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 811-23084

Series Portfolios Trust
(Exact name of Registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Ryan Roell, President

Series Portfolios Trust

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

777 East Wisconsin Ave, 6^th Fl

Milwaukee, WI  53202
(Name and address of agent for service)

(414) 516-1709

Registrant's telephone number, including area code

Date of fiscal year end: September 30, 2024

Date of reporting period:  March 31, 2024

Item 1. Reports to Stockholders.

(a)

Unusual Whales Subversive Democratic Trading ETF

Ticker Symbol:  NANC

Unusual Whales Subversive Republican Trading ETF

Ticker Symbol:  KRUZ

Semi-Annual Report

March 31, 2024

https://www.subversiveetfs.com/

(This Page Intentionally Left Blank.)

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Value of $10,000 Investment (Unaudited)

The chart assumes an initial investment of $10,000. Performance reflects waivers of fees and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-800-617-0004. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Annualized Rates of Return (%) – As of March 31, 2024

	One Year	Since Inception(1)
Unusual Whales Subversive Democratic Trading ETF – NAV	37.52%	33.11%
Unusual Whales Subversive Democratic Trading ETF – Market	37.90%	33.37%
S&P 500 Index(2)	29.88%	25.95%

(1)	Commencement date of the Fund was February 6, 2023.
(2)	The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. One cannot invest directly in an index.

The following is expense information for the Unusual Whales Subversive Democratic Trading ETF as disclosed in the Fund’s most recent prospectus dated January 31, 2024:

Gross Expenses: 0.76%; Net Expenses: 0.76%. Subversive Capital Advisor, LLC (the “Adviser”) is paid a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of a Fund’s average daily net assets. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short; taxes; brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses; distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the1940 Act, and the unified management fee payable to the Adviser (collectively, the “Excluded Expenses”). See Note 3.

1

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Value of $10,000 Investment (Unaudited)

 

The chart assumes an initial investment of $10,000. Performance reflects waivers of fees and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-800-617-0004. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Annualized Rates of Return (%) – As of March 31, 2024

	One Year	Since Inception(1)
Unusual Whales Subversive Republican Trading ETF – NAV	25.37%	18.87%
Unusual Whales Subversive Republican Trading ETF – Market	25.59%	19.16%
S&P 500® Index(2)	29.88%	25.95%

(1)	Commencement date of the Fund was February 6, 2023.
(2)	The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. One cannot invest directly in an index.

The following is expense information for the Unusual Whales Subversive Republican Trading ETF as disclosed in the Fund’s most recent prospectus dated January 31, 2024:

Gross Expenses: 0.83%; Net Expenses: 0.83%. Subversive Capital Advisor, LLC (the “Adviser”) is paid a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of a Fund’s average daily net assets. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short; taxes; brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses; distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the1940 Act, and the unified management fee payable to the Adviser (collectively, the “Excluded Expenses”). See Note 3.

2

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Expense Examples (Unaudited)

March 31, 2024

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including broker commissions on the purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund specific expenses. The Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 – March 31, 2024).

ACTUAL EXPENSES

The first line of each table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The second line of each table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs may have been higher.

Unusual Whales Subversive Democratic Trading ETF

			Expenses Paid
	Beginning	Ending	During Period(1)
	Account Value	Account Value	(10/1/2023 –
	(10/1/2023)	(3/31/2024)	3/31/2024)
Actual(2)	$1,000.00	$1,288.00	$4.29
Hypothetical (5% annual return before expenses)	$1,000.00	$1,021.25	$3.79

(1)	Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.75%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.
(2)	Based on the actual NAV return for the six-month period ended March 31, 2024 of 28.80%.

Unusual Whales Subversive Republican Trading ETF

			Expenses Paid
	Beginning	Ending	During Period(3)
	Account Value	Account Value	(10/1/2023 –
	(10/1/2023)	(3/31/2024)	3/31/2024)
Actual(4)	$1,000.00	$1,234.90	$4.19
Hypothetical (5% annual return before expenses)	$1,000.00	$1,021.25	$3.79

(3)	Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.75%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.
(4)	Based on the actual NAV return for the six-month period ended March 31, 2024 of 23.49%.

3

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Sector Allocation of Portfolio⁽¹⁾ (% of Net Assets) (Unaudited)

March 31, 2024

Top 10 Equity Holdings⁽¹⁾ (% of Net Assets) (Unaudited)

March 31, 2024

NVIDIA Corp.	11.38	%
Microsoft Corp.	9.39	%
Salesforce, Inc.	4.90	%
Amazon, Inc.	4.90	%
Alphabet, Inc., Class C	4.89	%
Apple, Inc.	4.89	%
Netflix, Inc.	2.97	%
Crowdstrike Holdings, Inc., Class A	2.03	%
Walt Disney Co.	1.84	%
Tesla, Inc.	1.05	%

⁽¹⁾ Fund Holdings and Sector allocations are subject to change at anytime and are not recommendations to buy or sell any security.

4

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Sector Allocation of Portfolio⁽¹⁾ (% of Net Assets) (Unaudited)

March 31, 2024

Top 10 Equity Holdings⁽¹⁾ (% of Net Assets) (Unaudited)

March 31, 2024

Comfort System USA, Inc.	2.42	%
ConocoPhillips	2.18	%
NVIDIA Corp.	2.12	%
Shell PLC	2.10	%
Intel Corp.	2.03	%
Elevance Health, Inc.	1.88	%
Amazon, Inc.	1.66	%
NGL Energy Partners LP	1.63	%
Accenture plc, Class A	1.45	%
Chevron Corp.	1.43	%

⁽¹⁾ Fund Holdings and Sector allocations are subject to change at anytime and are not recommendations to buy or sell any security.

5

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited)

March 31, 2024

	Shares		Value
COMMON STOCKS – 95.81%
Aerospace & Defense – 0.28%
Ducommun, Inc.(a)		237	$	12,158
Embraer SA – ADR(a)		1,482		39,480
General Dynamics Corp.		240		67,798
Hexcel Corp.		163		11,875
Huntington Ingalls Industries, Inc.		5		1,457
Lockheed Martin Corp.		8		3,639
Northrop Grumman Corp.		33		15,796
Raytheon Technologies Corp.		82		7,997
TransDigm Group, Inc.(a)		13		16,011
Woodward, Inc.		78		12,021
				188,232
Air Freight & Logistics – 0.67%
CH Robinson Worldwide, Inc.		78		5,939
Expeditors International of Washington, Inc.		156		18,965
FedEx Corp.		159		46,069
United Parcel Service, Inc. – Class B		2,534		376,628
				447,601
Automobile Components – 0.15%
Aptiv PLC(a)(b)		395		31,462
BorgWarner, Inc.		858		29,807
Fox Factory Holding Corp.(a)		159		8,279
Goodyear Tire & Rubber Co.(a)		312		4,284
Lear Corp.		160		23,181
QuantumScape Corp.(a)		624		3,925
				100,938
Automobiles – 1.33%
Ford Motor Co.		13,189		175,150
Harley-Davidson, Inc.		156		6,823
Lucid Group, Inc.(a)		1,092		3,112
Rivian Automotive, Inc. – Class A(a)		468		5,125
Tesla, Inc.(a)		3,986		700,699
				890,909
Banks – 1.60%
Bank of America Corp.		3,698		140,228
Bank of Hawaii Corp.		156		9,733
Bank of Nova Scotia(b)		78		4,039
Cathay General Bancorp		234		8,852
Citigroup, Inc.		325		20,553

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

6

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Banks – 1.60% (Continued)
Citizens Financial Group, Inc.		858	$	31,137
Comerica, Inc.		312		17,157
Credicorp Ltd.(b)		39		6,608
Cullen/Frost Bankers, Inc.		156		17,561
Fifth Third Bancorp		1,872		69,657
First Horizon Corp.		3,823		58,874
Huntington Bancshares, Inc.		4,447		62,036
JPMorgan Chase & Co.		624		124,987
KeyCorp		2,106		33,296
M&T Bank Corp.		174		25,307
OceanFirst Financial Corp.		312		5,120
Pacific Premier Bancorp, Inc.		234		5,616
PNC Financial Services Group, Inc.		405		65,448
Regions Financial Corp.		312		6,564
Seacoast Banking Corp. of Florida		546		13,863
Synovus Financial Corp.		156		6,249
Truist Financial Corp.		1,176		45,840
US Bancorp		269		12,024
Veritex Holdings, Inc.		479		9,815
Wells Fargo & Co.		4,305		249,518
Western Alliance Bancorp		167		10,720
Zions Bancorp NA		312		13,541
				1,074,343
Beverages – 0.75%
Ambev SA – ADR		2,262		5,610
Anheuser-Busch InBev SA – ADR		156		9,482
Celsius Holdings, Inc.(a)		321		26,617
Coca-Cola Co.		3,515		215,047
Constellation Brands, Inc. – Class A		10		2,718
Diageo PLC – ADR		92		13,684
Fomento Economico Mexicano SAB de CV – ADR		156		20,322
Keurig Dr Pepper, Inc.		234		7,177
Molson Coors Beverage Co. – Class B		234		15,737
Monster Beverage Corp.(a)		780		46,238
PepsiCo, Inc.		807		141,233
				503,865
Biotechnology – 1.13%
AbbVie, Inc.		1,197		217,973
Agios Pharmaceuticals, Inc.(a)		412		12,047
Amgen, Inc.		624		177,415

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

7

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Biotechnology – 1.13% (Continued)
Arcutis Biotherapeutics, Inc.(a)		3,916	$	38,808
BioCryst Pharmaceuticals, Inc.(a)		2,509		12,746
Biogen, Inc.(a)		82		17,682
BioNTech SE – ADR(a)		162		14,944
Genmab AS – ADR(a)		156		4,666
Gilead Sciences, Inc.		239		17,507
Incyte Corp.(a)		156		8,887
Insmed, Inc.(a)		475		12,887
Intellia Therapeutics, Inc.(a)		477		13,122
Ionis Pharmaceuticals, Inc.(a)		156		6,763
Moderna, Inc.(a)		156		16,623
Regeneron Pharmaceuticals, Inc.(a)		80		76,999
Vertex Pharmaceuticals, Inc.(a)		254		106,175
				755,244
Broadline Retail – 5.01%
Amazon.com, Inc.(a)		18,188		3,280,751
Etsy, Inc.(a)		399		27,419
Macy’s, Inc.		1,170		23,388
MercadoLibre, Inc.(a)		11		16,632
Qurate Retail, Inc. – Class A(a)		6,630		8,155
				3,356,345
Building Products – 0.32%
Advanced Drainage Systems, Inc.		78		13,435
Allegion PLC(b)		78		10,507
Builders FirstSource, Inc.(a)		162		33,785
Carlisle Cos., Inc.		11		4,310
Carrier Global Corp.		174		10,115
Fortune Brands Innovations, Inc.		87		7,366
Johnson Controls International PLC(b)		318		20,772
Lennox International, Inc.		3		1,466
Masco Corp.		234		18,458
Trane Technologies PLC(b)		316		94,863
				215,077
Capital Markets – 2.27%
Ameriprise Financial, Inc.		156		68,397
Ares Management Corp. – Class A		312		41,490
Bank of New York Mellon Corp.		1,562		90,002
BlackRock, Inc.		169		140,895
Blackstone, Inc.		859		112,847

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

8

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Capital Markets – 2.27% (Continued)
Carlyle Group, Inc.		156	$	7,318
Cboe Global Markets, Inc.		78		14,331
Charles Schwab Corp.		1,813		131,152
CME Group, Inc.		86		18,515
FactSet Research Systems, Inc.		13		5,907
Franklin Resources, Inc.		312		8,770
Goldman Sachs Group, Inc.		7		2,924
Interactive Brokers Group, Inc. – Class A		78		8,713
Intercontinental Exchange, Inc.		323		44,390
KKR & Co., Inc.		546		54,917
LPL Financial Holdings, Inc.		234		61,823
Moody’s Corp.		78		30,656
Morgan Stanley		3,987		375,417
MSCI, Inc.		6		3,363
Nasdaq, Inc.		1,878		118,502
Northern Trust Corp.		312		27,743
Open Lending Corp.(a)		1,726		10,805
Raymond James Financial, Inc.		234		30,050
S&P Global, Inc.		85		36,163
State Street Corp.		234		18,093
Stifel Financial Corp.		78		6,097
T Rowe Price Group, Inc.		234		28,529
UBS Group AG(b)		474		14,561
XP, Inc. – Class A(b)		312		8,006
				1,520,376
Chemicals – 1.07%
Air Products and Chemicals, Inc.		242		58,629
Albemarle Corp.		161		21,210
Celanese Corp.		234		40,215
CF Industries Holdings, Inc.		243		20,220
Corteva, Inc.		1,404		80,969
Dow, Inc.		234		13,556
DuPont de Nemours, Inc.		1,969		150,963
Eastman Chemical Co.		156		15,634
Ecolab, Inc.		312		72,041
FMC Corp.		78		4,969
International Flavors & Fragrances, Inc.		156		13,414
Linde PLC(b)		158		73,363
Minerals Technologies, Inc.		234		17,616
Mosaic Co.		624		20,255

