# EDGAR Filing Document

**Accession Number:** 0001495922
**File Stem:** 0001495922-26-000022
**Filing Date:** 2026-5
**Character Count:** 47887
**Document Hash:** 2759b1b727fb53b1c71089ae510c22f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001495922-26-000022.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001495922-26-000022

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EntrepreneurShares Series Trust
- **CENTRAL INDEX KEY:** 0001495922

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22436
- **FILM NUMBER:** 26965659

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WESTON CAPITAL ADVISORS, LLC
- **STREET 2:** 470 ATLANTIC AVENUE, SUITE 400
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 781-239-4446

**MAIL ADDRESS:**
- **STREET 1:** C/O WESTON CAPITAL ADVISORS, LLC
- **STREET 2:** 470 ATLANTIC AVENUE, SUITE 400
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### ERShares Global Entrepreneurs™ (Series ID: S000030086)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000092399 | Institutional Class | ENTIX           |

## Nport-Ex

ERShares

Global

Entrepreneurs

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

March

31,

2026

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Shares

Security

Description

Value

Common

Stock

-

91.8%

Australia

-

3.2%

Communications

-

0.8%

34,715

SEEK,

Ltd.

$

334,125

334,125

Health

Care

-

0.8%

33,555

Telix

Pharmaceuticals,

Ltd.

(a) 316,247

316,247

Technology

-

1.6%

33,491

Technology

One,

Ltd.

620,195

620,195

Total

Australia

1,270,567

Canada

-

2.9%

Technology

-

2.9%

Constellation

Software,

Inc./Canada

314,223

6,883

Shopify,

Inc.

(a) 816,462

1,130,685

Total

Canada

1,130,685

Ireland

-

2.5%

Health

Care

-

2.5%

27,809

Alkermes

PLC

(a) 983,326

Total

Ireland

983,326

Israel

-

5.8%

Communications

-

1.9%

8,319

Wix.com,

Ltd.

(a) 749,292

749,292

Technology

-

3.9%

6,528

Check

Point

Software

Technologies,

Ltd.

(a) 932,525

8,733

Monday.com,

Ltd.

(a) 603,538

1,536,063

Total

Israel

2,285,355

Japan

-

2.1%

Communications

-

1.0%

20,556

GMO

internet

group,

Inc.

371,279

371,279

Consumer

Discretionary

-

1.1%

72,180

Sanrio

Co.,

Ltd.

445,346

445,346

Total

Japan

816,625

Netherlands

-

0.3%

Technology

-

0.3%

2,013

Topicus.com,

Inc.

(a) 133,042

Total

Netherlands

133,042

Singapore

-

2.9%

Communications

-

1.3%

6,194

Sea,

Ltd.,

ADR

(a) 512,925

512,925

Consumer

Staples

-

1.0%

123,149

Wilmar

International,

Ltd.

368,767

368,767

Technology

-

0.6%

4,865

Karooooo,

Ltd.

242,472

242,472

Total

Singapore

1,124,164

Shares

Security

Description

Value

Sweden

-

4.4%

Communications

-

0.6%

21,460

Asmodee

Group

AB,

Class B

(a) $

241,063

241,063

Consumer

Discretionary

-

0.7%

4,269

Evolution

AB

(b) 263,897

263,897

Technology

-

3.1%

21,460

Coffee

Stain

Group

AB

(a) 38,864

21,460

Embracer

Group

AB

(a) 108,913

2,191

Spotify

Technology

SA

(a) 1,062,438

1,210,215

Total

Sweden

1,715,175

Thailand

-

2.0%

Industrial

-

2.0%

1,463

Fabrinet

(a) 762,984

Total

Thailand

762,984

United

Kingdom

-

0.6%

Consumer

Discretionary

-

0.6%

16,651

Klarna

Group

PLC

(a) 217,961

Total

United

Kingdom

217,961

United

States

-

62.0%

Communications

-

10.9%

7,247

Alphabet,

Inc.,

Class A

2,083,947

2,234

AppLovin

Corp.,

Class A

(a) 889,132

12,384

Maplebear,

Inc.

