# EDGAR Filing Document

**Accession Number:** 0001495922
**File Stem:** 0001752724-23-041475
**Filing Date:** 2023-2
**Character Count:** 52278
**Document Hash:** 80c77df24e60f96e1f5fc0e2551e2179
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041475.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041475

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EntrepreneurShares Series Trust
- **CENTRAL INDEX KEY:** 0001495922
- **IRS NUMBER:** 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:** 23671452

**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 NextGen Entrepreneurs ETF (Series ID: S000063752)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000206628 | ERShares NextGen Entrepreneurs ETF | ERSX            |

## 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:** 2110

  - **Telephone number:** (800) 287-9469

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

- **a. Name of Series:** ERSHARES NEXTGEN ENTREPRENEURS ETF

- **b. EDGAR series identifier (if any):** S000063752

- **c. LEI of Series:** 549300TMJJ4XG1ZW7I05

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $20436457.71

**Total Liabilities:** $13205.19

**Net Assets:** $20423252.52

**Cash Not Reported:** $595862.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206628 | 4.30%                | 8.76%                | -3.95%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-288902.92              | $1082642.71                                |
| Month 2  | $-28691.88               | $1721548.75                                |
| Month 3  | $82643.24                | $-929807.38                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NagaCorp Ltd.                               | NagaCorp Ltd.                                     | CUSIP: G6382M109<br>LEI: 549300MMNKN0RBJELS20 | Long             | EC               | CORP              | KY        |    213771 | NS      | $187837.06    | 0.92%             |  |  |  | No            | 2                  | On Loan: No      |
| SKECHERS USA, Inc.                          | Skechers USA, Inc.                                | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |      2335 | NS      | $97953.25     | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Netcompany Group AS                         | Netcompany Group A/S                              | CUSIP: K7020C102<br>LEI: 5299006DEGAWX1Z1X779 | Long             | EC               | CORP              | DK        |      2560 | NS      | $108949.63    | 0.53%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Olam Group Limited                          | Olam Group Ltd.                                   | CUSIP: Y6473B103<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    143707 | NS      | $156818.73    | 0.77%             |  |  |  | No            | 2                  | On Loan: No      |
| Wix.com Limited                             | Wix.com Ltd.                                      | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      1884 | NS      | $144747.72    | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Hikma Pharmaceuticals PLC                   | Hikma Pharmaceuticals plc                         | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | JO        |      6978 | NS      | $130032.51    | 0.64%             |  |  |  | No            | 2                  | On Loan: No      |
| Palomar Holdings Inc                        | Palomar Holdings, Inc.                            | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      2009 | NS      | $90726.44     | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Frasers Group PLC                           | Frasers Group plc                                 | CUSIP: G3661L100<br>LEI: 213800JEGHHEAXIJDX34 | Long             | EC               | CORP              | GB        |     18745 | NS      | $160695.43    | 0.79%             |  |  |  | No            | 2                  | On Loan: No      |
| Appfolio Incorporation                      | Appfolio, Inc.                                    | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      1681 | NS      | $177143.78    | 0.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Palo Alto Networks Inc                      | Palo Alto Networks, Inc.                          | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       434 | NS      | $60560.36     | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| E L F Beauty Inc                            | elf Beauty, Inc.                                  | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      2980 | NS      | $164794.00    | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Lee & Man Paper Manufacturing Ltd           | Lee & Man Paper Manufacturing Ltd.                | CUSIP: G5427W130<br>LEI: 30030066PNKQVCCC5G24 | Long             | EC               | CORP              | HK        |    264957 | NS      | $116185.39    | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| Jazz Pharmaceuticals PLC                    | Jazz Pharmaceuticals plc                          | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      1412 | NS      | $224945.72    | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Triple Flag Precious Metals Corporation     | Triple Flag Precious Metals Corporation           | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |      2046 | NS      | $28333.76     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Fabege AB                                   | Fabege A.B.                                       | CUSIP: W7888D199<br>LEI: 549300JNPI46XNH0PM97 | Long             | EC               | CORP              | SE        |     17024 | NS      | $144806.13    | 0.71%             |  |  |  | No            | 2                  | On Loan: No      |
