SEVEN CANYONS STRATEGIC INCOME FUND

PORTFOLIO OF INVESTMENTS 

December 31, 2020 (Unaudited)

			Value
	Shares		(Note 2)
COMMON STOCKS (92.35%)
Aerospace & Defense (1.68%)
Avon Rubber PLC		11,700	$	506,393
Airlines (4.33%)
Controladora Vuela Cia de Aviacion SAB de CV, ADR(a)		104,854		1,302,287
Alternative Carriers (5.20%)
Gamma Communications PLC		32,500		731,101
KINX, Inc.		4,000		264,384
MNF Group, Ltd.		72,828		246,484
V-Cube, Inc.		11,000		322,261
Total Alternative Carriers				1,564,230
Application Software (5.93%)
Atled Corp.		13,300		330,906
Ezwel Co., Ltd.		59,000		589,294
Kaonavi, Inc.(a)		5,000		218,876
Lime Technologies AB		6,000		297,170
Rakus Co., Ltd.		15,000		347,489
Total Application Software				1,783,735
Asset Management & Custody Banks (2.16%)
Fidus Investment Corp.		49,658		650,520
Solar Senior Capital, Ltd.		3		43
Total Asset Management & Custody Banks				650,563
Coal & Consumable Fuels (2.33%)
NAC Kazatomprom JSC, GDR(b)		39,000		702,000
Consumer Finance (10.37%)
Arman Financial Services, Ltd.(a)		66,501		672,450
Arrow Global Group PLC(a)		756,000		2,114,187
Kaspi.KZ JSC, GDR(a)(b)		5,000		335,500
Total Consumer Finance				3,122,137
Data Processing & Outsourced Services (5.20%)
iEnergizer, Ltd.		351,000		1,564,779
Distillers & Vintners (3.00%)
Radico Khaitan, Ltd.		144,000		901,238
Distributors (1.13%)
Sirca Paints India, Ltd.(b)(c)		85,000		341,373
Diversified Banks (2.38%)
HDFC Bank, Ltd., ADR(a)		4,000		289,040

			Value
	Shares		(Note 2)
Diversified Banks (continued)
TCS Group Holding PLC, GDR(b)		13,000	$	427,700
Total Diversified Banks				716,740
Diversified REITs (1.70%)
Star Asia Capital Corp.(a)(c)(d)(e)(f)(g)		355,714		512,228
Electrical Components & Equipment (1.25%)
Voltronic Power Technology Corp.		9,450		376,682
Electronic Equipment & Instruments (2.86%)
Basler AG		4,000		351,833
Test Research, Inc.		100,000		205,708
Vigo System SA(a)		2,000		302,487
Total Electronic Equipment & Instruments				860,028
Environmental & Facilities Services (0.41%)
Mo-BRUK SA		2,000		123,136
Fertilizers & Agricultural Chemicals (0.67%)
Kilpest India, Ltd.		41,718		201,774
Financial Exchanges & Data (1.58%)
OTC Markets Group, Inc., Class A		14,000		476,000
Health Care Equipment (2.06%)
Revenio Group Oyj		10,111		621,307
Health Care Services (0.58%)
Metropolis Healthcare, Ltd.(b)(c)		6,500		174,475
Health Care Supplies (1.05%)
Tristel PLC		44,000		317,097
Integrated Telecommunication Services (3.91%)
Helios Towers PLC(a)		357,000		746,943
Sarana Menara Nusantara Tbk PT		6,285,000		429,438
Total Integrated Telecommunication Services				1,176,381
Internet & Direct Marketing Retail (1.94%)
Danawa Co., Ltd.		11,000		311,378
momo.com, Inc.		12,000		272,048
Total Internet & Direct Marketing Retail				583,426
Mortgage REITs (1.39%)
Great Ajax Corp.		40,000		418,400
Oil & Gas Storage & Transportation (0.57%)
Golar LNG Partners LP		66,000		170,280
Packaged Foods & Meats (1.07%)
Manorama Industries, Ltd.(a)		37,950		320,511

