Inc.
(a)
350,962‌
1,354,053‌
Energy
-
1.9%
3,046‌
Valero
Energy
Corp.
793,300‌
793,300‌
Financials
-
7.7%
2,414‌
Coinbase
Global,
Inc.,
Class A
(a)
352,903‌
14,841‌
Interactive
Brokers
Group,
Inc.
1,291,761‌
8,381‌
Robinhood
Markets,
Inc.,
Class A
(a)
840,447‌
28,877‌
Toast,
Inc.,
Class A
(a)
803,358‌
3,288,469‌
Health
Care
-
4.9%
2,920‌
Medpace
Holdings,
Inc.
(a)
1,546,403‌
2,806‌
ResMed,
Inc.
546,833‌
2,093,236‌
Industrial
-
6.4%
2,847‌
Clean
Harbors,
Inc.
(a)
850,541‌
18,680‌
Rocket
Lab
Corp.
(a)
1,898,822‌
2,749,363‌
Materials
-
3.3%
15,262‌
Newmont
Corp.
1,425,471‌
1,425,471‌
Technology
-
24.4%
8,083‌
Affirm
Holdings,
Inc.
(a)
659,169‌
5,911‌
Arista
Networks,
Inc.
(a)
1,004,161‌
1,395‌
Corpay,
Inc.
(a)
464,912‌
3,856‌
MongoDB,
Inc.
(a)
1,295,230‌
15,587‌
NVIDIA
Corp.
3,118,803‌
2,451‌
Oracle
Corp.
359,194‌
2,658‌
Palo
Alto
Networks,
Inc.
(a)
906,431‌
12,364‌
Pegasystems,
Inc.
370,549‌
2,570‌
Salesforce,
Inc.
402,616‌
6,251‌
Super
Micro
Computer,
Inc.
(a)
183,342‌
1,188‌
Synopsys,
Inc.
(a)
529,931‌
45,737‌
UiPath,
Inc.,
Class A
(a)
497,161‌
2,409‌
Veeva
Systems,
Inc.,
Class A
(a)
427,525‌
2,203‌
Zscaler,
Inc.
(a)
310,954‌
10,529,978‌
ERShares
Global
Entrepreneurs
SCHEDULE
OF
INVESTMENTS
June
30,
2026
2
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Shares
Security
Description
Value
Utilities
-
1.9%
4,997‌
Vistra
Corp.
$
792,674‌
792,674‌
Total
United
States
28,170,017‌
Uruguay
-
1.9%
Consumer
Discretionary
-
1.9%
477‌
MercadoLibre,
Inc.
(a)
809,655‌
Total
Uruguay
809,655‌
Total
Common
Stock
(Cost
$32,882,628)
40,563,678‌
Money
Market
Funds
-
6.6%
2,372,434‌
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class I,
3.28%
(d)
2,372,434‌
450,275‌
Invesco
Government
&
Agency
Portfolio,
Class I,
3.57%
(d)(e)
450,275‌
Total
Money
Market
Funds
(Cost
$2,822,709)
2,822,709‌
Investments,
at
value
-
101.1%
(Cost
$35,705,337)
$
43,386,387‌
Other
Assets
&
Liabilities,
Net
-
(1.1)%
(486,017‌)
Net
Assets
-
100.0%
$
42,900,370‌
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
under
Rule
144A
under
the
Securities
Act
of
1933.
At
the
period
end,
the
value
of
these
securities
amounted
to
$292,867
or
0.7%
of
net
assets.
(c)
All
or
a
portion
of
the
security
is
on
loan
as
of
June
30,
2026.
The
total
value
of
the
securities
on
loan
as
of
June
30,
2026
was
$439,208.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
(e)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$450,275.
ERShares
Global
Entrepreneurs
STATEMENT
OF
ASSETS
AND
LIABILITIES
June
30,
2026
3
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
ASSETS
Investments,
at
value
(Cost
$35,705,337)
(a)
$
43,386,387‌
Receivables:
Dividends
12,994‌
Reclaims
9,870‌
Securities
lending
income
188‌
Prepaid
expenses
6,879‌
Total
Assets
43,416,318‌
LIABILITIES
Collateral
due
to
broker
for
securities
loaned
450,275‌
Payables:
Other
payables
311‌
Accrued
Liabilities:
Investment
Advisor
fees
21,315‌
Trustees'
fees
and
expenses
411‌
Fund
services
fees
6,006‌
Other
expenses
37,630‌
Total
Liabilities
515,948‌
NET
ASSETS
$
42,900,370‌
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
47,953,642‌
Accumulated
loss
(5,053,272‌)
NET
ASSETS
$
42,900,370‌
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
2,294,439‌
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
$
18.70‌
(a)
Includes
securities
on
loan
of
$439,208.
See
Note
2.
