Series Portfolios Trust

09/03/2026 | Press release | Distributed by Public on 09/03/2026 15:27

Semi-Annual Report by Investment Company (Form N-CSRS)

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: December 31, 2026

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

(a)
Palm Valley Capital Fund
Investor Class | PVCMX
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Palm Valley Capital Fund for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://www.palmvalleycapital.com/mutual-fund. You can also request this information by contacting us at 1-888-224-7256 (PALM).
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Investor Class
$63
1.25%
* Annualized
KEY FUND STATISTICS (as of June 30, 2026)
Net Assets
$215,177,217
Number of Holdings
28
Portfolio Turnover
39%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Industry
(% of net assets)
Temporary Help Services
4.3
%
Support Activities for Forestry
3.1
%
Computer Systems Design and Related Services
2.9
%
Motor Vehicle Parts (Used) Merchant Wholesalers
2.0
%
Plastics Packaging Materials and Unlaminated Film and Sheet Manufacturing
1.1
%
Janitorial Services
1.0
%
Medical Equipment and Supplies Manufacturing
1.0
%
Bread and Bakery Product Manufacturing
1.0
%
Limited-Service Restaurants
1.0
%
Cash & Other
82.6
%
Top 10 Issuers
(% of net assets)
United States Treasury Bill
64.8
%
First American Treasury Obligations Fund
10.6
%
Rayonier, Inc.
3.1
%
Amdocs Ltd.
2.9
%
Kelly Services, Inc.
2.3
%
LKQ Corp.
2.0
%
Reynolds Consumer Products, Inc.
1.1
%
Healthcare Services Group, Inc.
1.0
%
Teleflex, Inc.
1.0
%
Flowers Foods, Inc.
1.0
%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.palmvalleycapital.com/mutual-fund.
Palm Valley Capital Fund PAGE 1 TSR-SAR-81752T684
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Palm Valley Capital Management documents not be householded, please contact Palm Valley Capital Management at 1-888-224-7256 (PALM), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Palm Valley Capital Management or your financial intermediary.
Palm Valley Capital Fund PAGE 2 TSR-SAR-81752T684
Palm Valley Capital Fund
Institutional Class | PVCIX
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Palm Valley Capital Fund for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://www.palmvalleycapital.com/mutual-fund. You can also request this information by contacting us at 1-888-224-7256 (PALM).
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$50
1.00%
* Annualized
KEY FUND STATISTICS (as of June 30, 2026)
Net Assets
$215,177,217
Number of Holdings
28
Portfolio Turnover
39%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Industry
(% of net assets)
Temporary Help Services
4.3
%
Support Activities for Forestry
3.1
%
Computer Systems Design and Related Services
2.9
%
Motor Vehicle Parts (Used) Merchant Wholesalers
2.0
%
Plastics Packaging Materials and Unlaminated Film and Sheet Manufacturing
1.1
%
Janitorial Services
1.0
%
Medical Equipment and Supplies Manufacturing
1.0
%
Bread and Bakery Product Manufacturing
1.0
%
Limited-Service Restaurants
1.0
%
Cash & Other
82.6
%
Top 10 Issuers
(% of net assets)
United States Treasury Bill
64.8
%
First American Treasury Obligations Fund
10.6
%
Rayonier, Inc.
3.1
%
Amdocs Ltd.
2.9
%
Kelly Services, Inc.
2.3
%
LKQ Corp.
2.0
%
Reynolds Consumer Products, Inc.
1.1
%
Healthcare Services Group, Inc.
1.0
%
Teleflex, Inc.
1.0
%
Flowers Foods, Inc.
1.0
%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.palmvalleycapital.com/mutual-fund.
Palm Valley Capital Fund PAGE 1 TSR-SAR-81752T452
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Palm Valley Capital Management documents not be householded, please contact Palm Valley Capital Management at 1-888-224-7256 (PALM), or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Palm Valley Capital Management or your financial intermediary.
Palm Valley Capital Fund PAGE 2 TSR-SAR-81752T452
(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.

