# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001398344-26-010363
**Filing Date:** 2026-6
**Character Count:** 541500
**Document Hash:** 57cccdd297cf2b305e0ed997baa2d994
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010363.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001398344-26-010363

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPS Series Trust
- **CENTRAL INDEX KEY:** 0001558107

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22747
- **FILM NUMBER:** 261067253

**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

### Clarkston Partners Fund (Series ID: S000050589)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159696 | Founders Class      | CFSMX           |
| C000159697 | Institutional Class | CISMX           |

### Clarkston Fund (Series ID: S000050590)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159698 | Institutional Class | CILGX           |

### Clarkston Founders Fund (Series ID: S000053615)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168469 | Institutional Class | CIMDX           |
| C000225903 | Founders Class      | CFMDX           |

### Beacon Planned Return Strategy Fund (Series ID: S000058975)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000193426 | Institutional Class | BPRLX           |

### Carret Kansas Tax-Exempt Bond Fund (Series ID: S000062895)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000203690 | Institutional Class Shares | SEKSX           |
| C000203691 | Class A Shares             | IKSTX           |

### Hillman Value Fund (Series ID: S000070920)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000225205 | Hillman Value Fund | HCMAX           |

### Brigade High Income Fund (Series ID: S000079888)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000241324 | Founders Class      | BHIMX           |
| C000241325 | Institutional Class | BHIIX           |

### Fundsmith Equity ETF (Series ID: S000097194)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000266372 | Fundsmith Equity ETF |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-22747</u>

ALPS SERIES TRUST

(Exact name of registrant as specified in charter)

<u>1290 Broadway, Suite 1000, Denver, Colorado 80203</u>

(Address of principal executive offices) (Zip code)

Camilla Nwokonko, Secretary

ALPS Series Trust

1290 Broadway, Suite 1000

<u>Denver, CO 80203</u> 

(Name and address of agent for service)

<u>(303) 623-2577</u>

(Registrant's telephone number, including area code)

Date of fiscal year end: September 30

Date of reporting period: October 1, 2025 – March 31, 2026

**Item 1.** **Reports to Stockholders.**

(a) **# Beacon Planned Return Strategy Fund
INSTITUTIONAL - BPRLX

Semi-Annual Shareholder Report \| March 31, 2026

![Image](ib5151b58c66aaf1abb704a08.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Beacon Planned Return Strategy Fund - Institutional Class for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.beacontrust.com/services/investment-management/beacon-funds. You can also request this information by contacting us at 1-844-894-9222.

## What were the Fund's Costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Beacon Planned Return Strategy Fund - Institutional | $64 | 1.27% |

---

## How did the Fund perform the past six months?
The Beacon Planned Return Strategy Fund - I returned 0.87% for the 6

months ended March 31, 2026. This is in contrast to the CBOE S&P 500 BuyWrite Index, which had a 5.55% return for the same time period.

The returns sought to be generated by the Fund are derived from three distinct and sometimes complementary return elements, i.e., returns from Directional/Enhanced market movements, returns from Income (or option premium) and returns from the Hedge that creates constant "downside protection".

During the period, the Directional /Enhanced component detracted value due to the decrease in the S&P 500, the Income component added value through the premium collected from selling out-of-the money call and put options, and the Hedge component added value due to the decrease in the S&P 500.

## How did the Fund perform since inception?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i20a3a0b501c4e75ea494057c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Beacon Planned Return Strategy Fund - Institutional - $1,886,705 | S&P 500<sup>®</sup> Total Return Index - $2,967,391 | CBOE S&P 500 BuyWrite Index - $1,702,859 |
| 10/2/2017 | $1000000.00 | $1000000.00 | $1000000.00 |
| 3/31/2018 | $1013244.09 | $1054264.18 | $1010887.60 |
| 9/30/2018 | $1076446.45 | $1174549.41 | $1096538.69 |
| 3/31/2019 | $1091691.78 | $1154381.98 | $1044148.20 |
| 9/30/2019 | $1138587.63 | $1224513.54 | $1084395.69 |
| 3/31/2020 | $1026380.15 | $1073830.43 | $879937.53 |
| 9/30/2020 | $1220717.43 | $1410016.88 | $1023023.12 |
| 3/31/2021 | $1327212.06 | $1678951.36 | $1163269.12 |
| 9/30/2021 | $1361462.70 | $1833090.82 | $1238906.91 |
| 3/31/2022 | $1411347.42 | $1941637.53 | $1336334.83 |
| 9/30/2022 | $1219717.49 | $1549472.99 | $1100035.87 |
| 3/31/2023 | $1391764.80 | $1791578.02 | $1244705.65 |
| 9/30/2023 | $1471494.04 | $1884428.52 | $1260913.75 |
| 3/31/2024 | $1607838.09 | $2326924.02 | $1392723.17 |
| 9/30/2024 | $1687785.84 | $2569446.82 | $1491727.82 |
| 3/31/2025 | $1699633.77 | $2518934.49 | $1529225.39 |
| 9/30/2025 | $1870459.90 | $3021610.30 | $1613277.34 |
| 3/31/2026 | $1886704.67 | $2967390.95 | $1702859.02 |

---

### Average Annual Total Retuns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Institutional | 1 Year | 5 Year | Since Inception |
| Beacon Planned Return Strategy Fund - Institutional | 11.01% | 7.29% | 7.76% |
| S&P 500<sup>®</sup> Total Return Index | 17.80% | 12.06% | 13.66% |
| CBOE S&P 500 BuyWrite Index | 11.35% | 7.92% | 6.47% |

---

### Fund Statistics
* Total Net Assets$306,578,847

* # of Portfolio Holdings87

* Portfolio Turnover Rate (Institutional)-%

The Fund's past performance is not a good predictor of the Fund's future performance. The "Average Annual Total Returns" table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Call 1-844-894-9222 for current month-end performance.

## What did the Fund invest in?

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| Top 10 | % |
| Call XSP May 78.55 05/14/2026 | 9.55% |
| Call XSP June 81.80 06/12/2026 | 9.12% |
| Call XSP 84.05 07/14/2026 | 8.81% |
| Call XSP September 87.40 09/14/2026 | 8.29% |
| Call XSP January 88.70 01/14/2027 | 7.81% |
| Call XSP December 90.80 12/14/2026 | 7.78% |
| Call XSP April 76.65 04/14/2026 | 7.33% |
| Call XSP August 86.15 08/14/2026 | 7.02% |
| Call XSP Febuary 87.25 02/12/2027 | 6.44% |
| Call XSP October 87.65 10/14/2026 | 5.89% |
| Total % of Top 10 Holdings | 78.04% |

---

#### Asset Class Weightings
(as a % of Net Assets)

![Group By Asset Type Chart](ic712675fd37f735aa09a5382.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Short Term Security | 1.67% |
| Purchased Options | 108.94% |
| Cash, Cash Equivalents, & Other Net Assets | (10.61)% |

---

#### Country Weightings
(as a % of Net Assets)

![Group By Country Chart](i76ebb43f69782a021b1f9302.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
|  | 58.42% |
| United States | 52.19% |

---

## Material Fund Changes
There have been no material Fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## Availability of Additional Information
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.beacontrust.com/services/investment-management/beacon-funds.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-973-206-7100.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.beacontrust.com/services/investment-management/beacon-funds](i90c8ad13ad31197f2e348408.jpg)

*Distributor, ALPS Distributors, Inc.*

#### Phone: 1-844-894-9222

#### Email: mutualfunds@beacontrust.com
02110A597–SA–03312026

![Image](ib5151b58c66aaf1abb704a08.jpg)

#### Beacon Planned Return Strategy Fund - Institutional
Semi-Annual Shareholder Report \| March 31, 2026

# Brigade High Income Fund
FOUNDERS CLASS: BHIMX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

![Image](i9a5f2c3733a4930fc369b77a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Brigade High Income Fund - Founders Class for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.brigadefunds.com/resources. You can also request this information by contacting us at 212.745.9700.

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Brigade High Income Fund - Founders | $26 | 0.52% |

---

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $25,000,000 INVESTMENT
![Growth of 10K Chart](i56aef273c9929306b31c0834.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Brigade High Income Fund Founders Class - $32,974,939 | Bloomberg U.S. Aggregate Bond Index - $27,926,266 | 60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan - $31,495,595 | ICE BofA US High Yield Constrained Index - $31,670,656 |
| 5/1/2023 | $25000000.00 | $25000000.00 | $25000000.00 | $25000000.00 |
| 6/30/2023 | $25425000.00 | $24879385.65 | $25327520.91 | $25199133.31 |
| 9/30/2023 | $26186194.33 | $24075527.90 | $25749515.66 | $25334141.56 |
| 12/31/2023 | $27582074.10 | $25716787.04 | $27135713.10 | $27125257.94 |
| 3/31/2024 | $28352938.47 | $25517309.47 | $27655682.98 | $27534925.71 |
| 6/30/2024 | $28551648.10 | $25533962.34 | $28044331.21 | $27835018.57 |
| 9/30/2024 | $30202895.13 | $26860720.16 | $29163056.07 | $29303858.85 |
| 12/31/2024 | $30576449.32 | $26038306.35 | $29456796.47 | $29349979.36 |
| 3/31/2025 | $30953036.92 | $26762468.24 | $29696586.26 | $29627218.32 |
| 6/30/2025 | $31801694.96 | $27085414.94 | $30609597.47 | $30685255.88 |
| 9/30/2025 | $32565401.51 | $27635316.45 | $31256641.82 | $31421584.81 |
| 12/31/2025 | $32893377.65 | $27939350.25 | $31658323.58 | $31845697.48 |
| 3/31/2026 | $32974938.91 | $27926265.85 | $31495595.50 | $31670656.21 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| Founders | 1 Year | Since Inception |
| Brigade High Income Fund - Founders (Incep. May 1, 2023) | 6.53% | 9.95% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 3.87% |
| 60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan | 6.06% | 8.24% |
| ICE BofA US High Yield Constrained Index | 6.90% | 8.44% |

---

### FUND STATISTICS
* Total Net Assets$1,045,452,988

* # of Portfolio Holdings381

* Portfolio Turnover Rate21%

The Fund's past performance is not a good predictor of the Fund's future performance. The "Average Annual Total Return" table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 212.745.9700 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

### ASSET CLASS WEIGHTINGS

### (as a % of Net Assets)
![Group By Asset Type Chart](ieadbeee94594ea14cd042a80.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 56.8% |
| Bank Loans | 37.1% |
| Common Stocks | 1.6% |
| Convertible Bonds | 0.6% |
| Preferred Stocks | 0.1% |
| Rights and Warrants | 0.0% |
| Cash and Equivalents | 3.7% |

---

### SECTOR WEIGHTINGS

### (as a % of Net Assets)
![Group By Sector Chart](i1d54a0f86458ca8a74e7f3e7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Equivalents | 3.7% |
| Utilities | 1.5% |
| Industrial | 5.2% |
| Energy | 7.2% |
| Technology | 7.2% |
| Basic Materials | 9.0% |
| Financial | 12.9% |
| Communications | 13.5% |
| Consumer, Cyclical | 16.3% |
| Consumer, Non-cyclical | 23.6% |

---

### TOP TEN HOLDINGS

### (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Akumin, Inc. 08/31/2031 9.75% | 1.3% |
| CCO Holdings LLC / CCO Holdings Capital Corp. 01/15/2034 4.25% | 0.8% |
| Pluto Acquisition I, Inc. 09/20/2028 3M SOFR + 4.00% | 0.8% |
| GrubHub Holdings, Inc. 07/31/2030 13.00 (7.00 PIK)% | 0.8% |
| Envision Healthcare Corp. | 0.8% |
| Avaya Inc. 08/01/2028 1M SOFR + 7.50% | 0.7% |
| Global Medical Response TL B 10/02/2028 3M SOFR + 3.50% | 0.7% |
| Genesis Energy LP / Genesis Energy Finance Corp. 05/15/2033 8.00% | 0.7% |
| Rain Carbon, Inc. 09/01/2029 12.25% | 0.7% |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. 06/15/2030 9.00% | 0.7% |
| Total % of Top 10 Holdings | 7.9% |

---

### CREDIT QUALITY ALLOCATION

### (as a % of Net Assets)
![Credit Rating Chart](i8f2733585fefe566490dbc90.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| BBB | 2.7% |
| BB | 30.9% |
| B | 41.9% |
| CCC | 12.9% |
| CC | 0.0% |
| D | 0.8% |
| NR | 7.4% |
| Cash and Equivalents | 3.7% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

Ratings shown are a calculated average of bond ratings provided by third party, ratings agencies S&P, Moody's and Fitch and range from AAA (highest) to D (lowest). Bonds with no third-party rating are designated Not Rated and do not necessarily indicate low credit quality. For such securities Brigade evaluates the credit quality. Credit ratings are subjective opinions of rating agencies and may be subject to change.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

![Image](i9a5f2c3733a4930fc369b77a.jpg)

BRIGADE HIGH INCOME FUND - FOUNDERS CLASS

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

#### Phone: 212.745.9700
*Distributor, ALPS Distributors, Inc.*

02110A456–SA–03312026

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.brigadefunds.com/resources.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent at 1-(844)-903-0443.

# Brigade High Income Fund
INSTITUTIONAL CLASS: BHIIX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

![Image](i9a5f2c3733a4930fc369b77a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Brigade High Income Fund - Institutional Class for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.brigadefunds.com/resources. You can also request this information by contacting us at 212.745.9700.

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Brigade High Income Fund - Institutional | $26 | 0.52% |

---

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K Chart](i1891e465dddfb15f7c0225a6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Brigade High Income Fund Institutional Class - $1,318,168 | Bloomberg U.S. Aggregate Bond Index - $1,103,447 | 60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan - $1,265,421 | ICE BofA US High Yield Constrained Index - $1,274,712 |
| 5/4/2023 | $1000000.00 | $1000000.00 | $1000000.00 | $1000000.00 |
| 6/30/2023 | $1019038.08 | $983056.42 | $1017601.90 | $1014239.97 |
| 9/30/2023 | $1048863.25 | $951293.68 | $1034556.68 | $1019673.92 |
| 12/31/2023 | $1104225.17 | $1016144.57 | $1090250.93 | $1091764.57 |
| 3/31/2024 | $1134566.82 | $1008262.64 | $1111142.13 | $1108253.29 |
| 6/30/2024 | $1142094.67 | $1008920.64 | $1126757.12 | $1120331.73 |
| 9/30/2024 | $1206547.78 | $1061344.68 | $1171704.93 | $1179451.08 |
| 12/31/2024 | $1221042.91 | $1028848.73 | $1183506.75 | $1181307.39 |
| 3/31/2025 | $1235958.64 | $1057462.46 | $1193140.96 | $1192465.98 |
| 6/30/2025 | $1269906.70 | $1070223.02 | $1229823.66 | $1235050.93 |
| 9/30/2025 | $1300407.91 | $1091951.21 | $1255820.42 | $1264687.44 |
| 12/31/2025 | $1313515.20 | $1103964.47 | $1271959.08 | $1281757.55 |
| 3/31/2026 | $1318167.93 | $1103447.47 | $1265421.03 | $1274712.31 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| Institutional | 1 Year | Since Inception |
| Brigade High Income Fund - Institutional (Incep. May 4, 2023) | 6.65% | 9.96% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 3.44% |
| 60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan | 6.06% | 8.43% |
| ICE BofA US High Yield Constrained Index | 6.90% | 8.70% |

---

### FUND STATISTICS
* Total Net Assets$1,045,452,988

* # of Portfolio Holdings381

* Portfolio Turnover Rate21%

The Fund's past performance is not a good predictor of the Fund's future performance. The "Average Annual Total Return" table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 212.745.9700 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

### ASSET CLASS WEIGHTINGS

### (as a % of Net Assets)
![Group By Asset Type Chart](ieadbeee94594ea14cd042a80.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 56.8% |
| Bank Loans | 37.1% |
| Common Stocks | 1.6% |
| Convertible Bonds | 0.6% |
| Preferred Stocks | 0.1% |
| Rights and Warrants | 0.0% |
| Cash and Equivalents | 3.7% |

---

### SECTOR WEIGHTINGS

### (as a % of Net Assets)
![Group By Sector Chart](i1d54a0f86458ca8a74e7f3e7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Equivalents | 3.7% |
| Utilities | 1.5% |
| Industrial | 5.2% |
| Energy | 7.2% |
| Technology | 7.2% |
| Basic Materials | 9.0% |
| Financial | 12.9% |
| Communications | 13.5% |
| Consumer, Cyclical | 16.3% |
| Consumer, Non-cyclical | 23.6% |

---

### TOP TEN HOLDINGS

### (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Akumin, Inc. 08/31/2031 9.75% | 1.3% |
| CCO Holdings LLC / CCO Holdings Capital Corp. 01/15/2034 4.25% | 0.8% |
| Pluto Acquisition I, Inc. 09/20/2028 3M SOFR + 4.00% | 0.8% |
| GrubHub Holdings, Inc. 07/31/2030 13.00 (7.00 PIK)% | 0.8% |
| Envision Healthcare Corp. | 0.8% |
| Avaya Inc. 08/01/2028 1M SOFR + 7.50% | 0.7% |
| Global Medical Response TL B 10/02/2028 3M SOFR + 3.50% | 0.7% |
| Genesis Energy LP / Genesis Energy Finance Corp. 05/15/2033 8.00% | 0.7% |
| Rain Carbon, Inc. 09/01/2029 12.25% | 0.7% |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. 06/15/2030 9.00% | 0.7% |
| Total % of Top 10 Holdings | 7.9% |

---

### CREDIT QUALITY ALLOCATION

### (as a % of Net Assets)
![Credit Rating Chart](i8f2733585fefe566490dbc90.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| BBB | 2.7% |
| BB | 30.9% |
| B | 41.9% |
| CCC | 12.9% |
| CC | 0.0% |
| D | 0.8% |
| NR | 7.4% |
| Cash and Equivalents | 3.7% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

Ratings shown are a calculated average of bond ratings provided by third party, ratings agencies S&P, Moody's and Fitch and range from AAA (highest) to D (lowest). Bonds with no third-party rating are designated Not Rated and do not necessarily indicate low credit quality. For such securities Brigade evaluates the credit quality. Credit ratings are subjective opinions of rating agencies and may be subject to change.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

![Image](i9a5f2c3733a4930fc369b77a.jpg)

BRIGADE HIGH INCOME FUND - INSTITUTIONAL CLASS

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

#### Phone: 212.745.9700
*Distributor, ALPS Distributors, Inc.*

02110A449–SA–03312026

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.brigadefunds.com/resources.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent at 1-(844)-903-0443.

# Carret Kansas Tax-Exempt Bond Fund
CLASS A : IKSTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
![Image](ib70aecf6c835692d227ad756.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Carret Kansas Tax-Exempt Bond Fund - A for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.carret.com/kansas-tax-exempt-bond-fund. You can also request this information by contacting us at 888.266.8787.

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Carret Kansas Tax-Exempt Bond Fund - A | $40 | 0.80% |

---

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
For the 6 months ending March 31, 2026, the Carret Kansas Tax-Exempt Bond Fund returned 0.92% compared to a return of 1.38% for the Bloomberg Municipal Bond Index and a return of 0.24% for the Bloomberg 7 Year Municipal Bond Index. The return of the Fund was primarily driven by falling intermediate-duration interest rates in 4Q25 followed by rising intermediate-duration interest rates in 1Q26. The swing in interest rates was tied to Fed rate cuts and slowing economic growth in 4Q25 quickly followed by rising inflationary pressures and geopolitical uncertainly in 1Q26. The balance between strong supply and strong demand combined with a positive credit outlook helped to soften return volatility for the period.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i36f641149404647257bada25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Carret Kansas Tax-Exempt Bond Fund - A - NAV - $11,262 | Carret Kansas Tax-Exempt Bond Fund - Class A - Load - $10,780 | Bloomberg Municipal Bond Index - $12,379 | Bloomberg US Municipal Bond: 7 Year (6-8) Index - $12,229 |
| 3/31/2016 | $10000.00 | $9571.92 | $10000.00 | $10000.13 |
| 4/30/2016 | $10040.08 | $9610.28 | $10073.56 | $10066.92 |
| 10/31/2016 | $10064.49 | $9633.65 | $10122.89 | $10098.93 |
| 4/30/2017 | $10020.49 | $9591.53 | $10088.07 | $10087.56 |
| 10/31/2017 | $10129.98 | $9696.33 | $10344.82 | $10273.34 |
| 3/31/2018 | $10076.23 | $9644.89 | $10281.68 | $10120.27 |
| 9/30/2018 | $10078.75 | $9647.29 | $10355.59 | $10206.78 |
| 3/31/2019 | $10432.09 | $9985.51 | $10835.33 | $10693.13 |
| 9/30/2019 | $10734.17 | $10274.66 | $11241.06 | $11009.95 |
| 3/31/2020 | $10854.29 | $10389.63 | $11252.37 | $11004.38 |
| 9/30/2020 | $11153.83 | $10676.35 | $11701.03 | $11535.97 |
| 3/31/2021 | $11212.85 | $10732.85 | $11872.19 | $11619.92 |
| 9/30/2021 | $11270.62 | $10788.14 | $12008.53 | $11700.17 |
| 3/31/2022 | $10657.36 | $10201.14 | $11341.60 | $11056.34 |
| 9/30/2022 | $9950.21 | $9524.26 | $10627.48 | $10634.69 |
| 3/31/2023 | $10629.02 | $10174.01 | $11370.90 | $11278.29 |
| 9/30/2023 | $10081.17 | $9649.61 | $10910.58 | $10871.72 |
| 3/31/2024 | $10721.16 | $10262.20 | $11726.41 | $11519.96 |
| 9/30/2024 | $10933.56 | $10465.51 | $12042.19 | $11787.61 |
| 3/31/2025 | $10847.60 | $10383.24 | $11869.43 | $11721.51 |
| 9/30/2025 | $11177.89 | $10699.39 | $12209.88 | $12197.43 |
| 3/31/2026 | $11261.89 | $10779.79 | $12378.91 | $12229.21 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class A | 1 Year | 5 Year | 10 Year |
| Carret Kansas Tax-Exempt Bond Fund - Class A - NAV | 3.82% | 0.09% | 1.20% |
| Carret Kansas Tax-Exempt Bond Fund - Class A - Load | -0.63% | -0.77% | 0.75% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg US Municipal Bond: 7 Year (6-8) Index | 4.35% | 1.03% | 2.03% |

---

### FUND STATISTICS
* Total Net Assets$131,285,230

* # of Portfolio Holdings169

* Portfolio Turnover Rate5%

The Fund's past performance is not a good predictor of the Fund's future performance. The "Average Annual Total Returns" table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Call 888.266.8787 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

#### MATURITY WEIGHTINGS
(as a % of Net Assets)

![Group By Maturity Chart](i57f79571d0cef1bfce4f86ec.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| 5-10 Yr | 41.4% |
| > 10 Yr | 35.3% |
| 3-5 Yr | 14.1% |
| 1-3 Yr | 8.2% |
| < 1 Yr | 0.4% |

---

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i07aa5067935e77f819db2e0a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 0.64% |
| Health Care | 1.03% |
| Public Services | 1.29% |
| Transportation | 10.08% |
| Utilities | 11.06% |
| Education | 36.17% |
| General Obligation | 39.43% |

---

### TOP TEN HOLDINGS
(as a % of Net Assets)

---

| | |
|:---|:---|
| Top 10 | % |
| Johnson County Unified School District No 229 Blue Valley 10/01/2038 5.00% | 1.70% |
| State of Kansas Department of Transportation 09/01/2031 5.00% | 1.57% |
| State of Kansas Department of Transportation 09/01/2034 5.00% | 1.57% |
| Allen County Unified School District No 257 09/01/2043 3.00% | 1.52% |
| Kansas Development Finance Authority 05/01/2042 5.00% | 1.23% |
| State of Kansas Department of Transportation 09/01/2028 5.00% | 1.18% |
| City of Lenexa KS 09/01/2033 3.00% | 1.17% |
| County of Johnson KS 09/01/2035 4.00% | 1.17% |
| Douglas County Unified School District No 497 Lawrence 09/01/2031 4.00% | 1.15% |
| Johnson County Unified School District No 229 Blue Valley 10/01/2040 4.00% | 1.15% |
| Total % of Top 10 Holdings | 13.41% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.carret.com/kansas-tax-exempt-bond-fund.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.carret.com/carret-kansas-tax-exempt-bond-fund](ia6980dfbb970f86c8499c787.jpg)

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.266.8787

#### Email: info@carret.com

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 888.266.8787.

