Waves and Tides, Ocean Liners and Motor Boats

Change is good

Dear Fellow Shareholders:

As my June report noted, I could have repurposed my March commentary with a June date. For my September comments, I could easily recycle my June comments (which closely echoed March) with a September date. More simply put, not much has changed. The U.S. continues in a slow expansion producing full employment without inflation (which usually accompanies full employment). This is a rare but happy economic state.

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Press Release

Seven Canyons World Innovators Fund Receives Refinitiv Lipper Award for BEST FUND OVER 10 YEARS GLOBAL SMALL-/MID-CAP FUNDS 2019

SALT LAKE CITY — Seven Canyons Advisors announced that the World Innovators Fund has earned the Refinitiv Lipper Award for Best Fund Over 10 Years Global Small-/Mid-Cap Funds 2019. This is the second year in a row that the fund has won a Lipper Award for Best Fund Over 10 Years.

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All investing involves risk. Investments in securities of foreign companies involve additional risks, including less liquidity, currency-rate fluctuations, political and economic instability and differences in financial reporting standards and securities market regulation. Investing in small and micro-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click this link to obtain a Prospectus, which contains this and other information, or call us at +1 (833) 722-6966. Read the prospectus carefully before investing.

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