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 811-22436

EntrepreneurShares Series Trust

175 Federal Street, Suite #875

Boston, MA 02110

Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer

175 Federal Street, Suite #875

Boston, MA 02110

Date of fiscal year end: June 30

Date of reporting period: July 1, 2025 – June 30, 2026

Item 1. Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended (“Act”), is attached hereto.

ERShares Global Entrepreneurs

ENTIX

: Institutional Class

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about the ERShares Global Entrepreneurs (the "Fund") for the period of July 1, 2025, to June 30, 2026. You can find additional information about the Fund at https://entrepreneurshares.com/investor-resources/. You can also request this information by contacting us at (877) 271-8811.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$97	0.98%

How did the Fund perform in the last year?

The Fund's performance during the reporting period reflected a challenging market environment characterized by elevated interest rate uncertainty, persistent inflation concerns, and heightened geopolitical tensions. While market leadership remained concentrated in large-cap U.S. companies, particularly the Magnificent Seven, broader entrepreneurial growth companies experienced a more mixed environment. International equity markets generally outperformed U.S. markets over the reporting period, creating a headwind for the Fund's positioning.

The Fund maintained a stronger allocation to U.S. companies, reflecting both our conviction in the long-term strength of U.S. entrepreneurial businesses and the relative resilience of the U.S. market during a period of heightened geopolitical uncertainty. Although this positioning benefited from resilient consumer demand and improving corporate profitability in certain sectors, uncertainty surrounding the Federal Reserve's policy path created headwinds for many growth-oriented companies held by the Fund.

Despite these challenges, we remained disciplined in executing our investment strategy, focusing on entrepreneurial companies with durable competitive advantages, expanding margins, and strong long-term growth prospects. The Fund remained committed to its differentiated approach of bridging private and public markets. We believe that selective exposure to disruptive innovators, alongside a disciplined focus on management, positioned the Fund well in varying market environments.

How did the Fund perform over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
Date	ERShares Global Entrepreneurs Institutional	S&P 500^® Index	MSCI World Index
06/30/16	10,000	10,000	10,000
09/30/16	10,677	10,385	10,487
12/31/16	10,796	10,782	10,681
03/31/17	11,566	11,436	11,362
06/30/17	12,405	11,790	11,820
09/30/17	13,091	12,318	12,391
12/31/17	14,049	13,136	13,074
03/31/18	14,351	13,037	12,906
06/30/18	14,718	13,484	13,130
09/30/18	15,258	14,524	13,784
12/31/18	12,505	12,560	11,935
03/31/19	14,504	14,275	13,424
06/30/19	14,881	14,889	13,961
09/30/19	14,598	15,142	14,036
12/31/19	15,961	16,515	15,237
03/31/20	12,872	13,279	12,029
06/30/20	16,340	16,006	14,358
09/30/20	18,769	17,436	15,497
12/31/20	22,099	19,554	17,660
03/31/21	21,949	20,761	18,529
06/30/21	23,306	22,536	19,964
09/30/21	21,138	22,667	19,963
12/31/21	20,117	25,167	21,513
03/31/22	17,524	24,009	20,405
06/30/22	14,206	20,144	17,102
09/30/22	13,272	19,160	16,044
12/31/22	13,746	20,609	17,610
03/31/23	15,293	22,154	18,972
06/30/23	16,018	24,091	20,267
09/30/23	15,112	23,302	19,566
12/31/23	17,020	26,026	21,799
03/31/24	19,573	28,774	23,735
06/30/24	19,378	30,006	24,360
09/30/24	20,885	31,773	25,910
12/31/24	22,777	32,538	25,869
03/31/25	21,233	31,148	25,406
06/30/25	26,651	34,556	28,320
09/30/25	29,556	37,364	30,379
12/31/25	27,799	38,356	31,326
03/31/26	23,447	36,694	30,207
06/30/26	26,255	42,271	34,363

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

Average Annual Total Returns

Table Summary
	One Year	Five Year	Ten Year
Institutional Class	-1.49%	2.41%	10.13%
S&P 500^® Index	22.32%	13.41%	15.51%
MSCI World Index	21.34%	11.47%	13.14%

Past performance does not guaranteee future results. Call 877-271-8811 or visit https://entrepreneurshares.com/ershares-mutualfunds/entix/ for current month-end performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Effective January 8, 2026, the Fund changed its primary benchmark index from the MSCI World Index (Net) to the S&P 500^® Index due to regulatory considerations. The S&P 500^® Index is a broad-based, unmanaged measure of changes in stock market conditions based on the average performance of stocks of 500 large U.S. companies.

What did the Fund invest in?

Sector Weightings (% of net assets)

Table Summary
Value	Value
Consumer Staples	0.8%
Utilities	1.9%
Energy	1.9%
Materials	3.3%
Money Market Fund	6.6%
Financials	7.7%
Industrial	8.3%
Consumer Discretionary	9.0%
Health Care	9.2%
Communications	16.7%
Technology	35.7%

Fund Statistics

Table Summary
Total Net Assets	$42,900,370
# of Portfolio Holdings	57
Portfolio Turnover Rate	23%
Investment Advisory Fees (Net of fees waived)	$258,309

Country Weightings (% total investments)

Table Summary
Value	Value
United States	71.4%
Israel	4.3%
Sweden	4.1%
Ireland	3.4%
Australia	3.2%
Other	13.6%

Material Fund Changes

The following is a summary of material changes made to the Fund since the beginning of the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at https://entrepreneurshares.com/investor-resources/ or upon request at (877) 271-8811.

Effective November 1, 2025, the Fund reduced its expense cap on all classes from 1.33% to 0.98%, subject to exclusions as described in the Fees and Expenses table in the Fund's prospectus. The expense cap, as revised, remains in place through November 1, 2026.

ERShares Global Entrepreneurs

ENTIX

214A-ENTIX-26

Annual Shareholder Report - June 30, 2026

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit https://entrepreneurshares.com/investor-resources/.