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

9

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Chemicals – 1.07% (Continued)
PPG Industries, Inc.		550	$	79,695
Scotts Miracle-Gro Co.		237		17,678
Sherwin-Williams Co.		5		1,737
Westlake Corp.		78		11,918
				714,082
Commercial Services & Supplies – 0.41%
Cintas Corp.		78		53,588
Copart, Inc.(a)		1,104		63,944
GFL Environmental, Inc.(b)		624		21,528
Republic Services, Inc.		312		59,729
Stericycle, Inc.(a)		78		4,115
Tetra Tech, Inc.		78		14,407
Veralto Corp.		112		9,930
Waste Connections, Inc.(b)		5		860
Waste Management, Inc.		240		51,156
				279,257
Communications Equipment – 0.75%
Arista Networks, Inc.(a)		312		90,474
Cisco Systems, Inc.		5,102		254,641
CommScope Holding Co., Inc.(a)		5,384		7,053
EMCORE Corp.(a)		24,505		8,454
F5, Inc.(a)		34		6,446
Infinera Corp.(a)		9,204		55,500
Juniper Networks, Inc.		234		8,672
Lumentum Holdings, Inc.(a)		156		7,387
Motorola Solutions, Inc.		159		56,442
Telefonaktiebolaget LM Ericsson – ADR		468		2,579
Viavi Solutions, Inc.(a)		1,014		9,217
				506,865
Construction & Engineering – 1.27%
Ameresco, Inc. – Class A(a)		564		13,609
API Group Corp.(a)		17,267		678,075
Argan, Inc.		156		7,884
EMCOR Group, Inc.		78		27,316
Fluor Corp.(a)		312		13,191
Quanta Services, Inc.		390		101,322
WillScot Mobile Mini Holdings Corp.(a)		156		7,254
				848,651

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

10

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Construction Materials – 0.68%
Eagle Materials, Inc.		78	$	21,197
Martin Marietta Materials, Inc.		6		3,684
Vulcan Materials Co.		1,577		430,394
				455,275
Consumer Finance – 1.21%
Ally Financial, Inc.		1,335		54,188
American Express Co.		2,317		527,558
Capital One Financial Corp.		546		81,294
Discover Financial Services		781		102,381
OneMain Holdings, Inc.		312		15,940
Synchrony Financial		702		30,270
				811,631
Consumer Staples Distribution & Retail – 1.23%
BJ’s Wholesale Club Holdings, Inc.(a)		156		11,801
Casey’s General Stores, Inc.		4		1,274
Costco Wholesale Corp.		341		249,826
Dollar General Corp.		235		36,674
Dollar Tree, Inc.(a)		547		72,833
Kroger Co.		624		35,649
Performance Food Group Co.(a)		468		34,932
Sysco Corp.		477		38,723
Target Corp.		323		57,239
US Foods Holding Corp.(a)		312		16,839
Walgreens Boots Alliance, Inc.		5,004		108,537
Walmart, Inc.		2,606		156,803
				821,130
Containers & Packaging – 0.76%
AptarGroup, Inc.		78		11,223
Avery Dennison Corp.		78		17,414
Ball Corp.		3,691		248,626
Berry Global Group, Inc.		2,128		128,701
Graphic Packaging Holding Co.		486		14,181
International Paper Co.		156		6,087
Packaging Corp. of America		78		14,803
Sealed Air Corp.		390		14,508
Westrock Co.		1,093		54,049
				509,592

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

11

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Distributors – 0.06%
Genuine Parts Co.		78	$	12,085
LKQ Corp.		468		24,995
Pool Corp.		6		2,421
				39,501
Diversified Consumer Services – 0.01%
WW International, Inc.(a)		2,818		5,213
Diversified Telecommunication Services – 0.29%
AT&T, Inc.		2,290		40,304
BCE, Inc.(b)		156		5,301
Liberty Global Ltd. – Class C(a)(b)		1,482		26,142
Telkom Indonesia Persero Tbk PT – ADR		234		5,209
Verizon Communications, Inc.		2,914		122,271
				199,227
Electric Utilities – 0.24%
Alliant Energy Corp.		78		3,931
American Electric Power Co., Inc.		234		20,147
Avangrid, Inc.		78		2,842
Duke Energy Corp.		161		15,570
Edison International		78		5,517
Entergy Corp.		156		16,486
Eversource Energy		156		9,324
FirstEnergy Corp.		390		15,062
NextEra Energy, Inc.		549		35,088
Portland General Electric Co.		390		16,380
PPL Corp.		234		6,442
Southern Co.		156		11,191
Xcel Energy, Inc.		78		4,193
				162,173
Electrical Equipment – 0.88%
Acuity Brands, Inc.		15		4,031
AMETEK, Inc.		393		71,879
ChargePoint Holdings, Inc.(a)		8,203		15,586
Eaton Corp. PLC(b)		237		74,105
Emerson Electric Co.		468		53,080
Hubbell, Inc.		17		7,056
Plug Power, Inc.(a)		4,933		16,970
Regal Rexnord Corp.		167		30,077
Rockwell Automation, Inc.		82		23,889
Sensata Technologies Holding PLC(b)		5,176		190,166

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

12

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Electrical Equipment – 0.88% (Continued)
Shoals Technologies Group, Inc. – Class A(a)		710	$	7,938
Vertiv Holdings Co. – Class A		1,092		89,183
				583,960
Electronic Equipment, Instruments & Components – 0.38%
Advanced Energy Industries, Inc.		78		7,954
Amphenol Corp. – Class A		390		44,987
CDW Corp.		78		19,951
Coherent Corp.(a)		156		9,457
Corning, Inc.		2,502		82,465
Jabil, Inc.		156		20,896
Keysight Technologies, Inc.(a)		82		12,823
TE Connectivity Ltd.(b)		79		11,474
Teledyne Technologies, Inc.(a)		2		859
Vishay Intertechnology, Inc.		720		16,330
Vontier Corp.		624		28,305
				255,501
Energy Equipment & Services – 0.20%
Baker Hughes Co.		396		13,266
ChampionX Corp.		2,268		81,399
Patterson-UTI Energy, Inc.		2,028		24,214
TechnipFMC PLC(b)		468		11,751
				130,630
Entertainment – 5.21%
Electronic Arts, Inc.		234		31,045
Liberty Media Corp.-Liberty Formula One – Class A(a)		234		13,745
Liberty Media Corp.-Liberty Formula One – Class C(a)		2,962		194,307
Live Nation Entertainment, Inc.(a)		78		8,250
Netflix, Inc.(a)		3,280		1,992,043
Playtika Holding Corp.		624		4,399
Walt Disney Co.		10,092		1,234,857
Warner Bros Discovery, Inc.(a)		1,248		10,895
				3,489,541
Financial Services – 0.81%
Affirm Holdings, Inc.(a)		551		20,530
Apollo Global Management, Inc.		246		27,663
Block, Inc.(a)		164		13,871
Equitable Holdings, Inc.		234		8,894
Fidelity National Information Services, Inc.		468		34,716
Fiserv, Inc.(a)		78		12,466

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

13

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Financial Services – 0.81% (Continued)
Flywire Corp.(a)		546	$	13,546
Global Payments, Inc.		165		22,054
Jack Henry & Associates, Inc.		78		13,551
Mastercard, Inc. – Class A		257		123,764
MGIC Investment Corp.		1,092		24,417
PayPal Holdings, Inc.(a)		314		21,035
Shift4 Payments, Inc. – Class A(a)		78		5,153
Visa, Inc. – Class A		641		178,891
Voya Financial, Inc.		313		23,137
WEX, Inc.(a)		2		475
				544,163
Food Products – 0.49%
Archer-Daniels-Midland Co.		705		44,281
Beyond Meat, Inc.(a)		1,873		15,508
Conagra Brands, Inc.		390		11,560
General Mills, Inc.		320		22,390
Hershey Co.		4		778
Hormel Foods Corp.		237		8,269
J M Smucker Co.		82		10,321
Kellanova		551		31,567
Kraft Heinz Co.		702		25,904
Lamb Weston Holdings, Inc.		546		58,165
Mondelez International, Inc. – Class A		944		66,081
Pilgrim’s Pride Corp.(a)		270		9,266
Tyson Foods, Inc. – Class A		234		13,743
Utz Brands, Inc.		644		11,875
				329,708
Gas Utilities – 0.10%
Atmos Energy Corp.		156		18,544
Brookfield Infrastructure Corp. – Class A(b)		234		8,433
Northwest Natural Holding Co.		710		26,426
Spire, Inc.		245		15,036
				68,439
Ground Transportation – 0.50%
CSX Corp.		1,179		43,706
JB Hunt Transport Services, Inc.		78		15,542
Norfolk Southern Corp.		163		41,544
Old Dominion Freight Line, Inc.		312		68,425
Uber Technologies, Inc.(a)		972		74,834

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

14

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Ground Transportation – 0.50% (Continued)
U-Haul Holding Co.(a)		165	$	11,144
Union Pacific Corp.		318		78,205
				333,400
Health Care Equipment & Supplies – 1.91%
Abbott Laboratories		1,174		133,437
Alcon, Inc.(b)		156		12,993
Align Technology, Inc.(a)		22		7,214
Artivion, Inc.(a)		12,130		256,672
Baxter International, Inc.		156		6,667
Becton Dickinson & Co.		82		20,291
Boston Scientific Corp.(a)		784		53,696
DENTSPLY SIRONA, Inc.		234		7,766
Dexcom, Inc.(a)		164		22,747
Edwards Lifesciences Corp.(a)		468		44,722
Globus Medical, Inc. – Class A(a)		183		9,816
Haemonetics Corp.(a)		78		6,657
ICU Medical, Inc.(a)		156		16,742
IDEXX Laboratories, Inc.(a)		5		2,700
Insulet Corp.(a)		4		686
Integra LifeSciences Holdings Corp.(a)		234		8,295
Intuitive Surgical, Inc.(a)		170		67,845
Koninklijke Philips NV(a)(b)		1,255		25,100
Medtronic PLC(b)		1,489		129,767
ResMed, Inc.		78		15,446
Steris PLC(b)		27		6,070
Stryker Corp.		246		88,036
Tactile Systems Technology, Inc.(a)		11,640		189,151
Teleflex, Inc.		2		452
Zimmer Biomet Holdings, Inc.		1,094		144,386
				1,277,354
Health Care Providers & Services – 1.48%
Cardinal Health, Inc.		156		17,456
Centene Corp.(a)		624		48,972
Cigna Group		392		142,370
CVS Health Corp.		1,817		144,924
DaVita, Inc.(a)		78		10,768
Elevance Health, Inc.		253		131,191
Fresenius Medical Care AG & Co. KGaA – ADR		156		3,008
HCA Healthcare, Inc.		637		212,459
HealthEquity, Inc.(a)		234		19,101

