# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0001133228-25-013152
**Filing Date:** 2025-12
**Character Count:** 81623
**Document Hash:** ba22e556d7c2cb3d2f86749ac41b99c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013152.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001133228-25-013152

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 251546677

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Verity U.S. Treasury Fund (Series ID: S000082884)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000246218 | Investor Class | USTVX           |

?xml version='1.0' encoding='ASCII'? 2025-07-31197409_VerityUSTreasuryFund_InvestorClass_TSRAnnual

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 **<u>811-23084</u>**

**<u>Series Portfolios Trust</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(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, 6<sup>th</sup> Fl**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 516-1709</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2025</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| ![image](img223326_202411081838297.jpg) | **Verity U.S. Treasury Fund**  |
| ![image](img223326_202411081838297.jpg) | Investor Class \| USTVX  |
| ![image](img223326_202411081838297.jpg) | Annual Shareholder Report \| September 30, 2025  |

---

This annual shareholder report contains important information about the Verity U.S. Treasury Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://verityinvest.com/ustvx/. You can also request this information by contacting us at 1-800-984-5014.

**WHAT WERE THE FUND COSTS FOR THE PAST PERIOD?** (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 | $59 | 0.58% |

---

\* Annualized

Dear Shareholder:

The Verity U.S. Treasury Fund (USTVX) operates primarily in the U.S. Treasury market, which is influenced by macroeconomic factors such as interest rates, inflation, and economic growth. During the period from October 1, 2024 to September 30, 2025, the U.S. economy continued to experience shifting market conditions, including fluctuations in interest rates, persistent inflationary pressures, and evolving Federal Reserve policy expectations. For the period October 1, 2024, to September 30, 2025, the Fund generated a total return of 3.71%, compared with 2.06% for the Bloomberg U.S. Treasury Index and 4.42% for the Bloomberg Short Treasury Index.

The Fund's investment strategy emphasizes managing duration risk associated with U.S. government debt, positioning primarily in short- to intermediate-term Treasury securities. Throughout the period, portfolio duration remained on the shorter end of the yield curve as the Fund sought to mitigate volatility from rate movements while maintaining liquidity. This positioning allowed performance to remain stable despite an environment of alternating inflation data and shifting rate expectations. The Fund continues to focus on preserving capital and liquidity while seeking to capture incremental yield opportunities within the Treasury market.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5507img002.jpg)

Verity U.S. Treasury Fund PAGE 1 TSR-AR-81752T478

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/01/2023)** |
| **Verity U.S. Treasury Fund Investor Class**  | 3.71 | 4.05 |
| **Bloomberg U.S. Treasury Index**  | 2.06 | 4.67 |
| **Bloomberg Short Treasury Total Return Index**  | 4.42 | 4.90 |

---

Visit https://verityinvest.com/ustvx/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $89873171 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $210259 |
| **Portfolio Turnover** | 29% |
| **Average Credit Quality** | AAA |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net assets)** |
|  U.S. Treasury Notes/Bonds  | 95.3% |
|  First American Treasury Obligations Fund  | 4.1% |

---

**Sector Breakdown (% of net assets)**

![image](ts5507img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://verityinvest.com/ustvx/.

**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 Verity Asset Management documents not be householded, please contact Verity Asset Management at 1-800-984-5014, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Verity Asset Management or your financial intermediary.

Verity U.S. Treasury Fund PAGE 2 TSR-AR-81752T478

10000103691075410000106531087210000104551091795.34.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

**File:** *A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Debra McGinty-Poteet is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning; including reviewing the Fund's tax returns and distribution calculations. There were no "other services" provided by the principal accountant. For the fiscal years ended September 30, 2025 and September 30, 2024, the Fund's principal accountant was Cohen & Company, Ltd. The following table details the aggregate fees billed or expected to be billed for the past two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $17000 | $17000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $3500 | $3500 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two fiscal years.