An image of a QR code that, when scanned, navigates the user to the following URL: https://entrepreneurshares.com/investor-resources/

P.O. Box 588

Portland, ME 04112

(877) 271-8811

(b) Not applicable.

Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, EntrepreneurShares Series Trust (the “Registrant”) has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the “Code of Ethics”).

(d) There have been no waivers to the Registrant’s Code of Ethics during the period covered by this report.

(e) Not applicable.

(f)(1) A copy of the Code of Ethics is being filed under Item 19(a)(1) hereto.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees has determined that the Registrant does not have an audit committee financial expert. The committee members and the full Board considered a possibility of adding a member that would qualify as an expert. The audit committee determined that, although none of its members meet the technical definition of an audit committee expert, the committee has sufficient financial expertise to adequately perform its duties under the Audit Committee Charter without the addition of a qualified expert.

(a)(2) Not applicable.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $16,000 in 2025 and $16,000 in 2026.

(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2025 and $0 in 2026.

(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $1,500 in 2025 and $2,500 in 2026. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2025 and $0 in 2026.

(e)(1) Pre-Approval of Audit and Permitted Non-Audit Services Provided to the Company

Pre-Approval Requirements. The Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditor, including the fees therefor. The Committee may delegate to one or more of its members the authority to grant pre-approvals. In connection with such delegation, the Committee shall establish pre-approval policies and procedures, including the requirement that the decisions of any member to whom authority is delegated under this section (B) shall be presented to the full Committee at each of its scheduled meetings.

De Minimis Exception to Pre-Approval: Pre-approval for a permitted non-audit service shall not be required if:

a. the aggregate amount of all such non-audit services is not more than 5% of the total revenues paid by the Company to the Auditor in the fiscal year in which the non-audit services are provided;

b. such services were not recognized by the Company at the time of the engagement to be non-audit services; and

c. such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by one or more members of the Committee to whom authority to grant such approvals has been delegated by the Committee.

Additionally, the Committee shall pre-approve the Auditor’s engagements for non-audit services with the Adviser and any affiliate of the Adviser that provides ongoing services to the Company in accordance with the foregoing, if the engagement relates directly to the operations and financial reporting of the Company, unless the aggregate amount of all services provided constitutes no more than 5% of the total amount of revenues paid to the Auditor by the Company, the Adviser and any affiliate of the Adviser that provides ongoing services to the Company during the fiscal year in which the services are provided that would have to be pre-approved by the Committee pursuant to this paragraph (without regard to this exception).

(e)(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable

(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2025 and $0 in 2026. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant’s investment adviser or any Affiliate.

(h) During the Reporting Period, the Registrant's principal accountant provided no non-audit services to the investment advisers or any entity controlling, controlled by or under common control with the investment advisers to the series of the Registrant to which this report relates.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Included as part of financial statements filed under Item 7(a).

(b)	Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a)

ERShares

Global

Entrepreneurs

SCHEDULE

INVESTMENTS

June

30,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

Security

Description

Value

Common

Stock

94.5%

Australia

3.2%

Communications

0.7%

34,715‌

SEEK,

Ltd.

323,270‌

Health

Care

0.9%

33,555‌

Telix

Pharmaceuticals,

Ltd.

(a)

385,183‌

Technology

1.6%

33,491‌

Technology

One,

Ltd.

683,336‌

Total

Australia

1,391,789‌

Canada

2.6%

Technology

2.6%

179‌

Constellation

Software,

Inc./Canada

336,986‌

6,883‌

Shopify,

Inc.

(a)

785,901‌

1,122,887‌

Total

Canada

1,122,887‌

Ireland

3.4%

Health

Care

3.4%

27,809‌

Alkermes

PLC

(a)

1,457,053‌

Total

Ireland

1,457,053‌

Israel

4.4%

Communications

0.9%

8,319‌

Wix.com,

Ltd.

(a)

377,433‌

Technology

3.5%

6,528‌

Check

Point

Software

Technologies,

Ltd.

(a)

857,975‌

8,733‌

Monday.com,

Ltd.

(a)

632,182‌

1,490,157‌

Total

Israel

1,867,590‌

Japan

2.1%

Communications

1.0%

20,556‌

GMO

internet

group,

Inc.

422,511‌

Consumer

Discretionary

1.1%

72,180‌

Sanrio

Co.,

Ltd.

488,317‌

Total

Japan

910,828‌

Netherlands

0.3%

Technology

0.3%

2,013‌

Topicus.com,

Inc.

(a)

128,338‌

Total

Netherlands

128,338‌

Singapore

Communications

1.4%

6,194‌

Sea,

Ltd.,

ADR

(a)

593,571‌

Consumer

Staples

0.8%

123,149‌

Wilmar

International,

Ltd.

343,627‌

Technology

0.5%

4,865‌

Karooooo,

Ltd.

240,137‌

Total

Singapore

1,177,335‌

Sweden

4.2%

Communications

0.7%

21,460‌

Asmodee

Group

AB,

Class B

(a)

314,053‌

Consumer

Discretionary

0.7%

4,269‌

Evolution

(a)(b)

292,867‌

Security

Description

Value

Technology

2.8%

21,460‌

Coffee

Stain

Group

(a)

38,727‌

21,460‌

Embracer

Group

(a)

139,697‌

2,191‌

Spotify

Technology

(a)

1,005,954‌

1,184,378‌

Total

Sweden

1,791,298‌

Thailand

1.9%

Industrial

1.9%

1,463‌

Fabrinet

(a)

822,323‌

Total

Thailand

822,323‌

United

Kingdom

2.1%

Consumer

Discretionary

2.1%

45,186‌

Klarna

Group

PLC

(a)(c)

914,565‌

Total

United

Kingdom

914,565‌

United

States

65.7%

Communications

12.0%

7,247‌

Alphabet,

Inc.,

Class A

2,589,860‌

2,234‌

AppLovin

Corp.,

Class A

(a)

1,151,024‌

12,384‌

Maplebear,

Inc.

(a)

586,382‌

1,449‌

Meta

Platforms,

Inc.,

Class A

816,207‌

5,143,473‌

Consumer

Discretionary

3.2%

2,621‌

Airbnb,

Inc.,

Class A

(a)

375,065‌

2,635‌

Amazon.com,

Inc.

