# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-001670
**Filing Date:** 2025-6
**Character Count:** 23670
**Document Hash:** ecb7988b2d941bd9833bb24d194c9011
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-001670.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001592900-25-001670

**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**: 20260131

**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:** 251084705

**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

### WHITEWOLF Publicly Listed Private Equity ETF (Series ID: S000081688)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000244624 | WHITEWOLF Publicly Listed Private Equity ETF | LBO             |

## Nport-Ex

---

| |
|:---|
| **WHITEWOLF PUBLICLY LISTED PRIVATE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CLOSED-END FUNDS - 52.7%** | **Shares** | **Value** |
| Ares Capital Corp.  | 27655 | $571352 |
| Bain Capital Specialty Finance, Inc.  | 6870 | 105111 |
| Barings BDC, Inc.  | 13761 | 119858 |
| Capital Southwest Corp.  | 7035 | 143373 |
| Carlyle Secured Lending, Inc.  | 5481 | 80954 |
| CION Investment Corp.  | 7729 | 76672 |
| Fidus Investment Corp.  | 676 | 12776 |
| FS KKR Capital Corp.  | 26744 | 531938 |
| Gladstone Capital Corp.  | 1444 | 36028 |
| Gladstone Investment Corp. <sup>(a)</sup> | 2456 | 33770 |
| Goldman Sachs BDC, Inc.  | 12534 | 132986 |
| Golub Capital BDC, Inc.  | 27411 | 392526 |
| Hercules Capital, Inc.  | 22854 | 409087 |
| MidCap Financial Investment Corp.  | 6075 | 72050 |
| New Mountain Finance Corp.  | 6864 | 68228 |
| PennantPark Floating Rate Capital Ltd.  | 11119 | 112413 |
| PennantPark Investment Corp.  | 5739 | 37418 |
| Prospect Capital Corp.  | 88397 | 315577 |
| Saratoga Investment Corp.  | 437 | 10650 |
| Sixth Street Specialty Lending, Inc.  | 6624 | 137514 |
| Stellus Capital Investment Corp.  | 2960 | 37829 |
| Trinity Capital, Inc.  | 15456 | 224576 |
| TriplePoint Venture Growth BDC Corp.  | 1373 | 8334 |
| **TOTAL CLOSED-END FUNDS** (Cost $4,176,454) |  | 3671020 |
| **COMMON STOCKS - 45.5%** |  |  |
| **Asset Management & Custody Banks - 40.2%**<sup>(b)</sup> |  |  |
| Ares Management Corp. - Class A  | 2505 | 382088 |
| BlackRock TCP Capital Corp.  | 8743 | 59802 |
| Blackrock, Inc.  | 152 | 138967 |
| Blackstone Secured Lending Fund <sup>(a)</sup> | 18340 | 537362 |
| Blackstone, Inc.  | 2160 | 284494 |
| Blue Owl Capital, Inc. - Class A  | 14886 | 275838 |
| Carlyle Group, Inc.  | 4587 | 177242 |
| GCM Grosvenor, Inc. - Class A  | 3151 | 39513 |
| Hamilton Lane, Inc. - Class A  | 818 | 126373 |
| KKR & Co., Inc.  | 4060 | 463936 |
| P10, Inc. - Class A  | 5808 | 64295 |
| StepStone Group, Inc. - Class A  | 1544 | 77215 |
| TPG, Inc.  | 3801 | 176556 |
|  |  | 2803681 |

---

.

------

---

| |
|:---|
| **WHITEWOLF PUBLICLY LISTED PRIVATE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (CONTINUED)** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 45.5% (Continued)** | **Shares** | **Value**  |
| **Diversified Financial Services - 4.9%** | |  |
| Apollo Global Management, Inc.  | 2480 | $338470 |
| **Multi-Sector Holdings - 0.4%** |  |  |
| Compass Diversified Holdings  | 1711 | 29412 |
| **TOTAL COMMON STOCKS** (Cost $3,831,999) |  | 3171563 |
| **SHORT-TERM INVESTMENTS - 7.3%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 5.6%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(c)</sup> | 390662 | 390662 |
| **Money Market Funds - 1.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(c)</sup> | 116801 | 116801 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $507,463) |  | 507463 |
| **TOTAL INVESTMENTS - 105.5% (**Cost $8,515,916**)** |  | $7350046 |
| Liabilities in Excess of Other Assets - (5.5)%  |  | (385727) |
| **TOTAL NET ASSETS - 100.0%** |  | $6964319 |

---

Percentages are stated as a percent of net assets.

(a) <br> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $375,431, which represented 5.4% of net assets.

(b) <br> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(c) <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.

.

------

**WHITEWOLF PUBLICLY LISTED PRIVATE EQUITY ETF**

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

WHITEWOLF Publicly Listed Private Equity ETF ("the Fund") has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the 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 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 would be 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 | $3671020 | $— | $— | $3671020 |
| &nbsp;&nbsp;Closed End Funds | 3171563 |  |  | 3171563 |
| &nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 390662 |  |  | 390662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 116801 |  |  | 116801 |
| **Total Investments** | $7350046 | $— | $— | $7350046 |

---

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:** WHITEWOLF Publicly Listed Private Equity ETF