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

15

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Health Care Providers & Services – 1.48% (Continued)
Laboratory Corp. of America Holdings		170	$	37,138
McKesson Corp.		86		46,169
Molina Healthcare, Inc.(a)		85		34,921
NeoGenomics, Inc.(a)		702		11,035
Quest Diagnostics, Inc.		11		1,464
UnitedHealth Group, Inc.		245		121,202
US Physical Therapy, Inc.		93		10,497
				992,675
Health Care REITs – 0.03%
Ventas, Inc.		468		20,377
Health Care Technology – 0.01%
Phreesia, Inc.(a)		156		3,733
Veeva Systems, Inc. – Class A(a)		3		695
				4,428
Hotels, Restaurants & Leisure – 1.96%
Airbnb, Inc. – Class A(a)		234		38,601
Aramark		156		5,073
Booking Holdings, Inc.		2		7,256
Caesars Entertainment, Inc.(a)		234		10,235
Carnival Corp.(a)(b)		243		3,971
Choice Hotels International, Inc.		87		10,992
Darden Restaurants, Inc.		78		13,038
Domino’s Pizza, Inc.		344		170,927
DoorDash, Inc. – Class A(a)		234		32,226
Expedia Group, Inc.(a)		156		21,489
Full House Resorts, Inc.(a)		1,950		10,862
Hilton Worldwide Holdings, Inc.		78		16,638
Las Vegas Sands Corp.		468		24,196
Marriott International, Inc. – Class A		720		181,663
Marriott Vacations Worldwide Corp.		632		68,085
McDonald’s Corp.		388		109,397
MGM Resorts International(a)		1,495		70,579
Penn Entertainment, Inc.(a)		5,960		108,532
Planet Fitness, Inc. – Class A(a)		157		9,833
Restaurant Brands International, Inc.(b)		1,092		86,759
Sabre Corp.(a)		3,062		7,410
Starbucks Corp.		2,364		216,045
Vail Resorts, Inc.		16		3,565
Wyndham Hotels & Resorts, Inc.		78		5,987
Wynn Resorts Ltd.		546		55,818

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

16

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Hotels, Restaurants & Leisure – 1.96% (Continued)
Yum! Brands, Inc.		156	$	21,629
				1,310,806
Household Durables – 0.95%
DR Horton, Inc.		1,857		305,569
Helen of Troy Ltd.(a)(b)		78		8,989
iRobot Corp.(a)		156		1,367
Mohawk Industries, Inc.(a)		1,188		155,497
Newell Brands, Inc.		780		6,263
NVR, Inc.(a)		3		24,300
PulteGroup, Inc.		390		47,042
Sony Group Corp. – ADR		234		20,063
Tempur Sealy International, Inc.		624		35,456
Toll Brothers, Inc.		78		10,091
Tri Pointe Homes, Inc.(a)		317		12,255
Whirlpool Corp.		86		10,288
				637,180
Household Products – 0.81%
Central Garden & Pet Co. – Class A(a)		255		9,415
Clorox Co.		85		13,014
Colgate-Palmolive Co.		1,497		134,805
Kimberly-Clark Corp.		156		20,179
Procter & Gamble Co.		2,268		367,982
				545,395
Independent Power & Renewable Elec Producers – 0.03%
AES Corp.		663		11,888
Atlantica Sustainable Infrastructure PLC(b)		390		7,207
				19,095
Industrial Conglomerates – 0.12%
3M Co.		468		49,640
General Electric Co.		87		15,271
Honeywell International, Inc.		82		16,831
				81,742
Industrial REITs – 0.09%
Americold Realty Trust, Inc.		702		17,494
Prologis, Inc.		234		30,471
STAG Industrial, Inc.		390		14,992
				62,957

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

17

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Insurance – 1.73%
Aegon Ltd.(b)		6,414	$	38,805
Aflac, Inc.		702		60,274
Allstate Corp.		720		124,567
American International Group, Inc.		245		19,152
Aon PLC – Class A(b)		165		55,064
Arch Capital Group Ltd.(a)(b)		110		10,168
Arthur J Gallagher & Co.		234		58,509
Brighthouse Financial, Inc.(a)		78		4,020
Brown & Brown, Inc.		114		9,980
Chubb Ltd.(b)		79		20,471
Cincinnati Financial Corp.		78		9,685
Fidelity National Financial, Inc.		156		8,284
Hartford Financial Services Group, Inc.		78		8,038
Horace Mann Educators Corp.		156		5,770
Lincoln National Corp.		390		12,453
Loews Corp.		312		24,426
Manulife Financial Corp.(b)		312		7,797
Markel Group, Inc.(a)		2		3,043
Marsh & McLennan Cos., Inc.		643		132,445
MetLife, Inc.		234		17,342
Principal Financial Group, Inc.		468		40,393
Progressive Corp.		1,350		279,206
Prudential Financial, Inc.		637		74,784
Reinsurance Group of America, Inc.		78		15,045
Travelers Cos., Inc.		156		35,902
Unum Group		468		25,113
W R Berkley Corp.		395		34,934
Willis Towers Watson PLC(b)		83		22,825
				1,158,495
Interactive Media & Services – 5.63%
Alphabet, Inc. – Class C(a)		21,519		3,276,482
IAC, Inc.(a)		234		12,482
Match Group, Inc.(a)		321		11,646
Meta Platforms, Inc. – Class A		883		428,767
Pinterest, Inc. – Class A(a)		468		16,226
Snap, Inc. – Class A – Class A(a)		936		10,745
TripAdvisor, Inc.(a)		624		17,341
ZoomInfo Technologies, Inc.(a)		468		7,502
				3,781,191

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

18

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
IT Services – 1.51%
Accenture PLC – Class A(b)		798	$	276,595
Cloudflare, Inc. – Class A(a)		312		30,211
Cognizant Technology Solutions Corp. – Class A		234		17,150
DXC Technology Co.(a)		1,178		24,985
Endava PLC – ADR(a)		276		10,499
EPAM Systems, Inc.(a)		12		3,314
Gartner, Inc.(a)		312		148,721
GoDaddy, Inc. – Class A(a)		78		9,257
International Business Machines Corp.		1,895		361,870
Kyndryl Holdings, Inc.(a)		788		17,147
MongoDB, Inc.(a)		78		27,974
Okta, Inc.(a)		78		8,160
Rackspace Technology, Inc.(a)		8,049		12,717
Shopify, Inc. – Class A(a)(b)		164		12,656
Snowflake, Inc. – Class A(a)		78		12,605
Thoughtworks Holding, Inc.(a)		702		1,776
Twilio, Inc. – Class A(a)		162		9,906
VeriSign, Inc.(a)		78		14,782
				1,000,325
Leisure Products – 0.30%
Hasbro, Inc.		243		13,734
Mattel, Inc.(a)		2,028		40,175
Topgolf Callaway Brands Corp.(a)		8,916		144,172
				198,081
Life Sciences Tools & Services – 0.59%
Agilent Technologies, Inc.		237		34,486
Avantor, Inc.(a)		1,831		46,819
Azenta, Inc.(a)		171		10,308
Bio-Rad Laboratories, Inc. – Class A(a)		7		2,421
Bio-Techne Corp.		78		5,490
Bruker Corp.		234		21,982
Charles River Laboratories International, Inc.(a)		6		1,626
CryoPort, Inc.(a)		945		16,727
Danaher Corp.		588		146,835
Illumina, Inc.(a)		4		549
IQVIA Holdings, Inc.(a)		78		19,725
Medpace Holdings, Inc.(a)		78		31,524
Mettler-Toledo International, Inc.(a)		1		1,331
Thermo Fisher Scientific, Inc.		87		50,565
West Pharmaceutical Services, Inc.		8		3,166
				393,554

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

19

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Machinery – 1.50%
Caterpillar, Inc.		247	$	90,508
Chart Industries, Inc.(a)		78		12,848
Cummins, Inc.		82		24,161
Deere & Co.		157		64,486
Dover Corp.		78		13,821
Flowserve Corp.		624		28,504
Fortive Corp.		398		34,236
IDEX Corp.		78		19,034
Illinois Tool Works, Inc.		317		85,061
Ingersoll Rand, Inc.		156		14,812
ITT, Inc.		78		10,610
Kadant, Inc.		78		25,592
Nordson Corp.		24		6,589
Oshkosh Corp.		1,512		188,562
Otis Worldwide Corp.		78		7,743
PACCAR, Inc.		319		39,521
Parker-Hannifin Corp.		414		230,097
Pentair PLC(b)		312		26,657
Snap-on, Inc.		78		23,105
Stanley Black & Decker, Inc.		110		10,772
Xylem, Inc.		394		50,921
				1,007,640
Media – 0.31%
Charter Communications, Inc. – Class A(a)		6		1,744
Comcast Corp. – Class A		2,824		122,420
Fox Corp. – Class B		234		6,697
Interpublic Group of Cos., Inc.		234		7,635
Liberty Broadband Corp. – Class A(a)		164		9,368
Liberty Media Corp.-Liberty SiriusXM(a)		254		7,546
News Corp. – Class A		390		10,210
Nexstar Media Group, Inc. – Class A		78		13,439
Omnicom Group, Inc.		78		7,547
Paramount Global – Class B		784		9,228
Trade Desk, Inc. – Class A(a)		156		13,638
				209,472
Metals & Mining – 0.43%
Alamos Gold, Inc. – Class A(b)		1,560		23,010
Alcoa Corp.		702		23,721
Barrick Gold Corp.(b)		1,638		27,256
BHP Group Ltd. – ADR		156		9,000

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

20

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Metals & Mining – 0.43% (Continued)
Cleveland-Cliffs, Inc.(a)		1,248	$	28,380
Freeport-McMoRan, Inc.		780		36,676
MAG Silver Corp.(a)(b)		1,250		13,225
Nucor Corp.		312		61,744
Pan American Silver Corp.(b)		234		3,529
Reliance Steel & Aluminum Co.		6		2,005
Rio Tinto PLC – ADR		322		20,524
Royal Gold, Inc.		156		19,002
Steel Dynamics, Inc.		78		11,562
United States Steel Corp.		312		12,723
				292,357
Miscellaneous Intermediation – 0.02%
SoFi Technologies, Inc.(a)		1,953		14,257
Mortgage Real Estate Investment Trusts (REITs) – 0.05%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		558		15,847
Rithm Capital Corp.		1,326		14,798
				30,645
Multi-Utilities – 0.17%
Ameren Corp.		156		11,538
CenterPoint Energy, Inc.		390		11,111
Dominion Energy, Inc.		1,097		53,961
National Grid PLC – ADR		168		11,461
Sempra Energy		320		22,986
				111,057
Office REITs – 0.04%
Alexandria Real Estate Equities, Inc.		78		10,055
Douglas Emmett, Inc.		743		10,305
Paramount Group, Inc.		858		4,024
				24,384
Oil, Gas & Consumable Fuels – 0.64%
Antero Midstream Corp.		1,482		20,837
Berry Corp.		6,240		50,233
BP PLC – ADR		36		1,356
Chevron Corp.		316		49,846
Chord Energy Corp.		39		6,951
Clean Energy Fuels Corp.(a)		4,540		12,167
ConocoPhillips		323		41,111
Diamondback Energy, Inc.		156		30,915
Equitrans Midstream Corp.		1,034		12,915

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

21

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Oil, Gas & Consumable Fuels – 0.64% (Continued)
Exxon Mobil Corp.		156	$	18,133
FLEX LNG Ltd.(b)		549		13,961
Hess Corp.		156		23,812
Kinder Morgan, Inc.		314		5,759
Matador Resources Co.		468		31,248
Murphy Oil Corp.		312		14,258
ONEOK, Inc.		312		25,013
Pioneer Natural Resources Co.		84		22,050
Suncor Energy, Inc.(b)		234		8,637
Valero Energy Corp.		81		13,826
Williams Cos., Inc.		624		24,317
				427,345
Passenger Airlines – 0.11%
Allegiant Travel Co.		158		11,883
American Airlines Group, Inc.(a)		312		4,789
Delta Air Lines, Inc.		156		7,468
Southwest Airlines Co.		396		11,559
United Airlines Holdings, Inc.(a)		780		37,347
				73,046
Personal Care Products – 0.15%
Coty, Inc. – Class A(a)		936		11,195
Estee Lauder Cos., Inc. – Class A		313		48,248
Haleon PLC – ADR		1,178		10,001
Kenvue, Inc.		786		16,868
Unilever PLC – ADR		390		19,574
				105,886
Pharmaceuticals – 1.89%
Bristol-Myers Squibb Co.		948		51,410
Catalent, Inc.(a)		78		4,403
Elanco Animal Health, Inc.(a)		6,735		109,646
Eli Lilly & Co.		573		445,770
Intra-Cellular Therapies, Inc.(a)		156		10,795
Johnson & Johnson		941		148,857
Merck & Co., Inc.		1,309		172,723
Nektar Therapeutics(a)		23,030		21,515
Novartis AG – ADR		707		68,388
Novo Nordisk AS – ADR		860		110,424
Pfizer, Inc.		1,343		37,268
Revance Therapeutics, Inc.(a)		1,723		8,477