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 9/30/2025 | FYE 9/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7(a)
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](verity_logo.jpg)

**VERITY U.S. TREASURY FUND** 

**INVESTOR CLASS** 

**TICKER SYMBOL: USTVX** 

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

SEPTEMBER 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [2](#tsal) |
| [Statement of Operations](#tsop) | [3](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [4](#tscna) |
| [Financial Highlights](#tfihi) | [5](#tfihi) |
| [Notes to the Financial Statements](#tnotes) | [6](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [11](#rep) |
| [Additional Information](#add) | [12](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT NOTES/BONDS - 95.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes/Bonds<br>2.63%, 12/31/2025 | $16000000 | $15946608  |
| &nbsp;&nbsp;&nbsp; 2.38%, 04/30/2026 | 15000000 | 14877099  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027 | 11000000 | 10816094  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 | 13861000 | 13645775  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 12000000 | 11777344  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 | 13700000 | 13422254  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 5050000 | 5193412  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT NOTES/BONDS** <br>**(Cost $85,275,795)** |  | 85678586  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 4.1%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(a)</sup> | 3676540 | 3676540  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,676,540)** |  | 3676540  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $88,952,335)** |  | $89355126  |
| Other Assets in Excess of Liabilities - 0.6% |  | 518045  |
| **TOTAL NET ASSETS - 100.0%** |  | $89873171 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Statement of Assets and Liabilities** 

**September 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:** <br>|  |
| Investments, at value | $89355126  |
| Dividends and interest receivable | 583820  |
| Receivable for Fund shares sold | 33091  |
| Prepaid expenses | 7858  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 89979895  |
| **LIABILITIES:** <br>|  |
| Payable to Adviser | 21879  |
| Payable for audit fees | 20497  |
| Payable for capital shares redeemed | 19848  |
| Payable for fund administration and accounting fees | 17822  |
| Payable for transfer agent fees and expenses | 7806  |
| Payable for directors fees | 6382  |
| Payable for compliance fees | 2504  |
| Payable for custodian fees | 1348  |
| Payable for expenses and other liabilities | 8638  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 106724  |
| **NET ASSETS** | $89873171  |
| **Net Assets Consists of:** <br>|  |
| Paid-in capital | $89609112  |
| Total distributable earnings | 264059  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $89873171  |
| **Investor Class** <br>|  |
| Net assets | $89873171  |
| Shares issued and outstanding<sup>(a)</sup> | 5964245  |
| Net asset value per share | $15.07  |
| **Cost:** <br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $88952335 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Statement of Operations** 

**For the Year Ended September 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $137547  |
| Interest income | 3406886  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3544433  |
| **EXPENSES:** <br>|  |
| Investment advisory fees (See Note 3) | 356590  |
| Fund administration and accounting fees (See Note 3) | 107793  |
| Transfer agent fees (See Note 3) | 47453  |
| Federal and state registration fees | 31368  |
| Trustees' fees (See Note 3) | 24995  |
| Audit fees | 20495  |
| Compliance fees (See Note 3) | 14606  |
| Legal fees | 12031  |
| Reports to shareholders | 8463  |
| Insurance | 5330  |
| Custodian fees (See Note 3) | 5178  |
| Other expenses | 4463  |
| &nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 638765  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser (See Note 3) | (146331)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 492434  |
| **NET INVESTMENT INCOME** | 3051999  |
| **CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS** <br>|  |
| Net change in unrealized appreciation (depreciation) on investments | 101266  |
| **Net change in unrealized gain on investments** | 101266  |
|  **NET INCREASE ON INVESTMENTS IN NET ASSETS RESULTING FROM OPERATIONS** | $3153265 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3051999 | $2377975  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments |  | (164737)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 101266 | 301525  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 3153265 | 2514763  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class (See Note 4) | (3090092) | (2313877)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3090092) | (2313877)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 25857222 | 88169490  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 3090092 | 2313870  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (14539270) | (15287530)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Investor Class |  | 5238  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 14408044 | 75201068  |
| **NET INCREASE IN NET ASSETS** | 14471217 | 75401954  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 75401954 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $89873171 | $75401954  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 1717935 | 5866724  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 206138 | 154509  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (965660) | (1015401)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 958413 | 5005832 |

---

<sup>(a)</sup> Inception date of the Fund was December 1, 2023.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Financial Highlights** 

