# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0001133228-25-006210
**Filing Date:** 2025-6
**Character Count:** 53860
**Document Hash:** 9308d3db02a4e66cc63e61d2d211c60f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006210.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001133228-25-006210

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 251033138

**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

### Verity U.S. Treasury Fund (Series ID: S000082884)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000246218 | Investor Class | USTVX           |

?xml version='1.0' encoding='ASCII'? 2025-04-08197409_VerityUSTreasuryFund_InvestorClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23084</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Series Portfolios Trust</u>**

(Exact name of Registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Ryan L. Roell, Principal Executive Officer**

**Series Portfolios Trust**

**c/o U.S. Bancorp Fund Services, LLC**

**777 East Wisconsin Ave, 6<sup>th</sup> Fl**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 516-1709</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2025</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img001.jpg) | **Verity U.S. Treasury Fund**  | ![image](img002.jpg) |
| ![image](img001.jpg) | Investor Class \| USTVX  | ![image](img002.jpg) |
| ![image](img001.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img002.jpg) |

---

This semi-annual shareholder report contains important information about the Verity U.S. Treasury Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://verityinvest.com/ustvx/. You can also request this information by contacting us at 1-800-984-5014.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $29 | 0.58% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $85786847 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 33% |

---

Visit https://verityinvest.com/ustvx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Net Assets)** | **Top 10 Issuers (% of Net Assets)** |
|  U.S. Treasury Notes/Bonds  | 97.6% |
|  First American Treasury Obligations Fund  | 4.9% |

---

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

![image](ts3824img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://verityinvest.com/ustvx/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Verity Asset Management documents not be householded, please contact Verity Asset Management at 1-800-984-5014, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Verity Asset Management or your financial intermediary.

Verity U.S. Treasury Fund PAGE 1 TSR-SAR-81752T478

97.62.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for Semi-Annual Reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for Semi-Annual Reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for Semi-Annual Reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for Semi-Annual Reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under
 Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](verity_logo.jpg)

**VERITY U.S. TREASURY FUND** 

**INVESTOR CLASS** 

**TICKER SYMBOL: USTVX** 

Semi-Annual Financial Statements and Additional Information

MARCH 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [2](#tsal) |
| [Statement of Operations](#tsop) | [3](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [4](#tscna) |
| [Financial Highlights](#tfihi) | [5](#tfihi) |
| [Notes to the Financial Statements](#tnotes) | [6](#tnotes) |
| [Additional Information](#taddin) | [11](#taddin) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT NOTES/BONDS - 97.6%** | **U.S. GOVERNMENT NOTES/BONDS - 97.6%** | **U.S. GOVERNMENT NOTES/BONDS - 97.6%** |
| U.S. Treasury Notes/Bonds  | U.S. Treasury Notes/Bonds  | U.S. Treasury Notes/Bonds  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/15/2025  | $12500000 | $12466396  |
| &nbsp;&nbsp;&nbsp; 2.63%, 12/31/2025  | 16000000 | 15823241  |
| &nbsp;&nbsp;&nbsp; 2.38%, 04/30/2026  | 15000000 | 14738757  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027  | 9000000 | 8761817  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027  | 13861000 | 13511226  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028  | 13700000 | 13259834  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030  | 5050000 | 5142912  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT NOTES/BONDS** <br>**(Cost $83,630,427)** |  | 83704183  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 4.9%**<br>|  |  |
| **Money Market Funds - 4.9%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.26%<sup>(a)</sup> | 4190469 | 4190469  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,190,469)** |  | 4190469  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.5%** <br>**(Cost $87,820,896)** |  | $87894652  |
| Liabilities in Excess of Other Assets - (2.5)%  |  | (2107805)  |
| **TOTAL NET ASSETS - 100.0%** |  | $85786847 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Statement of Assets and Liabilities** 

**March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $87894652  |
| Interest receivable | 568536  |
| Receivable for Fund shares sold | 82161  |
| Prepaid expenses  | 20380  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 88565729  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 2482413  |
| Payable for capital shares redeemed | 226437  |
| Payable to Adviser | 17887  |
| Payable for fund administration and accounting fees | 15984 |
| Payable for audit fees  | 10194  |
| Payable for transfer agent fees and expenses | 6564  |
| Payable for compliance fees | 2769  |
| Payable for custodian fees | 1424  |
| Payable for expenses and other liabilities | 15210  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2778882  |
| **NET ASSETS** | $85786847  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $85827687  |
| Total accumulated loss | (40840)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $85786847  |
| **Investor Class**<br>|  |
| Net assets | $85786847  |
| Shares issued and outstanding<sup>(a)</sup> | 5713608  |
| Net asset value per share | $15.01  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $87820896 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Statement of Operations** 