(a) 463,905

1,449

Meta

Platforms,

Inc.,

Class A

829,016

4,266,000

Consumer

Discretionary

-

3.0%

2,621

Airbnb,

Inc.,

Class A

(a) 330,980

2,635

Amazon.com,

Inc.

(a) 548,791

13,894

DraftKings,

Inc.

(a) 300,388

1,180,159

Energy

-

1.9%

3,046

Valero

Energy

Corp.

752,606

752,606

Financials

-

7.2%

2,414

Coinbase

Global,

Inc.,

Class A

(a) 421,508

14,841

Interactive

Brokers

Group,

Inc.

995,386

8,381

Robinhood

Markets,

Inc.,

Class A

(a) 580,803

28,877

Toast,

Inc.,

Class A

(a) 765,529

2,763,226

Health

Care

-

5.2%

2,920

Medpace

Holdings,

Inc.

(a) 1,402,155

2,806

ResMed,

Inc.

629,891

2,032,046

Industrial

-

5.2%

2,847

Clean

Harbors,

Inc.

(a) 816,320

18,680

Rocket

Lab

Corp.

(a) 1,199,630

2,015,950

Materials

-

4.2%

15,262

Newmont

Corp.

1,652,111

1,652,111

ERShares

Global

Entrepreneurs

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

March

31,

2026

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Shares

Security

Description

Value

Technology

-

22.5%

8,083

Affirm

Holdings,

Inc.

(a) $

370,363

5,911

Arista

Networks,

Inc.

(a) 725,753

1,395

Corpay,

Inc.

(a) 405,931

3,856

MongoDB,

Inc.

(a) 943,833

15,587

NVIDIA

Corp.

2,718,373

2,451

Oracle

Corp.

360,567

2,658

Palo

Alto

Networks,

Inc.

(a) 426,131

12,364

Pegasystems,

Inc.

526,212

2,570

Salesforce,

Inc.

479,742

6,251

Super

Micro

Computer,

Inc.

(a) 142,335

1,188

Synopsys,

Inc.

(a) 471,018

45,737

UiPath,

Inc.,

Class A

(a) 507,681

2,409

Veeva

Systems,

Inc.,

Class A

(a) 423,165

2,203

Zscaler,

Inc.

(a) 309,059

8,810,163

Utilities

-

1.9%

4,997

Vistra

Corp.

751,199

751,199

Total

United

States

24,223,460

Uruguay

-

2.1%

Consumer

Discretionary

-

2.1%

MercadoLibre,

Inc.

(a) 824,742

Total

Uruguay

824,742

Total

Common

Stock

(Cost

$31,871,627)

35,488,086

Partnership

Shares

-

1.0%

United

States

-

1.0%

28,789

FIKA

Holdings

SPV

QP,

LP

(a)(c)(d)(e)(f)

376,848

Total

Partnership

Shares

(Cost

$1,020,000)

376,848

Money

Market

Fund

-

8.2%

3,208,537

Fidelity

Investments

Money

Market

Treasury

Only

Portfolio,

Class I,

3.53%

(d) 3,208,537

Total

Money

Market

Fund

(Cost

$3,208,537)

3,208,537

Investments,

at

value

-

100.0%

(Cost

$36,100,164)

$

39,073,471

Other

Assets

&

Liabilities,

Net

-

0.0%

(12,968)

Net

Assets

-

100.0%

$

39,060,503

ADR

American

Depositary

Receipt

LP

Limited

Partnership

PLC

Public

Limited

Company

(a) Non-income

producing

security.

(b) Security

exempt

from

registration

under

Rule

144A

under

the

Securities

Act

of

1933. At

the

period

end,

the

value

of

these

securities

amounted

to

$263,897

or

0.7%

of

net

assets.

