RLIGX — Rareview Longevity Income Generation Fund

RLIGX Fund Overview

RLIGX — Rareview Longevity Income Generation Fund is a US mutual fund managed by Series Portfolios Trust, categorised as Emerging Markets Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Series Portfolios Trust
• Category: Emerging Markets Value Equity
• Assets under management: $18.58M
• Ticker: RLIGX
• SEC CIK: 0001650149
• SEC series ID: S000055426
• Share class ID: C000174406

RLIGX Investment Objective and Strategy

Rareview Longevity Income Generation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Series Portfolios Trust.

Investment objective

The Rareview Longevity Income Generation Fund (the Fund) seeks to generate long-term capital appreciation and income.

Principal investment strategy

The Fund is a fund of funds, meaning that under normal market conditions, the Fund will invest its assets primarily in long positions in a diversified portfolio of unaffiliated closed-end registered investment companies (closed-end funds). Under normal market conditions, the Fund will seek to achieve its investment objective by investing in closed-end funds trading at a discount or premium to their underlying asset value and that also produce income through regular payment of distributions. Closed-end funds are investment companies registered with the U.S. Securities and Exchange Commission (SEC) that issue a fixed number of shares through an initial public offering, after which shares will typically be traded on an exchange such as the New York Stock Exchange (NYSE) or the Nasdaq National Market System.

Unlike open-end investment companies, shares of closed-end funds are not redeemable with the fund on a daily basis. A share in a closed-end fund represents an investment in the underlying assets held by the closed-end fund. A closed-end funds value increases or decreases due to various factors, including but not limited to general market conditions, the markets confidence in the closed-end fund advisors ability to generate desired investment returns, and investor confidence in the closed-end funds underlying assets. The Advisor seeks to select closed-end funds for the Funds portfolio whose shares are trading at a discount or premium relative to their underlying net asset values (NAV). A closed-end funds shares that are traded on an exchange may be bought or sold at a market price that is lower or higher than the per-share value of the closed-end funds underlying assets; when this occurs, the shares are considered to be traded at a discount or premium, respectively.

The Fund may generate income in the form of capital gains when the Fund sells shares of a closed-end fund whose shares the Fund initially purchased at discount and whose NAV has subsequently moved closer to the per-share value of its underlying assets. The Fund may also receive income generated from distributions from its holdings in closed-end funds. The Advisor will use a top-down macro-focused analysis to select closed-end funds that best fit within custom asset classes created by the Advisor that seek to mimic broader investment classes. Examples of these asset classes include but are not limited to: (i) high-yield corporate bonds; (ii) investment-grade corporate fixed income securities; (iii) municipal bonds; (iv) leveraged loans; (v) aggregate fixed income securities; (vi) U.S. large capitalization equity securities; (vii) U.S.

high-yielding equity securities; (viii) non-U.S. large capitalization equity securities; and (ix) master limited partnerships (MLPs). While the Fund may at times be invested in all of these asset classes, the Funds allocation to these asset classes may vary at the Advisors discretion, and the Fund is not required to invest in all of the asset classes. The Advisor uses a quantitative approach to measuring the relative discounted value or premium of each closed-end fund within an asset class to seek the closed-end fund investments which the Advisor believes have the potential to generate the highest levels of after-tax income. The Advisors weighting of each asset class will be determined by the top-down macro models measure of relative risk levels and expected return. Through its investments in closed-end funds that hold non-U.S.

large capitalization equity securities and fixed income securities, the Fund may invest indirectly in foreign securities, including securities of issuers located in emerging markets. The Fund defines emerging markets securities as those issued by governments and companies of non-developed countries, as defined by the International Monetary Fund (IMF). While the Fund will invest primarily in closed-end funds, the Fund may invest up to 30% of its assets in exchange traded funds (ETFs) that are representative of one of the Advisors custom asset classes if, in the Advisors discretion, the ETFs will provide a better investment opportunity or liquidity for the asset class. The Fund may invest in cash and cash equivalents to offset leverage and interest rate exposure within the Funds holdings in closed-end funds.

The Advisor may sell or reduce the Funds position in a holding for a variety of reasons when appropriate and consistent with the Funds investment objectives and policies, or when the holding no longer meets the Advisors investment selection criteria. Generally, the Fund will sell or reduce its position in a closed-end investment company when its discount-to-NAV has reverted to or has moved significantly above its fair value, as determined by the Advisor. The Fund may also sell or reduce its positions when attempting to rebalance the distribution of Fund assets among asset classes in the interest of affecting the Funds relative risk levels and expected returns.

RLIGX Costs and Fees

RLIGX costs about $382 per $10,000 invested per year in fund expenses.

• Net expense ratio: 3.82%
• Gross expense ratio: 4.78%
• Portfolio turnover: 300%
• Brokerage commissions: 83.28 bps of average net assets (SEC N-CEN)

RLIGX Cashflows

Over the 12 months to 2020-07, Rareview Longevity Income Generation Fund had net inflows of $4.80M, from monthly SEC N-PORT filings.

RLIGX Debt Constituents

No individual debt constituents are reported in Rareview Longevity Income Generation Fund's latest SEC N-PORT filing.

RLIGX Prospectus and SEC Filings

Official Rareview Longevity Income Generation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-03-16
• Prospectus (485BPOS) — filed 2019-03-07
• Prospectus (485BPOS) — filed 2018-03-08
• Portfolio holdings (N-PORT) — filed 2020-09-09
• Portfolio holdings (N-PORT) — filed 2020-06-24
• Annual census (N-CEN) — filed 2020-01-13
• Annual census (N-CEN) — filed 2019-01-14

Related Funds

Other Emerging Markets Value Equity funds tracked on ABC INVEST:

• iShares Emerging Markets Dividend ETF (DVYE)
• SPDR® S&P® Emerging Markets Dividend ETF (EDIV)
• Cambria Emerging Shareholder Yield ETF (EYLD)
• Fidelity Emerging Markets Multifactor ETF (FDEM)
• VictoryShares Emerging Markets Value Momentum ETF (UEVM)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.