**For the Period Ended March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Interest income | $1772175  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1772175  |
| **EXPENSES:**<br>|  |
| Investment advisory fees (See Note 3) | 172026  |
| Fund administration and accounting fees (See Note 3) | 53614  |
| Transfer agent fees (See Note 3) | 22141  |
| Federal and state registration fees | 18508  |
| Audit fees | 10192  |
| Trustees' fees (See Note 3) | 9891  |
| Compliance fees (See Note 3) | 7371  |
| Legal fees | 7007  |
| Custodian fees (See Note 3) | 2716  |
| Reports to shareholders | 4052  |
| Insurance fees  | 2289  |
| Other expenses | 1183  |
| &nbsp;&nbsp;&nbsp; Total expenses before waiver | 310990  |
| &nbsp;&nbsp;&nbsp; Less: expense waiver by Adviser (See Note 3) | (73430)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 237560  |
| **NET INVESTMENT INCOME** | 1534615  |
| **CHANGE IN UNREALIZED LOSS ON INVESTMENTS:**<br>|  |
| Net change in unrealized appreciation (depreciation) on investments | (227769)  |
| **Net change in unrealized loss on investments** | (227769)  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1306846 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1534615 | $2377975  |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments |  | (164737)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (227769) | 301525  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 1306846 | 2514763  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings (See Note 4) | (1548571) | (2313877)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1548571) | (2313877)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 15624289 | 88169490  |
| &nbsp;&nbsp;&nbsp; Reinvestments | 1548571 | 2313870  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6546242) | (15287530)  |
| &nbsp;&nbsp;&nbsp; Redemption fees |  | 5238  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions<sup>(b)</sup>** | 10626618 | 75201068  |
| **NET INCREASE IN NET ASSETS** | 10384893 | 75401954  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 75401954 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $85786847 | $75401954 |

---

<sup>(a)</sup> Inception date of the Fund was December 1, 2023.

<sup>(b)</sup> A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1040169 | 5866724  |
| &nbsp;&nbsp;&nbsp; Reinvestments  | 103642 | 154509  |
| &nbsp;&nbsp;&nbsp; Redemptions  | (436035) | (1015401)  |
| &nbsp;&nbsp;&nbsp; Redemption fees |  |  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 707776 | 5005832 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Verity U.S. Treasury Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $15.06 | &nbsp;&nbsp;&nbsp; $15.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.51  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.55  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.49)  |
| **Total distributions paid** | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.49)  |
| Redemption fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $15.01 | &nbsp;&nbsp;&nbsp; $15.06  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 3.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $85787 | &nbsp;&nbsp;&nbsp; $75402  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp; 0.85%  |
| &nbsp;&nbsp;&nbsp; After expense waiver<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.54%<sup>(f)</sup>  |
| Ratio of net investment income to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3.75% | &nbsp;&nbsp;&nbsp; 4.12%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp; 32% |

---

<sup>(a)</sup> Inception date of the Fund was December 1, 2023.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Expenses for the Fund were reduced by $24,000, the equivalent of four basis points (0.04%), due to a one-time fee reduction which resulted in the Fund operating below its expense cap of 0.58% for the period. 

<sup>(g)</sup> The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments). The denominator includes the average fair value of long positions throughout the period.

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**MARCH 31, 2025 (Unaudited)** 

1. ORGANIZATION

Series Portfolios Trust (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated July 27, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Verity U.S. Treasury Fund (the "Fund") is a diversified series having its own investment objectives and policies within the Trust. The Fund seeks to achieve its investment objective by primarily investing in direct debt obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury. Investment advisory services are provided to the Fund by Verity Asset Management (the "Adviser"), pursuant to an Investment Advisory Agreement (see Note 3).

The Fund's inception was on December 1, 2023. Organizational costs consist of costs incurred to establish the Fund and enable it to legally do business. These expenses were borne by the Adviser and are not subject to reimbursement by the Fund. The Fund's investment Adviser is responsible for providing management oversight, investment advisory services, day-to-day management of the Fund's assets, as well as compliance, sales, marketing, and operations services to the Fund. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification") Topic 946, *Financial Services – Investment Companies*. The Fund does not hold itself out as related to any other series of the Trust for purposes of investment and investor services, nor does it share the same investment adviser with any other series of the Trust.