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

22

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Pharmaceuticals – 1.89% (Continued)
Sanofi – ADR		468	$	22,745
Viatris, Inc.		2,340		27,940
Zoetis, Inc.		165		27,920
				1,268,281
Professional Services – 0.84%
Automatic Data Processing, Inc.		234		58,439
Broadridge Financial Solutions, Inc.		320		65,555
CACI International, Inc. – Class A(a)		58		21,972
CBIZ, Inc.(a)		171		13,424
Equifax, Inc.		78		20,867
Jacobs Solutions, Inc.		78		11,991
Leidos Holdings, Inc.		156		20,450
Paychex, Inc.		156		19,157
Paycor HCM, Inc.(a)		234		4,549
RELX PLC – ADR		570		24,675
Science Applications International Corp.		88		11,474
SS&C Technologies Holdings, Inc.		4,074		262,244
TransUnion		78		6,224
Verisk Analytics, Inc.		80		18,858
				559,879
Real Estate Management & Development – 0.07%
CBRE Group, Inc. – Class A(a)		156		15,169
CoStar Group, Inc.(a)		234		22,605
Cushman & Wakefield PLC(a)(b)		312		3,264
Zillow Group, Inc. – Class C(a)		237		11,561
				52,599
Residential REITs – 0.13%
American Homes 4 Rent – Class A		156		5,738
Apartment Investment and Management Co. – Class A(a)		858		7,027
Equity Residential		702		44,304
Invitation Homes, Inc.		156		5,555
Mid-America Apartment Communities, Inc.		78		10,263
Sun Communities, Inc.		78		10,029
UDR, Inc.		156		5,836
				88,752
Retail REITs – 0.08%
Agree Realty Corp.		78		4,455
NNN REIT, Inc.		156		6,667
Regency Centers Corp.		80		4,845

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

23

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Retail REITs – 0.08% (Continued)
Simon Property Group, Inc.		234	$	36,619
				52,586
Semiconductors & Semiconductor Equipment – 14.88%
Advanced Micro Devices, Inc.(a)		806		145,475
Allegro MicroSystems, Inc.(a)		335		9,032
Analog Devices, Inc.		168		33,229
Applied Materials, Inc.		1,490		307,283
ASML Holding NV(b)		18		17,468
Broadcom, Inc.		92		121,938
Enphase Energy, Inc.(a)		156		18,873
Intel Corp.		9,846		434,898
KLA Corp.		85		59,378
Lam Research Corp.		255		247,750
Marvell Technology, Inc.		239		16,940
Microchip Technology, Inc.		1,969		176,639
Micron Technology, Inc.		3,322		391,631
Monolithic Power Systems, Inc.		22		14,903
NVIDIA Corp.		8,436		7,622,432
NXP Semiconductors NV(b)		238		58,970
ON Semiconductor Corp.(a)		858		63,106
QUALCOMM, Inc.		561		94,977
Skyworks Solutions, Inc.		156		16,898
STMicroelectronics NV(b)		404		17,469
Teradyne, Inc.		88		9,929
Texas Instruments, Inc.		556		96,861
				9,976,079
Software – 17.84%
ACI Worldwide, Inc.(a)		156		5,181
Adobe, Inc.(a)		84		42,386
Appfolio, Inc. – Class A(a)		24		5,922
Aspen Technology, Inc.(a)		78		16,636
Atlassian Corp. – Class A(a)		78		15,219
Autodesk, Inc.(a)		78		20,313
BILL Holdings, Inc.(a)		156		10,720
Cadence Design Systems, Inc.(a)		78		24,280
Crowdstrike Holdings, Inc. – Class A(a)		4,246		1,361,225
Datadog, Inc. – Class A(a)		156		19,282
Descartes Systems Group, Inc.(a)(b)		156		14,279
DocuSign, Inc.(a)		167		9,945
Elastic NV(a)(b)		78		7,819

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

24

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Software – 17.84% (Continued)
Everbridge, Inc.(a)		638	$	22,222
Fortinet, Inc.(a)		165		11,271
Gen Digital, Inc.		858		19,219
HubSpot, Inc.(a)		3		1,880
Intuit, Inc.		245		159,250
LiveRamp Holdings, Inc.(a)		156		5,382
Marin Software, Inc.(a)		34,723		10,591
Microsoft Corp.		14,961		6,294,391
Oracle Corp.		390		48,988
Palo Alto Networks, Inc.(a)		256		72,737
RingCentral, Inc. – Class A(a)		402		13,965
Roper Technologies, Inc.		156		87,491
Salesforce, Inc.		10,911		3,286,175
SAP SE – ADR		78		15,212
ServiceNow, Inc.(a)		340		259,216
Synopsys, Inc.(a)		79		45,149
Tyler Technologies, Inc.(a)		7		2,975
Workday, Inc. – Class A(a)		87		23,729
Zoom Video Communications, Inc. – Class A(a)		169		11,048
Zscaler, Inc.(a)		78		15,025
				11,959,123
Specialized REITs – 0.14%
American Tower Corp.		78		15,412
Crown Castle, Inc.		78		8,255
Digital Realty Trust, Inc.		82		11,811
Equinix, Inc.		1		825
Farmland Partners, Inc.		468		5,195
Iron Mountain, Inc.		234		18,769
Lamar Advertising Co. – Class A		78		9,314
National Storage Affiliates Trust		468		18,327
VICI Properties, Inc.		234		6,971
				94,879
Specialty Retail – 1.76%
Advance Auto Parts, Inc.		78		6,637
Asbury Automotive Group, Inc.(a)		30		7,073
AutoZone, Inc.(a)		5		15,758
Bath & Body Works, Inc.		2,760		138,055
Best Buy Co., Inc.		78		6,398
CarMax, Inc.(a)		1,718		149,655
Chewy, Inc. – Class A(a)		156		2,482

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

25

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Specialty Retail – 1.76% (Continued)
Dick’s Sporting Goods, Inc.		78	$	17,539
Gap, Inc.		641		17,660
Home Depot, Inc.		800		306,881
Leslie’s, Inc.(a)		1,880		12,220
Lowe’s Cos., Inc.		811		206,586
Revolve Group, Inc.(a)		949		20,090
Ross Stores, Inc.		399		58,557
TJX Cos., Inc.		1,885		191,177
Tractor Supply Co.		27		7,066
Ulta Beauty, Inc.(a)		4		2,092
Wayfair, Inc. – Class A(a)		156		10,589
				1,176,515
Technology Hardware, Storage & Peripherals – 5.76%
Apple, Inc.		19,100		3,275,267
Dell Technologies, Inc. – Class C		1,419		161,922
Hewlett Packard Enterprise Co.		3,042		53,935
HP, Inc.		2,346		70,896
NetApp, Inc.		312		32,751
Pure Storage, Inc. – Class A(a)		468		24,331
Quantum Corp.(a)		44,165		26,283
Seagate Technology Holdings PLC(b)		2,033		189,171
Western Digital Corp.(a)		312		21,291
Xerox Holdings Corp.		234		4,189
				3,860,036
Textiles, Apparel & Luxury Goods – 0.30%
Carter’s, Inc.		797		67,490
Lululemon Athletica, Inc.(a)		12		4,688
NIKE, Inc. – Class B		1,104		103,754
Tapestry, Inc.		238		11,300
Under Armour, Inc. – Class A(a)		858		6,332
Under Armour, Inc. – Class C(a)		624		4,455
				198,019
Tobacco – 0.89%
Altria Group, Inc.		2,584		112,714
Philip Morris International, Inc.		5,244		480,455
				593,169
Trading Companies & Distributors – 0.34%
Air Lease Corp.		317		16,306
Fastenal Co.		234		18,051

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

26

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Trading Companies & Distributors – 0.34% (Continued)
Ferguson PLC(b)		196	$	42,812
United Rentals, Inc.		167		120,426
Watsco, Inc.		3		1,296
WESCO International, Inc.		164		28,090
WW Grainger, Inc.		1		1,017
				227,998
Water Utilities – 0.01%
American Water Works Co., Inc.		78		9,532
Wireless Telecommunication Services – 0.25%
TIM SA/Brazil – ADR		1,645		29,199
T-Mobile US, Inc.		866		141,349
				170,548
Total Common Stocks
(Cost $58,892,500)				64,208,608
EXCHANGE TRADED FUNDS – 2.76%
Fidelity Dividend ETF for Rising Rates		4,681		217,901
First Trust Institutional Preferred Securities and Income ETF		2,890		52,656
First Trust Preferred Securities and Income ETF		1,422		24,629
Franklin U.S. Core Bond ETF		789		16,837
Franklin U.S. Large Cap Multifactor Index ETF		327		17,413
Global X Variable Rate Preferred ETF		2,436		57,684
Invesco Variable Rate Preferred ETF		2,500		59,425
iShares 20+ Year Treasury Bond ETF		162		15,328
iShares 7-10 Year Treasury Bond ETF		163		15,430
iShares Core MSCI EAFE ETF		238		17,664
iShares Core S&P 500 ETF		79		41,533
iShares Core S&P Small-Cap ETF		159		17,573
iShares ESG Aware MSCI USA ETF		159		18,279
iShares Expanded Tech-Software Sector ETF		1,258		107,270
iShares Global Healthcare ETF		166		15,463
iShares MSCI EAFE Growth ETF		163		16,918
iShares MSCI USA Min Vol Factor ETF		173		14,459
iShares MSCI USA Value Factor ETF		160		17,330
iShares U.S. Medical Devices ETF		316		18,514
iShares US Telecommunications ETF		718		15,782
iShares US Treasury Bond ETF		717		16,326
Nuveen ESG Large-Cap Growth ETF		3,619		276,057
Schwab US Dividend Equity ETF		3,843		309,860

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

27

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
EXCHANGE TRADED FUNDS – 2.76% (Continued)
SPDR Blackstone Senior Loan ETF		397	$	16,718
SPDR Dow Jones Industrial Average ETF Trust		164		65,233
SPDR Portfolio S&P 500 Growth ETF		3,768		275,629
VanEck Durable High Dividend ETF		783		25,291
Vanguard FTSE Developed Markets ETF		326		16,355
Vanguard FTSE Emerging Markets ETF		400		16,708
Vanguard S&P 500 ETF		81		38,937
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		564		16,615
Total Exchange Traded Funds
(Cost $1,785,008)				1,851,817
CLOSED END FUNDS – 0.05%
Ares Capital Corp.		312		6,496
FS KKR Capital Corp.		234		4,462
Golub Capital BDC, Inc.		1,170		19,457
Total Closed End Funds
(Cost $28,736)				30,415
SHORT-TERM INVESTMENTS – 4.12%
Money Market Funds – 4.12%
First American Government Obligations Fund, Class X, 5.23%(c)		2,758,130		2,758,130
Total Short-Term Investments
(Cost $2,758,130)				2,758,130
Total Investments
(Cost $63,464,374) – 102.74%				68,848,970
Liabilities in Excess of Other Assets – (2.74)%				(1,838,653	)
Total Net Assets – 100.00%			$	67,010,317

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

PLC – Public Liability Company

(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate quoted is the annualized seven-day effective yield as of March 31, 2024.

The Global Industry Classification Standard (“GICS”^®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use.