			Value
	Shares		(Note 2)
Pharmaceuticals (1.31%)
Granules India, Ltd.		81,861	$	394,530
Property & Casualty Insurance (1.89%)
Qualitas Controladora SAB de CV		106,000		569,378
Publishing (7.19%)
Future PLC		91,000		2,162,815
Regional Banks (2.44%)
AU Small Finance Bank, Ltd.(a)(b)(c)		62,900		733,959
Research & Consulting Services (0.98%)
Sporton International, Inc.		31,000		295,679
Restaurants (0.96%)
Sarimelati Kencana PT(b)		5,007,000		288,660
Semiconductor Equipment (1.76%)
Tokai Carbon Korea Co., Ltd.		4,600		530,590
Specialized Finance (6.24%)
Burford Capital, Ltd.(a)		193,000		1,876,528
Specialized REITs (1.09%)
Stor-Age Property REIT, Ltd.		356,000		328,261
Technology Hardware, Storage & Peripherals (1.14%)
Advantech Co., Ltd.		27,496		342,501
Thrifts & Mortgage Finance (2.60%)
Aavas Financiers, Ltd.(a)		33,712		782,296
TOTAL COMMON STOCKS
(Cost $20,373,887)				27,792,397
WARRANTS (0.05%)
Packaged Foods & Meats  (0.05%)
Guan Chong Bhd, Strike Price $1.65, Expires 11/04/2022		53,666		16,010
TOTAL WARRANTS
(Cost $0)				16,010

	7 Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENT (7.06%)
State Street Institutional US Government Money Market Fund		0.010	%		2,124,586		2,124,586
							2,124,586
TOTAL SHORT TERM INVESTMENT
(Cost $2,124,586)							2,124,586
TOTAL INVESTMENTS (99.46%)
(Cost $22,498,473)						$	29,932,993
OTHER ASSETS IN EXCESS OF LIABILITIES (0.54%)							162,268
NET ASSETS (100.00%)						$	30,095,261

(a)	Non-income producing security.
(b)	Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration.  Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of December 31, 2020, the fair value of those securities was $3,003,666 representing 9.98% of net assets.
(c)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of December 31, 2020 the fair value of securities restricted under Rule 144A in the aggregate was $1,762,035, representing 5.85% of net assets.
(d)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.  Additional information on Level 3 assets can be found in Note 2.  Significant Accounting Policies in the Notes to Financial Statements section.
(e)	Security deemed to be restricted as of December 31, 2020. As of December 31, 2020, the fair value of restricted securities in the aggregate was $512,228, representing 1.70% of the Fund’s net assets. Additional information on restricted securities can be found in Note 2.
(f)	Fair valued security under the procedures approved by the Fund’s Board of Trustees.
(g)	Security deemed to be illiquid under the procedures approved by the Fund’s Board of Trustees. As of December 31, 2020, the fair value of illiquid securities in the aggregate was $512,228, representing 1.70% of the Fund’s net assets.

At December 31, 2020, Seven Canyons Strategic Income Fund's investments, excluding short-term investments, were in the following countries:
Country	% of Total Market Value
Australia	0.9
Cyprus	1.5
Finland	2.2
Germany	1.3
Great Britain	24.3
Guernsey	12.4
India	17.3
Indonesia	2.6
Japan	4.4
Kazakhstan	3.7
Malaysia	0.1
Mexico	6.7
Poland	1.5
South Africa	1.2
South Korea	6.1
Sweden	1.1
Taiwan	5.4
United States	7.3
	100.0

SEVEN CANYONS WORLD INNOVATORS FUND

PORTFOLIO OF INVESTMENTS

December 31, 2020 (Unaudited)