- **b. EDGAR series identifier (if any):** S000081688

- **c. LEI of Series:** 529900CAPPMHKVH3E229

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

- **a. Date of fiscal year-end:** 2026-01-31

- **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:** $7358802.30

**Total Liabilities:** $394577.00

**Net Assets:** $6964225.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244624 | -4.56%               | -7.13%               | -5.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $108793.57               | $-654207.60                                |
| Month 2  | $123687.55               | $-690602.18                                |
| Month 3  | $0.00                    | $-420278.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bain Capital Specialty Finance Inc         | Bain Capital Specialty Finance Inc         | CUSIP: 05684B107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6870 | NS      | $105111.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Capital Inc                        | Trinity Capital Inc                        | CUSIP: 896442308<br>LEI: N/A                  | Long             | EC               | RF                | US        |     15456 | NS      | $224575.68    | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                               | KKR & Co Inc                               | CUSIP: 48251W104<br>LEI: 549300JOHU21WRN2Z451 | Long             | EC               | CORP              | US        |      4060 | NS      | $463936.20    | 6.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                             | Blackstone Inc                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      2160 | NS      | $284493.60    | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                      | Carlyle Group Inc/The                      | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |      4587 | NS      | $177241.68    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Secured Lending Inc                | Carlyle Secured Lending Inc                | CUSIP: 872280102<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5481 | NS      | $80954.37     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock TCP Capital Corp                 | BlackRock TCP Capital Corp                 | CUSIP: 09259E108<br>LEI: N/A                  | Long             | EC               | RF                | US        |      8743 | NS      | $59802.12     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                       | Ares Management Corp                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      2505 | NS      | $382087.65    | 5.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                          | Hamilton Lane Inc                          | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |       818 | NS      | $126372.82    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Secured Lending Fund            | Blackstone Secured Lending Fund            | CUSIP: 09261X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18340 | NS      | $537362.00    | 7.72%             |  |  |  | No            |                  1 | On Loan: —       |
| StepStone Group Inc                        | StepStone Group Inc                        | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1544 | NS      | $77215.44     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                       | Blue Owl Capital Inc                       | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14886 | NS      | $275837.58    | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                          | GCM Grosvenor Inc                          | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3151 | NS      | $39513.54     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc               | Apollo Global Management Inc               | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2480 | NS      | $338470.40    | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| P10 Inc                                    | P10 Inc                                    | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5808 | NS      | $64294.56     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                                    | TPG Inc                                    | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |      3801 | NS      | $176556.45    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                              | Blackrock Inc                              | CUSIP: 09290D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       152 | NS      | $138967.52    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    507266 | PA      | $507266.20    | 7.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified Holdings               | Compass Diversified Holdings               | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |      1711 | NS      | $29412.09     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TriplePoint Venture Growth BDC Corp        | TriplePoint Venture Growth BDC Corp        | CUSIP: 89677Y100<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1373 | NS      | $8334.11      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CION Investment Corp                       | CION Investment Corp                       | CUSIP: 17259U204<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7729 | NS      | $76671.68     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| New Mountain Finance Corp                  | New Mountain Finance Corp                  | CUSIP: 647551100<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6864 | NS      | $68228.16     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Southwest Corp                     | Capital Southwest Corp                     | CUSIP: 140501107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7035 | NS      | $143373.30    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HERCULES CAPITAL INC                       | HERCULES CAPITAL INC                       | CUSIP: 427096508<br>LEI: N/A                  | Long             | EC               | RF                | US        |     22854 | NS      | $409086.60    | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Investment Corp                  | Gladstone Investment Corp                  | CUSIP: 376546107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      2456 | NS      | $33770.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| MidCap Financial Investment Corp           | MidCap Financial Investment Corp           | CUSIP: 03761U502<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6075 | NS      | $72049.50     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Capital Corp                     | Gladstone Capital Corp                     | CUSIP: 376535878<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1444 | NS      | $36027.80     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings BDC Inc                            | Barings BDC Inc                            | CUSIP: 06759L103<br>LEI: N/A                  | Long             | EC               | RF                | US        |     13761 | NS      | $119858.31    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Capital Corp                          | Ares Capital Corp                          | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | EC               | RF                | US        |     27655 | NS      | $571352.30    | 8.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital BDC Inc                      | Golub Capital BDC Inc                      | CUSIP: 38173M102<br>LEI: N/A                  | Long             | EC               | RF                | US        |     27411 | NS      | $392525.52    | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Investment Corp                   | Saratoga Investment Corp                   | CUSIP: 80349A208<br>LEI: N/A                  | Long             | EC               | RF                | US        |       437 | NS      | $10649.69     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PennantPark Investment Corp                | PennantPark Investment Corp                | CUSIP: 708062104<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5739 | NS      | $37418.28     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sixth Street Specialty Lending Inc         | Sixth Street Specialty Lending Inc         | CUSIP: 83012A109<br>LEI: 549300TX61566GJWCN05 | Long             | EC               | RF                | US        |      6624 | NS      | $137514.24    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidus Investment Corp                      | Fidus Investment Corp                      | CUSIP: 316500107<br>LEI: N/A                  | Long             | EC               | RF                | US        |       676 | NS      | $12776.40     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PennantPark Floating Rate Capital Ltd      | PennantPark Floating Rate Capital Ltd      | CUSIP: 70806A106<br>LEI: N/A                  | Long             | EC               | RF                | US        |     11119 | NS      | $112413.09    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR Capital Corp                        | FS KKR Capital Corp                        | CUSIP: 302635206<br>LEI: N/A                  | Long             | EC               | RF                | US        |     26744 | NS      | $531938.16    | 7.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellus Capital Investment Corp            | Stellus Capital Investment Corp            | CUSIP: 858568108<br>LEI: N/A                  | Long             | EC               | RF                | US        |      2960 | NS      | $37828.80     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs BDC Inc                      | Goldman Sachs BDC Inc                      | CUSIP: 38147U107<br>LEI: N/A                  | Long             | EC               | RF                | US        |     12534 | NS      | $132985.74    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Prospect Capital Corp                      | Prospect Capital Corp                      | CUSIP: 74348T102<br>LEI: N/A                  | Long             | EC               | RF                | US        |     88397 | NS      | $315577.29    | 4.53%             |  |  |  | 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