| Catalyst Pharmaceuticals Inc.               | Catalyst Pharmaceuticals, Inc.                    | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     10549 | NS      | $196211.40    | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Aritzia Inc                                 | Aritzia, Inc.                                     | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |      5962 | NS      | $208501.57    | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Rorze Corp                                  | Rorze Corporation                                 | CUSIP: J65487100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1642 | NS      | $87688.48     | 0.43%             |  |  |  | No            | 2                  | On Loan: No      |
| CS Disco Inc                                | CS Disco, Inc.                                    | CUSIP: 126327105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20972 | NS      | $132543.04    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Verbio AG                                   | VERBIO Vereinigte BioEnergie A.G.                 | CUSIP: D86145105<br>LEI: 529900W51PINCFFALS96 | Long             | EC               | CORP              | DE        |      1217 | NS      | $78925.36     | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| Harvey Norman Holdings Ltd.                 | Harvey Norman Holdings Ltd.                       | CUSIP: Q4525E117<br>LEI: 529900ONRWOF42PYKU59 | Long             | EC               | CORP              | AU        |     56672 | NS      | $158778.94    | 0.78%             |  |  |  | No            | 2                  | On Loan: No      |
| Cardlytics Inc.                             | Cardlytics, Inc.                                  | CUSIP: 14161W105<br>LEI: 549300JETJBH94EIPC66 | Long             | EC               | CORP              | US        |     10391 | NS      | $60059.98     | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Weimob Inc.                                 | Weimob, Inc.                                      | CUSIP: G9T20A106<br>LEI: 254900SW0TNGAGYUTV05 | Long             | EC               | CORP              | CN        |    143390 | NS      | $121026.41    | 0.59%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Daqo New Energy Corp.                       | Daqo New Energy Corporation                       | CUSIP: 23703Q203<br>LEI: 529900711JBZ5O7VA827 | Long             | EC               | CORP              | CN        |      1646 | NS      | $63552.06     | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| HUB24 Ltd.                                  | HUB24 Ltd.                                        | CUSIP: Q4970M176<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     14576 | NS      | $260482.50    | 1.28%             |  |  |  | No            | 2                  | On Loan: No      |
| Titan Machinery Inc.                        | Titan Machinery, Inc.                             | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |      3378 | NS      | $134207.94    | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| TaskUs Inc                                  | TaskUS, Inc.                                      | CUSIP: 87652V109<br>LEI: 549300VFPOK2Y6GLWE32 | Long             | EC               | CORP              | US        |      4588 | NS      | $77537.20     | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Radware Ltd.                                | Radware Ltd.                                      | CUSIP: M81873107<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     12183 | NS      | $240614.25    | 1.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Carsales.Com Ltd.                           | carsales.com Ltd.                                 | CUSIP: Q21411121<br>LEI: 5299009TFWZGH2AN7D11 | Long             | EC               | CORP              | AU        |     27265 | NS      | $383649.38    | 1.88%             |  |  |  | No            | 2                  | On Loan: No      |
| Future PLC                                  | Future plc                                        | CUSIP: G37005132<br>LEI: 213800K2581YRLEXV353 | Long             | EC               | CORP              | GB        |      4093 | NS      | $62382.82     | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Seek Ltd.                                   | SEEK Ltd.                                         | CUSIP: Q8382E102<br>LEI: 549300209NEKXBC8QO27 | Long             | EC               | CORP              | AU        |     18607 | NS      | $264504.04    | 1.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Franco Nevada Corp                          | Franco-Nevada Corporation                         | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       589 | NS      | $80386.72     | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Super Micro Computer Inc.                   | Super Micro Computer, Inc.                        | CUSIP: 86800U104<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      2504 | NS      | $205578.40    | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Masimo Corporation                          | Masimo Corporation                                | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      1523 | NS      | $225327.85    | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Zscaler Inc                                 | Zscaler, Inc.                                     | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |       462 | NS      | $51697.80     | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Noah Holdings Ltd.                          | Noah Holdings Ltd.                                | CUSIP: 65487X102<br>LEI: 3003008QW3IHPD3NTU41 | Long             | EC               | CORP              | CN        |      4704 | NS      | $72912.00     | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Niu Technologies                            | Niu Technologies                                  | CUSIP: 65481N100<br>LEI: 549300NJKNSC80EVQ065 | Long             | EC               | CORP              | CN        |     18612 | NS      | $97340.76     | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Pure Storage Inc                            | Pure Storage, Inc.                                | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      4199 | NS      | $112365.24    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Fastly Incorporation                        | Fastly, Inc.                                      | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               | CORP              | US        |     16206 | NS      | $132727.14    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Telix Pharmaceutical                        | Telix Pharmaceuticals Ltd.                        | CUSIP: Q8973A105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     90361 | NS      | $446202.48    | 2.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Vermilion Energy Inc.                       | Vermilion Energy, Inc.                            | CUSIP: 923725105<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | EC               | RF                | CA        |      4959 | NS      | $87774.30     | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| VNET Group Inc.                             | Vnet Group, Inc.                                  | CUSIP: 90138A103<br>LEI: 529900672GYJQ3T38I58 | Long             | EC               | CORP              | CN        |     21901 | NS      | $124178.67    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Spin Master Corporation                     | Spin Master Corporation                           | CUSIP: 848510103<br>LEI: 549300JH0ZG8BVEPRY76 | Long             | EC               | CORP              | CA        |      3520 | NS      | $86625.36     | 0.42%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Sinch AB (publ)                             | Sinch A.B.                                        | CUSIP: W835AF448<br>LEI: 549300UXY7QM6IDCGI12 | Long             | EC               | CORP              | SE        |     13933 | NS      | $51354.82     | 0.25%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Frontier Developments PLC                   | Frontier Developments plc                         | CUSIP: G36793100<br>LEI: 213800B9LGPWUAZ9GX18 | Long             | EC               | CORP              | GB        |     12656 | NS      | $147326.59    | 0.72%             |  |  |  | No            | 2                  | On Loan: No      |
| HMS Networks Ab                             | HMS Networks A.B.                                 | CUSIP: W4598X110<br>LEI: 549300MOY2FDUUDIQ179 | Long             | EC               | CORP              | SE        |      1701 | NS      | $55407.04     | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| JD.com Inc                                  | JD.com, Inc.                                      | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |      1290 | NS      | $72407.70     | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Flight Centre Travel Group Ltd.             | Flight Centre Travel Group Ltd.                   | CUSIP: Q39175106<br>LEI: 254900BGNUI78EKEJY68 | Long             | EC               | CORP              | AU        |     16222 | NS      | $158746.39    | 0.78%             |  |  |  | No            | 2                  | On Loan: No      |
| Gildan Activewear Inc.                      | Gildan Activewear, Inc.                           | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      6841 | NS      | $187351.29    | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Nomad Foods Limited                         | Nomad Foods Ltd.                                  | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | GB        |      7757 | NS      | $133730.68    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Exlservice Holdings Inc                     | ExlService Holdings, Inc.                         | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |       899 | NS      | $152317.57    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Fiverr International Ltd                    | Fiverr International Ltd.                         | CUSIP: M4R82T106<br>LEI: 549300Z8OREY6THCPF67 | Long             | EC               | CORP              | IL        |      1589 | NS      | $46303.46     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Sacyr SA                                    | Sacyr S.A.                                        | CUSIP: E35471114<br>LEI: 959800XKAB9VNAVN9425 | Long             | EC               | CORP              | ES        |     30636 | NS      | $85153.15     | 0.42%             |  |  |  | No            | 2                  | On Loan: No      |
| Wisetech Global Ltd.                        | WiseTech Global Ltd.                              | CUSIP: Q98056106<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |      4381 | NS      | $150658.13    | 0.74%             |  |  |  | No            | 2                  | On Loan: No      |
