N-Q 1 spt-rareview_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS

As filed with the Securities and Exchange Commission on September 11, 2017




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
 INVESTMENT COMPANY


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)


John Hedrick,  President
Series Portfolios Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 5th Fl
Milwaukee, WI 53202
(Name and address of agent for service)


Registrant's telephone number, including area code: (414) 765-6047



Date of fiscal year end: October 31, 2017

Date of reporting period:  July 31, 2017


 
Item 1. Schedule of Investments.
 
Rareview Longevity Income Generation Fund
 
SCHEDULE OF INVESTMENTS
 
July 31, 2017 (Unaudited)
 
   
   
Shares
   
Value
 
CLOSED-END FUNDS - 92.24%
       
Aberdeen Asia-Pacific Income Fund, Inc.
   
107,119
   
$
554,876
 
Alpine Global Premier Properties Fund
   
54,842
     
355,925
 
BlackRock California Municipal Income Trust
   
14,587
     
214,575
 
BlackRock Corporate High Yield Fund, Inc.
   
5,135
     
58,231
 
BlackRock Credit Allocation Income Trust
   
11,832
     
159,614
 
BlackRock Debt Strategies Fund, Inc.
   
5,820
     
68,443
 
BlackRock Energy and Resources Trust
   
14,226
     
188,352
 
BlackRock Enhanced International Dividend Trust
   
20,194
     
129,847
 
BlackRock MuniYield New York Quality Fund, Inc.
   
9,776
     
129,630
 
Blackstone/GSO Long-Short Credit Income Fund
   
4,437
     
71,791
 
CBRE Clarion Global Real Estate Income Fund
   
70,320
     
552,715
 
Clough Global Opportunities Fund
   
6,918
     
77,412
 
Cohen & Steers Total Return Realty Fund, Inc.
   
20,119
     
255,914
 
DoubleLine Opportunistic Credit Fund
   
4,211
     
103,885
 
First Trust Senior Floating Rate Income Fund II
   
8,760
     
118,523
 
Flaherty & Crumrine Total Return Fund, Inc.
   
6,042
     
130,084
 
India Fund, Inc.
   
3,541
     
101,166
 
ING Asia Pacific High Dividend Equity Income Fund
   
11,224
     
120,097
 
Invesco Value Municipal Income Trust
   
31,011
     
476,019
 
John Hancock Preferred Income Fund III
   
6,048
     
116,363
 
Kayne Anderson MLP Investment Company (a)
   
4,255
     
79,781
 
The Mexico Fund, Inc.
   
5,567
     
98,759
 
MFS Intermediate Income Trust
   
31,497
     
135,437
 
Morgan Stanley China A Share Fund
   
4,450
     
99,146
 
Neuberger Berman MLP Income Fund, Inc.
   
11,070
     
109,593
 
Neuberger Berman Real Estate Securities Income Fund, Inc.
   
30,785
     
168,702
 
Nuveen AMT-Free Quality Municipal Income Fund
   
64,412
     
900,480
 
Nuveen Credit Strategies Income Fund
   
16,408
     
142,585
 
Nuveen Enhanced Municipal Value Fund
   
16,439
     
241,325
 
Nuveen High Income 2020 Target Term Fund
   
8,392
     
85,179
 
Nuveen Preferred Securities Income Fund
   
20,459
     
210,728
 
Pioneer Diversified High Income Trust
   
3,177
     
52,611
 
Pioneer High Income Trust
   
18,338
     
183,563
 
Pioneer Municipal High Income Advantage Trust
   
8,906
     
103,577
 
Pioneer Municipal High Income Trust
   
13,963
     
168,813
 
Source Capital, Inc.
   
1,853
     
73,249
 
Tekla Healthcare Opportunities Fund
   
8,201
     
151,718
 
Voya Prime Rate Trust
   
13,246
     
70,734
 
Wells Fargo Multi-Sector Income Fund
   
19,068
     
259,134
 
Western Asset Emerging Markets Debt Fund, Inc.
   