			Value
	Shares		(Note 2)
COMMON STOCKS (93.46%)
Aerospace & Defense (1.74%)
Avon Rubber PLC		110,000	$	4,760,961
Airlines (3.30%)
Controladora Vuela Cia de Aviacion SAB de CV, ADR(a)		725,000		9,004,500
Alternative Carriers (10.58%)
Gamma Communications PLC		500,000		11,247,710
KINX, Inc.		60,000		3,965,755
MNF Group, Ltd.		1,521,024		5,147,865
NFON AG(a)(g)		120,000		2,660,738
V-Cube, Inc.		200,000		5,859,280
Total Alternative Carriers				28,881,348
Application Software (15.88%)
24sevenoffice Scandinavia AB(a)		443,010		2,799,908
Atled Corp.		40,000		995,206
Elmo Software, Ltd.(a)		600,000		2,983,579
Freee KK(a)		15,000		1,467,241
GK Software SE(a)		25,000		3,054,107
Kaonavi, Inc.(a)		30,000		1,313,254
Lime Technologies AB		90,000		4,457,557
MelodyVR Group PLC(a)		40,676,306		2,155,467
Money Forward, Inc.(a)		40,000		1,904,024
Nearmap, Ltd.(a)		1,500,000		2,567,265
Nitro Software, Ltd.(a)		1,000,000		2,467,042
Oxford Metrics PLC		2,000,000		2,584,580
ProntoForms Corp.(a)(g)		4,000,000		3,111,006
Rakus Co., Ltd.		60,000		1,389,957
Readcloud, Ltd.(a)		2,000,000		1,063,912
Skyfii, Ltd.(a)		6,000,000		902,012
Smaregi, Inc.(a)		100,000		5,365,358
Whispir, Ltd.(a)		1,000,000		2,775,422
Total Application Software				43,356,897
Applications Software (0.64%)
Skitude Holding AS(a)(g)		1,983,425		1,734,926
Auto Parts & Equipment (0.32%)
AB Dynamics PLC		30,000		865,629

			Value
	Shares		(Note 2)
Biotechnology (1.55%)
Abcam PLC		200,000	$	4,239,258
Distillers & Vintners (1.15%)
Radico Khaitan, Ltd.		500,000		3,129,298
Distributors (0.31%)
Sirca Paints India, Ltd.(b)(c)		211,401		849,018
Diversified Banks (1.16%)
TCS Group Holding PLC, GDR(c)		96,000		3,158,400
Diversified Support Services (1.21%)
Johnson Service Group PLC(a)		500,000		957,252
K-Bro Linen, Inc.		3,600		110,214
Prestige International, Inc.		252,000		2,225,791
Total Diversified Support Services				3,293,257
Drug Retail (1.59%)
Kusuri no Aoki Holdings Co., Ltd.		50,000		4,353,300
Electronic Equipment & Instruments (6.20%)
Autonomous Control Systems Laboratory, Ltd.(a)		100,000		3,215,341
Basler AG		77,930		6,854,588
Catapult Group International, Ltd.(a)		1,500,000		2,145,170
Eroad, Ltd.(a)		800,000		2,898,774
Seeing Machines, Ltd.(a)		19,352,000		1,826,010
Total Electronic Equipment & Instruments				16,939,883
Food Retail (5.77%)
Naked Wines PLC(a)		1,722,000		15,753,877
General Merchandise Stores (1.34%)
Seria Co., Ltd.		100,000		3,670,524
Health Care Equipment (4.28%)
Atomo Diagnostics, Ltd.(a)		6,000,000		1,410,840
Ray Co. Ltd/KR(a)		19,000		932,247
Revenio Group Oyj		115,269		7,083,121
Surgical Science Sweden AB(a)		200,000		2,272,838
Total Health Care Equipment				11,699,046
Health Care Facilities (0.93%)
Japan Animal Referral Medical Center Co., Ltd.(a)		120,000		2,532,371
Health Care Services (0.69%)
Metropolis Healthcare, Ltd.(b)(c)		70,000		1,878,961