ERShares
Global
Entrepreneurs
STATEMENT
OF
OPERATIONS
FOR
THE
YEAR
ENDED
JUNE
30,
2026
4
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$9,654)
$
201,450‌
Interest
income
23‌
Securities
lending
(net
of
fees)
10,169‌
Total
Investment
Income
211,642‌
EXPENSES
Investment
Advisor
fees
398,596‌
Fund
services
fees
84,859‌
Custodian
fees
8,719‌
Registration
fees
16,559‌
Professional
fees
22,954‌
Trustees'
fees
and
expenses
1,886‌
Other
expenses
48,822‌
Total
Expenses
582,395‌
Fees
waived
(143,512‌)
Net
Expenses
438,883‌
NET
INVESTMENT
LOSS
(227,241‌)
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
on:
Investments
3,357,955‌
Foreign
currency
transactions
(1,954‌)
Net
realized
gain
3,356,001‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
(3,789,447‌)
Foreign
currency
translations
(317‌)
Net
change
in
unrealized
appreciation
(depreciation)
(3,789,764‌)
NET
REALIZED
AND
UNREALIZED
LOSS
(433,763‌)
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
(661,004‌)
ERShares
Global
Entrepreneurs
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
5
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
For
the
Years
Ended
June
30,
2026
2025
OPERATIONS
Net
investment
income
(loss)
$
(227,241‌)
$
33,711‌
Net
realized
gain
3,356,001‌
7,765,987‌
Net
change
in
unrealized
appreciation
(depreciation)
(3,789,764‌)
5,189,170‌
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(661,004‌)
12,988,868‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
(19,873‌)
(251,881‌)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
228,239‌
73,018‌
Reinvestment
of
distributions
19,796‌
251,046‌
Redemption
of
shares
(1,052,591‌)
(4,116,987‌)
Redemption
fees
3‌
-‌
Decrease
in
Net
Assets
from
Capital
Share
Transactions
(804,553‌)
(3,792,923‌)
Increase
(Decrease)
in
Net
Assets
(1,485,430‌)
8,944,064‌
NET
ASSETS
Beginning
of
Year
44,385,800‌
35,441,736‌
End
of
Year
$
42,900,370‌
$
44,385,800‌
SHARE
TRANSACTIONS
Sale
of
shares
11,891‌
4,279‌
Reinvestment
of
distributions
992‌
15,114‌
Redemption
of
shares
(56,209‌)
(232,949‌)
Decrease
in
Shares
(43,326‌)
(213,556‌)
ERShares
Global
Entrepreneurs
FINANCIAL
HIGHLIGHTS
-
INSTITUTIONAL
CLASS
6
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
For
the
Years
Ended
June
30,
2026
2025
2024
2023
2022
NET
ASSET
VALUE,
Beginning
of
Year
$
18.99‌
$
13.89‌
$
11.49‌
$
10.19‌
$
21.82‌
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(a)
(0.10‌)
0.01‌
(0.01‌)
0.02‌
(0.10‌)
Net
realized
and
unrealized
gain
(loss)
(0.18‌)
5.19‌
2.42‌
1.28‌
(7.22‌)
Total
from
Investment
Operations
(0.28‌)
5.20‌
2.41‌
1.30‌
(7.32‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.01‌)
(0.10‌)
(0.01‌)
-‌
(0.15‌)
Net
realized
gain
-‌
-‌
-‌
-‌
(4.16‌)
Total
Distributions
to
Shareholders
(0.01‌)
(0.10‌)
(0.01‌)
-‌
(4.31‌)
REDEMPTION
FEES(a)
0.00‌(b)
-‌
-‌
-‌
-‌
NET
ASSET
VALUE,
End
of
Year
$
18.70‌
$
18.99‌
$
13.89‌
$
11.49‌
$
10.19‌
TOTAL
RETURN
(1.49‌)%
37.53‌%
20.97‌%
12.76‌%
(39.05‌)%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
42,900‌
$
44,386‌
$
35,442‌
$
50,026‌
$
45,168‌
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
(0.51‌)%
0.09‌%
(0.11‌)%
0.16‌%
(0.63‌)%
Net
expenses
0.98‌%
0.98‌%
0.98‌%
0.98‌%
1.29‌%
Gross
expenses(c)
1.30‌%
1.30‌%
1.15‌%
1.17‌%
1.37‌%
PORTFOLIO
TURNOVER
RATE
23‌%
82‌%
208‌%
94‌%
265‌%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Less
than
$0.005
per
share.
(c)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
7
1.
ORGANIZATION
EntrepreneurShares™
Series
Trust,
a
Delaware
statutory
trust
(the
"Trust"),
was
formed
on
July
1,
2010,
and
has
authorized
capital
of
unlimited
shares
of
beneficial
interest.
The
Trust
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
the
Trust
is
comprised
of
two
funds,
and
is
authorized
to
issue
multiple
series
and
classes
of
shares.
ERShares
Global
Entrepreneurs
(the
"Fund",
formerly
known
as
EntrepreneurShares
Global
Fund)
is
classified
as
a
"diversified"
series,
as
defined
in
the
1940
Act.
The
Fund
commenced
operations
on
November
11,
2010.
The
investment
objective
of
the
Fund
is
long-term
capital
appreciation.
The
Fund
seeks
to
achieve
its
objective
by
investing
mainly
in
equity
securities
of
global
companies
with
market
capitalizations
that
are
above
$300
million
at
the
time
of
initial
purchase
and
possess
entrepreneurial
characteristics,
as
determined
by
the
Fund's
portfolio
manager.
EntrepreneurShares,
LLC,
is
the
Fund's
Sub-Advisor
(the
"Sub-Advisor"),
and
Seaport
Global
Advisors,
LLC,
formerly
known
as
Weston
Capital
Advisors,
LLC,
is
the
Fund's
investment
advisor
(the
"Advisor").
Dr.
Joel
M.
Shulman,
Managing
Director
of
the
Advisor
and
President
of
the
Sub-
Advisor,
has
been
the
Fund's
portfolio
manager
since
November
11,
2010.