(a)

628,026‌

13,894‌

DraftKings,

Inc.

(a)

350,962‌

1,354,053‌

Energy

1.9%

3,046‌

Valero

Energy

Corp.

793,300‌

Financials

7.7%

2,414‌

Coinbase

Global,

Inc.,

Class A

(a)

352,903‌

14,841‌

Interactive

Brokers

Group,

Inc.

1,291,761‌

8,381‌

Robinhood

Markets,

Inc.,

Class A

(a)

840,447‌

28,877‌

Toast,

Inc.,

Class A

(a)

803,358‌

3,288,469‌

Health

Care

4.9%

2,920‌

Medpace

Holdings,

Inc.

(a)

1,546,403‌

2,806‌

ResMed,

Inc.

546,833‌

2,093,236‌

Industrial

6.4%

2,847‌

Clean

Harbors,

Inc.

(a)

850,541‌

18,680‌

Rocket

Lab

Corp.

(a)

1,898,822‌

2,749,363‌

Materials

3.3%

15,262‌

Newmont

Corp.

1,425,471‌

Technology

24.4%

8,083‌

Affirm

Holdings,

Inc.

(a)

659,169‌

5,911‌

Arista

Networks,

Inc.

(a)

1,004,161‌

1,395‌

Corpay,

Inc.

(a)

464,912‌

3,856‌

MongoDB,

Inc.

(a)

1,295,230‌

15,587‌

NVIDIA

Corp.

3,118,803‌

2,451‌

Oracle

Corp.

359,194‌

2,658‌

Palo

Alto

Networks,

Inc.

(a)

906,431‌

12,364‌

Pegasystems,

Inc.

370,549‌

2,570‌

Salesforce,

Inc.

402,616‌

6,251‌

Super

Micro

Computer,

Inc.

(a)

183,342‌

1,188‌

Synopsys,

Inc.

(a)

529,931‌

45,737‌

UiPath,

Inc.,

Class A

(a)

497,161‌

2,409‌

Veeva

Systems,

Inc.,

Class A

(a)

427,525‌

2,203‌

Zscaler,

Inc.

(a)

310,954‌

10,529,978‌

ERShares

Global

Entrepreneurs

FINANCIAL

HIGHLIGHTS

INSTITUTIONAL

CLASS

The

accompanying

notes

are

integral

part

these

financial

statements.

For

the

Years

Ended

June

30,

2026

2025

2024

2023

2022

NET

ASSET

VALUE,

Beginning

Year

18.99‌

13.89‌

11.49‌

10.19‌

21.82‌

INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a)

(0.10‌)

0.01‌

(0.01‌)

0.02‌

(0.10‌)

Net

realized

and

unrealized

gain

(loss)

(0.18‌)

5.19‌

2.42‌

1.28‌

(7.22‌)

Total

from

Investment

Operations

(0.28‌)

5.20‌

2.41‌

1.30‌

(7.32‌)

DISTRIBUTIONS

SHAREHOLDERS

FROM

Net

investment

income

(0.01‌)

(0.10‌)

(0.01‌)

–‌

(0.15‌)

Net

realized

gain

–‌

(4.16‌)

Total

Distributions

Shareholders

(0.01‌)

(0.10‌)

(0.01‌)

–‌

(4.31‌)

REDEMPTION

FEES(a)

0.00‌(b)

–‌

NET

ASSET

VALUE,

End

Year

18.70‌

18.99‌

13.89‌

11.49‌

10.19‌

TOTAL

RETURN

(1.49‌)%

37.53‌%

20.97‌%

12.76‌%

(39.05‌)%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

End

Year

(000s

omitted)

42,900‌

44,386‌

35,442‌

50,026‌

45,168‌

Ratios

Average

Net

Assets:

Net

investment

income

(loss)

(0.51‌)%

0.09‌%

(0.11‌)%

0.16‌%

(0.63‌)%

Net

expenses

0.98‌%

1.29‌%

Gross

expenses(c)

1.30‌%

1.15‌%

1.17‌%

1.37‌%

PORTFOLIO

TURNOVER

RATE

23‌%

82‌%

208‌%

94‌%

265‌%

(a)

Calculated

based

average

outstanding

during

each

year.

(b)

Less

than

$0.005

per

share.

(c)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

ERShares

Global

Entrepreneurs

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

ORGANIZATION

EntrepreneurShares™

Series

Trust,

Delaware

statutory

trust

(the

“Trust”),

was

formed

July

2010,

and

has

authorized

capital

unlimited

beneficial

interest.

The

Trust

open-end

management

investment

company

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

the

Trust

comprised

two

funds,

and

authorized

issue

multiple

series

and

classes

shares.

ERShares

Global

Entrepreneurs

(the

“Fund”,

formerly

known

EntrepreneurShares

Global

Fund)

classified

“diversified”

series,

defined

the

1940

Act.

The

Fund

commenced

operations

November

11,

2010.

The

investment

objective

the

Fund

long-term

capital

appreciation.

The

Fund

seeks

achieve

its

objective

investing

mainly

equity

securities

global

companies

with

market

capitalizations

that

are

above

$300

million

the

time

initial

purchase

and

possess

entrepreneurial

characteristics,

determined

the

Fund’s

portfolio

manager.

EntrepreneurShares,

LLC,

the

Fund’s

Sub-Advisor

(the

“Sub-Advisor”),

and

Seaport

Global

Advisors,

LLC,

formerly

known

Weston

Capital

Advisors,

LLC,

the

Fund’s

investment

advisor

(the

“Advisor”).

Dr.

Joel

Shulman,

Managing

Director

the

Advisor

and

President

the

Sub-

Advisor,

has

been

the

Fund’s

portfolio

manager

since

November

11,

2010.

Due

the

significance

oversight

and

their

role,

the

management

committee

the

Advisor

determined

the

Chief

Operating

Decision

Maker.