**Investor Class** 

**For a Fund share outstanding throughout the periods.** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Period Ended**<br>**September 30,**<br>**2024 <sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $15.06 | &nbsp;&nbsp;&nbsp; $15.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.51  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; (0.49)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; (0.49)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $15.07 | &nbsp;&nbsp;&nbsp; $15.06  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3.71% | &nbsp;&nbsp;&nbsp; 3.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $89873 | &nbsp;&nbsp;&nbsp; $75402  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.85%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.54%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3.59% | &nbsp;&nbsp;&nbsp; 4.12%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp; 32% |

---

<sup>(a)</sup> Inception date of the Fund was December 1, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> 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. 

<sup>(h)</sup> 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 periods.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**September 30, 2025** 

1. ORGANIZATION

Series Portfolios Trust (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated July 27, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Verity U.S. Treasury Fund (the "Fund") is a diversified series having its own investment objectives and policies within the Trust. The Fund seeks to achieve its investment objective by primarily investing in direct debt obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury. Investment advisory services are provided to the Fund by Verity Asset Management (the "Adviser"), pursuant to an Investment Advisory Agreement (see Note 3).

The Fund's inception was on December 1, 2023. The Fund's investment Adviser is responsible for providing management oversight, investment advisory services, day-to-day management of the Fund's assets, as well as compliance, sales, marketing, and operations services to the Fund. 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 may issue an unlimited number of shares of beneficial interest, with no par value. Prior to March 25, 2024, a redemption fee of 2.00% was charged on shares redeemed within 60 days of purchase.

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").

&nbsp;&nbsp;&nbsp;&nbsp;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.

Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported net asset values ("NAV"). 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 period 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.

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**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| 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 is a summary of the inputs used to value the Fund's securities by level within the fair value hierarchy as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments at Fair Value**  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Notes/Bonds | $— | $85678586 | $— | $85678586  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3676540 |  |  | 3676540  |
| **Total Investments in Securities** | $3676540 | $85678586 | $— | $89355126 |

---

As of the year ended September 30, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments for further information on the classification of investments.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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 0.42% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its management fees, and/or reimburse Fund operating expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding front-end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, redemption fees, acquired fund fees and expenses, taxes, leverage/borrowing interest (including interest incurred in connection with bank and custody overdrafts), interest expense, dividends paid on short sales, brokerage and other transactional expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 0.58% of the Fund's average daily net assets. The Adviser may request recoupment of previously waived fees and reimbursed 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 Expenses Limitation Agreement is intended to be continual in nature and cannot be terminated within two years after the initial 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, with consent of the Board. Waived fees and reimbursed expenses subject to potential recovery by year of expiration are as follows:

---

| | |
|:---|:---|
| **Expiration** | **Amount**  |
| December 2026 – September 2027 | $155373  |
| October 2027 – September 2028 | $146331 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "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 Board; 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. A trustee of the Trust is an officer 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 year ended September 30, 2025, 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 year ended September 30, 2025, 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

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**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**September 30, 2025(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 subject to examination by taxing authorities for the tax periods since the commencement of operations.

As of September 30, 2025, the components of distributable earnings on a tax basis were:

---

| | |
|:---|:---|
| Tax cost of investments | $88952335  |
| Gross unrealized appreciation | $408819  |
| Gross unrealized depreciation | (6028)  |
| Net unrealized appreciation | 402791  |
| Undistributed ordinary income | 26005  |
| Other accumulated loss | (164737)  |
| Total distributable earnings | $264059 |

---

As of September 30, 2025, the Fund had $164,737 in short-term capital loss carryovers which will be permitted to carried over for an unlimited period. 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 year subsequent to October 31 and December 31, respectively. For the taxable year ended September 30, 2025, the Fund did not defer any qualified late year losses.

Distributions to Shareholders – The Fund intends to distribute net investment income quarterly and net realized 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 value per share of the Fund.

