# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0000894189-25-012181
**Filing Date:** 2025-10
**Character Count:** 80228
**Document Hash:** 48bc307aa0ea2d7963ac9a258d1217bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012181.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012181

**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:** 251424229

**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 Equity Income ETF (Series ID: S000074860)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000233162 | Infrastructure Capital Equity Income ETF | ICAP            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 92.6%** | **Shares** | **Value**  |
| **Banks - 12.2%** | **Banks - 12.2%** | |
| Bank of America Corp. <sup>(a)(b)(c)</sup> | 38760 | $1966682 |
| Citigroup, Inc. <sup>(a)(b)(c)</sup> | 28372 | 2739884 |
| Fifth Third Bancorp <sup>(b)(c)</sup> | 14976 | 685452 |
| JPMorgan Chase & Company <sup>(c)</sup> | 2105 | 634489 |
| M&T Bank Corp. <sup>(b)(c)</sup> | 4586 | 924813 |
| Truist Financial Corp. | 6520 | 305266 |
| U.S. Bancorp <sup>(b)(c)</sup> | 18897 | 922741 |
|  |  | 8179327 |
| **Beverages - 2.7%** | **Beverages - 2.7%** |  |
| Coca-Cola Co. <sup>(a)(b)(c)</sup> | 20066 | 1384353 |
| PepsiCo, Inc. | 3030 | 450410 |
|  |  | 1834763 |
| **Broadline Retail - 3.4%** | **Broadline Retail - 3.4%** |  |
| Amazon.com, Inc. <sup>(a)(d)</sup> | 9844 | 2254276 |
| **Capital Markets - 6.4%** | **Capital Markets - 6.4%** |  |
| Goldman Sachs Group, Inc. <sup>(a)</sup> | 1418 | 1056765 |
| KKR & Co., Inc. <sup>(c)</sup> | 18579 | 2591585 |
| Morgan Stanley <sup>(b)(c)</sup> | 4384 | 659704 |
|  |  | 4308054 |
| **Chemicals - 0.5%** | **Chemicals - 0.5%** |  |
| Air Products and Chemicals, Inc. | 1040 | 305874 |
| **Communications Equipment - 1.3%** | **Communications Equipment - 1.3%** |  |
| Cisco Systems, Inc. <sup>(a)(b)(c)</sup> | 12482 | 862381 |
| **Diversified REITs - 1.5%** | **Diversified REITs - 1.5%** |  |
| Global Net Lease, Inc. | 124449 | 979414 |
| **Diversified Telecommunication Services - 1.8%** | **Diversified Telecommunication Services - 1.8%** |  |
| AT&T, Inc. <sup>(a)(b)(c)</sup> | 41569 | 1217556 |
| **Electric Utilities - 7.9%** | **Electric Utilities - 7.9%** |  |
| Alliant Energy Corp. <sup>(c)</sup> | 12628 | 821704 |
| Edison International <sup>(a)(c)</sup> | 23628 | 1326240 |
| NextEra Energy, Inc. <sup>(a)(b)(c)</sup> | 25514 | 1838284 |
| Southern Co. <sup>(c)</sup> | 6802 | 627824 |
| Xcel Energy, Inc. <sup>(c)</sup> | 9186 | 664974 |
|  |  | 5279026 |
| **Financial Services - 1.2%** | **Financial Services - 1.2%** |  |
| Apollo Global Management, Inc. | 6020 | 820105 |
| **Food Products - 1.7%** | **Food Products - 1.7%** |  |
