# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001398344-23-001609
**Filing Date:** 2023-1
**Character Count:** 23824
**Document Hash:** 92e9337366c87a8f3275e6eba6cb562f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-001609.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001398344-23-001609

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPS Series Trust
- **CENTRAL INDEX KEY:** 0001558107
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-183945
- **FILM NUMBER:** 23573209

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203
- **BUSINESS PHONE:** 303.623.2577

**MAIL ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203

## Series and Classes Contracts Data

### Seven Canyons Strategic Global Fund (Series ID: S000061937)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000200677 | Investor Class | WASIX           |

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| | |
|:---|:---|
| ![](fp0081535-16_sgf1.jpg) | SEVEN CANYONS <br> STRATEGIC GLOBAL FUND <br>Investor Class: WASIX |
| Summary Prospectus | January 27, 2023 |

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*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund online at https://sevencanyonsadvisors.com/. You can also get this information at no cost by calling (833) 722-6966 or by contacting your financial intermediary. The Fund's prospectus and statement of additional information, each dated January 27, 2023, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website or phone number noted above.*

**Seven Canyons Strategic Global Fund (the "Fund")** 

**Investment Objective** 

The Fund's investment objective is long-term growth of capital.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.

**Shareholder Fees (fees paid directly from your investment)** 

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| | |
|:---|:---|
|  | **Investor Class** |
| Maximum sales charge (Load) imposed on purchases  |  |
| Redemption Fee (as a percentage of amount redeemed, if you sell or exchange your shares within 60 days of purchase) | 2.00% |
| Exchange Fee |  |
| Maximum Account Fee |  |

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**Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment)** 

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| | |
|:---|:---|
|  | **Investor Class** |
| Management Fees | 0.70% |
| Distribution and Service (12b-1) Fees |  |
| Total Other Expenses | 0.77% |
| Acquired Fund Fees and Expenses | 0.03% |
| Total Annual Fund Operating Expenses | 1.50% |
| Fee Waiver and Expense Reimbursement <sup>(1)</sup> | (0.07)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement <sup>(1)</sup> | 1.43% |

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<sup>*(1)*</sup> *Seven Canyons Advisors, LLC, the Fund's investment adviser (the "Adviser"), has contractually agreed to limit the amount of the Fund's total annual fund operating expenses (exclusive of interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business) to an annual rate of 1.40% of the Fund's average daily net assets. This agreement is in effect through at least January 31, 2024, and will automatically continue upon annual approval by the board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover expenses it has borne through the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund's expenses in later periods do not exceed the lesser of (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced, as calculated on a monthly basis.*

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Seven Canyons Strategic Global Fund

 

**Example** 

This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| Investor Class  | $146 | $467 | $811 | $1782 |

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**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. For the fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 77% of the average value of its portfolio.

**Principal Investment Strategies of the Fund** 

Under normal market conditions, the Fund invests primarily in equity securities (primarily common stock) of domestic and foreign micro, small, and midsize growth companies with market capitalizations of less than US $5 billion at the time of purchase. At times, one type of security may make up a substantial portion of the Fund, while other types may have minimal or no representation. The Fund may invest a large percentage of its assets in a few sectors.

Under normal market conditions, the Fund will typically be invested in at least three developed countries, including the U.S. The Fund may invest its assets in securities issued by foreign companies in developed countries without limit. To a lesser extent, the Fund may invest in foreign companies in emerging and frontier markets. Securities issued by companies incorporated outside the United States whose securities are principally traded in the United States are not defined as foreign companies.

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Under normal market conditions, the Fund will invest at least 40% of its assets (30% if conditions are not favorable) in equity securities of companies tied economically to countries other than the United States. The Fund regards a company as being tied economically to a country other than the U.S. if, at the time of purchase, the company has at least 50% of its assets outside the U.S., or if at least 50% of its revenues or profits are from goods produced or sold, investments made, or services performed outside the U.S.

The Fund may invest in investment companies, including exchange-traded funds (ETFs).

The Adviser will use a process of "bottom-up" fundamental analysis to seek to identify and invest in companies with the greatest potential for growth. The Adviser's analysis may include studying a company's financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers.

**Principal Risks of the Fund** 

**As with any mutual fund, there are risks to investing. There is no guarantee that the Fund will meet its investment objective. The following is a description of the principal risks of the Fund, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described herein) which could prevent the Fund from achieving its investment objective.** 

**Stock Market Risk.** The Fund's investments may decline in value due to movements in the overall stock market.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Equity Securities Risk**. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry.

In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment.

**Growth Securities Risk.** The Fund invests in companies that the portfolio managers believe have growth potential. Securities of companies perceived to be "growth" companies may be more volatile than other stocks and may involve special risks. If the portfolio managers' perception of a company's growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund's returns. In addition, because different types of stocks tend to shift in and out of favor depending on market conditions, growth stocks may perform differently from the market as a whole and other types of securities.

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Seven Canyons Strategic Global Fund

**Foreign Securities Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investments in U.S. securities. Differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates, can have a significant effect on the value of a foreign security. Additionally, certain countries may utilize formal or informal currency-exchange controls or "capital controls." Capital controls may impose restrictions on the Fund's ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund's holdings.

**Emerging Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile and less liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties that fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Frontier Markets Risk.** In addition to the risks of investing in foreign securities and emerging markets, frontier market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the potential for extreme price volatility and illiquidity.

**Smaller Company Stock Risk.** Small- and mid-cap stocks may be very sensitive to changing economic conditions and market downturns. In particular, the issuers of small company stocks have more narrow markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of small companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.

**Market Risk.** The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as the impact of inflation on the economy, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, war, the spread of infectious illness or other public issues, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. The Fund may need more time to purchase or sell its positions in such securities. Some micro-cap companies may not have much publicly available information relative to larger companies. Micro-cap companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments.

