# EDGAR Filing Document

**Accession Number:** 0001495922
**File Stem:** 0001495922-26-000013
**Filing Date:** 2026-2
**Character Count:** 80623
**Document Hash:** 6509d39a8d88e4000ccd5d86a7c728d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001495922-26-000013.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001495922-26-000013

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22436
- **FILM NUMBER:** 26625275

**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           |

?xml version='1.0' encoding='ASCII'?

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;">UNITED STATES</span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;">SECURITIES AND EXCHANGE COMMISSION</span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;">WASHINGTON, D.C. 20549</span></pre>
```

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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

# INVESTMENT COMPANIES

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;">Investment Company Act file number 811-22436</span></pre>
```

# EntrepreneurShares Series Trust
175 Federal Street, Suite #875

Boston, MA 02110

Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer

175 Federal Street, Suite #875

Boston, MA 02110

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;">Date of fiscal year end: June 30</span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;">Date of reporting period: July 1, 2025 – December 31, 2025</span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

**Item 1. Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.

#### ERShares Global Entrepreneurs

#### ENTIX

#### : Institutional Class

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](if93373a02f1581a341e87902.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the ERShares Global Entrepreneurs (the "Fund") for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://entrepreneurshares.com/investor-resources/. You can also request this information by contacting us at (877) 271-8811.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $50 | 0.98% |

---

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

![Group By Sector Chart](i1969755bcbc7057cb78d82af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.6% |
| Energy | 1.1% |
| Utilities | 1.7% |
| Partnership Shares | 1.8% |
| Materials | 3.3% |
| Industrial | 5.6% |
| Money Market Fund | 7.0% |
| Health Care | 7.2% |
| Financials | 7.5% |
| Consumer Discretionary | 7.8% |
| Communications | 17.8% |
| Technology | 38.6% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $46295330 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 22% |
| Investment Advisory Fees (Net of fees waived) | $146925 |

---

#### ERShares Global Entrepreneurs

#### ENTIX

#### 214S-ENTIX-25

#### Semi-Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit https://entrepreneurshares.com/investor-resources/.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://entrepreneurshares.com/investor-resources/](ie8c2b27fcd22434498b39755.jpg)

![Image](if93373a02f1581a341e87902.jpg)

P.O. Box 588

Portland, ME 04112

(877) 271-8811

(b) Not applicable.

**Item 2. Code of Ethics.** 

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

(a) Included as part of financial statements filed under Item
 7(a).

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) EntreprenuerShares

Series

Trust

TM

ERShares

Global

Entrepreneurs

(ENTIX)

Semi-Annual

Financial

Statements

and

Other

Information

December

31,

2025

(Unaudited)

ERShares

Global

Entrepreneurs

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

December

31,

2025

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Shares

Security

Description

Value

Common

Stock

-

91.2%

Australia

-

3.1%

Communications

-

1.2%

34,715

SEEK,

Ltd.

$

535,622

535,622

Health

Care

-

0.5%

33,555

Telix

Pharmaceuticals,

Ltd.

(a) 250,801

250,801

Technology

-

1.4%

33,491

Technology

One,

Ltd.

624,912

624,912

Total

Australia

1,411,335

Canada

-

3.3%

Technology

-

3.3%

Constellation

Software,

Inc./Canada

430,549

6,883

Shopify,

Inc.

(a) 1,107,957

1,538,506

Total

Canada

1,538,506

Ireland

-

1.7%

Health

Care

-

1.7%

27,809

Alkermes

PLC

(a) 778,096

Total

Ireland

778,096

Israel

-

7.3%

Communications

-

1.9%

8,319

Wix.com,

Ltd.

(a) 864,261

864,261

Technology

-

5.4%

6,528

Check

Point

Software

Technologies,

Ltd.

(a) 1,211,336

8,733

Monday.com,

Ltd.

(a) 1,288,641

2,499,977

Total

Israel

3,364,238

Japan

-

2.1%

Communications

-

1.1%

20,556

GMO

internet

group,

Inc.

514,162

514,162

Consumer

Discretionary

-

1.0%

14,436

Sanrio

Co.,

Ltd.

453,153

453,153

Total

Japan

967,315

Netherlands

-

0.4%

Technology

-

0.4%

2,013

Topicus.com,

Inc.

(a) 186,480

Total

Netherlands

186,480

Singapore

-

2.8%

Communications

-

1.7%

6,194

Sea,

Ltd.,

ADR

(a) 790,169

790,169

Consumer

Staples

-

0.6%

123,149

Wilmar

International,

Ltd.

295,082

295,082

Technology

-

0.5%

4,865

Karooooo,

Ltd.

221,357

221,357

Total

Singapore

1,306,608

Sweden

-

4.3%

Communciations

-

0.5%

21,460

Asmodee

Group

AB,

Class

B

(a) 246,942

246,942

Consumer

Discretionary

-

0.6%

4,269

Evolution

AB

(b) 292,034

292,034

Shares

Security

Description

Value

Technology

-

3.2%

21,460

Coffee

Stain

Group

AB

(a) $

53,962

21,460

Embracer

Group

AB

(a) 141,443

2,191

Spotify

Technology

SA

(a) 1,272,336

1,467,741

Total

Sweden

2,006,717

Thailand

-

1.4%

Industrial

-

1.4%

1,463

Fabrinet

(a) 666,075

Total

Thailand

666,075

United

Kingdom

-

1.0%

Consumer

Discretionary

-

1.0%

16,651

Klarna

Group

PLC

(a) 481,380

Total

United

Kingdom

481,380

United

States

-

61.7%

Communications

-

11.4%

7,247

Alphabet,

Inc.,

Class A

2,268,311

2,234

AppLovin

Corp.,

Class

A

(a) 1,505,314

12,384

Maplebear,

Inc.

(a) 557,032

1,449

Meta

Platforms,

Inc.,

Class A

956,470

5,287,127

Consumer

Discretionary

-

3.1%

2,621

Airbnb,

Inc.,

Class

A

(a) 355,722

2,635

Amazon.com,

Inc.

(a) 608,211

13,894

DraftKings,

Inc.