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)

 
PALM VALLEY CAPITAL FUND
INVESTOR CLASS - PVCMX
INSTITUTIONAL CLASS - PVCIX
Semi-Annual Financial Statements and Additional Information
June 30, 2026
TABLE OF CONTENTS
 
 
 
 
 
 
Page
Schedule of Investments
 
 
1
Statement of Assets and Liabilities
 
 
3
Statement of Operations
 
 
4
Statements of Changes in Net Assets
 
 
5
Financial Highlights
 
 
6
Notes to the Financial Statements
 
 
8
Additional Information
 
 
14
 
 
 
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 20.6%
 
 
 
 
Animal Slaughtering and Processing - 0.8%
 
 
 
 
WH Group Ltd. - ADR
 
 
82,323
 
 
$1,751,010
Bread and Bakery Product Manufacturing - 1.0%
 
 
 
 
Flowers Foods, Inc.
 
 
271,492
 
 
2,144,787
Breweries - 0.8%
 
 
 
 
Molson Coors Beverage Co. - Class B
 
 
41,128
 
 
1,602,347
Clothing and Clothing Accessories Retailers - 0.6%
 
 
 
 
Carter's, Inc.
 
 
32,477
 
 
1,336,753
Computer Systems Design and Related Services - 2.9%
 
 
 
 
Amdocs Ltd.
 
 
124,683
 
 
6,301,479
Crude Petroleum Extraction - 0.7%
 
 
 
 
Chord Energy Corp.
 
 
13,128
 
 
1,500,530
Household and Institutional Furniture Manufacturing - 0.5%
 
 
 
 
Hooker Furnishings Corp.
 
 
62,110
 
 
1,107,421
Janitorial Services - 1.0%
 
 
 
 
Healthcare Services Group, Inc.(a)
 
 
90,095
 
 
2,212,733
Limited-Service Restaurants - 1.0%
 
 
 
 
Domino's Pizza Group PLC
 
 
859,322
 
 
2,064,270
Management Consulting Services - 0.6%
 
 
 
 
Resources Connection, Inc.
 
 
285,601
 
 
1,213,804
Medical Equipment and Supplies Manufacturing - 1.0%
 
 
 
 
Teleflex, Inc.
 
 
17,263
 
 
2,188,258
Motor Vehicle Parts (Used) Merchant Wholesalers - 2.0%
 
 
 
 
LKQ Corp.
 
 
166,216
 
 
4,376,467
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing - 0.5%
 
 
 
 
Vontier Corp.
 
 
37,796
 
 
1,096,084
Other Snack Food Manufacturing - 0.5%
 
 
 
 
UTZ Brands, Inc., Class A
 
 
140,324
 
 
1,080,495
Plastics Packaging Materials and Unlaminated Film and Sheet
Manufacturing - 1.1%
 
 
 
 
Reynolds Consumer Products, Inc.
 
 
90,400
 
 
2,427,240
Soap and Cleaning Compound Manufacturing - 0.6%
 
 
 
 
Clorox Co.
 
 
12,375
 
 
1,181,070
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Temporary Help Services - 4.3%
 
 
 
 
Kelly Services, Inc. - Class A
 
 
398,595
 
 
$4,894,747
ManpowerGroup, Inc.
 
 
61,334
 
 
2,071,249
Robert Half, Inc.
 
 
35,157
 
 
1,079,320
TrueBlue, Inc.(a)
 
 
170,101
 
 
1,185,604
 
 
 
 
9,230,920
Wet Corn Milling and Starch Manufacturing - 0.7%
 
 
 
 
Ingredion, Inc.
 
 
16,100
 
 
1,524,831
TOTAL COMMON STOCKS
(Cost $44,890,623)
 
 
 
 
44,340,499
REAL ESTATE INVESTMENT TRUSTS - 4.0%
 
 
 
 
Lessors of Other Real Estate Property - 0.9%
 
 
 
 
Farmland Partners, Inc.
 
 
205,487
 
 
1,989,114
Support Activities for Forestry - 3.1%
 
 
 
 
Rayonier, Inc.
 
 
316,741
 
 
6,740,248
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $8,879,886)
 
 
 
 
8,729,362
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS - 75.4%
 
 
 
 
U.S. Treasury Bills - 64.8%
 
 
 
 
3.56%, 07/16/2026(b)
 
 
$50,600,000
 
 
50,524,227
3.58%, 08/20/2026(b)
 
 
31,170,000
 
 
31,011,185
3.64%, 10/15/2026(b)
 
 
54,939,000
 
 
54,342,047
3.71%, 12/03/2026(b)
 
 
3,632,000
 
 
3,572,871
 
 
 
 
139,450,330
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Money Market Funds - 10.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.58%(c)
 