Due
to
the
significance
of
oversight
and
their
role,
the
management
committee
of
the
Advisor
is
determined
to
be
the
Chief
Operating
Decision
Maker.
The
Fund
has
registered
three
classes
of
shares:
Class
A
shares,
Retail
Class
shares
and
Institutional
Class
shares.
Each
share
represents
an
equal
proportionate
interest
in
the
assets
and
liabilities
belonging
to
the
applicable
class
and
is
entitled
to
such
dividends
and
distributions
out
of
income
belonging
to
the
applicable
class
as
are
declared
by
the
Trust's
Board
of
Trustees
(the
"Board").
On
matters
that
affect
the
Fund
as
a
whole,
each
class
has
the
same
voting
and
other
rights
and
preferences
as
any
other
class.
On
matters
that
affect
only
one
class,
only
shareholders
of
that
class
may
vote.
Each
class
votes
separately
on
matters
affecting
only
that
class,
or
on
matters
expressly
required
to
be
voted
on
separately
by
state
or
federal
law.
Shares
of
each
class
of
a
series
have
the
same
voting
and
other
rights
and
preferences
as
the
other
classes
and
series
of
the
Trust
for
matters
that
affect
the
Trust
as
a
whole.
Currently,
only
Institutional
Class
shares
of
the
Fund
are
being
offered.
The
Fund
operates
as
a
single
operating
segment.
The
Fund's
income,
expenses,
assets,
and
performance
are
regularly
monitored
and
assessed
as
a
whole
by
the
Advisor,
who
is
responsible
for
the
oversight
functions
of
the
Fund,
using
the
information
presented
in
the
financial
statements
and
financial
highlights.
2.
SUMMARY
OF
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
These
policies
are
in
conformity
with
generally
accepted
accounting
principles
in
the
United
States
of
America
("U.S.
GAAP").
The
Fund
is
an
investment
company
and,
accordingly,
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946
-
Investment
Companies
including
Accounting
Standards
Update
("ASU")
2013-08.
The
preparation
of
financial
statements
in
conformity
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
amounts
of
assets,
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
Investment
Valuations
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
pricing
procedures
followed
by
the
Fund.
In
determining
the
net
asset
value
("NAV")
of
the
Fund's
shares,
securities
that
are
listed
on
a
national
securities
exchange
(other
than
the
National
Association
of
Securities
Dealers'
Automatic
Quotation
System
("Nasdaq")
are
valued
at
the
last
sale
price
on
the
day
the
valuation
is
made.
Securities
that
are
traded
on
Nasdaq
under
one
of
its
three
listing
tiers,
Nasdaq
Global
Select
Market,
Nasdaq
Global
Market
and
Nasdaq
Capital
Market,
are
valued
at
the
Nasdaq
Official
Closing
Price.
Price
information
on
listed
securities
is
taken
from
the
exchange
where
the
security
is
primarily
traded.
Securities
which
are
listed
on
an
exchange
but
which
are
not
traded
on
the
valuation
date
are
valued
at
the
most
recent
bid
price.
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
8
Unlisted
securities
held
by
the
Fund
are
valued
at
the
average
of
the
quoted
bid
and
ask
prices
in
the
over-the-counter
market.
Securities
and
other
assets
for
which
market
quotations
are
not
readily
available
are
valued
at
their
fair
value
in
good
faith
by
the
Advisor,
acting
in
its
capacity
as
valuation
designee
pursuant
to
Rule
2a-5
under
the
1940
Act,
under
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
Short-term
investments
with
61
days
or
more
to
maturity
at
time
of
purchase
are
valued
at
fair
market
value
through
the
61st
day
prior
to
maturity,
based
on
quotations
received
from
market
makers
or
other
appropriate
sources;
thereafter,
they
are
generally
valued
at
amortized
cost.
There
is
no
definitive
set
of
circumstances
under
which
the
Fund
may
elect
to
use
fair
value
procedures
to
value
a
security.
Types
of
securities
that
the
Fund
may
hold
for
which
fair
value
pricing
might
be
required
include,
but
are
not
limited
to:
(a)
illiquid
securities,
including
restricted
securities
and
private
placements
for
which
there
is
no
public
market;
(b)
options
not
traded
on
a
securities
exchange;
(c)
securities
of
an
issuer
that
has
entered
into
a
restructuring;
(d)
securities
whose
trading
has
been
halted
or
suspended,
as
permitted
by
the
SEC;
(e)
foreign
securities,
if
an
event
or
development
has
occurred
subsequent
to
the
close
of
the
foreign
market
and
prior
to
the
close
of
regular
trading
on
the
New
York
Stock
Exchange
("NYSE")
that
would
materially
affect
the
value
of
the
security;
and
(f)
fixed
income
securities
that
have
gone
into
default
and
for
which
there
is
not
a
current
market
value
quotation.
Valuing
securities
at
fair
value
involves
greater
reliance
on
judgment
than
securities
that
have
readily
available
market
quotations.
There
can
be
no
assurance
that
the
Fund
could
obtain
the
fair
value
price
assigned
to
a
security
upon
sale.
Securities
that
are
not
listed
on
an
exchange
are
valued
by
the
Fund's
Advisor,
under
the
supervision
of
the
Board.
There
is
no
single
standard
for
determining
the
fair
value
of
a
security.