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

28

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited)

March 31, 2024

	Shares		Value
COMMON STOCKS – 96.46%
Aerospace & Defense – 2.37%
Axon Enterprise, Inc.(a)		19	$	5,945
Boeing Co.(a)		109		21,036
General Dynamics Corp.		18		5,085
Hexcel Corp.		18		1,311
Lockheed Martin Corp.		167		75,963
Raytheon Technologies Corp.		1,031		100,553
Woodward, Inc.		727		112,046
				321,939
Air Freight & Logistics – 0.97%
FedEx Corp.		433		125,457
United Parcel Service, Inc. – Class B		41		6,094
				131,551
Automobile Components – 0.01%
Goodyear Tire & Rubber Co.(a)		111		1,524
Automobiles – 0.08%
Ford Motor Co.		58		770
NIO, Inc. – ADR(a)		18		81
Stellantis NV(b)		168		4,754
Tesla, Inc.(a)		6		1,055
Workhorse Group, Inc.(a)		12,798		3,002
				9,662
Banks – 2.62%
Bank of America Corp.		543		20,591
Citigroup, Inc.		543		34,339
Community Trust Bancorp, Inc.		18		768
Farmers & Merchants Bancorp, Inc.		350		7,802
Fifth Third Bancorp		18		670
JPMorgan Chase & Co.		432		86,529
KeyCorp		380		6,008
New York Community Bancorp, Inc.		96		309
Pinnacle Financial Partners, Inc.		47		4,036
PNC Financial Services Group, Inc.		41		6,626
Royal Bank of Canada(b)		22		2,219
Southern States Bancshares, Inc.		471		12,208
Synovus Financial Corp.		72		2,884
Truist Financial Corp.		61		2,378
United Bankshares, Inc.		852		30,493
US Bancorp		221		9,879

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

29

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Banks – 2.62% (Continued)
Wells Fargo & Co.		1,858	$	107,689
Zions Bancorp NA		452		19,617
				355,045
Beverages – 0.51%
Coca-Cola Co.		456		27,899
Constellation Brands, Inc. – Class A		36		9,783
Keurig Dr Pepper, Inc.		418		12,820
Monster Beverage Corp.(a)		271		16,065
PepsiCo, Inc.		18		3,150
				69,717
Biotechnology – 1.88%
AbbVie, Inc.		145		26,404
Amgen, Inc.		74		21,040
Exact Sciences Corp.(a)		96		6,630
Gilead Sciences, Inc.		18		1,319
Humacyte, Inc.(a)		1,493		4,643
Neurocrine Biosciences, Inc.(a)		180		24,826
United Therapeutics Corp.(a)		739		169,762
Vertex Pharmaceuticals, Inc.(a)		1		418
				255,042
Broadline Retail – 1.76%
Alibaba Group Holding Ltd. – ADR		18		1,302
Amazon.com, Inc.(a)		1,247		224,934
Etsy, Inc.(a)		109		7,490
Ollie’s Bargain Outlet Holdings, Inc.(a)		61		4,854
Qurate Retail, Inc. – Class A(a)		324		399
				238,979
Building Products – 1.37%
A O Smith Corp.		72		6,441
Allegion PLC(b)		18		2,425
Carlisle Cos., Inc.		180		70,532
Fortune Brands Innovations, Inc.		576		48,770
Lennox International, Inc.		5		2,444
Owens Corning		41		6,839
Simpson Manufacturing Co., Inc.		237		48,628
				186,079
Capital Markets – 1.74%
Ameriprise Financial, Inc.		1		438
Bank of New York Mellon Corp.		18		1,037

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

30

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Capital Markets – 1.74% (Continued)
BlackRock, Inc.		7	$	5,836
Cboe Global Markets, Inc.		18		3,307
Charles Schwab Corp.		1,454		105,183
Goldman Sachs Group, Inc.		6		2,506
Houlihan Lokey, Inc.		239		30,638
Intercontinental Exchange, Inc.		91		12,506
KKR & Co., Inc.		162		16,294
LPL Financial Holdings, Inc.		2		528
Moody’s Corp.		7		2,751
Morgan Stanley		18		1,695
Nasdaq, Inc.		18		1,136
S&P Global, Inc.		3		1,276
Stifel Financial Corp.		578		45,183
T Rowe Price Group, Inc.		38		4,633
Victory Capital Holdings, Inc. – Class A		36		1,527
				236,474
Chemicals – 2.16%
Air Products and Chemicals, Inc.		5		1,211
Cabot Corp.		36		3,319
Chemours Co.		114		2,994
Dow, Inc.		2,971		172,111
Ecolab, Inc.		3		693
Linde PLC(b)		234		108,651
Mosaic Co.		18		584
PPG Industries, Inc.		18		2,608
Sherwin-Williams Co.		4		1,389
				293,560
Commercial Services & Supplies – 0.17%
Republic Services, Inc.		18		3,446
Waste Management, Inc.		90		19,183
				22,629
Communications Equipment – 1.36%
Arista Networks, Inc.(a)		543		157,459
Cisco Systems, Inc.		529		26,402
Motorola Solutions, Inc.		2		710
				184,571
Construction & Engineering – 2.63%
AECOM		1		98
Comfort Systems USA, Inc.		1,032		327,878

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

31

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Construction & Engineering – 2.63% (Continued)
Quanta Services, Inc.		78	$	20,264
Valmont Industries, Inc.		37		8,446
				356,686
Construction Materials – 0.00%
Vulcan Materials Co.		1		273
Consumer Finance – 1.31%
American Express Co.		54		12,295
Capital One Financial Corp.		1,017		151,422
Discover Financial Services		36		4,719
FirstCash Holdings, Inc.		22		2,806
Katapult Holdings, Inc.(a)		543		6,331
				177,573
Consumer Staples Distribution & Retail – 2.04%
BJ’s Wholesale Club Holdings, Inc.(a)		670		50,686
Costco Wholesale Corp.		150		109,895
Dollar General Corp.		2		312
Dollar Tree, Inc.(a)		636		84,683
Ingles Markets, Inc. – Class A		18		1,380
Kroger Co.		73		4,170
Sprouts Farmers Market, Inc.(a)		96		6,190
Sysco Corp.		18		1,461
Target Corp.		39		6,911
Walgreens Boots Alliance, Inc.		185		4,013
Walmart, Inc.		121		7,281
				276,982
Containers & Packaging – 0.70%
AptarGroup, Inc.		185		26,620
Avery Dennison Corp.		79		17,637
Ball Corp.		90		6,062
Berry Global Group, Inc.		46		2,782
Crown Holdings, Inc.		7		555
International Paper Co.		18		702
TriMas Corp.		1,501		40,122
				94,480
Diversified Consumer Services – 0.03%
Chegg, Inc.(a)		126		954
Service Corp. International		36		2,671
				3,625

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

32

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Diversified Telecommunication Services – 1.14%
AT&T, Inc.		8,058	$	141,821
Verizon Communications, Inc.		306		12,840
				154,661
Electric Utilities – 0.65%
American Electric Power Co., Inc.		54		4,649
Duke Energy Corp.		57		5,512
NextEra Energy, Inc.		1,123		71,771
Southern Co.		18		1,291
Via Renewables, Inc.		2		22
Xcel Energy, Inc.		90		4,838
				88,083
Electrical Equipment – 1.86%
Ballard Power Systems, Inc.(a)(b)		216		600
Eaton Corp. PLC(b)		18		5,628
Emerson Electric Co.		704		79,847
FuelCell Energy, Inc.(a)		432		514
Generac Holdings, Inc.(a)		18		2,271
Ideal Power, Inc.(a)		126		1,121
Nuvve Holding Corp.(a)		1,087		1,196
nVent Electric PLC(b)		612		46,145
Plug Power, Inc.(a)		54		186
Regal Rexnord Corp.		91		16,389
Rockwell Automation, Inc.		235		68,463
Sensata Technologies Holding PLC(b)		817		30,017
				252,377
Electronic Equipment, Instruments & Components – 1.08%
Arrow Electronics, Inc.(a)		235		30,423
Badger Meter, Inc.		28		4,531
Corning, Inc.		126		4,153
CTS Corp.		325		15,207
ePlus, Inc.(a)		307		24,112
Fabrinet(a)(b)		7		1,323
Insight Enterprises, Inc.(a)		239		44,338
Keysight Technologies, Inc.(a)		2		313
Plexus Corp.(a)		236		22,378
				146,778
Energy Equipment & Services – 0.06%
Baker Hughes Co.		252		8,442

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

33

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Entertainment – 0.92%
Electronic Arts, Inc.		36	$	4,776
Netflix, Inc.(a)		80		48,587
ROBLOX Corp. – Class A(a)		54		2,062
Take-Two Interactive Software, Inc.(a)		3		445
Walt Disney Co.		289		35,362
Warner Bros Discovery, Inc.(a)		3,821		33,357
				124,589
Financial Services – 3.91%
Block, Inc.(a)		202		17,085
Equitable Holdings, Inc.		1,592		60,512
Euronet Worldwide, Inc.(a)		55		6,046
Fidelity National Information Services, Inc.		2,111		156,593
Global Payments, Inc.		18		2,406
Mastercard, Inc. – Class A		150		72,236
PayPal Holdings, Inc.(a)		2,028		135,856
Visa, Inc. – Class A		289		80,654
				531,388
Food Products – 1.32%
Flowers Foods, Inc.		306		7,268
Freshpet, Inc.(a)		56		6,488
General Mills, Inc.		148		10,356
Hershey Co.		23		4,474
Mondelez International, Inc. – Class A		18		1,260
Tyson Foods, Inc. – Class A		2,543		149,349
				179,195
Gas Utilities – 1.80%
National Fuel Gas Co.		3,392		182,218
Suburban Propane Partners LP		3,064		62,598
				244,816
Ground Transportation – 0.54%
CSX Corp.		36		1,335
Knight-Swift Transportation Holdings, Inc.		26		1,431
Old Dominion Freight Line, Inc.		2		439
Uber Technologies, Inc.(a)		792		60,975
Union Pacific Corp.		37		9,099
				73,279
Health Care Equipment & Supplies – 1.23%
Abbott Laboratories		92		10,457
Align Technology, Inc.(a)		18		5,903

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

34

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Health Care Equipment & Supplies – 1.23% (Continued)
Asensus Surgical, Inc.(a)		1,170	$	269
Becton Dickinson & Co.		2		495
Boston Scientific Corp.(a)		1,140		78,078
DENTSPLY SIRONA, Inc.		36		1,195
Dexcom, Inc.(a)		217		30,097
Edwards Lifesciences Corp.(a)		36		3,440
Intuitive Surgical, Inc.(a)		6		2,395
Koninklijke Philips NV(a)(b)		348		6,960
Masimo Corp.(a)		109		16,007
Medtronic PLC(b)		112		9,761
Zimmer Biomet Holdings, Inc.		18		2,376
				167,433
Health Care Providers & Services – 3.87%
Centene Corp.(a)		116		9,104
Cigna Group		21		7,627
CVS Health Corp.		153		12,203
Elevance Health, Inc.		492		255,121
Fresenius Medical Care AG & Co. KGaA – ADR		234		4,512
HealthEquity, Inc.(a)		36		2,939
Henry Schein, Inc.(a)		692		52,260
Humana, Inc.		94		32,592
McKesson Corp.		24		12,884
Quest Diagnostics, Inc.		42		5,591
UnitedHealth Group, Inc.		266		131,590
				526,423
Health Care REITs – 0.00%
Medical Properties Trust, Inc.		36		169
Hotels, Restaurants & Leisure – 2.28%
Airbnb, Inc. – Class A(a)		18		2,969
Booking Holdings, Inc.		5		18,139
Chipotle Mexican Grill, Inc.(a)		22		63,949
Domino’s Pizza, Inc.		6		2,981
DraftKings, Inc. – Class A(a)		54		2,452
Hilton Worldwide Holdings, Inc.		306		65,273
Hyatt Hotels Corp. – Class A		56		8,939
Las Vegas Sands Corp.		1,824		94,301
McDonald’s Corp.		23		6,485
Norwegian Cruise Line Holdings Ltd.(a)(b)		198		4,144
Penn Entertainment, Inc.(a)		18		328
Restaurant Brands International, Inc.(b)		74		5,879

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

35

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Hotels, Restaurants & Leisure – 2.28% (Continued)
Starbucks Corp.		222	$	20,289
Wynn Resorts Ltd.		131		13,392
				309,520
Household Durables – 0.20%
LGI Homes, Inc.(a)		216		25,136
PulteGroup, Inc.		18		2,171
Sony Group Corp. – ADR		1		86
				27,393
Household Products – 0.54%
Church & Dwight Co., Inc.		38		3,964
Clorox Co.		379		58,028
Kimberly-Clark Corp.		8		1,035
Procter & Gamble Co.		60		9,735
				72,762
Industrial Conglomerates – 0.59%
3M Co.		128		13,577
General Electric Co.		21		3,686
Honeywell International, Inc.		307		63,012
				80,275
Insurance – 3.17%
Aflac, Inc.		18		1,545
Allstate Corp.		885		153,114
Aon PLC – Class A(b)		63		21,024
Chubb Ltd.(b)		164		42,497
Fidelity National Financial, Inc.		18		956
Hartford Financial Services Group, Inc.		18		1,855
Markel Group, Inc.(a)		6		9,129
Marsh & McLennan Cos., Inc.		236		48,611
Old Republic International Corp.		108		3,318
Primerica, Inc.		185		46,798
Progressive Corp.		59		12,202
Prudential Financial, Inc.		42		4,931
Selective Insurance Group, Inc.		41		4,476
Willis Towers Watson PLC(b)		293		80,576
				431,032
Interactive Media & Services – 0.95%
Alphabet, Inc. – Class A(a)		454		68,522
Alphabet, Inc. – Class C(a)		110		16,749

