Loading...
Docoh

ALPS Series Trust

Filed: 27 Aug 21, 12:07pm

SEVEN CANYONS STRATEGIC INCOME FUND

PORTFOLIO OF INVESTMENTS

June 30, 2021 (Unaudited)

 

 

 

Shares

 

 

Value
(Note 2)

 

COMMON STOCKS (85.12%)

 

 

 

 

 

 

 

 

Airlines (2.90%)

 

 

 

 

 

 

 

 

Controladora Vuela Cia de Aviacion SAB de CV, ADR(a)

 

 

57,854

 

 

$

1,111,375

 

 

 

 

 

 

 

 

 

 

Alternative Carriers (4.22%)

 

 

 

 

 

 

 

 

Gamma Communications PLC

 

 

39,193

 

 

 

1,078,891

 

MNF Group, Ltd.

 

 

72,828

 

 

 

291,657

 

V-Cube, Inc.

 

 

11,000

 

 

 

244,070

 

Total Alternative Carriers

 

 

 

 

 

 

1,614,618

 

 

 

 

 

 

 

 

 

 

Application Software (3.09%)

 

 

 

 

 

 

 

 

Hyundai Ezwel Co., Ltd.

 

 

91,000

 

 

 

953,514

 

Lime Technologies AB

 

 

6,000

 

 

 

228,275

 

Total Application Software

 

 

 

 

 

 

1,181,789

 

 

 

 

 

 

 

 

 

 

Cable & Satellite (1.19%)

 

 

 

 

 

 

 

 

GTPL Hathway, Ltd.(b)(c)

 

 

186,000

 

 

 

457,681

 

 

 

 

 

 

 

 

 

 

Coal & Consumable Fuels (2.50%)

 

 

 

 

 

 

 

 

NAC Kazatomprom JSC, GDR(c)

 

 

33,000

 

 

 

957,000

 

 

 

 

 

 

 

 

 

 

Consumer Finance (2.92%)

 

 

 

 

 

 

 

 

Arman Financial Services, Ltd.(a)

 

 

66,501

 

 

 

586,726

 

Kaspi.KZ JSC, GDR

 

 

5,000

 

 

 

530,000

 

Total Consumer Finance

 

 

 

 

 

 

1,116,726

 

 

 

 

 

 

 

 

 

 

Data Processing & Outsourced Services (4.88%)

 

 

 

 

 

 

 

 

Boku, Inc.(a)(b)(c)

 

 

131,000

 

 

 

309,873

 

iEnergizer, Ltd.(d)

 

 

358,818

 

 

 

1,558,546

 

Total Data Processing & Outsourced Services

 

 

 

 

 

 

1,868,419

 

 

 

 

 

 

 

 

 

 

Distillers & Vintners (2.91%)

 

 

 

 

 

 

 

 

Radico Khaitan, Ltd.

 

 

109,000

 

 

 

1,113,170

 

 

 

 

 

 

 

 

 

 

Distributors (2.42%)

 

 

 

 

 

 

 

 

Inter Cars SA

 

 

4,000

 

 

 

396,538

 

Sirca Paints India, Ltd.(a)(b)(c)

 

 

120,000

 

 

 

528,966

 

Total Distributors

 

 

 

 

 

 

925,504

 

 

 

 

 

 

 

 

 

 

Diversified Banks (2.52%)

 

 

 

 

 

 

 

 

Bank of Georgia Group PLC(a)

 

 

19,000

 

 

 

353,239

 

TCS Group Holding PLC, GDR(c)

 

 

7,000

 

 

 

612,500

 

Total Diversified Banks

 

 

 

 

 

 

965,739

 

 

 

 

Shares

 

 

Value
(Note 2)

 

Diversified REITs (1.21%)

 

 

 

 

 

 

 

 

Star Asia Capital Corp.(a)(b)(d)(e)(f)(g)

 

 

355,714

 

 

$

463,851

 

 

 

 

 

 

 

 

 

 

Electrical Components & Equipment (1.19%)

 

 

 

 

 

 

 

 

Voltronic Power Technology Corp.