Rather,
in
determining
the
fair
value
of
a
security,
the
Advisor
and
the
Board
take
into
account
the
relevant
factors
and
surrounding
circumstances,
which
may
include:
(1)
the
nature
and
pricing
history
(if
any)
of
the
security;
(2)
whether
any
dealer
quotations
for
the
security
are
available;
(3)
possible
valuation
methodologies
that
could
be
used
to
determine
the
fair
value
of
the
security;
(4)
the
recommendation
of
the
portfolio
manager
of
the
Fund
with
respect
to
the
valuation
of
the
security;
(5)
whether
the
same
or
similar
securities
are
held
by
other
funds
managed
by
the
Advisor
or
other
fund
and
the
method
used
to
price
the
security
in
those
funds;
(6)
the
extent
to
which
the
fair
value
to
be
determined
for
the
security
will
result
from
the
use
of
data
or
formulae
produced
by
third
parties
independent
of
the
Advisor;
and
(7)
the
liquidity
or
illiquidity
of
the
market
for
the
security.
Privately-offered
securities
are
not
exchange-traded
and
are
subject
to
liquidity
risk,
may
be
difficult
to
value,
may
be
difficult
to
sell
because
of
regulatory
restrictions
on
resale,
provide
fewer
financial
disclosures
than
publicly
offered
or
exchange-traded
securities,
and
may
be
subject
to
significant
brokerage
commissions.
To
the
extent
the
Fund
acquires
privately-offered
securities
through
a
privately-offered
special
purpose
vehicle
("SPV"),
the
Fund
may
also
be
subject
to
management
and
performance
fees
of
the
SPV.
Fair
Value
Measurement
The
Fund
has
adopted
authoritative
fair
valuation
accounting
standards
which
establish
an
authoritative
definition
of
fair
value
and
set
out
a
hierarchy
for
measuring
fair
value.
These
standards
require
additional
disclosures
about
the
various
inputs
and
valuation
techniques
used
to
develop
the
measurements
of
fair
value,
a
discussion
of
changes
in
valuation
techniques
and
related
inputs
during
the
year
and
expanded
disclosure
of
valuation
levels
for
major
security
types.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurement)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
three
levels
of
the
fair
value
hierarchy
are
as
follows:
Level
1:
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
and
liabilities
that
the
Fund
has
the
ability
to
access
at
the
measurement
date;
Level
2:
Observable
inputs
other
than
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
identical
instruments
on
inactive
markets,
quoted
prices
for
similar
instruments,
interest
rates,
prepayment
spreads,
credit
risk,
yield
curves,
default
rates,
and
similar
data;
Level
3:
Significant
unobservable
inputs
for
the
asset
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
the
Fund's
own
assumptions
that
a
market
participant
would
use
in
valuing
the
asset,
and
would
be
based
on
the
best
information
available.
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
9
Inputs
are
used
in
applying
the
various
valuation
techniques
and
broadly
refer
to
the
assumptions
that
market
participants
use
to
make
valuation
decisions,
including
assumptions
about
risk.
Inputs
may
include
price
information,
volatility
statistics,
specific
and
broad
credit
data,
liquidity
statistics,
and
other
factors.
A
financial
instrument's
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
value
measurement.
However,
the
determination
of
what
constitutes
"observable"
requires
significant
judgment
by
the
Fund.
The
Fund
considers
observable
data
to
be
that
market
data,
which
is
readily
available,
regularly
distributed
or
updated,
reliable
and
verifiable,
not
proprietary,
and
provided
by
independent
sources
that
are
actively
involved
in
the
relevant
market.
The
categorization
of
a
financial
instrument
within
the
hierarchy
is
based
upon
the
pricing
transparency
of
the
instrument
and
does
not
necessarily
correspond
to
the
Fund's
perceived
risk
of
that
instrument.
Investments
whose
values
are
based
on
quoted
market
prices
in
active
markets,
and
are
therefore
classified
within
Level
1,
include
active
listed
equities
and
real
estate
investment
trusts,
and
certain
money
market
securities.
Investments
that
trade
in
markets
that
are
not
considered
to
be
active,
but
are
valued
based
on
quoted
market
prices,
dealer
quotations
or
alternative
pricing
sources
supported
by
observable
inputs
are
classified
within
Level
2.
Investments
classified
within
Level
3
have
significant
unobservable
inputs,
as
they
trade
infrequently
or
not
at
all.
The
table
below
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2026.
Please
refer
to
the
schedule
of
investments
for
more
information
regarding
security
characteristics.
The
following
is
the
activity
in
investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
value
as
of
June
30,
2026:
Use
of
Estimates
and
Indemnifications
The
preparation
of
the
financial
statements
in
conformity
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
and
disclosures
in
these
financial
statements.
Actual
results
could
differ
from
those
estimates.
In
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
that
contain
a
variety
of
representations
which
provide
general
indemnifications.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
Trust
has
not
had
claims
or
losses
pursuant
to
these
contracts
and
the
Trust
expects
any
risk
of
loss
to
be
remote.
Federal
Income
Taxes
The
Fund
intends
to
continue
to
qualify
each
year
as
a
"regulated
investment
company"
under
Sub-chapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended.
If
so
qualified,
the
Fund
will
not
be
subject
to
federal
income
tax
to
the
extent
it
distributes
substantially
all
of
its
net
investment
income
and
net
realized
gains
to
shareholders.