The Fund may issue an unlimited number of shares of beneficial interest, with no par value. Prior to March 25, 2024, a redemption fee of 2.00% was charged on shares redeemed within 60 days of purchase.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *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 independent third-party pricing service ("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. These securities
 are categorized in Level 2 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 net asset values ("NAV"). To the extent these securities are valued at their NAV 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 the Adviser 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 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,

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**MARCH 31, 2025 (Unaudited)(Continued)** 

a discussion in 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 –<br>| 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 –<br>| 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 inputs or 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 inputs used to value the Fund's securities by level within the fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments at Fair Value**  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Notes/Bonds | $— | $83704183 | $— | $83704183  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4190469 |  |  | 4190469  |
| **Total Investments in Securities** | $4190469 | $83704183 | $— | $87894652 |

---

As of the period ended March 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments for further information on the classification of investments.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Cash and Cash Equivalents* – The Fund considers highly liquid short-term fixed income investments purchased with an original maturity of
 less than three months and money market funds to be cash equivalents. Cash equivalents are included in short term investments on the Schedule
 of Investments as well as in investments on the Statement of Assets and Liabilities. Temporary cash overdrafts are reported as payable
 to custodian.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Guarantees and Indemnifications* – In the normal course of business, the Fund enters into contracts with service providers that contain
 general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims
 that may be made against the Fund that has not yet occurred.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions, Income and Distributions* – The Fund follows industry practice and records security transactions on the trade date. Realized
 gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend
 date and interest income and expense is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in
 accordance with the Fund's understanding of the applicable country's tax rules and regulations. Discounts and premiums on
 securities purchased are amortized over the expected life of the respective securities using the constant yield method. Interest income
 is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Allocation of Expenses –* Expenses associated with a specific fund in the Trust are charged to that Fund. Common Trust expenses are typically
 allocated evenly between the funds of the Trust or by other equitable means.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**MARCH 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;F. *Share Valuation* – The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash
 or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund,
 rounded to the nearest cent. The Fund's shares will not be priced on days which the New York Stock Exchange ("NYSE")
 is closed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Use of Estimates* – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Statement of Cash Flows* – Pursuant to the Cash Flows Topic of the Codification, the Fund qualifies for an exemption from the requirement
 to provide a statement of cash flows and has elected not to provide a statement of cash flows.

3. RELATED PARTY TRANSACTIONS

The Trust has an agreement with the Adviser to furnish investment advisory services to the Fund. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 0.42% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its management fees, and/or reimburse Fund operating expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding front-end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage/borrowing interest (including interest incurred in connection with bank and custody overdrafts), interest expense, dividends paid on short sales, brokerage and other transactional expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 0.58% of the Fund's average daily net assets. The Adviser may request recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date they were waived or reimbursed, provided that, after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Cap: (i) in effect at the time of the waiver or reimbursement, or (ii) in effect at the time of recoupment. The Operating Expenses Limitation Agreement is intended to be continual in nature and cannot be terminated within two years after the initial effective date of the Fund's prospectus and subject thereafter to termination at any time upon 60 days written notice and approval by the Board or the Adviser, with consent of the Board. Waived fees and reimbursed expenses subject to potential recovery by year of expiration are as follows:

---

| | |
|:---|:---|
| **Expiration** | **Amount**  |
| December 2026 – September 2027 | $155373  |
| October 2027 – March 2028 | $73430 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator") acts as the Fund's Administrator, transfer agent, and fund accountant. U.S. Bank N.A. (the "Custodian") serves as the custodian to the Fund. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Board; monitors the activities of the Fund's custodian; coordinates the payment of the Fund's expenses and reviews the Fund's expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. A trustee of the Trust is an officer of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Fund, subject to annual minimums. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the period ended March 31, 2025, are disclosed in the Statement of Operations. Quasar Distributors, LLC is the Fund's distributor (the "Distributor"). The Distributor is not affiliated with the Adviser, Fund Services, or its affiliated companies.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**MARCH 31, 2025 (Unaudited)(Continued)** 

4. TAX FOOTNOTE

Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income or excise tax provision is required. As of, and during the period ended March 31, 2025, the Fund did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Fund is subject to examination by taxing authorities for the tax periods since the commencement of operations.

As of September 30, 2024, the Fund's most recently completed fiscal year end, the components of distributable earnings on a tax basis were:

---

| | |
|:---|:---|
| Tax cost of investments | $74759932  |
| Gross unrealized appreciation | $307009  |
| Gross unrealized depreciation | (5484)  |
| Net unrealized appreciation | 301525  |
| Undistributed ordinary income | 64097  |
| Other accumulated loss | (164737)  |
| Total distributable earnings | $200885 |

---

As of September 30, 2024, the Fund had $164,737 in short-term capital loss carryovers which will be permitted to carry over for an unlimited period. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively.

Distributions to Shareholders – The Fund intends to distribute net investment income quarterly and net realized gains, if any, annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund.