 

 

9,450

 

 

 

456,178

 

 

 

 

 

 

 

 

 

 

Electronic Components (1.36%)

 

 

 

 

 

 

 

 

M3 Technology, Inc.(a)

 

 

101,000

 

 

 

521,992

 

 

 

 

 

 

 

 

 

 

Electronic Equipment & Instruments (2.76%)

 

 

 

 

 

 

 

 

Basler AG

 

 

4,000

 

 

 

495,168

 

Vigo System SA(a)

 

 

3,000

 

 

 

563,336

 

Total Electronic Equipment & Instruments

 

 

 

 

 

 

1,058,504

 

 

 

 

 

 

 

 

 

 

Environmental & Facilities Services (2.01%)

 

 

 

 

 

 

 

 

Mo-BRUK SA

 

 

9,196

 

 

 

771,760

 

 

 

 

 

 

 

 

 

 

Fertilizers & Agricultural Chemicals (0.99%)

 

 

 

 

 

 

 

 

Kilpest India, Ltd.(a)

 

 

41,718

 

 

 

380,867

 

 

 

 

 

 

 

 

 

 

Financial Exchanges & Data (1.93%)

 

 

 

 

 

 

 

 

OTC Markets Group, Inc., Class A

 

 

14,000

 

 

 

737,800

 

 

 

 

 

 

 

 

 

 

Health Care Equipment (3.10%)

 

 

 

 

 

 

 

 

GeneReach Biotechnology Corp.(a)

 

 

95,200

 

 

 

459,557

 

Revenio Group Oyj

 

 

9,605

 

 

 

727,763

 

Total Health Care Equipment

 

 

 

 

 

 

1,187,320

 

 

 

 

 

 

 

 

 

 

Health Care Services (1.15%)

 

 

 

 

 

 

 

 

Metropolis Healthcare, Ltd.(b)(c)

 

 

11,500

 

 

 

438,734

 

 

 

 

 

 

 

 

 

 

Health Care Supplies (1.01%)

 

 

 

 

 

 

 

 

Tristel PLC

 

 

44,000

 

 

 

388,319

 

 

 

 

 

 

 

 

 

 

Human Resource & Employment Services (0.81%)

 

 

 

 

 

 

 

 

Veteranpoolen AB

 

 

84,000

 

 

 

309,181

 

 

 

 

 

 

 

 

 

 

Interactive Media & Services (0.86%)

 

 

 

 

 

 

 

 

Wirtualna Polska Holding SA(c)

 

 

10,786

 

 

 

328,700

 

 

 

 

 

 

 

 

 

 

Internet & Direct Marketing Retail (3.84%)

 

 

 

 

 

 

 

 

Koukandekirukun, Inc.(a)

 

 

6,000

 

 

 

254,647

 

momo.com, Inc.

 

 

18,000

 

 

 

1,217,766

 

Total Internet & Direct Marketing Retail

 

 

 

 

 

 

1,472,413

 

 

 

 

 

 

 

 

 

 

Investment Banking & Brokerage (2.81%)

 

 

 

 

 

 

 

 

flatexDEGIRO AG(a)

 

 

8,000

 

 

 

1,076,659

 

 

 

 

 

 

 

 

 

 

Mortgage REITs (1.36%)

 

 

 

 

 

 

 

 

Great Ajax Corp.

 

 

40,000

 

 

 

519,200

 

 

 

 

Shares

 

 

Value
(Note 2)

 

Packaged Foods & Meats (1.90%)

 

 

 

 

 

 

 

 

Manorama Industries, Ltd.(a)

 

 

37,950

 

 

$

727,830

 

 

 

 

 

 

 

 

 

 

Personal Products (0.79%)

 

 

 

 

 

 

 

 

Chlitina Holding, Ltd.

 

 

41,000

 

 

 

303,131

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals (2.70%)

 

 

 

 

 

 

 

 

Granules India, Ltd.