| Kraft Heinz Co. <sup>(a)(b)(c)</sup> | 40536 | 1133792 |
| **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** |  |
| Northwest Natural Holding Co. <sup>(a)(b)(c)</sup> | 12250 | 508742 |
| **Health Care REITs - 1.6%** | **Health Care REITs - 1.6%** |  |
| Alexandria Real Estate Equities, Inc. <sup>(b)(c)</sup> | 12749 | 1051028 |
| **Hotels, Restaurants & Leisure - 4.9%** | **Hotels, Restaurants & Leisure - 4.9%** |  |
| McDonald's Corp. <sup>(a)(b)(c)</sup> | 9669 | 3031618 |
| Red Rock Resorts, Inc. - Class A <sup>(b)(c)</sup> | 3455 | 213761 |
|  |  | 3245379 |
| **Independent Power and Renewable Electricity Producers - 2.2%** | **Independent Power and Renewable Electricity Producers - 2.2%** |  |
| Vistra Corp. <sup>(c)</sup> | 7659 | $1448393 |
| **Industrial Conglomerates - 1.9%** | **Industrial Conglomerates - 1.9%** |  |
| Honeywell International, Inc. <sup>(a)(b)(c)</sup> | 5842 | 1282319 |
| **Industrial REITs - 1.7%** | **Industrial REITs - 1.7%** |  |
| Rexford Industrial Realty, Inc. <sup>(a)(b)(c)</sup> | 27397 | 1134510 |
| **Interactive Media & Services - 2.1%** | **Interactive Media & Services - 2.1%** |  |
| Meta Platforms, Inc. - Class A <sup>(c)</sup> | 1912 | 1412394 |
| **IT Services - 0.6%** | **IT Services - 0.6%** |  |
| International Business Machines Corp. | 1588 | 386662 |
| **Office REITs - 7.4%** | **Office REITs - 7.4%** |  |
| BXP, Inc. <sup>(b)(c)</sup> | 29782 | 2159493 |
| Kilroy Realty Corp. <sup>(b)(c)</sup> | 67752 | 2817806 |
|  |  | 4977299 |
| **Oil, Gas & Consumable Fuels - 8.8%** | **Oil, Gas & Consumable Fuels - 8.8%** |  |
| Chevron Corp. <sup>(a)(c)</sup> | 16731 | 2686998 |
| Coterra Energy, Inc. | 20848 | 509525 |
| Exxon Mobil Corporation <sup>(a)(c)</sup> | 10378 | 1186102 |
| MPLX LP <sup>(b)(c)</sup> | 29407 | 1495934 |
|  |  | 5878559 |
| **Pharmaceuticals - 3.2%** | **Pharmaceuticals - 3.2%** |  |
| Johnson & Johnson <sup>(a)(b)(c)</sup> | 11447 | 2028065 |
| Merck & Co., Inc. | 1628 | 136947 |
|  |  | 2165012 |
| **Retail REITs - 1.3%** | **Retail REITs - 1.3%** |  |
| Realty Income Corp. <sup>(b)(c)</sup> | 15257 | 896501 |
| **Semiconductors & Semiconductor Equipment - 3.3%** | **Semiconductors & Semiconductor Equipment - 3.3%** |  |
| Broadcom, Inc. <sup>(a)</sup> | 5800 | 1724862 |
| Marvell Technology, Inc. <sup>(a)</sup> | 8000 | 502920 |
|  |  | 2227782 |
| **Software - 1.0%** | **Software - 1.0%** |  |
| Microsoft Corp. <sup>(c)</sup> | 1352 | 685045 |
| **Specialized REITs - 4.2%** | **Specialized REITs - 4.2%** |  |
| Crown Castle, Inc. <sup>(b)(c)</sup> | 7002 | 694179 |
| Digital Realty Trust, Inc. <sup>(b)</sup> | 4255 | 713308 |
| Equinix, Inc. <sup>(b)(c)</sup> | 915 | 719364 |