![Image](ib70aecf6c835692d227ad756.jpg)

CARRET KANSAS TAX-EXEMPT BOND FUND - CLASS A

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
02110A530–SA–03312026

# Carret Kansas Tax-Exempt Bond Fund
INSTITUTIONAL : SEKSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
![Image](ib70aecf6c835692d227ad756.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Carret Kansas Tax-Exempt Bond Fund - Institutional for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.carret.com/kansas-tax-exempt-bond-fund. You can also request this information by contacting us at 888.266.8787.

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Carret Kansas Tax-Exempt Bond Fund - Institutional | $24 | 0.48% |

---

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
For the 6 months ending March 31, 2026, the Carret Kansas Tax-Exempt Bond Fund returned 0.92% compared to a return of 1.38% for the Bloomberg Municipal Bond Index and a return of 0.24% for the Bloomberg 7 Year Municipal Bond Index. The return of the Fund was primarily driven by falling intermediate-duration interest rates in 4Q25 followed by rising intermediate-duration interest rates in 1Q26. The swing in interest rates was tied to Fed rate cuts and slowing economic growth in 4Q25 quickly followed by rising inflationary pressures and geopolitical uncertainly in 1Q26. The balance between strong supply and strong demand combined with a positive credit outlook helped to soften return volatility for the period.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $3,000,000 INVESTMENT
![Growth of 10K Chart](ic74acc93eef500ba40be8d61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Carret Kansas Tax-Exempt Bond Fund - Institutional - $3,471,268 | Bloomberg Municipal Bond Index - $3,713,673 | Bloomberg US Municipal Bond: 7 Year (6-8) Index - $3,668,715 |
| 3/31/2016 | $3000000.00 | $3000000.00 | $2999999.80 |
| 4/30/2016 | $3012981.71 | $3022067.66 | $3020038.30 |
| 10/31/2016 | $3026219.83 | $3036868.49 | $3029640.08 |
| 4/30/2017 | $3018811.59 | $3026422.42 | $3026230.75 |
| 10/31/2017 | $3057788.82 | $3103445.51 | $3081962.83 |
| 3/31/2018 | $3046476.64 | $3084503.66 | $3036041.27 |
| 9/30/2018 | $3053099.42 | $3106678.18 | $3061993.90 |
| 3/31/2019 | $3161147.90 | $3250598.89 | $3207899.22 |
| 9/30/2019 | $3259879.35 | $3372318.35 | $3302942.93 |
| 3/31/2020 | $3300459.64 | $3375711.32 | $3301273.06 |
| 9/30/2020 | $3395778.89 | $3510308.04 | $3460746.11 |
| 3/31/2021 | $3418007.29 | $3561656.77 | $3485933.39 |
| 9/30/2021 | $3439920.00 | $3602559.42 | $3510007.42 |
| 3/31/2022 | $3256823.87 | $3402481.05 | $3316858.56 |
| 9/30/2022 | $3044546.54 | $3188243.05 | $3190365.54 |
| 3/31/2023 | $3256293.10 | $3411270.72 | $3383444.82 |
| 9/30/2023 | $3092351.53 | $3273174.16 | $3261474.38 |
| 3/31/2024 | $3292665.11 | $3517922.18 | $3455945.22 |
| 9/30/2024 | $3362096.47 | $3612658.18 | $3536238.37 |
| 3/31/2025 | $3333599.31 | $3560828.56 | $3516408.61 |
| 9/30/2025 | $3439623.98 | $3662964.97 | $3659182.91 |
| 3/31/2026 | $3471267.95 | $3713672.51 | $3668715.11 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Institutional | 1 Year | 5 Year | 10 Year |
| Carret Kansas Tax-Exempt Bond Fund - Institutional | 4.13% | 0.31% | 1.47% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg US Municipal Bond: 7 Year (6-8) Index | 4.35% | 1.03% | 2.03% |

---

### FUND STATISTICS
* Total Net Assets$131,285,230

* # of Portfolio Holdings169

* Portfolio Turnover Rate5%

The Fund's past performance is not a good predictor of the Fund's future performance. The "Average Annual Total Returns" table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Call 888.266.8787 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

#### MATURITY WEIGHTINGS
(as a % of Net Assets)

![Group By Maturity Chart](i57f79571d0cef1bfce4f86ec.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| 5-10 Yr | 41.4% |
| > 10 Yr | 35.3% |
| 3-5 Yr | 14.1% |
| 1-3 Yr | 8.2% |
| < 1 Yr | 0.4% |

---

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i07aa5067935e77f819db2e0a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 0.64% |
| Health Care | 1.03% |
| Public Services | 1.29% |
| Transportation | 10.08% |
| Utilities | 11.06% |
| Education | 36.17% |
| General Obligation | 39.43% |

---

### TOP TEN HOLDINGS
(as a % of Net Assets)

---

| | |
|:---|:---|
| Top 10 | % |
| Johnson County Unified School District No 229 Blue Valley 10/01/2038 5.00% | 1.70% |
| State of Kansas Department of Transportation 09/01/2031 5.00% | 1.57% |
| State of Kansas Department of Transportation 09/01/2034 5.00% | 1.57% |
| Allen County Unified School District No 257 09/01/2043 3.00% | 1.52% |
| Kansas Development Finance Authority 05/01/2042 5.00% | 1.23% |
| State of Kansas Department of Transportation 09/01/2028 5.00% | 1.18% |
| City of Lenexa KS 09/01/2033 3.00% | 1.17% |
| County of Johnson KS 09/01/2035 4.00% | 1.17% |
| Douglas County Unified School District No 497 Lawrence 09/01/2031 4.00% | 1.15% |
| Johnson County Unified School District No 229 Blue Valley 10/01/2040 4.00% | 1.15% |
| Total % of Top 10 Holdings | 13.41% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.carret.com/kansas-tax-exempt-bond-fund.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.carret.com/carret-kansas-tax-exempt-bond-fund](ia6980dfbb970f86c8499c787.jpg)

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.266.8787

#### Email: info@carret.com

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 888.266.8787.

![Image](ib70aecf6c835692d227ad756.jpg)

CARRET KANSAS TAX-EXEMPT BOND FUND - INSTITUTIONAL

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
02110A522–SA–03312026

# CLARKSTON FOUNDERS FUND

#### Founders Class: CFMDX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i05c83db5ebfc60855381a23a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Clarkston Founders Fund - Founders Class for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.clarkstonfunds.com/literature/clarkston-founders-fund. You can also request this information by contacting us at 844.680.6562.

## WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Founders Fund - Founders Class | $40 | 0.80% |

---

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
During the six-month period ended March 31, 2026, the Fund's Founders Class had a return of -1.72% compared to 1.45% for the Russell Midcap<sup><sup>®</sup></sup> Index and -1.65% for the Russell<sup><sup>®</sup></sup> 3000 Index.

Three largest contributors to the Fund's performance for the period:

* Warner Bros. Discovery, Inc. (WBD), a media and entertainment company that operates worldwide.

* FedEx Corporation (FDX), a provider of transportation, e-commerce, and business services in the United States and internationally that operates through two segments: Federal Express and FedEx Freight.

* Affiliated Managers Group, Inc. (AMG), which operates as an investment management company providing investment management services to mutual funds, institutional clients, retail and high net worth individuals in the United States.

Three largest detractors from the Fund's performance for the period:

* CCC Intelligent Solutions Holdings Inc. (CCC), a software as a service (SaaS) company for the property and casualty insurance economy in the United States and China that connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurers, repairers, automakers, parts suppliers, lenders, and others.

* Clarivate PLC (CLVT), an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific that operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property.

* Avantor, Inc. (AVTR), a provider of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i81c7fff89d394cc1489fa40c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Founders Fund - Founders - $11,513 | Russell 3000<sup>®</sup> Index - $16,774 | Russell Midcap<sup>®</sup> Index - $14,198 |
| 2/16/2021 | $10000.00 | $10000.00 | $10000.01 |
| 3/31/2021 | $10366.20 | $10014.44 | $9999.73 |
| 9/30/2021 | $9709.86 | $10828.58 | $10650.09 |
| 3/31/2022 | $10287.35 | $11208.59 | $10691.83 |
| 9/30/2022 | $8871.31 | $8919.79 | $8584.62 |
| 3/31/2023 | $9916.10 | $10246.88 | $9752.87 |
| 9/30/2023 | $9723.29 | $10744.89 | $9738.90 |
| 3/31/2024 | $11119.15 | $13248.53 | $11932.23 |
| 9/30/2024 | $11294.20 | $14526.40 | $12595.16 |
| 3/31/2025 | $11150.97 | $14204.94 | $12241.84 |
| 9/30/2025 | $11713.79 | $17055.31 | $13994.16 |
| 3/31/2026 | $11512.86 | $16773.97 | $14197.77 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Founders | 1 Year | 5 Year | Since Inception |
| Clarkston Founders Fund - Founders Class (Incept. February 16, 2021) | 3.25% | 2.12% | 2.79% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 10.64% |
| Russell Midcap<sup>®</sup> Index | 15.98% | 7.26% | 7.09% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 844.680.6562 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$162,970,696

* # of Portfolio Holdings (excluding cash)29

* Portfolio Turnover Rate14%

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.clarkstonfunds.com/literature/clarkston-founders-fund.

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](i6d87c78341116eed8447a78e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 2.97% |
| Basic Materials | 1.92% |
| Utilities | 2.89% |
| Consumer Discretionary | 10.68% |
| Financials | 11.57% |
| Industrials | 11.95% |
| Consumer Staples | 17.18% |
| Health Care | 17.78% |
| Technology | 23.06% |

---

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 844.680.6562.

DISCLOSURES

FTSE Russell ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. You cannot invest directly in an index.

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Clarivate PLC | 12.11% |
| Post Holdings, Inc. | 9.40% |
| Affiliated Managers Group, Inc. | 7.30% |
| Avantor, Inc. | 5.53% |
| CCC Intelligent Solutions Holdings Inc. | 5.52% |
| IQVIA Holdings, Inc. | 3.77% |
| LKQ Corp. | 3.69% |
| Becton Dickinson & Co. | 3.67% |
| Middleby Corp. | 3.50% |
| Fidelity National Information Services, Inc. | 3.45% |
| Total % of Top 10 Holdings | 57.94% |

---

![Image](i7cc78ebda48f70d859106aa0.jpg)

#### Clarkston Founders Fund - Founders Class : CFMDX
Semi-Annual Shareholder Report - March 31, 2026

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A498–SA–03312026

# CLARKSTON FOUNDERS FUND

#### Institutional Class: CIMDX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i05c83db5ebfc60855381a23a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Clarkston Founders Fund - Institutional Class for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.clarkstonfunds.com/literature/clarkston-founders-fund. You can also request this information by contacting us at 844.680.6562.

## WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Founders Fund - Institutional Class | $44 | 0.90% |

---

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
During the six-month period ended March 31, 2026, the Fund's Institutional Class had a return of -1.88% compared to 1.45% for the Russell Midcap<sup><sup>®</sup></sup> Index and -1.65% for the Russell<sup><sup>®</sup></sup> 3000 Index.

Three largest contributors to the Fund's performance for the period:

* Warner Bros. Discovery, Inc. (WBD), a media and entertainment company that operates worldwide.

* FedEx Corporation (FDX), a provider of transportation, e-commerce, and business services in the United States and internationally that operates through two segments: Federal Express and FedEx Freight.

* Affiliated Managers Group, Inc. (AMG), which operates as an investment management company providing investment management services to mutual funds, institutional clients, retail and high net worth individuals in the United States. 

Three largest detractors from the Fund's performance for the period:

* CCC Intelligent Solutions Holdings Inc. (CCC), a software as a service (SaaS) company for the property and casualty insurance economy in the United States and China that connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurers, repairers, automakers, parts suppliers, lenders, and others.

* Clarivate PLC (CLVT), an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific that operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property.

* Avantor, Inc. (AVTR), a provider of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](ib05efe18a6face5000fca472.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Founders Fund - Institutional - $19,076 | Russell 3000<sup>®</sup> Index - $31,785 | Russell Midcap<sup>®</sup> Index - $24,701 |
| 1/31/2017 | $10000.00 | $10000.00 | $10000.00 |
| 3/31/2017 | $10270.00 | $10378.98 | $10266.89 |
| 9/30/2017 | $10640.00 | $11180.72 | $10910.60 |
| 3/31/2018 | $11084.57 | $11812.65 | $11519.28 |
| 9/30/2018 | $11385.78 | $13146.27 | $12435.94 |
| 3/31/2019 | $11364.13 | $12848.21 | $12264.58 |
| 9/30/2019 | $11990.90 | $13529.83 | $12832.06 |
| 3/31/2020 | $10244.09 | $11675.76 | $10019.36 |
| 9/30/2020 | $13110.31 | $15559.49 | $13416.23 |
| 3/31/2021 | $17258.65 | $18976.41 | $17397.37 |
| 9/30/2021 | $16165.93 | $20519.14 | $18528.86 |
| 3/31/2022 | $17110.29 | $21239.23 | $18601.47 |
| 9/30/2022 | $14753.59 | $16902.16 | $14935.38 |
| 3/31/2023 | $16475.41 | $19416.87 | $16967.88 |
| 9/30/2023 | $16154.61 | $20360.55 | $16943.58 |
| 3/31/2024 | $18459.07 | $25104.70 | $20759.50 |
| 9/30/2024 | $18738.58 | $27526.15 | $21912.85 |
| 3/31/2025 | $18493.42 | $26917.01 | $21298.16 |
| 9/30/2025 | $19429.21 | $32318.20 | $24346.82 |
| 3/31/2026 | $19076.14 | $31785.09 | $24701.05 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | Since Inception |
| Clarkston Founders Fund - Institutional Class (Incept. January 31, 2017) | 3.09% | 2.01% | 7.30% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.45% |
| Russell Midcap<sup>®</sup> Index | 15.98% | 7.26% | 10.37% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 844.680.6562 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$162,970,696

* # of Portfolio Holdings (excluding cash)29

* Portfolio Turnover Rate14%

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.clarkstonfunds.com/literature/clarkston-founders-fund.

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](i6d87c78341116eed8447a78e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 2.97% |
| Basic Materials | 1.92% |
| Utilities | 2.89% |
| Consumer Discretionary | 10.68% |
| Financials | 11.57% |
| Industrials | 11.95% |
| Consumer Staples | 17.18% |
| Health Care | 17.78% |
| Technology | 23.06% |

---

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 844.680.6562.

DISCLOSURES

FTSE Russell ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. You cannot invest directly in an index.

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Clarivate PLC | 12.11% |
| Post Holdings, Inc. | 9.40% |
| Affiliated Managers Group, Inc. | 7.30% |
| Avantor, Inc. | 5.53% |
| CCC Intelligent Solutions Holdings Inc. | 5.52% |
| IQVIA Holdings, Inc. | 3.77% |
| LKQ Corp. | 3.69% |
| Becton Dickinson & Co. | 3.67% |
| Middleby Corp. | 3.50% |
| Fidelity National Information Services, Inc. | 3.45% |
| Total % of Top 10 Holdings | 57.94% |

---

![Image](i7cc78ebda48f70d859106aa0.jpg)

#### Clarkston Founders Fund - Institutional Class : CIMDX
Semi-Annual Shareholder Report - March 31, 2026

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A647–SA–03312026

# CLARKSTON FUND

#### Institutional Class: CILGX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i05c83db5ebfc60855381a23a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Clarkston Fund - Institutional Class for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.clarkstonfunds.com/literature/clarkston-fund. You can also request this information by contacting us at 844.680.6562.

## WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Fund - Institutional Class | $32 | 0.65% |

---

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
During the six-month period ended March 31, 2026, the Fund's Institutional Class had a return of -1.75% compared to -1.87% for the Russell 1000<sup><sup>®</sup></sup> Index and -1.65% for the Russell<sup><sup>®</sup></sup> 3000 Index.

Three largest contributors to the Fund's performance for the period:

* Warner Bros. Discovery, Inc. (WBD), a media and entertainment company that operates worldwide.

* FedEx Corporation (FDX), a provider of transportation, e-commerce, and business services in the United States and internationally that operates through two segments: Federal Express and FedEx Freight.

* Anheuser-Busch InBev SA/NV ADR (BUD), a company that produces and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific. 

Three largest detractors from the Fund's performance for the period:

* Gartner, Inc. (IT), a provider of business and technology insights for decisions and performance on an organization's priorities in the United States, Canada, Europe, the Middle East, Africa, and internationally.

* Clarivate PLC (CLVT), an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific that operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property.

* Avantor, Inc. (AVTR), a provider of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](ibabc04bde2c740b1c0142361.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Fund - $21,444 | Russell 3000<sup>®</sup> Index - $35,946 | Russell 1000<sup>®</sup> Index - $36,740 |
| 4/1/2016 | $10000.00 | $10000.00 | $10000.00 |
| 9/30/2016 | $10520.00 | $10651.67 | $10602.18 |
| 3/31/2017 | $11271.84 | $11737.55 | $11671.67 |
| 9/30/2017 | $11585.22 | $12644.23 | $12567.65 |
| 3/31/2018 | $11726.63 | $13358.88 | $13303.22 |
| 9/30/2018 | $12279.68 | $14867.07 | $14800.28 |
| 3/31/2019 | $12661.47 | $14530.00 | $14540.54 |
| 9/30/2019 | $13620.34 | $15300.84 | $15373.48 |
| 3/31/2020 | $10996.41 | $13204.07 | $13373.48 |
| 9/30/2020 | $13731.26 | $17596.17 | $17835.26 |
| 3/31/2021 | $18393.09 | $21460.36 | $21476.10 |
| 9/30/2021 | $17862.05 | $23205.03 | $23357.70 |
| 3/31/2022 | $18728.70 | $24019.37 | $24325.99 |
| 9/30/2022 | $15301.96 | $19114.60 | $19336.61 |
| 3/31/2023 | $18053.88 | $21958.47 | $22284.19 |
| 9/30/2023 | $17909.66 | $23025.67 | $23434.76 |
| 3/31/2024 | $21233.99 | $28390.82 | $28940.02 |
| 9/30/2024 | $21301.83 | $31129.23 | $31796.23 |
| 3/31/2025 | $20785.56 | $30440.35 | $31203.36 |
| 9/30/2025 | $21825.52 | $36548.53 | $37439.54 |
| 3/31/2026 | $21444.24 | $35945.64 | $36740.21 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | Since Inception |
| Clarkston Fund - Institutional Class (Incept. April 1, 2016) | 3.17% | 3.12% | 7.93% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.65% |
| Russell 1000<sup>®</sup> Index | 17.74% | 11.34% | 13.90% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 844.680.6562 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$96,810,558

* # of Portfolio Holdings (excluding cash)27

* Portfolio Turnover Rate9%

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.clarkstonfunds.com/literature/clarkston-fund.

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](i228a42c911547d9fe299f7ec.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 5.34% |
| Basic Materials | 3.15% |
| Consumer Discretionary | 6.75% |
| Technology | 14.42% |
| Financials | 14.95% |
| Industrials | 16.04% |
| Consumer Staples | 19.67% |
| Health Care | 19.68% |

---

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 844.680.6562.

DISCLOSURES

FTSE Russell ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. You cannot invest directly in an index.

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Post Holdings, Inc. | 10.11% |
| Affiliated Managers Group, Inc. | 8.00% |
| Clarivate PLC | 7.17% |
| IQVIA Holdings, Inc. | 5.11% |
| Avantor, Inc. | 5.06% |
| Becton Dickinson & Co. | 5.03% |
| Fidelity National Information Services, Inc. | 4.60% |
| Fortive Corp. | 4.57% |
| Airbnb, Inc. | 3.91% |
| Lamb Weston Holdings, Inc. | 3.71% |
| Total % of Top 10 Holdings | 57.27% |

---

![Image](i7cc78ebda48f70d859106aa0.jpg)

#### Clarkston Fund - Institutional Class : CILGX
Semi-Annual Shareholder Report - March 31, 2026

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A662–SA–03312026

# CLARKSTON PARTNERS FUND

#### Founders Class: CFSMX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i05c83db5ebfc60855381a23a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Clarkston Partners Fund - Founders Class for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.clarkstonfunds.com/literature/clarkston-partners-fund. You can also request this information by contacting us at 844.680.6562.

## WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Partners Fund - Founders Class | $42 | 0.85% |

---

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
During the six-month period ended March 31, 2026, the Fund's Founders Class had a return of -3.60% compared to 4.30% for the Russell 2500<sup>TM</sup> Index and -1.65% for the Russell<sup><sup>®</sup></sup> 3000 Index.

Three largest contributors to the Fund's performance for the period:

* Neogen Corporation (NEOG), a company that develops, manufactures, and markets various products and services for food and animal safety in the United States and internationally.

* Affiliated Managers Group, Inc. (AMG), which operates as an investment management company providing investment management services to mutual funds, institutional clients, retail and high net worth individuals in the United States.

* C.H. Robinson Worldwide, Inc. (CHRW), a provider of freight transportation and related logistics and supply chain services in the United States and internationally. 

Three largest detractors from the Fund's performance for the period:

* CCC Intelligent Solutions Holdings Inc. (CCC), a software as a service (SaaS) company for the property and casualty insurance economy in the United States and China that connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurers, repairers, automakers, parts suppliers, lenders, and others.

* Clarivate PLC (CLVT), an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific that operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property.

* Avantor, Inc. (AVTR), a provider of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i15d85d881450d08ac0ffbcf4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Partners Fund - Founders - $18,347 | Russell 3000<sup>®</sup> Index - $36,157 | Russell 2500™ Index - $27,348 |
| 3/31/2016 | $10000.00 | $10000.00 | $10000.00 |
| 9/30/2016 | $10682.69 | $10714.40 | $11036.99 |
| 3/31/2017 | $11462.55 | $11806.67 | $12152.89 |
| 9/30/2017 | $12056.11 | $12718.69 | $13000.81 |
| 3/31/2018 | $12671.31 | $13437.54 | $13649.19 |
| 9/30/2018 | $13105.19 | $14954.62 | $15106.01 |
| 3/31/2019 | $12947.96 | $14615.56 | $14261.13 |
| 9/30/2019 | $13562.01 | $15390.94 | $14495.10 |
| 3/31/2020 | $11351.55 | $13281.83 | $11056.45 |
| 9/30/2020 | $13857.02 | $17699.79 | $14816.75 |
| 3/31/2021 | $19321.27 | $21586.73 | $20940.97 |
| 9/30/2021 | $17941.18 | $23341.67 | $21488.47 |
| 3/31/2022 | $19017.09 | $24160.81 | $21012.44 |
| 9/30/2022 | $16808.20 | $19227.16 | $16952.80 |
| 3/31/2023 | $18427.17 | $22087.77 | $18829.44 |
| 9/30/2023 | $18023.07 | $23161.26 | $18865.78 |
| 3/31/2024 | $20457.52 | $28558.01 | $22864.86 |
| 9/30/2024 | $20541.48 | $31312.54 | $23802.34 |
| 3/31/2025 | $19286.26 | $30619.61 | $22153.69 |
| 9/30/2025 | $19031.74 | $36763.76 | $26220.71 |
| 3/31/2026 | $18346.92 | $36157.31 | $27347.71 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Founders | 1 Year | 5 Year | 10 Year |
| Clarkston Partners Fund - Founders Class (Incept. September 15, 2015) | -4.87% | -1.03% | 6.26% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
| Russell 2500™ Index | 23.45% | 5.48% | 10.58% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 844.680.6562 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$311,984,989

* # of Portfolio Holdings (excluding cash)27

* Portfolio Turnover Rate11%

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.clarkstonfunds.com/literature/clarkston-partners-fund.

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](i836347794993c870d4a25ab3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 1.12% |
| Utilities | 3.14% |
| Consumer Discretionary | 8.66% |
| Industrials | 9.43% |
| Financials | 13.27% |
| Health Care | 19.10% |
| Technology | 22.07% |
| Consumer Staples | 23.21% |

---

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 844.680.6562.

DISCLOSURES

FTSE Russell ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. You cannot invest directly in an index.

