

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23084
(Exact name of Registrant as specified in charter)
615 East Michigan Street
Milwaukee,
WI 53202
(Address of principal executive offices) (Zip code)
Ryan L. Roell, Principal Executive Officer
Series Portfolios Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 6th Fl
Milwaukee,
WI 53202
(Name and address of agent for service)
(414) 516-1709
Registrant’s telephone number, including area code
Date of fiscal year end: September 30, 2025
Date of reporting period:
Item 1. Reports to Stockholders.
(a) |
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Semi-Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment*
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Investor Class
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$
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* | Annualized |
Net Assets
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$
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Number of Holdings
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Portfolio Turnover
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Top 10 Issuers (% of Net Assets)
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U.S. Treasury Notes/Bonds
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First American Treasury Obligations Fund
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Verity U.S. Treasury Fund | PAGE 1 | TSR-SAR-81752T478 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for Semi-Annual Reports.
Item 3. Audit Committee Financial Expert.
Not applicable for Semi-Annual Reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for Semi-Annual Reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for Semi-Annual Reports.
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7(a) of this Form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
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Par |
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Value |
U.S.
GOVERNMENT NOTES/BONDS - 97.6% | ||||||
U.S.
Treasury Notes/Bonds | ||||||
2.13%,
05/15/2025 |
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$
12,500,000 |
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$
12,466,396 |
2.63%,
12/31/2025 |
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16,000,000 |
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15,823,241
|
2.38%,
04/30/2026 |
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15,000,000 |
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14,738,757
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2.50%,
03/31/2027 |
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9,000,000 |
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8,761,817
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2.75%,
07/31/2027 |
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13,861,000 |
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13,511,226
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2.88%,
08/15/2028 |
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13,700,000 |
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13,259,834
|
4.38%,
11/30/2030 |
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5,050,000 |
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5,142,912
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TOTAL
U.S. GOVERNMENT NOTES/BONDS
(Cost
$83,630,427) |
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83,704,183
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Shares |
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SHORT-TERM
INVESTMENTS - 4.9% |
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Money
Market Funds - 4.9% |
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First
American Treasury Obligations Fund - Class X, 4.26%(a) |
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4,190,469 |
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4,190,469
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TOTAL
SHORT-TERM INVESTMENTS
(Cost
$4,190,469) |
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4,190,469
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TOTAL
INVESTMENTS - 102.5%
(Cost
$87,820,896) |
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$87,894,652
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Liabilities
in Excess of Other Assets - (2.5)% |
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(2,107,805)
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TOTAL
NET ASSETS - 100.0% |
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$
85,786,847 | |
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(a) |
The rate shown represents
the 7-day annualized effective yield as of March 31, 2025. |
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1 |
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ASSETS: |
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Investments,
at value |
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$
87,894,652 |
Interest
receivable |
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568,536
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Receivable
for Fund shares sold |
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82,161
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Prepaid
expenses |
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20,380
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Total
assets |
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88,565,729
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LIABILITIES: |
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Payable
for investments purchased |
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2,482,413
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Payable
for capital shares redeemed |
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226,437
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Payable
to Adviser |
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17,887
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Payable
for fund administration and accounting fees |
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15,984 |
Payable
for audit fees |
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10,194
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Payable
for transfer agent fees and expenses |
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6,564
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Payable
for compliance fees |
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2,769
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Payable
for custodian fees |
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1,424
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Payable
for expenses and other liabilities |
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15,210
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Total
liabilities |
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2,778,882
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NET
ASSETS |
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$85,786,847
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Net
Assets Consists of: |
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Paid-in
capital |
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$
85,827,687 |
Total
accumulated loss |
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(40,840)
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Total
net assets |
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$
85,786,847 |
Investor
Class |
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Net
assets |
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$
85,786,847 |
Shares
issued and outstanding(a) |
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5,713,608
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Net
asset value per share |
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$15.01
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Cost: |
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Investments,
at cost |
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$
87,820,896 |
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(a) |
Unlimited shares authorized
without par value. |
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2 |
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INVESTMENT
INCOME: |
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Interest
income |
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$1,772,175
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Total
investment income |
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1,772,175
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EXPENSES: |
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Investment
advisory fees (See Note 3) |
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172,026
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Fund
administration and accounting fees (See Note 3) |
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53,614
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Transfer
agent fees (See Note 3) |
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22,141
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Federal
and state registration fees |
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18,508
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Audit
fees |
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10,192
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Trustees’
fees (See Note 3) |
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9,891
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Compliance
fees (See Note 3) |
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7,371
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Legal
fees |
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7,007
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Custodian
fees (See Note 3) |
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2,716
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Reports
to shareholders |
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4,052
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Insurance
fees |
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2,289
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Other
expenses |
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1,183
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Total
expenses before waiver |
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310,990
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Less:
expense waiver by Adviser (See Note 3) |