The

Fund

has

registered

three

classes

Class

shares,

Retail

Class

and

Institutional

Class

shares.

Each

represents

equal

proportionate

interest

the

assets

and

liabilities

belonging

the

applicable

class

and

entitled

such

dividends

and

distributions

out

income

belonging

the

applicable

class

are

declared

the

Trust’s

Board

Trustees

(the

“Board”).

matters

that

affect

the

Fund

whole,

each

class

has

the

same

voting

and

other

rights

and

preferences

any

other

class.

matters

that

affect

only

one

class,

only

shareholders

that

class

may

vote.

Each

class

votes

separately

matters

affecting

only

that

class,

matters

expressly

required

voted

separately

state

federal

law.

each

class

series

have

the

same

voting

and

other

rights

and

preferences

the

other

classes

and

series

the

Trust

for

matters

that

affect

the

Trust

whole.

Currently,

only

Institutional

Class

the

Fund

are

being

offered.

The

Fund

operates

single

operating

segment.

The

Fund’s

income,

expenses,

assets,

and

performance

are

regularly

monitored

and

assessed

whole

the

Advisor,

who

responsible

for

the

oversight

functions

the

Fund,

using

the

information

presented

the

financial

statements

and

financial

highlights.

SUMMARY

SIGNIFICANT

ACCOUNTING

POLICIES

The

following

summary

significant

accounting

policies

consistently

followed

the

Fund

the

preparation

its

financial

statements.

These

policies

are

conformity

with

generally

accepted

accounting

principles

the

United

States

America

(“U.S.

GAAP”).

The

Fund

investment

company

and,

accordingly,

follows

the

investment

company

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946

–

Investment

Companies

including

Accounting

Standards

Update

(“ASU”)

2013-08.

The

preparation

financial

statements

conformity

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

amounts

assets,

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

Investment

Valuations

The

following

summary

the

Fund’s

pricing

procedures.

intended

general

discussion

and

may

not

necessarily

reflect

all

pricing

procedures

followed

the

Fund.

determining

the

net

asset

value

(“NAV”)

the

Fund’s

shares,

securities

that

are

listed

national

securities

exchange

(other

than

the

National

Association

Securities

Dealers’

Automatic

Quotation

System

(“Nasdaq”)

are

valued

the

last

sale

price

the

day

the

valuation

made.

Securities

that

are

traded

Nasdaq

under

one

its

three

listing

tiers,

Nasdaq

Global

Select

Market,

Nasdaq

Global

Market

and

Nasdaq

Capital

Market,

are

valued

the

Nasdaq

Official

Closing

Price.

Price

information

listed

securities

taken

from

the

exchange

where

the

security

primarily

traded.

Securities

which

are

listed

exchange

but

which

are

not

traded

the

valuation

date

are

valued

the

most

recent

bid

price.

ERShares

Global

Entrepreneurs

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

Unlisted

securities

held

the

Fund

are

valued

the

average

the

quoted

bid

and

ask

prices

the

over-the-counter

market.

Securities

and

other

assets

for

which

market

quotations

are

not

readily

available

are

valued

their

fair

value

good

faith

the

Advisor,

acting

its

capacity

valuation

designee

pursuant

Rule

2a-5

under

the

1940

Act,

under

procedures

established

and

under

the

general

supervision

and

responsibility

the

Board.

Short-term

investments

with

days

maturity

time

purchase

are

valued

fair

market

value

through

the

61st

day

prior

maturity,

based

quotations

received

from

market

makers

other

appropriate

sources;

thereafter,

they

are

generally

valued

amortized

cost.

There

definitive

set

circumstances

under

which

the

Fund

may

elect

use

fair

value

procedures

value

security.

Types

securities

that

the

Fund

may

hold

for

which

fair

value

pricing

might

required

include,

but

are

not

limited

to:

(a)

illiquid

securities,

including

restricted

securities

and

private

placements

for

which

there

public

market;

(b)

options

not

traded

securities

exchange;

(c)

securities

issuer

that

has

entered

into

restructuring;

(d)

securities

whose

trading

has

been

halted

suspended,

permitted

the

SEC;

(e)

foreign

securities,

event

development

has

occurred

subsequent

the

foreign

market

and

prior

the

regular

trading

the

New

York

Stock

Exchange

(“NYSE”)

that

would

materially

affect

the

value

the

security;

and

(f)

fixed

income

securities

that

have

gone

into

default

and

for

which

there

not

current

market

value

quotation.

Valuing

securities

fair

value

involves

greater

reliance

judgment

than

securities

that

have

readily

available

market

quotations.

There

can

assurance

that

the

Fund

could

obtain

the

fair

value

price

assigned

security

upon

sale.

Securities

that

are

not

listed

exchange

are

valued

the

Fund’s

Advisor,

under

the

supervision

the

Board.

There

single

standard

for

determining

the

fair

value

security.

Rather,

determining

the

fair

value

security,

the

Advisor

and

the

Board

take

into

account

the

relevant

factors

and

surrounding

circumstances,

which

may

include:

(1)

the

nature

and

pricing

history

(if

any)

the

security;

(2)

whether

any

dealer

quotations

for

the

security

are

available;

(3)

possible

valuation

methodologies

that

could

used

determine

the

fair

value

the

security;

(4)

the

recommendation

the

portfolio

manager

the

Fund

with

respect

the

valuation

the

security;

(5)

whether

the

same

similar

securities

are

held

other

funds

managed

the

Advisor

other

fund

and

the

method

used

price

the

security

those

funds;

(6)

the

extent

which

the

fair

value

determined

for

the

security

will

result

from

the

use

data

formulae

produced

third

parties

independent

the

Advisor;

and

(7)

the

liquidity

illiquidity

the

market

for

the

security.

Privately-offered

securities

are

not

exchange-traded

and

are

subject

liquidity

risk,

may

difficult

value,

may

difficult

sell

because

regulatory

restrictions

resale,

provide

fewer

financial

disclosures

than

publicly

offered

exchange-traded

securities,

and

may

subject

significant

brokerage

commissions.

the

extent

the

Fund

acquires

privately-offered

securities

through

privately-offered

special

purpose

vehicle

(“SPV”),

the

Fund

may

also

subject

management

and

performance

fees

the

SPV.