| Safehold, Inc. <sup>(b)(c)</sup> | 41683 | 686102 |
|  |  | 2812953 |
| **Tobacco - 5.0%** | **Tobacco - 5.0%** |  |
| Philip Morris International, Inc. <sup>(a)(c)</sup> | 19812 | 3311180 |
| **Wireless Telecommunication Services - 2.0%** | **Wireless Telecommunication Services - 2.0%** |  |
| Vodafone Group PLC - ADR <sup>(b)(c)</sup> | 110355 | 1319846 |
| **TOTAL COMMON STOCKS** (Cost $57,927,754) | **TOTAL COMMON STOCKS** (Cost $57,927,754) | 61918172 |
| **PREFERRED STOCKS – 12.5%** | **Shares** | **Value**  |
| **Banks - 0.3%** | **Banks - 0.3%** |  |
|  Bank of America Corp., Series 02, 5.12% (3 mo. Term SOFR + 0.91%), Perpetual Maturity <sup>(b)</sup> | 4197 | 86038 |
|  Flagstar Financial, Inc., Series A., 6.38% to 03/17/2027 then 3 mo. SOFR + 3.82%, Perpetual Maturity <sup>(b)(c)(e)</sup> | 5825 | 125937 |
|  |  | 211975 |
| **Consumer Finance - 2.9%** | **Consumer Finance - 2.9%** |  |
|  SLM Corp., Series B, 6.28% (3 mo. Term SOFR + 1.96%), Perpetual Maturity <sup>(b)(c)</sup> | 25188 | 1917814 |
| **Diversified REITs - 0.9%** | **Diversified REITs - 0.9%** |  |
|  Global Net Lease, Inc., Series B, 6.88%, Perpetual Maturity <sup>(b)(c)</sup> | 27639 | $627129 |
| **Electrical Equipment - 1.2%** | **Electrical Equipment - 1.2%** |  |
|  Babcock & Wilcox Enterprises, Inc., Series A, 7.75%, Perpetual Maturity <sup>(b)(c)</sup> | 60082 | 841148 |
| **Financial Services – 0.4%** | **Financial Services – 0.4%** |  |
|  Merchants Bancorp/IN, 7.63%, Perpetual Maturity | 11000 | 250690 |
| **Hotel & Resort REITs - 1.9%** | **Hotel & Resort REITs - 1.9%** |  |
|  RLJ Lodging Trust, Series A, 1.95%, Perpetual Maturity <sup>(b)(c)</sup> | 52138 | 1269039 |
| **Insurance - 1.5%** | **Insurance - 1.5%** |  |
|  Aspen Insurance Holdings Ltd., 7.00%, Perpetual Maturity <sup>(b)</sup> | 9833 | 249758 |
| Brighthouse Financial, Inc. | – | $– |
| &nbsp;&nbsp; Series A, 6.60%, Perpetual Maturity | 21160 | 382996 |
| &nbsp;&nbsp; Series B, 6.75%, Perpetual Maturity | 18611 | 343931 |
|  |  | 976685 |
| **Mortgage REITs – 2.4%** | **Mortgage REITs – 2.4%** |  |
|  AGNC Investment Corp., Series G, 7.75% to 10/15/2027 then 5 yr. CMT Rate + 4.39%, Perpetual Maturity <sup>(b)(c)(e)</sup> | 14527 | 363466 |
|  New York Mortgage Trust, Inc., Series D, 8.00% to 10/15/2027 then 3 mo. SOFR + 5.70%, Perpetual Maturity <sup>(b)(c)(e)</sup> | 57724 | 1247993 |
|  |  | 1611459 |
| **Trading Companies & Distributors - 1.0%** | **Trading Companies & Distributors - 1.0%** |  |
|  Triton International Ltd., 7.63%, Perpetual Maturity <sup>(c)</sup> | 26499 | 677049 |
| **TOTAL PREFERRED STOCKS** (Cost $8,430,422) | **TOTAL PREFERRED STOCKS** (Cost $8,430,422) | 8382988 |
| **BABY BONDS<sup>(h)</sup> – 6.3%** | **Shares** | **Value**  |