| Cognex Corp                                 | Cognex Corporation                                | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |      3322 | NS      | $156499.42    | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Arrowhead Pharmaceuticals Inc               | Arrowhead Pharmaceuticals, Inc.                   | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |      6119 | NS      | $248186.64    | 1.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Shoprite Holdings Ltd                       | Shoprite Holdings Ltd.                            | CUSIP: S76263102<br>LEI: 529900Q4O1EYP6NH5150 | Long             | EC               | CORP              | ZA        |     18185 | NS      | $241043.38    | 1.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Select Medical Holdings Corporation         | Select Medical Holdings Corporation               | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7414 | NS      | $184089.62    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| XPeng Inc.                                  | XPeng, Inc.                                       | CUSIP: 98422D105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      3791 | NS      | $37682.54     | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Pagerduty Inc                               | PagerDuty, Inc.                                   | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |      7946 | NS      | $211045.76    | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| GMO Payment Gateway Inc.                    | GMO Payment Gateway, Inc.                         | CUSIP: J18229104<br>LEI: 353800Q6U21E2PM83F86 | Long             | EC               | CORP              | JP        |      1283 | NS      | $106085.85    | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| Signature Bank                              | Signature Bank                                    | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |       667 | NS      | $76851.74     | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| UMS Hldgs Ltd                               | UMS Holdings Ltd.                                 | CUSIP: Y9050L106<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    137742 | NS      | $121336.99    | 0.59%             |  |  |  | No            | 2                  | On Loan: No      |
| Gambling.Com Group Limited                  | Gambling.com Group Ltd.                           | CUSIP: G3R239101<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     20864 | NS      | $190905.60    | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Repay Holdings Corporation                  | Repay Holdings Corporation                        | CUSIP: 76029L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22205 | NS      | $178750.25    | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Nordnet AB                                  | Nordnet A.B. publ                                 | CUSIP: W6S819112<br>LEI: 549300D6WW5ZTWLZ4C08 | Long             | EC               | CORP              | SE        |     11747 | NS      | $170128.26    | 0.83%             |  |  |  | No            | 2                  | On Loan: No      |
| FinVolution Group                           | FinVolution Group                                 | CUSIP: 31810T101<br>LEI: 3003000RAVUT809U6P08 | Long             | EC               | CORP              | CN        |     35987 | NS      | $178495.52    | 0.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Nine Dragon Paper Holdings Limited          | Nine Dragons Paper Holdings Ltd.                  | CUSIP: G65318100<br>LEI: 529900TBMYEYJ2LEV906 | Long             | EC               | CORP              | HK        |    169086 | NS      | $153720.10    | 0.75%             |  |  |  | No            | 2                  | On Loan: No      |
| Tenable Holdings Inc                        | Tenable Holdings, Inc.                            | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |      2269 | NS      | $86562.35     | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Wilmar International Ltd.                   | Wilmar International Ltd.                         | CUSIP: Y9586L109<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |    102048 | NS      | $317917.92    | 1.56%             |  |  |  | No            | 2                  | On Loan: No      |
| Computacenter PLC                           | Computacenter plc                                 | CUSIP: G23356150<br>LEI: 549300XSXUZ1I19DB105 | Long             | EC               | CORP              | GB        |      1782 | NS      | $41380.00     | 0.20%             |  |  |  | No            | 2                  | On Loan: No      |
| Fortinet Inc                                | Fortinet, Inc.                                    | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      1843 | NS      | $90104.27     | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Sectra AB                                   | Sectra A.B.                                       | CUSIP: W8T80J744<br>LEI: 549300R9ZBT8YSFFK266 | Long             | EC               | CORP              | SE        |      7073 | NS      | $101150.33    | 0.50%             |  |  |  | No            | 2                  | On Loan: No      |
| VisasQ Inc.                                 | VisasQ, Inc.                                      | CUSIP: J9458Y103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6809 | NS      | $67838.19     | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| Crowdstrike Holdings Inc                    | Crowdstrike Holdings, Inc.                        | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       392 | NS      | $41273.68     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| FirstService Corp.                          | FirstService Corporation                          | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      2080 | NS      | $254724.92    | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Check Point Software Technologies Ltd.      | Check Point Software Technologies Ltd.            | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      1137 | NS      | $143443.92    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Playtika Holding Corp                       | Playtika Holding Corporation                      | CUSIP: 72815L107<br>LEI: 254900E35Z4TKA4UFG64 | Long             | EC               | CORP              | IL        |     15065 | NS      | $128203.15    | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Merit Medical Systems Inc.                  | Merit Medical Systems, Inc.                       | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      3795 | NS      | $268002.90    | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Unity Software Inc                          | Unity Software, Inc.                              | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |      6656 | NS      | $190295.04    | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Avanza Bank Holding AB                      | Avanza Bank Holding A.B.                          | CUSIP: W1R78Z269<br>LEI: 549300MBWR5H8SIJLE03 | Long             | EC               | CORP              | SE        |      2861 | NS      | $61403.50     | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Tricon Residential Inc                      | Tricon Residential, Inc.                          | CUSIP: 89612W102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     15805 | NS      | $121868.75    | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Enstar Group Ltd                            | Enstar Group Ltd.                                 | CUSIP: G3075P101<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | BM        |      1073 | NS      | $247905.92    | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Futu Holdings Ltd.                          | Futu Holdings Ltd.                                | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | CN        |      2040 | NS      | $82926.00     | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Maxlinear Inc                               | MaxLinear, Inc.                                   | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |      6084 | NS      | $206551.80    | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Fairfax Financial Holdings Limited          | Fairfax Financial Holdings Ltd.                   | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |       431 | NS      | $255321.22    | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Cascades Inc.                               | Cascades, Inc.                                    | CUSIP: 146900105<br>LEI: FPD41G4F3GH7OJ38TS94 | Long             | EC               | CORP              | CA        |     13517 | NS      | $84459.41     | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Ubisoft Entertainment S.A.                  | Ubisoft Entertainment S.A.                        | CUSIP: F9396N106<br>LEI: 969500I7C8V1LBIMSM05 | Long             | EC               | CORP              | FR        |      1259 | NS      | $35578.73     | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| First Quantum Minerals Ltd.                 | First Quantum Minerals Ltd.                       | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |      3121 | NS      | $65211.48     | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Entain PLC                                  | Entain plc                                        | CUSIP: G3167C109<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |     18551 | NS      | $295405.99    | 1.45%             |  |  |  | No            | 2                  | On Loan: No      |
| CRISPR Therapeutics AG                      | CRISPR Therapeutics A.G.                          | CUSIP: H17182108<br>LEI: 506700O6IRRIQLT3W370 | Long             | EC               | CORP              | CH        |      1688 | NS      | $68617.20     | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Tian Lun Gas Holdings Ltd                   | Tian Lun Gas Holdings Ltd.                        | CUSIP: G84396103<br>LEI: 529900S7M3E7M2CXPQ78 | Long             | EC               | CORP              | CN        |    329390 | NS      | $164105.05    | 0.80%             |  |  |  | No            | 2                  | On Loan: No      |
| Ivanhoe Mines Ltd                           | Ivanhoe Mines Ltd.                                | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |      5953 | NS      | $47045.39     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Embracer Group AB                           | Embracer Group A.B.                               | CUSIP: W2504N150<br>LEI: 549300RFXXKT652HB549 | Long             | EC               | CORP              | SE        |     20629 | NS      | $93666.32     | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| JinkoSolar Holding Co., Ltd.                | JinkoSolar Holding Company Ltd.                   | CUSIP: 47759T100<br>LEI: 529900Y93WNCS05FG852 | Long             | EC               | CORP              | CN        |      1829 | NS      | $74769.52     | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Allied Properties REIT                      | Allied Properties Real Estate Investment Trust    | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               | RF                | CA        |     12018 | NS      | $227232.02    | 1.11%             |  |  |  | No            | 1                  | On Loan: No      |
| West Fraser Timber Co Ltd.                  | West Fraser Timber Company Ltd.                   | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |      1262 | NS      | $91229.98     | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Skyworth Group Ltd                          | Skyworth Group Ltd.                               | CUSIP: G8181C100<br>LEI: 529900LRFQSJWSSXY627 | Long             | EC               | CORP              | HK        |    336000 | NS      | $143411.03    | 0.70%             |  |  |  | No            | 2                  | On Loan: No      |
| Best World Intl                             | Best World International Ltd.                     | CUSIP: Y08809132<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    128500 | NS      | $170770.49    | 0.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Beigene Limited                             | BeiGene Ltd.                                      | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CN        |       974 | NS      | $214221.56    | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Luk Fook Holdings (International) Limited   | Luk Fook Holdings International Ltd.              | CUSIP: G5695X125<br>LEI: 529900U7PECBLERIIX44 | Long             | EC               | CORP              | HK        |     30012 | NS      | $89028.15     | 0.44%             |  |  |  | No            | 2                  | On Loan: No      |
