# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0001145549-23-017844
**Filing Date:** 2023-3
**Character Count:** 21660
**Document Hash:** 88ea464a94be10195adb1c16842d7044
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017844.hdr.sgml**: 20230324

**ACCESSION NUMBER**: 0001145549-23-017844

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230324

**DATE AS OF CHANGE**: 20230324

**PERIOD START**: 20231031

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 23759356

**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

### Adaptiv Select ETF (Series ID: S000077998)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000238720 | Adaptiv Select ETF | ADPV            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Adaptiv Select ETF** | **Adaptiv Select ETF** | |
| **SCHEDULE OF INVESTMENTS (UNAUDITED)** | **SCHEDULE OF INVESTMENTS (UNAUDITED)** | |
| **January 31, 2023** | **January 31, 2023** | |
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **COMMON STOCKS - 93.81%** | **COMMON STOCKS - 93.81%** | |
| **Banks - 4.00%** | | |
| FNB Corp. | 85484 | $1219857 |
| **Capital Markets - 3.87%** |  |  |
| Jefferies Financial Group, Inc. | 30037 | 1179853 |
| **Construction & Engineering - 7.79%** |  |  |
| MDU Resources Group, Inc. | 38413 | 1187346 |
| WillScot Mobile Mini Holdings Corp. (a) | 24549 | 1189645 |
|  |  | 2376991 |
| **Containers & Packaging - 3.91%** |  |  |
| Graphic Packaging Holding Co. | 49470 | 1191732 |
| **Diversified Telecommunication Services - 3.93%** |  |  |
| AT&T, Inc. | 58921 | 1200221 |
| **Electric Utilities - 3.81%** |  |  |
| PG&E Corp. (a) | 73182 | 1163594 |
| **Energy Equipment & Services - 3.93%** |  |  |
| NOV, Inc. | 49080 | 1199515 |
| **Food Products - 15.63%** |  |  |
| Campbell Soup Co. | 22983 | 1193507 |
| Conagra Brands, Inc. | 32233 | 1198745 |
| General Mills, Inc. | 15083 | 1181904 |
| Lamb Weston Holdings, Inc. | 11950 | 1193686 |
|  |  | 4767842 |
| **Health Care Providers & Services - 3.89%** |  |  |
| Cardinal Health, Inc. | 15369 | 1187255 |
| **Hotels, Restaurants & Leisure - 3.86%** |  |  |
| Las Vegas Sands Corp. (a) | 19948 | 1176932 |
| **Household Durables - 3.94%** |  |  |
| Tempur Sealy International, Inc. | 29482 | 1201392 |
| **Independent Power and Renewable Electricity Producers - 3.92%** |  |  |
| AES Corp. | 43582 | 1194583 |
| **Insurance - 11.68%** |  |  |
| Arch Capital Group Ltd. (a)(b) | 18340 | 1180179 |
| Old Republic International Corp. | 45261 | 1194438 |
| Unum Group | 28276 | 1188440 |
|  |  | 3563057 |
| **Oil, Gas & Consumable Fuels - 7.67%** |  |  |
| Antero Midstream Corp. | 106955 | 1165810 |
| HF Sinclair Corp. | 20626 | 1173619 |
|  |  | 2339429 |
| **Pharmaceuticals - 3.94%** |  |  |
| Viatris, Inc. | 98853 | 1202052 |
| **Road & Rail - 3.89%** |  |  |
| Schneider National, Inc. | 44778 | 1186617 |
| **Semiconductors - 4.15%** |  |  |
| Allegro MicroSystems, Inc. (a) | 33206 | 1267473 |
| **Total Common Stocks** |  |  |
| **(Cost $28,298,450)** |  | 28618395 |
| **Real Estate Investment Trusts (REITs) - 3.85%** | **Real Estate Investment Trusts (REITs) - 3.85%** |  |
| **Equity Real Estate Investment Trusts (REITs) - 3.85%** |  |  |
| VICI Properties, Inc. | 34421 | 1176509 |
| **Total Real Estate Investment Trusts (REITs)** |  |  |
| **(Cost $1,176,810)** |  | 1176509 |
| **SHORT-TERM INVESTMENTS - 89.81%** |  |  |
| **Money Market Fund - 89.81%** |  |  |
| First American Treasury Obligations Fund, Class X, 4.24% (c)(d) | 27398816 | 27398816 |
| **Total Short-Term Investments** |  |  |
| **(Cost $27,398,816)** |  | 27398816 |
| **Total Investments** |  |  |
| **(Cost $56,874,076) - 187.47%** |  | 57193720 |
| **Other Assets In Excess Of Liabilities - (87.47)%** |  | (26686320) |
| **Net Assets - 100.00%** |  | $30507400 |