			Value
	Shares		(Note 2)
Health Care Supplies (1.58%)
Advanced Medical Solutions Group PLC		324,083	$	1,076,938
Tristel PLC		450,000		3,243,033
Total Health Care Supplies				4,319,971
Health Care Technology (1.53%)
MedPeer, Inc.(a)		40,000		3,161,106
Mentice AB(a)		100,000		1,014,877
Total Health Care Technology				4,175,983
Homefurnishing Retail (2.01%)
Maisons du Monde SA(a)(b)		300,000		5,479,067
Industrial Machinery (3.81%)
va-Q-tec AG(a)(c)		275,543		10,401,406
Internet & Direct Marketing Retail (14.05%)
AO World PLC(a)		2,500,000		14,051,090
Home24 SE(a)		220,000		6,020,255
Kogan.com, Ltd.		100,644		1,474,239
Marley Spoon AG(a)		1,500,000		3,122,350
momo.com, Inc.		150,000		3,400,598
Oisix ra daichi, Inc.(a)		140,000		4,237,083
Temple & Webster Group, Ltd.(a)		340,000		2,901,704
Trainline PLC(a)(b)		496,000		3,147,225
Total Internet & Direct Marketing Retail				38,354,544
Investment Banking & Brokerage (2.29%)
AJ Bell PLC		500,000		2,964,062
JDC Group AG(a)(g)		300,000		3,291,105
Total Investment Banking & Brokerage				6,255,167
IT Consulting & Other Services (1.52%)
TechMatrix Corp.		200,000		4,158,636
Life Sciences Tools & Services (1.12%)
Genetic Signatures, Ltd.(a)		1,100,000		1,704,572
Genovis AB(a)		356,363		1,364,363
Total Life Sciences Tools & Services				3,068,935
Movies & Entertainment (0.93%)
Thunderbird Entertainment Group, Inc.(a)		1,011,800		2,543,609
Multi-line Insurance (0.37%)
DFV Deutsche Familienversicherung AG(a)		35,762		1,000,464
Pharmaceuticals (0.15%)
Ouro Fino Saude Animal Participacoes SA		60,000		421,624

			Value
	Shares		(Note 2)
Restaurants (0.77%)
Silver Life Co., Ltd.(a)		100,000	$	2,093,845
Security & Alarm Services (2.00%)
Blackline Safety Corp.(a)(g)		922,100		5,469,287
Soft Drinks (1.91%)
Fevertree Drinks PLC		151,000		5,218,076
Specialized REITs (0.78%)
Safestore Holdings PLC		200,000		2,133,304
TOTAL COMMON STOCKS
(Cost $171,583,987)				255,195,372
LIMITED PARTNERSHIP INTEREST (0.00%)
Other Diversified Financial Services (–%)(d)
Greenspring Global Partners II LP(a)(e)(f)(g)		1		19,574
TOTAL LIMITED PARTNERSHIP INTEREST
(Cost $494,387)				19,574

	7 Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENT (7.28%)
State Street Institutional US Government Money Market Fund		0.010	%		19,872,634		19,872,634
							19,872,634
TOTAL SHORT TERM INVESTMENT
(Cost $19,872,634)							19,872,634
TOTAL INVESTMENTS (100.74%)
(Cost $191,951,008)						$	275,087,580
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.74%)							(2,026,555	)
NET ASSETS (100.00%)						$	273,061,025

(a)	Non-income producing security.
(b)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of December 31, 2020 the fair value of securities restricted under Rule 144A in the aggregate was $11,354,271, representing 4.16% of net assets.
(c)	Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration.  Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of December 31, 2020, the fair value of those securities was $25,914,541 representing 9.49% of net assets.
(d)	Less than .005%.