| **Commercial Services & Supplies – 0.2%** |  |  |
| Pitney Bowes, Inc., 6.70%, 03/07/2043 <sup>(b)(c)</sup> | 5900 | 114932 |
| **Diversified Telecommunications Services – 0.4%** |  |  |
| Qwest Corp., 6.75%, 06/15/2057 <sup>(b)</sup> | 11800 | 234820 |
| **Financial Services – 1.6%** |  |  |
| Corebridge Financial, Inc., 6.38%, 12/15/2064 <sup>(b)(c)</sup> | 45580 | 1093920 |
| **Health Care REITs – 0.7%** |  |  |
| Diversified Healthcare Trust, 5.63%, 08/01/2042 <sup>(b)(c)</sup> | 28058 | 454540 |
| **Mortgage REITs – 3.4%** |  |  |
| PennyMac Mortgage Investment Trust, 9.00%, 02/15/2030 <sup>(b)</sup> | 25841 | 654552 |
| Redwood Trust, Inc., 9.00%, 09/01/2029 <sup>(b)(c)</sup> | 46664 | 1124602 |
| Redwood Trust, Inc., 9.13%, 03/01/2030 <sup>(b)</sup> | 20688 | 498995 |
|  |  | 2278149 |
| **TOTAL BABY BONDS** (Cost $4,269,729) | **TOTAL BABY BONDS** (Cost $4,269,729) | 4176361 |
| **CONVERTIBLE PREFERRED STOCKS - 1.6%** | **Shares** | **Value**  |
| **Capital Markets - 0.3%** | **Capital Markets - 0.3%** |  |
|  KKR & Co., Inc., Series D, 6.25%, 03/01/2028 <sup>(b)</sup> | 3569 | 194689 |
| **Electric Utilities - 0.9%** | **Electric Utilities - 0.9%** |  |
|  NextEra Energy, Inc., 6.93%, 09/01/2025 <sup>(b)(c)</sup> | 4323 | 177286 |
|  PG&E Corp., Series A, 6.00%, 12/01/2027 <sup>(b)</sup> | 11130 | 445757 |
|  |  | 623043 |
| **Financial Services - 0.4%** | **Financial Services - 0.4%** |  |
|  Apollo Global Management, Inc., 6.75%, 07/31/2026 | 3312 | 237504 |
| **Specialized REITs - 0.0%<sup>(f)</sup>** | **Specialized REITs - 0.0%<sup>(f)</sup>** |  |
|  EPR Properties, Series E, 9.00%, Perpetual Maturity <sup>(c)</sup> | 1025 | 32082 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $1,051,228) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $1,051,228) | 1087318 |
| **SHORT-TERM INVESTMENTS – 0.1%** | **Shares** | **Value**  |
| **Money Market Funds – 0.1%** |  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> | 24690 | $24690 |
| First American Treasury Obligations Fund - Class X, 4.19%<sup>(g)</sup> | 24691 | 24691 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $49,381) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $49,381) | 49381 |
| **TOTAL INVESTMENTS - 113.1% (**Cost $71,728,514) | **TOTAL INVESTMENTS - 113.1% (**Cost $71,728,514) | 75614220 |
| Liabilities in Excess of Other Assets - (13.1)% | Liabilities in Excess of Other Assets - (13.1)% | (8778614) |
| **TOTAL NET ASSETS - 100.0%** |  | $66835606 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use. |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| CMT - Constant Maturity Treasury |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