In
addition,
by
distributing
in
each
calendar
year
substantially
all
of
its
net
investment
income
and
capital
gains,
if
any,
the
Fund
will
not
be
subject
to
a
federal
excise
tax.
Therefore,
no
federal
income
or
exercise
tax
provision
is
required.
Level
1
Level
2
Level
3
Total
Investments
at
Value
Common
Stock
$
40,563,678
$
-
$
-
$
40,563,678
Money
Market
Funds
2,822,709
-
-
2,822,709
Investments
at
Value
$
43,386,387
$
-
$
-
$
43,386,387
Partnership
Interests
Balance
as
of
June
30,
2025
$
2,000,000
Proceeds
from
sales
(2,106,780)
Realized
gain
(loss)
66,780
Net
change
in
unrealized
appreciation/depreciation
40,000
Balance
as
of
June
30,
2026
$
-
Net
change
in
unrealized
appreciation/depreciation
for
the
year
ended
June
30,
2026
related
to
Level
3
investments
held
at
June
30,
2026
$
-
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
10
The
Fund
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
the
Fund
did
not
have
any
tax
positions
that
did
not
meet
the
"more-likely-than-not"
threshold
of
being
sustained
by
the
applicable
tax
authority
for
the
fiscal
year
ended
June
30,
2026.
The
Fund
would
recognize
interest
and
penalties,
if
any,
related
to
uncertain
tax
benefits
in
the
Statement
of
Operations.
During
the
fiscal
year
ended
June
30,
2026,
the
Fund
did
not
incur
any
interest
or
penalties.
Tax
returns
filed
within
the
prior
three
years
remain
subject
to
examination
by
federal
and
state
tax
authorities.
Distribution
to
Shareholders
The
Fund
intends
to
continue
to
distribute
to
their
shareholders
any
net
investment
income
and
any
net
realized
long
or
short-
term
capital
gains,
if
any,
at
least
annually.
Distributions
are
recorded
on
the
ex-dividend
date.
The
Fund
may
periodically
make
reclassifications
among
certain
of
their
capital
accounts
as
a
result
of
the
characterization
of
certain
income
and
realized
gains
determined
annually
in
accordance
with
federal
tax
regulations
that
may
differ
from
U.S.
GAAP.
Allocation
of
Expenses
Expenses
incurred
by
the
Trust
that
do
not
relate
to
a
specific
fund
of
the
Trust
are
allocated
to
the
individual
funds
by
or
under
the
direction
of
the
Board
in
such
a
manner
as
the
Board
determine
to
be
fair
and
equitable.
Foreign
Currency
Transactions
The
Fund's
books
and
records
are
maintained
in
U.S.
dollars.
Foreign
currency
denominated
transactions
(i.e.,
fair
value
of
investment
securities,
assets
and
liabilities,
purchases
and
sales
of
investment
securities
and
income
and
expenses)
are
translated
into
U.S.
dollars
at
the
current
rate
of
exchange
on
the
date
of
valuation.
Purchases
and
sales
of
securities
and
income
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
fluctuations
are
included
in
net
realized
and
unrealized
gain
or
(loss)
on
investments
in
the
Statement
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
(losses)
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest
and
foreign
taxes
withheld,
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
(losses)
arise
from
the
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
Investment
Transactions
and
Investment
Income
Throughout
the
reporting
period,
security
transactions
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
security
transactions
are
accounted
for
on
trade
date
on
the
last
business
day
of
the
reporting
period.
The
specific
identification
method
is
used
for
determining
gains
or
losses
for
financial
statements
and
income
tax
purposes.
Dividend
income,
less
any
foreign
tax
withheld,
is
recognized
on
the
ex-dividend
date
and
interest
income
is
recognized
on
an
accrual
basis,
including
amortization/accretion
of
premiums
or
discounts.
Securities
Lending
The
Fund
may
lend
portfolio
securities
constituting
up
to
33-1/3%
of
its
total
assets
(as
permitted
by
the
1940
Act)
to
unaffiliated
broker-dealers,
banks
or
other
recognized
institutional
borrowers
of
securities,
provided
that
the
borrower
at
all
times
maintains
cash,
U.S.
government
securities
or
equivalent
collateral
or
provides
an
irrevocable
letter
of
credit
in
favor
of
the
Fund
equal
in
value
to
at
least
102%
of
the
value
of
loaned
domestic
securities
and
105%
of
the
value
of
loaned
foreign
securities
on
a
daily
basis.
During
the
time
portfolio
securities
are
on
loan,
the
borrower
pays
the
lending
Fund
an
amount
equivalent
to
any
dividends
or
interest
paid
on
such
securities,
and
such
Fund
may
receive
an
agreed-upon
amount
of
interest
income
from
the
borrower
who
delivered
equivalent
collateral
or
provided
a
letter
of
credit.
Loans
are
subject
to
termination
at
the
option
of
a
Fund
or
the
borrower.
The
Fund
may
pay
reasonable
administrative
and
custodial
fees
in
connection
with
a
loan
of
portfolio
securities
and
may
pay
a
negotiated
portion
of
the
interest
earned
on
the
cash
or
equivalent
collateral
to
the
borrower
or
placing
broker.
The
Fund
does
not
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
11
have
the
right
to
vote
securities
on
loan
but
could
terminate
the
loan
and
regain
the
right
to
vote
if
that
were
considered
important
with
respect
to
the
investment.