Fair

Value

Measurement

The

Fund

has

adopted

authoritative

fair

valuation

accounting

standards

which

establish

authoritative

definition

fair

value

and

set

out

hierarchy

for

measuring

fair

value.

These

standards

require

additional

disclosures

about

the

various

inputs

and

valuation

techniques

used

develop

the

measurements

fair

value,

discussion

changes

valuation

techniques

and

inputs

during

the

year

and

expanded

disclosure

valuation

levels

for

major

security

types.

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurement)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

The

three

levels

the

fair

value

hierarchy

are

follows:

Level

Unadjusted

quoted

prices

active

markets

for

identical

assets

and

liabilities

that

the

Fund

has

the

ability

access

the

measurement

date;

Level

Observable

inputs

other

than

quoted

prices

included

Level

that

are

observable

for

the

asset

either

directly

indirectly.

These

inputs

may

include

quoted

prices

for

identical

instruments

inactive

markets,

quoted

prices

for

similar

instruments,

interest

rates,

prepayment

spreads,

credit

risk,

yield

curves,

default

rates,

and

similar

data;

Level

Significant

unobservable

inputs

for

the

asset

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

that

market

participant

would

use

valuing

the

asset,

and

would

based

the

best

information

available.

ERShares

Global

Entrepreneurs

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

Inputs

are

used

applying

the

various

valuation

techniques

and

broadly

refer

the

assumptions

that

market

participants

use

make

valuation

decisions,

including

assumptions

about

risk.

Inputs

may

include

price

information,

volatility

statistics,

specific

and

broad

credit

data,

liquidity

statistics,

and

other

factors.

financial

instrument’s

level

within

the

fair

value

hierarchy

based

the

lowest

level

any

input

that

significant

the

fair

value

measurement.

However,

the

determination

what

constitutes

“observable”

requires

significant

judgment

the

Fund.

The

Fund

considers

observable

data

that

market

data,

which

readily

available,

regularly

distributed

updated,

reliable

and

verifiable,

not

proprietary,

and

provided

independent

sources

that

are

actively

involved

the

relevant

market.

The

categorization

financial

instrument

within

the

hierarchy

based

upon

the

pricing

transparency

the

instrument

and

does

not

necessarily

correspond

the

Fund’s

perceived

risk

that

instrument.

Investments

whose

values

are

based

quoted

market

prices

active

markets,

and

are

therefore

classified

within

Level

include

active

listed

equities

and

real

estate

investment

trusts,

and

certain

money

market

securities.

Investments

that

trade

markets

that

are

not

considered

active,

but

are

valued

based

quoted

market

prices,

dealer

quotations

alternative

pricing

sources

supported

observable

inputs

are

classified

within

Level

Investments

classified

within

Level

have

significant

unobservable

inputs,

they

trade

infrequently

not

all.

The

table

below

summary

the

inputs

used

value

the

Fund’s

investments

June

30,

2026.

Please

refer

the

schedule

investments

for

information

regarding

security

characteristics.

The

following

the

activity

investments

which

significant

unobservable

inputs

(Level

were

used

determining

value

June

30,

2026:

Use

Estimates

and

Indemnifications

The

preparation

the

financial

statements

conformity

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

these

financial

statements.

Actual

results

could

differ

from

those

estimates.

the

normal

course

business,

the

Trust,

behalf

the

Fund,

enters

into

contracts

that

contain

variety

representations

which

provide

general

indemnifications.

The

Trust’s

maximum

exposure

under

these

arrangements

unknown;

however,

the

Trust

has

not

had

claims

losses

pursuant

these

contracts

and

the

Trust

expects

any

risk

loss

remote.

Federal

Income

Taxes

The

Fund

intends

continue

qualify

each

year

“regulated

investment

company”

under

Sub-chapter

the

Internal

Revenue

Code

1986,

amended.

qualified,

the

Fund

will

not

subject

federal

income

tax

the

extent

distributes

substantially

all

its

net

investment

income

and

net

realized

gains

shareholders.

addition,

distributing

each

calendar

year

substantially

all

its

net

investment

income

and

capital

gains,

any,

the

Fund

will

not

subject

federal

excise

tax.

Therefore,

federal

income

exercise

tax

provision

required.

Level

Total

Investments

Value

Common

Stock

40,563,678

–

40,563,678

Money

Market

Funds

2,822,709

–

2,822,709

Investments

Value

43,386,387

–

43,386,387

Partnership

Interests

Balance

June

30,

2025

2,000,000

Proceeds

from

sales

(2,106,780)

Realized

gain

(loss)

66,780

Net

change

unrealized

appreciation/depreciation

40,000

Balance

June

30,

2026

–

Net

change

unrealized

appreciation/depreciation

for

the

year

ended

June

30,

2026

Level

investments

held

June

30,

2026

–

ERShares

Global

Entrepreneurs

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

The

Fund

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

the

Fund

did

not

have

any

tax

positions

that

did

not

meet

the

“more-likely-than-not”

threshold

being

sustained

the

applicable

tax

authority

for

the

fiscal

year

ended

June

30,

2026.

The

Fund

would

recognize

interest

and

penalties,

any,

uncertain

tax

benefits

the

Statement

Operations.

During

the

fiscal

year

ended

June

30,

2026,

the

Fund

did

not

incur

any

interest

penalties.

Tax

returns

filed

within

the

prior

three

years

remain

subject

examination

federal

and

state

tax

authorities.

Distribution

Shareholders

The

Fund

intends

continue

distribute

their

shareholders

any

net

investment

income

and

any

net

realized

long

short-

term

capital

gains,

any,

least

annually.

Distributions

are

recorded

the

ex-dividend

date.

The

Fund

may

periodically

make

reclassifications

among

certain

their

capital

accounts

result

the

characterization

certain

income

and

realized

gains

determined

annually

accordance

with

federal

tax

regulations

that

may

differ

from

U.S.