(a) Held in connection with written option contracts. See Schedule of Written Options for further information.

(b) All or a portion of security has been pledged as collateral for a borrowing facility. The total value of assets committed as collateral as of August 31, 2025 is $25,988,441.

(c) All or a portion of security has been pledged as collateral for open written options contracts. The total value of assets committed as collateral as of August 31, 2025 is $19,945,056.

(d) Non-income producing security.

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

(f) Represents less than 0.05% of net assets.

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

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS <sup>(b)</sup>** | **Notional Amount** | **Contracts<sup>(a)</sup>** | **Value** |
| **Written Call Options** | **Written Call Options** | **Written Call Options** | **Written Call Options** |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $230.00 | $(458000) | (20) | $(4380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $232.50 | (229000) | (10) | (1200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $260.00 | (229000) | (10) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/26/2025; Exercise Price: $250.00 | (229000) | (10) | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/03/2025; Exercise Price: $250.00 | (229000) | (10) | (810) |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $31.00 | (292900) | (100) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $31.00 | (439350) | (150) | (1050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/26/2025; Exercise Price: $30.00 | (292900) | (100) | (3200) |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $50.00 | (761100) | (150) | (14250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $51.00 | (761100) | (150) | (12450) |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $320.00 | (297390) | (10) | (3160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $330.00 | (594780) | (20) | (5690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $350.00 | (297390) | (10) | (1510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/03/2025; Exercise Price: $350.00 | (297390) | (10) | (2650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $380.00 | (297390) | (10) | (1450) |
| Chevron Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $165.00 | (1606000) | (100) | (12200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $170.00 | (3212000) | (200) | (7200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $175.00 | (1766600) | (110) | (1650) |
| Cisco Systems, Inc., Expiration: 09/05/2025; Exercise Price: $70.00 | (518175) | (75) | (1725) |
| Citigroup, Inc., Expiration: 09/05/2025; Exercise Price: $100.00 | (965700) | (100) | (2200) |
| Coca-Cola Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $72.00 | (344950) | (50) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $73.00 | (689900) | (100) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $72.00 | (344950) | (50) | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $73.00 | (689900) | (100) | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $72.50 | (344950) | (50) | (700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/26/2025; Exercise Price: $73.00 | (344950) | (50) | (700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/03/2025; Exercise Price: $72.00 | (413940) | (60) | (2010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/10/2025; Exercise Price: $73.00 | (344950) | (50) | (1475) |
| Dow, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $35.00 | (246300) | (100) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $32.50 | (246300) | (100) | (1300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $32.50 | (492600) | (200) | (11400) |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $60.00 | (561300) | (100) | (11000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $62.50 | (617430) | (110) | (8800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $65.00 | (56130) | (10) | (450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $65.00 | (561300) | (100) | (16200) |
| Exxon Mobil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $112.00 | (571450) | (50) | (13050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $112.00 | (571450) | (50) | (15950) |
| Goldman Sachs Group, Inc., Expiration: 09/05/2025; Exercise Price: $770.00 | (745250) | (10) | (1420) |
| Honeywell International, Inc., Expiration: 09/05/2025; Exercise Price: $225.00 | (1097500) | (50) | (1350) |
| Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $180.00 | (354340) | (20) | (560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $182.50 | (177170) | (10) | (270) |
| Kraft Heinz Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $29.00 | (279700) | (100) | (1400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $29.00 | (279700) | (100) | (2600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $30.00 | (279700) | (100) | (1500) |
| Marvell Technology, Inc., Expiration: 09/05/2025; Exercise Price: $66.00 | (314325) | (50) | (2625) |
| McDonald's Corp., Expiration: 09/05/2025; Exercise Price: $320.00 | (1567700) | (50) | (1450) |
| NextEra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $77.00 | (360250) | (50) | (450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $75.00 | $(360250) | (50) | $(2575) |
| Northwest Natural Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $45.00 | (415300) | (100) | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $45.00 | (1079780) | (260) | (9100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $45.00 | (539890) | (130) | (9100) |
| Rexford Industrial Realty, Inc., Expiration: 10/17/2025; Exercise Price: $45.00 | (621150) | (150) | (4500) |
| **Total Written Call Options** |  |  | (201890) |
| **Written Put Options** | **Written Put Options** | **Written Put Options** | **Written Put Options** |
| Bank of America Corp., Expiration: 09/12/2025; Exercise Price: $49.50 | (507400) | (100) | (4250) |
| Chevron Corp., Expiration: 09/05/2025; Exercise Price: $157.50 | (642400) | (40) | (1600) |
| Exxon Mobil Corp., Expiration: 09/12/2025; Exercise Price: $112.00 | (571450) | (50) | (3725) |
| Johnson & Johnson, Expiration: 09/05/2025; Exercise Price: $175.00 | (885850) | (50) | (2650) |
| NextEra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/05/2025; Exercise Price: $69.00 | (180125) | (25) | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/12/2025; Exercise Price: $70.00 | (180125) | (25) | (1150) |
| Philip Morris International, Inc., Expiration: 09/12/2025; Exercise Price: $150.00 | (835650) | (50) | (2250) |
| **Total Written Put Options** |  |  | (15875) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $186,505) |  |  | $(217765) |

