Form NPORT-P Series Portfolios Trust For: Mar 31

May 20, 2022 12:46 PM EDT

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    NPORT-P
    false
    
      
      
        
          0001650149
          XXXXXXXX
        
      
      
      
      
        S000065375
        C000211465
      
      
      
    
  
  
    
      Series Portfolios Trust
      811-23084
      0001650149
      5493008VNHP5UNYJ3713
      615 East Michigan Street
      Milwaukee
      
      53202
      414-765-6047
      Palm Valley Capital Fund
      S000065375
      54930013QQDI1K9CBM57
      2022-12-31
      2022-03-31
      N
    
    
      120651023.670000000000
      175260.600000000000
      120475763.070000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      1250.990000000000
      N
      
        
          
        
        
        
        
      
      
      
      
    
    
      
        Alamos Gold Inc
        549300TDOX73YGYXE959
        Alamos Gold Inc
        011532108
        
          
          
        
        58870.000000000000
        NS
        USD
        495685.400000000000
        0.4114399339
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Coterra Energy Inc
        FCNMH6O7VWU7LHXMK351
        Coterra Energy Inc
        127097103
        
          
          
        
        41418.000000000000
        NS
        USD
        1117043.460000000000
        0.9271935131
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Crawford & Co
        7TZZFJ2GPOGLWIKIXY82
        Crawford & Co
        224633107
        
          
          
        
        52723.000000000000
        NS
        USD
        384350.670000000000
        0.3190273796
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Crawford & Co
        7TZZFJ2GPOGLWIKIXY82
        Crawford & Co
        224633206
        
          
          
        
        481763.000000000000
        NS
        USD
        3642128.280000000000
        3.0231211550
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        EZCORP Inc
        5493003K6PG3ZQ7TUQ63
        EZCORP Inc
        302301106
        
          
          
        
        3871.000000000000
        NS
        USD
        23380.840000000000
        0.0194070902
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        First American Treasury Obliga
        N/A
        First American Treasury Obligations Fund
        31846V328
        
          
          
        
        57427387.470000000000
        NS
        USD
        57427387.470000000000
        47.6671705633
        Long
        STIV
        RF
        US
        N
        1
        
          N
          N
          N
        
      
      
        Gencor Industries Inc
        N/A
        Gencor Industries Inc
        368678108
        
          
          
        
        44052.000000000000
        NS
        USD
        452854.560000000000
        0.3758885177
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Heartland Express Inc
        5299005V45FZIQGLOG39
        Heartland Express Inc
        422347104
        
          
          
        
        43873.000000000000
        NS
        USD
        617293.110000000000
        0.5123794980
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Miller Industries Inc/TN
        549300F1O74SPUJ7UU94
        Miller Industries Inc/TN
        600551204
        
          
          
        
        13286.000000000000
        NS
        USD
        374133.760000000000
        0.3105469104
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Natural Gas Services Group Inc
        N/A
        Natural Gas Services Group Inc
        63886Q109
        
          
          
        
        135935.000000000000
        NS
        USD
        1618985.850000000000
        1.3438270145
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Osisko Gold Royalties Ltd
        549300TJZTXZMPQ6K004
        Osisko Gold Royalties Ltd
        68827L101
        
          
          
        
        81706.000000000000
        NS
        USD
        1077702.140000000000
        0.8945385466
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Preformed Line Products Co
        549300EYH53XDJID2098
        Preformed Line Products Co
        740444104
        
          
          
        
        10085.000000000000
        NS
        USD
        639590.700000000000
        0.5308874447
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Sprott Physical Gold Trust
        N/A
        Sprott Physical Gold Trust
        85207H104
        
          
          
        
        149571.000000000000
        NS
        USD
        2298906.270000000000
        1.9081898395
        Long
        EC
        RF
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Sprott Physical Silver Trust
        N/A
        Sprott Physical Silver Trust
        85207K107
        
          
          
        
        462784.000000000000
        NS
        USD
        4058615.680000000000
        3.3688233854
        Long
        EC
        RF
        CA
        N
        1
        
          N
          N
          N
        
      
      
        TREASURY BILL
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796S42
        
          
        
        30292000.000000000000
        PA
        USD
        30230822.880000000000
        25.0928669051
        Long
        DBT
        UST
        US
        N
        2
        
          2022-07-21
          Fixed
          .000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TREASURY BILL
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796U49
        
          
        
        8885000.000000000000
        PA
        USD
        8846812.890000000000
        7.3432304262
        Long
        DBT
        UST
        US
        N
        2
        
          2022-09-15
          Fixed
          .000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vidler Water Resouces Inc
        N/A
        Vidler Water Resouces Inc
        92660E107
        
          
          
        
        68754.000000000000
        NS
        USD
        1061561.760000000000
        0.8811413457
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        WH Group Ltd
        254900A4AYEDRWYSE928
        WH Group Ltd
        92890T205
        
          
          
        
        158039.000000000000
        NS
        USD
        1977858.090000000000
        1.6417062151
        Long
        EC
        CORP
        HK
        N
        1
        
          N
          N
          N
        
      
      
        Amdocs Ltd
        549300HQV672RJ7RQV66
        Amdocs Ltd
        G02602103
        
          
          
        
        46064.000000000000
        NS
        USD
        3786921.440000000000
        3.1433056272
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
    
    
      2022-04-14
      Series Portfolios Trust
      /s/ Ryan Roell
      Series Portfolios Trust
      President
    
  
  XXXX



Palm Valley Capital Fund
       
SCHEDULE OF INVESTMENTS (Unaudited)
       
March 31, 2022
       
         
   
Shares
   
Value
 
         
COMMON STOCKS - 19.98%
           
Agencies, Brokerages, and Other Insurance Related Activities - 3.33%
           
Crawford & Company, Class A
   
481,763
   
$
3,642,128
 
Crawford & Company, Class B
   
52,723
     
384,351
 
             
4,026,479
 
Agriculture, Construction, and Mining Machinery - 0.37%
               
Gencor Industries, Inc. (a)
   
44,052
     
452,855
 
                 
Computer Systems Design Services and Related Services - 3.14%
               
Amdocs Ltd.
   