(e)	Security deemed to be restricted as of December 31, 2020. As of December 31, 2020, the fair value of restricted securities in the aggregate was $19,574, representing 0.01% of the Fund’s net assets. Additional information on restricted securities can be found in Note 2.
(f)	Fair valued security under the procedures approved by the Fund’s Board of Trustees.
(g)	Security deemed to be illiquid under the procedures approved by the Fund’s Board of Trustees. As of December 31, 2020, the fair value of illiquid securities in the aggregate was $16,286,636, representing 5.96% of the Fund’s net assets.

At December 31, 2020, Seven Canyons World Innovators Fund's investments, excluding short-term investments, were in the following countries:
Country	% of Total Market Value
Australia	11.5
Brazil	0.2
Canada	4.4
Cyprus	1.2
Finland	2.8
France	2.1
Germany	14.3
Great Britain	29.2
India	2.3
Japan	18.8
Mexico	3.5
New Zealand	1.1
Norway	1.8
South Korea	1.9
Sweden	3.6
Taiwan	1.3
	100.0

Notes to Quarterly Portfolio of Investments
December 31, 2020 (Unaudited)

1. ORGANIZATION

ALPS Series Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of multiple separate portfolios or series. This quarterly report describes the Seven Canyons Strategic Income Fund (the “Strategic Income Fund”) and Seven Canyons World Innovators Fund (the “World Innovators Fund”)(each individually a “Fund” or collectively “Funds”). The Strategic Income Fund’s primary investment objective is to capture current income with a secondary objective of long-term growth of capital and World Innovators Fund’s primary investment objective is long-term growth of capital. The Funds are each classified as diversified under the 1940 Act. The Strategic Income Fund currently offers Investor Class shares and the World Innovators Fund currently offers Investor Class and Institutional Class shares. Each share class has identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. The Board of Trustees (the “Board”) may establish additional funds and classes of shares at any time in the future without shareholder approval.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for investment companies (“U.S. GAAP”). Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by each Fund in preparation of its financial statements.

Investment Valuation: Each Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading.

For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day.

Equity securities that are primarily traded on foreign securities exchanges are valued at the last sale price or closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board. The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of a Fund’s portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. The Funds’ valuation procedures set forth certain triggers which instruct when to use the fair valuation model. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of valuation time, as provided by an independent pricing service approved by the Board.

Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value (“NAV”), with the exception of exchange-traded open-end investment companies, which are priced as equity securities.

When such prices or quotations are not available, or when the Fair Value Committee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Fair Value Measurements: 

The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds’ investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1	–	Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
Level 2	–	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly); and
Level 3	–	Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2020:

SEVEN CANYONS STRATEGIC INCOME FUND

Investments in Securities at Value*	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks
Diversified REITs	$	–	$	–	$	512,228	$	512,228
Other		27,280,169		–		–		27,280,169
Warrants		16,010		–		–		16,010
Short Term Investment		2,124,586		–		–		2,124,586
Total	$	29,420,765	$	–	$	512,228	$	29,932,993

SEVEN CANYONS WORLD INNOVATORS FUND

Investments in Securities at Value*	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	255,195,372	$	–	$	–	$	255,195,372
Limited Partnership Interest(a)		–		–		–		19,574
Short Term Investment		19,872,634		–		–		19,872,634
Total	$	275,068,006	$	–	$	–	$	275,087,580

*	For a detailed Industry breakdown, see the accompanying Portfolio of Investments.
(a)	Certain investments measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value levels. The fair value amounts presented in the table are intended to permit reconciliation to the amounts presented in the Portfolio of Investments.

Fund	Fair Value at 12/31/2020		Unfunded Commitments		Redemption Frequency (if currently eligible)		Redemption Notice Period
Seven Canyons World Innovators Fund
Limited Partnership Interest(a)	$	19,574	$	–		–		–

^(a) The fair value of this limited partnership interest has been estimated using the net asset value of the Fund’s Limited Partner Capital Account. This limited partnership interest can never be redeemed. Distributions from the limited partnership will be received as the underlying investments are liquidated. It is estimated that the underlying assets of the limited partnership will be liquidated over the next one to five years. The final purchase commitment was made on March 31, 2017 for Greenspring Global Partners II-B, L.P.

