# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0000894189-25-012183
**Filing Date:** 2025-10
**Character Count:** 50622
**Document Hash:** 64135e903b7d3cd1f6b4c7f2ec200d6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012183.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012183

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 251424232

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Infrastructure Capital Bond Income ETF (Series ID: S000089069)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255546 | Infrastructure Capital Bond Income ETF | BNDS            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Infrastructure Capital Bond Income ETF** | **Infrastructure Capital Bond Income ETF** | **Infrastructure Capital Bond Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 62.2%** | **Par** | **Value**  |
| **Agricultural Operations - 2.9%** | **Agricultural Operations - 2.9%** | **Agricultural Operations - 2.9%** |
|  Land O' Lakes, Inc., 7.25%, Perpetual Maturity <sup>(b)</sup> | $556000 | $478031 |
| **All Other Business Support Services - 4.3%** | **All Other Business Support Services - 4.3%** | **All Other Business Support Services - 4.3%** |
|  Crescent Energy Finance LLC, 7.38%, 01/15/2033 <sup>(a)(b)</sup> | 476000 | 465469 |
|  Noble Finance II LLC, 8.00%, 04/15/2030 <sup>(a)(b)</sup> | 230000 | 238377 |
|  |  | 703846 |
| **Automobiles - 2.5%** | **Automobiles - 2.5%** | **Automobiles - 2.5%** |
|  Ford Motor Co., 7.70%, 05/15/2097 <sup>(b)</sup> | 172000 | 176092 |
|  General Motors Financial Co., Inc., 5.75% to 09/30/2027 then 3 mo. SOFR + 3.60%, Perpetual Maturity <sup>(b)(c)</sup> | 241000 | 236061 |
|  |  | 412153 |
| **Banks - 2.7%** | **Banks - 2.7%** | **Banks - 2.7%** |
|  BW Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual Maturity <sup>(a)(b)(c)</sup> | 438000 | 444722 |
| **Broadline Retail - 1.8%** | **Broadline Retail - 1.8%** | **Broadline Retail - 1.8%** |
|  Kohl's Corp., 6.00%, 01/15/2033 <sup>(b)</sup> | 400000 | 294000 |
| **Chemicals - 2.1%** | **Chemicals - 2.1%** | **Chemicals - 2.1%** |
|  Chemours Co., 8.00%, 01/15/2033 <sup>(a)(b)</sup> | 353000 | 345554 |
| **Electric Utilities - 1.4%** | **Electric Utilities - 1.4%** | **Electric Utilities - 1.4%** |
|  NRG Energy, Inc., 10.25% to 03/15/2028 then 5 yr. CMT Rate + 5.92%, Perpetual Maturity <sup>(a)(b)(c)</sup> | 208000 | 229429 |
| **General Medical and Surgical Hospitals - 1.4%** | **General Medical and Surgical Hospitals - 1.4%** | **General Medical and Surgical Hospitals - 1.4%** |
|  HCA, Inc., 7.50%, 11/15/2095 <sup>(b)</sup> | 215000 | 230346 |
| **Independent Power and Renewable Electricity Producers - 1.4%** | **Independent Power and Renewable Electricity Producers - 1.4%** | **Independent Power and Renewable Electricity Producers - 1.4%** |
|  AES Corp., 6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055 <sup>(b)(c)</sup> | 236000 | 228916 |
| **Insurance - 2.6%** | **Insurance - 2.6%** | **Insurance - 2.6%** |
|  Lincoln National Corp., 6.80% (3 mo. Term SOFR + 2.62%), 05/17/2066 | 504000 | 417717 |