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

36

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Interactive Media & Services – 0.95% (Continued)
IAC, Inc.(a)		276	$	14,722
Meta Platforms, Inc. – Class A		61		29,620
				129,613
IT Services – 2.67%
Accenture PLC – Class A(b)		567		196,528
EPAM Systems, Inc.(a)		437		120,681
International Business Machines Corp.		162		30,936
VeriSign, Inc.(a)		72		13,645
				361,790
Leisure Products – 0.02%
Peloton Interactive, Inc. – Class A(a)		108		463
Polaris, Inc.		18		1,802
				2,265
Life Sciences Tools & Services – 0.81%
Danaher Corp.		43		10,738
ICON PLC(a)(b)		18		6,047
Illumina, Inc.(a)		40		5,493
IQVIA Holdings, Inc.(a)		166		41,980
Thermo Fisher Scientific, Inc.		78		45,334
Waters Corp.(a)		1		344
				109,936
Machinery – 2.30%
AGCO Corp.		91		11,195
Caterpillar, Inc.		18		6,596
CNH Industrial NV(b)		1,102		14,282
Crane Co.		36		4,865
Deere & Co.		25		10,269
Donaldson Co., Inc.		487		36,369
Dover Corp.		148		26,224
EnPro Industries, Inc.		18		3,038
Gates Industrial Corp. PLC(a)(b)		1,080		19,127
IDEX Corp.		1		244
Illinois Tool Works, Inc.		59		15,831
ITT, Inc.		109		14,827
Oshkosh Corp.		888		110,742
Otis Worldwide Corp.		126		12,508
PACCAR, Inc.		115		14,247
Parker-Hannifin Corp.		18		10,004
Stanley Black & Decker, Inc.		18		1,763
				312,131

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

37

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Marine Transportation – 0.18%
Castor Maritime, Inc.(a)(b)		9	$	31
Golden Ocean Group Ltd.(b)		1,042		13,504
Star Bulk Carriers Corp.(b)		440		10,503
				24,038
Media – 1.29%
Charter Communications, Inc. – Class A(a)		295		85,735
Comcast Corp. – Class A		619		26,834
Interpublic Group of Cos., Inc.		884		28,845
Liberty Broadband Corp. – Class C(a)		328		18,771
Liberty Media Corp.-Liberty SiriusXM(a)		36		1,070
Omnicom Group, Inc.		42		4,064
Paramount Global – Class B		867		10,205
				175,524
Metals & Mining – 2.92%
Barrick Gold Corp.(b)		2,132		35,477
BHP Group Ltd. – ADR		18		1,038
Cleveland-Cliffs, Inc.(a)		8,266		187,969
Freeport-McMoRan, Inc.		612		28,776
Nucor Corp.		384		75,994
Reliance Steel & Aluminum Co.		1		334
Rio Tinto PLC – ADR		18		1,147
Royal Gold, Inc.		18		2,193
United States Steel Corp.		1,554		63,372
				396,300
Mortgage Real Estate Investment Trusts (REITs) – 0.01%
Blackstone Mortgage Trust, Inc. – Class A		18		358
Chimera Investment Corp.		108		498
				856
Multi-Utilities – 0.51%
CenterPoint Energy, Inc.		126		3,590
CMS Energy Corp.		18		1,086
Dominion Energy, Inc.		1,324		65,127
				69,803
Oil, Gas & Consumable Fuels – 10.40%
Alliance Resource Partners LP		526		10,546
Antero Midstream Corp.		72		1,012
Ardmore Shipping Corp.(b)		329		5,402
Chevron Corp.		1,228		193,706

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

38

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Oil, Gas & Consumable Fuels – 10.40% (Continued)
Chord Energy Corp.		38	$	6,773
Civitas Resources, Inc.		18		1,366
ConocoPhillips		2,326		296,054
Coterra Energy, Inc.		132		3,680
CrossAmerica Partners LP		234		5,333
Devon Energy Corp.		957		48,022
Energy Transfer LP		3,155		49,628
EOG Resources, Inc.		38		4,858
Exxon Mobil Corp.		308		35,802
FLEX LNG Ltd.(b)		60		1,526
International Seaways, Inc.(b)		20		1,064
Kinder Morgan, Inc.		36		660
New Fortress Energy, Inc.		129		3,946
NGL Energy Partners LP(a)		38,322		220,735
Occidental Petroleum Corp.		917		59,596
ONEOK, Inc.		457		36,638
Pembina Pipeline Corp.(b)		270		9,542
Permian Resources Corp.		77		1,360
Phillips 66		113		18,457
Pioneer Natural Resources Co.		2		525
Shell PLC – ADR		4,243		284,450
Summit Midstream Partners LP(a)		168		4,716
Tellurian, Inc.(a)		576		381
TotalEnergies SE – ADR		72		4,956
Uranium Energy Corp.(a)		167		1,127
Valero Energy Corp.		18		3,072
Williams Cos., Inc.		2,453		95,593
				1,410,526
Paper & Forest Products – 0.26%
Louisiana-Pacific Corp.		415		34,823
Sylvamo Corp.		18		1,111
				35,934
Passenger Airlines – 0.82%
American Airlines Group, Inc.(a)		1,278		19,617
Delta Air Lines, Inc.		1,068		51,125
Southwest Airlines Co.		1,193		34,824
United Airlines Holdings, Inc.(a)		126		6,033
				111,599

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

39

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Personal Care Products – 0.04%
Beauty Health Co.(a)		72	$	320
elf Beauty, Inc.(a)		25		4,901
Estee Lauder Cos., Inc. – Class A		1		154
				5,375
Pharmaceuticals – 1.16%
Acasti Pharma, Inc.(a)(b)		1,500		5,175
AstraZeneca PLC – ADR		205		13,889
Bristol-Myers Squibb Co.		77		4,176
Eli Lilly & Co.		5		3,890
GSK PLC – ADR		252		10,803
Johnson & Johnson		580		91,749
Merck & Co., Inc.		108		14,251
Novartis AG – ADR		18		1,741
Perrigo Co. PLC(b)		180		5,794
Pfizer, Inc.		36		999
Takeda Pharmaceutical Co. Ltd. – ADR		54		750
Zoetis, Inc.		24		4,061
				157,278
Professional Services – 0.60%
Automatic Data Processing, Inc.		37		9,240
Booz Allen Hamilton Holding Corp.		54		8,016
FTI Consulting, Inc.(a)		36		7,570
Jacobs Solutions, Inc.		4		615
KBR, Inc.		185		11,777
Paychex, Inc.		5		614
Paycom Software, Inc.		43		8,557
RELX PLC – ADR		36		1,558
Robert Half International, Inc.		418		33,140
				81,087
Residential REITs – 0.20%
Equity LifeStyle Properties, Inc.		18		1,159
Sun Communities, Inc.		198		25,459
				26,618
Retail REITs – 1.25%
Simon Property Group, Inc.		1,086		169,949
Semiconductors & Semiconductor Equipment – 8.07%
Advanced Micro Devices, Inc.(a)		185		33,391
Applied Materials, Inc.		54		11,136

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

40

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Semiconductors & Semiconductor Equipment – 8.07% (Continued)
ASML Holding NV(b)		144	$	139,748
Broadcom, Inc.		42		55,667
Daqo New Energy Corp. – ADR(a)		18		507
Entegris, Inc.		326		45,816
Intel Corp.		6,244		275,797
KLA Corp.		23		16,067
Lam Research Corp.		10		9,716
Micron Technology, Inc.		90		10,610
MKS Instruments, Inc.		18		2,394
Monolithic Power Systems, Inc.		2		1,355
NVIDIA Corp.		318		287,333
QUALCOMM, Inc.		207		35,045
Skyworks Solutions, Inc.		18		1,950
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR		88		11,972
Teradyne, Inc.		18		2,031
Texas Instruments, Inc.		893		155,570
				1,096,105
Software – 5.81%
Adobe, Inc.(a)		162		81,745
Autodesk, Inc.(a)		312		81,251
C3.ai, Inc. – Class A(a)		54		1,462
Cadence Design Systems, Inc.(a)		236		73,462
Clear Secure, Inc. – Class A		126		2,680
Crowdstrike Holdings, Inc. – Class A(a)		72		23,082
CyberArk Software Ltd.(a)(b)		19		5,047
Dynatrace, Inc.(a)		205		9,520
Fortinet, Inc.(a)		599		40,918
Gen Digital, Inc.		1,912		42,829
Intuit, Inc.		131		85,150
Microsoft Corp.		252		106,021
Oracle Corp.		129		16,204
Palo Alto Networks, Inc.(a)		2		568
Progress Software Corp.		344		18,339
PTC, Inc.(a)		144		27,207
Salesforce, Inc.		23		6,927
SAP SE – ADR		692		134,961
ServiceNow, Inc.(a)		39		29,734
Zoom Video Communications, Inc. – Class A(a)		18		1,177
				788,284

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

41

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Specialized REITs – 0.06%
American Tower Corp.		2	$	395
Crown Castle, Inc.		21		2,222
Iron Mountain, Inc.		18		1,444
PotlatchDeltic Corp.		99		4,655
				8,716
Specialty Retail – 3.53%
Advance Auto Parts, Inc.		24		2,042
AutoZone, Inc.(a)		1		3,152
Bath & Body Works, Inc.		2,964		148,258
Burlington Stores, Inc.(a)		61		14,164
CarMax, Inc.(a)		111		9,669
Five Below, Inc.(a)		56		10,157
GameStop Corp. – Class A(a)		18		225
Gap, Inc.		36		992
Home Depot, Inc.		270		103,572
Lowe’s Cos., Inc.		22		5,604
O’Reilly Automotive, Inc.(a)		86		97,084
Penske Automotive Group, Inc.		149		24,137
RH(a)		1		348
TJX Cos., Inc.		149		15,112
Valvoline, Inc.(a)		1,008		44,927
				479,443
Technology Hardware, Storage & Peripherals – 0.64%
Apple, Inc.		312		53,501
HP, Inc.		253		7,646
NetApp, Inc.		129		13,541
Seagate Technology Holdings PLC(b)		18		1,675
Western Digital Corp.(a)		162		11,055
				87,418
Textiles, Apparel & Luxury Goods – 0.35%
Crocs, Inc.(a)		18		2,588
NIKE, Inc. – Class B		18		1,692
Skechers USA, Inc. – Class A(a)		640		39,206
Tapestry, Inc.		91		4,321
VF Corp.		18		276
				48,083

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

42

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
Tobacco – 0.75%
Altria Group, Inc.		381	$	16,619
British American Tobacco PLC – ADR		126		3,843
Philip Morris International, Inc.		870		79,710
Universal Corp.		36		1,862
				102,034
Trading Companies & Distributors – 1.68%
AerCap Holdings NV(a)(b)		1,105		96,036
Applied Industrial Technologies, Inc.		148		29,237
Beacon Roofing Supply, Inc.(a)		541		53,030
Core & Main, Inc. – Class A(a)		656		37,556
MSC Industrial Direct Co., Inc. – Class A		54		5,240
WESCO International, Inc.		37		6,337
WW Grainger, Inc.		1		1,017
				228,453
Wireless Telecommunication Services – 0.31%
T-Mobile US, Inc.		254		41,458
Total Common Stocks
(Cost $11,556,224)				13,095,622
EXCHANGE TRADED FUNDS – 3.21%
Columbia Diversified Fixed Income Allocation ETF		186		3,307
Direxion Daily Financial Bull 3X Shares		43		4,825
Energy Select Sector SPDR Fund		24		2,266
Fidelity Dividend ETF for Rising Rates		224		10,427
Fidelity International Multifactor ETF		91		2,504
Fidelity MSCI Consumer Discretionary Index ETF		109		8,990
Fidelity MSCI Health Care Index ETF		204		14,233
Fidelity MSCI Information Technology Index ETF		169		26,337
Fidelity MSCI Materials Index ETF		90		4,713
Fidelity Nasdaq Composite Index ETF		40		2,576
Fidelity Quality Factor ETF		457		26,936
First Trust Enhanced Short Maturity ETF		379		22,596
First Trust Value Line Dividend Index Fund		116		4,899
Franklin FTSE United Kingdom ETF		80		2,090
InfraCap MLP ETF		2,384		98,222
Invesco Aerospace & Defense ETF		23		2,336
Invesco QQQ Trust Series 1		19		8,436
iPath Series B S&P 500 VIX Short-Term Futures ETN(a)		1		13