The
primary
risk
in
securities
lending
is
a
default
by
the
borrower
during
a
sharp
rise
in
price
of
the
borrowed
security
resulting
in
a
deficiency
in
the
collateral
posted
by
the
borrower.
The
Fund
will
seek
to
minimize
this
risk
by
requiring
that
the
value
of
the
securities
loaned
be
computed
each
day
and
additional
collateral
be
furnished
each
day
if
required.
Disclosures
about
Offsetting
Assets
and
Liabilities
The
Fund
is
required
to
disclose
information
about
offsetting
and
related
arrangements
to
enable
users
of
its
financial
statements
to
understand
the
effect
of
those
arrangements
on
its
financial
position.
The
guidance
requires
retrospective
application
for
all
comparative
periods
presented.
Management
has
evaluated
the
impact
on
the
financial
statement
disclosures
and
determined
that
there
is
no
effect.
As
there
are
no
master
netting
arrangements
relating
to
the
Fund's
participation
in
securities
lending,
and
all
amounts
related
to
securities
lending
are
presented
gross
on
the
Fund's
Statement
of
Assets
and
Liabilities,
no
additional
disclosures
have
been
made
on
behalf
of
the
Fund.
Please
refer
to
the
Securities
Lending
Note
for
additional
disclosures
related
to
securities
lending,
including
collateral
related
to
securities
on
loan.
3.
AGREEMENTS
Investment
Advisory
Agreement
The
Advisor,
a
related
party
of
the
Fund,
oversees
the
performance
of
the
Fund
and
is
responsible
for
overseeing
the
management
of
the
investment
portfolio
of
the
Fund.
These
services
are
provided
under
the
terms
of
an
investment
advisory
agreement
between
the
Trust
and
the
Advisor,
pursuant
to
which
the
Advisor
receives
an
annual
advisory
fee
equal
to
0.89%.
Through
November
1,
2026,
the
Advisor
has
agreed
to
waive
and/or
reimburse
the
Fund
for
its
advisory
fee,
and
to
the
extent
necessary,
bear
other
expenses,
to
limit
the
total
annualized
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);
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
of
the
Institutional
Class
shares
of
the
Fund
to
the
amounts
of
0.98%
per
annum
of
net
assets
attributable
to
such
shares
of
the
Fund.
The
Advisor
shall
be
permitted
to
recover
expenses
it
has
borne
subsequent
to
the
effective
date
of
this
agreement
(whether
through
reduction
of
its
advisory
fee
or
otherwise)
in
later
periods
to
the
extent
that
the
Fund's
expenses
fall
below
the
annual
rates
set
forth
above,
given
that
such
a
rate
is
not
greater
than
the
rate
that
was
in
place
at
the
time
of
the
waiver,
provided,
however,
that
the
Fund
is
not
obligated
to
pay
any
such
reimbursed
fees
more
than
three
years
after
the
expense
was
incurred
by
the
Advisor.
Sub-Advisory
services
are
provided
to
the
Fund,
pursuant
to
an
agreement
between
the
Advisor
and
Sub-Advisor.
Under
the
terms
of
this
sub-advisory
agreement,
the
Advisor,
not
the
Fund,
compensates
the
Sub-Advisor
based
on
the
Fund's
average
net
assets.
Certain
officers
of
the
Advisor
are
also
officers
of
the
Sub-Advisor.
Dr.
Shulman
is
a
majority
owner
of
both
the
Advisor
and
the
Sub-Advisor.
Other
service
providers
have
voluntarily
agreed
to
waive
a
portion
of
their
fees.
Other
waivers
are
not
eligible
for
recoupment.
For
the
year
ended
June
30,
2026,
fees
waived
and
expenses
reimbursed
were
as
follows:
Each
waiver/expense
payment
by
the
Advisor
is
subject
to
recoupment
by
the
Advisor
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
Investment
Advisor
Fees
Waived
Other
Waivers
Total
$
140
,
287
$
3,225
$
143
,
512
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
12
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.
The
amounts
subject
to
repayment
by
the
Fund,
pursuant
to
the
aforementioned
conditions
are
as
follows:
Other
Service
Providers
Apex
provides
fund
accounting,
fund
administration,
compliance
and
transfer
agency
services
to
the
Fund.
The
fees
related
to
these
services
are
included
in
Fund
services
and
administration
fees
within
the
Statement
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Pursuant
to
an
Apex
Services
Agreement,
the
Fund
pays
Apex
customary
fees
for
its
services.
Apex
provides
a
Chief
Compliance
Officer
to
the
Fund,
as
well
as
certain
additional
compliance
support
functions
4.
INCOME
TAXES
The
Fund
plans
to
distribute
substantially
all
of
the
net
investment
income
and
net
realized
gains
that
it
has
realized
on
the
sale
of
securities.
These
income
and
gains
distributions
will
generally
be
paid
once
each
year,
on
or
before
December
31.
The
character
of
distributions
made
during
the
year
for
financial
reporting
purposes
may
differ
from
the
characterization
for
federal
income
tax
purposes
due
to
differences
in
the
recognition
of
income,
expense
or
gain
items
for
financial
reporting
and
tax
reporting
purposes.
The
tax
character
of
distributions
paid
for
the
fiscal
years
ended
June
30,
2026
and
June
30,
2025
were
as
follows:
The
Fund
designates
long-term
capital
gain
dividends,
pursuant
to
Internal
Revenue
Code
Section
852(b)(3),
the
amount
necessary
to
reduce
the
earnings
and
profits
for
the
Fund
related
to
net
capital
gains
to
zero
for
the
tax
year
ended
June
30,
2026.