 
22,750,249
 
 
22,750,249
TOTAL SHORT-TERM INVESTMENTS
(Cost $162,229,984)
 
 
 
 
162,200,579
TOTAL INVESTMENTS - 100.0%
(Cost $216,000,493)
 
 
 
 
$215,270,440
Liabilities in Excess of Other Assets - (0.0)%(d)
 
 
 
 
(93,223)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$215,177,217
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
ADR - American Depository Receipt
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
The rate shown is the annualized yield as of June 30, 2026.
(c)
The rate shown represents the 7-day annualized yield as of June 30, 2026.
(d)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2026 (Unaudited)
 
 
 
 
ASSETS:
 
 
Investments, at value
 
 
$215,270,440
Dividends receivable
 
 
141,031
Receivable for fund shares sold
 
 
25,497
Prepaid expenses and other assets
 
 
24,477
Total assets
 
 
215,461,445
LIABILITIES:
 
 
Payable to Adviser
 
 
113,942
Payable for fund shares redeemed
 
 
54,610
Payable for sub-transfer agent fees and expenses
 
 
32,245
Payable for transfer agent fees and expenses
 
 
28,766
Payable for audit fees
 
 
10,047
Payable for custodian fees
 
 
7,874
Payable for distribution and shareholder servicing fees
 
 
6,130
Payable for fund administration and accounting fees
 
 
6,117
Payable for compliance fees
 
 
2,982
Accrued expenses and other liabilities
 
 
21,515
Total liabilities
 
 
284,228
NET ASSETS
 
 
$215,177,217
Net Assets Consist of:
 
 
Paid-in capital
 
 
$205,638,143
Total distributable earnings
 
 
9,539,074
Total net assets
 
 
$215,177,217
Institutional Class
 
 
Net assets
 
 
$103,078,284
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
8,280,445
Net asset value, offering, and redemption price per share
 
 
$12.45
Investor Class
 
 
Net assets
 
 
$112,098,933
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
8,993,898
Net asset value, offering, and redemption price per share
 
 
$12.46
Cost:
 
 
Investments, at cost
 
 
$216,000,493
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
STATEMENT OF OPERATIONS
For the Period Ended June 30, 2026 (Unaudited)
 
 
 
 
INVESTMENT INCOME:
 
 
Dividend income
 
 
$1,452,325
Less: issuance fees
 
 
(4,116)
Interest income
 
 
2,727,872
Total investment income
 
 
4,176,081
EXPENSES:
 
 
Investment advisory fee (See Note 3)
 
 
983,890
Distribution fees (See Note 5)
 
 
143,035
Fund administration and accounting fees (See Note 3)
 
 
122,233
Sub-transfer agent fees (See Note 3)
 
 
120,253
Transfer agent fees (See Note 3)
 
 
55,895
Federal and state registration fees
 
 
26,739
Custodian fees (See Note 3)
 
 
15,927
Trustees' fees (See Note 3)
 
 
12,309
Legal fees
 
 
10,873
Audit fees
 
 
10,046
Reports to shareholders
 
 
9,385
Compliance fees (See Note 3)
 
 
9,232
Other expenses
 
 
3,062
Total expenses
 
 
1,522,879
Fee waiver from Adviser (See Note 3)
 
 
(286,633)
Net expenses
 
 
1,236,246
Net investment income
 
 
2,939,835
REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS):
 
 
Net realized gain (loss) from:
 
 
Investments
 
 
1,433,679
Foreign currency transactions
 
 
1,997
Net realized gain
 
 
1,435,676
Net change in unrealized appreciation (depreciation) on:
 
 
Investments
 
 
1,368,824
Net change in unrealized appreciation (depreciation)
 
 
1,368,824
Net realized and unrealized gain on investments
 
 
2,804,500
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$5,744,335
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
Period Ended
June 30, 2026
(Unaudited)
 
 
Year Ended
December 31,
2025
OPERATIONS:
 
 
 
 
Net investment income
 
 
$2,939,835
 
 
$6,795,038
Net realized gain
 
 
1,435,676
 
 
9,757,451
Net change in unrealized appreciation (depreciation)
 
 
1,368,824
 
 
(5,786,938)
Net increase in net assets from operations
 
 
5,744,335
 
 
10,765,551
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
From distributable earnings - Institutional Class (See Note 4)
 
 
-
 
 
(5,181,741)
From distributable earnings - Investor Class (See Note 4)
 