| **Lessors of Residential Buildings and Dwellings - 2.1%** | **Lessors of Residential Buildings and Dwellings - 2.1%** | **Lessors of Residential Buildings and Dwellings - 2.1%** |
|  Hudson Pacific Properties LP, 5.95%, 02/15/2028 | 351000 | 343891 |
| **Media - 1.5%** | **Media - 1.5%** | **Media - 1.5%** |
|  Paramount Global, 6.25% to 02/28/2027 then 3 mo. SOFR + 3.90%, 02/28/2057 <sup>(b)(c)</sup> | 247000 | 240595 |
| **Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 2.7%** | **Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 2.7%** | **Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 2.7%** |
|  Warnermedia Holdings, Inc., 5.39%, 03/15/2062 <sup>(b)</sup> | 805000 | 434298 |
| **Miscellaneous Financial Investment Activities - 1.4%** | **Miscellaneous Financial Investment Activities - 1.4%** | **Miscellaneous Financial Investment Activities - 1.4%** |
|  PPL Capital Funding, Inc., 7.22% (3 mo. Term SOFR + 2.93%), 03/30/2067 <sup>(b)</sup> | 234000 | 231667 |
| **Mortgage REITs - 1.5%** | **Mortgage REITs - 1.5%** | **Mortgage REITs - 1.5%** |
|  Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)(b)</sup> | 234000 | 239745 |
| **Multi-Utilities - 1.5%** | **Multi-Utilities - 1.5%** | **Multi-Utilities - 1.5%** |
|  Algonquin Power & Utilities Corp., 4.75% to 04/18/2027 then 5 yr. CMT Rate + 3.25%, 01/18/2082 <sup>(b)(c)</sup> | 246000 | 239445 |
| **Office REITs - 1.9%** | **Office REITs - 1.9%** | **Office REITs - 1.9%** |
|  Office Properties Income Trust, 9.00%, 03/31/2029 <sup>(a)(b)</sup> | 307000 | 306181 |
| **Offices of Other Holding Companies - 1.5%** | **Offices of Other Holding Companies - 1.5%** | **Offices of Other Holding Companies - 1.5%** |
|  Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 <sup>(a)(b)</sup> | 230000 | 240699 |
| **Oil, Gas & Consumable Fuels - 7.5%** | **Oil, Gas & Consumable Fuels - 7.5%** | **Oil, Gas & Consumable Fuels - 7.5%** |
|  Civitas Resources, Inc., 8.75%, 07/01/2031 <sup>(a)(b)</sup> | 334000 | 344088 |
|  Kosmos Energy Ltd., 7.50%, 03/01/2028 <sup>(a)</sup> | 51000 | 42888 |
|  Plains All American Pipeline LP, 8.58% (3 mo. Term SOFR + 4.37%), Perpetual Maturity | $597000 | $598666 |
|  Vital Energy, Inc., 9.75%, 10/15/2030 <sup>(b)</sup> | 220000 | 229135 |
|  |  | 1214777 |
| **Petroleum Bulk Stations and Terminals - 3.0%** | **Petroleum Bulk Stations and Terminals - 3.0%** | **Petroleum Bulk Stations and Terminals - 3.0%** |
|  Genesis Energy LP / Genesis Energy Finance Corp., 7.88%, 05/15/2032 <sup>(b)</sup> | 464000 | 482032 |
| **Petroleum Refineries - 1.4%** | **Petroleum Refineries - 1.4%** | **Petroleum Refineries - 1.4%** |
|  PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030 <sup>(a)(b)</sup> | 236000 | 228486 |
| **Pharmaceutical Preparation Manufacturing - 2.6%** | **Pharmaceutical Preparation Manufacturing - 2.6%** | **Pharmaceutical Preparation Manufacturing - 2.6%** |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 7.88%, 05/15/2034 <sup>(a)(b)</sup> | 479000 | 432384 |
