# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-23-000116
**Filing Date:** 2023-3
**Character Count:** 55208
**Document Hash:** c839a11f727d709a6f21486c65559d20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-23-000116.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001592900-23-000116

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 23691770

**BUSINESS ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alpha Architect ETF Trust
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Empowered Funds ETF Trust
- **DATE OF NAME CHANGE:** 20131125

## Series and Classes Contracts Data

### Alpha Architect International Quantitative Momentum ETF (Series ID: S000046019)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000143789 | Alpha Architect International Quantitative Momentum ETF | IMOM            |

## Nport-Ex

---

| |
|:---|
| **Alpha Architect U.S. Quantitative Value ETF** |
| **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.7%** | **COMMON STOCKS - 99.7%** |  |
| **Air Freight & Logistics - 2.0%** | **Air Freight & Logistics - 2.0%** |  |
| 55289 | Hub Group, Inc. - Class A (a) | $4394923 |
| **Auto Parts & Equipment - 2.0%** | **Auto Parts & Equipment - 2.0%** |  |
| 47282 | LCI Industries | 4371221 |
| **Automobile Manufacturers - 3.7%** | **Automobile Manufacturers - 3.7%** |  |
| 53112 | Thor Industries, Inc. | 4009425 |
| 79103 | Winnebago Industries, Inc. | 4168728 |
|  |  | 8178153 |
| **Building Products - 2.0%** | **Building Products - 2.0%** |  |
| 55467 | UFP Industries, Inc. | 4395760 |
| **Coal & Consumable Fuels - 5.7%** | **Coal & Consumable Fuels - 5.7%** |  |
| 30996 | Arch Resources, Inc. | 4425919 |
| 61459 | CONSOL Energy, Inc. | 3994835 |
| 151179 | Peabody Energy Corp. (a) | 3994149 |
|  |  | 12414903 |
| **Commodity Chemicals - 4.0%** | **Commodity Chemicals - 4.0%** |  |
| 84373 | Olin Corp. | 4466707 |
| 41069 | Westlake Corp. | 4211215 |
|  |  | 8677922 |
| **Department Stores - 2.1%** | **Department Stores - 2.1%** |  |
| 14382 | Dillard's, Inc. - Class A | 4648262 |
| **Diversified Chemicals - 4.1%** | **Diversified Chemicals - 4.1%** |  |
| 142951 | Chemours Co. | 4377160 |
| 163384 | Huntsman Corp. | 4489792 |
|  |  | 8866952 |
| **Electrical Components & Equipment - 4.0%** | **Electrical Components & Equipment - 4.0%** |  |
| 37474 | Atkore, Inc. (a) | 4250301 |
| 32138 | Encore Wire Corp. | 4420903 |
|  |  | 8671204 |
| **Fertilizers & Agricultural Chemicals - 3.8%** | **Fertilizers & Agricultural Chemicals - 3.8%** |  |
| 47055 | CF Industries Holdings, Inc. | 4009086 |
| 98658 | Mosaic Co. | 4328126 |
|  |  | 8337212 |
| **Homebuilding - 7.9%** | **Homebuilding - 7.9%** |  |
| 19299 | Cavco Industries, Inc. (a) | 4366399 |
| 916 | NVR, Inc. (a) | 4225123 |
| 83334 | Skyline Champion Corp. (a) | 4292534 |
| 141010 | Taylor Morrison Home Corp. (a) | 4279653 |
|  |  | 17163709 |
| **Human Resource & Employment Services - 2.0%** | **Human Resource & Employment Services - 2.0%** |  |
| 87433 | Korn Ferry | 4425858 |
| **Integrated Oil & Gas - 2.0%** | **Integrated Oil & Gas - 2.0%** |  |
| 69452 | Occidental Petroleum Corp. | 4374781 |

---

---

| |
|:---|
| **Alpha Architect U.S. Quantitative Value ETF** |
| **Schedule of Investments (Continued)** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Marine - 2.1%** | **Marine - 2.1%** |  |
| 72220 | Matson, Inc. | $4514472 |
| **Oil & Gas Exploration & Production - 20.0%** | **Oil & Gas Exploration & Production - 20.0%** |  |
| 296136 | Comstock Resources, Inc. | 4060025 |
| 180833 | Coterra Energy, Inc. | 4443067 |
| 72619 | Devon Energy Corp. | 4466795 |
| 32260 | Diamondback Energy, Inc. | 4412523 |
| 34435 | EOG Resources, Inc. | 4460021 |
| 117443 | EQT Corp. | 3973097 |
| 192271 | Magnolia Oil & Gas Corp. - Class A | 4508755 |
| 160900 | Marathon Oil Corp. | 4355563 |
| 88011 | Ovintiv, Inc. | 4463038 |
| 19849 | Pioneer Natural Resources Co. | 4533313 |
|  |  | 43676197 |
| **Oil & Gas Refining & Marketing - 10.6%** | **Oil & Gas Refining & Marketing - 10.6%** |  |
| 147059 | CVR Energy, Inc. | 4608829 |
| 169326 | Delek US Holdings, Inc. | 4571802 |
| 39114 | Marathon Petroleum Corp. | 4552478 |
| 118542 | PBF Energy, Inc. - Class A | 4834143 |
| 36317 | Valero Energy Corp. | 4607175 |
|  |  | 23174427 |
| **Packaged Foods & Meats - 5.9%** | **Packaged Foods & Meats - 5.9%** |  |
| 72049 | Cal-Maine Foods, Inc. | 3923068 |
| 192844 | Pilgrim's Pride Corp. (a) | 4576188 |
| 71669 | Tyson Foods, Inc. - Class A | 4461395 |
|  |  | 12960651 |
| **Semiconductor Equipment - 1.9%** | **Semiconductor Equipment - 1.9%** |  |
| 92960 | Kulicke & Soffa Industries, Inc. | 4114410 |
| **Specialty Stores - 2.0%** | **Specialty Stores - 2.0%** |  |
| 83365 | Academy Sports & Outdoors, Inc. | 4379997 |
| **Steel - 11.9%** | **Steel - 11.9%** |  |
| 29903 | Alpha Metallurgical Resources, Inc. | 4377500 |
| 32070 | Nucor Corp. | 4227147 |
| 21670 | Reliance Steel & Aluminum Co. | 4386875 |
| 42621 | Steel Dynamics, Inc. | 4164072 |
| 176299 | United States Steel Corp. | 4416290 |
| 126548 | Warrior Met Coal, Inc. | 4383623 |
|  |  | 25955507 |
|  | TOTAL COMMON STOCKS (Cost $213,416,613) | 217696521 |
| **MONEY MARKET FUNDS - 0.2%** | **MONEY MARKET FUNDS - 0.2%** |  |
| 422399 | First American Government Obligations Fund - Class X, 4.08% (b) | 422399 |
|  | TOTAL MONEY MARKET FUNDS (Cost $422,399) | 422399 |
|  | TOTAL INVESTMENTS (Cost $213,839,012) - 99.9% | 218118920 |
|  | Other Assets in Excess of Liabilities - 0.1% | 127152 |
|  | TOTAL NET ASSETS - 100.0% | $218246072 |

---

---

| |
|:---|
| **Alpha Architect U.S. Quantitative Value ETF** |
| **Schedule of Investments (Continued)** |
| **December 31, 2022 (Unaudited)** |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Non-income producing security. |
| (b) | Rate shown is the 7-day effective yield. |

---

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P").

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

---

| |
|:---|
| **Alpha Architect International Quantitative Value ETF** |
| **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.7%** | **COMMON STOCKS - 99.7%** |  |
| **Australia - 20.0%** | **Australia - 20.0%** |  |
| 2011225 | Beach Energy Ltd. | $2184105 |
| 79798 | BHP Group Ltd. | 2479103 |
| 207122 | BlueScope Steel Ltd. | 2374764 |
| 352652 | Iluka Resources Ltd. | 2288186 |
| 985270 | Incitec Pivot Ltd. | 2522291 |
| 82543 | JB Hi-Fi Ltd. | 2357569 |
| 630960 | New Hope Corp. Ltd. | 2732191 |
| 864787 | South32 Ltd. | 2355165 |
| 1357765 | Viva Energy Group Ltd. (a) | 2523710 |
| 375198 | Whitehaven Coal Ltd. | 2406376 |
|  |  | 24223460 |
| **Austria - 2.0%** | **Austria - 2.0%** |  |
| 48146 | OMV AG | 2478963 |
| **Bermuda - 2.2%** | **Bermuda - 2.2%** |  |
| 306516 | Golden Ocean Group Ltd. | 2688836 |
| **Denmark - 4.5%** | **Denmark - 4.5%** |  |
| 1143 | AP Moller - Maersk A/S - Class B | 2570055 |
| 47455 | D/S Norden A/S | 2855443 |
|  |  | 5425498 |
| **Finland - 2.1%** | **Finland - 2.1%** |  |
| 493250 | Outokumpu OYJ | 2497956 |
| **France - 2.1%** | **France - 2.1%** |  |
| 40427 | TotalEnergies SE | 2538074 |
| **Germany - 3.9%** | **Germany - 3.9%** |  |
| 30898 | Aurubis AG | 2525580 |
| 114109 | K+S AG | 2244461 |
|  |  | 4770041 |
| **Israel - 3.8%** | **Israel - 3.8%** |  |
| 21263 | Delek Group Ltd. (b) | 2340981 |
| 315333 | ICL Group Ltd. | 2283072 |
|  |  | 4624053 |
| **Italy - 2.0%** | **Italy - 2.0%** |  |
| 167183 | Eni S.p.A. | 2377668 |
| **Japan - 31.1%** | **Japan - 31.1%** |  |
| 254019 | Alps Alpine Co., Ltd. | 2316830 |
| 303589 | Amada Co., Ltd. | 2391885 |
| 153038 | Brother Industries Ltd. | 2340348 |
| 176326 | JGC Holdings Corp. | 2254458 |
| 533920 | Mitsubishi Motors Corp. (b) | 2074819 |
| 126826 | NGK Spark Plug Co., Ltd. | 2356969 |
| 253348 | Nikon Corp. | 2270171 |

---

---

| |
|:---|
| **Alpha Architect International Quantitative Value ETF** |
| **Schedule of Investments (Continued)** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 152347 | Nippon Steel Corp. | $2660617 |
| 62945 | Sankyo Co., Ltd. | 2580342 |
| 36034 | SCREEN Holdings Co., Ltd. | 2322826 |
| 132203 | Sekisui House Ltd. | 2350622 |
| 18730 | Shin-Etsu Chemical Co., Ltd. | 2315561 |
| 84306 | Shinko Electric Industries Co., Ltd. | 2177669 |
| 117351 | Sumitomo Heavy Industries Ltd. | 2364188 |
| 70797 | Sumitomo Metal Mining Co., Ltd. | 2519756 |
| 123272 | THK Co., Ltd. | 2362306 |
|  |  | 37659367 |
| **Luxembourg - 2.0%** | **Luxembourg - 2.0%** |  |
| 92523 | ArcelorMittal S.A. | 2433930 |
| **Netherlands - 1.9%** | **Netherlands - 1.9%** |  |
| 159894 | Stellantis N.V. | 2270495 |
| **Norway - 6.1%** | **Norway - 6.1%** |  |
| 65861 | Equinor ASA | 2365048 |
| 339316 | Norsk Hydro ASA | 2539467 |
| 56508 | Yara International ASA | 2483703 |
|  |  | 7388218 |
| **Singapore - 2.0%** | **Singapore - 2.0%** |  |
| 2412110 | Yangzijiang Shipbuilding Holdings Ltd. | 2449208 |
| **Spain - 2.1%** | **Spain - 2.1%** |  |
| 159045 | Repsol S.A. | 2528199 |
| **Sweden - 1.9%** | **Sweden - 1.9%** |  |
| 452718 | SSAB AB | 2351477 |
| **Switzerland - 1.9%** | **Switzerland - 1.9%** |  |
| 10094 | Kuehne + Nagel International AG | 2349244 |
| **United Kingdom - 8.1%** | **United Kingdom - 8.1%** |  |
| 374063 | Glencore PLC | 2498095 |
| 654081 | Harbour Energy PLC | 2407058 |
| 87397 | Shell PLC | 2457631 |
| 1990301 | Taylor Wimpey PLC | 2445888 |
|  |  | 9808672 |
|  | TOTAL COMMON STOCKS (Cost $124,402,520) | 120863359 |
| **MONEY MARKET FUNDS - 0.3%** | **MONEY MARKET FUNDS - 0.3%** |  |
| 399863 | First American Government Obligations Fund - Class X, 4.08% (c) | 399863 |
|  | TOTAL MONEY MARKET FUNDS (Cost $399,863) | 399863 |
|  | TOTAL INVESTMENTS (Cost $124,802,383) - 100.0% | 121263222 |
|  | Other Assets in Excess of Liabilities - 0.0% (d) | 1738 |
|  | TOTAL NET ASSETS - 100.0% | $121264960 |

---

---

| |
|:---|
| **Alpha Architect International Quantitative Value ETF** |
| **Schedule of Investments (Continued)** |
| **December 31, 2022 (Unaudited)** |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| PLC - Public Limited Company | PLC - Public Limited Company |
| (a) | 144A restricted security. |
| (b) | Non-income producing security. |
| (c) | Rate shown is the 7-day effective yield. |
| (d) | Represents less than 0.05% of net assets. |

---

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P").

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

---

| |
|:---|
| **Alpha Architect U.S. Quantitative Momentum ETF** |
| **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.6%** | **COMMON STOCKS - 99.6%** |  |
| **Aerospace & Defense - 4.4%** | **Aerospace & Defense - 4.4%** |  |
| 5905 | Lockheed Martin Corp. | $2872723 |
| 5386 | Northrop Grumman Corp. | 2938655 |
|  |  | 5811378 |
| **Agricultural Products - 2.1%** | **Agricultural Products - 2.1%** |  |
| 30352 | Archer-Daniels-Midland Co. | 2818183 |
| **Automotive Retail - 2.1%** | **Automotive Retail - 2.1%** |  |
| 9885 | Murphy USA, Inc. | 2763253 |
| **Biotechnology - 6.0%** | **Biotechnology - 6.0%** |  |
| 12419 | Karuna Therapeutics, Inc. (a) | 2440334 |
| 23223 | Sarepta Therapeutics, Inc. (a) | 3009236 |
| 8904 | Vertex Pharmaceuticals, Inc. (a) | 2571297 |
|  |  | 8020867 |
| **Coal & Consumable Fuels - 5.7%** | **Coal & Consumable Fuels - 5.7%** |  |
| 18874 | Arch Resources, Inc. | 2695018 |
| 37732 | CONSOL Energy, Inc. | 2452580 |
| 91101 | Peabody Energy Corp. (a) | 2406888 |
|  |  | 7554486 |
| **Electric Utilities - 2.0%** | **Electric Utilities - 2.0%** |  |
| 30231 | Constellation Energy Corp. | 2606215 |
| **Fertilizers & Agricultural Chemicals - 3.6%** | **Fertilizers & Agricultural Chemicals - 3.6%** |  |
| 27225 | CF Industries Holdings, Inc. | 2319570 |
| 57442 | Mosaic Co. | 2519981 |
|  |  | 4839551 |
| **Health Care Distributors - 4.2%** | **Health Care Distributors - 4.2%** |  |
| 36033 | Cardinal Health, Inc. | 2769857 |
| 7522 | McKesson Corp. | 2821653 |
|  |  | 5591510 |
| **Health Care Equipment - 1.7%** | **Health Care Equipment - 1.7%** |  |
| 11313 | Shockwave Medical, Inc. (a) | 2326066 |
| **Health Care Facilities - 2.0%** | **Health Care Facilities - 2.0%** |  |
| 32595 | Acadia Healthcare Co., Inc. (a) | 2683220 |
| **Health Care Services - 2.2%** | **Health Care Services - 2.2%** |  |
| 8860 | Cigna Corp. | 2935672 |
| **Health Care Supplies - 1.8%** | **Health Care Supplies - 1.8%** |  |
| 46628 | Lantheus Holdings, Inc. (a) | 2376163 |
| **Integrated Oil & Gas - 4.2%** | **Integrated Oil & Gas - 4.2%** |  |
| 15650 | Chevron Corp. | 2809018 |
| 25776 | Exxon Mobil Corp. | 2843093 |
|  |  | 5652111 |

---

---

| |
|:---|
| **Alpha Architect U.S. Quantitative Momentum ETF** |
| **Schedule of Investments (Continued)** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Investment Banking & Brokerage - 2.0%** | **Investment Banking & Brokerage - 2.0%** |  |
| 12053 | LPL Financial Holdings, Inc. | $2605497 |
| **Movies & Entertainment - 1.9%** | **Movies & Entertainment - 1.9%** |  |
| 36160 | World Wrestling Entertainment, Inc. - Class A | 2477683 |
| **Oil & Gas Drilling - 2.2%** | **Oil & Gas Drilling - 2.2%** |  |
| 43417 | Valaris Ltd. (a)(b) | 2935858 |
| **Oil & Gas Equipment & Services - 2.0%** | **Oil & Gas Equipment & Services - 2.0%** |  |
| 128672 | NOV, Inc. | 2687958 |
| **Oil & Gas Exploration & Production - 19.7%** | **Oil & Gas Exploration & Production - 19.7%** |  |
| 79632 | Antero Resources Corp. (a) | 2467796 |
| 61129 | APA Corp. | 2853502 |
| 27950 | Chesapeake Energy Corp. | 2637642 |
| 23236 | ConocoPhillips | 2741848 |
| 19721 | Diamondback Energy, Inc. | 2697438 |
| 68208 | EQT Corp. | 2307477 |
| 94520 | Marathon Oil Corp. | 2558656 |
| 62039 | Murphy Oil Corp. | 2668297 |
| 11946 | Pioneer Natural Resources Co. | 2728347 |
| 1118 | Texas Pacific Land Corp. | 2620849 |
|  |  | 26281852 |
| **Oil & Gas Refining & Marketing - 12.0%** | **Oil & Gas Refining & Marketing - 12.0%** |  |
| 76896 | CVR Energy, Inc. | 2409921 |
| 46942 | HF Sinclair Corp. | 2435820 |
| 23729 | Marathon Petroleum Corp. | 2761818 |
| 72430 | PBF Energy, Inc. - Class A | 2953695 |
| 26434 | Phillips 66 | 2751251 |
| 21342 | Valero Energy Corp. | 2707446 |
|  |  | 16019951 |
| **Oil & Gas Storage & Transportation - 6.0%** | **Oil & Gas Storage & Transportation - 6.0%** |  |
| 113963 | Golar LNG Ltd. (a)(b) | 2597217 |
| 56609 | New Fortress Energy, Inc. | 2401354 |
| 56109 | Scorpio Tankers, Inc. (b) | 3016981 |
|  |  | 8015552 |
| **Packaged Foods & Meats - 6.1%** | **Packaged Foods & Meats - 6.1%** |  |
| 49130 | Cal-Maine Foods, Inc. | 2675129 |
| 110097 | Hostess Brands, Inc. (a) | 2470577 |
| 33013 | Lamb Weston Holdings, Inc. | 2950042 |
|  |  | 8095748 |
| **Specialized Consumer Services - 1.8%** | **Specialized Consumer Services - 1.8%** |  |
| 66180 | H&R Block, Inc. | 2416232 |
| **Steel - 1.9%** | **Steel - 1.9%** |  |
| 16800 | Alpha Metallurgical Resources, Inc. | 2459352 |

---

---

| |
|:---|
| **Alpha Architect U.S. Quantitative Momentum ETF** |
| **Schedule of Investments (Continued)** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Technology Hardware, Storage & Peripherals - 1.9%** | **Technology Hardware, Storage & Peripherals - 1.9%** |  |
| 31554 | Super Micro Computer, Inc. (a) | $2590583 |
|  | TOTAL COMMON STOCKS (Cost $138,750,829) | 132564941 |
| **MONEY MARKET FUNDS - 0.4%** | **MONEY MARKET FUNDS - 0.4%** |  |
| 618235 | First American Government Obligations Fund - Class X, 4.08% (c) | 618235 |
|  | TOTAL MONEY MARKET FUNDS (Cost $618,235) | 618235 |
|  | TOTAL INVESTMENTS (Cost $139,369,064) - 100.0% | 133183176 |
|  | Other Liabilities in Excess of Assets - (0.0%) (d) | (33597) |
|  | TOTAL NET ASSETS - 100.0% | $133149579 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Non-income producing security. |
| (b) | Foreign issued security. |
| (c) | Rate shown is the 7-day effective yield. |
| (d) | Represents less than 0.05% of net assets. |

---

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P").

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

---

| |
|:---|
| **Alpha Architect International Quantitative Momentum ETF** |
| **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** |  |
| **Australia - 13.6%** | **Australia - 13.6%** |  |
| 1004178 | Beach Energy Ltd. | $1090495 |
| 68738 | Computershare Ltd. | 1226169 |
| 115697 | IGO Ltd. | 1060277 |
| 315600 | New Hope Corp. Ltd. | 1366615 |
| 187468 | Whitehaven Coal Ltd. | 1202348 |
| 50598 | Woodside Energy Group Ltd. | 1220897 |
| 125512 | Worley Ltd. | 1281825 |
|  |  | 8448626 |
| **Bermuda - 1.9%** | **Bermuda - 1.9%** |  |
| 230788 | Hafnia Ltd. | 1187297 |
| **Denmark - 2.3%** | **Denmark - 2.3%** |  |
| 23764 | D/S Norden A/S | 1429918 |
| **France - 5.8%** | **France - 5.8%** |  |
| 10171 | Gaztransport Et Technigaz S.A. | 1086573 |
| 9720 | Thales S.A. | 1241285 |
| 20235 | TotalEnergies SE | 1270387 |
|  |  | 3598245 |
| **Germany - 6.0%** | **Germany - 6.0%** |  |
| 37392 | Aixtron SE | 1079504 |
| 152821 | Commerzbank AG (a) | 1445452 |
| 6176 | Rheinmetall AG | 1229990 |
|  |  | 3754946 |
| **Ireland - 2.4%** | **Ireland - 2.4%** |  |
| 155059 | Bank of Ireland Group PLC | 1477242 |
| **Israel - 7.8%** | **Israel - 7.8%** |  |
| 9251 | Check Point Software Technologies Ltd. ADR (a) | 1167106 |
| 10608 | Delek Group Ltd. (a) | 1167903 |
| 8088 | Elbit Systems Ltd. | 1317053 |
| 29863 | First International Bank Of Israel Ltd. | 1180893 |
|  |  | 4832955 |
| **Italy - 4.2%** | **Italy - 4.2%** |  |
| 364808 | Banco BPM S.p.A. | 1301951 |
| 153348 | Leonardo S.p.A. | 1323055 |
|  |  | 2625006 |
| **Japan - 10.0%** | **Japan - 10.0%** |  |
| 111426 | Inpex Corp. | 1185238 |
| 31401 | Mitsubishi Heavy Industries Ltd. | 1252308 |
| 49868 | Mitsui OSK Lines Ltd. | 1250120 |
| 63472 | NGK Spark Plug Co., Ltd. | 1179581 |
| 96943 | Takashimaya Co., Ltd. | 1361368 |
|  |  | 6228615 |
| **Luxembourg - 2.0%** | **Luxembourg - 2.0%** |  |
| 72211 | Tenaris S.A. | 1258798 |

---

---

| |
|:---|
| **Alpha Architect International Quantitative Momentum ETF** |
| **Schedule of Investments (Continued)** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Netherlands - 3.5%** | **Netherlands - 3.5%** |  |
| 3044 | Argenx SE (a) | $1134914 |
| 29548 | OCI N.V. | 1057059 |
|  |  | 2191973 |
| **Singapore - 5.8%** | **Singapore - 5.8%** |  |
| 222983 | Keppel Corp. Ltd. | 1208643 |
| 11651859 | Sembcorp Marine Ltd. (a) | 1200505 |
| 1207474 | Yangzijiang Shipbuilding Holdings Ltd. | 1226045 |
|  |  | 3635193 |
| **Spain - 8.5%** | **Spain - 8.5%** |  |
| 1409011 | Banco de Sabadell S.A. | 1328484 |
| 196187 | Bankinter S.A. | 1316328 |
| 344921 | CaixaBank S.A. | 1355773 |
| 79570 | Repsol S.A. | 1264855 |
|  |  | 5265440 |
| **Sweden - 3.8%** | **Sweden - 3.8%** |  |
| 87767 | Hexatronic Group AB | 1190570 |
| 226527 | SSAB AB | 1176611 |
|  |  | 2367181 |
| **Switzerland - 2.0%** | **Switzerland - 2.0%** |  |
| 13026 | Banque Cantonale Vaudoise | 1250265 |
| **United Kingdom - 16.1%** | **United Kingdom - 16.1%** |  |
| 127985 | BAE Systems PLC | 1324474 |
| 156222 | Beazley PLC | 1283341 |
| 212998 | BP PLC | 1222892 |
| 31250 | British American Tobacco PLC | 1239747 |
| 187296 | Glencore PLC | 1250814 |
| 49504 | Imperial Brands PLC | 1239455 |
| 43769 | Shell PLC | 1230798 |
| 43219 | TORM PLC - Class A | 1234331 |
|  |  | 10025852 |
| **United States - 1.9%** | **United States - 1.9%** |  |
| 887121 | Coronado Global Resources, Inc. (b) | 1201955 |
|  | TOTAL COMMON STOCKS (Cost $59,240,676) | 60779507 |
| **PREFERRED STOCKS - 1.8%** | **PREFERRED STOCKS - 1.8%** |  |
| **Germany - 1.8%** | **Germany - 1.8%** |  |
| 10970 | Dr. Ing. h.c. F. Porsche AG (a) | 1112630 |
|  | TOTAL PREFERRED STOCKS (Cost $1,242,620) | 1112630 |
| **MONEY MARKET FUNDS - 0.5%** | **MONEY MARKET FUNDS - 0.5%** |  |
| 312552 | First American Government Obligations Fund - Class X, 4.08% (c) | 312552 |
|  | TOTAL MONEY MARKET FUNDS (Cost $312,552) | 312552 |
|  | TOTAL INVESTMENTS (Cost $60,795,848) - 100.0% | 62204689 |
|  | Other Assets in Excess of Liabilities - 0.0% (d) | 6170 |
|  | TOTAL NET ASSETS - 100.0% | $62210859 |

---

---

| |
|:---|
| **Alpha Architect International Quantitative Momentum ETF** |
| **Schedule of Investments (Continued)** |
| **December 31, 2022 (Unaudited)** |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR - American Depository Receipt | ADR - American Depository Receipt |
| PLC - Public Limited Company | PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (b) | 144A restricted security. |
| (c) | Rate shown is the 7-day effective yield. |
| (d) | Represents less than 0.05% of net assets. |

---

---

| |
|:---|
| **Alpha Architect Value Momentum Trend ETF** |
| **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **INVESTMENT COMPANIES - 94.2%** | **INVESTMENT COMPANIES - 94.2%** |  |
| **International Developed Equity - 32.8%** | **International Developed Equity - 32.8%** |  |
| 226411 | Alpha Architect International Quantitative Momentum ETF (a)(b) | $5634917 |
| 329553 | Alpha Architect International Quantitative Value ETF (a)(b) | 7220506 |
|  |  | 12855423 |
| **U.S. Equity - 61.4%** | **U.S. Equity - 61.4%** |  |
| 242005 | Alpha Architect U.S. Quantitative Momentum ETF (a)(b) | 11115290 |
| 401129 | Alpha Architect U.S. Quantitative Value ETF (a)(b) | 12902314 |
|  |  | 24017604 |
|  | TOTAL INVESTMENT COMPANIES (Cost $39,136,853) | 36873027 |
| **MONEY MARKET FUNDS - 1.7%** | **MONEY MARKET FUNDS - 1.7%** |  |
| 656288 | First American Government Obligations Fund - Class X, 4.08% (c) | 656288 |
|  | TOTAL MONEY MARKET FUNDS (Cost $656,288) | 656288 |
|  | TOTAL INVESTMENTS (Cost $39,793,141) - 95.9% | 37529315 |
|  | TOTAL SECURITIES SOLD SHORT (Proceeds $34,523,350) - (80.5%) | (31490335) |
|  | Other Assets in Excess of Liabilities - 84.6% | 33103021 |
|  | TOTAL NET ASSETS - 100.0% | $39142001 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Affiliated fund. |
| (b) | All or a portion of these securities have been segregated as collateral for broker agreements. The total value of securities segregated amounted to $16,634,866. |
| (c) | Rate shown is the 7-day effective yield. |

---

---

| |
|:---|
| **Alpha Architect Value Momentum Trend ETF** |
| **Schedule of Securities Sold Short** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **INVESTMENT COMPANIES - 80.5%** | **INVESTMENT COMPANIES - 80.5%** |  |
| 104019 | iShares MSCI EAFE ETF | $6827807 |
| 64489 | SPDR S&P 500 ETF Trust | 24662528 |
|  | TOTAL INVESTMENT COMPANIES (Proceeds $34,523,350) | $31490335 |

---

---

| |
|:---|
| **Alpha Architect High Inflation and Deflation ETF** |
| **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **INVESTMENT COMPANIES - 19.6%** | **INVESTMENT COMPANIES - 19.6%** |  |
| 71225 | GraniteShares Bloomberg Commodity Broad Strategy no K-1 ETF | $1601850 |
|  | TOTAL INVESTMENT COMPANIES (Cost $1,900,568) | 1601850 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** |  | **Effective Yield** | **Maturity** | |
| **SHORT TERM INVESTMENTS - 49.5%** | **SHORT TERM INVESTMENTS - 49.5%** |  |  |  |
| **U.S. Treasury Bills - 46.0%** | **U.S. Treasury Bills - 46.0%** |  |  |  |
| 2248000 | United States Treasury Bill (a) | 4.05% | 2/16/2023 | 2236367 |
| 222000 | United States Treasury Bill (a) | 4.11% | 2/23/2023 | 220663 |
| 47000 | United States Treasury Bill (a) | 4.12% | 3/9/2023 | 46640 |
| 899000 | United States Treasury Bill (a) | 4.09% | 3/16/2023 | 891544 |
| 380000 | United States Treasury Bill (a) | 4.10% | 3/21/2023 | 376564 |
|  | TOTAL U.S. TREASURY BILLS (Cost $3,771,817) |  |  | 3771778 |
| **Money Market Deposit Account - 3.5%** | **Money Market Deposit Account - 3.5%** |  |  |  |
| 287930 | U.S. Bank Money Market Deposit Account, 3.90% (b) |  |  | 287930 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $4,059,747) |  |  | 4059708 |
|  | TOTAL INVESTMENTS (Cost $5,960,315) - 69.1% |  |  | 5661558 |
|  | Other Assets in Excess of Liabilities - 30.9% |  |  | 2531345 |
|  | TOTAL NET ASSETS - 100.0% |  |  | $8192903 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Zero coupon bond. |
| (b) | The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of December 31, 2022. |

---

**ALPHA ARCHITECT ETFs**

**SIGNIFICANT ACCOUNTING POLICIES**

*Security Valuation*. Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market<sup>®</sup> ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities.

Securities for which quotations are not readily available are valued by a committee established by the Trust's Board of Trustees (the "Board") in accordance with procedures established by the Board. This "fair valuation" process is designed to value the subject security at the price the Trust would reasonably expect to receive upon its current sale. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of "fair value" pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of December 31, 2022, the Funds did not hold any securities valued by an investment committee.

As described above, the Funds may use various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**ALPHA ARCHITECT ETFs**

The following is a summary of the fair value classification of each Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>Alpha Architect U.S. Quantitative Value ETF</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**<u>Assets\*</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $217696521 | $- | $- | $217696521 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 422399 | - | - | 422399 |
| &nbsp;&nbsp;&nbsp;**Total Investments in Securities** | $**218118920** | $**-** | $**-** | $**218118920** |
| **<u>Alpha Architect International Quantitative Value ETF</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**<u>Assets\*</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $120863359 | $- | $- | $120863359 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 399863 | - | - | 399863 |
| &nbsp;&nbsp;&nbsp;**Total Investments in Securities** | $**121263222** | $**-** | $**-** | $**121263222** |
| **<u>Alpha Architect U.S. Quantitative Momentum ETF</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**<u>Assets\*</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $132564941 | $- | $- | $132564941 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 618235 | - | - | 618235 |
| &nbsp;&nbsp;&nbsp;**Total Investments in Securities** | $**133183176** | $**-** | $**-** | $**133183176** |
| **<u>Alpha Architect International Quantitative Momentum ETF</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**<u>Assets\*</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $60779507 | $- | $- | $60779507 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 1112630 |  |  | 1112630 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 312552 | - | - | 312552 |
| &nbsp;&nbsp;&nbsp;**Total Investments in Securities** | $**62204689** | $**-** | $**-** | $**62204689** |
| **<u>Alpha Architect Value Momentum Trend ETF</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**<u>Assets\*</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | $36873027 | $- | $- | $36873027 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 656288 | - | - | 656288 |
| &nbsp;&nbsp;&nbsp;**Total Investments in Securities** | $**37529315** | $**-** | $**-** | $**37529315** |
| &nbsp;&nbsp;&nbsp;**<u>Liabilities\*</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | $(31490335) | $- | $- | $(31490335) |
| &nbsp;&nbsp;&nbsp;**Total Investments in Securites** | $**(31490335)** | $**-** | $**-** | $**(31490335)** |
| **<u>Alpha Architect High Inflation and Deflation ETF</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**<u>Assets\*</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | $1601850 | $- | $- | $1601850 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 3771778 |  | $3771778 |
| &nbsp;&nbsp;&nbsp;U.S. Bank Money Market Deposit Account | 287930 | - | - | 287930 |
| &nbsp;&nbsp;&nbsp;**Total Investments in Securities** | $**1889780** | $**3771778** | $**-** | $**5661558** |

---

**\*** **For further detail on each asset class, see the Schedule of Investments and Schedule of Securities Sold Short.**

During the fiscal period ended December 31, 2022, the Funds did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

**ALPHA ARCHITECT ETFs**

**TRANSACTIONS WITH AFFILIATES**:

The Alpha Architect Value Momentum Trend ETF's transactions with affiliates represent holdings for which it and the underlying exchange-traded funds have the same investment adviser. The Alpha Architect Value Momentum Trend ETF had the following transactions with such affiliated Alpha Architect ETFs (i.e., the Alpha Architect U.S. Quantitative Value ETF, Alpha Architect International Quantitative Value ETF, Alpha Architect U.S. Quantitative Momentum ETF, and Alpha Architect International Quantitative Momentum ETF) during the fiscal period ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Alpha Architect<br> U.S. Quantitative<br> Value ETF** | **Alpha Architect<br> International Quantitative<br> Value ETF** | **Alpha Architect<br> U.S. Quantitative<br> Momentum ETF** | **Alpha Architect<br> International Quantitative<br> Momentum ETF** | **Total** |
| Value, Beginning of Period | $11182578 | $7427252 | $13466227 | $5508491 | $37584548 |
| Purchases | 1057568 |  |  |  | 1057568 |
| Proceeds from Sales | (415878) | (895041) | (3146524) | (395037) | (4852480) |
| Net Realized Gains (Losses) | 68411 | (198696) | 192392 | (19956) | 42151 |
| Change in Unrealized Appreciation (Depreciation) | 1009635 | 886991 | 603195 | 541419 | 3041240 |
| Value, End of Period | $12902314 | $7220506 | $11115290 | $5634917 | $36873027 |
| Dividend Income | 114585 | 577317 | 176518 | 341332 | 1209752 |
| Capital Gains Distributions |  |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Alpha Architect<br> U.S. Quantitative<br> Value ETF** | **Alpha Architect<br> International Quantitative<br> Value ETF** | **Alpha Architect<br> U.S. Quantitative<br> Momentum ETF** | **Alpha Architect<br> International Quantitative<br> Momentum ETF** |
| Shares, Beginning of Period | 382965 | 366416 | 304852 | 241283 |
| Number of Shares Purchased | 29883 |  |  |  |
| Number of Shares Sold | (11719) | (36863) | (62847) | (14872) |
| Shares, End of Period | 401129 | 329553 | 242005 | 226411 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** EA Series Trust

- **b. Investment Company Act file number:** 811-22961

- **c. CIK number of Registrant:** 0001592900

- **d. LEI of Registrant:** 5493004OW9VWINAYRX18

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

  - **Street Address 1:** 19 E Eagle Road

  - **City:** Havertown

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** PA

  - **Telephone number:** 2158829983

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

- **a. Name of Series:** Alpha Architect International Quantitative Momentum ETF

- **b. EDGAR series identifier (if any):** S000046019

- **c. LEI of Series:** 549300GKFLYZ2TSALT56

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $66026332.04

**Total Liabilities:** $3805573.47

**Net Assets:** $62220758.57

**Cash Not Reported:** $81.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000143789 | 4.98%                | 11.75%               | -1.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6471.36                | $2544685.96                                |
| Month 2  | $1870.48                 | $6684190.84                                |
| Month 3  | $-714023.18              | $-463943.70                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BAE SYSTEMS                       | BAE SYSTEMS                       | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    133537 | NS      | $1381929.40   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIT AMER TOBACCO                 | BRIT AMER TOBACCO                 | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     32278 | NS      | $1280529.24   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC               | IMPERIAL BRANDS PLC               | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     50942 | NS      | $1275459.19   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BP                                | BP                                | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    219867 | NS      | $1262329.40   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC               | FIRST AMERN FDS INC               | CUSIP: N/A<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    312553 | NS      | $312552.64    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| THALES SA                         | THALES SA                         | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |     10278 | NS      | $1312543.92   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RHEINMETALL AG                    | RHEINMETALL AG                    | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      6472 | NS      | $1288940.79   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AIXTRON SE                        | AIXTRON SE                        | CUSIP: N/A<br>LEI: 5299004UJ4D51M25LD67 | Long             | EC               | CORP              | DE        |     41846 | NS      | $1208091.09   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BANKINTER SA                      | BANKINTER SA                      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |    198320 | NS      | $1330639.12   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| REPSOL SA                         | REPSOL SA                         | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |     84881 | NS      | $1349278.89   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BEACH ENERGY LTD                  | BEACH ENERGY LTD                  | CUSIP: N/A<br>LEI: 8Q9PJD25OKTQT5FHUF40 | Long             | EC               | CORP              | AU        |   1117894 | NS      | $1213985.31   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INTER BK ISR                | FIRST INTER BK ISR                | CUSIP: N/A<br>LEI: 2138002RV6AUUX19F397 | Long             | EC               | CORP              | IL        |     29863 | NS      | $1180893.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPUTERSHARE LTD                 | COMPUTERSHARE LTD                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     69919 | NS      | $1247235.95   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMBCORP MARINE                   | SEMBCORP MARINE                   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |  13119900 | NS      | $1351759.15   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DELEK GROUP                       | DELEK GROUP                       | CUSIP: N/A<br>LEI: 213800CYKA4XE2HZZB09 | Long             | EC               | CORP              | IL        |     10608 | NS      | $1167903.05   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ELBIT SYSTEMS LTD                 | ELBIT SYSTEMS LTD                 | CUSIP: N/A<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |      8088 | NS      | $1317052.49   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| IGO LTD                           | IGO LTD                           | CUSIP: N/A<br>LEI: 2549005DZO8VGXM5QN07 | Long             | EC               | CORP              | AU        |    131472 | NS      | $1204842.98   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| WORLEY LIMITED                    | WORLEY LIMITED                    | CUSIP: N/A<br>LEI: 549300XDR86FY8OLGP97 | Long             | EC               | CORP              | AU        |    132645 | NS      | $1354672.34   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI HVY IND                | MITSUBISHI HVY IND                | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |     33900 | NS      | $1351970.44   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUI O.S.K.LINES                | MITSUI O.S.K.LINES                | CUSIP: N/A<br>LEI: 353800P8O843TMAZ6S09 | Long             | EC               | CORP              | JP        |     55500 | NS      | $1391306.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NGK SPARK PLUG CO                 | NGK SPARK PLUG CO                 | CUSIP: N/A<br>LEI: 549300RG3XQGTFM4HH31 | Long             | EC               | CORP              | JP        |     67600 | NS      | $1256296.86   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW HOPE CORP                     | NEW HOPE CORP                     | CUSIP: N/A<br>LEI: 254900DHRUGXZSLSNZ83 | Long             | EC               | CORP              | AU        |    347210 | NS      | $1503493.17   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKASHIMAYA CO                    | TAKASHIMAYA CO                    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    100900 | NS      | $1416936.15   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TENARIS S.A.                      | TENARIS S.A.                      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     77348 | NS      | $1348346.89   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LEONARDO-FINMECCANICA SPA         | LEONARDO-FINMECCANICA SPA         | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |    160113 | NS      | $1381422.17   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                 | INPEX CORPORATION                 | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |    115800 | NS      | $1231764.71   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTAL SE                          | TOTAL SE                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     21292 | NS      | $1336747.13   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SSAB AB                           | SSAB AB                           | CUSIP: N/A<br>LEI: 529900329VS14ZIML164 | Long             | EC               | CORP              | SE        |    234021 | NS      | $1215536.23   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| KEPPEL CORP                       | KEPPEL CORP                       | CUSIP: N/A<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |    237000 | NS      | $1284619.98   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| YANGZIJIANG SHIPBU                | YANGZIJIANG SHIPBU                | CUSIP: N/A<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | SG        |   1283700 | NS      | $1303443.33   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| D/S NORDEN                        | D/S NORDEN                        | CUSIP: N/A<br>LEI: 529900RGXD3CBR3BRU63 | Long             | EC               | CORP              | DK        |     25768 | NS      | $1550501.53   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BCO DE SABADELL                   | BCO DE SABADELL                   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |   1426750 | NS      | $1345209.65   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITEHAVEN COAL                   | WHITEHAVEN COAL                   | CUSIP: N/A<br>LEI: 529900WCZ4I6ZO3RRP86 | Long             | EC               | CORP              | AU        |    208851 | NS      | $1339490.33   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CAIXABANK SA                      | CAIXABANK SA                      | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |    353413 | NS      | $1389152.67   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                      | GLENCORE PLC                      | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    197316 | NS      | $1317730.04   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERZBANK AG                    | COMMERZBANK AG                    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |    157422 | NS      | $1488969.90   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF IRELAND GR                | BANK OF IRELAND GR                | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    160580 | NS      | $1529840.82   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI N.V.                          | OCI N.V.                          | CUSIP: N/A<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |     31982 | NS      | $1144133.89   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CORONADO GLOBAL RE                | CORONADO GLOBAL RE                | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    957405 | NS      | $1297181.92   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HAFNIA LIMITED                    | HAFNIA LIMITED                    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    243121 | NS      | $1250744.98   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DR.ING. F.PORSCHE                 | DR.ING. F.PORSCHE                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |     11834 | NS      | $1200260.65   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| GTT                               | GTT                               | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |     10635 | NS      | $1136142.54   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HEXATRONIC GROUP                  | HEXATRONIC GROUP                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | SE        |     99672 | NS      | $1352062.71   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BQE CANT VAUDOISE                 | BQE CANT VAUDOISE                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     14345 | NS      | $1376865.57   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODSIDE ENERGY GR                | WOODSIDE ENERGY GR                | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |     52510 | NS      | $1267032.78   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGENX SE                         | ARGENX SE                         | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |      3300 | NS      | $1230359.99   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                         | SHELL PLC                         | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     45066 | NS      | $1267270.13   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BPM SPA                     | BANCO BPM SPA                     | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |    377321 | NS      | $1346608.52   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BEAZLEY PLC (UK)                  | BEAZLEY PLC (UK)                  | CUSIP: N/A<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |    166778 | NS      | $1370057.20   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TORM PLC                          | TORM PLC                          | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     46481 | NS      | $1327493.29   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECH LTD ORD | CHECK POINT SOFTWARE TECH LTD ORD | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      9251 | NS      | $1167106.16   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**Name of Applicant:** EA Series Trust

**Signature:** Jessica Leighty

**Name of Signer:** Jessica Leighty

**Title:** Chief Compliance Officer