The tax character of distributions paid for the periods ended March 31, 2025 and September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Total** <br>**Distributions Paid**  |
| 2025 | $1548571 | &nbsp;&nbsp;&nbsp; $1548571  |
| 2024 | $2313877 | &nbsp;&nbsp;&nbsp; $2313877 |

---

5. INVESTMENT TRANSACTIONS

The aggregate purchases and sales (excluding short-term investments), by the Fund for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| U.S. Government Securities | $33623938 | $19150000  |
| Other Securities | $— | $— |

---

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERITY U.S. TREASURY FUND** 

**Notes to the Financial Statements** 

**MARCH 31, 2025 (Unaudited)(Continued)** 

6. PRINCIPAL RISKS

**U.S. Government and Agency Securities Risk – The Fund invests primarily in securities issued by the U.S. Treasury and may also invest in U.S. government agency securities (such as securities issued by Ginnie Mae, Fannie Mae or Freddie Mac). U.S. government and agency securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury or Ginnie Mae, that are backed by the full-faith-and-credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate. Notwithstanding that these securities are backed by the full-faith-and-credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such as reaching the legislative "debt ceiling." From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. Government Securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could adversely affect the Fund. Such non-payment would result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system. Securities issued or guaranteed by U.S. government agencies, such as Fannie Mae and Freddie Mac, are not backed by the full-faith-and-credit of the United States and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government agency securities that are not backed by the full-faith-and-credit of the United States are subject to greater credit risk.** 

7. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of March 31, 2025, National Financial Services, LLC and AXOS Clearing, LLC , for the benefit of their customers, owned 47.93% and 30.30% of the Fund, respectively.

8. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to ReportableSegment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosurerequirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statementusers to better understand the components of a segment's profit or loss and assess potential future cash flows for eachreportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures byrequiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker,clarifying when an entity may report one or more additional measures to assess segment performance, requiringenhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment,among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

9. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that no items require recognition or disclosure.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERITY U.S. TREASURY FUND** 

**Additional Information** 

**March 31, 2025 (Unaudited)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

The Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT, which is available on the SEC's website at https://<u>www.sec.gov/.</u> The Fund's Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Fund's Part F of Form N-PORT is available without charge upon request by calling 1-800-984-5014.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

A description of the Fund's Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-984-5014. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent period ended June 30, is available (1) without charge, upon request, by calling 1-800-984-5014, or on the SEC's website at https://<u>www.sec.gov/.</u>

**ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR** 

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

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

See the Statement of Operations in this report.

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

Not applicable.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INVESTMENT ADVISER** 

**Verity Asset Management** 

**280 South Mangum Street, Suite 550** 

**Durham, NC 27701** 

**DISTRIBUTOR** 

**Quasar Distributors, LLC** 

**3 Canal Plaza, Suite 100** 

**Portland, ME 04101** 

**CUSTODIAN** 

**U.S. Bank N.A.** 

**1555 North Rivercenter Drive, Suite 302** 

**Milwaukee, WI 53212** 

**ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT** 

**U.S. Bancorp Fund Services, LLC** 

**615 East Michigan Street** 

**Milwaukee, WI 53202** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

**LEGAL COUNSEL** 

**Kirkland & Ellis, LLP** 

**1301 Pennsylvania Avenue, NW** 

**Washington, DC 20004** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a)
 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Statement of Operations under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

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

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and
 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that
 the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
 provider.

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

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

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not
 applicable for Semi-Annual Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a).* Filed herewith.](vust-efp15855_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) Change in the registrant's independent public accountant.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.*](vust-efp15855_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Series
 Portfolios Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Ryan L. Roell |
|  | Ryan L. Roell, Principal Executive Officer |

---

Date <u>6/5/2025</u>

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Ryan L. Roell |
|  | Ryan L. Roell, Principal Executive Officer |

---

Date <u>6/5/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Schafer |
|  | Douglas Schafer, Principal Financial Officer |

---

Date <u>6/5/2025</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ryan L. Roell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Series Portfolios Trust;

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

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the Registrant as of, and for, the periods presented in this
 report;

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/5/2025 | /s/ Ryan L. Roell |
|  |  | Ryan L. Roell |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Douglas Schafer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Series Portfolios Trust;

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

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the Registrant as of, and for, the periods presented in this
 report;

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/5/2025 | /s/ Douglas Schafer |
|  |  | Douglas Schafer |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Series Portfolios Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Series Portfolios Trust for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Series Portfolios Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Ryan L. Roell | /s/ Douglas Schafer |
| Ryan L. Roell | Douglas Schafer |
| Principal Executive Officer, | Principal Financial Officer, |
| Series Portfolios Trust | Series Portfolios Trust |

---

Dated: <u>6/5/2025</u> Dated: <u>6/5/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Series Portfolios Trust for purposes of Section 18 of the Securities Exchange Act of 1934.