| **Pipeline Transportation of Crude Oil - 1.4%** | **Pipeline Transportation of Crude Oil - 1.4%** | **Pipeline Transportation of Crude Oil - 1.4%** |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 03/15/2029 <sup>(a)(b)</sup> | 223000 | 233271 |
| **Real Estate Credit - 2.2%** | **Real Estate Credit - 2.2%** | **Real Estate Credit - 2.2%** |
|  Freedom Mortgage Corp., 12.25%, 10/01/2030 <sup>(a)(b)</sup> | 320000 | 355385 |
| **Support Activities for Oil and Gas Operations - 1.5%** | **Support Activities for Oil and Gas Operations - 1.5%** | **Support Activities for Oil and Gas Operations - 1.5%** |
|  Talos Production, Inc., 9.38%, 02/01/2031 <sup>(a)(b)</sup> | 232000 | 240605 |
| **Telecommunications Resellers - 1.5%** | **Telecommunications Resellers - 1.5%** | **Telecommunications Resellers - 1.5%** |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029 <sup>(a)(b)</sup> | 256000 | 244057 |
| **Trust, Fiduciary, and Custody Activities - 2.4%** | **Trust, Fiduciary, and Custody Activities - 2.4%** | **Trust, Fiduciary, and Custody Activities - 2.4%** |
|  ILFC E-Capital Trust II, 6.68% (N/A), 12/21/2065 <sup>(a)(b)</sup> | 455000 | 390436 |
| **Wireless Telecommunication Services - 1.5%** | **Wireless Telecommunication Services - 1.5%** | **Wireless Telecommunication Services - 1.5%** |
|  Vodafone Group PLC, 5.13% to 06/04/2051 then 5 yr. CMT Rate + 3.07%, 06/04/2081 <sup>(b)(c)</sup> | 306000 | 237727 |
| **TOTAL CORPORATE BONDS** (Cost $9,937,610) | **TOTAL CORPORATE BONDS** (Cost $9,937,610) | 10120395 |
| **BABY BONDS<sup>(d)</sup> – 19.2%** | **Shares** | **Value**  |
| **Capital Markets – 1.7%** |  |  |
|  New Mountain Finance Corp., 8.25%, 11/15/2028 | 5922 | 149590 |
|  Trinity Capital, Inc., 7.88%, 09/30/2029 | 5358 | 136308 |
|  |  | 285898 |
| **Consumer Finance – 2.1%** |  |  |
|  Navient Corp., 6.00%, 12/15/2043 | 18364 | 346712 |
|  **Health Care REITs – 2.7%** |  |  |
| Diversified Healthcare Trust | – | $– |
| &nbsp;&nbsp; 6.25%, 02/01/2046 | 12984 | 229817 |
| &nbsp;&nbsp; 5.63%, 08/01/2042 | 13413 | 217291 |
|  |  | 447108 |
|  **Commercial Banking – 2.3%** |  |  |
|  New York Community Capital Trust V, 6.00%, 11/01/2051 <sup>(b)</sup> | 9410 | 367273 |
|  **Commercial Services & Supplies – 1.6%** |  |  |
|  Pitney Bowes, Inc., 6.70%, 03/07/2043 | 13326 | 259590 |
|  **Diversified Telecommunications Services – 2.0%** |  |  |
|  Qwest Corp., 6.75%, 06/15/2057 | 16267 | 323713 |
|  **Mortgage REITs – 6.7%** |  |  |
| AG Mortgage Investment Trust, Inc. | – | $– |
| &nbsp;&nbsp; 9.50%, 02/15/2029 | 2788 | 71066 |
| &nbsp;&nbsp; 9.50%, 05/15/2029 | 2667 | 67608 |
|  Angel Oak Mortgage REIT, Inc., 9.50%, 07/30/2029 | 5355 | 136660 |
|  Chimera Investment Corp., 9.00%, 05/15/2029 | 5338 | 135158 |
|  MFA Financial, Inc., 8.88%, 02/15/2029 | 11080 | $278773 |
|  New York Mortgage Trust, Inc., 9.13%, 07/01/2029 | 10724 | 269172 |
|  Redwood Trust, Inc., 9.00%, 09/01/2029 | 5350 | 128935 |
|  |  | 1087372 |
| **Office REITs – 0.1%** |  |  |
|  Office Properties Income Trust, Series 0000, 6.38%, 06/23/2050 | 1584 | 10629 |
| **TOTAL BABY BONDS** (Cost $3,029,934) |  | 3128295 |
| **PREFERRED STOCKS – 17.8%** | **Shares** | **Value**  |
| **Banks - 1.9%** | **Banks - 1.9%** |  |