33,522
     
523,949
 
TOTAL CLOSED-END FUNDS (Cost $7,662,780)
           
7,842,525
 
                 
   
Contracts (c)
         
PURCHASED CALL OPTIONS - 0.11%
         
iShares MSCI EAFE ETF
               
Expiration: August 2017, Exercise Price: $68.00
   
520
     
3,900
 
iShares Russell 2000 ETF
               
Expiration: September 2017, Exercise Price: $147.00
   
100
     
5,550
 
TOTAL PURCHASED CALL OPTIONS
           
9,450
 
                 
PURCHASED PUT OPTIONS - 0.02%
         
SPDR S&P 500 ETF Trust
               
Expiration: October 2017, Exercise Price: $220.00
   
23
     
1,691
 
TOTAL PURCHASED PUT OPTIONS
           
1,691
 
TOTAL PURCHASED OPTIONS (Cost $34,512)
           
11,141
 
 

   
Shares
         
SHORT-TERM INVESTMENTS - 7.42%
         
Fidelity Institutional Government Portfolio, Institutional Share Class, 0.87% (b)
   
631,035
     
631,035
 
TOTAL SHORT-TERM INVESTMENTS
               
(Cost $631,035)
           
631,035
 
TOTAL NET INVESTMENTS
               
(Cost $8,328,327) - 99.79%
           
8,484,701
 
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.21%
           
17,721
 
TOTAL NET ASSETS - 100.00%
         
$
8,502,422
 
ETF -
   
Exchange-Traded Fund
 
     
MLP -
 
Master Limited Partnership
       
(a)
 
Non-income producing security.
       
(b)
 
The rate quoted is the annualized seven-day yield as of July 31, 2017.
       
(c)
 
100 shares per contract.
       
   
The cost basis of investments for federal income tax purposes at July 31, 2017 was as follows+:
       
   
Cost of investments
   
$
8,328,327
 
   
Gross unrealized appreciation
     
195,178
 
   
Gross unrealized depreciation
     
(38,804
)
   
Net unrealized appreciation
   
$
156,374
 
 
 
+Because tax adjustments are calculated annually at the end of the Rareview Longevity Income Generation Fund's (the "Fund") fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
 
 
Valuation of Investments
 
 
 
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 and real estate investment trust ("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 the 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 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.
 
         
 
Exchange traded funds, including 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 net asset value.

Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is principally traded. If the composite mean price is not available, models such as Black-Scholes can be used to value the options. On the last trading day prior to expiration, expiring options may be priced at intrinsic value. These securities are categorized in Level 2 of the fair value hierarchy.
 
         
 
All other assets of the Fund are valued in such manner as the Board of Trustees, in good faith, deems appropriate to reflect their fair value.
 
         
 
The Fund has adopted authoritative fair value accounting standards which established 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 is a summary of the inputs used to value the Fund's securities by level within the fair value hierarchy as of July 31, 2017:
 
 
Investments at Fair Value
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Closed-End Funds
 
$
7,842,525
   
$
-
   
$
-
   
$
7,842,525
 
Purchased Call Options
   
-
     
9,450
     
-
     
9,450
 
Purchased Put Options
   
-
     
1,691
     
-
     
1,691
 
Short-Term Investments
   
631,035
     
-
     
-
     
631,035
 
Total Investments
 
$
8,473,560
   
$
11,141
   
$
-
   
$
8,484,701
 
 
 
The Fund did not have any Level 3 investments during the period.  It is the Fund's policy to record transfers at the end of the reporting period.  For the period ended July 31, 2017, there were no transfers between levels.
 
         
 
Disclosures about Derivative Instruments and Hedging Activities at July 31, 2017.
     
         
 
The Fund has adopted authoritative standards regarding disclosure about derivatives and hedging activities. Fair values of derivative instruments as of July 31, 2017 are as follows:
 

   
Asset Derivatives
   
Liability Derivatives
 
Derivatives
 
Description
 
Fair Value
   
Description
   
Fair Value
 
Equity Contracts:
                     
   Purchased Option Contracts
 
 Schedule of Investments
 
$
11,141
     
N/A
   
$
-
 
Total
     
$
11,141
           
$
-
 
 

Item 2. Controls and Procedures.
 
(a)
The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are filed herewith.
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  Series Portfolios Trust                                            
 

By (Signature and Title    /s/ John Hedrick                                 
John Hedrick, President

Date      9/7/2017                                                                              


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/ John Hedrick                              
  John Hedrick, President
 
Date      9/7/2017                                                                              

 
By (Signature and Title)*   /s/ David Cox                                    
  David Cox, Treasurer

Date      9/7/2017                                                                              
 
* Print the name and title of each signing officer under his or her signature.