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

43

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
EXCHANGE TRADED FUNDS – 3.21% (Continued)
iShares 0-5 Year High Yield Corporate Bond ETF		43	$	1,830
iShares 10-20 Year Treasury Bond ETF		19		1,996
iShares 20+ Year Treasury Bond ETF		19		1,798
iShares Core Dividend Growth ETF		1,032		59,919
iShares Core MSCI Europe ETF		38		2,198
iShares Core S&P Small-Cap ETF		20		2,210
iShares MSCI EAFE ETF		147		11,739
iShares Russell 1000 ETF		5		1,440
iShares S&P 500 Growth ETF		26		2,195
iShares TIPS Bond ETF		451		48,442
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund		21		2,017
Schwab International Equity ETF		61		2,380
Schwab US TIPS ETF		39		2,034
SPDR Gold Shares(a)		44		9,052
SPDR S&P 500 ETF Trust		4		2,092
SPDR S&P Bank ETF		54		2,543
SPDR S&P MidCap 400 ETF Trust		2		1,113
Strategy Shares NASDAQ 7 HANDL ETF		252		5,345
United States Oil Fund LP(a)		25		1,968
US Global Jets ETF(a)		128		2,689
Vanguard Growth ETF		19		6,540
Vanguard Russell 1000		78		18,589
Total Exchange Traded Funds
(Cost $409,738)				435,835
CLOSED END FUNDS – 0.12%
Ares Capital Corp.		36		750
BlackRock Utilities Infrastructure & Power Opportunities Trust		18		388
Eaton Vance Tax-Managed Buy-Write Opportunities Fund		234		3,025
First Trust MLP and Energy Income Fund		252		2,437
Golub Capital BDC, Inc.		54		898
Hercules Capital, Inc.		345		6,365
Sprott Focus Trust, Inc.		279		2,243
Virtus Artificial Intelligence & Technology Opportunities Fund		18		361
Total Closed End Funds
(Cost $15,729)				16,467

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

44

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Schedule of Investments (Unaudited) – Continued

March 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS – 0.45%
Money Market Funds – 0.45%
First American Government Obligations Fund, Class X, 5.23%(c)		60,312	$	60,312
Total Short-Term Investments
(Cost $60,312)				60,312
Total Investments
(Cost $12,042,003) – 100.24%				13,608,236
Liabilities in Excess of Other Assets – (0.24)%				(32,455	)
Total Net Assets – 100.00%			$	13,575,781

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

PLC – Public Liability Company

(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate quoted is the annualized seven-day effective yield as of March 31, 2024.

The Global Industry Classification Standard (“GICS”^®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use.

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

45

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Statement of Assets and Liabilities (Unaudited)

March 31, 2024

	Unusual Whales		Unusual Whales
	Subversive Democratic		Subversive Republican
	Trading ETF		Trading ETF
ASSETS:
Investments, at value (Cost $63,464,374, $12,042,003)	$	68,848,970	$	13,608,236
Cash		7,081		3,280
Investment receivable		741,767		238,425
Dividends and interest receivable		42,218		8,777
Receivable for fund shares sold		1,716,840		—
Total assets		71,356,876		13,858,718
LIABILITIES:
Payable to Adviser		29,476		4,791
Investment payable		4,317,083		278,146
Total liabilities		4,346,559		282,937
NET ASSETS	$	67,010,317	$	13,575,781
NET ASSETS CONSIST OF:
Paid-in capital	$	61,653,779	$	12,070,430
Total distributable earnings		5,356,538		1,505,351
Net assets	$	67,010,317	$	13,575,781
Shares issued and outstanding(1)		1,950,000		450,000
Net asset value	$	34.36	$	30.17

⁽¹⁾ Unlimited shares authorized without par value.

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

46

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Statement of Operations (Unaudited)

For the Six Months Ended March 31, 2024

	Unusual Whales			Unusual Whales
	Subversive Democratic			Subversive Republican
	Trading ETF			Trading ETF
INVESTMENT INCOME:
Dividend Income (net of foreign withholding taxes of $871, $180)	$	131,513		$	65,170
Interest income		19,687			810
Total investment income		151,200			65,980
EXPENSES:
Investment advisory fees (See Note 3)		76,428			26,416
Total expenses		76,428			26,416
NET INVESTMENT INCOME		74,772			39,564
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments		(16,505	)		(13,258	)
Net change in unrealized appreciation (depreciation) on investments		4,971,269			1,535,070
Net realized and unrealized gain on investments		4,954,764			1,521,812
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS	$	5,029,536		$	1,561,376

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

47

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Statement of Changes in Net Assets

	For the Six Months
	Ended			For the Period
	March 31, 2024			Inception through
	(Unaudited)			September 30, 2023(1)
OPERATIONS:
Net investment income	$	74,772		$	27,663
Net realized loss on investments		(16,505	)		(8,562	)
Net change in net unrealized
appreciation (depreciation) on investments		4,971,269			413,327
Net increase in net assets resulting from operations		5,029,536			432,428
CAPITAL SHARE TRANSACTIONS:
Net increase in net assets resulting from capital share transactions(2)		52,662,403			8,993,265
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings (See Note 4)		(107,315	)		—
NET INCREASE IN NET ASSETS		57,584,624			9,425,693
NET ASSETS:
Beginning of period		9,425,693			—
End of period	$	67,010,317		$	9,425,693

(1)	Inception date of the Fund was February 6, 2023.
(2)	A summary of capital share transactions is as follows:

	For the Six Months Ended				For the Period
	March 31, 2024				Inception through
	(Unaudited)				September 30, 2023(1)
SHARE TRANSACTIONS:	Shares		Amount		Shares			Amount
Issued		1,600,000	$	52,662,403		375,000		$	9,597,018
Redeemed		—		—		(25,000	)		(603,753	)
Net increase in shares outstanding		1,600,000	$	52,662,403		350,000		$	8,993,265

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

48

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Statement of Changes in Net Assets

	For the Six Months
	Ended			For the Period
	March 31, 2024			Inception through
	(Unaudited)			September 30, 2023(1)
OPERATIONS:
Net investment income	$	39,564		$	40,112
Net realized loss on investments		(13,258	)		(71,648	)
Net change in net unrealized
appreciation (depreciation) on investments		1,535,070			31,163
Net increase (decrease) in net assets resulting from operations		1,561,376			(373	)
CAPITAL SHARE TRANSACTIONS:
Net increase in net assets resulting from capital share transactions(2)		7,134,812			4,935,618
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings (See Note 4)		(55,652	)		—
NET INCREASE IN NET ASSETS		8,640,536			4,935,245
NET ASSETS:
Beginning of period		4,935,245			—
End of period	$	13,575,781		$	4,935,245

(1)	Inception date of the Fund was February 6, 2023.
(2)	A summary of capital share transactions is as follows:

	For the Six Months Ended				For the Period
	March 31, 2024				Inception through
	(Unaudited)				September 30, 2023(1)
SHARE TRANSACTIONS:	Shares		Amount		Shares		Amount
Issued		250,000	$	7,134,812		200,000	$	4,935,618
Net increase in shares outstanding		250,000	$	7,134,812		200,000	$	4,935,618

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

49

UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF

Financial Highlights

For a Fund share outstanding throughout the periods.

	For the Six Months
	Ended			For the Period
	March 31, 2024			Inception through
	(Unaudited)			September 30, 2023(1)
PER SHARE DATA:
Net asset value, beginning of period	$	26.93		$	25.00
INVESTMENT OPERATIONS:
Net investment income(2)		0.12			0.10
Net realized and unrealized gain on investments		7.60			1.83
Total from investment operations		7.72			1.93
LESS DISTRIBUTIONS:
From net investment income		(0.12	)		—
From net realized gains		(0.17	)		—
Total distributions paid		(0.29	)		—
Net Asset Value, end of period	$	34.36		$	26.93
TOTAL RETURN, AT NAV(3)(4)		28.80	%		7.72	%
TOTAL RETURN, AT MARKET(3)(4)		29.00	%		7.80	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	67,010		$	9,426
Ratio of expenses to average net assets(5)		0.75	%		0.75	%
Ratio of net investment income to average net assets(5)		0.73	%		0.57	%
Portfolio turnover rate(4)(6)(7)		39	%		44	%

(1)	Inception date of the Fund was February 6, 2023.
(2)	Calculated based on average shares outstanding during the period.
(3)	Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.
(4)	Not annualized for periods less than one year.
(5)	Annualized for periods less that one years.
(6)	Excludes in-kind transactions associated with creations of the Fund.
(7)	The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments and securities sold short). The denominator includes the average fair value of long positions throughout the period.

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

50

UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF

Financial Highlights

For a Fund share outstanding throughout the periods.

	For the Six Months
	Ended			For the Period
	March 31, 2024			Inception through
	(Unaudited)			September 30, 2023(1)
PER SHARE DATA:
Net asset value, beginning of period	$	24.68		$	25.00
INVESTMENT OPERATIONS:
Net investment income(2)		0.15			0.21
Net realized and unrealized gain (loss) on investments		5.62			(0.53	)
Total from investment operations		5.77			(0.32	)
LESS DISTRIBUTIONS:
From net investment income		(0.28	)		—
Total distributions paid		(0.28	)		—
Net Asset Value, end of period	$	30.17		$	24.68
TOTAL RETURN, AT NAV(3)(4)		23.49	%		-1.30	%
TOTAL RETURN, AT MARKET(3)(4)		23.71	%		-1.20	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	13,576		$	4,935
Ratio of expenses to average net assets(5)		0.75	%		0.75	%
Ratio of net investment income to average net assets(5)		1.12	%		1.32	%
Portfolio turnover rate(4)(6)(7)		24	%		46	%

(1)	Inception date of the Fund was February 6, 2023.
(2)	Calculated based on average shares outstanding during the period.
(3)	Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.
(4)	Not annualized for periods less than one year.
(5)	Annualized for periods less that one years.
(6)	Excludes in-kind transactions associated with creations of the Fund.
(7)	The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments and securities sold short). The denominator includes the average fair value of long positions throughout the period.

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

51

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Notes to the Financial Statements (Unaudited)

March 31, 2024

1.  ORGANIZATION

Series Portfolios Trust (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated July 27, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Unusual Whales Subversive Democratic Trading ETF (“Democratic Trading ETF”) and the Unusual Whales Subversive Republican Trading ETF (“Republican Trading ETF”) (each separately a “Fund,” or collectively, the “Funds”) each has its own investment objectives and policies with the Trust. The Funds commenced operations on February 6, 2023. The Funds’ investment adviser, Subversive Capital Advisor LLC (the “Adviser”) is responsible for providing management oversight, investment advisory services, day-to-day management of the Funds’ assets, as well as compliance, sales, marketing, and operations services to the Funds. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification”) Topic 946, Financial Services – Investment Companies. The Funds do not hold themselves out as related to any other series of the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series of the Trust. Organizational costs that were incurred to establish the Funds to enable them to legally do business were paid for by the Adviser. These payments are not recoupable by the Adviser.

The Democratic Trading ETF seeks to achieve long-term capital appreciation by investing primarily in equity securities of publicly traded companies that sitting Democratic members of United States Congress and/or their families also have reported to have invested in through public disclosure filings made by such Congresspersons pursuant to the Stop Trading on Congressional Knowledge Act (“STOCK Act”). The Fund will focus on the equity securities purchased or sold by members of Congress who are registered members of the Democratic Party and their families. The Fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Democratic Party (e.g., a U.S. Congressperson who is registered as an Independent but who may caucus as member of the Democratic Party).

The Republican Trading ETF seeks to achieve long-term capital appreciation by investing primarily in equity securities of publicly traded companies that sitting Republican members of United States Congress and/or their families also have reported to have invested in through public disclosure filings made by such Congresspersons pursuant to the STOCK Act. The Fund will focus on the equity securities purchased or sold by members of Congress who are registered members of the Republican Party and their families. The Fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Republican Party (e.g., a U.S. Congressperson who is registered as an Independent but who may caucus as member of the Republican Party).