(c) Security

fair

valued

in

accordance

with

procedures

adopted

by

the

Board

of

Trustees.

At

the

period

end,

the

value

of

these

securities

amounted

to

$376,848

or

1.0%

of

net

assets.

(d) Illiquid

security.

(e) Restricted

investment

as

to

resale.

(f) Delaware

limited

partnership

holding

investment

in

Klarna

PLC.

(g) Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2026. ERShares

Global

Entrepreneurs

NOTES

TO

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

March

31,

2026

1. ORGANIZATION

EntrepreneurShares™

Series

Trust,

a

Delaware

statutory

trust

(the

"Trust"),

was

formed

on

July

1,

2010,

and

has

authorized

capital

of

unlimited

shares

of

beneficial

interest.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

the

Trust

is

comprised

of

two

funds,

and

is

authorized

to

issue

multiple

series

and

classes

of

shares.

ERShares

Global

Entrepreneurs

(the

"Fund",

formerly

known

as

EntrepreneurShares

Global

Fund)

is

classified

as

a

"diversified"

series,

as

defined

in

the

1940

Act.

The

Fund

commenced

operations

on

November

11,

2010. The

investment

objective

of

the

Fund

is

long-term

capital

appreciation.

The

Fund

seeks

to

achieve

its

objective

by

investing

mainly

in

equity

securities

of

global

companies

with

market

capitalizations

that

are

above

$300

million

at

the

time

of

initial

purchase

and

possess

entrepreneurial

characteristics,

as

determined

by

the

Fund's

portfolio

manager.

EntrepreneurShares,

LLC,

is

the

Fund's

Sub-Advisor

(the

"Sub-Advisor"),

and

Seaport

Global

Advisors,

LLC,

formerly

known

as

Weston

Capital

Advisors,

LLC,

is

the

Fund's

investment

advisor

(the

"Advisor").

Dr.

Joel

M. Shulman,

Managing

Director

of

the

Advisor

and

President

of

the

Sub-

Advisor,

has

been

the

Fund's

portfolio

manager

since

November

11,

2010. Due

to

the

significance

of

oversight

and

their

role,

the

management

committee

of

the

Advisor

is

determined

to

be

the

Chief

Operating

Decision

Maker.

The

Fund

has

registered

three

classes

of

shares:

Class

A

shares,

Retail

Class

shares

and

Institutional

Class

shares.

Each

share

represents

an

equal

proportionate

interest

in

the

assets

and

liabilities

belonging

to

the

applicable

class

and

is

entitled

to

such

dividends

and

distributions

out

of

income

belonging

to

the

applicable

class

as

are

declared

by

the

Trust's

Board

of

Trustees

(the

"Board").

On

matters

that

affect

the

Fund

as

a

whole,

each

class

has

the

same

voting

and

other

rights

and

preferences

as

any

other

class.

On

matters

that

affect

only

one

class,

only

shareholders

of

that

class

may

vote.

Each

class

votes

separately

on

matters

affecting

only

that

class,

or

on

matters

expressly

required

to

be

voted

on

separately

by

state

or

federal

law.

Shares

of

each

class

of

a

series

have

the

same

voting

and

other

rights

and

preferences

as

the

other

classes

and

series

of

the

Trust

for

matters

that

affect

the

Trust

as

a

whole.

Currently,

only

Institutional

Class

shares

of

the

Fund

are

being

offered.

The

Fund

operates

as

a

single

operating

segment.

The

Fund's

income,

expenses,

assets,

and

performance

are

regularly

monitored

and

assessed

as

a

whole

by

the

Advisor,

who

is

responsible

for

the

oversight

functions

of

the

Fund,

using

the

information

presented

in

the

financial

statements

and

financial

highlights.

2. SUMMARY

OF

SIGNIFICANT

ACCOUNTING

POLICIES

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

These

policies

are

in

conformity

with

generally

accepted

accounting

principles

in

the

United

States

of

America

("U.S.

GAAP").