|  Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual Maturity <sup>(c)</sup> | 6284 | 155026 |
|  Valley National Bancorp, Series B, 8.43% (3 mo. SOFR + 3.58%), Perpetual Maturity | 5969 | 148748 |
|  |  | 303774 |
| **Diversified REITs - 1.7%** | **Diversified REITs - 1.7%** |  |
|  Global Net Lease, Inc., Series D, 7.50%, Perpetual Maturity | 11840 | 283331 |
| **Financial Services - 3.4%** | **Financial Services - 3.4%** |  |
|  Compass Diversified Holdings, Series C, 7.88%, Perpetual Maturity | 5349 | 106873 |
|  Merchants Bancorp/IN, 7.63%, Perpetual Maturity | 19500 | 444405 |
|  |  | 551278 |
| **Hotel & Resort REITs - 1.1%** | **Hotel & Resort REITs - 1.1%** |  |
|  Pebblebrook Hotel Trust, Series H, 5.70%, Perpetual Maturity | 9700 | $170623 |
| **Insurance - 2.1%** | **Insurance - 2.1%** |  |
|  Brighthouse Financial, Inc., Series B, 6.75%, Perpetual Maturity | 18300 | 338184 |
| **Mortgage REITs - 4.3%** | **Mortgage REITs - 4.3%** |  |
|  Franklin BSP Realty Trust, Inc., Series E, 7.50%, Perpetual Maturity | 13311 | 280862 |
|  PennyMac Mortgage Investment Trust, Series C, 6.75%, Perpetual Maturity | 8021 | 150233 |
|  Rithm Capital Corp., Series C, 9.40% (3 mo. Term SOFR + 5.23%), Perpetual Maturity | 5223 | 129374 |
|  Two Harbors Investment Corp., Series A, 8.13% to 04/27/2027 then 3 mo. SOFR + 5.66%, Perpetual Maturity <sup>(c)</sup> | 5756 | 133539 |
|  |  | 694008 |
| **Office REITs - 1.0%** | **Office REITs - 1.0%** |  |
|  Vornado Realty Trust, Series L, 5.40%, Perpetual Maturity | 9444 | 170181 |
| **Oil, Gas & Consumable Fuels - 1.4%** | **Oil, Gas & Consumable Fuels - 1.4%** |  |
|  Energy Transfer LP, Series I, 9.25%, Perpetual Maturity | 20741 | 237692 |
| **Wireless Telecommunication Services - 0.9%** | **Wireless Telecommunication Services - 0.9%** |  |
|  Telephone and Data Systems, Inc., Series VV, 6.00%, Perpetual Maturity | 7959 | 148833 |
| **TOTAL PREFERRED STOCKS** (Cost $2,881,739) | **TOTAL PREFERRED STOCKS** (Cost $2,881,739) | 2897904 |
| **EXCHANGE TRADED FUNDS - 0.4%** | **Shares** | **Value**  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 384 | 31051 |
| SPDR Bloomberg High Yield Bond ETF | 410 | 39979 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $69,113) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $69,113) | 71030 |
| **SHORT-TERM INVESTMENTS- 0.1%** | **Shares** | **Value**  |
| **Money Market Funds – 0.1%** |  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(e)</sup> | 9089 | 9089 |
| First American Treasury Obligations Fund - Class X, 4.19%<sup>(e)</sup> | 9088 | 9088 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $18,177) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $18,177) | 18177 |
| **TOTAL INVESTMENTS - 99.7% (**Cost $15,936,573**)** | **TOTAL INVESTMENTS - 99.7% (**Cost $15,936,573**)** | 16235801 |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | 41653 |
| **TOTAL NET ASSETS - 100.0%** |  | $16277454 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of August 31, 2025, the value of these securities total $5,021,775 or 30.9% of the Fund's net assets.