 
-
 
 
(5,396,141)
Total distributions to shareholders
 
 
-
 
 
(10,577,882)
CAPITAL TRANSACTIONS:
 
 
 
 
Shares sold - Institutional Class
 
 
15,496,722
 
 
32,199,928
Shares issued from reinvestment of distributions - Institutional Class
 
 
-
 
 
5,166,979
Shares redeemed - Institutional Class
 
 
(20,737,256)
 
 
(25,932,683)
Shares sold - Investor Class
 
 
17,611,804
 
 
23,864,130
Shares issued from reinvestment of distributions - Investor Class
 
 
-
 
 
5,306,433
Shares redeemed - Investor Class
 
 
(25,441,711)
 
 
(72,136,087)
Net decrease in net assets from capital transactions(a)
 
 
(13,070,441)
 
 
(31,531,300)
Net decrease in net assets
 
 
(7,326,106)
 
 
(31,343,631)
NET ASSETS:
 
 
 
 
Beginning of the period
 
 
222,503,323
 
 
253,846,954
End of the period
 
 
$215,177,217
 
 
$222,503,323
(a) A summary of capital share transactions is as follows:
 
 
 
 
SHARES TRANSACTIONS
 
 
 
 
Shares sold - Institutional Class
 
 
1,254,772
 
 
2,622,058
Shares issued from reinvestment of distributions - Institutional Class
 
 
-
 
 
426,670
Shares redeemed - Institutional Class
 
 
(1,683,400)
 
 
(2,094,364)
Shares sold - Investor Class
 
 
1,433,107
 
 
1,941,491
Shares issued from reinvestment of distributions - Investor Class
 
 
-
 
 
437,103
Shares redeemed - Investor Class
 
 
(2,060,071)
 
 
(5,843,280)
Total decrease in shares outstanding
 
 
(1,055,592)
 
 
(2,510,322)
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
FINANCIAL HIGHLIGHTS
INSTITUTIONAL CLASS
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
June 30, 2026
(Unaudited)
 
 
Year Ended December 31,
 
 
Period Ended
December 31,
2023(a)
 
2025
 
 
2024
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$12.12
 
 
$12.17
 
 
$12.49
 
 
$12.68
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.17
 
 
0.37
 
 
0.47
 
 
0.09
Net realized and unrealized gain on investments(c)
 
 
0.16
 
 
0.20
 
 
0.09
 
 
0.36
Total from investment operations
 
 
0.33
 
 
0.57
 
 
0.56
 
 
0.45
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
-
 
 
(0.41)
 
 
(0.50)
 
 
(0.39)
Net realized gains
 
 
-
 
 
(0.21)
 
 
(0.38)
 
 
(0.25)
Total distributions
 
 
-
 
 
(0.62)
 
 
(0.88)
 
 
(0.64)
Net asset value, end of period
 
 
$12.45
 
 
$12.12
 
 
$12.17
 
 
$12.49
Total return(d)
 
 
2.72%
 
 
4.68%
 
 
4.56%
 
 
3.50%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$103,078
 
 
$105,581
 
 
$94,340
 
 
$7,874
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
Before expense waiver/recoupment(e)(f)
 
 
1.26%
 
 
1.27%
 
 
1.28%
 
 
1.37%
After expense waiver/recoupment(e)(f)
 
 
1.00%
 
 
1.00%
 
 
1.00%
 
 
1.02%
Ratio of net investment income (loss) to average net assets(e)(f)
 
 
2.82%
 
 
3.00%
 
 
3.68%
 
 
3.88%
Portfolio turnover rate(d)(g)
 
 
39%
 
 
86%
 
 
64%
 
 
55%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Commencement date of the Fund was October 30, 2023.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
(g)
The portfolio turnover disclosed is for the Fund as a whole. The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments). The denominator includes the average fair value of long positions throughout the period.
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
FINANCIAL HIGHLIGHTS
INVESTOR CLASS
 
 
 
 
 
 
 
 
 
Period Ended
June 30, 2026
(Unaudited)
 
 
Year Ended December 31,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$12.15
 
 
$12.19
 
 
$12.51
 
 
$11.98
 
 
$11.88
 
 
$11.68
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
0.16
 
 
0.34
 
 
0.42
 
 
0.39
 
 
0.06
 
 
(0.11)
Net realized and unrealized gain on investments(b)
 