The

Fund

is

an

investment

company

and,

accordingly,

follows

the

investment

company

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946

–

Investment

Companies

including

Accounting

Standards

Update

("ASU")

2013-08.

The

preparation

of

financial

statements

in

conformity

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

amounts

of

assets,

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

Investment

Valuations

The

following

is

a

summary

of

the

Fund's

pricing

procedures.

It

is

intended

to

be

a

general

discussion

and

may

not

necessarily

reflect

all

pricing

procedures

followed

by

the

Fund.

In

determining

the

net

asset

value

("NAV")

of

the

Fund's

shares,

securities

that

are

listed

on

a

national

securities

exchange

(other

than

the

National

Association

of

Securities

Dealers'

Automatic

Quotation

System

("Nasdaq")

are

valued

at

the

last

sale

price

on

the

day

the

valuation

is

made.

Securities

that

are

traded

on

Nasdaq

under

one

of

its

three

listing

tiers,

Nasdaq

Global

Select

Market,

Nasdaq

Global

Market

and

Nasdaq

Capital

Market,

are

valued

at

the

Nasdaq

Official

Closing

Price.

Price

information

on

listed

securities

is

taken

from

the

exchange

where

the

security

is

primarily

traded.

Securities

which

are

listed

on

an

exchange

but

which

are

not

traded

on

the

valuation

date

are

valued

at

the

most

recent

bid

price.

ERShares

Global

Entrepreneurs

NOTES

TO

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

March

31,

2026

Unlisted

securities

held

by

the

Fund

are

valued

at

the

average

of

the

quoted

bid

and

ask

prices

in

the

over-the-counter

market.

Securities

and

other

assets

for

which

market

quotations

are

not

readily

available

are

valued

at

their

fair

value

in

good

faith

by

the

Advisor,

acting

in

its

capacity

as

valuation

designee

pursuant

to

Rule

2a-5

under

the

1940

Act,

under

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

Short-term

investments

with

days

or

more

to

maturity

at

time

of

purchase

are

valued

at

fair

market

value

through

the

61st

day

prior

to

maturity,

based

on

quotations

received

from

market

makers

or

other

appropriate

sources;

thereafter,

they

are

generally

valued

at

amortized

cost.

There

is

no

definitive

set

of

circumstances

under

which

the

Fund

may

elect

to

use

fair

value

procedures

to

value

a

security.

Types

of

securities

that

the

Fund

may

hold

for

which

fair

value

pricing

might

be

required

include,

but

are

not

limited

to:

(a) illiquid

securities,

including

restricted

securities

and

private

placements

for

which

there

is

no

public

market;

(b) options

not

traded

on

a

securities

exchange;

(c) securities

of

an

issuer

that

has

entered

into

a

restructuring;

(d) securities

whose

trading

has

been

halted

or

suspended,

as

permitted

by

the

SEC;

(e) foreign

securities,

if

an

event

or

development

has

occurred

subsequent

to

the

close

of

the

foreign

market

and

prior

to

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

("NYSE")

that

would

materially

affect

the

value

of

the

security;

and

(f) fixed

income

securities

that

have

gone

into

default

and

for

which

there

is

not

a

current

market

value

quotation.

Valuing

securities

at

fair

value

involves

greater

reliance

on

judgment

than

securities

that

have

readily

available

market

quotations.

There

can

be

no

assurance

that

the

Fund

could

obtain

the

fair

value

price

assigned

to

a

security

upon

sale.

Securities

that

are

not

listed

on

an

exchange

are

valued

by

the

Fund's

Advisor,

under

the

supervision

of

the

Board.

There

is

no

single

standard

for

determining

the

fair

value

of

a

security.