GAAP.

Allocation

Expenses

incurred

the

Trust

that

not

relate

specific

fund

the

Trust

are

allocated

the

individual

funds

under

the

direction

the

Board

such

manner

the

Board

determine

fair

and

equitable.

Foreign

Currency

Transactions

The

Fund’s

books

and

records

are

maintained

U.S.

dollars.

Foreign

currency

denominated

transactions

(i.e.,

fair

value

investment

securities,

assets

and

liabilities,

purchases

and

sales

investment

securities

and

income

and

expenses)

are

translated

into

U.S.

dollars

the

current

rate

exchange

the

date

valuation.

Purchases

and

sales

securities

and

income

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

The

Fund

does

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

fluctuations

are

included

net

realized

and

unrealized

gain

(loss)

investments

the

Statement

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

(losses)

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest

and

foreign

taxes

withheld,

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

(losses)

arise

from

the

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Investment

Transactions

and

Investment

Income

Throughout

the

reporting

period,

security

transactions

are

accounted

for

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

security

transactions

are

accounted

for

trade

date

the

last

business

day

the

reporting

period.

The

specific

identification

method

used

for

determining

gains

losses

for

financial

statements

and

income

tax

purposes.

Dividend

income,

less

any

foreign

tax

withheld,

recognized

the

ex-dividend

date

and

interest

income

recognized

accrual

basis,

including

amortization/accretion

premiums

discounts.

Securities

Lending

The

Fund

may

lend

portfolio

securities

constituting

33-1/3%

its

total

assets

(as

permitted

the

1940

Act)

unaffiliated

broker-dealers,

banks

other

recognized

institutional

borrowers

securities,

provided

that

the

borrower

all

times

maintains

cash,

U.S.

government

securities

equivalent

collateral

provides

irrevocable

letter

credit

favor

the

Fund

equal

value

least

102%

the

value

loaned

domestic

securities

and

105%

the

value

loaned

foreign

securities

daily

basis.

During

the

time

portfolio

securities

are

loan,

the

borrower

pays

the

lending

Fund

amount

equivalent

any

dividends

interest

paid

such

securities,

and

such

Fund

may

receive

agreed-upon

amount

interest

income

from

the

borrower

who

delivered

equivalent

collateral

provided

letter

credit.

Loans

are

subject

termination

the

option

Fund

the

borrower.

The

Fund

may

pay

reasonable

administrative

and

custodial

fees

connection

with

loan

portfolio

securities

and

may

pay

negotiated

portion

the

interest

earned

the

cash

equivalent

collateral

the

borrower

placing

broker.

The

Fund

does

not

ERShares

Global

Entrepreneurs

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

have

the

right

vote

securities

loan

but

could

terminate

the

loan

and

regain

the

right

vote

that

were

considered

important

with

respect

the

investment.

The

primary

risk

securities

lending

default

the

borrower

during

sharp

rise

price

the

borrowed

security

resulting

deficiency

the

collateral

posted

the

borrower.

The

Fund

will

seek

minimize

this

risk

requiring

that

the

value

the

securities

loaned

computed

each

day

and

additional

collateral

furnished

each

day

required.

Disclosures

about

Offsetting

Assets

and

Liabilities

The

Fund

required

disclose

information

about

offsetting

and

arrangements

enable

users

its

financial

statements

understand

the

effect

those

arrangements

its

financial

position.

The

guidance

requires

retrospective

application

for

all

comparative

periods

presented.

Management

has

evaluated

the

impact

the

financial

statement

disclosures

and

determined

that

there

effect.

there

are

master

netting

arrangements

relating

the

Fund’s

participation

securities

lending,

and

all

amounts

securities

lending

are

presented

gross

the

Fund’s

Statement

Assets

and

Liabilities,

additional

disclosures

have

been

made

behalf

the

Fund.

Please

refer

the

Securities

Lending

Note

for

additional

disclosures

securities

lending,

including

collateral

securities

loan.

AGREEMENTS

Investment

Advisory

Agreement

The

Advisor,

party

the

Fund,

oversees

the

performance

the

Fund

and

responsible

for

overseeing

the

management

the

investment

portfolio

the

Fund.

These

services

are

provided

under

the

terms

investment

advisory

agreement

between

the

Trust

and

the

Advisor,

pursuant

which

the

Advisor

receives

annual

advisory

fee

equal

0.89%.

Through

November

2026,

the

Advisor

has

agreed

waive

and/or

reimburse

the

Fund

for

its

advisory

fee,

and

the

extent

necessary,

bear

other

expenses,

limit

the

total

annualized

expenses

(excluding

portfolio

transaction

and

other

investment-related

costs

(including

brokerage

fees

and

commissions);

taxes;

borrowing

costs

(such

interest

and

dividend

expenses

securities

sold

short);

acquired

fund

fees

and

expenses;

fees

and

expenses

associated

with

investments

other

collective

investment

vehicles

derivative

instruments

(including

for

example

option

and

swap

fees

and

expenses);

expenses

incurred

connection

with

any

merger

reorganization;

extraordinary

expenses

(such

litigation

expenses,

indemnification

Trust

officers

and

Trustees

and

contractual

indemnification

Fund

service

providers);

and

other

expenses

that

the

Trustees

agree

have

not

been

incurred

the

ordinary

course

the

Fund’s

business

the

Institutional

Class

the

Fund

the

amounts

0.98%

per

annum

net

assets

attributable

such

the

Fund.

The

Advisor

shall

permitted

recover

expenses

has

borne

subsequent

the

effective

date

this

agreement

(whether

through

reduction

its

advisory

fee

otherwise)

later

periods

the

extent

that

the

Fund’s

expenses

fall

below

the

annual

rates

set

forth

above,

given

that

such

rate

not

greater

than

the

rate

that

was

place

the

time

the

waiver,

provided,

however,

that

the

Fund

not

obligated

pay

any

such

reimbursed

fees

than

three

years

after

the

expense

was

incurred

the

Advisor.

Sub-Advisory

services

are

provided

the

Fund,

pursuant

agreement

between

the

Advisor

and

Sub-Advisor.