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

Seven Canyons Strategic Income Fund	Common Stocks			Total
Balance as of September 30, 2020	$	531,437		$	531,437
Change in Unrealized Appreciation/(Depreciation)		(19,209	)		(19,209	)
Purchases		-			-
Sales Proceeds		-			-
Transfer into Level 3		-			-
Transfer out of Level 3		-			-
Balance as of December 31, 2020	$	512,228		$	512,228
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at December 31, 2020	$	(19,209	)	$	(19,209	)

Quantitative information about Level 3 measurements as of December 31, 2020:

Seven Canyons Strategic Income Fund

Asset Class	Fair Value		Valuation Technique(s)	Unobservable Input(s)(a)	Value/Range
Common Stock	$	512,228	Net Asset Value less Liquidity Discount	Liquidity Discount		30%

(a) A change to the unobservable input may result in a significant change to the value of the investment as follows: A change to a multiple may affect the fair value of an investment. Generally, a decrease in this multiple will result in a decrease in the fair value of the investment. For Liquidity Discount, a decrease in the multiple will result in an increase in fair value of the investment.

Cash & Cash Equivalents: The Funds consider their investment in a Federal Deposit Insurance Corporation (“FDIC”) insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Funds maintain cash balances, which, at times may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

Concentration of Credit Risk: Each Fund places its cash with a banking institution, which is insured by the FDIC. The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Funds do not believe that such deposits are subject to any unusual risk associated with investment activities.

Trust Expenses: Some expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed to a fund are apportioned among all funds in the Trust based on average net assets of each fund, including Trustees’ fees and expenses.

Fund Expenses: Some expenses can be directly attributed to a Fund and are apportioned among the classes based on average net assets of each class.

Class Expenses: Expenses that are specific to a class of shares are charged directly to that share class.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis for financial reporting purposes). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective interest method. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to the Funds. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations. All of the realized and unrealized gains and losses and net investment income are allocated daily to each class in proportion to its average daily net assets.

Foreign Securities: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible re-evaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Currency Translation: Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

Foreign Exchange Transactions: The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service. The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Distributions to Shareholders: The Funds normally pay dividends, if any, quarterly, and distribute capital gains, if any, on an annual basis. Income dividend distributions are derived from interest and other income a Fund receives from its investments, including short term capital gains. Long term capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than one year. The Funds may make additional distributions and dividends at other times if its investment advisor has determined that doing so may be necessary for the Fund to avoid or reduce taxes. Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes.

Restricted Securities: Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by a fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds’ restricted securities are valued at the price provided by pricing services or dealers in the secondary market or, if no market prices are available, at the fair value price as determined by the Fund’s Adviser or pursuant to the Fund’s fair value policy, subject to oversight by the Board. The Funds have acquired certain securities, the sale of which is restricted under applicable provisions of the Securities Act of 1933. It is possible that the fair value price may differ significantly from the amount that may ultimately be realized in the near term, and the difference could be material. At December 31, 2020, the Funds held the following restricted securities:

Fund	Security Type	Acquisition Date	Amortized Cost		Fair Value		% of Net Assets
Seven Canyons Strategic Income Fund
Star Asia Capital Corp.	Common Stocks	2/22/07-5/11/15	$	572,597	$	512,228		1.70%

Fund	Security Type	Acquisition Date	Amortized Cost		Fair Value		% of Net Assets
Seven Canyons World Innovators Fund
Greenspring Global Partners II LP	Limited Partnership Interest	10/10/13-3/31/17	$	115,658	$	19,574		0.01%

Restricted securities under Rule 144a, including the aggregate value and percentage of net assets of each Fund, have been identified in the Portfolios of Investments.

COVID-19 Risks: A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has now spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.