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(73,430)
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Net
expenses |
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237,560
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NET
INVESTMENT INCOME |
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1,534,615
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CHANGE
IN UNREALIZED LOSS ON INVESTMENTS: |
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Net
change in unrealized appreciation (depreciation) on investments |
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(227,769)
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Net
change in unrealized loss on investments |
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(227,769)
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NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
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$1,306,846 |
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3 |
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Period Ended
March 31,
2025
(Unaudited) |
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Period Ended
September 30,
2024(a)
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OPERATIONS: |
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Net
investment income |
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$1,534,615 |
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$
2,377,975 |
Net
realized loss on investments |
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— |
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(164,737)
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Net
change in unrealized appreciation (depreciation) on investments |
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(227,769) |
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301,525
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Net
increase in net assets from operations |
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1,306,846 |
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2,514,763
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DISTRIBUTIONS
TO SHAREHOLDERS: |
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From
distributable earnings (See Note 4) |
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(1,548,571) |
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(2,313,877)
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Total
distributions to shareholders |
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(1,548,571) |
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(2,313,877)
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CAPITAL
TRANSACTIONS: |
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Subscriptions |
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15,624,289 |
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88,169,490
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Reinvestments |
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1,548,571 |
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2,313,870
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Redemptions |
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(6,546,242) |
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(15,287,530)
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Redemption
fees |
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— |
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5,238
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Net
increase in net assets from capital transactions(b) |
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10,626,618 |
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75,201,068
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NET
INCREASE IN NET ASSETS |
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10,384,893 |
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75,401,954
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NET
ASSETS: |
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Beginning
of the period |
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75,401,954 |
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—
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End
of the period |
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$85,786,847 |
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$75,401,954 |
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(a) |
Inception date of
the Fund was December 1, 2023. |
(b) |
A summary of capital
share transactions is as follows: |
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SHARES
TRANSACTIONS |
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Subscriptions |
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1,040,169 |
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5,866,724
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Reinvestments
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103,642 |
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154,509
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Redemptions
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(436,035) |
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(1,015,401)
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Redemption
fees |
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— |
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— |
Total
increase in shares outstanding |
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707,776 |
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5,005,832 |
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4 |
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Period Ended
March 31,
2025
(Unaudited) |
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Period Ended
September 30,
2024(a)
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PER
SHARE DATA: |
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Net
asset value, beginning of period |
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$15.06 |
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$15.00
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INVESTMENT
OPERATIONS: |
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Net
investment income(b) |
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0.28 |
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0.51
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Net
realized and unrealized gain (loss) on investments |
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(0.05) |
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0.04
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Total
from investment operations |
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0.23 |
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0.55
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LESS
DISTRIBUTIONS FROM: |
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Net
investment income |
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(0.28) |
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(0.49)
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Total
distributions paid |
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(0.28) |
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(0.49)
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Redemption
fees |
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— |
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0.00(c)
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Net
asset value, end of period |
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$15.01 |
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$15.06
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TOTAL
RETURN(d) |
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1.52% |
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3.69%
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SUPPLEMENTAL
DATA AND RATIOS: |
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Net
assets, end of period (in thousands) |
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$85,787 |
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$75,402
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Ratio
of expenses to average net assets: |
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Before
expense waiver(e) |
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0.76% |
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0.85%
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After
expense waiver(e) |
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0.58% |
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0.54%(f)
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Ratio
of net investment income to average net assets(e) |
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3.75% |
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4.12%
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Portfolio
turnover rate(d)(g) |
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33% |
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32% |
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(a) |
Inception date of
the Fund was December 1, 2023. |
(b) |
Calculated based on
average shares outstanding during the period. |
(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) |
Expenses for the
Fund were reduced by $24,000, the equivalent of four basis points (0.04%), due to a one-time fee reduction which resulted in the Fund
operating below its expense cap of 0.58% for the period. |
(g) |
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. |
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5 |
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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. Fixed income securities, including short-term debt instruments
having a maturity of less than 60 days, are valued, at the evaluated mean price between the bid and asked prices in accordance with prices
supplied by an approved independent third-party pricing service (“Pricing Service”). Pricing Services may use various valuation
methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These securities
are categorized in Level 2 of the fair value hierarchy. |
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6 |
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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. |
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Investments
at Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Assets |
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U.S.