2.  SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation – The following is a summary of the Funds’ pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Funds. 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^®, Nasdaq Global Select Market^® and the Nasdaq Capital Market^® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange

52

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Notes to the Financial Statements (Unaudited) – Continued

March 31, 2024

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 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 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.

Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported net asset values (“NAV”). To the extent these securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy.

The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating the Funds’ NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers, or independent pricing services are unreliable.

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation Levels for major security types. These inputs are summarized in the three broad Levels listed below:

Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

53

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Notes to the Financial Statements (Unaudited) – Continued

March 31, 2024

The following is a summary of the inputs used to value the Funds’ securities by Level within the fair value hierarchy as of March 31, 2024:

Democratic Trading ETF
Investments at Fair Value	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	64,208,608	$	—	$	—	$	64,208,608
Exchange Traded Funds		1,851,817		—		—		1,851,817
Closed End Funds		30,415		—		—		30,415
Money Market Funds		2,758,130		—		—		2,758,130
Total Investments in Securities	$	68,848,970	$	—	$	—	$	68,848,970
Republican Trading ETF
Investments at Fair Value	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	13,095,622	$	—	$	—	$	13,095,622
Exchange Traded Funds		435,835		—		—		435,835
Closed End Funds		16,467		—		—		16,467
Money Market Funds		60,312		—		—		60,312
Total Investments in Securities	$	13,608,236	$	—	$	—	$	13,608,236

As of the period ended March 31, 2024, the Funds did not hold any Level 3 securities, nor were there any transfers into or out of Level 3.

Refer to each Fund’s Schedule of Investments for further information on the classification of investments.

B. Foreign Securities and Currency Translation – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year- end, resulting from changes in exchange rates.

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Funds’ investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Funds’ assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than

54

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Notes to the Financial Statements (Unaudited) – Continued

March 31, 2024

about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards, and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

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

D. Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.

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

F. Share Valuation – The NAV per share of the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Funds, rounded to the nearest cent. The Funds’ shares will not be priced on days which the Cboe BZX Exchange, Inc. is closed for trading.

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

H. Statement of Cash Flows – Pursuant to the Cash Flows Topic of the Codification, the Funds qualify for an exemption from the requirement to provide a statement of cash flows and have elected not to provide a statement of cash flows.

3.  RELATED PARTY TRANSACTIONS

The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds’. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, a unified management fee (accrued daily) based upon the average daily net assets of the Funds at the annual rate of 0.75%.

The Adviser has retained Tidal Investments, LLC (the “sub-adviser”) to serve as sub-adviser to the Funds. The sub- adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. Fees associated with these services are paid to the sub-adviser by the Adviser.

55

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Notes to the Financial Statements (Unaudited) – Continued

March 31, 2024

Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds except for the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

The Advisory Agreement continues in effect for an initial two year period, and from year to year thereafter only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Funds’ outstanding voting securities and by a majority of the Independent Trustees, who are not parties to the Advisory Agreement or interested persons of any such party, in each case cast in person at a meeting called for the purpose of voting on the Advisory Agreement. The Advisory Agreement is terminable without penalty by the Trust on behalf of a Fund on not more than 60 days’, nor less than 30 days’, written notice to the Adviser when authorized either by a majority vote of the Fund’s shareholders or by a vote of a majority of the Trustees, or by the Adviser on not more than 60 days’ written notice to the Trust, and will automatically terminate in the event of its “assignment” (as defined in the 1940 Act). The Advisory Agreement provides that the Adviser shall not be liable under such agreement for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for the Funds, except for willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) acts as the Funds’ Administrator, transfer agent, and fund accountant. U.S. Bank N.A. (the “Custodian”) serves as the custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds’ custodian; coordinates the payment of the Funds’ expenses and reviews the Funds’ expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. A trustee of the Trust is an officer of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. The Adviser has agreed to pay all expenses of the Funds’ Administrator, transfer agent, fund accountant and custodian in accordance with the Investment Advisory Agreement.

Quasar Distributors, LLC is the Funds’ distributor (the “Distributor”). The Distributor is not affiliated with the Adviser, Fund Services, or its affiliated companies.

4.  TAX FOOTNOTE

Federal Income Taxes – The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of, and during the period ended March 31, 2024, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Funds are subject to examination by taxing authorities for the tax periods since the commencement of operations.

56

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Notes to the Financial Statements (Unaudited) – Continued

March 31, 2024

At September 30, 2023, the Funds’ most recently completed fiscal year end, the components of accumulated earnings (losses) on a tax basis were as follows:

	Democratic Trading ETF				Republican Trading ETF
Tax Cost of Investments*		$	9,075,027			$	4,960,518
Gross unrealized appreciation		$	862,815			$	333,750
Gross unrealized depreciation			(514,684	)			(364,360	)
Net unrealized appreciation(depreciation)			348,131				(30,610	)
Undistributed ordinary income			90,574				40,113
Undistributed long-term capital gains			141				—
Distributable earnings			90,715				40,113
Other accumulated losses			(4,529	)			(9,876	)
Total accumulated gain (loss)		$	434,317			$	(373	)

* Represents cost for federal income tax purposes and differs from cost for financial reporting purposes due to wash sales.

As of September 30, 2023, the Republican Trading ETF had $9,669 in short-term capital loss carryovers, which will be permitted to be carried over for an unlimited period. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. For the taxable year ended September 30, 2023, the Funds had no deferred qualified late year losses. Qualified late year losses are certain ordinary losses which occur during the portion of the Funds’ taxable year subsequent to December 31.

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

The tax character of distributions paid for the period ended March 31, 2024 were as follows:

	Ordinary Income		Short-Term Capital Gains			Total Distributions Paid
Democratic Trading ETF	$	44,262		$	63,053		$	107,315
Republican Trading ETF	$	55,652		—			$	55,652

For the period ended September 30, 2023, the Funds did not make any distributions to shareholders.

5.  DISTRIBUTION FEES

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“the Plan”). In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of the Funds’ average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Funds’ assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

57

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Notes to the Financial Statements (Unaudited) – Continued

March 31, 2024

6.  CAPITAL SHARE TRANSACTIONS

Shares of the Funds are listed and trade on the Cboe BZX Exchange, Inc. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in blocks of 25,000 shares called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Funds is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the creation order costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Funds, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

7.  INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by the Funds for the period ended March 31, 2024, were as follows:

	U.S. Government Securities				Other Securities
	Purchases		Sales		Purchases*		Sales
Democratic Trading ETF		—		—	$	29,975,054	$	8,957,331
Republican Trading ETF		—		—		2,328,476		2,101,329

* Purchases exclude subscriptions in-kind of $30,697,566 and $6,888,919 for the Democratic Trading ETF and Republican Trading ETF, respectively.

8.  OTHER REGULATORY MATTERS

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

58

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Statement Regarding Liquidity Risk Management Program (Unaudited)

March 31, 2024

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended, Series Portfolios Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Trust Program”). As required under the Trust Program, Subversive Capital Advisor LLC (the “Adviser”), the investment adviser to the Unusual Whales Subversive Democratic Trading ETF and the Unusual Whales Subversive Republican Trading ETF (the “Funds”), each a series of the Trust, has adopted and implemented a liquidity risk management program tailored specifically to the Funds (the “Adviser Program”). The Adviser Program seeks to promote effective liquidity risk management for the Funds and to protect each Fund’s shareholders from dilution of their interests. The Board of Trustees (the “Board”) of the Trust has approved the Adviser as the administrator for the Adviser Program (the “Program Administrator”). The Program Administrator has further delegated administration of the Adviser Program to Chrissie Yim, Chief Financial Officer and Chief Operating Officer, of the Adviser. The Program Administrator is required to provide a written annual report to the Board and the Trust’s chief compliance officer regarding the adequacy and effectiveness of the Adviser Program, including the operation of each Fund’s highly liquid investment minimum, if applicable, and any material changes to the Adviser Program.

On October 25-26, 2023, the Board reviewed the Program Administrator’s written annual report for the period February 6, 2023, through May 31, 2023 (the “Report”). The Report provided an assessment of each Fund’s liquidity risk: the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Adviser Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Report noted that each Fund primarily held investments that were classified as highly liquid during the review period. The Report noted that each Fund’s portfolio is expected to continue to primarily hold highly liquid investments and the determination that the Funds be designated as a “primarily highly liquid fund” (as defined in Rule 22e-4) remains appropriate and the Funds can therefore continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a highly liquid investment minimum for each Fund and to adopt policies and procedures for responding to a highly liquid investment minimum shortfall. The Report noted that there were no breaches of a Fund’s restriction on holding illiquid investments exceeding 15% of its net assets during the review period. The Report confirmed that each Fund’s investment strategy was appropriate for an open-end management investment company. The Report also indicated that no material changes had been made to the Adviser Program during the review period.

The Program Administrator determined that each Fund is reasonably likely to be able to meet redemption requests without adversely affecting non-redeeming Fund shareholders through significant dilution. The Program Administrator concluded that the Adviser Program was adequately designed and effectively implemented during the review period.

59

UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Additional Information (Unaudited) – Continued

March 31, 2024

AVAILABILITY OF FUND PORTFOLIO INFORMATION

The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT, which is available on the SEC’s website at https://www.sec.gov/. The Funds’ Part F of Form N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Funds’ Part F of Form N-PORT is available without charge upon request by calling 1-800-617-0004.

AVAILABILITY OF PROXY VOTING INFORMATION

A description of the Funds’ Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-617-0004. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent period ended June 30, is available (1) without charge, upon request, by calling 1-800-617-0004, or on the SEC’s website at https://www.sec.gov/.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of the Funds trade on the exchange at a price about (i.e. at a premium) or below (i.e. at a discount) the NAV of the Funds are available, without charge on the Funds’ website at https://www.subversiveetfs.com/.

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UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs

Privacy Notice (Unaudited)

The Funds collect non-public information about you from the following sources:

• Information the Funds receive about you on applications or other forms;

• Information you give the Funds orally; and/or

• Information about your transactions with the Funds or others

The Funds do not disclose any non-public personal information about their customers or former customers without the customer’s authorization, except as permitted by law. The Funds may share information with affiliated and unaffiliated third parties with whom they have contracts for servicing the Funds. The Funds will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. The Funds maintain physical, electronic and procedural safeguards to guard your personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of a Fund through a financial intermediary, including, but not limited to, a broker- dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

With respect to the Funds, issues and redemptions of their shares at net asset value (“NAV”) occur only in large aggregations of a specified number of shares (e.g., 25,000) called “Creation Units.” Only Authorized Participants (“APs”) may acquire shares directly from an ETF, and only APs may tender their ETF shares for redemption directly to the ETF, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC, a clearing agency that is registered with the SEC; or (ii) a DTC participant. In addition, each AP must execute a Participant Agreement that has been agreed to by the Funds’ distributor, and that has been accepted by the Funds’ transfer agent, with respect to purchases and redemptions of Creation Units.

Because of this structure, the Funds do not have any information regarding any “consumers” as defined in Rule 3 of Regulation S-P with respect to any ETFs, and consequently is not required by Regulation S-P to deliver a notice of the Funds’ privacy policy to any ETF shareholders.

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INVESTMENT ADVISER

Subversive Capital Advisor, LLC

217 Centre Street, Suite 122

New York, NY 10013

DISTRIBUTOR

Quasar Distributors, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

CUSTODIAN

U.S. Bank N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

LEGAL COUNSEL

Kirkland & Ellis LLP

1301 Pennsylvania Avenue, N.W.

Washington, D.C. 20004

This report should be accompanied or preceded by a prospectus.

The Funds’ Statement of Additional Information contains additional information about the

Funds’ trustees and is available without charge upon request by calling 1-800-617-0004.

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for Semi-Annual Reports.

Item 3. Audit Committee Financial Expert.

Not applicable for Semi-Annual Reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for Semi-Annual Reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for Semi-Annual Reports.

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

(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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

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

(4) Change in the Registrant’s independent public accountant. There was no change in the Registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.  Furnished 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.

(Registrant)  Series Portfolios Trust

By (Signature and Title)      /s/Ryan L. Roell

Ryan L. Roell, President

Date      6/7/2024

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

By (Signature and Title)      /s/Ryan L. Roell

Ryan L. Roell, President

Date     6/7/2024

By (Signature and Title)      /s/Douglas Schafer

Douglas Schafer, Treasurer

Date     6/7/2024