# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0001145549-23-006608
**Filing Date:** 2023-2
**Character Count:** 23428
**Document Hash:** d01e9a9cbd87cdc0e8f20c9e2c6cba67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-006608.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001145549-23-006608

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 23634939

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Palm Valley Capital Fund (Series ID: S000065375)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000211465 | Investor Class | PVCMX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Palm Valley Capital Fund** | **Palm Valley Capital Fund** | |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | |
| **September 30, 2022** | **September 30, 2022** | |
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **COMMON STOCKS - 23.36%** | **COMMON STOCKS - 23.36%** | |
| **Agencies, Brokerages, and Other Insurance Related Activities - 2.45%** | | |
| Crawford & Company, Class A | 718943 | $4126733 |
| Crawford & Company, Class B | 52723 | 276796 |
|  |  | 4403529 |
| **Agriculture, Construction, and Mining Machinery - 0.57%** |  |  |
| Gencor Industries, Inc. (a) | 113307 | 1020896 |
| **Clothing Stores - 0.72%** |  |  |
| Carter's, Inc. | 19838 | 1299984 |
| **Computer Systems Design Services and Related Services - 1.38%** |  |  |
| Amdocs Ltd. (b) | 31165 | 2476059 |
| **Employment Services - 1.25%** |  |  |
| Kelly Services, Inc., Class A | 132526 | 1801028 |
| ManpowerGroup, Inc. | 6939 | 448884 |
|  |  | 2249912 |
| **General Freight Trucking - 0.46%** |  |  |
| Heartland Express, Inc. | 58019 | 830252 |
| **Household and Institutional Furniture Manufacturing - 0.72%** |  |  |
| Hooker Furnishings Corporation | 96017 | 1295269 |
| **Medical Equipment and Supplies Manufacturing - 0.53%** |  |  |
| Smith & Nephew Plc - ADR | 40935 | 950511 |
| **Motor Vehicle Body and Trailer Manufacturing - 1.20%** |  |  |
| Miller Industries Inc. | 101685 | 2164874 |
| **Packaged Foods & Meats - 2.91%** |  |  |
| Lassonde Industries, Inc., Class A (b) | 22246 | 1751046 |
| Nathan's Famous, Inc. | 5802 | 369413 |
| WH Group Ltd. - ADR (a) | 248179 | 3114646 |
|  |  | 5235105 |
| **Nonmetallic Mineral Mining and Quarrying - 0.85%** |  |  |
| Oil-Dri Corporation of America | 63500 | 1536700 |
| **Precious Metals - 8.98%** |  |  |
| Alamos Gold, Inc., Class A | 328965 | 2437631 |
| Osisko Gold Royalties Ltd. (b) | 245233 | 2496472 |
| Sprott Physical Gold Trust (a)(b) | 301058 | 3853542 |
| Sprott Physical Silver Trust (a)(b) | 928660 | 6147729 |
| SSR Mining, Inc. | 82750 | 1217253 |
|  |  | 16152627 |
| **Support Activities for Oil & Gas - 1.33%** |  |  |
| Natural Gas Services Group, Inc. (a) | 238071 | 2390233 |
| **Total Common Stocks** |  |  |
| **(Cost $35,613,785)** |  | 42005951 |
|  | **<u>Shares</u>** |  |
| **SHORT-TERM INVESTMENTS - 77.23%** | **SHORT-TERM INVESTMENTS - 77.23%** |  |
| **Money Market Fund - 6.62%** |  |  |
| First American Treasury Obligations Fund, Class X, 2.87% (c) |  |  |
| **Total Money Market Fund** | 11906290 | 11906290 |
|  | **<u>Principal Amount</u>** |  |
| **U.S. Treasury Bills - 70.61%** | **U.S. Treasury Bills - 70.61%** |  |
| Maturity Date: 10/20/2022, Yield to Maturity 1.27% | $20494000 | 20447096 |
| Maturity Date: 11/3/2022, Yield to Maturity 1.43% | 36211000 | 35846029 |
| Maturity Date: 12/1/2022, Yield to Maturity 1.66% | 23765000 | 23400269 |
| Maturity Date: 1/5/2023, Yield to Maturity 2.56% | 20000000 | 19831035 |
| Maturity Date: 1/19/2023, Yield to Maturity 2.97% | 13775000 | 13709474 |
| Maturity Date: 3/2/2023, Yield to Maturity 3.49% | 13720000 | 13703487 |
| **Total U.S. Treasury Bills** |  | 126937390 |
| **Total Short-Term Inestments** |  | 138843680 |
| **(Cost $150,537,049)** |  |  |
| **Total Investments** |  |  |
| **(Cost $186,150,834) - 100.59%** |  | 180849631 |
| **Liabilities in Excess of Other Assets - (0.59)%** |  | (1063570) |
| **Total Net Assets - 100.00%** |  | $179786061 |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Foreign security. |
| (c) | The rate quoted is the annualized seven-day effective yield as of September 30, 2022. |
| 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<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and the Nasdaq Capital Market<sup>®</sup> 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. |
| The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Palm Valley Capital Management LLC (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 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 September 30, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments at Fair Value<sup>(1)</sup>**<br>| Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Common Stocks<sup>(1)</sup> | $42005951 | $- | $- | $42005951 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market | 11906290 | - | - | 11906290 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | - | 126937390 | - | 126937390 |
|  | $53912241 | $126937390 | $- | $180849631 |
| <sup>(1)</sup> Please refer to the Schedule of Investments to view Common Stocks segregated by industry type. | <sup>(1)</sup> Please refer to the Schedule of Investments to view Common Stocks segregated by industry type. |  |  |  |
| During the period ended September 30, 2022, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. | During the period ended September 30, 2022, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. | During the period ended September 30, 2022, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. | During the period ended September 30, 2022, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Series Portfolios Trust