---

(a) 100 shares per contract.

(b) Non-income producing security.

------

#### 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.

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.

Exchange traded options are valued at the last reported sale price on the exchange on which the security is principally traded. If the last sale price is not available the composite mean price can be used, which calculates the mean price of the highest bid price and the lowest ask price across the exchanges where the option is principally traded. For non-exchange traded options, models such as Black-Scholes can be used to value the options. On the last trading day prior to expiration, expiring options may be priced at intrinsic value. These securities are categorized in Level 2 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $61918172 | $– | $– | $61918172 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 8382988 | – | – | 8382988 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Baby Bonds | 4176361 | – | – | 4176361 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 1087318 | – | – | 1087318 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 49381 | – | – | 49381 |
| Total Investments | $75614220 | $– | $– | $75614220 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $(181965) | $(35800) | $– | $(217765) |
| Total Investments | $(181965) | $(35800) | $– | $(217765) |
| 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 Equity Income ETF

- **b. EDGAR series identifier (if any):** S000074860

- **c. LEI of Series:** 5493002NE0FBOF7CE952

**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:** $78495931.52

**Total Liabilities:** $11648032.12

**Net Assets:** $66847899.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233162 | 5.85%                | 3.55%                | 2.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $416512.09               | $2737363.81                                |
| Month 2  | $989424.61               | $1154481.53                                |
| Month 3  | $2267705.96              | $-816791.39                                |