 
0.15
 
 
0.20
 
 
0.10
 
 
0.74
 
 
0.31
 
 
0.54
Total from investment operations
 
 
0.31
 
 
0.54
 
 
0.52
 
 
1.13
 
 
0.37
 
 
0.43
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
-
 
 
(0.37)
 
 
(0.46)
 
 
(0.35)
 
 
(0.05)
 
 
-
Net realized gains
 
 
-
 
 
(0.21)
 
 
(0.38)
 
 
(0.25)
 
 
(0.22)
 
 
(0.23)
Total distributions
 
 
-
 
 
(0.58)
 
 
(0.84)
 
 
(0.60)
 
 
(0.27)
 
 
(0.23)
Redemption fee per share
 
 
-
 
 
-
 
 
-
 
 
-
 
 
0.00(c)
 
 
0.00(c)
Net asset value, end of period
 
 
$12.46
 
 
$12.15
 
 
$12.19
 
 
$12.51
 
 
$11.98
 
 
$11.88
Total return(d)
 
 
2.55%
 
 
4.46%
 
 
4.22%
 
 
9.47%
 
 
3.16%
 
 
3.72%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$112,099
 
 
$116,923
 
 
$159,507
 
 
$238,399
 
 
$185,978
 
 
$79,520
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense waiver/ recoupment(e)(f)
 
 
1.51%
 
 
1.52%
 
 
1.50%
 
 
1.46%
 
 
1.50%
 
 
1.78%
After expense waiver/
recoupment(e)(f)
 
 
1.25%
 
 
1.25%
 
 
1.25%
 
 
1.25%
 
 
1.25%
 
 
1.25%
Ratio of net investment income (loss) to average net assets(e)(f)
 
 
2.57%
 
 
2.75%
 
 
3.35%
 
 
3.14%
 
 
0.51%
 
 
(0.89)%
Portfolio turnover rate(d)(g)
 
 
39%
 
 
86%
 
 
64%
 
 
55%
 
 
72%
 
 
82%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
(g)
The portfolio turnover disclosed is for the Fund as a whole. The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments). The denominator includes the average fair value of long positions throughout the period. 
The accompanying notes are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2026 (Unaudited)
1. ORGANIZATION
Series Portfolios Trust (the "Trust") is a Delaware statutory trust organized on July 27, 2015, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Palm Valley Capital Fund (the "Fund") is a diversified series with its own investment objectives and policies within the Trust. The Fund's investment adviser, Palm Valley Capital Management LLC (the "Adviser"), is responsible for investment advisory services, day-to-day management of the Fund's assets, as well as compliance, sales, marketing, and operation services to the Fund. The Fund invests primarily in a portfolio of U.S. common stocks of small-cap companies that offer attractive risk-adjusted returns. The Fund considers small-cap companies to be those that, at the time of investment, have a market capitalization of less than $10 billion. Under normal circumstances, the Fund will hold common stocks of fewer than 40 different companies.
The Fund commenced operations on May 1, 2019. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification") Topic 946, Financial Services - Investment Companies. The Fund does not hold itself out as related to any other series of the Trust for purposes of investment and investor services, nor does it share the same investment adviser with any other series of the Trust.
The Fund offers an Investor Class and Institutional Class. The Institutional Class commenced operations on October 30, 2023. Investor and Institutional Class shares have no front end sales loads or deferred sales charges. Investor Class shares are subject to a distribution fee of up to 0.25% of average daily net assets.
The Fund may issue an unlimited number of shares of beneficial interest, with no par value.
2. 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 ("GAAP").
A.
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. Equity securities, including common stocks, preferred stocks, and real estate investment trusts ("REITS") that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® exchanges (collectively "Nasdaq"), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price ("NOCP"). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter ("OTC") market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Fixed income securities, including short-term debt instruments having a maturity less than 60 days, are valued at the evaluated mean price supplied by an approved independent third-party pricing service ("Pricing Service"). These securities are categorized in Level 2 of the fair value hierarchy.
In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund's net asset value ("NAV") is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor's ability to seek profit by estimating the Fund's NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy.
 