- **b. Investment Company Act file number:** 811-23084

- **c. CIK number of Registrant:** 0001650149

- **d. LEI of Registrant:** 5493008VNHP5UNYJ3713

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-765-6047

**Item A.2. Information about the Series.**

- **a. Name of Series:** Palm Valley Capital Fund

- **b. EDGAR series identifier (if any):** S000065375

- **c. LEI of Series:** 54930013QQDI1K9CBM57

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $180074082.72

**Total Liabilities:** $269106.77

**Net Assets:** $179804975.95

**Cash Not Reported:** $82485.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000211465 | 0.25%                | -1.24%               | -0.84%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26246.20                | $541111.23                                 |
| Month 2  | $639240.18               | $-3008558.80                               |
| Month 3  | $-1566.17                | $-1725071.90                               |

### Schedule of Portfolio Investments

| Name                           | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alamos Gold Inc                | Alamos Gold Inc                          | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    328965 | NS      | $2437630.65   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                   | Carter's Inc                             | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     19838 | NS      | $1299984.14   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co                  | Crawford & Co                            | CUSIP: 224633107<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     52723 | NS      | $276795.75    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co                  | Crawford & Co                            | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |    718943 | NS      | $4126732.82   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Lassonde Industries Inc        | Lassonde Industries Inc                  | CUSIP: 517907101<br>LEI: 549300U3Y8OW3GQ0VE25 | Long             | EC               | CORP              | CA        |     22246 | NS      | $1751046.14   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  11823804 | NS      | $11823804.09  | 6.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Gencor Industries Inc          | Gencor Industries Inc                    | CUSIP: 368678108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113307 | NS      | $1020896.07   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc          | Heartland Express Inc                    | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |     58019 | NS      | $830251.89    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp        | Hooker Furnishings Corp                  | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96017 | NS      | $1295269.33   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Kelly Services Inc             | Kelly Services Inc                       | CUSIP: 488152208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111140 | NS      | $1510392.60   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc              | ManpowerGroup Inc                        | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |      6939 | NS      | $448883.91    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN       | Miller Industries Inc/TN                 | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |    101685 | NS      | $2164873.65   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc            | Nathan's Famous Inc                      | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      5802 | NS      | $369413.34    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Gas Services Group Inc | Natural Gas Services Group Inc           | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    238071 | NS      | $2390232.84   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America        | Oil-Dri Corp of America                  | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |     62758 | NS      | $1518743.60   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Osisko Gold Royalties Ltd      | Osisko Gold Royalties Ltd                | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    245233 | NS      | $2496471.94   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining Inc                           | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     82750 | NS      | $1217252.50   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                       | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     40935 | NS      | $950510.70    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Gold Trust     | Sprott Physical Gold Trust               | CUSIP: 85207H104<br>LEI: N/A                  | Long             | EC               | RF                | CA        |    234908 | NS      | $3006822.40   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Silver Trust   | Sprott Physical Silver Trust             | CUSIP: 85207K107<br>LEI: N/A                  | Long             | EC               | RF                | CA        |    928660 | NS      | $6147729.20   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796N96<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20494000 | PA      | $20447095.59  | 11.37%            | 2022-11-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796P94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13775000 | PA      | $13709473.98  | 7.62%             | 2022-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796V63<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13720000 | PA      | $13703486.88  | 7.62%             | 2022-10-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796X95<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19831035.00  | 11.03%            | 2023-01-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796XS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  36211000 | PA      | $35846029.33  | 19.94%            | 2023-01-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796YB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23765000 | PA      | $23400269.04  | 13.01%            | 2023-03-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                             | CUSIP: 92890T205<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | HK        |    248179 | NS      | $3114646.45   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                               | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |     31165 | NS      | $2476059.25   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-10-31

**Name of Applicant:** Series Portfolios Trust

**Signature:** /s/ Ryan Roell

**Name of Signer:** Series Portfolios Trust

**Title:** President