| Value Partners Gp                           | Value Partners Group Ltd.                         | CUSIP: G93175100<br>LEI: 549300RYVTCSHFKXHB81 | Long             | EC               | CORP              | HK        |    243510 | NS      | $89430.50     | 0.44%             |  |  |  | No            | 2                  | On Loan: No      |
| Ameresco Inc                                | Ameresco, Inc.                                    | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |      1668 | NS      | $95309.52     | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Amasten Fastighets AB                       | Neobo Fastigheter A.B.                            | CUSIP: W0R88G105<br>LEI: 213800QBPS3L89U9TZ44 | Long             | EC               | CORP              | SE        |      4134 | NS      | $6887.17      | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Solaredge Technologies Inc                  | SolarEdge Technologies, Inc.                      | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |       496 | NS      | $140501.92    | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Bilibili Inc                                | Bilibili, Inc.                                    | CUSIP: 090040106<br>LEI: 5493008V60M52L3PIS45 | Long             | EC               | CORP              | CN        |      4903 | NS      | $116152.07    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| First Majestic Silver Corp.                 | First Majestic Silver Corporation                 | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | CA        |      5841 | NS      | $48662.42     | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Sensirion Holding AG                        | Sensirion Holding A.G.                            | CUSIP: H7448F129<br>LEI: 8945003M3YNIE0AWEM05 | Long             | EC               | CORP              | CH        |      1018 | NS      | $108293.89    | 0.53%             |  |  |  | Yes           | 2                  | On Loan: No      |
| First National Financial Corp               | First National Financial Corporation              | CUSIP: 33564P103<br>LEI: 549300EL4UO7UACEPB58 | Long             | EC               | CORP              | CA        |      5610 | NS      | $150903.80    | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| R1 RCM Inc.                                 | R1 RCM, Inc.                                      | CUSIP: 77634L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13632 | NS      | $149270.40    | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Yadea Group Holdings Ltd                    | Yadea Group Holdings Ltd.                         | CUSIP: G9830F106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     75829 | NS      | $126251.83    | 0.62%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Linamar Corp                                | Linamar Corporation                               | CUSIP: 53278L107<br>LEI: 549300LW6VIYFRMFBU20 | Long             | EC               | CORP              | CA        |      2925 | NS      | $132429.19    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Medacta Group SA                            | Medacta Group S.A.                                | CUSIP: H7251B108<br>LEI: 506700P2PFU3A3DROC14 | Long             | EC               | CORP              | CH        |      1604 | NS      | $179073.81    | 0.88%             |  |  |  | No            | 2                  | On Loan: No      |
| Supernus Pharmaceuticals, Inc               | Supernus Pharmaceuticals, Inc.                    | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      3641 | NS      | $129874.47    | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Onex Corp.                                  | Onex Corporation                                  | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             | EC               | CORP              | CA        |      2186 | NS      | $105413.01    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Exelixis, Inc.                              | Exelixis, Inc.                                    | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      4165 | NS      | $66806.60     | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Rapid7 Incorporation                        | Rapid7, Inc.                                      | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |      2591 | NS      | $88042.18     | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Dropbox Inc                                 | Dropbox, Inc.                                     | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |      8185 | NS      | $183180.30    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Colliers International Group Inc            | Colliers International Group, Inc.                | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |       672 | NS      | $61850.88     | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| TTEC Holdings Inc.                          | TTEC Holdings, Inc.                               | CUSIP: 89854H102<br>LEI: GTJS1N8S8I28A7L4WG97 | Long             | EC               | CORP              | US        |      2497 | NS      | $110192.61    | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Evolution AB                                | Evolution A.B.                                    | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |      1594 | NS      | $155282.18    | 0.76%             |  |  |  | Yes           | 2                  | On Loan: No      |