8
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2026 (Unaudited)(Continued)
Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange traded fund does not trade, then the mean between the most recent quoted bid and asked prices will be used. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported NAV per share. To the extent these securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy.
The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers, or independent pricing services are unreliable.
The Fund has adopted authoritative fair value 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 in changes in valuation techniques and related inputs during the year and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 -
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 -
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table is a summary of the inputs used to value the Fund's securities by level within the fair value hierarchy as of June 30, 2026:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments at Fair Value:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$44,340,499
 
 
$-
 
 
$-
 
 
$44,340,499
Real Estate Investment Trusts
 
 
8,729,363
 
 
-
 
 
-
 
 
8,729,363
Short-Term Investments
 
 
22,750,249
 
 
139,450,329
 
 
-
 
 
162,200,578
Total Investments
 
 
$75,820,111
 
 
$139,450,329
 
 
$-
 
 
$215,270,440
 
 
 
 
 
 
 
 
 
 
 
 
 
During the period ended June 30, 2026, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3.
B.
Foreign Securities and Currency Translation - Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate the
 
9
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2026 (Unaudited)(Continued)
portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates.
Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Fund's investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Fund's assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards, and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.
C.
Cash and Cash Equivalents - The Fund considers highly liquid short-term fixed income investments purchased with an original maturity of less than three months 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.
D.
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.
E.
Security Transactions, Income and Expenses - 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. Interest income is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts using the effective interest method.
F.
Allocation of Income, Expenses and Gains/Losses - Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. 12b-1 fees are expensed up to 0.25% of average daily net assets of Investor Class shares (See Note 5).
G.
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.
H.
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.
 
10
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2026 (Unaudited)(Continued)
I.
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.
3. RELATED PARTY TRANSACTIONS
The Trust has an agreement with the Adviser to furnish investment advisory services to the Fund. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 0.90% of the Fund's average daily net assets.
The Adviser has contractually agreed to reduce its management fees and/or absorb expenses of the Fund to ensure that total annual operating expenses after fee waiver and/or expense reimbursement (excluding Rule 12b-1 fees - Investor Class (see Note 5), shareholder servicing fees, acquired fund fees and expenses, redemption fees, dividends and interest on short positions, taxes, leverage interest, brokerage fees (including commissions, mark-ups and mark-downs), other transactional expenses, annual account fees for margin accounts, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.00% of the Fund's average daily net asset value. The Adviser may request recoupment of previously waived fees and reimbursed Fund expenses from the Fund for three years from the date they were waived or reimbursed, provided that, after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Cap: (i) in effect at the time of the waiver or reimbursement; or (ii) in effect at the time of recoupment. The Operating Expense Limitation Agreement is intended to be continual in nature and cannot be terminated within one year after the effective date of the Fund's prospectus and subject thereafter to termination at any time upon 60 days written notice and approval by the Board or the Adviser. Waived fees and reimbursed expenses subject to potential recovery by year of expiration are as follows:
 
 
 
 
Expiration
 
 
Amount
January 2029 - June 2029
 
 
$286,633
January 2028 - December 2028
 
 
645,958
January 2027 - December 2027
 
 
691,575
July 2026 - December 2026
 
 
279,644
 
 
 
 
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator") acts as the Fund's Administrator, transfer agent, and fund accountant. U.S. Bank N.A. (the "Custodian") serves as the custodian to the Fund. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund's custodian; coordinates the payment of the Fund's expenses and reviews the Fund's expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Fund, subject to annual minimums. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the period ended June 30, 2026, are disclosed in the Statement of Operations.
Quasar Distributors, LLC, is the Fund's distributor (the "Distributor"). The Distributor is not affiliated with the Adviser, Fund Services, or its affiliated companies.
4. TAX FOOTNOTE
Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income or excise tax provision is required. As of and during the period ended June 30, 2026, 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 and did not have liabilities for any unrecognized tax benefits. The Fund
 
11
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2026 (Unaudited)(Continued)
recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Fund is not subject to examination by taxing authorities for the tax years prior to December 31, 2022.
As of December 31, 2025, the Fund's most recently completed fiscal year end, the components of distributable earnings on a tax basis were:
 
 
 
 
Tax cost of investments*
 
 
$224,971,684
Gross unrealized appreciation
 
 
4,638,896
Gross unrealized depreciation
 
 
(6,982,927)
Net unrealized depreciation
 
 
(2,344,031)
Undistributed long-term capital gains
 
 
6,138,769
Other accumulated gains/(losses)
 
 
1
Total distributable earnings
 
 
$3,794,739
 
 
 
 
*
Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to wash sales.
As of December 31, 2025, the Fund's most recently completed fiscal year end, the Fund did not have any capital loss carryovers. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Fund's taxable period subsequent to October 31.
Distributions to Shareholders - The Fund distributes substantially all net investment income, if any, and net realized capital gains, if any, annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Fund.
There were no distributions made by the Fund for the period ended June 30, 2026.
The tax character of distributions paid for the year ended December 31, 2025, were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary
Income*
 
 
Long-Term
Capital Gain
 
 
Total
2025
 
 
$6,756,630
 
 
$3,821,252
 
 
$10,577,882
 
 
 
 
 
 
 
 
 
 
*
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
5. DISTRIBUTION FEES
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan") for the Investor Class. The Plan permits the Fund to pay for distribution and related expenses at an annual rate up to 0.25% average daily net assets of the Investor Class. Amounts paid under the Plan are paid to the Distributor to compensate it for costs of the services it provides to Investor Class shares of the Fund and the expenses it bears in the distribution of the Fund's Investor Class shares, including overhead and telephone expenses; printing and distribution of prospectuses and reports used in connection with the offering of the Fund's Investor class shares to prospective investors; and preparation, printing, payments to intermediaries and distribution of sales literature and advertising materials.
Under the Plan, the Trustees will be furnished quarterly with information detailing the amount of expenses paid under the Plan and the purposes for which payments were made. The Plan may be terminated at any time by vote of a
 
12
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2026 (Unaudited)(Continued)
majority of the Trustees of the Trust who are not interested persons. Continuation of the Plan is considered by the Board no less frequently than annually. For the period ended June 30, 2026, the Investor Class incurred expenses of $143,035 pursuant to the Plan.
Distribution fees are not subject to the Operating Expense Limitation Agreement (see Note 3) to reduce management fees and/or absorb Fund expenses by the Adviser. Distribution fees will increase the expenses beyond the Operating Expense Limitation Agreement rate of 1.00% for the Investor Class shares.
6. INVESTMENT TRANSACTIONS
The aggregate purchases and sales, excluding short-term investments, by the Fund for the period ended June 30, 2026, were as follows:
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
U.S. Government Securities.
 
 
$-
 
 
$-
Other Securities.
 
 
$20,485,327
 
 
$23,124,047
 
 
 
 
 
 
 
7. 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 the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of June 30, 2026, Charles Schwab and National Financial Services, for the benefit of its customers, owned 51.72% and 25.78% of the outstanding shares of the Fund, respectively. Additionally, as of June 30, 2026, affiliates of the Advisor held 3.32% of the outstanding shares of the Fund.
8. NEW ACCOUNTING PRONOUNCEMENT
Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser's Co-CEOs, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
9. SUBSEQUENT EVENTS
Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that no items require recognition or disclosure.
 
13
 

TABLE OF CONTENTS

PALM VALLEY CAPITAL FUND
ADDITIONAL INFORMATION
June 30, 2026 (Unaudited)
AVAILABILITY OF FUND PORTFOLIO INFORMATION
The Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT, which is available on the SEC's website at https://www.sec.gov/. The Fund's Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Fund's Part F of Form N-PORT is available without charge upon request by calling 1-888-224-7256 (PALM).
AVAILABILITY OF PROXY VOTING INFORMATION
A description of the Fund's Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-888-224-7256 (PALM). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent year ended June 30, is available (1) without charge, upon request, by calling 1-888-224- 7256 (PALM), or (2) on the SEC's website at https://www.sec.gov/.
ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR
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.
Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Statement of Operations in this report.
Statement Regarding Basis for Approval of Investment Advisory Contract.
Not Applicable.
 
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TABLE OF CONTENTS

INVESTMENT ADVISER
Palm Valley Capital Management LLC
422 Jacksonville Drive
Jacksonville Beach, FL 32250
DISTRIBUTOR
Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, ME 04101
CUSTODIAN
U.S. Bank N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212
ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115
LEGAL COUNSEL
Thompson Hine, LLP
41 South High Street, Fl 17
Columbus, OH 43215
(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.

See Statement of Operations under Item 7(a) of this Form.

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 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.

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 and ETFs.

(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 9/1/2026

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 (Signature and Title) /s/ Ryan L. Roell
Ryan L. Roell, Principal Executive Officer
Date 9/1/2026
By (Signature and Title) /s/ Douglas Schafer
Douglas Schafer, Principal Financial Officer
Date 9/2/2026
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