ERShares
Global
Entrepreneurs
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
September
30,
2026
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Shares
Security
Description
Value
Common
Stock
-
94.9%
Australia
-
3.0%
Communications
-
0.7%
34,715
SEEK,
Ltd.
$
289,776
289,776
Health
Care
-
0.8%
33,555
Telix
Pharmaceuticals,
Ltd.
(a)
366,312
366,312
Technology
-
1.5%
33,491
Technology
One,
Ltd.
673,547
673,547
Total
Australia
1,329,635
Canada
-
3.1%
Technology
-
3.1%
179
Constellation
Software,
Inc./Canada
364,091
6,883
Shopify,
Inc.
(a)
1,020,749
Total
Canada
1,384,840
Ireland
-
2.5%
Health
Care
-
2.5%
27,809
Alkermes
PLC
(a)
1,126,821
Total
Ireland
1,126,821
Israel
-
4.8%
Communications
-
1.4%
8,319
Wix.com,
Ltd.
(a)
600,049
600,049
Technology
-
3.4%
6,528
Check
Point
Software
Technologies,
Ltd.
(a)
837,869
8,733
Monday.com,
Ltd.
(a)
685,191
1,523,060
Total
Israel
2,123,109
Japan
-
2.4%
Communications
-
1.2%
20,556
GMO
internet
group,
Inc.
514,210
514,210
Consumer
Discretionary
-
1.2%
72,180
Sanrio
Co.,
Ltd.
544,474
544,474
Total
Japan
1,058,684
Netherlands
-
0.3%
Technology
-
0.3%
2,013
Topicus.com,
Inc.
(a)
122,182
Total
Netherlands
122,182
Singapore
-
2.8%
Communications
-
1.3%
6,194
Sea,
Ltd.,
ADR
(a)
603,048
603,048
Consumer
Staples
-
0.8%
123,149
Wilmar
International,
Ltd.
347,848
347,848
Technology
-
0.7%
4,865
Karooooo,
Ltd.
291,900
291,900
Total
Singapore
1,242,796
Sweden
-
4.4%
Communications
-
0.8%
21,460
Asmodee
Group
AB,
Class B
348,248
348,248
Consumer
Discretionary
-
0.7%
4,269
Evolution
AB
(a)(b)
333,004
333,004
Shares
Security
Description
Value
Technology
-
2.9%
21,460
Coffee
Stain
Group
AB
$
43,242
21,460
Embracer
Group
AB
(a)
184,190
2,191
Spotify
Technology
SA
(a)
1,067,850
1,295,282
Total
Sweden
1,976,534
Thailand
-
1.4%
Industrial
-
1.4%
1,463
Fabrinet
(a)
620,707
Total
Thailand
620,707
United
Kingdom
-
1.3%
Consumer
Discretionary
-
1.3%
45,186
Klarna
Group
PLC
(a)(c)
559,855
Total
United
Kingdom
559,855
United
States
-
67.1%
Communications
-
10.7%
7,247
Alphabet,
Inc.,
Class A
2,493,548
2,234
AppLovin
Corp.,
Class A
(a)
648,821
12,384
Maplebear,
Inc.
(a)
533,998
1,449
Meta
Platforms,
Inc.,
Class A
1,050,786
4,727,153
Consumer
Discretionary
-
3.0%
2,621
Airbnb,
Inc.,
Class A
(a)
421,064
2,635
Amazon.com,
Inc.
(a)
656,510
13,894
DraftKings,
Inc.
(a)
263,986
1,341,560
Energy
-
2.6%
3,046
Valero
Energy
Corp.
1,180,660
1,180,660
Financials
-
7.8%
2,414
Coinbase
Global,
Inc.,
Class A
(a)
449,994
14,841
Interactive
Brokers
Group,
Inc.
1,267,718
8,381
Robinhood
Markets,
Inc.,
Class A
(a)
942,862
28,877
Toast,
Inc.,
Class A
(a)
837,144
3,497,718
Health
Care
-
5.5%
2,920
Medpace
Holdings,
Inc.
(a)
1,822,606
2,806
ResMed,
Inc.
620,407
2,443,013
Industrial
-
4.9%
2,847
Clean
Harbors,
Inc.
(a)
883,225
18,680
Rocket
Lab
Corp.
(a)
1,301,622
2,184,847
Materials
-
3.9%
15,262
Newmont
Corp.
1,760,319
1,760,319
Technology
-
27.2%
8,083
Affirm
Holdings,
Inc.
(a)
559,586
5,911
Arista
Networks,
Inc.
(a)
1,203,420
1,395
Corpay,
Inc.
(a)
542,097
3,856
MongoDB,
Inc.