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**Sector and Industry Weightings Risk.** The Fund may invest a substantial portion of its assets within one or more economic sectors. To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of securities in those sectors. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a particular sector. The Fund may also from time to time make significant investments in an industry or industries within a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition of issuers. These conditions may cause the value of the Fund's shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments.

**Information Technology Risk.** The Fund tends to have a higher investment concentration in the IT sector. Information Technology companies tend to significantly rely on technological events or advances in their product development, production or operations and are particularly vulnerable to rapid changes in technological product cycles, government regulation and competition.

**Exchange-Traded Funds Risk.** ETFs are investment companies that are bought and sold on a securities exchange. Shares of ETFs are redeemable only in larger aggregations of a specified number of shares and generally on an in-kind basis. When the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. Because of the ETF expenses, it may be more costly to own the ETF than owning the underlying securities directly. In addition, the Fund will incur brokerage costs when purchasing and selling shares of ETFs. The risk of owning an ETF generally reflects the risks of the underlying securities held by the ETF and investment strategies employed by such ETF (such as the use of leverage). The market price of an ETF may also fluctuate due to the supply of, and demand for, the ETF's shares on the exchange upon which its shares are traded and may trade at a premium or discount to its net asset value. As ETFs trade on an exchange, they are subject to the risks of any exchange-traded instrument, including: (i) an active market for its shares may not develop or be maintained, (ii) market makers or authorized participants may decide to reduce their role or step away from these activities in times of market stress, (iii) trading of its shares may be halted by the exchange, and (iv) its shares may be delisted from the exchange.

**It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.** 

5<br>

Seven Canyons Strategic Global Fund

**Performance Information** 

The following information provides some indication of the risks of investing in the Fund by showing how the Fund's performance has varied over time. The Fund was organized as a successor to the Wasatch Strategic Income Fund (the "Predecessor Fund"), a series of Wasatch Funds Trust. The Predecessor Fund was reorganized with and into the Fund on September 10, 2018. The Fund has adopted the historical performance of the Predecessor Fund. The performance shown for periods prior to September 10, 2018 reflects the performance of the Predecessor Fund's Investor Class shares. The table compares the Predecessor Fund's average annual returns for the periods prior to September 10, 2018 and the Fund's average annual returns for the periods indicated thereafter to broad-based securities market indices. The performance of the Predecessor Fund is not the performance of the Fund, and is not necessarily indicative of the Fund's future performance. If the Predecessor Fund's investment manager and/or its affiliates had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund's returns would have been different. Additionally, the Fund modified its investment strategy on January 28, 2022. The Fund's past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at no cost by at www.sevencanyonsadvisors.com or by calling 1-833-7-CANYON (1-833-722-6966).

**Annual Total Returns<br> (For years ended 12/31) - Investor Class**![](fp0081535-16_sgf6.jpg)

**Best and Worst Quarterly Returns** 

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| | |
|:---|:---|
| Best — 6/30/20 | 18.61% |
| Worst — 3/31/20 | -32.84% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns — (as of 12/31/22)**  | **1 Year**  | **5 Years**  | **10 Years**  |
| **Seven Canyons Strategic Global Fund — Investor Class**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | -26.52% | 3.27% | 6.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | -28.15% | 1.25% | 5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | -15.62% | 2.13% | 5.04% |
| **MSCI ACWI Small Cap Index (reflects no deductions for fees, expenses or taxes) <sup>(1)</sup>** | -18.67% | 3.23% | 7.69% |

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<sup>*(1)*</sup> *ACWI Index is maintained by Morgan Stanley Capital International (MSCI) and is comprised of stocks from 23 developed countries and 27 emerging markets.* 

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*After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.* 

**Investment Adviser** 

Seven Canyons Advisors, LLC is the investment adviser to the Fund.

**Portfolio Managers** 

The Fund is managed by the following portfolio managers:

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| | | |
|:---|:---|:---|
| <u>**Portfolio Managers**</u>  | <u>**Period of Service <br> with the Fund**</u>  | <u>**Primary Title**</u>  |
| Spencer Stewart | Since September 2019 | Portfolio Manager |
| Andrey Kutuzov | Since November 2021 | Portfolio Manager  |

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**Purchase and Sale of Fund Shares** 

The Fund offers one class of shares: Investor Class shares. You may purchase, exchange or redeem Fund shares on any business day on which the New York Stock Exchange is open by written request via mail Seven Canyons Strategic Global Fund, c/o ALPS Fund Services, Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, by telephone at 1-833-722-6966, or through a financial intermediary. Investors who wish to purchase, exchange or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. They may charge you a transaction fee for this service.

The minimum initial and subsequent investment amounts are shown below. The Fund reserves the right to waive or change minimum and additional investment amounts. For a description of the Fund's Investor Class shares, see "Buying, Exchanging and Redeeming Shares."

Initial Investment Minimum

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| | |
|:---|:---|
| **Type of Account**  |  |
| New Account | $2000 |
| New Accounts with Automatic Investment Plan | $1000 |
| Individual Retirement Accounts (IRAs) | $2000 |
| Coverdell Education Savings Accounts | $1000 |

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Subsequent Purchases Minimum

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| | |
|:---|:---|
| **Type of Account**  |  |
| Regular Accounts and IRAs  | $100 |
| Automatic Investment Plan  | $50 per month and/or <br> $100 per quarter |

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7<br>

Seven Canyons Strategic Global Fund

**Tax Information** 

For U.S. federal income tax purposes, the Fund's distributions may be taxable as ordinary income, capital gain, qualified dividend income, or Section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from such a tax-advantaged investment plan will be subject to special tax rules.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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