**Designated Index Information**

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

- **Index Identifier:** SWTXTU7ONT

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1912 | NS      | $1412394.40   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     18579 | NS      | $2591584.71   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     19812 | NS      | $3311179.56   | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PITNEY BOWES INC               | Pitney Bowes Inc                           | CUSIP: 724479506<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |      5900 | NS      | $114932.00    | 0.17%             | 2043-03-07      | Fixed         | 6.70%                 | No            |                  1 | On Loan: No      |
| QWEST CORP                     | Qwest Corp                                 | CUSIP: 74913G873<br>LEI: 549300R2L4N683OO1509 | Long             | DBT              | CORP              | US        |     11800 | NS      | $234820.00    | 0.35%             | 2057-06-15      | Fixed         | 6.75%                 | No            |                  1 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     15257 | NS      | $896501.32    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Johnson & Johnson                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-2650.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Johnson & Johnson                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-270.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Kraft Heinz Co/The                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Kraft Heinz Co/The                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-1400.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Kraft Heinz Co/The                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-2600.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Kraft Heinz Co/The                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-1500.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | McDonald's Corp                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | McDonald's Corp                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-1450.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Morgan Stanley                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-10050.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NextEra Energy Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-200.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NextEra Energy Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -25 | NC      | $-75.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NextEra Energy Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -11 | NC      | $-2123.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NextEra Energy Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -25 | NC      | $-250.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NextEra Energy Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-450.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NextEra Energy Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -25 | NC      | $-1150.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Northwest Natural Holding Co               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-500.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Northwest Natural Holding Co               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -260 | NC      | $-9100.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Northwest Natural Holding Co               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -130 | NC      | $-9100.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Philip Morris International Inc            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-400.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Philip Morris International Inc            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-300.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                        | MPLX LP                                    | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |     29407 | NS      | $1495934.09   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-10.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-10.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-1100.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     41569 | NS      | $1217556.01   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BABCOCK & WILCOX ENTERPR       | Babcock & Wilcox Enterprises Inc           | CUSIP: 05614L407<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     60082 | NS      | $841148.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     53760 | NS      | $2727782.40   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                       | CUSIP: 060505625<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      4197 | NS      | $86038.50     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN       | Brighthouse Financial Inc                  | CUSIP: 10922N301<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |     17000 | NS      | $307700.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN       | Brighthouse Financial Inc                  | CUSIP: 10922N509<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |     18000 | NS      | $332640.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      7600 | NS      | $2260164.00   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2105 | NS      | $634489.10    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11447 | NS      | $2028064.99   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp             | Kilroy Realty Corp                         | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     67752 | NS      | $2817805.68   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      7659 | NS      | $1448393.49   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group PLC                         | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |    110355 | NS      | $1319845.80   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                | Xcel Energy Inc                            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      9186 | NS      | $664974.54    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Johnson & Johnson                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -20 | NC      | $-20.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Johnson & Johnson                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -60 | NC      | $-120.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Johnson & Johnson                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -20 | NC      | $-560.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO INC                   | KKR & Co Inc                               | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |      3569 | NS      | $194688.95    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The             | Kraft Heinz Co/The                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     40536 | NS      | $1133791.92   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp                              | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      4586 | NS      | $924812.76    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      9669 | NS      | $3031618.26   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCHANTS BANCORP              | Merchants Bancorp/IN                       | CUSIP: 58844R850<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |     11000 | NS      | $250690.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1628 | NS      | $136947.36    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1352 | NS      | $685044.88    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      9384 | NS      | $1412104.32   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -20 | NC      | $-4380.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-1200.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-80.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-500.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-810.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Broadcom Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -20 | NC      | $-20.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Broadcom Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-2620.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Broadcom Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-3160.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Broadcom Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-1510.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Bank of America Corp                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-17700.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Bank of America Corp                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-14250.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Bank of America Corp                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-12450.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Citigroup Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Citigroup Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-2200.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Cisco Systems Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -75 | NC      | $-675.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Cisco Systems Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -75 | NC      | $-1725.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Chevron Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-12200.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Chevron Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-7200.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Chevron Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -110 | NC      | $-1650.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Dow Inc                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Dow Inc                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-1300.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Dow Inc                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-11400.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Edison International                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -110 | NC      | $-8800.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Edison International                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-16200.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Coca-Cola Co/The                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Coca-Cola Co/The                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-200.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Coca-Cola Co/The                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-300.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Coca-Cola Co/The                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-600.