 

 

81,861

 

 

 

366,299

 

Hypera SA

 

 

97,000

 

 

 

669,900

 

Total Pharmaceuticals

 

 

 

 

 

 

1,036,199

 

 

 

 

 

 

 

 

 

 

Publishing (9.28%)

 

 

 

 

 

 

 

 

Future PLC

 

 

82,000

 

 

 

3,552,641

 

 

 

 

 

 

 

 

 

 

Regional Banks (1.38%)

 

 

 

 

 

 

 

 

AU Small Finance Bank, Ltd.(a)(b)(c)

 

 

37,900

 

 

 

528,168

 

 

 

 

 

 

 

 

 

 

Semiconductor Equipment (0.75%)

 

 

 

 

 

 

 

 

Tokai Carbon Korea Co., Ltd.

 

 

1,600

 

 

 

286,427

 

 

 

 

 

 

 

 

 

 

Specialized Consumer Services (2.38%)

 

 

 

 

 

 

 

 

Perfect Medical Health Management, Ltd.

 

 

756,000

 

 

 

913,319

 

 

 

 

 

 

 

 

 

 

Specialized Finance (7.26%)

 

 

 

 

 

 

 

 

Burford Capital, Ltd.

 

 

270,200

 

 

 

2,780,827

 

 

 

 

 

 

 

 

 

 

Thrifts & Mortgage Finance (2.74%)

 

 

 

 

 

 

 

 

Aavas Financiers, Ltd.(a)

 

 

28,712

 

 

 

1,047,739

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

 

 

 

 

 

 

 

(Cost $21,222,138)

 

 

 

 

 

 

32,599,780

 

 

 

 

 

 

 

 

 

 

RIGHTS (0.02%)

 

 

 

 

 

 

 

 

         

Healthcare Equipment & Services  (0.02%)

 

 

 

 

 

 

 

 

GeneReach Biotechnology Corp. RTS, Strike Price $120.00, Expires 8/4/2021

 

 

12,841

 

 

 

6,682

 

TOTAL RIGHTS

 

 

 

 

 

 

 

 

(Cost $0)

 

 

 

 

 

 

6,682

 

 

 

 

7 Day Yield

 

 

Shares

 

 

Value
(Note 2)

 

SHORT TERM INVESTMENT (13.14%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Institutional US Government Money Market Fund

 

 

0.010

%

 

 

5,034,064

 

 

 

5,034,064

 

 

 

 

 

 

 

 

 

 

 

 

5,034,064

 

TOTAL SHORT TERM INVESTMENT

 

 

 

 

 

 

 

 

 

 

 

 

(Cost $5,034,064)

 

 

 

 

 

 

 

 

 

 

5,034,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (98.28%)

 

 

 

 

 

 

 

 

 

 

 

 

(Cost $26,256,202)

 

 

 

 

 

 

 

 

 

$

37,640,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS IN EXCESS OF LIABILITIES (1.72%)

 

 

 

 

 

 

 

 

 

 

660,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS (100.00%)

 

 

 

 

 

 

 

 

 

$

38,300,646

 

 

(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 June 30, 2021 the fair value of securities restricted under Rule 144A in the aggregate was $2,727,273, representing 7.12% 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 June 30, 2021, the fair value of those securities was $4,161,622 representing 10.87% of net assets.

(d)

Security deemed to be illiquid under the procedures approved by the Fund’s Board of Trustees. As of June 30, 2021, the fair value of illiquid securities in the aggregate was $2,022,397, representing 5.28% of the Fund’s net assets.

(e)

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.

(f)

Security deemed to be restricted as of June 30, 2021. As of June 30, 2021, the fair value of restricted securities in the aggregate was 463,851, representing 1.21 of the Fund’s net assets. Additional information on restricted securities can be found in Note 2.

(g)

Fair valued security under the procedures approved by the Fund’s Board of Trustees.