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Clarivate PLC | 11.19% |
| Post Holdings, Inc. | 9.51% |
| Affiliated Managers Group, Inc. | 7.81% |
| CCC Intelligent Solutions Holdings Inc. | 5.96% |
| Avantor, Inc. | 5.91% |
| John Wiley & Sons, Inc. | 4.70% |
| LKQ Corp. | 3.96% |
| Envista Holdings Corp. | 3.86% |
| Middleby Corp. | 3.53% |
| Waystar Holding Corp. | 3.52% |
| Total % of Top 10 Holdings | 59.95% |

---

![Image](i7cc78ebda48f70d859106aa0.jpg)

#### Clarkston Partners Fund - Founders Class : CFSMX
Semi-Annual Shareholder Report - March 31, 2026

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A670–SA–03312026

# CLARKSTON PARTNERS FUND

#### Institutional Class: CISMX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i05c83db5ebfc60855381a23a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report contains important information about Clarkston Partners Fund - Institutional Class for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.clarkstonfunds.com/literature/clarkston-partners-fund. You can also request this information by contacting us at 844.680.6562.

## WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Partners Fund - Institutional Class | $46 | 0.94% |

---

## HOW DID THE FUND PERFORM IN THE LAST SIX MONTHS?
During the six-month period ended March 31, 2026, the Fund's Institutional Class had a return of -3.67% compared to 4.30% for the Russell 2500<sup>TM</sup> Index and -1.65% for the Russell<sup><sup>®</sup></sup> 3000 Index.

Three largest contributors to the Fund's performance for the period:

* Neogen Corporation (NEOG), a company that develops, manufactures, and markets various products and services for food and animal safety in the United States and internationally.

* Affiliated Managers Group, Inc. (AMG), which operates as an investment management company providing investment management services to mutual funds, institutional clients, retail and high net worth individuals in the United States.

* C.H. Robinson Worldwide, Inc. (CHRW), a provider of freight transportation and related logistics and supply chain services in the United States and internationally. 

Three largest detractors from the Fund's performance for the period:

* CCC Intelligent Solutions Holdings Inc. (CCC), a software as a service (SaaS) company for the property and casualty insurance economy in the United States and China that connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurers, repairers, automakers, parts suppliers, lenders, and others.

* Clarivate PLC (CLVT), an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific that operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property.

* Avantor, Inc. (AVTR), a provider of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $25,000 INVESTMENT
![Growth of 10K Chart](iad10b2c1bfc00d152cfc2d4c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Partners Fund - Institutional - $45,406 | Russell 3000<sup>®</sup> Index - $90,393 | Russell 2500™ Index - $68,369 |
| 3/31/2016 | $25000.00 | $25000.00 | $25000.00 |
| 9/30/2016 | $26684.31 | $26785.99 | $27592.46 |
| 3/31/2017 | $28625.06 | $29516.66 | $30382.22 |
| 9/30/2017 | $30085.52 | $31796.72 | $32502.02 |
| 3/31/2018 | $31612.06 | $33593.85 | $34122.98 |
| 9/30/2018 | $32647.71 | $37386.54 | $37765.02 |
| 3/31/2019 | $32264.58 | $36538.89 | $35652.83 |
| 9/30/2019 | $33773.26 | $38477.35 | $36237.75 |
| 3/31/2020 | $28263.23 | $33204.56 | $27641.12 |
| 9/30/2020 | $34470.71 | $44249.46 | $37041.86 |
| 3/31/2021 | $48028.43 | $53966.82 | $52352.43 |
| 9/30/2021 | $44579.50 | $58354.17 | $53721.18 |
| 3/31/2022 | $47250.24 | $60402.01 | $52531.09 |
| 9/30/2022 | $41731.97 | $48067.88 | $42381.99 |
| 3/31/2023 | $45730.60 | $55219.42 | $47073.60 |
| 9/30/2023 | $44720.35 | $57903.15 | $47164.45 |
| 3/31/2024 | $50719.02 | $71395.00 | $57162.16 |
| 9/30/2024 | $50928.89 | $78281.33 | $59505.85 |
| 3/31/2025 | $47808.34 | $76549.00 | $55384.21 |
| 9/30/2025 | $47136.97 | $91909.37 | $65551.77 |
| 3/31/2026 | $45406.40 | $90393.26 | $68369.28 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | 10 Year |
| Clarkston Partners Fund - Institutional Class (Incept. September 15, 2015) | -5.02% | -1.12% | 6.15% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
| Russell 2500™ Index | 23.45% | 5.48% | 10.58% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 844.680.6562 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$311,984,989

* # of Portfolio Holdings (excluding cash)27

* Portfolio Turnover Rate11%

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.clarkstonfunds.com/literature/clarkston-partners-fund.

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](i836347794993c870d4a25ab3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 1.12% |
| Utilities | 3.14% |
| Consumer Discretionary | 8.66% |
| Industrials | 9.43% |
| Financials | 13.27% |
| Health Care | 19.10% |
| Technology | 22.07% |
| Consumer Staples | 23.21% |

---

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 844.680.6562.

DISCLOSURES

FTSE Russell ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. You cannot invest directly in an index.

### TOP TEN HOLDINGS (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Clarivate PLC | 11.19% |
| Post Holdings, Inc. | 9.51% |
| Affiliated Managers Group, Inc. | 7.81% |
| CCC Intelligent Solutions Holdings Inc. | 5.96% |
| Avantor, Inc. | 5.91% |
| John Wiley & Sons, Inc. | 4.70% |
| LKQ Corp. | 3.96% |
| Envista Holdings Corp. | 3.86% |
| Middleby Corp. | 3.53% |
| Waystar Holding Corp. | 3.52% |
| Total % of Top 10 Holdings | 59.95% |

---

![Image](i7cc78ebda48f70d859106aa0.jpg)

#### Clarkston Partners Fund - Institutional Class : CISMX
Semi-Annual Shareholder Report - March 31, 2026

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A688–SA–03312026

![Image](i39e6ccc88445f84298f45535.jpg)

#### NYSE Arca: ETFT
Semi-Annual Shareholder Report - March 31, 2026

## Fund Overview
This semi-annual shareholder report contains important information about Fundsmith Equity ETF for the period of December 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://www.fundsmithetf.us/#documents. You can also request this information by contacting us at (203) 813-5519.

\*The reporting period is less than a full semi-annual reporting period. Expenses paid for a full semi-annual reporting period would be higher.

## What were the Fund's costs over the period?\*
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Fundsmith Equity ETF | $31 | 1.00% |

---

\*The reporting period is less than a full semi-annual reporting period. Expenses paid for a full semi-annual reporting period would be higher.

## How has the Fund performed since inception?
For the period from inception on December 1, 2025 to March 31, 2026, the Fund declined 10.43% compared to the decline of 2.35% for the MSCI World Index.

Relative performance was impacted by the war with Iran which led to strong performance in the Energy sector where at period end, we had a zero weighting and by the on-going boom in Information Technology due to investor enthusiasm with AI stocks in which we were significantly underweight exiting the period due to our belief that a bubble is developing. The Fund's overweight to Health Care was also a negative detractor.

Positive contributors included Taiwan Semiconductor, Texas Instruments, and Marriott, while holdings such as LVMH, EssilorLuxottica, Wolters Kluwer, and ADP detracted.

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](id8de45e28c1eec40a95abc69.jpg)

---

| | | |
|:---|:---|:---|
| | Fundsmith Equity ETF | MSCI World Index |
| 12/1/2025 | $10000.00 | $10000.01 |
| 12/31/2025 | $9959.88 | $10126.37 |
| 1/31/2026 | $10040.12 | $10352.99 |
| 2/28/2026 | $9839.52 | $10428.83 |
| 3/31/2026 | $8956.87 | $9764.56 |

---

### AVERAGE ANNUAL TOTAL RETURN

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Commenced Operation on December 1, 2025 | Since Inception |
| Fundsmith Equity ETF - NAV | -10.43% |
| MSCI World Index | -2.35% |

---

### FUND STATISTICS
* Total Net Assets$13,670,344

* Number of Portfolio Holdings28

* Portfolio Turnover Rate17%

The Fund's past performance is not a good predictor of the Fund's future performance. The "Average Annual Total Return" table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

#### Call 1-800-749-9322 for current month-end performance.

## What did the Fund invest in?

### SECTOR WEIGHTINGS
(% of Net Assets)

![Group By Sector Chart](ia0776e365d039768d431531a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 4.77% |
| Financials | 3.04% |
| Communication Services | 6.42% |
| Industrials | 10.27% |
| Consumer Staples | 14.02% |
| Consumer Discretionary | 16.83% |
| Health Care | 19.37% |
| Information Technology | 25.28% |

---

### ASSET CLASS WEIGHTINGS
(% of Net Assets)

![Group By Asset Type Chart](i48ab8614bef10f3917e270b1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 95.23% |
| Cash, Cash Equivalents, & Other Net Assets | 4.77% |

---

#### TOP TEN HOLDINGS
(% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | % |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7.05% |
| Texas Instruments, Inc. | 7.01% |
| Sage Group PLC | 4.68% |
| Apple, Inc. | 4.05% |
| Amadeus IT Group SA | 3.99% |
| Wolters Kluwer NV | 3.99% |
| Church & Dwight Co., Inc. | 3.86% |
| TJX Cos., Inc. | 3.75% |
| Philip Morris International, Inc. | 3.70% |
| Marriott International, Inc. | 3.66% |
| Total % of Top 10 Holdings | 45.74% |

---

## Material Fund Changes
There have been no material Fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Availability of Additional Information
Additional information about the Fund, including its prospectus, financial information, and holdings, can be found by visiting https://www.fundsmithetf.us/#documents.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent at 1-800-749-9322.

![Image](icc79aee4a617f22bf57a2079.jpg)

#### Fundsmith Equity ETF — ETFT
Semi-Annual Shareholder Report - March 31, 2026

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.fundsmithetf.us/](i891568ab90490c55392bc853.jpg)

#### Phone: 1-800-749-9322
*Distributor, ALPS Distributors, Inc.*

02110A431–SA–03312026

![Image](if4dde3b4318033789df668cf.jpg)

# Hillman Value Fund
HCMAX

Semi-Annual Shareholder Report - March 31, 2026

## Fund Overview
This semi-annual shareholder report contains important information about Hillman Value Fund for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at https://hcmfunds.com/resources. You can also request this information by contacting us at 1-855-400-5944.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| FUND NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Hillman Value Fund | $48 | 0.95% |

---

## How did the Fund perform in the last six months?
For the six months ending March 31, 2026, the Hillman Value Fund returned 1.62% versus a return of 5.99% for its benchmark, the Russell 1000 Value Total Return Index. The Fund enjoyed strong performance in the Materials, Health Care, Communication Services, and Industrials Sectors. The Information Technology, Consumer Discretionary, Financials, and Consumer Staples Sectors negatively impacted results. The premiums generated from option writing nominally benefited performance.

## How has the Fund performed last 10 years?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i26980d80299398f34ffb726d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Hillman Value Fund - $28,309 | FT Wilshire 5000 Index - TR - $36,643 | Russell 1000<sup>®</sup> Value Index TR - $27,337 |
| 3/31/2016 | $10000.00 | $10000.00 | $10000.00 |
| 9/30/2016 | $10595.51 | $10718.98 | $10822.34 |
| 3/31/2017 | $11878.82 | $11835.82 | $11922.31 |
| 9/30/2017 | $12545.66 | $12747.70 | $12458.97 |
| 3/31/2018 | $12821.44 | $13459.01 | $12750.65 |
| 9/30/2018 | $14264.35 | $14991.23 | $13636.35 |
| 3/31/2019 | $14826.50 | $14654.76 | $13474.18 |
| 9/30/2019 | $15874.09 | $15426.35 | $14181.89 |
| 3/31/2020 | $12886.08 | $13345.02 | $11160.88 |
| 9/30/2020 | $15228.46 | $17761.95 | $13469.28 |
| 3/31/2021 | $20661.71 | $21650.59 | $17420.74 |
| 9/30/2021 | $21782.38 | $23508.33 | $18185.12 |
| 3/31/2022 | $22811.49 | $24485.97 | $19453.52 |
| 9/30/2022 | $17959.01 | $19471.72 | $16118.75 |
| 3/31/2023 | $21736.79 | $22368.48 | $18303.13 |
| 9/30/2023 | $21783.57 | $23459.01 | $18446.01 |
| 3/31/2024 | $26587.20 | $28913.85 | $22012.82 |
| 9/30/2024 | $26868.51 | $31710.87 | $23566.90 |
| 3/31/2025 | $26068.79 | $30971.07 | $23593.46 |
| 9/30/2025 | $27857.01 | $37249.01 | $25792.05 |
| 3/31/2026 | $28309.06 | $36642.92 | $27336.65 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund | 1 Year | 5 Year | 10 Year |
| Hillman Value Fund | 8.64% | 6.51% | 10.97% |
| FT Wilshire 5000 Index - TR | 18.31% | 11.10% | 13.87% |
| Russell 1000<sup>®</sup> Value Index TR | 15.87% | 9.43% | 10.58% |

---

### FUND STATISTICS
* Total Net Assets$82,915,532

* # of Portfolio Holdings38

* Portfolio Turnover Rate12%

The Fund's past performance is not a good predictor of the Fund's future performance. The "Average Annual Total Return" table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

#### Call 1-855-400-5994 for current month-end performance.

## What did the Fund invest in?

### SECTOR WEIGHTINGS
(% of Net Assets)

![Group By Sector Chart](i7cd89d7d78df33cc9bc5d457.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 3.82% |
| Industrials | 4.95% |
| Consumer Discretionary | 4.98% |
| Materials | 5.93% |
| Financials | 7.63% |
| Communication Services | 11.72% |
| Information Technology | 14.09% |
| Consumer Staples | 19.23% |
| Health Care | 27.65% |

---

### ASSET CLASS WEIGHTINGS
(% of Net Assets)

![Group By Asset Type Chart](id7f6663d33639ff53aee9db4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 96.18% |
| Cash, Cash Equivalents, & Other Net Assets | 3.82% |

---

TOP TEN HOLDINGS

(% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | % |
| Verizon Communications, Inc. | 3.45% |
| Bristol-Myers Squibb Co. | 3.39% |
| Pfizer, Inc. | 3.14% |
| Biogen, Inc. | 3.12% |
| International Flavors & Fragrances, Inc. | 3.09% |
| Constellation Brands, Inc. | 2.97% |
| Warner Bros Discovery, Inc. | 2.90% |
| Comcast Corp. | 2.88% |
| US Bancorp | 2.86% |
| DuPont de Nemours, Inc. | 2.84% |
| Total % of Top 10 Holdings | 30.64% |

---

## Material Fund Changes
There have been no material Fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

Availability of Additional Information

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://hcmfunds.com/resources.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent at 1-855-400-5944.

![Image](if4dde3b4318033789df668cf.jpg)

Hillman Value Fund — HCMAX

Semi-Annual Shareholder Report - March 31, 2026

![An image of a QR code that, when scanned, navigates the user to the following URL: https://hcmfunds.com/resources](i5acf3c77ae6a6b5d6247c71b.jpg)

#### Phone: 1-855-400-5944
*Distributor, ALPS Distributors, Inc.*

02110A514–SA–03312026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable for semi-annual report.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable for semi-annual report.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

**Item 5.** **Audit Committee of Listed Registrants.** 

Not applicable for semi-annual report.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments
 is included as part of the Reports to Stockholders filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](fp0098620-1_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Portfolio of Investments | 1 |
| Statement of Assets and Liabilities | 5 |
| Statement of Operations | 6 |
| Statements of Changes in Net Assets | 7 |
| Financial Highlights | 8 |
| Notes to Financial Statements and Financial Highlights | 10 |
| Tax Designation | 21 |
| Changes in and Disagreements with Accountants | 22 |
| Proxy Disclosures | 23 |
| Remuneration Paid to Directors, Officers and Others | 24 |
| Statement Regarding Basis for Approval of Investment Advisory Agreement | 25 |

---

Beacon Planned Return Strategy Fund Portfolio of Investments

*March 31, 2026 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Notional**<br> **Value** | **Value**<br> **(Note 2)** |
| **PURCHASED OPTION CONTRACTS - (108.94%)** | **PURCHASED OPTION CONTRACTS - (108.94%)** | **PURCHASED OPTION CONTRACTS - (108.94%)** | | | |
| ***Call Option Contracts (103.36%)<sup>(a)(b)</sup>*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Mini Index: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | $76.65 | 390 | $25461150 | $22470706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 81.80 | 100 | 6528500 | 5710293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 586.97 | 390 | 25461150 | 2628249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 626.25 | 100 | 6528500 | 309707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/2026 | 78.55 | 510 | 33295350 | 29288124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/2026 | 604.51 | 510 | 33295350 | 2912725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/2026 | 81.80 | 490 | 31989650 | 27966588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/2026 | 626.25 | 490 | 31989650 | 2208460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/2026 | 84.05 | 475 | 31010375 | 26999963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/2026 | 644.00 | 475 | 31010375 | 1801807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 84.05 | 100 | 6528500 | 5683244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 86.15 | 380 | 24808300 | 21517623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 644.00 | 100 | 6528500 | 430572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 661.75 | 380 | 24808300 | 1202028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 09/14/2026 | 87.40 | 450 | 29378250 | 25414079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 09/14/2026 | 664.94 | 450 | 29378250 | 1538529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2026 | 87.40 | 130 | 8487050 | 7342022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2026 | 87.65 | 320 | 20891200 | 18064828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2026 | 664.94 | 130 | 8487050 | 500305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2026 | 672.75 | 320 | 20891200 | 1084076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/2026 | 87.65 | 160 | 10445600 | 9031577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/2026 | 90.80 | 265 | 17300525 | 14876974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/2026 | 672.75 | 160 | 10445600 | 607068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/2026 | 696.00 | 265 | 17300525 | 672763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/14/2026 | 90.80 | 425 | 27746125 | 23852178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/14/2026 | 696.00 | 425 | 27746125 | 1231861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2027 | 88.70 | 425 | 27746125 | 23957793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2027 | 681.26 | 425 | 27746125 | 1705220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/2027 | 87.25 | 350 | 22849750 | 19737632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/2027 | 88.70 | 75 | 4896375 | 4218962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/2027 | 670.59 | 350 | 22849750 | 1710185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/2027 | 681.26 | 75 | 4896375 | 320857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/12/2027 | 87.25 | 160 | 10445600 | 9037158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/12/2027 | 670.59 | 160 | 10445600 | 837986 |
|  |  |  |  | 679616850 | 316872142 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 1

Beacon Planned Return Strategy Fund Portfolio of Investments

*March 31, 2026 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration** <br> **Date** | **Strike <br> Price** | **Contracts** | **Notional** <br> **Value** | **Value** <br> **(Note 2)** |
| **PURCHASED OPTION CONTRACTS - (108.94%) (continued)** | **PURCHASED OPTION CONTRACTS - (108.94%) (continued)** | **PURCHASED OPTION CONTRACTS - (108.94%) (continued)** |  |  |  |
| ***Put Option Contracts (5.59%)*** | ***Put Option Contracts (5.59%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Mini Index: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | $586.97 | 390 | $25461150 | $31792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 626.25 | 100 | 6528500 | 36191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/2026 | 604.51 | 510 | 33295350 | 328924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/2026 | 626.25 | 490 | 31989650 | 722645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/2026 | 644.00 | 475 | 31010375 | 1117224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 644.00 | 100 | 6528500 | 270033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 661.75 | 380 | 24808300 | 1257228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 09/14/2026 | 664.94 | 450 | 29378250 | 1677325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2026 | 664.94 | 130 | 8487050 | 517874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2026 | 672.75 | 320 | 20891200 | 1372301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/2026 | 672.75 | 160 | 10445600 | 724197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/2026 | 696.00 | 265 | 17300525 | 1468873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/14/2026 | 696.00 | 425 | 27746125 | 2437263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2027 | 681.26 | 425 | 27746125 | 2205483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/2027 | 670.59 | 350 | 22849750 | 1743562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/2027 | 681.26 | 75 | 4896375 | 405502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/12/2027 | 670.59 | 160 | 10445600 | 813892 |
|  |  |  |  | 339808425 | 17130309 |
| **TOTAL PURCHASED OPTION CONTRACTS** | **TOTAL PURCHASED OPTION CONTRACTS** | **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |
| **(Cost $338,198,536)** |  |  |  | $1019425275 | $334002451 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value**<br> **(Note 2)** |
| **SHORT TERM INVESTMENTS (*1.67%*)** |  |  |  |
| ***Money Market Funds*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Funds - Treasury Instruments Fund<sup>(c)</sup> | 3.278% | 291072 | $291072 |
| &nbsp;&nbsp;&nbsp;Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class | 3.577% | 4819825 | 4819826 |
|  |  |  | 5110898 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $5,110,898)** |  |  | 5110898 |
| **TOTAL INVESTMENTS (110.61%)** |  |  |  |
| **(Cost $343,309,434)** |  |  | $339113349 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-10.61%)** |  |  | (32534502) |
| **NET ASSETS (100.00%)** |  |  | $306578847 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 www.beacontrust.com

Beacon Planned Return Strategy Fund Portfolio of Investments

*March 31, 2026 (Unaudited)*

*<sup>(a)</sup>* *Held in connection with written option contracts.*

*<sup>(b)</sup>* *Non-income producing.*

*<sup>(c)</sup>* *$291,072 is held as collateral at broker for written options.*

**WRITTEN OPTION CONTRACTS (10.49%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 2)** |
| **Put Option Contracts - (2.89%)** | **Put Option Contracts - (2.89%)** | **Put Option Contracts - (2.89%)** | | | | |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Mini Index: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/26 | $528.27 | (390) | $671949 | $(25461150) | $(11354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/26 | 563.63 | (100) | 150395 | (6528500) | (5037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/26 | 544.06 | (510) | 875132 | (33295350) | (104528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/26 | 563.63 | (490) | 855025 | (31989650) | (259442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/26 | 579.60 | (475) | 792277 | (31010375) | (465046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/26 | 579.60 | (100) | 178895 | (6528500) | (124558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/26 | 595.58 | (380) | 683222 | (24808300) | (576519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 09/14/26 | 598.45 | (450) | 968830 | (29378250) | (822074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/26 | 598.45 | (130) | 297694 | (8487050) | (266950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/26 | 605.48 | (320) | 714546 | (20891200) | (707007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/26 | 605.48 | (160) | 380473 | (10445600) | (387249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/26 | 626.40 | (265) | 505342 | (17300525) | (784702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/14/26 | 626.40 | (425) | 882279 | (27746125) | (1350088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/27 | 613.13 | (425) | 980480 | (27746125) | (1254357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/27 | 603.53 | (350) | 861508 | (22849750) | (1009939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/27 | 613.13 | (75) | 183896 | (4896375) | (234757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/12/27 | 603.53 | (160) | 414632 | (10445600) | (481395) |
|  |  |  |  | 10396575 | (339808425) | (8845002) |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 3

Beacon Planned Return Strategy Fund Portfolio of Investments

*March 31, 2026 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration**<br> **Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 2)** |
| **Call Option Contracts - (7.60%)** | **Call Option Contracts - (7.60%)** | **Call Option Contracts - (7.60%)** | | | | |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Mini Index: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/26 | $617.26 | (780) | $2244018 | $(50922300) | $(3023343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/26 | 651.61 | (200) | 516390 | (13057000) | (245080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/26 | 634.74 | (1020) | 2913063 | (66590700) | (3366650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/26 | 656.75 | (980) | 2805690 | (63979300) | (2351692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/26 | 673.50 | (950) | 2647603 | (62020750) | (1884842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/26 | 676.26 | (200) | 586190 | (13057000) | (465775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/26 | 691.99 | (760) | 2169763 | (49616600) | (1184516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 09/14/26 | 698.52 | (900) | 2845761 | (58756500) | (1499666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/26 | 702.04 | (260) | 850449 | (16974100) | (492248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/26 | 708.61 | (640) | 2108772 | (41782400) | (1035101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/26 | 711.46 | (320) | 1098226 | (20891200) | (588075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/13/26 | 726.42 | (530) | 1583084 | (34601050) | (680985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/14/26 | 729.34 | (850) | 2681709 | (55492250) | (1213049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/27 | 716.82 | (850) | 2894208 | (55492250) | (1920044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/27 | 708.28 | (700) | 2502816 | (45699500) | (2017727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/12/27 | 718.87 | (150) | 531143 | (9792750) | (361755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/12/27 | 711.16 | (320) | 1187984 | (20891200) | (983484) |
|  |  |  |  | 32166869 | (679616850) | (23314032) |
| **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** |  | $**42563444** | $**(1019425275)** | $**(32159034)** |