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Coca-Cola Co/The                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-600.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Coca-Cola Co/The                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-700.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Coca-Cola Co/The                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-700.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | AT&T Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | AT&T Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-300.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | AT&T Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-1050.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | AT&T Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-3200.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp                       | CUSIP: 00123Q856<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     14527 | NS      | $363465.54    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      1040 | NS      | $305874.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities Inc        | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     12749 | NS      | $1051027.56   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp            | Alliant Energy Corp                        | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     12628 | NS      | $821703.96    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8844 | NS      | $2025276.00   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc               | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      6020 | NS      | $820104.60    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT       | Apollo Global Management Inc               | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |      3312 | NS      | $237503.52    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD       | Aspen Insurance Holdings Ltd               | CUSIP: EP0607309<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |      9833 | NS      | $249758.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MORTGAGE TRUST        | New York Mortgage Trust Inc                | CUSIP: 649604881<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     57724 | NS      | $1247992.88   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     24414 | NS      | $1759028.70   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC             | NextEra Energy Inc                         | CUSIP: 65339F713<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |      4323 | NS      | $177286.23    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co   | Northwest Natural Holding Co               | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |     12250 | NS      | $508742.50    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                      | PG&E Corp                                  | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |     11130 | NS      | $445756.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT       | PennyMac Mortgage Investment Trust         | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | DBT              | CORP              | US        |     25841 | NS      | $654552.53    | 0.98%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      3030 | NS      | $450409.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TRUST              | RLJ Lodging Trust                          | CUSIP: 74965L200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     52138 | NS      | $1269038.92   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc           | Red Rock Resorts Inc                       | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3455 | NS      | $213760.85    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| REDWOOD TRUST INC              | Redwood Trust Inc                          | CUSIP: 758075865<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |     20688 | NS      | $498994.56    | 0.75%             | 2030-03-01      | Fixed         | 9.13%                 | No            |                  1 | On Loan: No      |
| REDWOOD TRUST INC              | Redwood Trust Inc                          | CUSIP: 758075873<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |     46664 | NS      | $1124602.40   | 1.68%             | 2029-09-01      | Fixed         | 9.00%                 | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc  | Rexford Industrial Realty Inc              | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     27397 | NS      | $1134509.77   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                   | Safehold Inc                               | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |     41683 | NS      | $686102.18    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                | Southern Co/The                            | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      6802 | NS      | $627824.60    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      6520 | NS      | $305266.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     18897 | NS      | $922740.51    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TRITON INTERNATIONAL LTD       | Triton International Ltd                   | CUSIP: EP0607697<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     26608 | NS      | $679834.40    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Philip Morris International Inc            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-2250.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Rexford Industrial Realty Inc              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-4500.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Goldman Sachs Group Inc/The                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-1420.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Honeywell International Inc                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-1350.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Southern Co/The                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -60 | NC      | $-750.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Broadcom Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-10.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Broadcom Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-2650.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Broadcom Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-1450.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Edison International                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-11000.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Edison International                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-450.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Goldman Sachs Group Inc/The                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-10.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Exxon Mobil Corp                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-16400.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Exxon Mobil Corp                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-13050.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Exxon Mobil Corp                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -50 | NC      | $-15950.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORP                       | SLM Corp                                   | CUSIP: 78442P502<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25188 | NS      | $1917814.32   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                        | BXP Inc                                    | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     29782 | NS      | $2159492.82   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy Inc                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     20848 | NS      | $509525.12    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16731 | NS      | $2686998.60   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     19982 | NS      | $1380556.38   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     28372 | NS      | $2739884.04   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     20066 | NS      | $1384353.34   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC       | Corebridge Financial Inc                   | CUSIP: 21871X208<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     45580 | NS      | $1093920.00   | 1.64%             | 2064-12-15      | Fixed         | 6.38%                 | No            |                  1 | On Loan: No      |
| Crown Castle Inc               | Crown Castle Inc                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      7002 | NS      | $694178.28    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      4255 | NS      | $713308.20    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T       | Diversified Healthcare Trust               | CUSIP: 25525P206<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28058 | NS      | $454539.60    | 0.68%             | 2042-08-01      | Fixed         | 5.62%                 | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                 | EPR Properties                             | CUSIP: 26884U307<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |      1025 | NS      | $32082.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     20628 | NS      | $1157849.64   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       915 | NS      | $719363.85    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     12378 | NS      | $1414681.62   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp            | Fifth Third Bancorp                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     14976 | NS      | $685451.52    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund   | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    154993 | NS      | $154992.68    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    154993 | NS      | $154992.69    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc           | Global Net Lease Inc                       | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |    114449 | NS      | $900713.63    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FLAGSTAR FINANCIAL INC         | Flagstar Financial Inc                     | CUSIP: 649445202<br>LEI: 529900HVXOTLY61GL030 | Long             | EP               | CORP              | US        |      5825 | NS      | $125936.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC           | Global Net Lease Inc                       | CUSIP: 379378409<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     27639 | NS      | $627128.91    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      2418 | NS      | $1802014.50   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5842 | NS      | $1282319.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      1588 | NS      | $386662.12    | 0.58%             |  |  |  | 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