(b) All or a portion of this security has been committed as collateral for a borrowing facility. The total value of assets committed as collateral as of August 31, 2025 is $8,388,999.

(c) This security has a fixed-to-variable rate feature.

(d) Baby bonds are preferred stocks which have been deemed to be fixed income securities based upon certain intrinsic characteristics.

(e) The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

------

#### Investment Valuation
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 the pricing procedures followed by the Fund.

Fixed income securities, including short-term debt instruments having a maturity of less than 60 days, are valued, at the evaluated mean price between the bid and asked prices in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of a price from a Pricing Service, Fair Value will be determined. These securities are categorized in Level 2 of the fair value hierarchy.

Equity securities, including common stocks, preferred stocks, and real estate investment trusts ("REITS") that are traded on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively "Nasdaq"), are valued at the last reported sale price on that 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 mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter ("OTC") market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund's NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor's ability to seek profit by estimating the Fund's NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy.

Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange-traded fund does not trade, then the mean between the most recent quoted bid and asked prices will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported NAVs. To the extent these securities are valued at their NAVs per share, they are categorized in Level 1 of the fair value hierarchy.

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Infrastructure Capital Advisors, LLC as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

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.

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 inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $10120395 | $– | $10120395 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Baby Bonds | 3128295 | – | – | 3128295 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 2897904 | – | – | 2897904 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 71030 | – | – | 71030 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 18177 | – | – | 18177 |
| Total Investments | $6115406 | $10120395 | $– | $16235801 |
| For the period ended August 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3 securities. Refer to the Fund's Schedule of Investments for further information on the classification of investments. | For the period ended August 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3 securities. Refer to the Fund's Schedule of Investments for further information on the classification of investments. | For the period ended August 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3 securities. Refer to the Fund's Schedule of Investments for further information on the classification of investments. | For the period ended August 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3 securities. Refer to the Fund's Schedule of Investments for further information on the classification of investments. | For the period ended August 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3 securities. Refer to the Fund's Schedule of Investments for further information on the classification of investments. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23084

- **c. CIK number of Registrant:** 0001650149

- **d. LEI of Registrant:** 5493008VNHP5UNYJ3713

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

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-765-6047

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

- **a. Name of Series:** Infrastructure Capital Bond Income ETF

- **b. EDGAR series identifier (if any):** S000089069

- **c. LEI of Series:** 529900K4UHH262OHK853

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $16546496.87

**Total Liabilities:** $268556.79

**Net Assets:** $16277940.08

**Cash Not Reported:** $260128.63

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 835.676393000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 519.665015000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 223.017482000000 | **1-Year:** 1438.453506000000 | **5-Year:** 744.547911000000 | **10-Year:** 145.343349000000 | **30-Year:** 623.909151000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255546 | 2.53%                | 1.23%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $299023.53                                 |
| Month 2  | $-47107.29               | $154775.68                                 |
| Month 3  | $14570.72                | $122057.50                                 |