Under

the

terms

this

sub-advisory

agreement,

the

Advisor,

not

the

Fund,

compensates

the

Sub-Advisor

based

the

Fund’s

average

net

assets.

Certain

officers

the

Advisor

are

also

officers

the

Sub-Advisor.

Dr.

Shulman

majority

owner

both

the

Advisor

and

the

Sub-Advisor.

Other

service

providers

have

voluntarily

agreed

waive

portion

their

fees.

Other

waivers

are

not

eligible

for

recoupment.

For

the

year

ended

June

30,

2026,

fees

waived

and

expenses

reimbursed

were

follows:

Each

waiver/expense

payment

the

Advisor

subject

recoupment

the

Advisor

from

the

Fund

the

three

years

following

the

date

the

particular

waiver/expense

payment

occurred,

but

only

such

recoupment

can

achieved

without

exceeding

the

Investment

Advisor

Fees

Waived

Other

Waivers

Total

140

287

3,225

143

512

ERShares

Global

Entrepreneurs

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

annual

expense

limitation

effect

the

time

the

waiver/expense

payment

and

any

expense

limitation

effect

the

time

the

recoupment.

The

amounts

subject

repayment

the

Fund,

pursuant

the

aforementioned

conditions

are

follows:

Other

Service

Providers

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

the

Fund.

The

fees

these

services

are

included

Fund

services

and

administration

fees

within

the

Statement

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

Apex

Services

Agreement,

the

Fund

pays

Apex

customary

fees

for

its

services.

Apex

provides

Chief

Compliance

Officer

the

Fund,

well

certain

additional

compliance

support

functions

INCOME

TAXES

The

Fund

plans

distribute

substantially

all

the

net

investment

income

and

net

realized

gains

that

has

realized

the

sale

securities.

These

income

and

gains

distributions

will

generally

paid

once

each

year,

before

December

31.

The

character

distributions

made

during

the

year

for

financial

reporting

purposes

may

differ

from

the

characterization

for

federal

income

tax

purposes

due

differences

the

recognition

income,

expense

gain

items

for

financial

reporting

and

tax

reporting

purposes.

The

tax

character

distributions

paid

for

the

fiscal

years

ended

June

30,

2026

and

June

30,

2025

were

follows:

The

Fund

designates

long-term

capital

gain

dividends,

pursuant

Internal

Revenue

Code

Section

852(b)(3),

the

amount

necessary

reduce

the

earnings

and

profits

for

the

Fund

net

capital

gains

zero

for

the

tax

year

ended

June

30,

2026.

Additionally,

U.S.

GAAP

requires

that

certain

components

net

assets

reclassified

between

financial

and

tax

reporting.

These

reclassifications

have

effect

net

assets

the

NAV

per

share.

June

30,

2026,

the

cost

investments

for

federal

income

tax

purposes

$36,205,613

and

the

components

net

unrealized

appreciation

(depreciation)

were

follows:

June

30,

2026,

the

components

accumulated

earnings

(deficit)

tax

basis

were

follows:

June

30,

2026,

the

Fund

has

current

year

deferred

late

year

ordinary

losses

$106,412.

These

losses

will

recognized

for

tax

purposes

the

first

day

the

following

tax

year.

Recoverable

Through

June

30,

2027

86,186

June

30,

2028

124,202

June

30,

2029

140,287

2026

2025

Distributions

paid

from:

Ordinary

income

(a)

19,873

251,881

Total

distributions

paid

19,873

251,881

(a)

Short-term

capital

gain

distributions

are

treated

ordinary

income

for

tax

purposes.

Gross

Unrealized

Appreciation

13,900,521

Gross

Unrealized

Depreciation

(6,719,747)

Net

Unrealized

Appreciation

7,180,774

Other

Temporary

Differences

1,222

Capital

and

Other

Losses

(12,235,268)

Net

Unrealized

Appreciation

7,180,774

Total

(5,053,272)

ERShares

Global

Entrepreneurs

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

June

30,

2026,

the

Fund

had

short-term

and

long-term

capital

loss

carryforwards

available

offset

future

gains,

not

subject

expiration,

the

amount

$9,581,443

and

$2,547,413,

respectively.

During

the

fiscal

year

ended

June

30,

2026,

the

Fund

utilized

capital

loss

carryforward

$3,209,631

offset

realized

capital

gains.

the

Statement

Assets

and

Liabilities,

result

current

year

net

operating

loss,

certain

amounts

have

been

reclassified

for

the

year

ended

June

30,

2026.

The

following

reclassification

has

impact

the

net

assets

the

Fund.

The

Fund

adopted

the

FASB

Accounting

Standards

Update

2023-09,

“Income

Taxes

(Topic

740)

Improvements

Income

Tax

Disclosures”

(“ASU

2023-09”)

during

the

year

ended

June

30,

2026.

Adoption

the

new

standard

the

Fund

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

results

operations.

PARTIES

June

30,

2026,

certain

officers

the

Trust

were

also

employees

the

Advisor.

However,

these

officers

were

not

compensated

directly

the

Fund.

Refer

Note

for

information.

BENEFICIAL

OWNERSHIP

The

beneficial

ownership,

either

directly

indirectly,

than

25%

the

voting

securities

fund

creates

presumption

control

fund,

under

Section

2(a)(9)

the

1940

Act.

June

30,

2026,

for

the

benefit

its

shareholders,

MAC

Co.

held

94.42%

the

total

Fund

outstanding.

INVESTMENT

TRANSACTIONS

For

the

year

ended

June

30,

2026,

purchases

and

sales

investment

securities,

other

than

short-term

investments,

were

$9,898,218

and

$11,730,899,

respectively.

There

were

purchases

sales

long-term

U.S.

government

obligations

during

the

year

ended

June

30,

2026.

REDEMPTION

FEES

The

Fund

imposes

redemption

fee

equal

the

dollar

value

the

redeemed

within

five

business

days

the

date

purchase.