Rather,

in

determining

the

fair

value

of

a

security,

the

Advisor

and

the

Board

take

into

account

the

relevant

factors

and

surrounding

circumstances,

which

may

include:

(1) the

nature

and

pricing

history

(if

any)

of

the

security;

(2) whether

any

dealer

quotations

for

the

security

are

available;

(3) possible

valuation

methodologies

that

could

be

used

to

determine

the

fair

value

of

the

security;

(4) the

recommendation

of

the

portfolio

manager

of

the

Fund

with

respect

to

the

valuation

of

the

security;

(5) whether

the

same

or

similar

securities

are

held

by

other

funds

managed

by

the

Advisor

or

other

fund

and

the

method

used

to

price

the

security

in

those

funds;

(6) the

extent

to

which

the

fair

value

to

be

determined

for

the

security

will

result

from

the

use

of

data

or

formulae

produced

by

third

parties

independent

of

the

Advisor;

and

(7) the

liquidity

or

illiquidity

of

the

market

for

the

security.

Privately-offered

securities

are

not

exchange-traded

and

are

subject

to

liquidity

risk,

may

be

difficult

to

value,

may

be

difficult

to

sell

because

of

regulatory

restrictions

on

resale,

provide

fewer

financial

disclosures

than

publicly

offered

or

exchange-traded

securities,

and

may

be

subject

to

significant

brokerage

commissions.

To

the

extent

the

Fund

acquires

privately-offered

securities

through

a

privately-offered

special

purpose

vehicle

("SPV"),

the

Fund

may

also

be

subject

to

management

and

performance

fees

of

the

SPV.

Fair

Value

Measurement

The

Fund

has

adopted

authoritative

fair

valuation

accounting

standards

which

establish

an

authoritative

definition

of

fair

value

and

set

out

a

hierarchy

for

measuring

fair

value.

These

standards

require

additional

disclosures

about

the

various

inputs

and

valuation

techniques

used

to

develop

the

measurements

of

fair

value,

a

discussion

of

changes

in

valuation

techniques

and

related

inputs

during

the

year

and

expanded

disclosure

of

valuation

levels

for

major

security

types.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

measurement)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements).

The

three

levels

of

the

fair

value

hierarchy

are

as

follows:

Level

1:

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

and

liabilities

that

the

Fund

has

the

ability

to

access

at

the

measurement

date;

Level

2:

Observable

inputs

other

than

quoted

prices

included

in

Level

that

are

observable

for

the

asset

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

identical

instruments

on

inactive

markets,

quoted

prices

for

similar

instruments,

interest

rates,

prepayment

spreads,

credit

risk,

yield

curves,

default

rates,

and

similar

data;

Level

3:

Significant

unobservable

inputs

for

the

asset

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund's

own

assumptions

that

a

market

participant

would

use

in

valuing

the

asset,

and

would

be

based

on

the

best

information

available.

ERShares

Global

Entrepreneurs

NOTES

TO

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

March

31,

2026

Inputs

are

used

in

applying

the

various

valuation

techniques

and

broadly

refer

to

the

assumptions

that

market

participants

use

to

make

valuation

decisions,

including

assumptions

about

risk.

Inputs

may

include

price

information,

volatility

statistics,

specific

and

broad

credit

data,

liquidity

statistics,

and

other

factors.

A

financial

instrument's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

value

measurement.

However,

the

determination

of

what

constitutes

"observable"

requires

significant

judgment

by

the

Fund.

The

Fund

considers

observable

data

to

be

that

market

data,

which

is

readily

available,

regularly

distributed

or

updated,

reliable

and

verifiable,

not

proprietary,

and

provided

by

independent

sources

that

are

actively

involved

in

the

relevant

market.

The

categorization

of

a

financial

instrument

within

the

hierarchy

is

based

upon

the

pricing

transparency

of

the

instrument

and

does

not

necessarily

correspond

to

the

Fund's

perceived

risk

of

that

instrument.

Investments

whose

values

are

based

on

quoted

market

prices

in

active

markets,

and

are

therefore

classified

within

Level

1,

include

active

listed

equities

and

real

estate

investment

trusts,

and

certain

money

market

securities.