                

At June 30, 2021, Seven Canyons Strategic Income Fund’s investments, excluding short-term investments, were in the following countries:

 

Country

% of
Total
Market
Value

Australia

0.9

Brazil

2.1

China

0.9

Cyprus

1.9

Finland

2.2

Georgia

1.1

Germany

4.8

Great Britain

15.5

Guernsey

4.8

Hong Kong

2.8

India

19.0

Japan

1.5

Kazakhstan

4.6

Mexico

3.4

Poland

6.3

South Korea

3.8

Sweden

1.6

Taiwan

8.1

United States

14.7

 

100.0

 

SEVEN CANYONS WORLD INNOVATORS FUND

PORTFOLIO OF INVESTMENTS

June 30, 2021 (Unaudited)

 

 

 

Shares

 

 

Value
(Note 2)

 

COMMON STOCKS (91.13%)

 

 

 

 

 

 

 

 

Aerospace & Defense (3.78%)

 

 

 

 

 

 

 

 

Avon Rubber PLC

 

 

199,186

 

 

$

7,207,959

 

Electro Optic Systems Holdings, Ltd.(a)

 

 

700,000

 

 

 

2,262,603

 

Mynaric AG(a)(b)

 

 

30,000

 

 

 

2,852,908

 

Total Aerospace & Defense

 

 

 

 

 

 

12,323,470

 

 

 

 

 

 

 

 

 

 

Agricultural Products (0.26%)

 

 

 

 

 

 

 

 

Winfarm SAS(a)

 

 

20,000

 

 

 

852,197

 

 

 

 

 

 

 

 

 

 

Airlines (5.31%)

 

 

 

 

 

 

 

 

Controladora Vuela Cia de Aviacion SAB de CV, ADR(a)

 

 

900,000

 

 

 

17,289,000

 

 

 

 

 

 

 

 

 

 

Alternative Carriers (7.63%)

 

 

 

 

 

 

 

 

Gamma Communications PLC

 

 

400,000

 

 

 

11,011,053

 

MNF Group, Ltd.

 

 

1,521,024

 

 

 

6,091,305

 

V-Cube, Inc.

 

 

350,000

 

 

 

7,765,876

 

Total Alternative Carriers

 

 

 

 

 

 

24,868,234

 

 

 

 

 

 

 

 

 

 

Application Software (9.46%)

 

 

 

 

 

 

 

 

24SevenOffice Group AB(a)

 

 

500,000

 

 

 

1,472,289

 

Elmo Software, Ltd.(a)

 

 

1,300,000

 

 

 

4,153,230

 

GK Software SE(a)

 

 

37,654

 

 

 

6,518,627

 

Kaonavi, Inc.(a)

 

 

150,000

 

 

 

4,678,428

 

Lime Technologies AB

 

 

90,000

 

 

 

3,424,125

 

Napster Group PLC(a)

 

 

28,253,583

 

 

 

742,580

 

Nitro Software, Ltd.(a)

 

 

302,455

 

 

 

739,454

 

Skitude Holding AS(a)(c)

 

 

1,983,425

 

 

 

1,032,008

 

Skyfii, Ltd.(a)

 

 

13,939,393

 

 

 

1,149,925

 

Smaregi, Inc.(a)

 

 

50,000

 

 

 

3,015,437

 

Whispir, Ltd.(a)

 

 

2,000,000

 

 

 

3,914,746

 

Total Application Software

 

 

 

 

 

 

30,840,849

 

 

 

 

 

 

 

 

 

 

Auto Parts & Equipment (0.45%)

 

 

 

 

 

 

 

 

hGears AG(a)(c)

 

 

50,000

 

 

 

1,476,255

 

 

 

 

 

 

 

 

 

 

Biotechnology (0.88%)

 

 

 

 

 

 

 

 

Abcam PLC(a)

 

 

150,000

 

 

 

2,865,502

 

 

 

 

 

 

 

 

 

 

Broadcasting (1.35%)

 

 

 

 

 

 

 

 

Nordic Entertainment Group AB(a)

 

 

100,000

 

 

 

4,405,183

 

 

 

 

Shares

 

 

Value
(Note 2)

 

Building Products (2.04%)

 

 

 

 

 

 

 

 

Grupo Rotoplas SAB de CV(c)

 

 

4,005,801

 

 

$

6,651,551

 

 

 

 

 

 

 

 

 

 

Distillers & Vintners (1.57%)

 

 

 

 

 

 

 

 

Radico Khaitan, Ltd.