46,064
     
3,786,921
 
                 
Food-Meat Products - 1.67%
               
WH Group Ltd. - ADR
   
161,539
     
2,021,661
 
                 
General Freight Trucking - 0.65%
               
Heartland Express, Inc.
   
55,365
     
778,985
 
                 
Motor Vehicle Body and Trailer Manufacturing - 0.31%
               
Miller Industries Inc.
   
13,286
     
374,134
 
                 
Oil and Gas Extraction - 0.93%
               
Coterra Energy, Inc.
   
41,418
     
1,117,043
 
                 
Precious Metals - 6.68%
               
Alamos Gold, Inc., Class A
   
58,870
     
495,685
 
Osisko Gold Royalties Ltd. (b)
   
81,706
     
1,077,702
 
Sprott Physical Gold Trust (a)(b)
   
152,871
     
2,349,627
 
Sprott Physical Silver Trust (a)(b)
   
472,784
     
4,146,316
 
             
8,069,330
 
Support Activities for Oil & Gas Operations - 1.42%
               
Natural Gas Services Group, Inc. (a)
   
143,835
     
1,713,075
 
                 
Used Merchandise Stores - 0.02%
               
EZCORP, Inc., Class A (a)
   
3,871
     
23,381
 
                 
Utility System Construction - 0.53%
               
Preformed Line Products Co.
   
10,085
     
639,591
 
                 
Water Sewage and Other Systems - 0.93%
               
Vidler Water Resouces, Inc. (a)
   
72,854
     
1,124,866
 
                 
TOTAL COMMON STOCKS
               
(Cost $22,825,129)
           
24,128,321
 
                 
   
Shares
         
SHORT TERM INVESTMENTS - 79.93%
               
Money Market Fund - 47.56%
         
First American Treasury Obligations Fund, Class X, 0.22% (c)(d)
               
Total Money Market Fund
   
57,427,387
     
57,427,387
 

   
Principal
Amount
         
U.S. Treasury Bills - 32.37%
         
Maturity Date: 7/21/2022, Yield to Maturity 0.29%
 
$
30,292,000
     
30,230,823
 
Maturity Date: 9/15/2022 , Yield to Maturity 0.90%
   
8,885,000
     
8,846,813
 
Total U.S. Treasury Bills
           
39,077,636
 
                 
Total Short-Term Investments
           
96,505,023
 
(Cost $96,524,225)
               
                 
TOTAL INVESTMENTS
               
(Cost $119,349,354) - 99.91%
           
120,633,344
 
Other Assets in Excess of Liabilities - 0.09%
           
110,229
 
Total Net Assets - 100.00%
         
$
120,743,573
 

(a)
 
Non-income producing security.
   
(b)
 
Foreign security.
   
(c)
 
The rate quoted is the annualized seven-day effective yield as of March 31, 2022.
   
(d)
 
Fair value of this security exceeds 25% of the Fund's net assets.  Additional information for this security, including financial statements, is available from the SEC's EDGAR database at www.sec.gov
   
ADR
 
American Depository Receipt
   

The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund. Equity securities, including common stocks, preferred stocks, and real estate investment trusts (“REITS”) that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter (“OTC”) market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Fixed income securities, including short-term debt instruments having a maturity less than 60 days, are valued at the evaluated mean price supplied by an approved independent third-party pricing service (“Pricing Service”). These securities are categorized in Level 2 of the fair value hierarchy.

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund’s net asset value (“NAV”) is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek profit by estimating the Fund’s NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy.
       
Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange-traded fund does not trade, then the mean between the most recent quoted bid and asked prices will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
       
Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported NAV per share. To the extent these securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy.
       
Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees (the “Board”). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. There can be no assurance that the Fund could obtain the fair value assigned to a security if they were to sell the security at approximately the time at which the Fund determines their net asset values per share. The Board has established a Valuation Committee to administer, implement, and oversee the fair valuation process, and to make fair value decisions when necessary. The Board regularly reviews reports that describe any fair value determinations and methods.
       
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
       
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
       
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
       
The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of March 31, 2022:

                           
   
Investments at Fair Value(1)
 
Level 1
   
Level 2
   
Level 3
   
Total
   
Assets
                     
   
Common Stocks
 
$
24,128,321
   
$
-
   
$
-
   
$
24,128,321
   
Short-Term Investments
   
57,427,387
     
39,077,636
     
-
     
96,505,023
        
$
81,555,708
   
$
39,077,636
   
$
-
   
$
120,633,344
                                   
(1
)
Please refer to the Schedule of Investments to view Common Stocks segregated by industry type.
                       
                                   
   
During the period ended March 31, 2022, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3.



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