Investments

that

trade

in

markets

that

are

not

considered

to

be

active,

but

are

valued

based

on

quoted

market

prices,

dealer

quotations

or

alternative

pricing

sources

supported

by

observable

inputs

are

classified

within

Level

2. Investments

classified

within

Level

have

significant

unobservable

inputs,

as

they

trade

infrequently

or

not

at

all.

The

table

below

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

March

31,

2026. Please

refer

to

the

schedule

of

investments

for

more

information

regarding

security

characteristics.

The

following

is

the

activity

in

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

value

as

of

March

31,

2026:

The

following

is

a

summary

of

quantitative

information

about

significant

unobservable

valuation

inputs

for

Level

Fair

Value

Measurements

for

investments

held

as

of

March

31,

2026:

Restricted

Securities

–

Restricted

securities

are

securities

that

may

be

resold

only

upon

registration

under

federal

securities

laws

or

in

transactions

exempt

from

such

registration.

In

some

cases,

the

issuer

of

restricted

securities

has

agreed

to

register

such

securities

for

resale,

at

the

issuer's

expense

either

upon

demand

by

the

Fund

or

in

connection

with

another

registered

offering

of

the

securities.

Many

restricted

securities

may

be

resold

in

the

secondary

market

in

transactions

exempt

from

registration.

Such

restricted

securities

may

be

determined

to

be

liquid

under

criteria

established

by

the

Board.

The

restricted

securities

may

be

valued

at

the

price

provided

by

dealers

in

the

secondary

market

or,

if

no

market

prices

are

available,

the

fair

value

as

determined

in

good

faith

in

accordance

with

the

Fund's

Valuation

Policies.

Private

investments

generally

are

restricted

securities

that

are

subject

to

substantial

holding

periods

and

are

not

traded

in

public

markets.

The

Fund

may

not

be

able

to

resell

some

of

its

investments

for

extended

periods,

which

may

be

several

years.

Level

Level

Level

Total

Investments

at

Value

Common

Stock

$

35,488,086

$

–

$

–

$

35,488,086

Partnership

Interests

–

–

,

848

,

848

Money

Market

Fund

3,208,537

–

–

3,208,537

Investments

at

Value

$

,

696

,

623

$

–

$

,

848

$

,

,

Partnership

Interests

Balance

as

of

June

30,

2025

$

2,000,000

Proceeds

from

sales

(1,095,779)

Realized

gain

(loss)

75,779

Net

change

in

unrealized

appreciation/depreciation

(603,152)

Balance

as

of

March

31,

2026

$

376,848

Net

change

in

unrealized

appreciation/depreciation

for

the

period

ended

March

31,

2026

related

to

Level

investments

held

at

March

31,

2026

$

(623

,

152)

Level

Investment

Fair

Value

Valuation

Technique

Unobservable

Input

Range

(Weighted

Average)

Impact

to

Valuation

from

an

Increase

in

Input

FIKA

Holdings

SPV

QP,

LP

$

376,848

Adjusted

Reported

NAV

Reported

NAV

N/A

Increase

Total

$

376,848

ERShares

Global

Entrepreneurs

NOTES

TO

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

March

31,

2026

Security

Description

Acquisition

Date

Cost

Value

%

of

Net

Assets

FIKA

Holdings

SPV

QP,

LP

December

13,

2024

$

1,020,000

$

,

848

1.0%

$

,0

0,000

$

376,848

1.0 %

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ENTREPRENEURSHARES SERIES TRUST

- **b. Investment Company Act file number:** 811-22436

- **c. CIK number of Registrant:** 0001495922

- **d. LEI of Registrant:** 549300UON6JV1E7QG046

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 175 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 781-239-4446

**Item A.2. Information about the Series.**

- **a. Name of Series:** ERSHARES GLOBAL ENTREPRENEURS

- **b. EDGAR series identifier (if any):** S000030086

- **c. LEI of Series:** 549300DI3Z6CRMK2NK51

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $39111613.43

**Total Liabilities:** $51110.93

**Net Assets:** $39060502.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092399 | -4.14%               | -7.90%               | -4.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1878091.94                               |
| Month 2  | $0.00                    | $-3504059.13                               |
| Month 3  | $-4300.90                | $-1797307.93                               |