The

redemption

fee

does

not

apply

purchased

through

reinvested

distributions

(dividends

and

capital

gains)

through

the

automatic

investment

plan,

held

retirement

plans

(if

the

plans

request

waiver

the

fee),

redeemed

through

designated

systematic

withdrawal

plans.

SECTOR

RISK

the

Fund

has

significant

investments

the

securities

issuers

within

particular

sector,

any

development

affecting

that

sector

will

have

greater

impact

the

value

the

net

assets

the

Fund

than

would

the

case

the

Fund

did

not

have

significant

investments

that

sector.

addition,

this

may

increase

the

risk

loss

the

Fund

and

increase

the

volatility

the

Fund’s

NAV

per

share.

For

instance,

economic

market

factors,

regulatory

changes

other

developments

may

negatively

impact

all

companies

particular

sector,

and

therefore

the

value

the

Fund’s

portfolio

will

adversely

affected.

June

30,

2026,

the

Fund

had

35.8%

the

value

its

net

assets

invested

stocks

within

the

Technology

sector.

10.

PRIVATELY

OFFERED

SECURITY

RISK

Privately-offered

securities

are

not

exchange-traded

and

are

subject

liquidity

risk,

may

difficult

value,

may

difficult

sell

because

regulatory

restrictions

resale,

provide

fewer

financial

disclosures

than

publicly-traded

securities,

and

may

subject

significant

brokerage

commissions.

the

extent

the

Fund

acquires

privately-offered

securities

through

special-purpose

vehicle

(“SPV”),

the

Fund

may

also

subject

management

and

performance

fees

the

SPV.

Accumulated

Loss

164,448

Paid-in-Capital

(164,448)

ERShares

Global

Entrepreneurs

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

11.

FOREIGN

SECURITIES

RISK

The

Fund

generally

invests

significant

portion

its

total

assets

securities

principally

traded

markets

outside

the

U.S.

The

foreign

markets

which

the

Fund

invests

are

sometimes

open

days

when

the

NYSE

not

open

and

the

Fund

does

not

calculate

its

NAV,

and

sometimes

are

not

open

days

when

the

NYSE

open

and

the

Fund

does

calculate

its

NAV.

Even

days

which

both

the

foreign

market

and

the

NYSE

are

open,

several

hours

may

pass

between

the

time

when

trading

the

foreign

market

closes

and

the

time

which

the

Fund

calculates

its

NAV.

That

generally

the

case

for

markets

Europe,

Asia,

Australia

and

other

far

eastern

markets;

the

regular

closing

time

foreign

markets

North

and

South

America

generally

the

same

the

closing

time

the

NYSE

and

the

time

which

the

Fund

calculate

its

NAV.

Foreign

stocks,

asset

class,

may

underperform

U.S.

stocks,

and

foreign

stocks

may

volatile

than

U.S.

stocks.

Risks

relating

investment

foreign

securities

(including,

but

not

limited

to,

depository

receipts

and

participation

certificates)

include:

currency

exchange

rate

fluctuation;

less

available

public

information

about

the

issuers

securities;

less

stringent

regulatory

standards;

lack

uniform

accounting,

auditing

and

financial

reporting

standards;

and

country

risk

including

less

liquidity,

high

inflation

rates,

unfavorable

economic

practices

and

political

instability.

The

risks

foreign

investments

are

typically

greater

emerging

and

less

developed

markets.

12.

SUBSEQUENT

EVENTS

EVALUATION

Management

the

Fund

has

evaluated

the

need

for

disclosures

and/or

adjustments

resulting

from

subsequent

events

through

the

date

which

these

financial

statements

were

issued.

Based

upon

this

evaluation,

management

has

determined

there

were

items

requiring

adjustment

the

financial

statements

additional

disclosure.

REPORT

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

the

Board

Trustees

EntrepreneurShares

Series

Trust

and

the

Shareholders

ERShares

Global

Entrepreneurs

Opinion

the

Financial

Statements

have

audited

the

accompanying

statement

assets

and

liabilities

ERShares

Global

Entrepreneurs

(the

“Fund”),

series

EntrepreneurShares

Series

Trust,

including

the

schedule

investments,

June

30,

2026,

the

statement

operations

for

the

year

then

ended,

the

statements

changes

net

assets

and

the

financial

highlights

for

each

the

two

years

the

period

then

ended,

and

the

notes

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

the

Fund

June

30,

2026,

the

results

its

operations

for

the

year

then

ended,

the

changes

its

net

assets

and

the

financial

highlights

for

each

the

two

years

the

period

then

ended,

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

The

financial

highlights

for

each

the

three

years

the

period

ended

June

30,

2024,

have

been

audited

other

auditors,

whose

reports

dated

August

29,

2024

and

August

29,

2022,

expressed

unqualified

opinion

such

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Fund’s

management.

Our

responsibility

express

opinion

the

Fund’s

financial

statements

based

our

audit.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

independent

with

respect

the

Fund

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

have

served

the

Fund’s

auditor

since

2025.

conducted

our

audit

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

The

Fund

are

not

required

have,

nor

were

engaged

perform,

audit

its

internal

control

over

financial

reporting.

part

our

audit,

are

required

obtain

understanding

internal

control

over

financial

reporting,

but

not

for

the

purpose

expressing

opinion

the

effectiveness

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

express

such

opinion.

Our

audit

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

June

30,

2026,

correspondence

with

the

custodian.

believe

that

our

audit

provides

reasonable

basis

for

our

opinion.

TAIT

WELLER

BAKER

LLP

Philadelphia,

Pennsylvania

August

27,

2026

(b)	Included as part of financial statements filed under Item 7(a).

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.

Included as part of financial statements filed under Item 7(a).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective as of a date within 90 days of the filing date of this report (the “Evaluation Date”) based on their evaluation of the registrant’s disclosure controls and procedures as of the Evaluation Date.

(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.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics (filed herewith).

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).

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.

EntrepreneurShares Series Trust

By	/s/ Dr. Joel M. Shulman
	Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer

Date	August 27, 2026

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	/s/ Dr. Joel M. Shulman
	Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer

Date	August 27, 2026