(a) 478,787

1,442,720

Energy

-

1.1%

3,046

Valero

Energy

Corp.

495,858

495,858

Financials

-

7.5%

2,414

Coinbase

Global,

Inc.

(a) 545,902

14,841

Interactive

Brokers

Group,

Inc.

954,425

8,381

Robinhood

Markets,

Inc.,

Class

A

(a) 947,891

28,877

Toast,

Inc.,

Class

A

(a) 1,025,422

3,473,640

Health

Care

-

5.0%

2,920

Medpace

Holdings,

Inc.

(a) 1,640,018

2,806

ResMed,

Inc.

675,881

2,315,899

Industrial

-

4.2%

2,847

Clean

Harbors,

Inc.

(a) 667,565

18,680

Rocket

Lab

Corp.

(a) 1,303,117

1,970,682

Materials

-

3.3%

15,262

Newmont

Corp.

1,523,911

1,523,911

Technology

-

24.4%

8,083

Affirm

Holdings,

Inc.

(a) 601,618

5,911

Arista

Networks,

Inc.

(a) 774,518

1,395

Corpay,

Inc.

(a) 419,797

3,856

MongoDB,

Inc.

(a) 1,618,325

15,587

NVIDIA

Corp.

2,906,976

2,451

Oracle

Corp.

477,724

2,658

Palo

Alto

Networks,

Inc.

(a) 489,604

12,364

Pegasystems,

Inc.

738,378

2,570

Salesforce,

Inc.

680,819

6,251

Super

Micro

Computer,

Inc.

(a) 182,967

1,188

Synopsys,

Inc.

(a) 558,027

45,737

UiPath,

Inc.,

Class

A

(a) 749,629

2,409

Veeva

Systems,

Inc.,

Class A

(a) 537,761

2,203

Zscaler,

Inc.

(a) 495,499

11,231,642

ERShares

Global

Entrepreneurs

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

December

31,

2025

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Shares

Security

Description

Value

Utilities

-

1.7%

4,997

Vistra

Corp.

$

806,166

Total

United

States

28,547,645

Uruguay

-

2.1%

Consumer

Discretionary

-

2.1%

MercadoLibre,

Inc.

(a) 960,802

Total

Uruguay

960,802

Total

Common

Stock

(Cost

$31,875,977)

42,215,197

Partnership

Shares

-

1.8%

United

States

-

1.8%

27,103

FIKA

Holdings

SPV

QP,

LP

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

833,546

Total

Partnership

Shares

(Cost

$1,020,000)

833,546

Money

Market

Fund

-

7.0%

3,253,307

Fidelity

Investments

Money

Market

Treasury

Only

Portfolio,

Class

I,

3.66%

(g) 3,253,307

Total

Money

Market

Fund

(Cost

$3,253,307)

3,253,307

Investments,

at

value

-

100.0%

(Cost

$36,149,284)

$

46,302,050

Other

Assets

&

Liabilities,

Net

–

(0.0)%

(6,720)

Net

Assets

-

100.0%

$

46,295,330

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

$292,034

or

0.6%

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

$833,546

or

1.8%

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

December

31,

2025. ERShares

Global

Entrepreneurs

STATEMENT

OF

ASSETS

AND

LIABILITIES

(UNAUDITED)

December

31,

2025

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

ASSETS

Investments,

at

value

(cost

$36,149,284)

$

46,302,050

Cash

5,502

Receivables:

Dividends

and

interest

receivable

21,987

Prepaid

expenses

8,564

Total

Assets

46,338,103

LIABILITIES

Accrued

Liabilities:

Investment

Advisor

fees

21,402

Trustees'

fees

and

expenses

2,843

Other

expenses

18,528

Total

Liabilities

42,773

NET

ASSETS

$

46,295,330

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

48,934,398

Distributable

earnings

(2,639,068)

NET

ASSETS

$

46,295,330

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

2,338,433

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

$

19.80 ERShares

Global

Entrepreneurs

STATEMENT

OF

OPERATIONS

(UNAUDITED)

For

the

Six

Months

Ended

December

31,

2025

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$(5,156))

$

91,562

Securities

lending

7,708

Total

Investment

Income

99,270

EXPENSES

Investment

Advisor

fees

211,394

Fund

services

fees

37,711

Custodian

fees

6,414

Registration

fees

8,602

Professional

fees

10,673

Trustees'

fees

and

expenses

2,671

Other

expenses

20,581

Total

Expenses

298,046

Fees

waived

(65,296)

Net

Expenses

232,750

NET

INVESTMENT

LOSS

(133,480)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

on:

Investments

3,369,594

Foreign

currency

transactions

(695) Net

realized

gain

3,368,899

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

(1,317,731)

Foreign

currency

translations

(40) Net

change

in

unrealized

appreciation

(depreciation)

(1,317,771)

NET

REALIZED

AND

UNREALIZED

GAIN

2,051,128

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

1,917,648

ERShares

Global

Entrepreneurs

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

(UNAUDITED)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

OPERATIONS

Net

investment

income

(loss)

$

(133,480)

$

33,711

Net

realized

gain

3,368,899

7,765,987

Net

change

in

unrealized

appreciation

(depreciation)

(1,317,771)

5,189,170

Increase

in

Net

Assets

Resulting

from

Operations

1,917,648

12,988,868

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

(19,873)

(251,881)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

180,622

73,018

Reinvestment

of

distributions

19,796

251,046

Redemption

of

shares:

(188,663)

(4,116,987)

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

11,755

(3,792,923)

Increase

in

Net

Assets

1,909,530

8,944,064

NET

ASSETS

Beginning

of

Period

$

44,385,800

$

35,441,736

End

of

Period

$

46,295,330

$

44,385,800

SHARE

TRANSACTIONS

Sale

of

shares

9,195

4,279

Reinvestment

of

distributions

992

15,114

Redemption

of

shares

(9,519)

(232,949)

Increase

(Decrease)

in

Shares

668

(213,556)

ERShares

Global

Entrepreneurs

FINANCIAL

HIGHLIGHTS

-

INSTITUTIONAL

CLASS

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

Selected

Per

Share

Data:

NET

ASSET

VALUE,

Beginning

of

Period

$

18.99 $

13.89 $

11.49 $

10.19 $

21.82 $

16.82 INVESTMENT

OPERATIONS

Net

investment

income

(loss)(a)

(0.06)

0.01 (0.01)

0.02 (0.10)

(0.14)

Net

realized

and

unrealized

gain

(loss)

0.88 5.19 2.42 1.28 (7.22)

7.32 Total

from

Investment

Operations

0.82 5.20 2.41 1.30 (7.32)

7.18 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.01)

(0.10)

(0.01)

–

(0.15)

–

Net

realized

gain

–

–

–

–

(4.16)

(2.18)

Total

Distributions

to

Shareholders

(0.01)

(0.10)

(0.01)

–

(4.31)

(2.18)

PAID

IN

CAPITAL

FROM

REDEMPTION

FEES(a)

–

–

–

–

–

–(b)

NET

ASSET

VALUE,

End

of

Period

$

19.80 $

18.99 $

13.89 $

11.49 $

10.19 $

21.82 TOTAL

RETURN(c)

4.31%(d)

37.53%

20.97%

12.76%

(39.05)%

42.63%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

46,295

$

44,386

$

35,442

$

50,026

$

45,168

$

121,627

Ratios

of

Expenses

to

Average

Net

Assets:

Before

fees

waived/recouped

1.25%(e)

1.30%

1.15%

1.17%

1.37%

1.44%

After

fees

waived/recouped

0.98%(e)

0.98%

0.98%

0.98%

1.29%

1.44%

Ratios

of

Net

Investment

Income

to

Average

Net

Assets:

Before

fees

waived/recouped

(0.42)%(e)

(0.23)%

(0.28)%

(0.03)%

(0.70)%

(0.67)%

After

fees

waived/recouped

(0.28)%(e)

0.09%

(0.11)%

0.16%

(0.63)%

(0.67)%

PORTFOLIO

TURNOVER

RATE

22%(d)

82%

208%

94%

265%

477%(f)

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Rounds

to

less

than

$0.005

per

share.

(c) Total

returns

would

have

been

lower/higher

had

certain

expenses

not

been

waived/recovered

by

the

advisor

(see

Note

3).

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

(d) Not

annualized.

(e) Annualized.

(f) The

Fund

has

experienced

an

unusual

interest

rate

environment

combined

with

volatile

markets

resulting

from

inflationary

concerns.

These

two

factors

posed

potential

adverse

effects

to

the

Fund.

Thus,

the

portfolio

manager

engaged

in

temporary

defensive

positions

as

well

as

positioned

the

Fund

to

take

the

best

advantage

of

the

environment

it

was

facing.

These

two

actions,

combined

with

a

reversion

of

the

defensive

positions,

resulted

in

an

increased

turnover

for

the

Fund.

ERShares

Global

Entrepreneurs

NOTES

TO

FINANCIAL

STATEMENTS

(UNAUDITED)

DECEMBER

31,

2025

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

FINANCIAL

STATEMENTS

(UNAUDITED)

DECEMBER

31,

2025

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

FINANCIAL

STATEMENTS

(UNAUDITED)

DECEMBER

31,

2025

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

December

31,

2025. 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

December

31,

2025:

The

following

is

a

summary

of

quantitative

information

about

significant

unobservable

valuation

inputs

for

Level

Fair

Value

Measurements

for

investments

held

as

of

December

31,

2025:

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

$

42,215,197

$

–

$

–

$

42,215,197

Partnership

Interests

–

–

833

,

546

833

,

546

Money

Market

Fund

3,253,307

–

–

3,253,307

Investments

at

Value

$

,

,

504

$

–

$

833

,

546

$

,

,

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

(146,454)

Balance

as

of

December

31,

2025

$

833,546

Net

change

in

unrealized

appreciation/depreciation

for

the

period

ended

December

31,

2025

related

to

Level

investments

held

at

December

31,

2025

$

(166,454)

Level

Investment

Fair

Value

Valuation

Technique

Unobservable

Input

Range

(Weighted

Average)

Impact

to

Valuation

from

an

Increase

in

Input

FIKA

Holdings

SPV

QP,

LP

$

833,546

Adjusted

Reported

NAV

Reported

NAV

N/A

Increase

Total

$

833,546

ERShares

Global

Entrepreneurs

NOTES

TO

FINANCIAL

STATEMENTS

(UNAUDITED)

DECEMBER

31,

2025

Use

of

Estimates

and

Indemnifications

The

preparation

of

the

financial

statements

in

conformity

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

these

financial

statements.

Actual

results

could

differ

from

those

estimates.

In

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Fund,

enters

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

Trust

has

not

had

claims

or

losses

pursuant

to

these

contracts

and

the

Trust

expects

any

risk

of

loss

to

be

remote.

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

each

year

as

a

"regulated

investment

company"

under

Sub-chapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended.

If

so

qualified,

the

Fund

will

not

be

subject

to

federal

income

tax

to

the

extent

it

distributes

substantially

all

of

its

net

investment

income

and

net

realized

gains

to

shareholders.

In

addition,

by

distributing

in

each

calendar

year

substantially

all

of

its

net

investment

income

and

capital

gains,

if

any,

the

Fund

will

not

be

subject

to

a

federal

excise

tax.

Therefore,

no

federal

income

or

exercise

tax

provision

is

required.

The

Fund

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

the

Fund

did

not

have

any

tax

positions

that

did

not

meet

the

"more-likely-than-not"

threshold

of

being

sustained

by

the

applicable

tax

authority

for

the

fiscal

year

ended

June

30,

2025. The

Fund

would

recognize

interest

and

penalties,

if

any,

related

to

uncertain

tax

benefits

in

the

Statement

of

Operations.

During

the

fiscal

year

ended

June

30,

2025,

the

Fund

did

not

incur

any

interest

or

penalties.

Tax

returns

filed

within

the

prior

three

years

remain

subject

to

examination

by

federal

and

state

tax

authorities.

Distribution

to

Shareholders

The

Fund

intends

to

continue

to

distribute

to

their

shareholders

any

net

investment

income

and

any

net

realized

long

or

short-

term

capital

gains,

if

any,

at

least

annually.