### Schedule of Portfolio Investments

| Name                                                               | Title                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Affirm Holdings Inc                                                | Affirm Holdings, Inc.                                              | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8083 | NS      | $370363.06    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                         | Airbnb, Inc.                                                       | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      2621 | NS      | $330979.88    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                                       | Alphabet, Inc.                                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7247 | NS      | $2083947.32   | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                                     | Amazon.com, Inc.                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      2635 | NS      | $548791.45    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                                      | AppLovin Corp.                                                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      2234 | NS      | $889132.00    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                                | Arista Networks, Inc.                                              | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      5911 | NS      | $725752.58    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                                                  | Clean Harbors, Inc.                                                | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      2847 | NS      | $816320.31    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                                                | Coinbase Global, Inc.                                              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      2414 | NS      | $421508.54    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                                         | Corpay, Inc.                                                       | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      1395 | NS      | $405931.05    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                                                     | DraftKings, Inc.                                                   | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     13894 | NS      | $300388.28    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                 | Meta Platforms, Inc.                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1449 | NS      | $829016.37    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments Money Market Treasury Only Portfolio, Class I | Fidelity Investments Money Market Treasury Only Portfolio, Class I | CUSIP: 316175603<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3208537 | NS      | $3208536.60   | 8.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                                      | Interactive Brokers Group, Inc.                                    | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     14841 | NS      | $995385.87    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                                      | Maplebear, Inc.                                                    | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12384 | NS      | $463904.64    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                                               | Medpace Holdings, Inc.                                             | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      2920 | NS      | $1402154.80   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                                   | MercadoLibre, Inc.                                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       477 | NS      | $824742.54    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                                        | MongoDB, Inc.                                                      | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      3856 | NS      | $943833.12    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GMO internet group Inc                                             | GMO internet group, Inc.                                           | CUSIP: N/A<br>LEI: 529900BFZEY3BESHBW90       | Long             | EC               | CORP              | JP        |     20556 | NS      | $371278.62    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology One Ltd                                                 | Technology One, Ltd.                                               | CUSIP: N/A<br>LEI: 875500YEWBJIM91P9N12       | Long             | EC               | CORP              | AU        |     33491 | NS      | $620195.15    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                                       | Newmont Corp.                                                      | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     15262 | NS      | $1652111.50   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                                        | NVIDIA Corp.                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     15587 | NS      | $2718372.80   | 6.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanrio Co Ltd                                                      | Sanrio Co., Ltd.                                                   | CUSIP: N/A<br>LEI: 3538002Q5JQLOMSPH125       | Long             | EC               | CORP              | JP        |     72180 | NS      | $445346.12    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                                        | Oracle Corp.                                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      2451 | NS      | $360566.61    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                             | Palo Alto Networks, Inc.                                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2658 | NS      | $426130.56    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                                                    | Pegasystems, Inc.                                                  | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     12364 | NS      | $526211.84    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                                         | ResMed, Inc.                                                       | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      2806 | NS      | $629890.88    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                                              | Robinhood Markets, Inc.                                            | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |      8381 | NS      | $580803.30    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                                                    | Rocket Lab Corp.                                                   | CUSIP: 773121108<br>LEI: 254900LNRW7906KUMM93 | Long             | EC               | CORP              | US        |     18680 | NS      | $1199629.60   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                                     | Salesforce, Inc.                                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2570 | NS      | $479741.90    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                                            | Sea, Ltd.                                                          | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      6194 | NS      | $512925.14    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                                        | Shopify, Inc.                                                