For the period ended September 30, 2025, the following table shows the reclassifications made:

---

| | |
|:---|:---|
| **Distributable** <br>**Earnings**  | **Paid-in** <br>**Capital**  |
| $1 | &nbsp;&nbsp; $(1) |

---

The tax character of distributions paid for the years ended September 30, 2025 and September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Total** <br>**Distributions Paid**  |
| 2025 | $3090092 | &nbsp;&nbsp;&nbsp; $3090092  |
| 2024 | $2313877 | &nbsp;&nbsp;&nbsp; $2313877 |

---

5. INVESTMENT TRANSACTIONS

The aggregate purchases and sales (excluding short-term investments), by the Fund for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| U.S. Government Securities | $47230043 | $19150000  |
| Other Securities | $— | $— |

---

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**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

6. PRINCIPAL RISKS

**U.S. Government and Agency Securities Risk – The Fund invests primarily in securities issued by the U.S. Treasury and may also invest in U.S. government agency securities (such as securities issued by Ginnie Mae, Fannie Mae or Freddie Mac). U.S. government and agency securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury or Ginnie Mae, that are backed by the full-faith-and-credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate. Notwithstanding that these securities are backed by the full-faith-and-credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such as reaching the legislative "debt ceiling." From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. Government Securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could adversely affect the Fund. Such non-payment would result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system. Securities issued or guaranteed by U.S. government agencies, such as Fannie Mae and Freddie Mac, are not backed by the full-faith-and-credit of the United States and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government agency securities that are not backed by the full-faith-and-credit of the United States are subject to greater credit risk.** 

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 September 30, 2025, National Financial Services, LLC and AXOS Clearing, LLC , for the benefit of their customers, owned 46.73% and 31.57% of the Fund, respectively.

8. 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 Chief Investment Officer at the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

At a special meeting of the shareholders of the Fund held on October 9, 2025, the shareholders approved a new investment advisory agreement (the "New Advisory Agreement") between Verity Asset Management, Inc. and the Trust, on behalf of the Fund. All Fund shareholders of record as of June 20, 2025, were entitled to vote at the Special Meeting. As of record date, the Fund had 5,799,931 shares outstanding. Of the 2,973,409 shares present by proxy, 2,559,968 shares or 86.10% voted in favor (representing 44.14% of total outstanding shares), 26,024 shares or 0.88% voted against (representing 0.45% of total outstanding shares), and 387,417 shares or 13.03% abstained from voting (representing 6.68% of total outstanding shares). Therefore, the proposal to approve the New Advisory Agreement between Verity Investment Management, Inc. and the Trust, on behalf of the Fund was approved. The New Advisory Agreement became effective on October 9, 2025.

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that no further items require recognition or disclosure.

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**VERITY U.S. TREASURY FUND** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Verity U.S. Treasury Fund and

Board of Trustees of Series Portfolios Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Verity U.S. Treasury Fund (the "Fund"), a series of Series Portfolios Trust, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended September 30, 2025 and for the period December 1, 2023 (commencement of operations) through September 30, 2024, 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 September 30, 2025, the results of its operations for the year then ended, and the changes in net assets and financial highlights for the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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 audits. 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 conducted our audits 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.

Our audits 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 procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![](cc_meckstroth.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

November 26, 2025

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**VERITY U.S. TREASURY FUND** 

**Additional Information** 

**September 30, 2025 (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://<u>www.sec.gov/.</u> 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 1-800-984-5014.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

A description of the Fund's Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-984-5014. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent period ended June 30, is available (1) without charge, upon request, by calling 1-800-984-5014, or on the SEC's website at https://<u>www.sec.gov/.</u>