(a)
1,344,240
15,587
NVIDIA
Corp.
3,559,759
2,451
Oracle
Corp.
336,522
2,658
Palo
Alto
Networks,
Inc.
(a)
1,056,050
12,364
Pegasystems,
Inc.
411,474
2,570
Salesforce,
Inc.
589,995
6,251
Super
Micro
Computer,
Inc.
(a)
256,729
1,188
Synopsys,
Inc.
(a)
516,709
45,737
UiPath,
Inc.,
Class A
(a)
587,263
2,409
Veeva
Systems,
Inc.,
Class A
(a)
687,649
2,203
Zscaler,
Inc.
(a)
439,322
12,090,815
ERShares
Global
Entrepreneurs
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
September
30,
2026
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Shares
Security
Description
Value
Utilities
-
1.5%
4,997
Vistra
Corp.
$
691,335
691,335
Total
United
States
29,917,420
Uruguay
-
1.8%
Consumer
Discretionary
-
1.8%
477
MercadoLibre,
Inc.
(a)
824,509
Total
Uruguay
824,509
Total
Common
Stock
(Cost
$32,882,628)
42,287,092
Money
Market
Funds
-
6.2%
2,291,052
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class I,
3.48%
(d)
2,291,052
501,049
Invesco
Government
&
Agency
Portfolio,
Class I,
3.81%
(d)(e)
501,049
Total
Money
Market
Funds
(Cost
$2,792,101)
2,792,101
Investments,
at
value
-
101.1%
(Cost
$35,674,729)
$
45,079,193
Other
Assets
&
Liabilities,
Net
-
(1.1)%
(512,500)
Net
Assets
-
100.0%
$
44,566,693
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
under
Rule
144A
under
the
Securities
Act
of
1933.
At
the
period
end,
the
value
of
these
securities
amounted
to
$333,004
or
0.7%
of
net
assets.
(c)
This
security
or
a
portion
of
the
security
is
out
on
loan
as
of
September
30,
2026,
and
may
be
collateralized
by
cash
not
reflected
on
this
Schedule
of
Investments.
Total
loaned
securities
had
a
value
of
$486,902.
(d)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2026.
(e)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$501,049.
ERShares
Global
Entrepreneurs
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
September
30,
2026
1.
ORGANIZATION
EntrepreneurShares™
Series
Trust,
a
Delaware
statutory
trust
(the
“Trust”),
was
formed
on
July
1,
2010,
and
has
authorized
capital
of
unlimited
shares
of
beneficial
interest.
The
Trust
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
the
Trust
is
comprised
of
two
funds,
and
is
authorized
to
issue
multiple
series
and
classes
of
shares.
ERShares
Global
Entrepreneurs
(the
“Fund”,
formerly
known
as
EntrepreneurShares
Global
Fund)
is
classified
as
a
“diversified”
series,
as
defined
in
the
1940
Act.
The
Fund
commenced
operations
on
November
11,
2010.
The
investment
objective
of
the
Fund
is
long-term
capital
appreciation.
The
Fund
seeks
to
achieve
its
objective
by
investing
mainly
in
equity
securities
of
global
companies
with
market
capitalizations
that
are
above
$300
million
at
the
time
of
initial
purchase
and
possess
entrepreneurial
characteristics,
as
determined
by
the
Fund’s
portfolio
manager.
EntrepreneurShares,
LLC,
is
the
Fund’s
Sub-Advisor
(the
“Sub-Advisor”),
and
Seaport
Global
Advisors,
LLC,
formerly
known
as
Weston
Capital
Advisors,
LLC,
is
the
Fund’s
investment
advisor
(the
“Advisor”).
Dr.
Joel
M.
Shulman,
Managing
Director
of
the
Advisor
and
President
of
the
Sub-
Advisor,
has
been
the
Fund’s
portfolio
manager
since
November
11,
2010.
Due
to
the
significance
of
oversight
and
their
role,
the
management
committee
of
the
Advisor
is
determined
to
be
the
Chief
Operating
Decision
Maker.
The
Fund
has
registered
three
classes
of
shares:
Class
A
shares,
Retail
Class
shares
and
Institutional
Class
shares.
Each
share
represents
an
equal
proportionate
interest
in
the
assets
and
liabilities
belonging
to
the
applicable
class
and
is
entitled
to
such
dividends
and
distributions
out
of
income
belonging
to
the
applicable
class
as
are
declared
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
On
matters
that
affect
the
Fund
as
a
whole,
each
class
has
the
same
voting
and
other
rights
and
preferences
as
any
other
class.
On
matters
that
affect
only
one
class,
only
shareholders
of
that
class
may
vote.