 

 

500,000

 

 

 

5,106,283

 

 

 

 

 

 

 

 

 

 

Distributors (0.29%)

 

 

 

 

 

 

 

 

Sirca Paints India, Ltd.(a)(b)(d)

 

 

211,401

 

 

 

931,865

 

 

 

 

 

 

 

 

 

 

Diversified Support Services (3.08%)

 

 

 

 

 

 

 

 

Arena Events Group PLC(a)(b)

 

 

7,800,000

 

 

 

1,672,407

 

Johnson Service Group PLC(a)

 

 

2,000,000

 

 

 

4,852,610

 

K-Bro Linen, Inc.

 

 

100,000

 

 

 

3,496,289

 

Total Diversified Support Services

 

 

 

 

 

 

10,021,306

 

 

 

 

 

 

 

 

 

 

Electrical Components & Equipment (0.12%)

 

 

 

 

 

 

 

 

Arcure SA(a)(c)

 

 

100,000

 

 

 

385,368

 

 

 

 

 

 

 

 

 

 

Electronic Equipment & Instruments (5.19%)

 

 

 

 

 

 

 

 

ACSL, Ltd.(a)

 

 

50,000

 

 

 

1,254,332

 

Basler AG

 

 

60,000

 

 

 

7,427,521

 

Catapult Group International, Ltd.(a)

 

 

1,700,000

 

 

 

2,549,834

 

Eroad, Ltd.(a)

 

 

1,300,000

 

 

 

5,674,131

 

Total Electronic Equipment & Instruments

 

 

 

 

 

 

16,905,818

 

 

 

 

 

 

 

 

 

 

Electronic Manufacturing Services (1.50%)

 

 

 

 

 

 

 

 

Audinate Group, Ltd.(a)

 

 

800,000

 

 

 

4,877,683

 

 

 

 

 

 

 

 

 

 

Food Retail (3.08%)

 

 

 

 

 

 

 

 

Naked Wines PLC(a)

 

 

900,000

 

 

 

10,046,894

 

 

 

 

 

 

 

 

 

 

Health Care Equipment (1.62%)

 

 

 

 

 

 

 

 

Atomo Diagnostics, Ltd.(a)

 

 

10,652,698

 

 

 

1,477,966

 

Revenio Group Oyj

 

 

50,000

 

 

 

3,788,462

 

Total Health Care Equipment

 

 

 

 

 

 

5,266,428

 

 

 

 

 

 

 

 

 

 

Health Care Supplies (4.06%)

 

 

 

 

 

 

 

 

Advanced Medical Solutions Group PLC

 

 

2,008,337

 

 

 

7,889,885

 

Tristel PLC

 

 

300,000

 

 

 

2,647,633

 

Ypsomed Holding AG

 

 

17,348

 

 

 

2,703,682

 

Total Health Care Supplies

 

 

 

 

 

 

13,241,200

 

 

 

 

 

 

 

 

 

 

Health Care Technology (0.62%)

 

 

 

 

 

 

 

 

Mentice AB(a)(c)

 

 

200,000

 

 

 

2,009,792

 

 

 

 

 

 

 

 

 

 

Homefurnishing Retail (3.80%)

 

 

 

 

 

 

 

 

Maisons du Monde SA(b)(d)

 

 

500,000

 

 

 

12,391,059

 

 

 

 

Shares

 

 

Value
(Note 2)

 

Hotel & Resort REITs (0.45%)

 

 

 