**Designated Index Information**

- **Index Name:** Fund's Securities Portfolio

- **Index Identifier:** NUPJ1MWEUJ

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NRG ENERGY INC                 | NRG Energy Inc                                                  | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    208000 | PA      | $229428.99    | 1.41%             | 2028-03-15      | Variable      | 10.25%                | No            |                  2 | On Loan: No      |
| NY COMUNITY CAP TRUST V        | New York Community Capital Trust V                              | CUSIP: 64944P307<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9410 | NS      | $367272.30    | 2.26%             | 2051-11-01      | Fixed         | 6.00%                 | No            |                  1 | On Loan: No      |
| OFFICE PPTY INCOME TRST        | Office Properties Income Trust                                  | CUSIP: 67623C208<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1584 | NS      | $10628.64     | 0.07%             | 2050-06-23      | Fixed         | 6.38%                 | No            |                  1 | On Loan: No      |
| AES CORP/THE                   | AES Corp/The                                                    | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    236000 | PA      | $228916.32    | 1.41%             | 2055-07-15      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC               | Vital Energy Inc                                                | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    220000 | PA      | $229135.06    | 1.41%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC       | Warnermedia Holdings Inc                                        | CUSIP: 55903VBF9<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    805000 | PA      | $434297.50    | 2.67%             | 2062-03-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                                              | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      5223 | NS      | $129373.71    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                                              | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    234000 | PA      | $239745.17    | 1.47%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST        | Office Properties Income Trust                                  | CUSIP: 67623CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    307000 | PA      | $306180.99    | 1.88%             | 2029-03-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR       | Organon & Co / Organon Foreign Debt Co-Issuer BV                | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    479000 | PA      | $432383.96    | 2.66%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC             | PBF Holding Co LLC / PBF Finance Corp                           | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    236000 | PA      | $228486.37    | 1.40%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC        | PPL Capital Funding Inc                                         | CUSIP: 69352PAC7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    234000 | PA      | $231666.93    | 1.42%             | 2067-03-30      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                         | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      9700 | NS      | $170623.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT       | PennyMac Mortgage Investment Trust                              | CUSIP: 70931T509<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |      8021 | NS      | $150233.33    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC               | Pitney Bowes Inc                                                | CUSIP: 724479506<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |     13326 | NS      | $259590.48    | 1.59%             | 2043-03-07      | Fixed         | 6.70%                 | No            |                  1 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE       | Plains All American Pipeline LP                                 | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    597000 | PA      | $598666.23    | 3.68%             | 2025-10-02      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| QWEST CORP                     | Qwest Corp                                                      | CUSIP: 74913G873<br>LEI: 549300R2L4N683OO1509 | Long             | DBT              | CORP              | US        |     16267 | NS      | $323713.30    | 1.99%             | 2057-06-15      | Fixed         | 6.75%                 | No            |                  1 | On Loan: No      |
| REDWOOD TRUST INC              | Redwood Trust Inc                                               | CUSIP: 758075873<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |      5350 | NS      | $128935.00    | 0.79%             | 2029-09-01      | Fixed         | 9.00%                 | No            |                  1 | On Loan: No      |
| SPDR Bloomberg High Yield Bond | SPDR Bloomberg High Yield Bond ETF                              | CUSIP: 78468R622<br>LEI: 549300NCLW2248PN7J24 | Long             | EC               | RF                | US        |       410 | NS      | $39979.10     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TALOS PRODUCTION INC           | Talos Production Inc                                            | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    232000 | PA      | $240604.88    | 1.48%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| TELEPHONE & DATA SYS           | Telephone and Data Systems Inc                                  | CUSIP: 879433761<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      7959 | NS      | $148833.30    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINITY CAPITAL INC/MD         | Trinity Capital Inc                                             | CUSIP: 896442704<br>LEI: 549300YGT4SBRQYDVU48 | Long             | DBT              | CORP              | US        |      5358 | NS      | $136307.52    | 0.84%             | 2029-09-30      | Fixed         | 7.88%                 | No            |                  1 | On Loan: No      |
| TWO HARBORS INV CORP           | Two Harbors Investment Corp                                     | CUSIP: 90187B200<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |      5756 | NS      | $133539.20    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    256000 | PA      | $244056.48    | 1.50%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP        | Valley National Bancorp                                         | CUSIP: 919794305<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |      5969 | NS      | $148747.48    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT GLOBAL               | Paramount Global                                                | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    247000 | PA      | $240594.86    | 1.48%             | 2057-02-28      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC             | Vodafone Group PLC                                              | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    306000 | PA      | $237727.29    | 1.46%             | 2081-06-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST           | Vornado Realty Trust                                            | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9444 | NS      | $170180.88    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BW REAL ESTATE INC             | BW Real Estate Inc                                              | CUSIP: 05614HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    438000 | PA      | $444721.99    | 2.73%             | 2030-03-30      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA INC         | Banc of California Inc                                          | CUSIP: 05990K841<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EP               | CORP              | US        |      6284 | NS      | $155026.28    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN       | Brighthouse Financial Inc                                       | CUSIP: 10922N509<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |     13800 | NS      | $255024.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMOURS CO                    | Chemours Co/The                                                 | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    353000 | PA      | $345553.68    | 2.12%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP        | Chimera Investment Corp                                         | CUSIP: 16934Q885<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | DBT              | CORP              | US        |      5338 | NS      | $135158.16    | 0.83%             | 2029-05-15      | Fixed         | 9.00%                 | No            |                  1 | On Loan: No      |
| CIVITAS RESOURCES INC          | Civitas Resources Inc                                           | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    334000 | PA      | $344088.14    | 2.11%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA Inc                                                         | CUSIP: 197677AH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    215000 | PA      | $230346.35    | 1.42%             | 2095-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COMPASS DIVERSIF HOLDING       | Compass Diversified Holdings                                    | CUSIP: 20451Q401<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |      5349 | NS      | $106873.02    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DELEK LOG PART/FINANCE         | Delek Logistics Partners LP / Delek Logistics Finance Corp      | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    223000 | PA      | $233271.16    | 1.43%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T       | Diversified Healthcare Trust                                    | CUSIP: 25525P206<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13413 | NS      | $217290.60    | 1.33%             | 2042-08-01      | Fixed         | 5.62%                 | No            |                  1 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T       | Diversified Healthcare Trust                                    | CUSIP: 25525P305<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12984 | NS      | $229816.80    | 1.41%             | 2046-02-01      | Fixed         | 6.25%                 | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                              | CUSIP: 29273V704<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |     20741 | NS      | $237691.86    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                        | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |      7539 | NS      | $7538.70      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                      | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |      7539 | NS      | $7538.71      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                   | CUSIP: 345370BS8<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    172000 | PA      | $176091.71    | 1.08%             | 2097-05-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP REALTY TRST       | Franklin BSP Realty Trust Inc                                   | CUSIP: 35243J200<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EP               | CORP              | US        |     13311 | NS      | $280862.10    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEDOM MORTGAGE CORP          | Freedom Mortgage Corp                                           | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    320000 | PA      | $355384.80    | 2.18%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL        | Garrett Motion Holdings Inc / Garrett LX I Sarl                 | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $240698.91    | 1.48%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO         | General Motors Financial Co Inc                                 | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    241000 | PA      | $236061.33    | 1.45%             | 2027-09-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                 | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    464000 | PA      | $482032.43    | 2.96%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE INC           | Global Net Lease Inc                                            | CUSIP: 379378508<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     11840 | NS      | $283331.20    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE       | Hudson Pacific Properties LP                                    | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    351000 | PA      | $343891.06    | 2.11%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ILFC E-CAPITAL TRUST II        | ILFC E-Capital Trust II                                         | CUSIP: 44965UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $390436.09    | 2.40%             | 2065-12-21      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE        | Crescent Energy Finance LLC                                     | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    476000 | PA      | $465468.83    | 2.86%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ High Yield Cor | iShares iBoxx $ High Yield Corporate Bond ETF                   | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |       384 | NS      | $31050.24     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KOHL'S CORPORATION             | Kohl's Corp                                                     | CUSIP: 500255AN4<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    400000 | PA      | $294000.00    | 1.81%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD              | Kosmos Energy Ltd                                               | CUSIP: 500688AD8<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     51000 | PA      | $42887.74     | 0.26%             | 2028-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC               | Land O' Lakes Inc                                               | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |    556000 | PA      | $478031.01    | 2.94%             | 2027-04-04      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP          | Lincoln National Corp                                           | CUSIP: 534187AS8<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    504000 | PA      | $417717.43    | 2.57%             | 2066-05-17      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC              | MFA Financial Inc                                               | CUSIP: 55272X706<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | DBT              | CORP              | US        |     11080 | NS      | $278772.80    | 1.71%             | 2029-02-15      | Fixed         | 8.88%                 | No            |                  1 | On Loan: No      |
| MERCHANTS BANCORP              | Merchants Bancorp/IN                                            | CUSIP: 58844R850<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |     16000 | NS      | $364640.00    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT CORP                   | Navient Corp                                                    | CUSIP: 63938C405<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     18364 | NS      | $346712.32    | 2.13%             | 2043-12-15      | Fixed         | 6.00%                 | No            |                  1 | On Loan: No      |
| NEW MOUNTAIN FINANCE COR       | New Mountain Finance Corp                                       | CUSIP: 647551308<br>LEI: 549300L1MPTT1H7SES77 | Long             | DBT              | CORP              | US        |      5922 | NS      | $149589.72    | 0.92%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  1 | On Loan: No      |
| NEW YORK MORTGAGE TRUST        | New York Mortgage Trust Inc                                     | CUSIP: 649604832<br>LEI: 549300JFGR0M7ULHWG48 | Long             | DBT              | CORP              | US        |     10724 | NS      | $269172.40    | 1.65%             | 2029-07-01      | Fixed         | 9.12%                 | No            |                  1 | On Loan: No      |
| NOBLE FINANCE II LLC           | Noble Finance II LLC                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $238376.83    | 1.46%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AG MORTGAGE INVEST TR          | AG Mortgage Investment Trust Inc                                | CUSIP: 001228600<br>LEI: 549300SNP0PBR2XTFR48 | Long             | DBT              | CORP              | US        |      2788 | NS      | $71066.12     | 0.44%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  1 | On Loan: No      |
| AG MORTGAGE INVEST TR          | AG Mortgage Investment Trust Inc                                | CUSIP: 001228709<br>LEI: 549300SNP0PBR2XTFR48 | Long             | DBT              | CORP              | US        |      2667 | NS      | $67608.45     | 0.42%             | 2029-05-15      | Fixed         | 9.50%                 | No            |                  1 | On Loan: No      |
| ALGONQUIN PWR & UTILITY        | Algonquin Power & Utilities Corp                                | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    246000 | PA      | $239444.76    | 1.47%             | 2082-01-18      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE REIT        | Angel Oak Mortgage REIT Inc                                     | CUSIP: 03464Y207<br>LEI: 5493008M8D7W7VZZ7V36 | Long             | DBT              | CORP              | US        |      5355 | NS      | $136659.60    | 0.84%             | 2029-07-30      | Fixed         | 9.50%                 | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** Series Portfolios Trust

**Signature:** /s/Ryan Roell

**Name of Signer:** Series Portfolios Trust

**Title:** President