**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 the Statement of Operations in this report.

**Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**BOARD APPROVAL OF INTERIM INVESTMENT ADVISORY AGREEMENT** 

**AND NEW INVESTMENT ADVISORY AGREEMENT** 

**SEPTEMBER 30, 2025** 

At its meeting held on June 12, 2025 (the "June Board Meeting"), the Board, which is comprised entirely of Independent Trustees, considered and approved an interim advisory agreement under Rule 15a-4 of the 1940 Act (the "Interim Investment Advisory Agreement") and a new investment advisory agreement (the "New Investment Advisory Agreement"), each between the Trust, on behalf of the Verity U.S. Treasury Fund, and Verity Asset Management, Inc. ("Verity"), and recommended approval of the New Investment Advisory Agreement to the Fund's shareholders. In advance of the June Board Meeting, Verity provided comprehensive information and materials to the Board in response to requests submitted to them by U.S. Bank Global Fund Services ("Fund Services"), the Fund's administrator, on behalf of the Board, to facilitate the Board's evaluation of the Interim Investment Advisory Agreement and the New Investment Advisory Agreement in the context of the change in control of Verity and the anticipated impacts of the change in control of Verity on the management of the Fund. At the Meeting, the Board met with representatives of Fund Services and a senior representative of Verity to discuss the Interim Investment Advisory Agreement and the New Investment Advisory Agreement and the change in control and related matters.

The Board relied on this information in relation to its consideration of whether to approve the Interim Investment Advisory Agreement and the New Investment Advisory Agreement. This information included materials describing, among other matters: (i) the nature, extent, and quality of the services to be provided by Verity, including Verity's portfolio manager and other personnel, and the investment practices and techniques that would be used by Verity in managing the Fund; (ii) the Fund's historical performance as managed by Verity under the Current Advisory Agreement; (iii) the proposed management fees payable by the Fund to Verity and the Fund's anticipated overall fees and operating expenses compared with those of a peer group of mutual funds; (iv) Verity's estimated profitability; (v) information regarding the extent to which Verity realizes economies of scale and shares them with the Fund; and (vi) other ancillary or "fall-out" benefits Verity and/or its affiliates may receive based on Verity's relationship with the Fund.

Verity also provided information relating to the Interim Investment Advisory Agreement and the New Investment Advisory Agreement, including, but not limited to, the agreement by Verity Financial Group, Inc., the parent company

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**VERITY U.S. TREASURY FUND** 

**Additional Information** 

**September 30, 2025 (Unaudited)(Continued)** 

of Verity, to be acquired by Simplicity Financial Marketing Holdings, Inc. ("Simplicity"), (the "Transaction"), the anticipated impacts of the Transaction on Verity and the Fund, and any potential advantages and disadvantages to the Fund and its shareholders as a result of the Transaction. The Board requested and evaluated other information relating to the potential impact of the Transaction on the operations, personnel, organizational structure, capitalization, and financial and other resources of Verity.

The Board considered not only the specific information presented in connection with the June Board Meeting, but also the knowledge gained over time through interactions with Verity. The Independent Trustees were assisted in their evaluation of the Interim Investment Advisory Agreement and the New Investment Advisory Agreement by independent legal counsel, from whom the Independent Trustees received separate legal advice and with whom they met separately from representatives of Verity. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any particular information or consideration that was all-important or controlling. Each Trustee may have attributed different weights to various factors. The following summarizes a number of relevant, but not necessarily all, factors considered by the Board in approving the Interim Investment Advisory Agreement and the New Investment Advisory Agreement.

NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED TO THE FUND.

The Board considered the scope of services that Verity would provide under the Interim Investment Advisory Agreement and the New Investment Advisory Agreement with respect to the Fund. The Board considered information about the Fund's portfolio manager and his experience serving as portfolio manager to the Fund since its inception in December 2023, as well as the experience, capacity and integrity of Verity's management and other personnel. The Board also considered information regarding Verity's assets under management, financial condition, resources and capitalization.

In addition, the Board considered representations made by Verity that: (i) Verity did not expect the Transaction to materially impact the business conducted by Verity; (ii) Verity will maintain an independent organizational and operating structure following the Transaction; (iii) it is expected that Verity's personnel that are currently responsible for providing services to the Fund, including the portfolio manager for the Fund, Brad Corbett, will be retained; (iv) the terms of the New Investment Advisory Agreement will be substantially identical to those of the prior investment advisory agreement between the Trust, on behalf of the Fund, and Verity dated as of October 26, 2023 (the "Prior Investment Advisory Agreement"); and (v) there are no anticipated material changes or reductions in the nature, extent or quality of the services currently provided by Verity to the Fund. The Board considered information provided by Verity regarding its ability to retain qualified personnel after the Transaction. The Board also considered the resources and capabilities that would be available to the management of the Fund after the Transaction.