Distributions

are

recorded

on

the

ex-dividend

date.

The

Fund

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

as

a

result

of

the

characterization

of

certain

income

and

realized

gains

determined

annually

in

accordance

with

federal

tax

regulations

that

may

differ

from

U.S.

GAAP.

Allocation

of

Expenses

Expenses

incurred

by

the

Trust

that

do

not

relate

to

a

specific

fund

of

the

Trust

are

allocated

to

the

individual

funds

by

or

under

the

direction

of

the

Board

in

such

a

manner

as

the

Board

determine

to

be

fair

and

equitable.

Foreign

Currency

Transactions

The

Fund's

books

and

records

are

maintained

in

U.S.

dollars.

Foreign

currency

denominated

transactions

(i.e.,

fair

value

of

investment

securities,

assets

and

liabilities,

purchases

and

sales

of

investment

securities

and

income

and

expenses)

are

translated

into

U.S.

dollars

at

the

current

rate

of

exchange

on

the

date

of

valuation.

Purchases

and

sales

of

securities

and

income

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

fluctuations

are

included

in

net

realized

and

unrealized

gain

or

(loss)

on

investments

in

the

Statement

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

(losses)

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest

and

foreign

taxes

withheld,

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Security

Description

Acquisition

Date

Cost

Value

%

of

Net

Assets

FIKA

Holdings

SPV

QP,

LP

December

13,

2024

$

1,020,000

$

833

,

546

1.8%

$

,0

0,000

$

833

,

546

1.8%

ERShares

Global

Entrepreneurs

NOTES

TO

FINANCIAL

STATEMENTS

(UNAUDITED)

DECEMBER

31,

2025

Net

unrealized

foreign

exchange

gains

(losses)

arise

from

the

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

Investment

Transactions

and

Investment

Income

Throughout

the

reporting

period,

security

transactions

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

security

transactions

are

accounted

for

on

trade

date

on

the

last

business

day

of

the

reporting

period.

The

specific

identification

method

is

used

for

determining

gains

or

losses

for

financial

statements

and

income

tax

purposes.

Dividend

income,

less

any

foreign

tax

withheld,

is

recognized

on

the

ex-dividend

date

and

interest

income

is

recognized

on

an

accrual

basis,

including

amortization/accretion

of

premiums

or

discounts.

Securities

Lending

The

Fund

may

lend

portfolio

securities

constituting

up

to

33-1/3%

of

its

total

assets

(as

permitted

by

the

1940

Act)

to

unaffiliated

broker-dealers,

banks

or

other

recognized

institutional

borrowers

of

securities,

provided

that

the

borrower

at

all

times

maintains

cash,

U.S.

government

securities

or

equivalent

collateral

or

provides

an

irrevocable

letter

of

credit

in

favor

of

the

Fund

equal

in

value

to

at

least

102%

of

the

value

of

loaned

domestic

securities

and

105%

of

the

value

of

loaned

foreign

securities

on

a

daily

basis.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

pays

the

lending

Fund

an

amount

equivalent

to

any

dividends

or

interest

paid

on

such

securities,

and

such

Fund

may

receive

an

agreed-upon

amount

of

interest

income

from

the

borrower

who

delivered

equivalent

collateral

or

provided

a

letter

of

credit.

Loans

are

subject

to

termination

at

the

option

of

a

Fund

or

the

borrower.

The

Fund

may

pay

reasonable

administrative

and

custodial

fees

in

connection

with

a

loan

of

portfolio

securities

and

may

pay

a

negotiated

portion

of

the

interest

earned

on

the

cash

or

equivalent

collateral

to

the

borrower

or

placing

broker.

The

Fund

does

not

have

the

right

to

vote

securities

on

loan

but

could

terminate

the

loan

and

regain

the

right

to

vote

if

that

were

considered

important

with

respect

to

the

investment.

The

primary

risk

in

securities

lending

is

a

default

by

the

borrower

during

a

sharp

rise

in

price

of

the

borrowed

security

resulting

in

a

deficiency

in

the

collateral

posted

by

the

borrower.

The

Fund

will

seek

to

minimize

this

risk

by

requiring

that

the

value

of

the

securities

loaned

be

computed

each

day

and

additional

collateral

be

furnished

each

day

if

required.

Disclosures

about

Offsetting

Assets

and

Liabilities

The

Fund

is

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

its

financial

statements

to

understand

the

effect

of

those

arrangements

on

its

financial

position.

The

guidance

requires

retrospective

application

for

all

comparative

periods

presented.

Management

has

evaluated

the

impact

on

the

financial

statement

disclosures

and

determined

that

there

is

no

effect.

As

there

are

no

master

netting

arrangements

relating

to

the

Fund's

participation

in

securities

lending,

and

all

amounts

related

to

securities

lending

are

presented

gross

on

the

Fund's

Statement

of

Assets

and

Liabilities,

no

additional

disclosures

have

been

made

on

behalf

of

the

Fund.

Please

refer

to

the

Securities

Lending

Note

for

additional

disclosures

related

to

securities

lending,

including

collateral

related

to

securities

on

loan.

3. AGREEMENTS

Investment

Advisory

Agreement

The

Advisor,

a

related

party

of

the

Fund,

oversees

the

performance

of

the

Fund

and

is

responsible

for

overseeing

the

management

of

the

investment

portfolio

of

the

Fund.

These

services

are

provided

under

the

terms

of

an

investment

advisory

agreement

between

the

Trust

and

the

Advisor,

pursuant

to

which

the

Advisor

receives

an

annual

advisory

fee

equal

to

0.89%.