Government Notes/Bonds |
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$— |
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$83,704,183 |
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$— |
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$83,704,183
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Money
Market Funds |
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|
4,190,469 |
|
|
— |
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|
— |
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|
4,190,469
|
Total
Investments in Securities |
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$4,190,469 |
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|
$83,704,183 |
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$— |
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|
$87,894,652 |
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B. |
Cash and Cash
Equivalents – The Fund considers highly liquid short-term fixed income investments purchased with an original maturity of
less than three months and money market funds to be cash equivalents. Cash equivalents are included in short term investments on the Schedule
of Investments as well as in investments on the Statement of Assets and Liabilities. Temporary cash overdrafts are reported as payable
to custodian. |
C. |
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 has not yet occurred. |
D. |
Security Transactions,
Income and Distributions – The Fund follows industry practice and records security transactions on the trade date. Realized
gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend
date and interest income and expense is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in
accordance with the Fund’s understanding of the applicable country’s tax rules and regulations. Discounts and premiums on
securities purchased are amortized over the expected life of the respective securities using the constant yield method. Interest income
is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method. |
E. |
Allocation
of Expenses – Expenses associated with a specific fund in the Trust are charged to that Fund. Common Trust expenses are typically
allocated evenly between the funds of the Trust or by other equitable means. |
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7 |
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F. |
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. |
G. |
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.
|
H. |
Statement
of Cash Flows – Pursuant to the Cash Flows Topic of the Codification, the Fund qualifies for an exemption from the requirement
to provide a statement of cash flows and has elected not to provide a statement of cash flows. |
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Expiration |
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Amount |
December 2026
– September 2027 |
|
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$155,373
|
October 2027
– March 2028 |
|
|
$73,430 |
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8 |
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Tax
cost of investments |
|
|
$74,759,932
|
Gross
unrealized appreciation |
|
|
$307,009
|
Gross
unrealized depreciation |
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(5,484)
|
Net
unrealized appreciation |
|
|
301,525
|
Undistributed
ordinary income |
|
|
64,097
|
Other
accumulated loss |
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(164,737)
|
Total
distributable earnings |
|
|
$200,885 |
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Ordinary
Income |
|
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Total
Distributions
Paid |
2025 |
|
|
$1,548,571 |
|
|
$1,548,571
|
2024 |
|
|
$2,313,877 |
|
|
$2,313,877 |
|
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Purchases |
|
|
Sales |
U.S.
Government Securities |
|
|
$33,623,938 |
|
|
$19,150,000
|
Other
Securities |
|
|
$— |
|
|
$— |
|
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9 |
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10 |
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11 |
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(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 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.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(5) Change in the registrant’s independent public accountant. Not applicable to open-end investment companies.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Series Portfolios Trust |
By (Signature and Title) | /s/ Ryan L. Roell | ||
Ryan L. Roell, Principal Executive Officer |
Date | 6/5/2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Ryan L. Roell | ||
Ryan L. Roell, Principal Executive Officer |
Date | 6/5/2025 |
By (Signature and Title) | /s/ Douglas Schafer | ||
Douglas Schafer, Principal Financial Officer |
Date | 6/5/2025 |