Based on these factors, among others, the Board concluded that the nature, extent and quality of services to be provided by Verity to the Fund are not expected to change and will continue to benefit the Fund and its shareholders.

INVESTMENT PERFORMANCE

In assessing the quality of the portfolio management to be delivered by Verity, the Board reviewed the performance of the Fund as managed by Verity and Mr. Corbett under the Prior Investment Advisory Agreement, noting that the portfolio manager for the Fund would not change in connection with the Transaction and that Verity's ability to implement the Fund's investment strategies is expected to be unchanged by the Transaction. The Board noted the Fund's limited operating history. In evaluating the Fund's limited performance track record, the Board considered the Fund's performance results in light of the Fund's investment objective and strategies. The Board considered the Fund's performance on both an absolute basis and in comparison to its benchmark index, the Bloomberg Short Treasury Total Return Index, noting that the Fund underperformed the index for the one-year and since inception periods ended December 31, 2024 but outperformed the index for the year-to-date period ended April 30, 2025. The Board also considered the Fund's investment performance as compared to a performance universe of peer funds compiled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, based on Morningstar fund classifications (the "Performance Universe"). The Board considered that the performance data provided by Broadridge included, among other things, a performance comparison for the one-year period ended April 30, 2025. The Board noted that the Fund underperformed the Performance Universe median for the one-year period

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**VERITY U.S. TREASURY FUND** 

**Additional Information** 

**September 30, 2025 (Unaudited)(Continued)** 

ended April 30, 2025. The Board noted that, while it found the comparative data provided by Broadridge generally useful in evaluating the Fund's performance, the Board recognized the limitations of such data, including that notable differences exist between the duration profile of the Fund and its peers. The Board also considered that, in connection with its meetings held during the course of the prior year, the Board received and considered reports regarding the Fund's performance over various time periods.

The Board concluded that Verity's performance record in managing the Fund demonstrates that its continued management of the Fund will benefit the Fund following the Transaction. The Board noted it would continue to review the Fund's performance on an on-going basis and in connection with future reviews of the New Investment Advisory Agreement.

FEES AND EXPENSES

The Board reviewed and considered the contractual management fee rate that the Fund will pay to Verity under the New Investment Advisory Agreement. The Board considered that the management fee rate payable to Verity under the New Investment Advisory Agreement is the same as the management fee rate payable to Verity under the Prior Investment Advisory Agreement. The Board also considered that Verity has contractually agreed to cap the Fund's total operating expenses at the same level as the current contractual expense cap for the Fund (the "New Expense Limitation Agreement") for at least an initial three-year term and that, accordingly, the Fund's net operating expense ratio is not expected to increase as a result of the Transaction.

The Board received and considered comparisons of the Fund's contractual management fee rate, actual management fee rate and net operating expense ratio (including the various expense components thereof) to industry data with respect to those of a peer group of funds managed by other investment advisers (the "Expense Peer Group"), as determined by Broadridge, based on Morningstar fund classifications. The Board noted that the Fund's contractual management fee rate is in line with the Expense Peer Group median and the Fund's actual management fee rate is equal to the Expense Peer Group median. The Board also noted that the Fund's net operating expense ratio is in line with the Expense Peer Group median and below the Expense Peer Group average. The Board noted that Verity reported that it does not serve as an investment adviser or sub-adviser to any other registered investment companies.

Based on these factors, among others, the Board concluded that the level of management fees to be charged by Verity continues to be reasonable in light of the services expected to be covered by the New Investment Advisory Agreement and that the overall expense structure of the Fund supported approval of the New Investment Advisory Agreement.

PROFITABILITY AND ECONOMIES OF SCALE

The Board requested and received financial information from Verity, including a report on Verity's projected revenue and expenses resulting from services to be provided to the Fund pursuant to the New Investment Advisory Agreement. The Board also considered representations from Verity that it does not expect its profitability with respect to its management of the Fund after the Transaction to materially differ from Verity's profitability prior to the Transaction. The Board considered information regarding Verity's approach to allocating expenses to the Fund under its profitability analysis. The Board concluded that Verity's expected profit from managing the Fund was not excessive.