Additionally,
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
the
NAV
per
share.
At
June
30,
2026,
the
cost
of
investments
for
federal
income
tax
purposes
is
$36,205,613
and
the
components
of
net
unrealized
appreciation
(depreciation)
were
as
follows:
At
June
30,
2026,
the
components
of
accumulated
earnings
(deficit)
on
a
tax
basis
were
as
follows:
As
of
June
30,
2026,
the
Fund
has
current
year
deferred
late
year
ordinary
losses
of
$106,412.
These
losses
will
be
recognized
for
tax
purposes
on
the
first
day
of
the
following
tax
year.
Recoverable
Through
June
30,
2027
$
86,186
June
30,
2028
124,202
June
30,
2029
140,287
2026
2025
Distributions
paid
from:
Ordinary
income
(a)
$
19,873
$
251,881
Total
distributions
paid
$
19,873
$
251,881
(a)
Short-term
capital
gain
distributions
are
treated
as
ordinary
income
for
tax
purposes.
Gross
Unrealized
Appreciation
$
13,900,521
Gross
Unrealized
Depreciation
(6,719,747)
Net
Unrealized
Appreciation
$
7,180,774
Other
Temporary
Differences
$
1,222
Capital
and
Other
Losses
(12,235,268)
Net
Unrealized
Appreciation
7,180,774
Total
$
(5,053,272)
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
13
As
of
June
30,
2026,
the
Fund
had
short-term
and
long-term
capital
loss
carryforwards
available
to
offset
future
gains,
not
subject
to
expiration,
in
the
amount
of
$9,581,443
and
$2,547,413,
respectively.
During
the
fiscal
year
ended
June
30,
2026,
the
Fund
utilized
capital
loss
carryforward
of
$3,209,631
to
offset
realized
capital
gains.
On
the
Statement
of
Assets
and
Liabilities,
as
a
result
of
current
year
net
operating
loss,
certain
amounts
have
been
reclassified
for
the
year
ended
June
30,
2026.
The
following
reclassification
has
no
impact
on
the
net
assets
of
the
Fund.
The
Fund
adopted
the
FASB
Accounting
Standards
Update
2023-09,
"Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures"
("ASU
2023-09")
during
the
year
ended
June
30,
2026.
Adoption
of
the
new
standard
by
the
Fund
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund's
financial
position
or
results
of
operations.
5.
RELATED
PARTIES
At
June
30,
2026,
certain
officers
of
the
Trust
were
also
employees
of
the
Advisor.
However,
these
officers
were
not
compensated
directly
by
the
Fund.
Refer
to
Note
1
for
more
information.
6.
BENEFICIAL
OWNERSHIP
The
beneficial
ownership,
either
directly
or
indirectly,
of
more
than
25%
of
the
voting
securities
of
a
fund
creates
a
presumption
of
control
of
a
fund,
under
Section
2(a)(9)
of
the
1940
Act.
As
of
June
30,
2026,
for
the
benefit
of
its
shareholders,
MAC
&
Co.
held
94.42%
of
the
total
Fund
shares
outstanding.
7.
INVESTMENT
TRANSACTIONS
For
the
year
ended
June
30,
2026,
purchases
and
sales
of
investment
securities,
other
than
short-term
investments,
were
$9,898,218
and
$11,730,899,
respectively.
There
were
no
purchases
or
sales
of
long-term
U.S.
government
obligations
during
the
year
ended
June
30,
2026.
8.
REDEMPTION
FEES
The
Fund
imposes
a
redemption
fee
equal
to
2%
of
the
dollar
value
of
the
shares
redeemed
within
five
business
days
of
the
date
of
purchase.
The
redemption
fee
does
not
apply
to
shares
purchased
through
reinvested
distributions
(dividends
and
capital
gains)
or
through
the
automatic
investment
plan,
shares
held
in
retirement
plans
(if
the
plans
request
a
waiver
of
the
fee),
or
shares
redeemed
through
designated
systematic
withdrawal
plans.
9.
SECTOR
RISK
If
the
Fund
has
significant
investments
in
the
securities
of
issuers
within
a
particular
sector,
any
development
affecting
that
sector
will
have
a
greater
impact
on
the
value
of
the
net
assets
of
the
Fund
than
would
be
the
case
if
the
Fund
did
not
have
significant
investments
in
that
sector.
In
addition,
this
may
increase
the
risk
of
loss
in
the
Fund
and
increase
the
volatility
of
the
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
June
30,
2026,
the
Fund
had
35.8%
of
the
value
of
its
net
assets
invested
in
stocks
within
the
Technology
sector.
10.
PRIVATELY
OFFERED
SECURITY
RISK
Privately-offered
securities
are
not
exchange-traded
and
are
subject
to
liquidity
risk,
may
be
difficult
to
value,
may
be
difficult
to
sell
because
of
regulatory
restrictions
on
resale,
provide
fewer
financial
disclosures
than
publicly-traded
securities,
and
may
be
subject
to
significant
brokerage
commissions.
To
the
extent
the
Fund
acquires
privately-offered
securities
through
a
special-purpose
vehicle
("SPV"),
the
Fund
may
also
be
subject
to
management
and
performance
fees
of
the
SPV.
Accumulated
Loss
$
164,448
Paid-in-Capital
(164,448)
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
14
11.