Through

November

1,

2026,

the

Advisor

has

agreed

to

waive

and/or

reimburse

the

Fund

for

its

advisory

fee,

and

to

the

extent

necessary,

bear

other

expenses,

to

limit

the

total

annualized

expenses

(excluding

portfolio

transaction

and

other

investment-related

costs

(including

brokerage

fees

and

commissions);

taxes;

borrowing

costs

(such

as

interest

and

dividend

expenses

on

securities

sold

short);

acquired

fund

fees

and

expenses;

fees

and

expenses

associated

with

investments

in

other

collective

investment

vehicles

or

derivative

instruments

(including

for

example

option

and

swap

fees

and

expenses);

expenses

incurred

in

connection

with

any

merger

or

reorganization;

extraordinary

expenses

(such

as

litigation

expenses,

indemnification

of

Trust

officers

and

Trustees

and

contractual

indemnification

of

Fund

service

ERShares

Global

Entrepreneurs

NOTES

TO

FINANCIAL

STATEMENTS

(UNAUDITED)

DECEMBER

31,

2025

providers);

and

other

expenses

that

the

Trustees

agree

have

not

been

incurred

in

the

ordinary

course

of

the

Fund's

business

of

the

Institutional

Class

shares

of

the

Fund

to

the

amounts

of

0.98%

per

annum

of

net

assets

attributable

to

such

shares

of

the

Fund.

The

Advisor

shall

be

permitted

to

recover

expenses

it

has

borne

subsequent

to

the

effective

date

of

this

agreement

(whether

through

reduction

of

its

advisory

fee

or

otherwise)

in

later

periods

to

the

extent

that

the

Fund's

expenses

fall

below

the

annual

rates

set

forth

above,

given

that

such

a

rate

is

not

greater

than

the

rate

that

was

in

place

at

the

time

of

the

waiver,

provided,

however,

that

the

Fund

is

not

obligated

to

pay

any

such

reimbursed

fees

more

than

three

years

after

the

expense

was

incurred

by

the

Advisor.

Sub-Advisory

services

are

provided

to

the

Fund,

pursuant

to

an

agreement

between

the

Advisor

and

Sub-Advisor.

Under

the

terms

of

this

sub-advisory

agreement,

the

Advisor,

not

the

Fund,

compensates

the

Sub-Advisor

based

on

the

Fund's

average

net

assets.

Certain

officers

of

the

Advisor

are

also

officers

of

the

Sub-Advisor.

Dr.

Shulman

is

a

majority

owner

of

both

the

Advisor

and

the

Sub-Advisor.

Other

service

providers

have

voluntarily

agreed

to

waive

a

portion

of

their

fees.

Other

waivers

are

not

eligible

for

recoupment.

For

the

period

ended

December

31,

2025,

fees

waived

and

expenses

reimbursed

were

as

follows:

Each

waiver/expense

payment

by

the

Advisor

is

subject

to

recoupment

by

the

Advisor

from

the

Fund

in

the

three

years

following

the

date

the

particular

waiver/expense

payment

occurred,

but

only

if

such

recoupment

can

be

achieved

without

exceeding

the

annual

expense

limitation

in

effect

at

the

time

of

the

waiver/expense

payment

and

any

expense

limitation

in

effect

at

the

time

of

the

recoupment.

The

amounts

subject

to

repayment

by

the

Fund,

pursuant

to

the

aforementioned

conditions

are

as

follows:

Other

Service

Providers

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

to

the

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

and

administration

fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

the

Fund

pays

Apex

customary

fees

for

its

services.

Apex

provides

a

Chief

Compliance

Officer

to

the

Fund,

as

well

as

certain

additional

compliance

support

functions

4. INCOME

TAXES

The

Fund

plans

to

distribute

substantially

all

of

the

net

investment

income

and

net

realized

gains

that

it

has

realized

on

the

sale

of

securities.

These

income

and

gains

distributions

will

generally

be

paid

once

each

year,

on

or

before

December

31. The

character

of

distributions

made

during

the

year

for

financial

reporting

purposes

may

differ

from

the

characterization

for

federal

income

tax

purposes

due

to

differences

in

the

recognition

of

income,

expense

or

gain

items

for

financial

reporting

and

tax

reporting

purposes.

The

tax

character

of

distributions

paid

for

the

fiscal

years

ended

June

30,

2025

and

June

30,

2024

were

as

follows:

Investment

Advisor

Fees

Waived

Other

Waivers

Total

$

64,469

$

827

$

65,296

Recoverable

Through

June

30,

2026

$

86,600

June

30,

2027

86,186

June

30,

2028

124,202

June

30,

2029

64,469

2025

2024

Distributions

paid

from:

Ordinary

income

(a) $

251,881

$

37,447

Total

distributions

paid

$

251,881

$

37,447

(a) Short-term

capital

gain

distributions

are

treated

as

ordinary

income

for

tax

purposes.

ERShares

Global

Entrepreneurs

NOTES

TO

FINANCIAL

STATEMENTS

(UNAUDITED)

DECEMBER

31,

2025

The

Fund

designates

long-term

capital

gain

dividends,

pursuant

to

Internal

Revenue

Code

Section

852(b)(3),

the

amount

necessary

to

reduce

the

earnings

and

profits

for

the

Fund

related

to

net

capital

gains

to

zero

for

the

tax

year

ended

June

30,

2025. Additionally,

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

reclassified

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

the

NAV

per

share.

At

December

31,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes

and

the

components

of

net

unrealized

appreciation

(depreciation)

were

as

follows:

At

June

30,

2025,

the

components

of

accumulated

earnings

(deficit)

on

a

tax

basis

were

as

follows:

As

of

June

30,

2025,

the

Fund

had

short-term

and

long-term

capital

loss

carryforwards

available

to

offset

future

gains,

not

subject

to

expiration,

in

the

amount

of

$10,885,806

and

$4,452,681,

respectively.

During

the

fiscal

year

ended

June

30,

2025,

the

Fund

utilized

$5,830,887

and

$1,509,135

of

available

short-term

and

long-term

capital

loss

carryforwards,

respectively.

The

Fund

adopted

the

FASB

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09")

during

the

period

ended

December

31,

2025. Adoption

of

the

new

standard

by

the

Fund

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

results

of

operations.

5. RELATED

PARTIES

At

December

31,

2025,

certain

officers

of

the

Trust

were

also

employees

of

the

Advisor.

However,

these

officers

were

not

compensated

directly

by

the

Fund.

Refer

to

Note

for

more

information.

6. BENEFICIAL

OWNERSHIP

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

a

presumption

of

control

of

a

fund,

under

Section

2(a)(9)

of

the

1940

Act.

As

of

December

31,

2025,

for

the

benefit

of

its

shareholders,

MAC

&

Co.,

an

affiliate

of

the

Fund,

held

92.63%

of

the

total

Fund

shares

outstanding.

7. INVESTMENT

TRANSACTIONS

For

the

period

ended

December

31,

2025,

purchases

and

sales

of

investment

securities,

other

than

short-term

investments,

were

$9,888,203

and

$11,720,835,

respectively.

There

were

no

purchases

or

sales

of

long-term

U.S.

government

obligations

during

the

period

ended

December

31,

2025. 8. REDEMPTION

FEES

The

Fund

imposes

a

redemption

fee

equal

to

2%

of

the

dollar

value

of

the

shares

redeemed

within

five

business

days

of

the

date

of

purchase.

The

redemption

fee

does

not

apply

to

shares

purchased

through

reinvested

distributions

(dividends

and

capital

gains)

or

through

the

automatic

investment

plan,

shares

held

in

retirement

plans

(if

the

plans

request

a

waiver

of

the

fee),

or

shares

redeemed

through

designated

systematic

withdrawal

plans.

Gross

Unrealized

Appreciation

$

13,476,271

Gross

Unrealized

Depreciation

(3,323,505)

Net

Unrealized

Appreciation

$

10,152,766

Undistributed

Ordinary

Income

$

19,853

Capital

and

Other

Losses

(15,838,487)

Net

Unrealized

Appreciation

10,781,791

Total

$

(4,536,843)

ERShares

Global

Entrepreneurs

NOTES

TO

FINANCIAL

STATEMENTS

(UNAUDITED)

DECEMBER

31,

2025

9. SECTOR

RISK

If

the

Fund

has

significant

investments

in

the

securities

of

issuers

within

a

particular

sector,

any

development

affecting

that

sector

will

have

a

greater

impact

on

the

value

of

the

net

assets

of

the

Fund

than

would

be

the

case

if

the

Fund

did

not

have

significant

investments

in

that

sector.

In

addition,

this

may

increase

the

risk

of

loss

in

the

Fund

and

increase

the

volatility

of

the

Fund's

NAV

per

share.

For

instance,

economic

or

market

factors,

regulatory

changes

or

other

developments

may

negatively

impact

all

companies

in

a

particular

sector,

and

therefore

the

value

of

the

Fund's

portfolio

will

be

adversely

affected.

As

of

December

31,

2025,

the

Fund

had

38.6%

of

the

value

of

its

net

assets

invested

in

stocks

within

the

Technology

sector.

10. PRIVATELY

OFFERED

SECURITY

RISK

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-traded

securities,

and

may

be

subject

to

significant

brokerage

commissions.

To

the

extent

the

Fund

acquires

privately-offered

securities

through

a

special-purpose

vehicle

("SPV"),

the

Fund

may

also

be

subject

to

management

and

performance

fees

of

the

SPV.

11. FOREIGN

SECURITIES

RISK

The

Fund

generally

invests

a

significant

portion

of

its

total

assets

in

securities

principally

traded

in

markets

outside

the

U.S.

The

foreign

markets

in

which

the

Fund

invests

in

are

sometimes

open

on

days

when

the

NYSE

is

not

open

and

the

Fund

does

not

calculate

its

NAV,

and

sometimes

are

not

open

on

days

when

the

NYSE

is

open

and

the

Fund

does

calculate

its

NAV.

Even

on

days

on

which

both

the

foreign

market

and

the

NYSE

are

open,

several

hours

may

pass

between

the

time

when

trading

in

the

foreign

market

closes

and

the

time

at

which

the

Fund

calculates

its

NAV.

That

is

generally

the

case

for

markets

in

Europe,

Asia,

Australia

and

other

far

eastern

markets;

the

regular

closing

time

of

foreign

markets

in

North

and

South

America

is

generally

the

same

as

the

closing

time

of

the

NYSE

and

the

time

at

which

the

Fund

calculate

its

NAV.

Foreign

stocks,

as

an

asset

class,

may

underperform

U.S.

stocks,

and

foreign

stocks

may

be

more

volatile

than

U.S.

stocks.

Risks

relating

to

investment

in

foreign

securities

(including,

but

not

limited

to,

depository

receipts

and

participation

certificates)

include:

currency

exchange

rate

fluctuation;

less

available

public

information

about

the

issuers

of

securities;

less

stringent

regulatory

standards;

lack

of

uniform

accounting,

auditing

and

financial

reporting

standards;

and

country

risk

including

less

liquidity,

high

inflation

rates,

unfavorable

economic

practices

and

political

instability.

The

risks

of

foreign

investments

are

typically

greater

in

emerging

and

less

developed

markets.

12. SUBSEQUENT

EVENTS

EVALUATION

Management

of

the

Fund

has

evaluated

the

need

for

disclosures

and/or

adjustments

resulting

from

subsequent

events

through

the

date

at

which

these

financial

statements

were

issued.

Based

upon

this

evaluation,

management

has

determined

there

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

ERShares

Global

Entrepreneurs

OTHER

INFORMATION

(UNAUDITED)

DECEMBER

31,

2025

Change

in

and

Disagreements

with

Accountants

(Item

of

Form

N-CSR)

Not

applicable.

Proxy

Disclosure

(Item

of

Form

N-CSR)

Not

applicable.

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7a.

Statement

Regarding

the

Basis

for

the

Board's

Approval

of

Investment

Advisory

Contract

(Item

of

Form

N-CSR)

Investment

Advisory

Agreement

Approval

At

the

September

9,

2025

Board

Meeting,

the

Board

of

Trustees

("Board")

of

EntrepreneurShares

Series

Trust

("Trust"),

including

the

Independent

Trustees,

considered

the

approval

of

the

continuance

of

the

Investment

Advisory

Agreement

between

Seaport

Global

Advisors,

LLC

("Seaport")

and

the

Trust,

on

behalf

of

the

Fund

(the

"Seaport

Advisory

Agreement").

The

Board

also

considered

the

proposed

continuance

of

the

Investment

Sub-Advisory

Agreement

between

Seaport

and

EntrepreneurShares,

LLC

("Subadviser"

and,

together

with

Seaport,

the

"Advisers"),

in

respect

of

the

Global

Fund

(the

"Sub-Advisory

Agreement",

and

together

with

the

Seaport

Advisory

Agreement,

the

"Advisory

Agreements",

and

each

an

"Advisory

Agreement").

In

preparation

for

its

deliberations,

the

Board

requested

written

responses

from

the

Advisers

to

a

due

diligence

questionnaire

circulated

on

the

Board's

behalf

concerning

the

services

provided

by

each

firm.

The

Board

also

discussed

the

materials

with

Fund

and

Independent

Trustee

counsel

and,

as

necessary,

with

the

Trust's

administrator.

During

its

deliberations,

the

Board

received

an

oral

presentation

from

senior

representatives

of

the

Advisers

and

was

advised

by

Independent

Trustee

counsel.

At

the

meeting,

the

Board

reviewed,

among

other

matters:

(i) the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

the

Advisers,

including

information

on

the

investment

performance

of

the

Fund;

(ii) the

costs

of

the

services

provided

and

profitability

to

Seaport

with

respect

to

its

relationship

with

the

Fund;

(iii) information

concerning

the

advisory

fee

and

total

expense

ratio

of

the

Fund,

including

a

comparison

to

the

fees

and

expenses

of

a

relevant

peer

group

of

funds;

(iv) the

extent

to

which

economies

of

scale

may

be

realized

as

the

Fund

grows

and

whether

the

advisory

fee

enables

investors

to

share

in

the

benefits

of

economies

of

scale;

and

(v) other

benefits

received

by

Seaport

from

its

relationship

with

the

Fund.

The

Board

recognized

that

the

evaluation

process

with

respect

to

the

Advisers

was

an

ongoing

one

and,

in

this

regard,

the

Board

considered

information

provided

by

each

firm

at

regularly

scheduled

meetings

during

the

past

year.

Nature,

Extent

and

Quality

of

Services

Based

on

written

materials

received,

a

presentation

from

senior

representatives

of

the

Advisers,

and

a

discussion

about

each

firm's

personnel,

operations

and

financial

condition,

the

Board

considered

the

quality

of

services

provided

under

the

Advisory

Agreements.

In

this

regard,

the

Board

considered

information

regarding

the

experience,

qualifications

and

professional

background

of

the

portfolio

managers

and

other

personnel

with

principal

responsibility

for

the

Fund,

as

well

as

the

investment

philosophy

and

decision-making

processes

of

the

Advisers,

and

the

capability

and

integrity

of

each

firm's

senior

management

and

staff.

The

Board

considered

also

the

adequacy

of

each

firm's

resources.

The

Board

noted

each

firm's

representation

that

the

firm

is

in

stable

financial

condition,

that

Seaport

is

able

to

meet

its

expense

reimbursement

obligations

to

the

Fund,

and

that

the

firms

have

the

operational

capability

and

necessary

staffing

and

experience

to

continue

providing

high-quality

investment

advisory

services

to

the

Fund.

Based

on

the

presentation

and

the

materials

provided

by

the

Advisers

in

connection

with

the

Board's

consideration

of

the

renewal

of

the

Advisory

Agreements,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreements.

ERShares

Global

Entrepreneurs

OTHER

INFORMATION

(UNAUDITED)

DECEMBER

31,

2025

Performance

In

connection

with

a

presentation

by

the

Advisers

regarding

their

approach

to

managing

the

Fund,

the

Board

reviewed

the

performance

of

the

Fund

compared

to

its

benchmark

and

to

a

peer

group

of

funds.

The

Board

considered

that

the

Fund

outperformed

its

primary

benchmark

index,

the

MSCI

World

Index,

for

each

of

the

one-

and

three-year

periods

ended

June

30,

2025,

and

underperformed

the

primary

benchmark

for

the

five-year

period

ended

June

30,

2025,

and

for

the

period

since

the

Fund's

inception

on

November

11,

2010. The

Board

also

considered

the

Fund's

performance

relative

to

a

peer

group

of

funds

in

the

Morningstar

World

Large

Cap

Growth

category

with

characteristics

similar

to

those

of

the

Fund.

The

Board

observed

that,

based

on

the

information

from

Morningstar,

the

Fund

outperformed

the

average

of

its

Morningstar

peer

group

for

the

one-,

three-,

and

10-year

periods

ended

June

30,

2025,

and

underperformed

the

average

of

the

Morningstar

peer

group

for

the

five-year

period

ended

June

30,

2025. The

Board

noted

that

the

Fund

significantly

outperformed

the

index

and

peers

during

the

one-year

period

ended

June

30,

2025,

and

was

among

the

best

performing

funds

in

the

industry

during

that

time.

The

Board

considered

the

Adviser's

representation

that

the

relative

performance

over

the

one-

and

three-year

periods

for

the

Fund

could

be

attributed,

in

part,

to

stock

selection

within

certain

sectors.

The

Board

also

considered

the

Adviser's

representation

that

the

Fund

is

designed

to

provide

long-term

capital

appreciation,

and

that

the

Fund

continued

to

show

the

ability

to

achieve

this

objective

over

the

long

term.

In

consideration

of

the

Fund's

investment

objectives

and

strategies

and

the

foregoing

performance

information,

among

other

considerations,

the

Board

determined

that

the

Fund

could

benefit

from

the

Adviser's

continued

management

of

the

Fund.

Compensation

The

Board

evaluated

the

compensation

of

Seaport

for

providing

advisory

services

to

the

Fund

and

analyzed

comparative

information

on

actual

advisory

fee

rates

and

actual

total

expenses

of

the

Fund's

Morningstar

peer

group.

The

Board

noted

that,

although

the

net

advisory

fee

rate

for

the

Fund

was

higher

than

the

median

of

its

Morningstar

peers,

the

Fund's

net

expense

ratio

was

significantly

lower

than

the

average

of

the

Morningstar

peers.

The

Board

also

noted

that

Seaport

had

in

place

a

contractual

expense

waiver

for

the

Fund,

pursuant

to

which

Seaport

continued

to

waive

a

portion

of

its

investment

advisory

fees

in

order

to

subsidize

the

Fund's

expenses,

and

that

Seaport

pays

the

Subadviser

out

of

its

advisory

fee.

Based

on

the

foregoing

and

other

relevant

factors,

the

Board

concluded

that

the

current

advisory

fee

rate

charged

to

the

Fund

was

reasonable.

Cost

of

Services

and

Profitability

The

Board

considered

information

provided

by

the

Advisers

regarding

the

costs

of

services

and

profitability

with

respect

to

the

Fund.

In

this

regard,

the

Board

considered

the

Advisers'

operating

expenses

and

other

resources

devoted

to

the

Fund,

as

well

as

the

information

provided

by

Seaport

regarding

costs

and

overall

profitability.

The

Board

noted

that

Seaport

had

in

place

a

contractual

expense

waiver

to

ensure

the

expense

ratios

for

the

Fund

remained

at

competitive

levels.

The

Board

also

noted

that

Seaport

had

committed

to

extending

the

expense

cap

arrangements

for

the

Fund

for

another

one-year

period.

The

Board

further

noted

the

representations

of

Seaport

regarding

the

firm's

profitability

in

respect

of

Fund

operations,

including

that

the

Fund

represented

a

relatively

high

percentage

of

each

Adviser's

overall

administrative,

reporting,

and

compliance

expenses.

Based

on

these

and

other

applicable

considerations,

the

Board

concluded

that

Seaport's

profits

attributable

to

management

of

the

Fund

were

reasonable.

The

Board

did

not

consider

information

regarding

the

costs

of

services

provided

or

profits

realized

by

the

Subadviser

from

its

relationship

with

the

Fund,

noting

instead

that

Seaport,

and

not

the

Fund,

was

responsible

for

paying

the

subadvisory

fees

due

under

the

Investment

Subadvisory

Agreement.

Under

these

circumstances,

the

Board

concluded

that

the

Subadviser's

profitability

was

not

a

material

factor

in

determining

whether

to

approve

the

continuance

of

the

Subadvisory

Agreement.

Economies

of

Scale

The

Board

evaluated

whether

the

Fund

would

benefit

from

any

economies

of

scale.

In

this

respect,

the

Board

considered

the

Fund's

fee

structure,

asset

size,

and

net

expense

ratio,

giving

effect

to

the

Fund's

expense

waiver

agreement.

The

Board

reviewed

relevant

ERShares

Global

Entrepreneurs

OTHER

INFORMATION

(UNAUDITED)

DECEMBER

31,

2025

materials

and

discussed

whether

the

use

of

breakpoints

would

be

appropriate

at

this

time,

recognizing

that

an

analysis

of

economies

of

scale

is

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund's

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

Given

the

current

assets

of

the

Fund,

and

the

Advisers'

representations

that

the

level

of

the

Fund's

assets

had

not

provided

meaningful

economies

of

scale

to

date,

among

other

relevant

considerations,

the

Board

concluded

that

any

existing

economies

of

scale

were

captured

by

the

expense

cap

structure

of

the

Fund

and

that

the

advisory

fees

for

the

Fund

remained

reasonable

in

light

of

the

current

information

provided

to

the

Board

with

respect

to

economies

of

scale.

Other

Benefits

The

Board

noted

the

Advisers'

representation

that,

aside

from

its

contractual

advisory

fees,

it

does

not

benefit

in

a

material

way

from

its

relationship

with

the

Fund.

Based

on

the

foregoing

representation,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Fund

were

not

a

material

factor

to

consider

in

approving

the

continuation

of

the

Advisory

Agreements.

Conclusion

The

Board

did

not

identify

any

single

factor

as

being

of

paramount

importance,

and

different

Trustees

may

have

given

different

weight

to

different

factors.

The

Board

reviewed

a

memorandum

from

Fund

counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

Agreements.

Based

on

its

review,

including

consideration

of

each

of

the

factors

referenced

above,

and

its

consideration

of

information

received

throughout

the

year

from

the

Advisers,

the

Board

determined,

in

the

exercise

of

its

business

judgment,

that

the

advisory

arrangements,

as

outlined

in

the

Advisory

Agreements,

were

fair

and

reasonable

in

light

of

the

services

performed

or

to

be

performed,

expenses

incurred

or

to

be

incurred

and

such

other

matters

as

the

Board

considered

relevant.

(b) Included as part of financial statements filed under Item
 7(a).

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.**

Included as part of financial statements filed under Item 7(a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of financial statements filed under Item 7(a).

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

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

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

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 16. Controls and Procedures.** 

(a) The Registrant's principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report (the "Evaluation Date") based on their evaluation of the registrant's disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).](cert302.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications pursuant to Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).](cert906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-family: "Times New Roman",serif;display: inline;">EntrepreneurShares Series Trust</span></pre>
```

---

| | |
|:---|:---|
| By | /s/ Dr. Joel M. Shulman |
|  | Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer |
| Date | February 12, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Dr. Joel M. Shulman |
|  | Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer |
| Date | February 12, 2026 |

---

## Ex-99.Cert

**Exhibit 1A**

# EntrepreneurShares Series Trust
I, Dr. Joel M. Shulman, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of EntrepreneurShares Series Trust (ERShares Global Entrepreneurs) (the "Registrant");

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

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 12, 2026 | &nbsp;&nbsp; /s/ Dr. Joel M. Shulman |
|  |  | &nbsp;&nbsp; Dr. Joel M. Shulman |
|  |  | &nbsp;&nbsp; Principal Executive Officer and Principal Financial Officer |

---

## Exhibit 99.906

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the six months ended December 31, 2025 of EntrepreneurShares Series Trust (ERShares Global Entrepreneurs) (the "Registrant").

I, Dr. Joel M Shulman, the Principal Executive Officer and Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp; the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Dated: | February 12, 2026 |
|  | /s/ Dr. Joel M. Shulman |
|  | Dr. Joel M. Shulman |
|  | Principal Executive Officer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.