---

---

| |
|:---|
| REITs - Real Estate Investment Trusts |
| (a) Non-income producing security. |
| (b) Foreign Security. |
| (c) The rate quoted is the annualized seven-day effective yield as of January 31, 2023. |
| (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. |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

---

------

---

| |
|:---|
| Investment Valuation – |
| 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 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. |
| In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund's 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. 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 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 Client First Investment 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: |
| &nbsp;&nbsp;&nbsp; Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; 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 January 31, 2023: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments at Fair Value** | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Common Stocks | $28618395 | $- | $- | $28618395 |
| Real Estate Investment Trusts (REITs) | 1176509 | - | - | 1176509 |
| Short-Term Investments | 27398816 | - | - | 27398816 |
| Total | $57193720 | $- | $- | $57193720 |
| As of the period ended January 31, 2023, the Fund did not hold any level 3 securities, nor were there any transfers into or out of Level 3. | As of the period ended January 31, 2023, the Fund did not hold any level 3 securities, nor were there any transfers into or out of Level 3. | As of the period ended January 31, 2023, the Fund did not hold any level 3 securities, nor were there any transfers into or out of Level 3. | As of the period ended January 31, 2023, the Fund did not hold any level 3 securities, nor were there any transfers into or out of Level 3. | As of the period ended January 31, 2023, 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:** Adaptiv Select ETF

- **b. EDGAR series identifier (if any):** S000077998

- **c. LEI of Series:** 549300DF8OW8ICIUMT19

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $54479275.47

**Total Liabilities:** $26768384.07

**Net Assets:** $27710891.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238720 | 0.22%                | 0.29%                | 1.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $125.41                                    |
| Month 2  | $0.00                    | $4130.69                                   |
| Month 3  | $-2415.37                | $315387.11                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Conagra Brands Inc             | Conagra Brands Inc                       | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     29285 | NS      | $1089109.15   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co   | Graphic Packaging Holding Co             | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44938 | NS      | $1082556.42   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc       | Lamb Weston Holdings Inc                 | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     10861 | NS      | $1084905.29   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     13961 | NS      | $1078487.25   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp               | HF Sinclair Corp                         | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18745 | NS      | $1066590.50   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                      | PG&E Corp                                | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     66483 | NS      | $1057079.70   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider National Inc         | Schneider National Inc                   | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |     40675 | NS      | $1077887.50   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempur Sealy International Inc | Tempur Sealy International Inc           | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     26787 | NS      | $1091570.25   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                     | Unum Group                               | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     25691 | NS      | $1079792.73   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                   | AES Corp/The                             | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     39589 | NS      | $1085134.49   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     53520 | NS      | $1090202.40   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc       | Allegro MicroSystems Inc                 | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30170 | NS      | $1151588.90   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp          | Antero Midstream Corp                    | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97154 | NS      | $1058978.60   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell Soup Co               | Campbell Soup Co                         | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |     20882 | NS      | $1084402.26   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                    | FNB Corp/PA                              | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     77652 | NS      | $1108094.04   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  27398816 | NS      | $27398815.55  | 98.87%            |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc              | General Mills Inc                        | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     13708 | NS      | $1074158.88   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                    | Viatris Inc                              | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     89800 | NS      | $1091968.00   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc                      | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     31275 | NS      | $1068979.50   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Mobile Mini Holdings  | WillScot Mobile Mini Holdings Corp       | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     22305 | NS      | $1080900.30   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                   | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |     16668 | NS      | $1072585.80   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc  | Jefferies Financial Group Inc            | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     27287 | NS      | $1071833.36   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                     | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     18122 | NS      | $1069198.00   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group Inc                  | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34893 | NS      | $1078542.63   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV Inc                                  | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     44581 | NS      | $1089559.64   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor | Old Republic International Corp          | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     41114 | NS      | $1084998.46   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Series Portfolios Trust

**Signature:** /s/ Ryan Roell

**Name of Signer:** Series Portfolios Trust

**Title:** President