With respect to economies of scale, the Board reviewed the Fund's operating history and noted that the Fund had experienced growth since it commenced operations. The Board considered information regarding whether the Fund was large enough to generate economies of scale for the benefit of shareholders or whether economies of scale would be expected to be realized as Fund assets grow. The Board noted that the Transaction is not expected to change the Fund's overall expense structure. In this regard, the Board considered that the New Expense Limitation Agreement would limit costs to shareholders and provides a means of sharing potential economies of scale with the Fund's shareholders.

The Board noted that it would have an opportunity to consider economies of scale in the context of future reviews of the New Investment Advisory Agreement.

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**VERITY U.S. TREASURY FUND** 

**Additional Information** 

**September 30, 2025 (Unaudited)(Continued)** 

ANCILLARY BENEFITS

The Board received and considered information regarding anticipated ancillary or "fall-out" benefits to Verity as a result of its relationship with the Fund.

CONCLUSION

Based upon all of the foregoing factors and such other matters as were deemed relevant, and with no single factor being determine to their decision, the Trustees unanimously approved the New Investment Advisory Agreement on behalf of the Fund and voted to recommend that shareholders approve the New Investment Advisory Agreement.

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**INVESTMENT ADVISER** 

**Verity Asset Management** 

**280 South Mangum Street, Suite 550** 

**Durham, NC 27701** 

**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.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

**LEGAL COUNSEL** 

**Thompson Hine, LLP** 

**41 South High Street, Fl 17** 

**Columbus, OH 43215** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a)
 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

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

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Board Consideration of Investment Advisory Agreement under item 7(a) of this form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* Filed herewith.](vuta-efp18685_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.](vuta-efp18685_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) Change in the registrant's independent public accountant.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.*](vuta-efp18685_ex99906cert.htm)

**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 <u>12/2/2025</u>

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 <u>12/2/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Schafer |
|  | Douglas Schafer, Principal Financial Officer |

---

Date <u>12/2/2025</u>

## Ex-99.Codeeth

**EX.99.CODE ETH**

**SERIES PORTFOLIOS TRUST**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Series Portfolios Trust (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>HONEST AND ETHICAL CONDUCT</u>** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>FINANCIAL RECORDS AND REPORTING</u>** 

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>COMPLIANCE WITH LAWS, RULES AND REGULATIONS</u>** 

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>COMPLIANCE WITH THIS CODE OF ETHICS</u>** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>AMENDMENT AND WAIVER</u>** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940.

Adopted: September 15, 2015

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ryan L. Roell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed
 this report on Form N-CSR of Series Portfolios Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on
 my knowledge, this report does not contain any untrue statement of a material fact or omit
 to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on
 my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's
 other certifying officer and I are responsible for establishing and maintaining disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the
 Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's
 other certifying officer and I have disclosed to the registrant's auditors and the
 audit committee of the registrant's board of directors (or persons performing the equivalent
 functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/2/2025 | /s/ Ryan L. Roell |
|  |  | Ryan L. Roell<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Douglas Schafer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed
 this report on Form N-CSR of Series Portfolios Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on
 my knowledge, this report does not contain any untrue statement of a material fact or omit
 to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on
 my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's
 other certifying officer and I are responsible for establishing and maintaining disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the
 Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's
 other certifying officer and I have disclosed to the registrant's auditors and the
 audit committee of the registrant's board of directors (or persons performing the equivalent
 functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/2/2025 | /s/ Douglas Schafer |
|  |  | Douglas Schafer<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Series Portfolios Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Series Portfolios Trust for the year ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Series Portfolios Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Ryan L. Roell | /s/ Douglas Schafer |
| Ryan L. Roell<br> Principal Executive Officer,<br> Series Portfolios Trust<br>| Douglas Schafer<br> Principal Financial Officer,<br> Series Portfolios Trust |

---

Dated: <u>12/2/2025</u> Dated: <u>12/2/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Series Portfolios Trust for purposes of Section 18 of the Securities Exchange Act of 1934.