Each
class
votes
separately
on
matters
affecting
only
that
class,
or
on
matters
expressly
required
to
be
voted
on
separately
by
state
or
federal
law.
Shares
of
each
class
of
a
series
have
the
same
voting
and
other
rights
and
preferences
as
the
other
classes
and
series
of
the
Trust
for
matters
that
affect
the
Trust
as
a
whole.
Currently,
only
Institutional
Class
shares
of
the
Fund
are
being
offered.
The
Fund
operates
as
a
single
operating
segment.
The
Fund’s
income,
expenses,
assets,
and
performance
are
regularly
monitored
and
assessed
as
a
whole
by
the
Advisor,
who
is
responsible
for
the
oversight
functions
of
the
Fund,
using
the
information
presented
in
the
financial
statements
and
financial
highlights.
2.
SUMMARY
OF
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
These
policies
are
in
conformity
with
generally
accepted
accounting
principles
in
the
United
States
of
America
(“U.S.
GAAP”).
The
Fund
is
an
investment
company
and,
accordingly,
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946
–
Investment
Companies
including
Accounting
Standards
Update
(“ASU”)
2013-08.
The
preparation
of
financial
statements
in
conformity
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
amounts
of
assets,
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
Investment
Valuations
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
pricing
procedures
followed
by
the
Fund.
In
determining
the
net
asset
value
(“NAV”)
of
the
Fund’s
shares,
securities
that
are
listed
on
a
national
securities
exchange
(other
than
the
National
Association
of
Securities
Dealers’
Automatic
Quotation
System
(“Nasdaq”)
are
valued
at
the
last
sale
price
on
the
day
the
valuation
is
made.
Securities
that
are
traded
on
Nasdaq
under
one
of
its
three
listing
tiers,
Nasdaq
Global
Select
Market,
Nasdaq
Global
Market
and
Nasdaq
Capital
Market,
are
valued
at
the
Nasdaq
Official
Closing
Price.
Price
information
on
listed
securities
is
taken
from
the
exchange
where
the
security
is
primarily
traded.
Securities
which
are
listed
on
an
exchange
but
which
are
not
traded
on
the
valuation
date
are
valued
at
the
most
recent
bid
price.
ERShares
Global
Entrepreneurs
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
September
30,
2026
Unlisted
securities
held
by
the
Fund
are
valued
at
the
average
of
the
quoted
bid
and
ask
prices
in
the
over-the-counter
market.
Securities
and
other
assets
for
which
market
quotations
are
not
readily
available
are
valued
at
their
fair
value
in
good
faith
by
the
Advisor,
acting
in
its
capacity
as
valuation
designee
pursuant
to
Rule
2a-5
under
the
1940
Act,
under
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
Short-term
investments
with
61
days
or
more
to
maturity
at
time
of
purchase
are
valued
at
fair
market
value
through
the
61st
day
prior
to
maturity,
based
on
quotations
received
from
market
makers
or
other
appropriate
sources;
thereafter,
they
are
generally
valued
at
amortized
cost.
There
is
no
definitive
set
of
circumstances
under
which
the
Fund
may
elect
to
use
fair
value
procedures
to
value
a
security.
Types
of
securities
that
the
Fund
may
hold
for
which
fair
value
pricing
might
be
required
include,
but
are
not
limited
to:
(a)
illiquid
securities,
including
restricted
securities
and
private
placements
for
which
there
is
no
public
market;
(b)
options
not
traded
on
a
securities
exchange;
(c)
securities
of
an
issuer
that
has
entered
into
a
restructuring;
(d)
securities
whose
trading
has
been
halted
or
suspended,
as
permitted
by
the
SEC;
(e)
foreign
securities,
if
an
event
or
development
has
occurred
subsequent
to
the
close
of
the
foreign
market
and
prior
to
the
close
of
regular
trading
on
the
New
York
Stock
Exchange
(“NYSE”)
that
would
materially
affect
the
value
of
the
security;
and
(f)
fixed
income
securities
that
have
gone
into
default
and
for
which
there
is
not
a
current
market
value
quotation.
Valuing
securities
at
fair
value
involves
greater
reliance
on
judgment
than
securities
that
have
readily
available
market
quotations.
There
can
be
no
assurance
that
the
Fund
could
obtain
the
fair
value
price
assigned
to
a
security
upon
sale.
Securities
that
are
not
listed
on
an
exchange
are
valued
by
the
Fund’s
Advisor,
under
the
supervision
of
the
Board.
There
is
no
single
standard
for
determining
the
fair
value
of
a
security.
Rather,
in
determining
the
fair
value
of
a
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)
of
the
security;
(2)
whether
any
dealer
quotations
for
the
security
are
available;
(3)
possible
valuation
methodologies
that
could
be
used
to
determine
the
fair
value
of
the
security;
(4)
the
recommendation
of
the
portfolio
manager
of
the
Fund
with
respect
to
the
valuation
of
the
security;
(5)
whether
the
same
or
similar
securities
are
held
by
other
funds
managed
by
the
Advisor
or
other
fund
and
the
method
used
to
price
the
security
in
those
funds;
(6)
the
extent
to
which
the
fair
value
to
be
determined
for
the
security
will
result
from
the
use
of
data
or
formulae
produced
by
third
parties
independent
of
the
Advisor;
and
(7)
the
liquidity
or
illiquidity
of
the
market
for
the
security.
Privately-offered
securities
are
not
exchange-traded
and
are
subject
to
liquidity
risk,
may
be
difficult
to
value,
may
be
difficult
to
sell
because
of
regulatory
restrictions
on
resale,
provide
fewer
financial
disclosures
than
publicly
offered
or
exchange-traded
securities,
and
may
be
subject
to
significant
brokerage
commissions.
To
the
extent
the
Fund
acquires
privately-offered
securities
through
a
privately-offered
special
purpose
vehicle
(“SPV”),
the
Fund
may
also
be
subject
to
management
and
performance
fees
of
the
SPV.
Fair
Value
Measurement
The
Fund
has
adopted
authoritative
fair
valuation
accounting
standards
which
establish
an
authoritative
definition
of
fair
value
and
set
out
a
hierarchy
for
measuring
fair
value.
These
standards
require
additional
disclosures
about
the
various
inputs
and
valuation
techniques
used
to
develop
the
measurements
of
fair
value,
a
discussion
of
changes
in
valuation
techniques
and
related
inputs
during
the
year
and
expanded
disclosure
of
valuation
levels
for
major
security
types.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurement)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
three
levels
of
the
fair
value
hierarchy
are
as
follows:
Level
1:
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
and
liabilities
that
the
Fund
has
the
ability
to
access
at
the
measurement
date;
Level
2:
Observable
inputs
other
than
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
identical
instruments
on
inactive
markets,
quoted
prices
for
similar
instruments,
interest
rates,
prepayment
spreads,
credit
risk,
yield
curves,
default
rates,
and
similar
data;
Level
3:
Significant
unobservable
inputs
for
the
asset
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
the
Fund’s
own
assumptions
that
a
market
participant
would
use
in
valuing
the
asset,
and
would
be
based
on
the
best
information
available.
ERShares
Global
Entrepreneurs
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
September
30,
2026
Inputs
are
used
in
applying
the
various
valuation
techniques
and
broadly
refer
to
the
assumptions
that
market
participants
use
to
make
valuation
decisions,
including
assumptions
about
risk.
Inputs
may
include
price
information,
volatility
statistics,
specific
and
broad
credit
data,
liquidity
statistics,
and
other
factors.
A
financial
instrument’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
value
measurement.
However,
the
determination
of
what
constitutes
“observable”
requires
significant
judgment
by
the
Fund.
The
Fund
considers
observable
data
to
be
that
market
data,
which
is
readily
available,
regularly
distributed
or
updated,
reliable
and
verifiable,
not
proprietary,
and
provided
by
independent
sources
that
are
actively
involved
in
the
relevant
market.
The
categorization
of
a
financial
instrument
within
the
hierarchy
is
based
upon
the
pricing
transparency
of
the
instrument
and
does
not
necessarily
correspond
to
the
Fund’s
perceived
risk
of
that
instrument.
Investments
whose
values
are
based
on
quoted
market
prices
in
active
markets,
and
are
therefore
classified
within
Level
1,
include
active
listed
equities
and
real
estate
investment
trusts,
and
certain
money
market
securities.
Investments
that
trade
in
markets
that
are
not
considered
to
be
active,
but
are
valued
based
on
quoted
market
prices,
dealer
quotations
or
alternative
pricing
sources
supported
by
observable
inputs
are
classified
within
Level
2.
Investments
classified
within
Level
3
have
significant
unobservable
inputs,
as
they
trade
infrequently
or
not
at
all.
The
table
below
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
as
of
September
30,
2026.
Please
refer
to
the
schedule
of
investments
for
more
information
regarding
security
characteristics.
Level
1
Level
2
Level
3
Total
Investments
at
Value
Common
Stock
$
42,287,092
$
–
$
–
$
42,287,092
Money
Market
Funds
2,792,101
–
–
2,792,101
Investments
at
Value
$
45,079,193
$
–
$
–
$
45,079,193