FOREIGN
SECURITIES
RISK
The
Fund
generally
invests
a
significant
portion
of
its
total
assets
in
securities
principally
traded
in
markets
outside
the
U.S.
The
foreign
markets
in
which
the
Fund
invests
in
are
sometimes
open
on
days
when
the
NYSE
is
not
open
and
the
Fund
does
not
calculate
its
NAV,
and
sometimes
are
not
open
on
days
when
the
NYSE
is
open
and
the
Fund
does
calculate
its
NAV.
Even
on
days
on
which
both
the
foreign
market
and
the
NYSE
are
open,
several
hours
may
pass
between
the
time
when
trading
in
the
foreign
market
closes
and
the
time
at
which
the
Fund
calculates
its
NAV.
That
is
generally
the
case
for
markets
in
Europe,
Asia,
Australia
and
other
far
eastern
markets;
the
regular
closing
time
of
foreign
markets
in
North
and
South
America
is
generally
the
same
as
the
closing
time
of
the
NYSE
and
the
time
at
which
the
Fund
calculate
its
NAV.
Foreign
stocks,
as
an
asset
class,
may
underperform
U.S.
stocks,
and
foreign
stocks
may
be
more
volatile
than
U.S.
stocks.
Risks
relating
to
investment
in
foreign
securities
(including,
but
not
limited
to,
depository
receipts
and
participation
certificates)
include:
currency
exchange
rate
fluctuation;
less
available
public
information
about
the
issuers
of
securities;
less
stringent
regulatory
standards;
lack
of
uniform
accounting,
auditing
and
financial
reporting
standards;
and
country
risk
including
less
liquidity,
high
inflation
rates,
unfavorable
economic
practices
and
political
instability.
The
risks
of
foreign
investments
are
typically
greater
in
emerging
and
less
developed
markets.
12.
SUBSEQUENT
EVENTS
EVALUATION
Management
of
the
Fund
has
evaluated
the
need
for
disclosures
and/or
adjustments
resulting
from
subsequent
events
through
the
date
at
which
these
financial
statements
were
issued.
Based
upon
this
evaluation,
management
has
determined
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
15
To
the
Board
of
Trustees
of
EntrepreneurShares
Series
Trust
and
the
Shareholders
of
ERShares
Global
Entrepreneurs
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
ERShares
Global
Entrepreneurs
(the
"Fund"),
a
series
of
EntrepreneurShares
Series
Trust,
including
the
schedule
of
investments,
as
of
June
30,
2026,
the
related
statement
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
June
30,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
The
financial
highlights
for
each
of
the
three
years
in
the
period
ended
June
30,
2024,
have
been
audited
by
other
auditors,
whose
reports
dated
August
29,
2024
and
August
29,
2022,
expressed
an
unqualified
opinion
on
such
financial
statements
and
financial
highlights.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audit.
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
Fund
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
have
served
as
the
Fund's
auditor
since
2025.
We
conducted
our
audit
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.
The
Fund
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audit,
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund's
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audit
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
audit
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
June
30,
2026,
by
correspondence
with
the
custodian.
We
believe
that
our
audit
provides
a
reasonable
basis
for
our
opinion.
TAIT
WELLER
&
BAKER
LLP
Philadelphia,
Pennsylvania
August
27,
2026
ERShares
Global
Entrepreneurs
IMPORTANT
TAX
INFORMATION
(UNAUDITED)
June
30,
2026
16
Federal
Tax
Status
of
Dividends
Declared
during
the
Fiscal
Year
Income
Dividends
-
For
federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
Fund
paid
ordinary
income
dividends
of
$19,873
for
the
tax
year
ended
June
30,
2026.
The
Fund
designated
99.9%
of
its
income
dividend
distributed
as
qualifying
for
the
corporate
dividends
received
deductions
(DRD)
and
99.9%
for
the
qualified
dividend
rate
(QDI)
as
defined
in
Section
1(h)(11)
of
the
Internal
Revenue
Code.
The
Fund
also
designates
0%
of
its
income
dividends
as
qualified
interest
income
(QII)
and
0%
as
qualified
short-term
capital
gain
dividends
exempt
from
U.S.
tax
for
foreign
shareholders
(QSD).
ERShares
Global
Entrepreneurs
OTHER
INFORMATION
(UNAUDITED)
June
30,
2026
17
Change
in
and
Disagreements
with
Accountants
(Item
8
of
Form
N-CSR)
Not
applicable.
Proxy
Disclosure
(Item
9
of
Form
N-CSR)
Not
applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10
of
Form
N-CSR)
Please
see
financial
statements
in
Item
7a.
Statement
Regarding
the
Basis
for
the
Board's
Approval
of
Investment
Advisory
Contract
(Item
11
of
Form
N-CSR)
Not
applicable.
(b)
Included as part of financial statements filed under Item 7(a).
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.
Included as part of financial statements filed under Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report (the "Evaluation Date") based on their evaluation of the registrant's disclosure controls and procedures as of the Evaluation Date.
(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.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits.
(a)(1) Code of Ethics (filed herewith).
(a)(2) Not applicable.
(a)(3) Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed 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. 
EntrepreneurShares Series Trust
By
/s/ Dr. Joel M. Shulman
Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer
Date
August 27, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By
/s/ Dr. Joel M. Shulman
Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer
Date
August 27, 2026
Entrepreneurshares Series Trust published this content on August 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 27, 2026 at 16:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]