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      6883 | NS      | $816461.46    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc                                           | Super Micro Computer, Inc.                                         | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      6251 | NS      | $142335.27    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                                       | Synopsys, Inc.                                                     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1188 | NS      | $471018.24    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                                          | Toast, Inc.                                                        | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     28877 | NS      | $765529.27    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UiPath Inc                                                         | UiPath, Inc.                                                       | CUSIP: 90364P105<br>LEI: 5493000YP61KBELDHT53 | Long             | EC               | CORP              | US        |     45737 | NS      | $507680.70    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                                                 | Valero Energy Corp.                                                | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3046 | NS      | $752605.68    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                                                  | Veeva Systems, Inc.                                                | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      2409 | NS      | $423164.94    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                                        | Vistra Corp.                                                       | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      4997 | NS      | $751199.01    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                                                        | Zscaler, Inc.                                                      | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      2203 | NS      | $309058.87    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SEEK Ltd                                                           | SEEK, Ltd.                                                         | CUSIP: N/A<br>LEI: 549300209NEKXBC8QO27       | Long             | EC               | CORP              | AU        |     34715 | NS      | $334125.11    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Can                                     | Constellation Software, Inc./Canada                                | CUSIP: N/A<br>LEI: 549300B6PYHMCTDWQV29       | Long             | EC               | CORP              | CA        |       179 | NS      | $314223.43    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd                                           | Wilmar International, Ltd.                                         | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |    123149 | NS      | $368766.94    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Telix Pharmaceuticals Ltd                                          | Telix Pharmaceuticals, Ltd.                                        | CUSIP: N/A<br>LEI: 894500HTWOOGIHLLSB86       | Long             | EC               | CORP              | AU        |     33555 | NS      | $316246.46    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB                                                       | Evolution AB                                                       | CUSIP: N/A<br>LEI: 549300SUH6ZR1RF6TA88       | Long             | EC               | CORP              | SE        |      4269 | NS      | $263896.82    | 0.68%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Topicus.com Inc                                                    | Topicus.com, Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      2013 | NS      | $133042.35    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Asmodee Group AB                                                   | Asmodee Group AB                                                   | CUSIP: N/A<br>LEI: 636700G5993BBAFDYD02       | Long             | EC               | CORP              | SE        |     21460 | NS      | $241062.72    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Embracer Group AB                                                  | Embracer Group AB                                                  | CUSIP: N/A<br>LEI: 549300RFXXKT652HB549       | Long             | EC               | CORP              | SE        |     21460 | NS      | $108913.47    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coffee Stain Group AB                                              | Coffee Stain Group AB                                              | CUSIP: N/A<br>LEI: 636700R8GB3NJ2J6DG90       | Long             | EC               | CORP              | SE        |     21460 | NS      | $38863.83     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                                       | Alkermes PLC                                                       | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     27809 | NS      | $983326.24    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                                           | Fabrinet                                                           | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      1463 | NS      | $762983.76    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Klarna Group PLC                                                   | Klarna Group PLC                                                   | CUSIP: G5279N105<br>LEI: 636700HER4JIK7GZUN17 | Long             | EC               | CORP              | GB        |     16651 | NS      | $217961.59    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FIKA Holdings SPV QP, LP                                           | FIKA Holdings SPV QP, LP                                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |     28789 | NS      | $376848.03    | 0.96%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Spotify Technology SA                                              | Spotify Technology SA                                              | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      2191 | NS      | $1062437.81   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog                                     | Check Point Software Technologies, Ltd.                            | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      6528 | NS      | $932524.80    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                                                     | Monday.com, Ltd.                                                   | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      8733 | NS      | $603537.63    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                                        | Wix.com, Ltd.                                                      | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      8319 | NS      | $749292.33    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Karooooo Ltd                                                       | Karooooo, Ltd.                                                     | CUSIP: Y4600W108<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      4865 | NS      | $242471.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-11

**Name of Applicant:** EntrepreneurShares Series Trust

**Signature:** /s/ Dr. Joel M. Shulman

**Name of Signer:** Joel M. Shulman

**Title:** President and Treasurer