---

*See Notes to Financial Statements and Financial Highlights.*

4 www.beacontrust.com

Beacon Planned <br> Return Strategy Fund Statement of Assets and Liabilities

*March 31, 2026 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $343,309,434) | $339113349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 21133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 339134981 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value (premiums received $42,563,444) | 32159034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 86134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 261776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution and service fees | 25120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for printing fees | 4857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for professional fees | 11718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for trustees' fees and expenses | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 5966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 32556134 |
| **NET ASSETS** | $306578847 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (Note 6) | $308600511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | (2021664) |
| **NET ASSETS** | $306578847 |
| **PRICING OF SHARES<sup>(a)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $9.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $306578847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 31564375 |

---

*<sup>(a)</sup>* *A 2% redemption fee is applied to any shares sold or exchanged within 60 days of purchase.*

 

*See Notes to Financial Statements and Financial Highlights.* 

*Semi-Annual Report \| March 31, 2026* *5*

Beacon Planned Return Strategy Fund Statement of Operations

*For the Period Ended March 31, 2026 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $150361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 150361 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 7) | 1566285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 228541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 62931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 3922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 17619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 9850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 36012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 16571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees | 11215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | 7350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 18948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 1987051 |
| **NET INVESTMENT LOSS** | (1836690) |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND WRITTEN OPTIONS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 38540381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | (20339571) |
| Net realized gain | 18200810 |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (58715058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | 45176595 |
| Net change | (13538463) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND WRITTEN OPTIONS** | 4662347 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2825657 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 www.beacontrust.com

Beacon Planned Return Strategy Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** |
| **OPERATIONS:** |  |  |
| Net investment loss | $(1836690) | $(3834874) |
| Net realized gain on investments and written options | 18200810 | 41713021 |
| Net change in unrealized depreciation on investments and written options | (13538463) | (4521454) |
| Net increase in net assets resulting from operations | 2825657 | 33356693 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (36139384) | (49344191) |
| Total distributions | (36139384) | (49344191) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 6):** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 27049957 | 39120149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 31840541 | 43042161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (42809063) | (126605175) |
| Net increase/(decrease) from beneficial share transactions | 16081435 | (44442865) |
| Net decrease in net assets | (17232292) | (60430363) |
| **NET ASSETS:** |  |  |
| Beginning of period | 323811139 | 384241502 |
| End of period | $306578847 | $323811139 |

---

 

*See Notes to Financial Statements and Financial Highlights.* 

*Semi-Annual Report \| March 31, 2026* *7*

Beacon Planned Return Strategy Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Period Presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(b)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss |
| **PORTFOLIO TURNOVER RATE** |

---

*s ee notes to financial statements and financial highlights.*

8 www.beacontrust.com

Beacon Planned Return Strategy Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Period Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Year**<br> **Ended**<br> **September 30, 2021** |
| $10.84 | $11.40 | $10.52 | $8.72 | $11.13 | $10.49 |
| (0.06) | (0.12) | (0.12) | (0.11) | (0.12) | (0.13) |
| 0.16 | 1.20 | 1.61 | 1.91 | (0.85) | 1.31 |
| 0.10 | 1.08 | 1.49 | 1.80 | (0.97) | 1.18 |
| (1.23) | (1.64) | (0.61) |  | (1.41) | (0.54) |
| – | – | – | – | (0.03) | – |
| (1.23) | (1.64) | (0.61) | – | (1.44) | (0.54) |
| (1.13) | (0.56) | 0.88 | 1.80 | (2.41) | 0.64 |
| $9.71 | $10.84 | $11.40 | $10.52 | $8.72 | $11.13 |
| 0.87% | 10.82% | 14.70% | 20.64% | (10.41%) | 11.53% |
| $306579 | $323811 | $384242 | $352184 | $306278 | $362773 |
| 1.27 %<sup>(c)(d)</sup> | 1.23% | 1.20% | 1.21% | 1.19% | 1.19% |
| (1.17 %)<sup>(d)</sup> | (1.14%) | (1.12%) | (1.14%) | (1.18%) | (1.19%) |
| 0% | 0% | 0% | 0% | 0% | 0% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(c)</sup>* *Pursuant to the Fund's shareholder services plan with respect to the Fund's Institutional Class shares, any amount of fees accrued according to the plan but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practical. Fees were reimbursed to the Fund for the period ended March 31, 2026, September 30, 2025, September 30, 2024, September 30, 2023, September 30, 2022, and September 30, 2021, respectively, in the amount of 0.00%, 0.00%, 0.01%, 0.00%, 0.00%, and 0.00% of average net assets of Institutional shares.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 9

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (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 annual report describes the Beacon Planned Return Strategy Fund (the "Fund"). The Fund is non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified Fund. The primary investment objective of the Beacon Planned Return Strategy Fund is to deliver capital preservation and capital appreciation. The Board of Trustees (the "Board" or "Trustees") 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"). The 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, Financial Services - Investment Companies. 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 of 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 the Fund in preparation of the financial statements.

The Fund uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Fund's chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Fund's CODM has been identified as the Chief Financial Officer ("CFO") and Treasurer, who reviews results presented within the Fund's financial statements when making decisions about allocating resources and assessing performance of the Fund. The CODM determined that the Fund has only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**Investment Valuation:** The Fund generally values 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.

Flexible Exchange ("FLEX") Options are customized option contracts available through the Chicago Board Options Exchange ("CBOE"). Flexible Exchange Options are valued based on prices supplied by an independent third-party pricing service, which utilizes pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-money contracts on a given strike price.

10 www.beacontrust.com

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value ("NAV"). Money market funds, representing short-term investments, are valued at their NAV.

When such prices or quotations are not available, or when the valuation designee 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 Fund discloses the classification of 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 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. |

---

Semi-Annual Report \| March 31, 2026 11

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

The following is a summary of the inputs used to value investments as of March 31, 2026:

**BEACON PLANNED RETURN STRATEGY FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 - Other<br> Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Purchased Option Contracts | $– | $334002451 | $– | $334002451 |
| Short Term Investments | 5110898 | – | – | 5110898 |
| Total | $5110898 | $334002451 | $– | $339113349 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Liabilities** |  |  |  |  |
| Written Option Contracts | $– | $(32159034) | $– | $(32159034) |
| Total | $– | $(32159034) | $– | $(32159034) |

---

There were no Level 3 securities held during the six months ended March 31, 2026.

**Cash & Cash Equivalents:** The Fund considers its 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 Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high quality financial institution.

**Selected Risks:** Some significant types of financial risks the Fund is exposed to are listed below. Please see the Fund's prospectus and statement of additional information for additional information regarding the risks associated with an investment in the Fund.

*Concentration Risk*: The Fund operates as a "non-diversified" investment company, as defined in the 1940 Act. As a result of being "non-diversified" with respect to 50% of the Fund's portfolio, the Fund must limit the portion of their assets invested in the securities of a single issuer to 5%, measured at the time of purchase. In addition, no single investment can exceed 25% of the Fund's total assets at the time of purchase. A more concentrated portfolio may cause the Fund's net asset value to be more volatile and thus may subject stockholders to more risk. Thus, the volatility of the Fund's net asset value and their performance in general, depends disproportionately more on the performance of a smaller number of holdings than that of a more diversified fund. As a result, the Fund is subject to a greater risk of loss than a fund that diversifies its investments more broadly.

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

 

12 www.beacontrust.com

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

**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.

**Federal Income Taxes:** The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year so that they will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the six months ended March 31, 2026, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax return is subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions and has concluded that as of March 31, 2026, no provision for income tax is required in the Fund's financial statements related to these tax positions.

**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. Dividend income is recognized on the ex-dividend date.

**Distributions to Shareholders:** The Fund normally pays dividends, if any, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends and other income the Fund receives from investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. The Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe 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.

3. DERIVATIVE INSTRUMENTS

The Fund's principal investment strategy permits it to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency contracts, currency swaps and purchased and written options. In doing so, the Fund may employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent in derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objective more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Semi-Annual Report \| March 31, 2026 13

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

**Risk of Investing in Derivatives:** The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase market value exposure relative to net assets and can substantially increase the volatility of performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. In addition, use of derivatives may increase or decrease exposure to the following risk factors:

*Equity Risk*: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. Associated risks can be different for each type of derivative.

**Option Contracts:** The Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. The Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the U.S. Commodity Futures Trading Commission, foreign exchanges. A call option on an asset written by a Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by the Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses.

The Fund uses FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation ("OCC"), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the "buyer for every seller and the seller for every buyer," protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter ("OTC") options positions. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In a less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.

14 www.beacontrust.com

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

**Purchased Options:** When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

**Written Options:** When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

The average option contract notional amount during the six months ended March 31, 2026, is noted below. These are equity options which have an element of equity security risk.

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measurement** | **Monthly Average** |
| **Beacon Planned Return Strategy Fund** |  |  |
| Purchased Option Contracts | Notional value of contracts outstanding | $1085146156 |
| Written Option Contracts | Notional value of contracts outstanding | $1085146156 |

---

**Derivative Instruments:** The following tables disclose the amounts related to the Fund's use of derivative instruments.

Semi-Annual Report \| March 31, 2026 15

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

The effect of derivative instruments on the Statement of Assets and Liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Assets**<br> **and Liabilities Location** | **Fair Value of**<br> **Asset Derivatives** | **Statements of**<br> **Assets**<br> **and Liabilities**<br> **Location** | **Fair Value of**<br> **Liability**<br> **Derivatives** |
| **Beacon Planned Return Strategy Fund** |  |  |  |  |
| Equity Contracts (Purchased Options/ Written Options) | Investments, at value | $334002451 | Written Options, at value | $32159034 |
|  |  | $334002451 |  | $32159034 |

---

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain (Loss)**<br> **on Derivatives**<br> **Recognized in**<br> **Income** | **Change in Unrealized**<br> **Gain (Loss) on**<br> **Derivatives**<br> **Recognized in**<br> **Income** |
| **Beacon Planned Return Strategy Fund** |  |  |  |
| Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/Net change in unrealized appreciation/ (depreciation) on investments | $38542449 | $(58715058) |
| Equity Contracts (Written Options) | Net realized gain/(loss) on written option contracts/Net change in unrealized appreciation/ (depreciation) on written option contracts | (20339571) | 45176595 |
| Total |  | $18202878 | $(13538463) |

---

4. TAX BASIS INFORMATION

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Funds. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.

16 www.beacontrust.com

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gains** |
| **Beacon Planned Return Strategy Fund** | $14918316 | $34425875 |

---

**Unrealized Appreciation and Depreciation on Investments and Derivative Instruments:** As of March 31, 2026, the aggregate costs of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation of instruments and derivative instruments for federal tax purposes were as follows:

---

| | |
|:---|:---|
| | **Beacon Planned Return Strategy Fund** |
| Gross unrealized appreciation (excess of value over tax cost)<sup>(a)</sup> | $24678061 |
| Gross unrealized depreciation (excess of tax cost over value)<sup>(a)</sup> | (18469736) |
| Net unrealized appreciation | $6208325 |
| Cost of investments for income tax purposes | $338198536 |

---

*<sup>(a)</sup>* *Includes appreciation/(depreciation) on written options*

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities, during the six months ended March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Purchases of Securities** | | **Proceeds from Sales of Securities** |
| Beacon Planned Return Strategy Fund | $|  | $|  |

---

6. BENEFICIAL SHARE TRANSACTIONS

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Shares have no pre-emptive rights. Neither the Fund nor any creditor have the right to require shareholders to pay any additional amounts solely because the shareholder owns the shares.

Semi-Annual Report \| March 31, 2026 17

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

Shares redeemed within 60 days of purchase may incur a 2.00% short-term redemption fee deducted from the redemption amount. For the six months ended March 31, 2026, the redemption fees charged by the Fund, if any, is presented in the Statements of Changes in Net Assets.

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** |
| **Beacon Planned Return Strategy Fund** |  |  |
| **Institutional** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2738269 | 3896240 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 3252354 | 4347693 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4292561) | (12093879) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 1698062 | (3849946) |

---

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. Approximately 86% of the outstanding shares of the Fund are owned by one omnibus account. Share transaction activities of these shareholders could have a material impact on the Fund.

7. MANAGEMENT AND RELATED PARTY TRANSACTIONS

**Investment Advisory:** Beacon Investment Advisory Services, Inc. (the "Adviser"), subject to the authority of the Board, is responsible for the management of the Fund's portfolio. The Adviser manages the investments of the Fund in accordance with the Fund's investment objectives, policies and limitations and investment guidelines established jointly by the Adviser and the Board.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, the Fund pays the Adviser an annual management fee that is based on average daily net assets. The management fee is paid on a monthly basis. The contractual management fee rate is 1.00% based on average daily net assets. The current term of the Advisory Agreement is one year. The Board may extend the Advisory Agreement for additional one-year terms. The Board and shareholders of the Fund may terminate the Advisory Agreement upon 30 days' written notice. The Adviser may terminate the Advisory Agreement upon 60 days' notice.

Pursuant to a fee waiver letter agreement (the "Fee Waiver Agreement"), the Adviser has contractually agreed to limit the amount of the Fund's Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 1.40% of the Fund's average daily net assets. The Fee Waiver Agreement shall continue at least through January 31, 2027, and will automatically continue upon annual approval of the Board for successive twelve-month periods unless (i) it is terminated earlier by the Board, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. Except due to the Adviser's notice of non-renewal, the Fee Waiver Agreement may only be amended or terminated with the approval of the Board. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Fee Waiver Agreement (whether through a reduction of its management fee or otherwise) only to the extent that the Fund 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 be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee or expense was reduced, as calculated on a monthly basis. There were no fees waived or reimbursed for the six months ended March 31, 2026.

18 www.beacontrust.com

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to the Fund. The Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to the Administration, Bookkeeping and Pricing Services Agreement with the Trust, ALPS will provide operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assist in the Fund's operations. The Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Fund for the six months ended March 31, 2026, are disclosed in the Statement of Operations. ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

**Transfer Agent:** ALPS serves as transfer agent for the Fund under a Transfer Agency and Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Fund plus fees for open accounts and is reimbursed for certain out-of-pocket expenses.

**Compliance Services:** ALPS provides Chief Compliance Officer services to the Fund to monitor and test the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 of the 1940 Act pursuant to a Chief Compliance Officer Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Fund and is reimbursed for certain out-of-pocket expenses.

**Distribution:** ALPS Distributors, Inc. (the "Distributor") (an affiliate of ALPS) acts as the principal underwriter of the Fund shares pursuant to a Distribution Agreement with the Trust. Shares of the Fund are offered on a continuous basis through the Distributor, as agent of the Fund. The Distributor is not obligated to sell any particular amount of shares and is not entitled to any compensation for its services as the Fund's principal underwriter pursuant to the Distribution Agreement.

The Fund has adopted a shareholder services plan ("Shareholder Services Plan") for its Institutional Class. Under the Shareholder Services Plan the Fund is authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net assets of Institutional Class shares, to Participating Organizations as compensation for providing shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization. Shareholder Services Plan fees paid by the Fund are disclosed in the Statement of Operations.

Semi-Annual Report \| March 31, 2026 19

Beacon Planned Notes to Financial Statements <br> Return Strategy Fund and Financial Highlights

*March 31, 2026 (Unaudited)*

8. TRUSTEES AND OFFICERS

As of March 31, 2026, there were three Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees").

Effective January 1, 2026, the Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $18,750, plus $5,938 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875, the Independent Chair receives a quarterly retainer of $4,250 and the Nominating and Corporate Governance Committee Chair receives a quarterly retainer of $500.

Prior to January 1, 2026, the Trustees of the Trust received a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair received a quarterly retainer of $1,875 and the Independent Chair received a quarterly retainer of $4,250.

These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

Officers of the Trust receive no salary or fees from the Trust. As discussed in Note 8, the Fund pays ALPS an annual fee for compliance services.

9. INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

10. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

20 www.beacontrust.com

Beacon Planned Return Strategy Fund Tax Designation

*March 31, 2026 (Unaudited)*

Pursuant to Section 852(b)(3) of the Internal Revenue Code the following Fund designated the amounts listed below as long-term capital gain dividends:

---

| | |
|:---|:---|
| Beacon Planned Return Strategy Fund | $23954429 |

---

Semi-Annual Report \| March 31, 2026 21

Beacon Planned Return Strategy Fund Changes in and Disagreements with Accountants

*March 31, 2026 (Unaudited)*

There were no changes in or disagreements with accountants during the period covered by this report.

22 www.beacontrust.com

Beacon Planned Return Strategy Fund Proxy Disclosures

*March 31, 2026 (Unaudited)*

Not applicable to the period covered by this report.

Semi-Annual Report \| March 31, 2026 23

Beacon Planned Return Strategy Fund Remuneration Paid to Directors, Officers, and Others

*March 31, 2026 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended March 31, 2026:

---

| | |
|:---|:---|
| **Trustee** | **Amount Paid** |
| Ward Armstrong | $5246 |
| J.W. Hutchens | 2068 |
| Merrillyn Kosier | 4474 |
| Patrick Seese | 4788 |
| **Total** | $16576 |

---

24 www.beacontrust.com

Beacon Planned Statement Regarding Basis for Approval <br> Return Strategy Fund of Investment Advisory Agreement

*March 31, 2026 (Unaudited)*

Not applicable to the period covered by this report.

Semi-Annual Report \| March 31, 2026 25

![](fp0098620-1_02.jpg)

![](fp0098620-1_13.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 12 |
| Statement of Operations | 13 |
| Statements of Changes in Net Assets | 14 |
| Financial Highlights | 15 |
| Notes to Financial Statements and Financial Highlights | 17 |
| Additional Information | 27 |
| Changes in and Disagreements with Accountants for Open-End Management Investment Companies | 28 |
| Proxy Disclosures | 29 |
| Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies | 30 |
| Statement Regarding Basis for Approval of Investment Advisory Contract | 31 |

---

![](fp0098620-1_14.jpg)

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**<br> **(Note 2)** |
| **COMMON STOCKS (1.64%)** | | |
| ***Communications (0.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Xplore Inc/Stonepeak Falcon<sup>(a)(b)(c)</sup> | 71771 | $878113 |
| ***Consumer, Cyclical (0.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Century Casinos, Inc.<sup>(b)(c)</sup> | 37990 | 52806 |
| &nbsp;&nbsp;&nbsp;Libbey Glass Inc.<sup>(a)(b)(c)</sup> | 166360 | 637159 |
| &nbsp;&nbsp;&nbsp;Mountaineer Merger Corp<sup>(a)(b)(c)</sup> | 2915453 | 29155 |
| ***Total Consumer, Cyclical*** |  | 719120 |
| ***Consumer, Non-cyclical (1.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Envision Healthcare Corp.<sup>(b)(c)</sup> | 481845 | 8143181 |
| &nbsp;&nbsp;&nbsp;LifeScan Global Common<sup>(b)(c)(d)</sup> | 98317 | 2875772 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc.<sup>(b)(c)</sup> | 250845 | 1379647 |
| ***Total Consumer, Non-cyclical*** |  | 12398600 |
| ***Technology (0.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Applogic<sup>(b)(c)</sup> | 212291 | 424582 |
| &nbsp;&nbsp;&nbsp;Avaya Holdings Corp.<sup>(a)(b)(c)(d)</sup> | 48689 | 860334 |
| &nbsp;&nbsp;&nbsp;Matrix Parent, Inc.<sup>(b)(c)</sup> | 194282 | 1918535 |
| ***Total Technology*** |  | 3203451 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $15,759,179)** |  | 17199284 |
| **PREFERRED STOCKS (0.11%)** |  |  |
| ***Consumer, Cyclical (0.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Mountaineer Merger Corp PREF A<sup>(a)(b)(c)</sup> | 3239505 | 1117460 |
| **TOTAL PREFERRED STOCKS** |  |  |
| **(Cost $1,844,475)** |  | 1117460 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| **BANK LOANS (37.12%)** |  |  |  |  |
| ***Basic Materials (3.44%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC<sup>(e)</sup> | 1M SOFR + 2.75% | 8/19/2030 | $2850974 | $2854538 |
| &nbsp;&nbsp;&nbsp;Domtar Corp.<sup>(e)</sup> | 1M SOFR + 5.50%, 0.75% Floor | 11/30/2028 | 464388 | 299530 |
| &nbsp;&nbsp;&nbsp;Jupiter Borrower INC TLB 1L<sup>(e)</sup> | 1M SOFR + 2.75% | 3/25/2033 | 4225000 | 4214438 |
| &nbsp;&nbsp;&nbsp;Mens Wearhouse LLC TLB 1L<sup>(e)</sup> | 3M SOFR + 5.75% | 1/22/2031 | 4759072 | 4751647 |
| &nbsp;&nbsp;&nbsp;Nexstar Broadcasting INC / Misson Broadcasting<sup>(e)</sup> | 1M SOFR + 2.75% | 3/18/2033 | 1385000 | 1368269 |
| &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(e)</sup> | 3M SOFR + 3.25% | 11/3/2032 | 2468813 | 2373541 |
| &nbsp;&nbsp;&nbsp;Spectrum Group Buyer, Inc.<sup>(e)</sup> | 3M SOFR + 6.50%, 0.75% Floor | 5/19/2028 | 3652293 | 3412301 |
| &nbsp;&nbsp;&nbsp;Tega MC Australia Hldgs Pty Ltd TLB 1L<sup>(e)</sup> | 1M SOFR + 3.50% | 3/25/2033 | 2545000 | 2525912 |
| &nbsp;&nbsp;&nbsp;TPC Group<sup>(e)</sup> | 6M SOFR + 6.00% | 11/22/2031 | 4692647 | 4286733 |
| &nbsp;&nbsp;&nbsp;Treehouse Foods INC TERM (01/26) 1LIEN USD<sup>(e)</sup> | 1M SOFR + 4.25% | 2/3/2033 | 3225000 | 3206198 |
| &nbsp;&nbsp;&nbsp;Tuple US Bidco LLC TLB 1L<sup>(e)</sup> | 6M SOFR + 3.75% | 1/14/2033 | 3500000 | 3386250 |
| &nbsp;&nbsp;&nbsp;Upstream Rehabilitation PIK<sup>(e)(f)</sup> | 3M SOFR + 5.75 (1.50 PIK)% | 11/20/2029 | 3556457 | 3274394 |
| ***Total Basic Materials*** |  |  |  | $35953751 |
| ***Communications (3.61%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Media First Out<sup>(a)(c)(e)</sup> | 3M SOFR + 5.50% | 8/31/2029 | 4474839 | 4474839 |
| &nbsp;&nbsp;&nbsp;Cable & Wireless<sup>(e)</sup> | 3M SOFR + 3.25% | 1/30/2032 | 1500000 | 1471695 |
| &nbsp;&nbsp;&nbsp;CMI Marketing, Inc.<sup>(e)</sup> | 1M SOFR + 4.25%, 0.50% Floor | 3/23/2028 | 2984852 | 2872920 |
| &nbsp;&nbsp;&nbsp;Cox Media Group TL<sup>(e)</sup> | 3M SOFR + 3.50% | 6/18/2029 | 5756376 | 5376455 |
| &nbsp;&nbsp;&nbsp;Delivery Hero Finco LLC<sup>(e)</sup> | 3M SOFR + 5.00%, 0.50% Floor | 6/16/2032 | 945000 | 912520 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 1

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value**<br> **(Note 2)** |
| ***Communications (3.61%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Digicel TL B<sup>(e)</sup> | 3M SOFR + 5.25% | 7/30/2032 | $2992500 | $2985647 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc.<sup>(e)</sup> | 1M SOFR + 1.75% | 4/16/2032 | 2559207 | 2516033 |
| &nbsp;&nbsp;&nbsp;Plusgrade, Inc.<sup>(e)</sup> | 3M SOFR + 3.50% | 3/3/2031 | 2138571 | 2053029 |
| &nbsp;&nbsp;&nbsp;Proofpoint, Inc.<sup>(e)</sup> | 3M SOFR + 3.00%, 0.50% Floor | 8/31/2028 | 2814916 | 2721095 |
| &nbsp;&nbsp;&nbsp;StubHub Holdco Sub LLC<sup>(e)</sup> | 1M SOFR + 4.75% | 3/12/2030 | 4431491 | 4351192 |
| &nbsp;&nbsp;&nbsp;Syniverse Holdings LLC<sup>(d)(e)</sup> | 3M SOFR + 7.00%, 0.50% Floor | 5/13/2027 | 4800605 | 4428558 |
| &nbsp;&nbsp;&nbsp;Xplore TL<sup>(e)</sup> | 1M SOFR + 5.00% | 10/24/2029 | 392598 | 354811 |
| &nbsp;&nbsp;&nbsp;Xplore TL<sup>(e)</sup> | 1M SOFR + 1.50%, 4.50% Floor | 10/24/2031 | 1273096 | 803642 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 3.50% | 3/9/2027 | 2412310 | 2364883 |
| ***Total Communications*** |  |  |  | 37687319 |
| ***Consumer, Cyclical (7.40%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AI Aqua Merger Sub, Inc.<sup>(e)</sup> | 1M SOFR + 2.75%, 0.50% Floor | 7/31/2028 | 2822191 | 2813808 |
| &nbsp;&nbsp;&nbsp;Alterra Mountain Co.<sup>(e)</sup> | 1M SOFR + 2.50% | 8/17/2028 | 1653521 | 1650429 |
| &nbsp;&nbsp;&nbsp;Alterra Mountain TL B<sup>(e)</sup> | 1M SOFR + 2.50% | 5/31/2030 | 661675 | 660848 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 7.00%, 2.00% Floor | 1/4/2029 | 2816657 | 2772294 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(e)</sup> | 1M SOFR + 2.25%, 0.50% Floor | 2/6/2031 | 3250001 | 3148438 |
| &nbsp;&nbsp;&nbsp;Century Casinos, Inc.<sup>(e)</sup> | 1M SOFR + 6.00%, 0.75% Floor | 4/2/2029 | 5631745 | 3829587 |
| &nbsp;&nbsp;&nbsp;Crown Finance US Inc<sup>(e)</sup> | 6M SOFR + 4.50% | 12/2/2031 | 2968859 | 2934984 |
| &nbsp;&nbsp;&nbsp;Delivery Hero<sup>(e)</sup> | 3M SOFR + 5.00% | 12/12/2029 | 1960617 | 1921404 |
| &nbsp;&nbsp;&nbsp;DS Parents, INC.<sup>(e)</sup> | 3M SOFR + 5.50% | 12/13/2030 | 2854163 | 2504528 |
| &nbsp;&nbsp;&nbsp;ECL Entertainment LLC<sup>(e)</sup> | 1M SOFR + 3.00% | 8/1/2032 | 3008983 | 2986416 |
| &nbsp;&nbsp;&nbsp;Gategroup Holding AG<sup>(e)</sup> | 3M SOFR + 3.50% | 6/17/2032 | 2274864 | 2271064 |
| &nbsp;&nbsp;&nbsp;Harrah's Oklahoma TL<sup>(e)</sup> | 1M SOFR + 9.00%, 2.00% Floor | 10/10/2030 | 2403094 | 2379063 |
| &nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC<sup>(e)</sup> | 1M SOFR + 3.50%, 0.75% Floor | 4/26/2030 | 1680644 | 1657535 |
| &nbsp;&nbsp;&nbsp;Jack Entertainment<sup>(e)</sup> | 1M SOFR + 4.00% | 1/27/2032 | 2578950 | 2540266 |
| &nbsp;&nbsp;&nbsp;Libbey Glass LLC<sup>(e)</sup> | 3M SOFR + 6.50%, 0.75% Floor | 11/22/2027 | 1761576 | 1666451 |
| &nbsp;&nbsp;&nbsp;Mad Engine Global LLC<sup>(e)</sup> | 3M SOFR + 7.00%, 1.00% Floor | 7/15/2027 | 2191834 | 1898128 |
| &nbsp;&nbsp;&nbsp;Mountaineer Merger Corporation Term Loan (12/25)<sup>(a)(e)</sup> | 1M SOFR + 3.65% | 6/16/2030 | 2040508 | 2040508 |
| &nbsp;&nbsp;&nbsp;PetSmart LLC<sup>(e)</sup> | 1M SOFR + 4.00% | 8/18/2032 | 2630033 | 2609651 |
| &nbsp;&nbsp;&nbsp;PrimeSource TL B<sup>(e)</sup> | 3M SOFR + 4.50%, 0.75% Floor | 3/17/2031 | 3780000 | 3686936 |
| &nbsp;&nbsp;&nbsp;Raising Canes Restuarants LLC TLB 1L<sup>(e)</sup> | 1M SOFR + 2.00% | 10/25/2032 | 2768063 | 2749046 |
| &nbsp;&nbsp;&nbsp;Restoration Hardware Inc.<sup>(e)</sup> | 1M SOFR + 2.50%, 0.50% Floor | 10/20/2028 | 2976189 | 2892231 |
| &nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC<sup>(e)</sup> | 1M SOFR + 4.50% | 2/28/2033 | 7040000 | 6776000 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC<sup>(e)</sup> | 1M SOFR + 5.00%, 0.50% Floor | 3/11/2028 | 1730530 | 1633187 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e)</sup> | 1M SOFR + 6.00%, 0.50% Floor | 11/15/2029 | 867412 | 678212 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e)</sup> | 1M SOFR + 6.25%, 0.50% Floor | 7/30/2029 | 817246 | 637663 |
| &nbsp;&nbsp;&nbsp;Sizzling Platter DD<sup>(e)(g)</sup> | 1M SOFR + 5.00% | 6/25/2032 | 467161 | 403013 |
| &nbsp;&nbsp;&nbsp;Sizzling Platter LLC TERM<sup>(e)</sup> | 1M SOFR + 5.00% | 6/25/2032 | 3345297 | 3004512 |
| &nbsp;&nbsp;&nbsp;Travelport Finance Luxembourg Sarl<sup>(e)</sup> | 3M SOFR + 7.00%, 1.00% Floor | 9/29/2028 | 5493413 | 4088472 |
| &nbsp;&nbsp;&nbsp;US LBM TL<sup>(e)</sup> | 1M SOFR + 3.75% | 6/6/2031 | 481369 | 383834 |
| &nbsp;&nbsp;&nbsp;Veritiv TL<sup>(e)</sup> | 3M SOFR + 4.50% | 12/2/2030 | 2706411 | 2625219 |
| &nbsp;&nbsp;&nbsp;Vista Management Holding, Inc.<sup>(e)</sup> | 3M SOFR + 3.75% | 4/1/2031 | 5628068 | 5561263 |
| ***Total Consumer, Cyclical*** |  |  |  | 77404990 |
| ***Consumer, Non-cyclical (10.16%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alphia<sup>(e)</sup> | 1M SOFR + 5.00% | 5/2/2028 | 2954803 | 2416290 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare TL B<sup>(e)</sup> | 1M SOFR + 3.75% | 9/10/2032 | 2631775 | 2626854 |
| &nbsp;&nbsp;&nbsp;Bausch Health<sup>(e)</sup> | 1M SOFR + 6.25% | 10/8/2030 | 3952035 | 3808220 |
| &nbsp;&nbsp;&nbsp;Carestream Health INC TL 1L<sup>(e)</sup> | 1M SOFR + 4.50% | 3/31/2031 | 6482678 | 5553515 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.<sup>(e)</sup> | 3M SOFR + 2.50% | 4/1/2032 | 2430564 | 2432849 |
| &nbsp;&nbsp;&nbsp;Colosseum Dental Finance B.V.<sup>(e)</sup> | 3M EUR L + 3.50% | 3/18/2032 | 1960565 | 2262890 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(e)</sup> | 1M SOFR + 1.75% | 10/29/2032 | 4106648 | 4105622 |
| &nbsp;&nbsp;&nbsp;Global Medical Response TL B<sup>(e)</sup> | 3M SOFR + 3.50% | 10/2/2028 | 7707479 | 7674414 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals<sup>(e)</sup> | 1M SOFR + 2.25%, 0.50% Floor | 5/2/2028 | 2278850 | 2285254 |
| &nbsp;&nbsp;&nbsp;LGC Group<sup>(e)</sup> | 1M SOFR + 4.00% | 1/31/2030 | 2271752 | 2265595 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 www.brigadefunds.com

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value**<br> **(Note 2)** |
| ***Consumer, Non-cyclical (10.16%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LifeScan Global TL B<sup>(d)(e)</sup> | 3M SOFR + 5.50% | 12/8/2030 | $4213352 | $4199321 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP<sup>(e)</sup> | 1M SOFR + 1.75%, 0.50% Floor | 10/23/2030 | 1143222 | 1144468 |
| &nbsp;&nbsp;&nbsp;Modivcare Buyer TL<sup>(e)</sup> | 3M SOFR + 4.25% | 12/19/2030 | 1050708 | 1040201 |
| &nbsp;&nbsp;&nbsp;Modivcare Buyer TL EXIT<sup>(e)</sup> | 3M SOFR + 5.00% | 12/19/2030 | 1573262 | 1449368 |
| &nbsp;&nbsp;&nbsp;Naked Juice TL<sup>(e)</sup> | 3M SOFR + 3.25% | 1/24/2029 | 8082805 | 4263680 |
| &nbsp;&nbsp;&nbsp;Naked Juice TL<sup>(e)</sup> | 3M SOFR + 5.50% | 1/24/2029 | 1503885 | 1492605 |
| &nbsp;&nbsp;&nbsp;NAPA Management Services Corp.<sup>(e)</sup> | 3M SOFR + 5.25%, 0.75% Floor | 2/23/2029 | 6923958 | 4336128 |
| &nbsp;&nbsp;&nbsp;Nutrisystem TL<sup>(c)(e)</sup> | 1M SOFR + 6.25% | 10/19/2030 | 7210801 | 6363532 |
| &nbsp;&nbsp;&nbsp;Nutrisystem TL<sup>(c)(e)</sup> | 1M SOFR + 5.00% | 4/19/2030 | 4064527 | 3993398 |
| &nbsp;&nbsp;&nbsp;Opal US LLC<sup>(e)</sup> | 3M SOFR + 3.00% | 4/23/2032 | 3970050 | 3965921 |
| &nbsp;&nbsp;&nbsp;Performance Health Holdings, Inc.<sup>(e)</sup> | 3M SOFR + 3.75% | 3/19/2032 | 3482456 | 3395395 |
| &nbsp;&nbsp;&nbsp;Peterson Farms TL B<sup>(e)</sup> | 1M SOFR + 4.00% | 11/15/2032 | 2493750 | 2498438 |
| &nbsp;&nbsp;&nbsp;Pluto Acquisition I, Inc.<sup>(e)</sup> | 3M SOFR + 4.00% | 9/20/2028 | 9696008 | 8435527 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(e)</sup> | 3M SOFR + 4.50% | 6/30/2032 | 4511177 | 4436247 |
| &nbsp;&nbsp;&nbsp;RXB HLDGS INC TL 1L<sup>(e)</sup> | 1M SOFR + 5.00% | 12/19/2030 | 2735000 | 2721325 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.<sup>(e)</sup> | 3M SOFR + 4.00% | 6/30/2028 | 6019750 | 5989651 |
| &nbsp;&nbsp;&nbsp;Two Kings Casino TL B<sup>(e)</sup> | 3M SOFR + 4.75% | 12/12/2031 | 2425000 | 2456840 |
| &nbsp;&nbsp;&nbsp;US Fertility Enterprises LLC<sup>(e)(g)</sup> | 3M SOFR + 3.50% | 12/30/2032 | 736842 | (2763) |
| &nbsp;&nbsp;&nbsp;US Fertility Enterprises TL B<sup>(e)</sup> | 3M SOFR + 3.50% | 12/30/2032 | 4863158 | 4844921 |
| &nbsp;&nbsp;&nbsp;Vaco Holdings TL B<sup>(e)</sup> | 3M SOFR + 5.00% | 1/22/2029 | 5809379 | 3759133 |
| ***Total Consumer, Non-cyclical*** |  |  |  | 106214839 |
| ***Energy (1.58%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crescent Midstream Oper LLC TLB 1L<sup>(e)</sup> | 3M SOFR + 3.75% | 2/11/2033 | 2200000 | 2204576 |
| &nbsp;&nbsp;&nbsp;Goodnight<sup>(e)</sup> | 1M SOFR + 4.00% | 5/23/2029 | 2897029 | 2893407 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I TL B<sup>(e)</sup> | 1M SOFR + 2.25% | 2/5/2030 | 3166075 | 3162117 |
| &nbsp;&nbsp;&nbsp;Long Ridge Energy TL B<sup>(d)(e)</sup> | 3M SOFR + 4.50% | 2/6/2032 | 2578950 | 2546713 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(e)</sup> | 3M SOFR + 5.50%, 0.75% Floor | 10/30/2028 | 2875658 | 1599815 |
| &nbsp;&nbsp;&nbsp;Spencer Spirit<sup>(e)</sup> | 1M SOFR + 4.00% | 6/25/2031 | 4132075 | 4132075 |
| ***Total Energy*** |  |  |  | 16538703 |
| ***Financials (3.09%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acrisure LLC<sup>(e)</sup> | 1M SOFR + 3.00% | 11/6/2030 | 5423942 | 5246308 |
| &nbsp;&nbsp;&nbsp;Armor Holdco, Inc.<sup>(e)</sup> | 3M SOFR + 3.75%, 0.50% Floor | 12/10/2031 | 2800906 | 2784577 |
| &nbsp;&nbsp;&nbsp;Asurion<sup>(e)</sup> | 1M SOFR + 4.25% | 9/12/2030 | 5532351 | 5469116 |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd.<sup>(e)</sup> | 3M SOFR + 2.50%, 0.75% Floor | 6/20/2030 | 4840956 | 4827062 |
| &nbsp;&nbsp;&nbsp;Hyperion Refinance Sarl<sup>(e)</sup> | 1M SOFR + 2.75%, 0.50% Floor | 2/18/2031 | 2815096 | 2722649 |
| &nbsp;&nbsp;&nbsp;ION Platform TL B<sup>(e)</sup> | 1M US L + 3.75% | 9/30/2032 | 1436895 | 1148711 |
| &nbsp;&nbsp;&nbsp;OID-OL Intermediate I LLC<sup>(e)</sup> | 3M SOFR + 6.00% | 2/1/2029 | 220394 | 218190 |
| &nbsp;&nbsp;&nbsp;OID-OL Intermediate I LLC<sup>(e)</sup> | 3M SOFR + 4.25% | 2/1/2029 | 4324184 | 2846221 |
| &nbsp;&nbsp;&nbsp;Uniti Group TL B<sup>(e)</sup> | 1M SOFR + 4.00% | 9/24/2032 | 4329150 | 4326466 |
| &nbsp;&nbsp;&nbsp;WHP TL <sub>B</sub><sup>(e)</sup> | 3M SOFR + 4.75% | 2/12/2032 | 2687747 | 2685651 |
| ***Total Financials*** |  |  |  | 32274951 |
| ***Industrials (1.73%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ACProducts Holdings, Inc.<sup>(d)(e)</sup> | 3M SOFR + 4.25%, 0.50% Floor | 5/17/2028 | 3514543 | 2796276 |
| &nbsp;&nbsp;&nbsp;Clue Opco LLC<sup>(e)</sup> | 3M SOFR + 4.50%, 0.75% Floor | 12/19/2030 | 3493520 | 3388714 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp.<sup>(e)</sup> | 1M SOFR + 3.50%, 0.50% Floor | 2/3/2033 | 3399726 | 3382728 |
| &nbsp;&nbsp;&nbsp;Flynn Canada Ltd., TL<sup>(e)</sup> | 1M SOFR + 4.50% | 7/31/2028 | 3292763 | 3210444 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 2.25% | 4/14/2031 | 2316643 | 2311639 |
| &nbsp;&nbsp;&nbsp;Socotec US Holding INC TERM (01/26) 1LIEN USD<sup>(e)(h)</sup> | 3M SOFR + 2.75%, 0.75% Floor | 6/2/2031 | 2970000 | 2964446 |
| ***Total Industrials*** |  |  |  | 18054247 |
| ***Technology (5.75%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Applogic PIK EXIT<sup>(e)(f)(h)</sup> | 6M SOFR + 6.00 (5.00 PIK)% | 3/3/2030 | 4452919 | 3740452 |
| &nbsp;&nbsp;&nbsp;Avaya Inc.<sup>(c)(d)(e)</sup> | 1M SOFR + 7.50% | 8/1/2028 | 8599295 | 7624737 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 3

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value**<br> **(Note 2)** |
| ***Technology (5.75%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BCP V Everise Acquisition LLC<sup>(d)(e)</sup> | 3M SOFR + 6.00% | 11/7/2033 | $5862318 | $4074311 |
| &nbsp;&nbsp;&nbsp;Bingo Holdings I LLC<sup>(e)</sup> | 3M SOFR + 4.75% | 6/30/2032 | 3134250 | 3050033 |
| &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(e)</sup> | 3M SOFR + 3.00% | 7/30/2031 | 2835767 | 2622205 |
| &nbsp;&nbsp;&nbsp;Cision Second Out B-1<sup>(e)</sup> | 1M SOFR + 4.25% | 5/31/2030 | 8982499 | 3955257 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc.<sup>(e)</sup> | 3M SOFR + 3.25% | 3/24/2031 | 451334 | 412068 |
| &nbsp;&nbsp;&nbsp;Cotiviti, Inc.<sup>(e)</sup> | 1M SOFR + 2.75% | 5/1/2031 | 4731819 | 4350339 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC First Out<sup>(e)</sup> | 3M SOFR + 6.75% | 7/27/2028 | 3963501 | 2793158 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Second Out<sup>(e)</sup> | 3M SOFR + 7.00% | 7/27/2028 | 6361956 | 2599304 |
| &nbsp;&nbsp;&nbsp;Mavenir Jr Debt<sup>(a)(c)(e)(f)</sup> | (12.00 PIK)% | 7/29/2030 | 2547522 | 2547522 |
| &nbsp;&nbsp;&nbsp;McAfee Corp.<sup>(e)</sup> | 1M SOFR + 3.00%, 0.50% Floor | 3/1/2029 | 4113233 | 3660777 |
| &nbsp;&nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(e)(f)</sup> | 3M SOFR + 4.75%, 0.50% Floor | 5/3/2029 | 4309546 | 1945760 |
| &nbsp;&nbsp;&nbsp;Mobileum PIK EXIT<sup>(e)(f)</sup> | 3M SOFR + 6.00 (5.00 PIK)% | 9/12/2029 | 4539572 | 4085615 |
| &nbsp;&nbsp;&nbsp;OAK-Eagle Acquireco, Inc. TL <sub>B</sub><sup>(e)</sup> | 1M SOFR + 3.50% | 3/24/2033 | 2100000 | 2086875 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes TL <sub>B</sub><sup>(e)</sup> | 1M SOFR + 3.50% | 1/23/2032 | 2474538 | 2453925 |
| &nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc.<sup>(e)</sup> | 3M SOFR + 3.25%, 0.50% Floor | 10/28/2030 | 1961929 | 1478137 |
| &nbsp;&nbsp;&nbsp;Project Leopard Holdings, Inc.<sup>(e)</sup> | 3M SOFR + 5.25%, 0.50% Floor | 7/20/2029 | 2002423 | 1229488 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies<sup>(e)</sup> | 1M SOFR + 2.00% | 5/9/2031 | 2603731 | 2593472 |
| &nbsp;&nbsp;&nbsp;UKG, Inc.<sup>(e)</sup> | 3M SOFR + 2.50% | 2/10/2031 | 2992481 | 2855216 |
| ***Total Technology*** |  |  |  | 60158651 |
| ***Utilities (0.36%)*** |  |  |  |  |
| Lackawanna Energy Center LLC TL1L<sup>(e)</sup> | 1M SOFR + 2.75% | 7/26/2032 | 3779270 | 3777683 |
| **TOTAL BANK LOANS <br> (Cost 402,860,197)** |  |  |  | 388065134 |
| **CONVERTIBLE BONDS (0.63%)** |  |  |  |  |
| ***Consumer, Cyclical (0.00%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC<sup>(d)</sup> | 4.00% | 11/15/2029 | 270000 | 10125 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC<sup>(d)</sup> | 3.75% | 2/15/2030 | 840000 | 31500 |
| ***Total Consumer, Cyclical*** |  |  |  | 41625 |
| ***Consumer, Non-cyclical (0.34%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. | 2.62% | 12/15/2027 | 2975000 | 3554808 |
| ***Technology (0.29%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mavenir Converts<sup>(a)(c)(f)</sup> | 20.00 (20.00 PIK)% | 12/31/2025 | 1301356 | 3024352 |
| **TOTAL CONVERTIBLE BONDS** |  |  |  |  |
| **(Cost 5,568,522)** |  |  |  | 6620785 |
| **CORPORATE BONDS (56.83%)** |  |  |  |  |
| ***Basic Materials (5.57%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ASP Unifrax Holdings, Inc.<sup>(f)(i)</sup> | 7.10 (1.25 PIK)% | 9/30/2029 | 2104123 | 135703 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Dutch Holding B BV<sup>(i)</sup> | 7.25% | 2/15/2031 | 1245000 | 1300516 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC<sup>(i)</sup> | 3.38% | 2/15/2029 | 4855000 | 4581299 |
| &nbsp;&nbsp;&nbsp;Baffinland Iron Mines Corp. / Baffinland Iron Mines LP<sup>(d)(i)</sup> | 8.75% | 7/15/2026 | 7156000 | 6337338 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC | 6.75% | 4/15/2033 | 2670000 | 2737481 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(i)</sup> | 7.00% | 3/15/2032 | 1740000 | 1682522 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(i)</sup> | 7.63% | 1/15/2034 | 2060000 | 2011669 |
| &nbsp;&nbsp;&nbsp;Domtar Corp.<sup>(i)</sup> | 6.75% | 10/1/2028 | 4265000 | 2773672 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(i)</sup> | 8.63% | 6/1/2031 | 3615000 | 3741259 |
| &nbsp;&nbsp;&nbsp;Fortescue Treasury Pty, Ltd.<sup>(i)</sup> | 6.13% | 4/15/2032 | 3055000 | 3120432 |
| &nbsp;&nbsp;&nbsp;INEOS Finance PLC<sup>(i)</sup> | 7.50% | 4/15/2029 | 3155000 | 3049339 |
| &nbsp;&nbsp;&nbsp;Innophos Holdings, Inc.<sup>(i)</sup> | 11.50% | 6/15/2029 | 7873750 | 6546162 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 www.brigadefunds.com

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value**<br> **(Note 2)** |
| ***Basic Materials (5.57%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Methanex US Operations, Inc.<sup>(i)</sup> | 6.25% | 3/15/2032 | $4040000 | $4126597 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd.<sup>(i)</sup> | 8.50% | 5/1/2030 | 3400000 | 3497965 |
| &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(i)</sup> | 7.25% | 6/15/2031 | 1405000 | 1371721 |
| &nbsp;&nbsp;&nbsp;Rain Carbon, Inc.<sup>(i)</sup> | 12.25% | 9/1/2029 | 6820000 | 7016075 |
| &nbsp;&nbsp;&nbsp;Tronox, Inc.<sup>(i)</sup> | 4.63% | 3/15/2029 | 5260000 | 4219296 |
| ***Total Basic Materials*** |  |  |  | 58249046 |
| ***Communications (9.83%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Altice Financing SA<sup>(i)</sup> | 5.75% | 8/15/2029 | 2040000 | 1420148 |
| &nbsp;&nbsp;&nbsp;Beasley Mezzanine Holdings LLC<sup>(c)(d)(h)(i)</sup> | 9.20% | 8/1/2028 | 3236000 | 1199585 |
| &nbsp;&nbsp;&nbsp;C&W Senior Finance, Ltd.<sup>(i)</sup> | 9.00% | 1/15/2033 | 2005000 | 2020028 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc.<sup>(i)</sup> | 4.00% | 11/15/2030 | 5980000 | 4175983 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(i)</sup> | 4.25% | 2/1/2031 | 6195000 | 5637019 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(i)</sup> | 4.25% | 1/15/2034 | 10035000 | 8581501 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications Operating Capital | 6.55% | 6/1/2034 | 1560000 | 1618392 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(i)</sup> | 4.00% | 1/31/2030 | 3050000 | 2897382 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(i)</sup> | 7.50% | 3/15/2033 | 1745000 | 1845911 |
| &nbsp;&nbsp;&nbsp;CMG Media Corp.<sup>(i)</sup> | 8.88% | 6/18/2029 | 4470000 | 3876742 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC<sup>(i)</sup> | 6.50% | 2/1/2029 | 2990000 | 1901481 |
| &nbsp;&nbsp;&nbsp;Digicel International Finance, Ltd. / Difl US LLC<sup>(i)</sup> | 8.63% | 8/1/2032 | 1595000 | 1619047 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC<sup>(i)</sup> | 8.88% | 2/1/2030 | 3715000 | 3701422 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp.<sup>(i)</sup> | 5.25% | 12/1/2026 | 2425000 | 2401833 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp. | 7.75% | 7/1/2026 | 450000 | 448788 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp., Series WI | 5.13% | 6/1/2029 | 565000 | 504811 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(i)</sup> | 5.38% | 11/15/2031 | 3135000 | 2316941 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(i)</sup> | 4.75% | 10/15/2030 | 2250000 | 1735767 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(i)</sup> | 9.63% | 7/15/2032 | 5380000 | 5385353 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc.<sup>(c)(f)(i)</sup> | 13.00 (7.00 PIK)% | 7/31/2030 | 10703325 | 8451613 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SAS<sup>(i)</sup> | 8.50% | 4/15/2031 | 3500000 | 3655475 |
| &nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc. / ION Platform Finance SARL<sup>(i)</sup> | 5.00% | 5/1/2028 | 1050000 | 979675 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(i)</sup> | 3.63% | 1/15/2029 | 800000 | 751699 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(i)</sup> | 3.75% | 7/15/2029 | 735000 | 686214 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(i)</sup> | 8.50% | 1/15/2036 | 3745000 | 3897725 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., Series P | 7.60% | 9/15/2039 | 1075000 | 996288 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., Series U | 7.65% | 3/15/2042 | 1591000 | 1470434 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc.<sup>(i)</sup> | 5.75% | 8/1/2028 | 2800000 | 2764993 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc.<sup>(i)</sup> | 7.38% | 9/1/2031 | 800000 | 814322 |
| &nbsp;&nbsp;&nbsp;Newfold Digital Holdings Group, Inc.<sup>(i)</sup> | 11.75% | 4/30/2029 | 1226000 | 978274 |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc.<sup>(i)</sup> | 7.25% | 4/15/2034 | 335000 | 335976 |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc.<sup>(i)</sup> | 6.50% | 9/15/2033 | 1185000 | 1182037 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC<sup>(i)</sup> | 3.88% | 9/1/2031 | 4217000 | 3829455 |
| &nbsp;&nbsp;&nbsp;Spanish Broadcasting System, Inc.<sup>(d)(i)</sup> | 9.75% | 3/1/2026 | 4390000 | 2831550 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC<sup>(i)</sup> | 6.50% | 2/15/2029 | 880000 | 854040 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc.<sup>(i)</sup> | 4.50% | 5/1/2029 | 2765000 | 2590595 |
| &nbsp;&nbsp;&nbsp;Urban One, Inc.<sup>(c)(i)</sup> | 7.63% | 4/1/2031 | 4419000 | 1694686 |
| &nbsp;&nbsp;&nbsp;Urban One, Inc.<sup>(c)(i)</sup> | 10.50% | 4/1/2030 | 2201000 | 2206503 |
| &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(i)</sup> | 4.25% | 1/31/2031 | 2565000 | 2198139 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(d)(f)(i)</sup> | 9.00 (1.875 PIK)% | 9/9/2030 | 3695686 | 3454876 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc.<sup>(i)</sup> | 5.00% | 1/15/2030 | 5010000 | 2854197 |
| ***Total Communications*** |  |  |  | 102766900 |
| ***Consumer, Cyclical (8.69%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance, Inc.<sup>(i)</sup> | 3.88% | 1/15/2028 | 2500000 | 2444454 |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance, Inc.<sup>(i)</sup> | 4.38% | 1/15/2028 | 1500000 | 1479920 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 5

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value**<br> **(Note 2)** |
| ***Consumer, Cyclical (8.69%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Academy, Ltd.<sup>(i)</sup> | 6.00% | 11/15/2027 | $2750000 | $2746673 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc.<sup>(i)</sup> | 7.50% | 2/15/2029 | 2005000 | 1433826 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc.<sup>(i)</sup> | 6.63% | 10/1/2030 | 3890000 | 3922443 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC<sup>(i)</sup> | 5.25% | 1/15/2029 | 1440000 | 1428282 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC/ Brightstar Global Solutions Corp.<sup>(i)</sup> | 5.75% | 1/15/2033 | 1310000 | 1274608 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(i)</sup> | 7.00% | 2/15/2030 | 2455000 | 2487274 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(i)</sup> | 6.13% | 2/15/2033 | 3000000 | 3030722 |
| &nbsp;&nbsp;&nbsp;Discovery Global Holdings, Inc. | 4.05% | 3/15/2029 | 2270000 | 2197334 |
| &nbsp;&nbsp;&nbsp;Discovery Global Holdings, Inc. | 4.28% | 3/15/2032 | 925000 | 817306 |
| &nbsp;&nbsp;&nbsp;Discovery Global Holdings, Inc. | 5.05% | 3/15/2042 | 1960000 | 1310416 |
| &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.<sup>(i)</sup> | 7.75% | 11/1/2026 | 2665000 | 2608614 |
| &nbsp;&nbsp;&nbsp;Genting New York LLC / GENNY Capital, Inc.<sup>(i)</sup> | 7.25% | 10/1/2029 | 3395000 | 3386512 |
| &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(i)</sup> | 4.00% | 5/1/2031 | 5130000 | 4813951 |
| &nbsp;&nbsp;&nbsp;Jacobs Entertainment, Inc.<sup>(i)</sup> | 6.75% | 2/15/2029 | 3970000 | 3712762 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC<sup>(i)</sup> | 9.50% | 6/15/2031 | 1465000 | 1276720 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC<sup>(d)</sup> | 8.50% | 7/15/2029 | 4220000 | 153766 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC<sup>(d)</sup> | 8.25% | 2/1/2030 | 665000 | 25217 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd.<sup>(i)</sup> | 5.38% | 12/4/2029 | 3740000 | 3591241 |
| &nbsp;&nbsp;&nbsp;Muvico LLC<sup>(f)(i)</sup> | 15.00 (6.00 PIK)% | 2/19/2029 | 1105000 | 1048783 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd.<sup>(i)</sup> | 6.75% | 2/1/2032 | 3605000 | 3579653 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd.<sup>(i)</sup> | 6.25% | 9/15/2033 | 620000 | 602176 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(i)</sup> | 7.50% | 7/17/2030 | 475000 | 479161 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(i)</sup> | 7.75% | 7/17/2032 | 475000 | 480983 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(i)</sup> | 8.13% | 7/17/2035 | 2475000 | 2547047 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC / RWLV Capital, Inc.<sup>(i)</sup> | 4.63% | 4/16/2029 | 280000 | 240542 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC / RWLV Capital, Inc.<sup>(i)</sup> | 4.63% | 4/6/2031 | 3415000 | 2698721 |
| &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.<sup>(i)</sup> | 6.63% | 2/1/2033 | 3535000 | 3521744 |
| &nbsp;&nbsp;&nbsp;Sabre Financial Borrower LLC<sup>(i)</sup> | 11.13% | 6/15/2029 | 3130000 | 3204969 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(i)</sup> | 10.75% | 11/15/2029 | 1098000 | 940398 |
| &nbsp;&nbsp;&nbsp;Studio City Finance, Ltd.<sup>(i)</sup> | 5.00% | 1/15/2029 | 3530000 | 3308489 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc.<sup>(i)</sup> | 7.25% | 7/15/2030 | 2605000 | 2637684 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. | 5.38% | 3/1/2031 | 3430000 | 3355816 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.<sup>(i)</sup> | 4.63% | 7/15/2029 | 3045000 | 2902325 |
| &nbsp;&nbsp;&nbsp;Viking Cruises, Ltd.<sup>(i)</sup> | 5.88% | 10/15/2033 | 3660000 | 3621048 |
| &nbsp;&nbsp;&nbsp;Wynn Macau, Ltd.<sup>(i)</sup> | 5.13% | 12/15/2029 | 175000 | 167827 |
| &nbsp;&nbsp;&nbsp;Wynn Macau, Ltd.<sup>(i)</sup> | 6.75% | 2/15/2034 | 2980000 | 2919655 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(i)</sup> | 7.13% | 2/15/2031 | 2045000 | 2139970 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(i)</sup> | 6.25% | 3/15/2033 | 1360000 | 1347068 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc.<sup>(d)</sup> | 6.88% | 11/15/2037 | 2335000 | 2545032 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc.<sup>(d)</sup> | 3.63% | 3/15/2031 | 1135000 | 1048214 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(f)(i)</sup> | 6.25 (0.50 PIK)% | 3/9/2030 | 1421611 | 1411731 |
| ***Total Consumer, Cyclical*** |  |  |  | 90891077 |
| ***Consumer, Non-cyclical (11.89%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1261229 BC, Ltd.<sup>(i)</sup> | 10.00% | 4/15/2032 | 928000 | 950482 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(i)</sup> | 7.38% | 3/15/2033 | 2500000 | 2560313 |
| &nbsp;&nbsp;&nbsp;Akumin, Inc.<sup>(c)(i)</sup> | 9.75% | 8/31/2031 | 14067245 | 13053770 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC<sup>(i)</sup> | 7.88% | 2/15/2031 | 3060000 | 3160368 |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.<sup>(i)</sup> | 4.88% | 6/1/2028 | 447000 | 409244 |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.<sup>(i)</sup> | 5.00% | 1/30/2028 | 880000 | 741558 |
| &nbsp;&nbsp;&nbsp;Bellis Acquisition Co. PLC<sup>(i)</sup> | 8.13% | 5/14/2030 | 2060000 | 2512548 |
| &nbsp;&nbsp;&nbsp;Block, Inc.<sup>(i)</sup> | 6.00% | 8/15/2033 | 2375000 | 2336791 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(i)</sup> | 3.75% | 3/15/2029 | 1600000 | 1514648 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(i)</sup> | 4.00% | 3/15/2031 | 2240000 | 2080327 |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(i)</sup> | 5.25% | 5/15/2030 | 3925000 | 3695685 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 www.brigadefunds.com

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value**<br> **(Note 2)** |
| ***Consumer, Non-cyclical (11.89%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI CG, Inc.<sup>(i)</sup> | 10.00% | 7/15/2029 | $2707000 | $2853739 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp.<sup>(e)</sup> | 5Y US TI + 7.00% | 3/10/2055 | 4030000 | 4147921 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(i)</sup> | 3.75% | 2/15/2031 | 3320000 | 3045708 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(i)</sup> | 6.88% | 9/1/2032 | 630000 | 644606 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp.<sup>(i)</sup> | 8.13% | 9/15/2029 | 3170000 | 3303933 |
| &nbsp;&nbsp;&nbsp;Embecta Corp.<sup>(i)</sup> | 5.00% | 2/15/2030 | 310000 | 286750 |
| &nbsp;&nbsp;&nbsp;Embecta Corp.<sup>(i)</sup> | 6.75% | 2/15/2030 | 4826000 | 4534413 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.<sup>(i)</sup> | 7.50% | 7/1/2030 | 3352000 | 3175517 |
| &nbsp;&nbsp;&nbsp;GENMAB A/S/GENMAB FINANCE LLC<sup>(i)</sup> | 6.25% | 12/15/2032 | 2400000 | 2463226 |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc.<sup>(i)</sup> | 7.38% | 10/1/2032 | 2680000 | 2782549 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.<sup>(i)</sup> | 7.25% | 6/15/2033 | 3050000 | 3135912 |
| &nbsp;&nbsp;&nbsp;Humana, Inc.<sup>(e)</sup> | 5Y US TI + 2.90% | 9/15/2056 | 3825000 | 3675503 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP<sup>(i)</sup> | 3.88% | 4/1/2029 | 2150000 | 2082408 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(i)</sup> | 3.88% | 11/15/2030 | 4915000 | 4392249 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(i)</sup> | 6.50% | 2/15/2031 | 765000 | 754874 |
| &nbsp;&nbsp;&nbsp;New Albertsons LP | 8.00% | 5/1/2031 | 2500000 | 2697530 |
| &nbsp;&nbsp;&nbsp;New Albertsons LP | 7.45% | 8/1/2029 | 4000000 | 4159840 |
| &nbsp;&nbsp;&nbsp;Nidda Healthcare Holding GmbH<sup>(e)(i)</sup> | 3M EUR L + 3.25% | 10/15/2032 | 2660000 | 3046570 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co., Series USD | 6.13% | 9/30/2032 | 2900000 | 2647265 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 6.88% | 5/15/2034 | 2630000 | 2845662 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(i)</sup> | 6.25% | 2/15/2032 | 2755000 | 2789012 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(f)(i)</sup> | 9.78 (9.78 PIK)% | 2/15/2030 | 5006415 | 4572837 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(i)</sup> | 8.50% | 7/15/2032 | 4385000 | 4426921 |
| &nbsp;&nbsp;&nbsp;StoneMor, Inc.<sup>(i)</sup> | 8.50% | 5/15/2029 | 3430000 | 3348481 |
| &nbsp;&nbsp;&nbsp;Synergy Infrastructure Holdings LLC<sup>(i)</sup> | 7.88% | 12/1/2030 | 2350000 | 2400034 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.<sup>(f)(i)</sup> | 13.50 (4.50 PIK)% | 6/30/2028 | 3134138 | 3245134 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.<sup>(i)</sup> | 8.38% | 6/30/2028 | 3805000 | 3767965 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.63% | 6/15/2028 | 4770000 | 4720184 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.38% | 1/15/2030 | 2135000 | 2067760 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(i)</sup> | 5.50% | 11/15/2032 | 710000 | 702944 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. | 4.00% | 7/15/2030 | 2700000 | 2563282 |
| ***Total Consumer, Non-cyclical*** |  |  |  | 124296463 |
| ***Energy (5.58%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Partners LP / Antero Midstream Finance Corp.<sup>(i)</sup> | 5.38% | 6/15/2029 | 3060000 | 3050204 |
| &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp.<sup>(i)</sup> | 6.63% | 7/15/2033 | 3525000 | 3580305 |
| &nbsp;&nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(i)</sup> | 7.00% | 7/15/2029 | 1680000 | 1732926 |
| &nbsp;&nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(i)</sup> | 7.25% | 7/15/2032 | 1960000 | 2033082 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 8.88% | 4/15/2030 | 530000 | 553398 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 8.00% | 5/15/2033 | 6850000 | 7079550 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co.<sup>(i)</sup> | 7.25% | 2/15/2035 | 3715000 | 3709631 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC<sup>(i)</sup> | 7.38% | 7/15/2032 | 3500000 | 3620301 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(i)</sup> | 6.50% | 9/30/2026 | 2215000 | 330866 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(i)</sup> | 8.75% | 3/15/2029 | 1875000 | 266490 |
| &nbsp;&nbsp;&nbsp;NFE Financing LLC<sup>(h)(i)</sup> | 12.00% | 11/15/2029 | 5885000 | 2663901 |
| &nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(i)</sup> | 6.75% | 3/15/2033 | 2750000 | 2825713 |
| &nbsp;&nbsp;&nbsp;Sunoco LP<sup>(i)</sup> | 6.25% | 7/1/2033 | 2500000 | 2515323 |
| &nbsp;&nbsp;&nbsp;Sunoco LP<sup>(i)</sup> | 5.88% | 3/15/2034 | 885000 | 876213 |
| &nbsp;&nbsp;&nbsp;Transocean International, Ltd. | 7.50% | 4/15/2031 | 1795000 | 1835619 |
| &nbsp;&nbsp;&nbsp;Transocean International, Ltd.<sup>(i)</sup> | 8.75% | 2/15/2030 | 1732500 | 1806639 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.<sup>(i)</sup> | 8.38% | 4/30/2030 | 3100000 | 3217074 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(i)</sup> | 4.13% | 8/15/2031 | 2625000 | 2445793 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(i)</sup> | 3.88% | 11/1/2033 | 1490000 | 1317986 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.<sup>(i)</sup> | 8.38% | 6/1/2031 | 3470000 | 3606889 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.<sup>(i)</sup> | 9.88% | 2/1/2032 | 2960000 | 3183395 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 7

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value**<br> **(Note 2)** |
| ***Energy (5.58%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC<sup>(i)</sup> | 7.50% | 5/1/2033 | $2605000 | $2864215 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC<sup>(i)</sup> | 6.75% | 1/15/2036 | 2995000 | 3170182 |
| ***Total Energy*** |  |  |  | 58285695 |
| ***Financials (9.83%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(i)</sup> | 7.00% | 1/15/2031 | 2780000 | 2800391 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc.<sup>(i)</sup> | 4.63% | 6/15/2029 | 3670000 | 3650607 |
| &nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc.<sup>(i)</sup> | 7.88% | 7/15/2030 | 2150000 | 1986552 |
| &nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc.<sup>(i)</sup> | 8.50% | 12/15/2028 | 665000 | 654594 |
| &nbsp;&nbsp;&nbsp;Barclays PLC<sup>(e)(j)</sup> | 9.62% | 12/31/2049 | 5250000 | 5735212 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 4.38% | 3/1/2031 | 7300000 | 6460872 |
| &nbsp;&nbsp;&nbsp;Finance of America Funding LLC<sup>(i)</sup> | 8.88% | 11/30/2026 | 1491599 | 1447188 |
| &nbsp;&nbsp;&nbsp;Finance of America Funding LLC<sup>(i)</sup> | 10.00% | 11/30/2029 | 1452000 | 1487574 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp.<sup>(i)</sup> | 6.63% | 1/15/2027 | 2310000 | 2306326 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC<sup>(i)</sup> | 9.25% | 2/1/2029 | 1420000 | 1438054 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC<sup>(i)</sup> | 6.88% | 5/1/2031 | 770000 | 720271 |
| &nbsp;&nbsp;&nbsp;Genworth Holdings, Inc. | 6.50% | 6/15/2034 | 1500000 | 1509000 |
| &nbsp;&nbsp;&nbsp;Genworth Holdings, Inc.<sup>(e)</sup> | 3M SOFR + 2.26% | 11/15/2036 | 3700000 | 3013937 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 9.00% | 6/15/2030 | 7315000 | 6866479 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP / Icahn Enterprises Finance Corp.<sup>(i)</sup> | 10.00% | 11/15/2029 | 715000 | 704078 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA<sup>(e)(i)</sup> | 1Y US TI + 2.75% | 6/1/2042 | 4250000 | 3570085 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.<sup>(i)</sup> | 6.25% | 1/15/2033 | 2935000 | 2927296 |
| &nbsp;&nbsp;&nbsp;Jefferies Finance LLC / JFIN Co.-Issuer Corp.<sup>(i)</sup> | 6.63% | 10/15/2031 | 2415000 | 2305147 |
| &nbsp;&nbsp;&nbsp;LD Holdings Group LLC<sup>(i)</sup> | 6.13% | 4/1/2028 | 3690000 | 3093960 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust<sup>(i)</sup> | 6.50% | 5/1/2028 | 2350000 | 2280331 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust<sup>(i)</sup> | 5.63% | 1/15/2030 | 2235000 | 2081978 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust<sup>(e)(i)</sup> | 3M SOFR + 2.15% | 1/15/2031 | 950000 | 952755 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust<sup>(e)(i)</sup> | 3M SOFR + 2.25% | 1/15/2033 | 1750000 | 1770650 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 5.50% | 3/15/2029 | 805000 | 738730 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 5.63% | 8/1/2033 | 2680000 | 2092198 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 5.38% | 11/15/2029 | 865000 | 836708 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 7.50% | 5/15/2031 | 3810000 | 3842772 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 7.13% | 11/15/2031 | 1375000 | 1365006 |
| &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<sup>(i)</sup> | 4.88% | 5/15/2029 | 3110000 | 2984788 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.<sup>(i)</sup> | 4.25% | 2/15/2029 | 2890000 | 2739847 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.<sup>(i)</sup> | 5.75% | 9/15/2031 | 5690000 | 5259872 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.<sup>(i)</sup> | 6.38% | 8/1/2033 | 3670000 | 3715132 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust<sup>(i)(k)</sup> |  | 9/30/2027 | 645000 | 587684 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 4.38% | 2/15/2030 | 4425000 | 3938250 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 4.95% | 10/1/2029 | 485000 | 441017 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust<sup>(i)</sup> | 8.63% | 11/15/2031 | 1490000 | 1554716 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.<sup>(i)</sup> | 3.63% | 7/15/2026 | 4335000 | 4307308 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA<sup>(e)(i)</sup> | US SWAP + 3.70% | 6/19/2032 | 3155000 | 3176344 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC<sup>(i)</sup> | 6.00% | 1/15/2030 | 2665000 | 2505766 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc.<sup>(i)</sup> | 6.63% | 4/1/2033 | 2975000 | 2897225 |
| ***Total Financials*** |  |  |  | 102746700 |
| ***Industrials (3.46%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 3.13% | 9/15/2031 | 2900000 | 2616411 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(i)</sup> | 6.38% | 3/1/2034 | 2670000 | 2640314 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(i)</sup> | 5.00% | 12/15/2029 | 3045000 | 2989071 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Investors LLC<sup>(i)</sup> | 7.00% | 5/1/2031 | 2500000 | 2558153 |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC<sup>(i)</sup> | 6.75% | 4/1/2032 | 2170000 | 2077726 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.<sup>(i)</sup> | 6.38% | 3/1/2032 | 2310000 | 2347482 |
| &nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete LLC<sup>(i)</sup> | 8.88% | 11/15/2031 | 2660000 | 2721606 |

---

*See Notes to Financial Statements and Financial Highlights.*

8 www.brigadefunds.com

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value**<br> **(Note 2)** |
| ***Industrials (3.46%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.<sup>(i)</sup> | 6.50% | 8/15/2032 | $2735000 | $2747933 |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.<sup>(i)</sup> | 5.88% | 3/15/2034 | 1405000 | 1355860 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc.<sup>(i)</sup> | 7.13% | 12/1/2031 | 6185000 | 6372926 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc.<sup>(i)</sup> | 6.63% | 3/1/2032 | 1240000 | 1265496 |
| &nbsp;&nbsp;&nbsp;Warwick 12 06/09/2031 | 12.00% | 6/9/2031 | 3979592 | 3900000 |
| &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc.<sup>(i)</sup> | 5.25% | 4/15/2031 | 2645000 | 2627962 |
| ***Total Industrials*** |  |  |  | 36220940 |
| ***Technology (0.82%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Castle US Holding Corp.<sup>(i)</sup> | 10.00% | 6/30/2031 | 4901000 | 1045546 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc.<sup>(i)</sup> | 9.00% | 9/30/2029 | 1825000 | 1762950 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc.<sup>(i)</sup> | 8.25% | 6/30/2032 | 2440000 | 2324710 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Inc.<sup>(i)</sup> | 9.25% | 6/1/2030 | 2540000 | 2485231 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc.<sup>(i)</sup> | 7.25% | 3/15/2029 | 905000 | 903904 |
| ***Total Technology*** |  |  |  | 8522341 |
| ***Utilities (1.16%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC<sup>(i)</sup> | 4.63% | 2/1/2029 | 3295000 | 3253570 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc.<sup>(i)</sup> | 5.75% | 1/15/2034 | 725000 | 715348 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc.<sup>(i)</sup> | 6.00% | 1/15/2036 | 4070000 | 4026112 |
| &nbsp;&nbsp;&nbsp;Vistra Corp.<sup>(e)(i)(j)</sup> | 5Y US TI + 5.74% | 12/31/2049 | 3400000 | 3405445 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC<sup>(i)</sup> | 5.63% | 2/15/2027 | 725000 | 725363 |
| ***Total Utilities*** |  |  |  | 12125838 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| **(Cost 609,455,489)** |  |  |  | 594105000 |
| **RIGHTS AND WARRANTS (0.00%)** |  |  |  |  |
| ***Technology (0.00%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mavenir Warrants Tier 1, Strike Price: $1.00<sup>(a)(c)</sup> |  | 12/31/2049 | $181 | $2 |
| &nbsp;&nbsp;&nbsp;Mavenir Warrants Tier 2, Strike Price: $1.00<sup>(a)(c)</sup> |  | 12/31/2049 | 353 | 3 |
| &nbsp;&nbsp;&nbsp;XPLORE CVR, Strike Price: $–<sup>(a)(c)</sup> |  | 12/31/2049 | 5390 | 1 |
| **TOTAL RIGHTS AND WARRANTS** |  |  |  |  |
| **(Cost $546)** |  |  |  | 6 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (*3.66%*)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Premier Class | 3.580% | 38274309 | $38274309 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $38,274,309)** |  |  | 38274309 |
| **TOTAL INVESTMENTS (99.99%)** |  |  |  |
| **(Cost $1,073,762,716)** |  |  | $1045381978 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.01%)** |  |  | 71011 |
| **NET ASSETS (100.00%)** |  |  | $1045452988 |

---

*<sup>(a)</sup>* *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.*

*<sup>(b)</sup>* *Non-income producing security.*

 

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 9

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

*<sup>(c)</sup>* *Security deemed to be illiquid under the procedures utilized by the valuation designee. As of March 31, 2026, the fair value of illiquid securities in the aggregate was $72,951,287 representing 6.98% of the Fund's net assets.*

*<sup>(d)</sup>* *Security deemed to be restricted as of March 31, 2026. As of March 31, 2026, the fair value of restricted securities in the aggregate was $43,588,349 representing 4.17% of the Fund's net assets. Significant Accounting Policies in the Notes to Financial Statements section.*

*<sup>(e)</sup>* *Floating or variable rate security. The reference rate is described below. The rate in effect as of March 31, 2026 is based on the reference rate plus the displayed spread as of the securities last reset date.*

*<sup>(f)</sup>* *Payment in-kind.*

*<sup>(g)</sup>* *Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment. At March 31, 2026, the Fund had unfunded commitments shown below:*

 

---

| | | | |
|:---|:---|:---|:---|
| ***Investment*** | ***Par Value*** | ***Net Market Value*** | ***Market Value*** |
| *Sizzling Platter DD* | $*162542* | $*403013* | $*565555* |
| *US Fertility Enterprises LLC* | *736842* | *(2763)* | *734079* |
| ***Total*** |  | $*400250* | $*1299634* |

---

*<sup>(h)</sup>* *Security is currently in default.*

*<sup>(i)</sup>* *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 March 31, 2026 the fair value of securities restricted under Rule 144A in the aggregate was $492,525,599, representing 47.11% of net assets.*

*<sup>(j)</sup>* *Security is a perpetual bond.*

*<sup>(k)</sup>* *Zero coupon bond.*

**Investment Abbreviations:**

SOFR - Standard Overnight Financing Rate

**Rates:**

3M EUR L - 3 Month EURIOBOR as of March 31, 2026 was 2.08%

1M SOFR - 1 Month SOFR as of March 31, 2026 was 3.65%

3M SOFR - 3 Month SOFR as of March 31, 2026 was 3.68%

6M SOFR - 6 Month SOFR as of March 31, 2026 was 3.86%

1Y US TI - 1 Year US Treasury Index as of March 31, 2026 was 3.68%

5Y US TI - 5 Year US Treasury Index as of March 31, 2026 was 3.92%

US Swap Rate as of March 31, 2026 was 5.86%

 

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management. This definition may not apply for purposes of this report, which may use a different classification system or may combine industry sub-classifications for reporting ease. Industries are shown as a percent of the Fund's net assets. (Unaudited)*

*See Notes to Financial Statements and Financial Highlights.*

10 www.brigadefunds.com

Brigade High Income Fund Schedule of Investments

March 31, 2026 (Unaudited)

**<u>DERIVATIVE INSTRUMENTS</u>**

**CREDIT DEFAULT SWAP CONTRACTS - BUY PROTECTION (CENTRALLY CLEARED)<sup>(a)(b)</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligations** | **Counterparty** | **Fixed Deal**<br> **Receive**<br> **Rate** | **Currency** | **Maturity Date** | **Implied**<br> **Credit Spread**<br> **at March 31,**<br> **2026** | **Notional Amount** | **Value** | **Upfront**<br> **Premiums**<br> **Received/(Paid)** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| MARKIT CDX HY S46 5Y 06/31 ICE | JP Morgan | 5.00% | USD | 6/20/31 | 3.85% | $40000000 | $(1930725) | $1920000 | $(10725) |
|  |  |  |  |  |  |  | $(1930725) | $1920000 | $(10725) |

---

*Credit default swaps pay quarterly.*

 

**TOTAL RETURN SWAP CONTRACTS - BUY PROTECTION (CENTRALLY CLEARED)<sup>(a)(b)</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference Obligations** | <br>**Counterparty** |<br>**Fixed Deal**<br>**Receive**<br>**Rate** | <br>**Currency** | <br>**Maturity Date** | **Implied**<br>**Credit Spread**<br>**at March 31,**<br>**2026** |<br>**Notional**<br>**Amount** |<br><br>**Value** |<br>**Upfront**<br>**Premiums**<br>**Received/(Paid)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Recv Iboxx Hy Liquid Trs | Morgan Stanley | 0.04% | USD | 6/22/26 | 0% | $6982080 | $(8046) | $– | $(8046) |
|  |  |  |  |  |  |  | $(8046) | $– | $(8046) |

---

 

*Total return swaps pay quarterly.*

 

*<sup>(a)</sup>* *Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements as of year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.*

*<sup>(b)</sup>* *The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.*

**OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Settlement**<br>**Date** | <br>**Receiving**<br>**Currency** |<br>**Receiving**<br>**Value** | <br>**Delivering**<br>**Currency** |<br>**Delivering**<br>**Value** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| State Street Corporation | 06/11/26 | USD | $902998 | CAD | $881157 | $21841 |
| State Street Corporation | 06/11/26 | USD | 5523158 | EUR | 5503547 | 19611 |
| State Street Corporation | 06/11/26 | USD | 2601893 | GBP | 2577867 | 24026 |
|  |  |  |  |  |  | $65478 |
| State Street Corporation | 06/11/26 | EUR | 45225 | USD | 45359 | $(134) |
|  |  |  |  |  |  | $(134) |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 11

Brigade High Income Fund Statement of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $1,073,762,716)<sup>(a)</sup> | $1045381978 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1842820 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $81,446) | 80106 |
| &nbsp;&nbsp;&nbsp;Unrealized gain on forward contracts | 65478 |
| &nbsp;&nbsp;&nbsp;Deposit with broker for swap contracts | 55935 |
| &nbsp;&nbsp;&nbsp;Deposits held with broker for swaps | 4658774 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 8971001 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 6774962 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 12916477 |
| &nbsp;&nbsp;&nbsp;Other assets | 14352 |
| &nbsp;&nbsp;&nbsp;Total Assets | 1080761883 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 6774962 |
| &nbsp;&nbsp;&nbsp;Variation Margin on centrally cleared swaps | 2042595 |
| &nbsp;&nbsp;&nbsp;Unrealized loss on forward contracts | 134 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap contracts | 18771 |
| &nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 109629 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 25814404 |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 75000 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 339310 |
| &nbsp;&nbsp;&nbsp;Payable for printing fees | 7854 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 37470 |
| &nbsp;&nbsp;&nbsp;Payable for trustees' fees and expenses | 200 |
| &nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 2885 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 85681 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 35308895 |
| **NET ASSETS** | $1045452988 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $1082550333 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(deficit) | (37097345) |
| **NET ASSETS** | $1045452988 |
| **PRICING OF SHARES<sup>(b)</sup>** |  |
| &nbsp;&nbsp;&nbsp;**Founders: Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $9.75 |
| &nbsp;&nbsp;&nbsp;Net Assets | $1045439820 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 107193629 |
| &nbsp;&nbsp;&nbsp;**Institutional: Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $9.75 |
| &nbsp;&nbsp;&nbsp;Net Assets | $13168 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1351 |

---

*<sup>(a)</sup>* *Includes unrealized appreciation/(depreciation) on unfunded loaned commitments of $400,250.*

*<sup>(b)</sup>* *A 1% redemption fee is applied to any shares sold or exchanged within 60 days of purchase.*

 

*See Notes to Financial Statements and Financial Highlights.*

12 www.brigadefunds.com

Brigade High Income Fund Statement of Operations

For the Six Months Ended March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Interest | $46119075 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 46119075 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 2439474 |
| &nbsp;&nbsp;&nbsp;Interest expense | 7209 |
| &nbsp;&nbsp;&nbsp;Fund Accounting and Administration fees | 269122 |
| &nbsp;&nbsp;&nbsp;Co-administration fees | 243948 |
| &nbsp;&nbsp;&nbsp;Custody fees | 16617 |
| &nbsp;&nbsp;&nbsp;Legal fees | 50885 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 19288 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 18477 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 50419 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 20924 |
| &nbsp;&nbsp;&nbsp;Printing fees | 9100 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 15862 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 6164 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9455 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 3176944 |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment adviser (Note 6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Founders Class | (629556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (9) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 2547379 |
| **NET INVESTMENT INCOME** | 43571696 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (2050208) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 161809 |
| &nbsp;&nbsp;&nbsp;Swap contracts | (449604) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 25019 |
| Net realized loss | (2312984) |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (30614072) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 65343 |
| &nbsp;&nbsp;&nbsp;Swap contracts | 792125 |
| &nbsp;&nbsp;&nbsp;Translation of asset and liabilities denominated in foreign currency | (48605) |
| Net change | (29805209) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY** | (32118193) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $11453503 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 13

Brigade High Income Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> March 31, 2026**<br> **(Unaudited)** | **For the Year <br> Ended <br> September 30, <br> 2025** |
| **OPERATIONS:** |  |  |
| Net investment income | $43571696 | $67282542 |
| Net realized loss on investments and foreign currency | (2312984) | (8913159) |
| Net change in unrealized depreciation on investments and foreign currency | (29805209) | (4438404) |
| Net increase in net assets resulting from operations | 11453503 | 53930979 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Founders Class | (42179642) | (78502858) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (561) | (1420) |
| Total distributions | (42180203) | (78504278) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| **Founders Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 168108873 | 369045649 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 42179642 | 78109475 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (52334413) | (84835000) |
| Net increase from beneficial share transactions | 157954102 | 362320124 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | (17) | 17 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 561 | 1419 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | 14 | (14) |
| Net increase from beneficial share transactions | 558 | 1422 |
| Net increase in net assets | 127227960 | 337748247 |
| **NET ASSETS:** |  |  |
| Beginning of period | 918225028 | 580476781 |
| End of period | $1045452988 | $918225028 |

---

*See Notes to Financial Statements and Financial Highlights.*

14 www.brigadefunds.com

Brigade High Income Fund Financial Highlights

Founders Class For a Share Outstanding Throughout the Periods Presented

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months<br> Ended March 31,<br> 2026 (Unaudited)** | **For the Year<br> Ended**<br> **September 30, 2025** | **For the Year<br> Ended**<br> **September 30, 2024** | **For the Period<br> Ended September<br> 30, 2023 <sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.05 | $10.46 | $10.18 | $10.00 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.44 | 0.98 | 1.10 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.31) | (0.21) | 0.36 | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.13 | 0.77 | 1.46 | 0.47 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.43) | (0.97) | (1.17) | (0.29) |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments | – | (0.21) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.43) | (1.18) | (1.18) | (0.29) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.30) | (0.41) | 0.28 | 0.18 |
| **NET ASSET VALUE, END OF PERIOD** | $9.75 | $10.05 | $10.46 | $10.18 |
| **TOTAL RETURN<sup>(c)</sup>** | 1.26% | 7.82% | 15.34% | 4.74% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1045440 | $918212 | $580465 | $476541 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.65 %<sup>(d)</sup> | 0.66% | 0.69% | 0.74 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.52 %<sup>(d)</sup> | 0.52% | 0.52% | 0.52 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver | 8.92 %<sup>(d)</sup> | 9.72% | 10.75% | 10.27 %<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 21 %<sup>(e)</sup> | 29% | 49% | 8 %<sup>(e)</sup> |

---

*<sup>(a)</sup>* *For the period May 2, 2023 (Commencement of Operations) to September 30, 2023.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 15

Brigade High Income Fund Financial Highlights

Institutional Class For a Share Outstanding Throughout the Periods Presented

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months<br> Ended March 31,<br> 2026 (Unaudited)** | **For the Year<br> Ended**<br> **September 30, 2025** | **For the Year<br> Ended**<br> **September 30, 2024** | **For the Period<br> Ended September<br> 30, 2023 <sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.05 | $10.46 | $10.18 | $9.98 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.44 | 0.99 | 1.08 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.31) | (0.23) | 0.37 | 0.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.13 | 0.76 | 1.45 | 0.48 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.43) | (0.96) | (1.16) | (0.28) |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments | – | (0.21) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.43) | (1.17) | (1.17) | (0.28) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.30) | (0.41) | 0.28 | 0.20 |
| **NET ASSET VALUE, END OF PERIOD** | $9.75 | $10.05 | $10.46 | $10.18 |
| **TOTAL RETURN<sup>(c)</sup>** | 1.26% | 7.78% | 15.14% | 4.89% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $13 | $13 | $12 | $10 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.66 %<sup>(d)</sup> | 0.66% | 0.69% | 0.75 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.52 %<sup>(d)</sup> | 0.56 %<sup>(e)</sup> | 0.69% | 0.75 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver | 8.93 %<sup>(d)</sup> | 9.74% | 10.57% | 9.94 %<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 21 %<sup>(f)</sup> | 29% | 49% | 8 %<sup>(f)</sup> |

---

*<sup>(a)</sup>* *For the period May 5, 2023 (Commencement of Operations) to September 30, 2023.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *The expense cap for the Institutional Class was reduced from 0.75% to 0.52% effective February 1, 2025.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements and Financial Highlights.*

16 www.brigadefunds.com

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (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 annual report describes the Brigade High Income Fund (the "Fund"). The Fund is diversified, and its investment objective is current income, with capital appreciation as a secondary objective. The Fund currently offers Founders Class shares that commenced operations on May 2, 2023 and Institutional Class shares that commenced operations on May 5, 2023. 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" or "Trustees") 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"). The 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 of 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 the Fund in preparation of its financial statements.

The Fund uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Fund's chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Fund's CODM has been identified as the Chief Financial Officer ("CFO") and Treasurer, who reviews the results presented within the Fund's financial statements when making decisions about allocating resources and assessing performance of the Fund. The CODM determined that the Fund has only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**Investment Valuation:** The 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.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable or otherwise not representative of market conditions at the time of the valuation determination, the market price may be determined using quotations received from one or more brokers–dealers that make a market in the security. High yield bonds and notes are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Loans are primarily valued by using a composite loan price from a nationally recognized loan pricing service. The methodology used by the Fund's nationally recognized loan pricing provider for composite loan prices is to value loans at the mean of the bid and ask prices from one or more third party pricing services or dealers.

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.

Money market funds, representing short-term investments, are valued at their Net Asset Value ("NAV").

Credit Default Swaps ("CDS") are valued using prices provided by a nationally recognized CDS pricing service. The valuation method utilizes data collected from market makers and other sources, supports price discovery, risk management, and independent valuation of CDS contracts across single names, indices, and tranches. For centrally cleared swaps, the daily change in valuation, and upfront payments, if any, is recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities.

Currency Forward Contracts are valued using a nationally recognized valuation service. The provider incorporates currency spot rates and interest rate differentials between the two currencies for the contract's tenor.

Semi-Annual Report \| March 31, 2026 17

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (Unaudited)

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

**Unfunded Commitments** – The Fund may enter into unfunded loan commitments, which are contractual obligations for future funding, such as delayed draw term loans or revolving credit arrangements. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. Unfunded loan commitments and funded portions of credit agreements are marked-to-market.

As of March 31, 2026 the Fund had unfunded commitments of $899,384.

**Fair Value Measurements:** The Fund discloses the classification of its 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 Fund's 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 Fund's investments as of March 31, 2026:

**Brigade High Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications | $– | $– | $878113 | $878113 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 52806 |  | 666314 | 719120 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical |  | 12398600 |  | 12398600 |
| &nbsp;&nbsp;&nbsp;Technology |  | 2343117 | 860334 | 3203451 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  |  | 1117460 | 1117460 |
| Bank Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials |  | 35953751 |  | 35953751 |
| &nbsp;&nbsp;&nbsp;Communications |  | 33212480 | 4474839 | 37687319 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 75364482 | 2040508 | 77404990 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical |  | 106214839 |  | 106214839 |
| &nbsp;&nbsp;&nbsp;Energy |  | 16538703 |  | 16538703 |
| &nbsp;&nbsp;&nbsp;Financials |  | 32274951 |  | 32274951 |
| &nbsp;&nbsp;&nbsp;Industrials |  | 18054247 |  | 18054247 |
| &nbsp;&nbsp;&nbsp;Technology |  | 57611129 | 2547522 | 60158651 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 3777683 |  | 3777683 |
| Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 41625 |  | 41625 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical |  | 3554808 |  | 3554808 |

---

18 www.brigadefunds.com

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Technology | $– | $– | $3024352 | $3024352 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials |  | 58249046 |  | 58249046 |
| &nbsp;&nbsp;&nbsp;Communications |  | 102766900 |  | 102766900 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 90891077 |  | 90891077 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical |  | 124296463 |  | 124296463 |
| &nbsp;&nbsp;&nbsp;Energy |  | 58285695 |  | 58285695 |
| &nbsp;&nbsp;&nbsp;Financials |  | 102746700 |  | 102746700 |
| &nbsp;&nbsp;&nbsp;Industrials |  | 32320940 | 3900000 | 36220940 |
| &nbsp;&nbsp;&nbsp;Technology |  | 8522341 |  | 8522341 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 12125838 |  | 12125838 |
| Rights and Warrants |  |  | 6 | 6 |
| Short Term Investments | 38274309 | – | – | 38274309 |
| Total | $38327115 | 987545415 | 19509448 | $1045381978 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Assets** |  |  |  |  |
| Forward Contracts | $– | $65478 | $– | $65478 |
| **Liabilities** |  |  |  |  |
| Credit Default Swap Contracts |  | (10725) |  | (10725) |
| Forward Contracts |  | (134) |  | (134) |
| Total Return Swap Contracts | – | (8046) | – | (8046) |
| Total | $– | $46573 | $– | $46573 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Common<br> Stocks** | **Bank<br> Loan** | **Corporate &<br> Convertible<br> Bonds** | **Rights &<br> Warrants** | **Preferred <br> Stock** | **Total** |
| Balance as of September 30, 2025 | $2433037 | $7582539 | $2881601 | $6 | $1520423 | $14417606 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  |  | (124017) |  |  | (124017) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | 16394 |  |  |  |  | 16394 |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/Depreciation | (471) |  | 142921 |  | (727015) | (584565) |
| &nbsp;&nbsp;&nbsp;Purchases |  | 3546703 | 4023847 |  | 324052 | 7894602 |
| &nbsp;&nbsp;&nbsp;Sales Proceeds | (44199) | (2066374) |  |  |  | (2110573) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 |  | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Transfer Out of Level 3 | – | – | – | – | – | – |
| Balance as of March 31, 2026 | $2404761 | $9062869 | $6924352 | $6 | $1117460 | $19509448 |
| Net change in unrealized appreciation/(depreciation) included in the Statement of Operations attributable to Level 3 investments held at March 31, 2026 | $2211 | $(101) | $142922 |  | $(727015) | $(581983) |

---

Semi-Annual Report \| March 31, 2026 19

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (Unaudited)

The following table summarizes the significant unobservable inputs the Fund used to value its investments categorized within Level 3 as of March 31, 2026. In addition to the techniques and inputs noted in the table below, according to the Fund's valuation policy, other valuation techniques and methodologies when determining the Fund's fair value measurements may be used. The below table is not intended to be all inclusive, but rather provide information on the significant unobservable inputs as they relate to the Fund's determination of fair values.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets (at fair value)<sup>\*</sup>** | **Fair Value at<br> March 31, 2026** | **Valuation<br> Technique(s)** | **Unobservable<br> Inputs<sup>(1)</sup>** | **Value/Range** |
| Common Stocks | $860334 | Market Approach | EBITDA | $422.0m |
|  |  |  | EBITDA Multiple | 2.50x - 4.00x |
|  | 637159 | Market Approach | EBITDA | $65.0m |
|  |  |  | EBITDA Multiple | 4.50x - 5.00x |
|  | 29155 | Market Approach | EBITDA | $22.7m - $50.1m |
|  |  |  | EBITDA Multiple | 5.0x - 10.0x |
|  | 878113 | Market Approach | EBITDA | $123.2m |
|  |  |  | EBITDA Multiple | 9.25x - 1.25x |
| **Total Common Stocks** | $**2404761** |  |  |  |
| Bank Loans | $4474839 | Discounted Cash Flow Model | Implied Credit Spread | 5.00% - 6.00% |
|  | 2547522 | Market Approach | EBITDA | $110.0m |
|  |  |  | EBITDA Multiple | 5.75x - 6.75x |
|  | 2040508 | Market Approach | EBITDA | $22.7m - $50.1m |
|  |  |  | EBITDA Multiple | 5.0x - 10.0x |
| **Total Bank Loans** | $**9062869** |  |  |  |
| Preferred Stocks | $1117460 | Market Approach | EBITDA | $22.7m - $50.1m |
|  |  |  | EBITDA Multiple | 5.0x - 10.0x |
| **Total Preferred Stocks** | $**1117460** |  |  |  |
| Corporate Bonds | $3900000 | Recent Transaction | Transaction Price | $98 |
| **Total Corporate Bonds** | $**3900000** |  |  |  |
| Convertible Bonds | $3024352 | Market Approach | EBITDA | $110.0m |
|  |  |  | EBITDA Multiple | 5.75x - 6.75x |
| **Total Convertible Bonds** | $**3024352** |  |  |  |

---

*<sup>(1)</sup>* *A change to the unobservable input may result in a significant change to the value of the investment as follows:*

---

| | | |
|:---|:---|:---|
| **Unobservable** | **Input Impact to Value if Input Increases** | **Impact to Value if Input Decreases** |
| EBITDA | Increase | Decrease |
| EBITDA Multiple | Increase | Decrease |
| Implied Credit Spread | Decrease | Increase |
| Transaction Price | Increase | Decrease |

---

\* Rights and warrants have been intentionally excluded from the table based on materiality.

**Cash & Cash Equivalents:** The Fund considers its 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 Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high quality financial institution.

**Selected Risks:** Some significant types of financial risks the Fund is exposed to are listed below. Please see the Fund's prospectus and statement of additional information for additional information regarding the risks associated with an investment in the Fund.

 

*Concentration of Credit Risk:* The Fund places its cash with a banking institution, which is insured by 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 Fund does not believe that such deposits are subject to any unusual risk associated with investment activities. Please see the Fund's prospectus and statement of additional information for information regarding the risks associated with an investment in the Fund, including certain risks described below.

20 www.brigadefunds.com

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (Unaudited)

 

*Liquidity Risk:* Liquidity risk exists when particular investments are difficult to sell. The Fund may not be able to sell these investments at the best prices or at the value the Fund places on them. In such a market, the value of such investments, and as a result the Fund's share price, may fall dramatically, even during periods of declining interest rates. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The market for high yield securities in particular may be less liquid than higher quality fixed income securities, and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

 

*Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer's financial condition changes. High yield or junk bonds as well as other debt securities issued by below investment grade issuers are typically more susceptible to these risks than debt of higher quality issuers. Furthermore, a significant amount of the Fund's net asset value is expected to be invested in the lower-rated segment of the high yield market (rated B and below), which investments generally involve greater credit risk than high yield securities that are rated BBB and above.

 

*Counterparty and Settlement Risk:* To the extent the Fund invests in participations, assignments, swaps, repurchase agreements, reverse-repurchase agreements, structured products, derivative or synthetic instruments, or other over-the-counter transactions or, in certain circumstances, in non-U.S. securities, the Fund may take a credit risk with regard to parties with whom it trades and may also bear the risk of settlement default. These risks may differ materially from those entailed in exchange-traded transactions which generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered directly between two counterparties generally do not benefit from such protections and expose the parties to the risk of counterparty default.

 

*Derivatives Risk:* The Fund may invest in derivative securities for bona fide hedging purposes. A derivative security is a financial contract whose value is based on (or "derived from") a traditional security (such as a bond) or a market index. The use of futures, options, repurchase agreements and other derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and include leverage, volatility, liquidity, credit and tracking risks. Long options positions may expire worthless.

 

*Currency Risk:* The Fund's investments that are denominated in a non-U.S. currency are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, longterm opportunities for investment and capital appreciation and political developments.

**Trust Expenses:** Some expenses of the Trust can be directly attributed to a fund in the Trust. 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 the 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.

**Federal Income Taxes:** The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the period ended March 31, 2026, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax return is subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions and has concluded that as of March 31, 2026, no provision for income tax is required in the Fund's financial statements related to these tax positions.

**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 yield method. Dividend income is recognized on the ex-dividend date. 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. Paydown gains and losses on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income in the Statement of Operations.

Semi-Annual Report \| March 31, 2026 21

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (Unaudited)

**Distributions to Shareholders:** The Fund normally pays dividends, if any, monthly, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest and other income the Fund receives from its investments, including short term capital gains. Long term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. The Fund 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.

**Loan Assignments:** The Fund acquires loans via loan assignments. The Fund considers loans acquired via assignment to be investments in debt instruments. When the Fund purchases loans from lenders via assignment, the Fund will acquire direct rights against the borrower on the loan except that under certain circumstances such rights may be more limited than those held by the assigning lender.