 

 

 

 

 

Concentradora Fibra Hotelera Mexicana SA de CV(b)(d)

 

 

5,000,000

 

 

$

1,452,293

 

 

 

 

 

 

 

 

 

 

Hotels, Resorts & Cruise Lines (3.38%)

 

 

 

 

 

 

 

 

eDreams ODIGEO SA(a)

 

 

800,000

 

 

 

6,440,979

 

Grupo Hotelero Santa Fe SAB de CV(a)(c)

 

 

5,000,000

 

 

 

1,324,370

 

Trainline PLC(a)(b)(d)

 

 

800,000

 

 

 

3,249,091

 

Total Hotels, Resorts & Cruise Lines

 

 

 

 

 

 

11,014,440

 

 

 

 

 

 

 

 

 

 

Industrial Machinery (6.45%)

 

 

 

 

 

 

 

 

Balyo SA(a)

 

 

800,000

 

 

 

1,305,271

 

va-Q-tec AG(a)(b)

 

 

550,000

 

 

 

19,727,871

 

Total Industrial Machinery

 

 

 

 

 

 

21,033,142

 

 

 

 

 

 

 

 

 

 

Internet & Direct Marketing Retail (7.98%)

 

 

 

 

 

 

 

 

AO World PLC(a)

 

 

2,000,000

 

 

 

6,999,488

 

Creema, Ltd.(a)

 

 

50,000

 

 

 

1,577,479

 

Marley Spoon AG(a)

 

 

2,700,000

 

 

 

6,398,584

 

Oisix ra daichi, Inc.(a)

 

 

300,000

 

 

 

11,017,598

 

Total Internet & Direct Marketing Retail

 

 

 

 

 

 

25,993,149

 

 

 

 

 

 

 

 

 

 

Investment Banking & Brokerage (3.06%)

 

 

 

 

 

 

 

 

flatexDEGIRO AG(a)

 

 

40,000

 

 

 

5,383,293

 

JDC Group AG(a)(c)

 

 

227,158

 

 

 

4,578,984

 

Total Investment Banking & Brokerage

 

 

 

 

 

 

9,962,277

 

 

 

 

 

 

 

 

 

 

Life Sciences Tools & Services (0.33%)

 

 

 

 

 

 

 

 

Genetic Signatures, Ltd.(a)

 

 

1,300,000

 

 

 

1,072,430

 

 

 

 

 

 

 

 

 

 

Movies & Entertainment (2.04%)

 

 

 

 

 

 

 

 

Thunderbird Entertainment Group, Inc.(a)(c)

 

 

2,000,000

 

 

 

6,647,306

 

 

 

 

 

 

 

 

 

 

Security & Alarm Services (2.22%)

 

 

 

 

 

 

 

 

Blackline Safety Corp.(a)(c)

 

 

1,000,000

 

 

 

7,232,172

 

 

 

 

 

 

 

 

 

 

Soft Drinks (6.85%)

 

 

 

 

 

 

 

 

Fevertree Drinks PLC

 

 

627,152

 

 

 

22,321,756

 

 

 

 

 

 

 

 

 

 

Specialty Stores (0.54%)

 

 

 

 

 

 

 

 

Fenix Outdoor International AG

 

 

12,638

 

 

 

1,772,076

 

 

 

 

 

 

 

 

 

 

Technology Hardware, Storage & Peripherals (1.74%)

 

 

 

 

 

 

 

 

Asetek A/S(a)

 

 

500,000

 

 

 

5,661,922

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

 

 

 

 

 

 

 

(Cost $237,447,878)

 

 

 

 

 

 

296,918,900

 

 

 

 

7 Day Yield

 

 

Shares

 

 

Value
(Note 2)

 

SHORT TERM INVESTMENT (7.94%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Institutional US Government Money Market Fund

 

 

0.010

%

 

 

25,874,691

 

 

 

25,874,691

 

 

 

 

 

 

 

 

 

 

 

 

25,874,691

 