| S-Pool Inc                                  | S-Pool, Inc.                                      | CUSIP: J7655U106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     29088 | NS      | $190079.06    | 0.93%             |  |  |  | No            | 2                  | On Loan: No      |
| Shockwave Medical Incorporation             | Shockwave Medical, Inc.                           | CUSIP: 82489T104<br>LEI: 549300LDXO56IC5Y1538 | Long             | EC               | CORP              | US        |      1171 | NS      | $240769.31    | 1.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Kingdee International Software Group Co Ltd | Kingdee International Software Group Company Ltd. | CUSIP: G52568147<br>LEI: 529900SWRZN94C5SZO63 | Long             | EC               | CORP              | CN        |     94380 | NS      | $200280.40    | 0.98%             |  |  |  | No            | 2                  | On Loan: No      |
| Simulations Plus Inc.                       | Simulations Plus, Inc.                            | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2116 | NS      | $77382.12     | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Instalco AB                                 | Instalco A.B.                                     | CUSIP: W4962V120<br>LEI: 549300DZ9ONT2AXY4029 | Long             | EC               | CORP              | SE        |     15586 | NS      | $59302.28     | 0.29%             |  |  |  | No            | 2                  | On Loan: No      |
| Altair Engineering Inc                      | Altair Engineering, Inc.                          | CUSIP: 021369103<br>LEI: 549300FJ89HZ6GU9S994 | Long             | EC               | CORP              | US        |      3560 | NS      | $161873.20    | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Samhallsbyggnadsbolaget I Norden AB         | Samhallsbyggnadsbolaget i Norden A.B.             | CUSIP: W2R93A131<br>LEI: 549300HX9MRFY47AH564 | Long             | EC               | CORP              | SE        |     41345 | NS      | $68963.03     | 0.34%             |  |  |  | No            | 2                  | On Loan: No      |
| CellaVision AB                              | Cellavision A.B.                                  | CUSIP: W2128U119<br>LEI: 529900IUBZBZ0HXFJ114 | Long             | EC               | CORP              | SE        |      6850 | NS      | $150478.16    | 0.74%             |  |  |  | No            | 2                  | On Loan: No      |
| Box Inc.                                    | Box, Inc.                                         | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |      3330 | NS      | $103662.90    | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Materialise NV                              | Materialise N.V.                                  | CUSIP: 57667T100<br>LEI: 5493004CXYDPCZ5RQK28 | Long             | EC               | CORP              | BE        |      6985 | NS      | $61468.00     | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Antero Resources Corporation                | Antero Resources Corporation                      | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      4630 | NS      | $143483.70    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Shift Inc                                   | SHIFT, Inc.                                       | CUSIP: J7167W103<br>LEI: 353800HJXMOPLJ7BO262 | Long             | EC               | CORP              | JP        |      1186 | NS      | $208736.66    | 1.02%             |  |  |  | No            | 2                  | On Loan: No      |
| S4 Capital PLC                              | S4 Capital plc                                    | CUSIP: G8059H124<br>LEI: 21380068SP9V65KPQN68 | Long             | EC               | CORP              | GB        |     12584 | NS      | $28771.38     | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Allogene Therapeutics Inc                   | Allogene Therapeutics, Inc.                       | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8121 | NS      | $51081.09     | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Inter Parfums Inc                           | Inter Parfums, Inc.                               | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3209 | NS      | $309732.68    | 1.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Amphastar Pharmaceuticals Inc               | Amphastar Pharmaceuticals, Inc.                   | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      4766 | NS      | $133543.32    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | BBH SWEEP VEHICLE                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    586403 | PA      | $586403.17    | 2.87%             |  |  |  | No            | N/A                | On Loan: No      |
| Fortescue Metals Group Ltd                  | Fortescue Metals Group Ltd.                       | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |      9173 | NS      | $128199.55    | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| JFrog Ltd                                   | JFrog Ltd.                                        | CUSIP: M6191J100<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      5898 | NS      | $125804.34    | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| GFL Environmental Inc.                      | GFL Environmental, Inc.                           | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |      5257 | NS      | $153662.11    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| PubMatic Inc.                               | PubMatic, Inc.                                    | CUSIP: 74467Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6287 | NS      | $80536.47     | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** EntrepreneurShares Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller