# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-001679
**Filing Date:** 2025-6
**Character Count:** 23116
**Document Hash:** e6c5eb7b2b002d80cd8342018a240bc0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-001679.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001592900-25-001679

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900

**ORGANIZATION NAME:**
- **EIN:** 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:** 251084759

**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

### TBG Dividend Focus ETF (Series ID: S000081800)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000244815 | TBG Dividend Focus ETF | TBG             |

## Nport-Ex

---

| |
|:---|
| **TBG DIVIDEND FOCUS ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 90.2%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.8%** | |  |
| Lockheed Martin Corp.  | 7301 | $3488053 |
| **Asset Management & Custody Banks - 5.1%** |  |  |
| Blackstone, Inc.  | 28314 | 3729237 |
| Blue Owl Capital, Inc. - Class A  | 133562 | 2474904 |
|  |  | 6204141 |
| **Biotechnology - 5.7%** |  |  |
| Amgen, Inc.  | 10024 | 2916182 |
| Gilead Sciences, Inc.  | 38672 | 4120115 |
|  |  | 7036297 |
| **Commodity Chemicals - 4.0%** |  |  |
| LyondellBasell Industries NV - Class A  | 83968 | 4887777 |
| **Communications Equipment - 3.5%** |  |  |
| Cisco Systems, Inc.  | 74154 | 4280910 |
| **Construction Machinery & Heavy Transportation Equipment - 1.7%** |  |  |
| Cummins, Inc.  | 7148 | 2100368 |
| **Diversified Banks - 2.0%** |  |  |
| JPMorgan Chase & Co.  | 9780 | 2392384 |
| **Electric Utilities - 3.0%** |  |  |
| American Electric Power Co., Inc.  | 34096 | 3693961 |
| **Gas Utilities - 1.9%** |  |  |
| Brookfield Infrastructure Corp. - Class A  | 62544 | 2341647 |
| **Household Products - 5.2%** |  |  |
| Clorox Co.  | 17976 | 2557985 |
| Procter & Gamble Co.  | 23577 | 3832913 |
|  |  | 6390898 |
| **Integrated Oil & Gas - 5.9%** |  |  |
| Chevron Corp.  | 34466 | 4689444 |
| Exxon Mobil Corp.  | 24106 | 2546317 |
|  |  | 7235761 |

---

.

------

---

| |
|:---|
| **TBG DIVIDEND FOCUS ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 90.2% (CONTINUED)** | **Shares** | **Value**  |
| **Integrated Telecommunication Services - 4.8%** | |  |
| Verizon Communications, Inc.  | 132614 | $5842973 |
| **Investment Banking & Brokerage - 3.7%** |  |  |
| Moelis & Co. - Class A  | 42479 | 2276025 |
| Morgan Stanley  | 19166 | 2212140 |
|  |  | 4488165 |
| **IT Consulting & Other Services - 3.0%** |  |  |
| International Business Machines Corp.  | 14987 | 3624156 |
| **Oil & Gas Storage & Transportation - 7.3%** |  |  |
| Energy Transfer LP  | 251518 | 4160107 |
| Enterprise Products Partners LP  | 160072 | 4786153 |
|  |  | 8946260 |
| **Packaged Foods & Meats - 3.1%** |  |  |
| General Mills, Inc.  | 66738 | 3786714 |
| **Personal Care Products - 3.7%** |  |  |
| Kenvue, Inc.  | 191449 | 4518196 |
| **Pharmaceuticals - 7.7%** |  |  |
| Johnson & Johnson  | 25799 | 4032642 |
| Merck & Co., Inc.  | 64316 | 5479723 |
|  |  | 9512365 |
| **Regional Banks - 3.6%** |  |  |
| Truist Financial Corp.  | 116368 | 4461549 |
| **Restaurants - 2.9%** |  |  |
| McDonald's Corp.  | 6845 | 2188004 |
| Starbucks Corp.  | 17681 | 1415364 |
|  |  | 3603368 |
| **Semiconductors - 3.9%** |  |  |
| Broadcom, Inc.  | 8399 | 1616556 |
| Texas Instruments, Inc.  | 20140 | 3223407 |
|  |  | 4839963 |

---

.

------

---

| |
|:---|
| **TBG DIVIDEND FOCUS ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 90.2% (CONTINUED)** | **Shares** | **Value**  |
| **Soft Drinks & Non-alcoholic Beverages - 3.5%** | |  |
| PepsiCo, Inc.  | 32028 | $4342356 |
| **Tobacco - 2.2%** |  |  |
| Altria Group, Inc.  | 46053 | 2724035 |
| **TOTAL COMMON STOCKS** (Cost $109,647,793) |  | 110742297 |
| **REAL ESTATE INVESTMENT TRUSTS - 9.4%** |  |  |
| **Other Specialized REITs - 4.7%** |  |  |
| Lamar Advertising Co. - Class A  | 26253 | 2987854 |
| VICI Properties, Inc.  | 88617 | 2837516 |
|  |  | 5825370 |
| **Retail REITs - 4.7%** |  |  |
| Simon Property Group, Inc.  | 36586 | 5757905 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $10,810,141) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $10,810,141) | 11583275 |
| **SHORT-TERM INVESTMENTS - 0.2%** |  |  |
| **Money Market Funds - 0.2%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(a)</sup> | 239414 | 239414 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $239,414) |  | 239414 |
| **TOTAL INVESTMENTS - 99.8% (**Cost $120,697,348**)** |  | $122564986 |
| Other Assets in Excess of Liabilities - 0.2%  |  | 278019 |
| **TOTAL NET ASSETS - 100.0%** |  | $122843005 |

---

Percentages are stated as a percent of net assets.

<br>LP - Limited Partnership <br> REIT - Real Estate Investment Trust

(a) <br> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

.

------

**TBG DIVIDEND FOCUS ETF** 

**Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)**

TBG Dividend Focus ETF ("the Fund") has adopted fair value accounting standards which establish a 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 period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION**  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **<u>Assets</u>** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $110742297 | $— | $— | $110742297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 11583275 |  |  | 11583275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 239414 |  |  | 239414 |
| **Total Investments** | $122564986 | $— | $— | $122564986 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended April 30, 2025, the Fund 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.

## 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:** TBG Dividend Focus ETF

- **b. EDGAR series identifier (if any):** S000081800

- **c. LEI of Series:** 529900J9EI4YBTUFUV93

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $122900891.02

**Total Liabilities:** $57886.22

**Net Assets:** $122843004.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244815 | 2.71%                | -3.37%               | -5.62%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4854454.26              | $-2086123.84                               |
| Month 2  | $-31053.39               | $-4186450.47                               |
| Month 3  | $-86201.67               | $-7088548.91                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Starbucks Corp                             | Starbucks Corp                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     17681 | NS      | $1415364.05   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     32028 | NS      | $4342356.24   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                       | JPMORGAN CHASE & CO.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9780 | NS      | $2392383.60   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                           | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     24106 | NS      | $2546316.78   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                 | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    132614 | NS      | $5842972.84   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                               | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34466 | NS      | $4689443.96   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                | Moelis & Co                                | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     42479 | NS      | $2276024.82   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                               | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      8399 | NS      | $1616555.53   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                       | Blue Owl Capital Inc                       | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133562 | NS      | $2474903.86   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                 | Kenvue Inc                                 | CUSIP: 49177J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    191449 | NS      | $4518196.40   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV               | LyondellBasell Industries NV               | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | NL        |     83968 | NS      | $4887777.28   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corp             | Brookfield Infrastructure Corp             | CUSIP: 11276H106<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     62544 | NS      | $2341647.36   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                         | Energy Transfer LP                         | CUSIP: 29273V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    251518 | NS      | $4160107.72   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners LP            | Enterprise Products Partners LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    160072 | NS      | $4786152.80   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                   | Simon Property Group Inc                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | RE               | RF                | US        |     36586 | NS      | $5757904.68   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                       | Lamar Advertising Co                       | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | RE               | RF                | US        |     26253 | NS      | $2987853.93   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                        | VICI Properties Inc                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | RE               | RF                | US        |     88617 | NS      | $2837516.34   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    239414 | PA      | $239413.67    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                          | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 8E6NF1YAL0WT6CWXXV93 | Long             | EC               | CORP              | US        |     74154 | NS      | $4280910.42   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                        | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     38672 | NS      | $4120114.88   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc             | American Electric Power Co Inc             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     34096 | NS      | $3693960.64   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                  | Amgen Inc                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     10024 | NS      | $2916182.08   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                              | Clorox Co/The                              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     17976 | NS      | $2557984.80   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                | Cummins Inc                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      7148 | NS      | $2100368.32   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                             | Blackstone Inc                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     28314 | NS      | $3729236.94   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                          | General Mills Inc                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     66738 | NS      | $3786714.12   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp       | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     14987 | NS      | $3624156.34   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                             | Morgan Stanley                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     19166 | NS      | $2212139.72   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                            | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      6845 | NS      | $2188004.25   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                           | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     46053 | NS      | $2724034.95   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                             | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     64316 | NS      | $5479723.20   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                    | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     23577 | NS      | $3832912.89   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                      | Texas Instruments Inc                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     20140 | NS      | $3223407.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                      | TRUIST FINANCIAL CORP                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    116368 | NS      | $4461549.12   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                       | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      7301 | NS      | $3488052.75   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     25799 | NS      | $4032641.69   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

**Name of Applicant:** EA Series Trust

**Signature:** /s/ Jessica Leighty

**Name of Signer:** Jessica Leighty

**Title:** Chief Compliance Officer