TOTAL SHORT TERM INVESTMENT

 

 

 

 

 

 

 

 

 

 

 

 

(Cost $25,874,691)

 

 

 

 

 

 

 

 

 

 

25,874,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (99.07%)

 

 

 

 

 

 

 

 

 

 

 

 

(Cost $263,322,569)

 

 

 

 

 

 

 

 

 

$

322,793,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS IN EXCESS OF LIABILITIES (0.93%)

 

 

 

 

 

 

 

 

 

 

3,025,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS (100.00%)

 

 

 

 

 

 

 

 

 

$

325,818,991

 

 

(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 June 30, 2021, the fair value of those securities was $42,277,494 representing 12.98% of net assets.

(c)

Security deemed to be illiquid under the procedures approved by the Fund’s Board of Trustees.  As of June 30, 2021, the fair value of illiquid securities in the aggregate was $31,337,806, representing 9.62% of the Fund’s net assets.

(d)

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 June 30, 2021 the fair value of securities restricted under Rule 144A in the aggregate was $18,024,308, representing 5.53% of net assets.

 

At June 30, 2021, Seven Canyons World Innovators Fund’s investments, excluding short-term investments, were in the following countries:                        

 

Country% of
Total
Market
Value
Australia9.3
Canada5.9
Denmark1.9
Finland1.3
France5.0
Germany18.3
Great Britain27.6
India2.0
Japan9.9
Mexico9.0
New Zealand1.9
Norway0.8
Spain2.2
Sweden3.3
Switzerland1.5
United States0.2
 100.0

 

Notes to Quarterly Portfolio of Investments
June 30, 2021 (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 semi-annual 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 June 30, 2021:

 

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

 

$

  

$

  

$

463,851

  

$

463,851

 

Human Resource & Employment Services

 

 

  

 

309,181

  

 

  

 

309,181

 

Other

 

 

31,826,748

  

 

  

 

  

 

31,826,748

 

Rights

 

 

  

 

6,682

  

 

  

 

6,682

 

Short Term Investment

 

 

5,034,064

  

 

  

 

  

 

5,034,064

 

Total

 

$

36,860,812

  

$

315,863

  

$

463,851

  

$

37,640,526

 

 

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

 

$

296,918,900

  

$

  

$

  

$

296,918,900

 

Short Term Investment

 

 

25,874,691

  

 

  

 

  

 

25,874,691

 

Total

 

$

322,793,591

  

$

  

$

  

$

322,793,591

 

 

*For a detailed Industry breakdown, see the accompanying Portfolio of Investments.

 

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

 

Seven Canyons Strategic Income Fund

 

Common Stock

 

 

Total

 

Balance as of September 30, 2020

 

$

531,437

 

 

$

531,437

 

 Accrued discount/ premium

 

 

-

 

 

 

-

 

 Realized Gain/(Loss)

 

 

-

 

 

 

-

 

 Change in Unrealized Appreciation/(Depreciation)

 

 

(67,586

)

 

 

(67,586

)

 Purchases

 

 

-

 

 

 

-

 

 Sales Proceeds

 

 

-

 

 

 

-

 

 Transfer into Level 3

 

 

-

 

 

 

-

 

 Transfer out of Level 3

 

 

-

 

 

 

-

 

Balance as of June 30, 2021

 

$

463,851

 

 

$

463,851

 

 

Quantitative information about Level 3 measurements as of June 30, 2021:

 

Asset Class

 

Fair Value

 

Valuation Technique(s)

 

Unobservable Input(s)(a)

 

 

Value/Range

 

 

 

 

 

 

Net Asset Value less  

 

Estimated

 

 

 

 

 

 

 

 

 

 

Liquidity Discount

 

Liquidity Discount

 

 

 

30

%

Common Stock

 

$

463,851

 

Recent Transaction

 

Recent Transaction

 

 

$

1.00

 

 

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 June 30, 2021, 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

 

 

$

463,851

  

 

1.21

%

 

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.