Loans and debt instruments are subject to credit risk. Credit risk relates to the ability of the borrower under such fixed income instruments to make interest and principal payments as they become due.

**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 Fund will not incur any registration costs upon such resale. The Fund's 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 Fund has 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Security Type** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** | **% of Net Assets** |
| ACProducts Holdings, Inc. 5/17/28 | Bank Loan | 4/8/25-1/14/26 | $2485380 | $2796276 | 0.27% |
| Avaya Inc. 8/1/28 | Bank Loan | 5/4/2023-9/9/25 | 7725804 | 7624737 | 0.73% |
| BCP V Everise Acquisition LLC 12/14/29 | Bank Loan | 12/20/23-11/12/25 | 4928059 | 4074311 | 0.39% |
| LifeScan Global TL B 12/9/30 | Bank Loan | 12/08/2025 | 4213352 | 4199321 | 0.40% |
| Long Ridge Energy TL B 2/6/32 | Bank Loan | 2/07/2025 | 2553161 | 2546713 | 0.25% |
| Syniverse Holdings LLCS 5/13/27 | Bank Loan | 5/12/23-7/14/24 | 4327550 | 4428558 | 0.43% |
| Avaya Holdings Corp. | Common Stock | 5/10/2023-5/12/23 | 775525 | 860334 | 0.08% |
| LifeScan Global Common | Common Stock | 12/8/25-3/25/26 | 2625669 | 2875772 | 0.28% |
| Liberty Interactive LLC 11/15/29 | Convertible Bond | 2/27/2024 | 96463 | 10125 | 0.00% |
| Liberty Interactive LLC 2/15/30 | Convertible Bond | 11/3/23-4/8/25 | 166758 | 31500 | 0.00% |
| Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 7/15/26 | Corporate Bond | 5/3/23-2/5/26 | 6490103 | 6337338 | 0.61% |
| Beasley Mezzanine Holdings LLC 8/1/28 | Corporate Bond | 10/8/24-7/8/25 | 1960900 | 1199585 | 0.12% |
| Liberty Interactive LLC 2/1/30 | Corporate Bond | 11/7/23-11/6/24 | 250688 | 25217 | 0.00% |
| Liberty Interactive LLC 7/15/29 | Corporate Bond | 2/29/24-4/8/25 | 2319695 | 153766 | 0.01% |
| Spanish Broadcasting System, Inc. 3/1/26 | Corporate Bond | 5/8/23-7/8/24 | 2598036 | 2831550 | 0.27% |
| Yum! Brands, Inc. 11/15/37 | Corporate Bond | 7/10/23-9/21/23 | 2440938 | 2545032 | 0.25% |
| Yum! Brands, Inc. 3/15/31 | Corporate Bond | 5/4/23-3/7/24 | 995963 | 1048214 | 0.10% |
|  |  |  |  | $43588349 |  |

---

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

**Credit Default Swaps:** A credit default swap (CDS) is a financial contract that functions like an insurance policy against a borrower defaulting on a debt. The CDS buyer makes regular payments to the seller. In return, the seller agrees to compensate the buyer if the underlying debt issuer experiences a credit event, such as bankruptcy or failure to pay.

22 www.brigadefunds.com

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (Unaudited)

**Forward Currency Contracts:** A forward currency contract is a customized, over-the-counter agreement between two parties to exchange a specific amount of one currency for another at a predetermined exchange rate on a future date. These contracts are used to hedge against currency exchange rate risk, locking in a rate to provide certainty for future international transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Assets<br> and Liabilities<br> Location** | **Fair Value of Asset<br> Derivatives** | **Statement of Assets<br> and Liabilities<br> Location** | **Depreciation on<br> Contracts** |
| Credit Risk (Swap Contracts) | Unrealized appreciation on OTC swap contracts<sup>(a)</sup> | $– | Unrealized depreciation on OTC swap contracts | $(18771) |
| Currency Risk (Forward Currency Contracts) | Unrealized gain on forward contracts | 65478 | Unrealized loss on forward contracts | (134) |
|  |  | $65478 |  | $(18905) |

---

*<sup>(a)</sup>* *Includes cumulative appreciation/depreciation on centrally cleared swaps*

** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Risk Exposure** | <br>**Statement of Operations Location** |<br>**Realized**<br>**Gain/(Loss) on Derivatives**<br>**Recognized**<br>**in Income** | **Change in**<br>**Unrealized**<br>**Gain/(Loss) on Derivatives**<br>**Recognized**<br>**in Income** |
| Credit Risk (Swap Contracts) | Net realized gain/(loss) on swap contracts/Net change in unrealized depreciation on swap contracts | $(449604) | $792125 |
| Currency Risk (Forward Currency Contracts) | Net realized loss on Forward Currency Contracts/Net change in unrealized depreciation on Forward Currency Contracts | $161809 | $65343 |
| **Total** |  | $(287795) | $(857468) |

---

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measurement** | **Monthly Average** |
| Credit Default Swaps | Notional Value of contracts outstanding | $19575 |
| Forward Currency Contracts | Value of contracts outstanding | $4855950 |

---

**3. TAX BASIS INFORMATION**

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Fund. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.

**Unrealized Appreciation and Depreciation on Investments:** As of March 31, 2026, the aggregate costs of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation of instruments for federal tax purposes were as follows:

---

| | |
|:---|:---|
| | **Brigade High Income Fund** |
| Gross unrealized appreciation (excess of value over tax cost) | $29755053 |
| Gross unrealized depreciation (excess of tax cost over value) | (58489754) |
| Net unrealized depreciation | $(28734701) |
| Cost of investments for income tax purposes | $1036387486 |

---

Semi-Annual Report \| March 31, 2026 23

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (Unaudited)

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| | **Brigade High Income Fund** |
| Undistributed Tax Exempt Income |  |
| Accumulated capital losses | (7218352) |
| Net unrealized appreciation | 1783103 |
| Other cumulative effect of timing differences | (935396) |
| Total | $(6370645) |

---

As of September 30, 2025, there were no permanent differences in book and tax accounting.

**4. SECURITIES TRANSACTIONS**

Purchases and sales of securities, excluding short-term securities, during the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of Securities** | **Proceeds from Sales of<br> Securities** |
| Brigade High Income Fund | $375998214 | $190127435 |

---

**5. BENEFICIAL SHARE TRANSACTIONS**

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid for and are transferable and redeemable at the option of the shareholder. Shares have no pre-emptive rights. Neither the Fund nor any of its creditors have the right to require shareholders to pay any additional amounts solely because the shareholder owns the shares.

Shares redeemed within 60 days of purchase may incur a 1.00% short-term redemption fee deducted from the redemption amount. For the six months ended March 31, 2026, the redemption fees charged by the Fund, if any, are presented in the Statements of Changes in Net Assets.

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> March 31, 2026<br> (Unaudited)** | **For the Year Ended<br> September 30, 2025** |
| **Brigade High Income Fund** |  |  |
| **Founders Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 16843049 | 36715871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 4261085 | 7737968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5245292) | (8601216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 15858842 | 35852623 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | (2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 57 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 56 | 142 |

---

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. Approximately 63% of the outstanding shares of the Fund are held by one omnibus account that owns shares on behalf of their underlying beneficial owners. Share transaction activities of these shareholders could have a material impact on the Funds.

24 www.brigadefunds.com

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (Unaudited)

**6. MANAGEMENT AND RELATED PARTY TRANSACTIONS**

**Investment Advisory:** Brigade Capital Management, LP (the "Adviser"), subject to the authority of the Board, is responsible for the management of the Fund's portfolio. The Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, the Fund pays the Adviser an annual management fee of 0.50% based on the Fund's average daily net assets. The management fee is paid on a monthly basis. The current term of the Advisory Agreement is one year. The Board may extend the Advisory Agreement for additional one-year terms. The Board and the shareholders of the Fund may terminate the Advisory Agreement upon 30 days' written notice. The Adviser may terminate the Advisory Agreement upon 60 days' written notice.

The Adviser has appointed Brigade Capital UK, LLP as the Sub-Adviser to the Fund. Pursuant to a Sub-Advisory Agreement, it is determined that the Adviser and Fund will not pay any fees to the Sub-Adviser for providing services in accordance with such Agreement.

Pursuant to a fee waiver letter agreement (the "Fee Waiver Agreement"), the Adviser has contractually agreed to limit the amount of the Fund's Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, shareholder servicing fees, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 0.52% of the Fund's average daily net assets for each class. Prior to February 1, 2025, the fund's expense limitation for the Institutional Class was 0.75%. The Fee Waiver Agreement is in effect through at least January 31, 2027, and will automatically continue upon 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, on a class-by-class basis, expenses it has borne through the Fee Waiver Agreement (whether through reduction of its co-administration or 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 be 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. The Adviser may not discontinue this waiver without the approval by the Trust's Board. Fees waived or reimbursed for the six months ended March 31, 2026, are disclosed in the Statement of Operations.

As of March 31, 2026, the balances of recoupable expenses for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Brigade High Income Fund** | **Expiring in 2026** | **Expiring in 2027** | **Expiring in 2028** | **Expiring in 2029** |
| Founders Class | $271778 | $863781 | $963427 | $629556 |
| Institutional Class |  |  | 12 | 9 |

---

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to the Fund. The Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to the Services Agreement with the Trust, ALPS will provide operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assist in the Fund's operations. The Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Fund for the six months ended March 31, 2026, are disclosed in the Statement of Operations. ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

Brigade Capital Management, LP serves as co-administrator to the Fund. Pursuant to the Co-Administration Agreement, the Fund pays the co-administrator an annual fee of 0.05% based on the Fund's average daily net assets. Co-administration fees paid by the Fund for the six months ended March 31, 2026, are disclosed in the Statement of Operations.

**Transfer Agent:** ALPS serves as transfer agent for the Fund under a Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Fund plus fees for open accounts and is reimbursed for certain out-of-pocket expenses.

**Compliance Services:** ALPS provides Chief Compliance Officer services to the Fund to monitor and test the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 of the 1940 Act pursuant to Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Fund and is reimbursed for certain out-of-pocket expenses.

**Distribution:** ALPS Distributors, Inc. (the "Distributor") (an affiliate of ALPS) acts as the principal underwriter of the Fund's shares pursuant to a Distribution Agreement with the Trust. Shares of the Fund are offered on a continuous basis through the Distributor, as agent of the Fund. The Distributor is not obligated to sell any particular amount of shares and is not entitled to any compensation for its services as the Fund's principal underwriter pursuant to the Distribution Agreement.

Semi-Annual Report \| March 31, 2026 25

Notes to Financial Statements <br> Brigade High Income Fund and Financial Highlights

March 31, 2026 (Unaudited)

**7. TRUSTEES AND OFFICERS**

As of March 31, 2026, there were three Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees").

Effective January 1, 2026, the Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $18,750, plus $5,938 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875, the Independent Chair receives a quarterly retainer of $4,250 and the Nominating and Corporate Governance Committee Chair receives a quarterly retainer of $500.

Prior to January 1, 2026, the Trustees of the Trust received a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair received a quarterly retainer of $1,875 and the Independent Chair received a quarterly retainer of $4,250.

These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

Officers of the Trust receive no salary or fees from the Trust. As discussed in Note 6, the Fund pays ALPS an annual fee for compliance services.

**8. INDEMNIFICATIONS**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**9. SUBSEQUENT EVENTS**

Subsequent events after the date of the Statement of Asset and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

26 www.brigadefunds.com

Brigade High Income Fund Additional Information

March 31, 2026 (Unaudited)

**1. TAX DESIGNATIONS**

**Qualified Dividend Income**

The percentage of ordinary income dividends distributed during the calendar year ended December 31, 2025 are designated as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code in the following percentages:

---

| | |
|:---|:---|
| | **Amount** |
| Brigade High Income Fund | 0% |

---

**Dividends Received Deduction**

For corporate shareholders, the following ordinary dividends paid during the calendar year ended December 31, 2025 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| | **Amount** |
| Brigade High Income Fund | 0% |

---

Semi-Annual Report \| March 31, 2026 27

Changes in and Disagreements with Accountants for <br> Brigade High Income Fund Open-End Management Investment Companies

March 31, 2026 (Unaudited)

There were no changes in or disagreements with accountants during the period covered by this report.

28 www.brigadefunds.com

Brigade High Income Fund Proxy Disclosures

March 31, 2026 (Unaudited)

Not applicable to the period covered by this Report.

Semi-Annual Report \| March 31, 2026 29

Remuneration Paid to Trustees, Officers, and Others <br> Brigade High Income Fund of Open-End Management Investment Companies

March 31, 2026 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Fund for the period ended March 31, 2026:

---

| | |
|:---|:---|
| **Trustee** | **Amount Paid** |
| Ward Armstrong | $15618 |
| J.W. Hutchens | 5920 |
| Merrillyn Kosier | 13331 |
| Patrick Seese | 14258 |
| **Total** | $49127 |

---

30 www.brigadefunds.com

Statement Regarding Basis for Approval <br> Brigade High Income Fund of Investment Advisory Contract

March 31, 2026 (Unaudited)

On February 19, 2026, the Board of Trustees (the "Board") of ALPS Series Trust (the "Trust") met in person to discuss, among other things, the approval of the Investment Advisory Agreement between the Trust and Brigade Capital Management, LP. ("Brigade") in accordance with Section 15(c) of the 1940 Act ("Brigade Agreement"). The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials.

In evaluating Brigade and the fees charged under the Brigade Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve the Brigade Agreement. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

**Nature, Extent and Quality of the Services:** The Trustees reviewed and considered information regarding the nature, extent, and quality of services provided to the Fund under the Brigade Agreements. In this regard, the Trustees considered materials provided by Brigade describing the firm's organization, ownership structure, and regulatory filings, including certain information from Brigade's Form ADV. The Trustees also reviewed information regarding Brigade's management team and the experience of the firm's investment professionals, including the significant industry experience of Brigade's senior investment team.

The Trustees discussed Brigade's investment process and research capabilities, including its fundamental credit research approach and its emphasis on evaluating factors such as free cash flow, asset coverage, and relative value. The Trustees also considered Brigade's global investment platform and the disciplined investment process used in managing the Fund's portfolio.

The Trustees also reviewed Brigade's compliance record with the Trust and discussed the operational and compliance support provided to the Fund. In addition, the Trustees reviewed Brigade's financial condition. Based on these considerations, the Trustees concluded that they were satisfied with the nature, extent, and quality of services provided by Brigade and Brigade UK.

**Performance:** The Trustees reviewed and considered information regarding the Brigade Fund's investment performance for the one-year and since inception periods ended November 30, 2025. The Trustees compared the Fund's performance to that of a peer group of comparable funds identified by an independent provider of investment company data (the "Data Provider").

The Trustees noted that the Fund had outperformed relative to its peer group over each period. The Trustees also discussed recent performance trends and the portfolio management team's oversight of the Fund's investment strategy. Based on this review, the Trustees concluded that the Fund's performance was satisfactory.

**Investment Advisory Fee Rate and Expense Ratio:** The Trustees reviewed and considered the contractual advisory fee payable by the Fund to Brigade and the sub-advisory fee payable by Brigade to Brigade UK. In evaluating the advisory fee, the Trustees reviewed comparative data provided by an independent provider of investment company data (the "Data Provider") regarding advisory fees and total expense ratios of comparable funds within both the identified peer group and a broader universe of funds.

The Trustees noted that the Fund's contractual advisory fee of 0.50% ranked 2nd lowest among the peer group. The Trustees also noted that the Fund's total net expense ratio of 0.52% ranked as the lowest among the peer group funds and compared favorably to the peer group median expense ratio of 0.73%.

The Trustees also reviewed the components of the Fund's expenses and considered the recent adjustments to the Fund's expense cap structure. Based on these considerations, the Trustees concluded that the advisory fee and overall expense structure were reasonable in light of the nature, extent, and quality of the services provided.

**Comparable Accounts:** The Trustees reviewed information regarding fees charged by Brigade for managing other accounts employing investment strategies similar to those used for the Fund. The Trustees noted that certain accounts managed by Brigade are subject to different fee arrangements, which may reflect differences in services provided, investment structures, or client circumstances.

Taking these factors into account and recognizing the limitations inherent in comparing fee structures across different types of accounts, the Trustees concluded that the advisory and sub-advisory fees payable under the Brigade Agreements were not unreasonable.

**Profitability:** The Trustees received and considered profitability analyses prepared by Brigade with respect to the Fund, including retrospective and projected profitability information presented on a consolidated basis with Brigade UK based on the fees paid under the Brigade Agreements. The Trustees noted that the Fund was profitable to Brigade in 2025 and was projected to be profitable in 2026. After considering this information and the services provided under the Brigade Agreements, the Trustees concluded that the level of profitability was not excessive.

**Economies of Scale:** The Trustees considered whether economies of scale in the provision of services to the Fund would be passed along to the shareholders under the Brigade Agreements. They considered statements by the Brigade representatives that the growth in the Fund's assets under management had yielded economies of scale and that as the Fund continues to grow, it will benefit from economies of scale as the overall expense ratio will continue to decline.

Semi-Annual Report \| March 31, 2026 31

Statement Regarding Basis for Approval <br> Brigade High Income Fund of Investment Advisory Contract

March 31, 2026 (Unaudited)

**Other Benefits to the Adviser and Sub-Adviser:** The Trustees reviewed and considered any other incidental benefits derived or to be derived by Brigade or Brigade UK from their relationships with the Brigade Fund, including soft dollar benefits to Brigade. The Trustees concluded that the direct and indirect benefits to Brigade and Brigade UK were not excessive.

Having requested, reviewed, and deliberated such information from Brigade as the Board believed to be reasonably necessary to evaluate the terms of the Brigade Agreements, the Trustees concluded that renewal of each Brigade Agreement was in the best interests of the Brigade Fund and its shareholders.

32 www.brigadefunds.com

![](fp0098620-1_15.jpg)

![](fp0098620-1_03.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 7 |
| Statement of Operations | 8 |
| Statements of Changes in Net Assets | 9 |
| Financial Highlights | 10 |
| Notes to Financial Statements and Financial Highlights | 12 |
| Changes in and Disagreements with Accountants | 19 |
| Proxy Disclosures | 20 |
| Remuneration Paid to Directors, Officers, and Others | 21 |
| Statement Regarding Basis for Approval of Investment Advisory Agreement | 22 |

---

Carret Kansas Tax-Exempt Bond Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 2)** |
| **MUNICIPAL BONDS (99.06%)** |  |  |
| ***Education (36.17%)<sup>(a)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;Allen County Unified School District No. 257, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2043 | $2415000 | $1990838 |
| &nbsp;&nbsp;&nbsp;Barton Community College, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 555000 | 555427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 | 250000 | 250130 |
| &nbsp;&nbsp;&nbsp;Bethel Park School District, General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2048 | 1000000 | 1025682 |
| &nbsp;&nbsp;&nbsp;Bourbon County Unified School District No. 234-Fort Scott, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 | 400000 | 403196 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 206 Remington, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2034 | 1000000 | 948865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 510000 | 479039 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 375 Circle, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 750000 | 696362 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 385 Andover, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 690000 | 700107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 500000 | 506790 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 394 Rose Hill, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 500000 | 542583 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 490 El Dorado, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 500000 | 500046 |
| &nbsp;&nbsp;&nbsp;Dekalb County Central School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 500000 | 545005 |
| &nbsp;&nbsp;&nbsp;Denton Independent School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 | 750000 | 768807 |
| &nbsp;&nbsp;&nbsp;Douglas County Unified School District No. 497 Lawrence, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1514546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 500000 | 500197 |
| &nbsp;&nbsp;&nbsp;Ellis County Unified School District No. 489 Hays, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 | 535000 | 563155 |
| &nbsp;&nbsp;&nbsp;Finney County Unified School District No. 457 Garden City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1506392 |
| &nbsp;&nbsp;&nbsp;Ford County Unified School District No. 443 Dodge City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2030 | 1150000 | 1165188 |
| &nbsp;&nbsp;&nbsp;Franklin County Unified School District No. 289 Wellsville, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 645000 | 674673 |
| &nbsp;&nbsp;&nbsp;Geary County Unified School District No. 475, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2033 | 1000000 | 956181 |
| &nbsp;&nbsp;&nbsp;Hernando County School District, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 685000 | 687813 |
| &nbsp;&nbsp;&nbsp;Jefferson County School District R-1, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 | 500000 | 500848 |
| &nbsp;&nbsp;&nbsp;Johnson & Miami Counties Unified School District No. 230 Spring Hills, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 400000 | 404156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 1000000 | 1001829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1000000 | 1001171 |
| &nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 229 Blue Valley, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 | 1500000 | 1511505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 | 2000000 | 2230633 |
| &nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 232 De Soto, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1165000 | 1192975 |
| &nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 233 Olathe, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2030 | 750000 | 692455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1000000 | 1003786 |

---

*See Notes to Financial Statements and Financial Highlights. `*

Semi-Annual Report \| March 31, 2026 1

Carret Kansas Tax-Exempt Bond Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal** <br> **Amount** | **Value** <br> **(Note 2)** |
| ***Education (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | $425000 | $434538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2041 | 500000 | 538080 |
| &nbsp;&nbsp;&nbsp;Kansas City Kansas Community College Auxiliary Enterprise System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 140000 | 142738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 100000 | 101199 |
| &nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2031 | 630000 | 567591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2032 | 1000000 | 892572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2030 | 450000 | 449323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2033 | 500000 | 496164 |
| &nbsp;&nbsp;&nbsp;Larimer County School District No. R-1 Poudre, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2032 | 750000 | 766916 |
| &nbsp;&nbsp;&nbsp;Leavenworth County Unified School District No. 464, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 | 675000 | 674096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 465000 | 442978 |
| &nbsp;&nbsp;&nbsp;Lyon County Unified School District No. 253 Emporia, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 325000 | 329580 |
| &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2050 | 1085000 | 1123689 |
| &nbsp;&nbsp;&nbsp;Miami County Unified School District No. 416 Louisburg, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 500000 | 470700 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2046 | 750000 | 757332 |
| &nbsp;&nbsp;&nbsp;Racine Unified School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2042 | 820000 | 861909 |
| &nbsp;&nbsp;&nbsp;Riley County Unified School District No. 378 Riley, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2039 | 925000 | 829793 |
| &nbsp;&nbsp;&nbsp;Riley County Unified School District No. 383 Manhattan-Ogden, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1220000 | 1232921 |
| &nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 260 Derby, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2036 | 845000 | 834783 |
| &nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 264 Clearwater, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 530000 | 532835 |
| &nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 266 Maize, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 750000 | 759236 |
| &nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 267 Renwick, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2033 | 350000 | 353286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2034 | 425000 | 428468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2035 | 635000 | 639739 |
| &nbsp;&nbsp;&nbsp;Seward County Unified School District No. 480 Liberal, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 1000000 | 1017567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 500000 | 505920 |
| &nbsp;&nbsp;&nbsp;St Louis County School District C-2 Parkway, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2042 | 1000000 | 1082838 |
| &nbsp;&nbsp;&nbsp;University of Kansas Hospital Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 350000 | 351082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 500000 | 501544 |
| &nbsp;&nbsp;&nbsp;West Clermont Local School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 400000 | 402650 |
| &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 202 Turner, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2039 | 400000 | 408334 |
| &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 203 Piper, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 1000000 | 1033426 |

---

*See Notes to Financial Statements and Financial Highlights.*

Carret Kansas Tax-Exempt Bond Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 2)** |
| ***Education (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | $500000 | $505279 |
| ***Total Education*** |  | 47489486 |
| ***General Obligation (39.43%)<sup>(a)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;Abilene Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 | 325000 | 330638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 | 445000 | 450875 |
| &nbsp;&nbsp;&nbsp;Ashland Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 720000 | 720439 |
| &nbsp;&nbsp;&nbsp;City of Albuquerque NM, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2039 | 700000 | 708949 |
| &nbsp;&nbsp;&nbsp;City of Arkansas City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2035 | 1000000 | 801535 |
| &nbsp;&nbsp;&nbsp;City of Bettendorf IA, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 | 1000000 | 1110461 |
| &nbsp;&nbsp;&nbsp;City of Derby, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2041 | 775000 | 762337 |
| &nbsp;&nbsp;&nbsp;City of Garden City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2028 | 950000 | 947975 |
| &nbsp;&nbsp;&nbsp;City of Gardner, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2044 | 685000 | 687450 |
| &nbsp;&nbsp;&nbsp;City of Goddard, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 500000 | 506830 |
| &nbsp;&nbsp;&nbsp;City of Lawrence, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 445000 | 446869 |
| &nbsp;&nbsp;&nbsp;City of Leawood, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 300000 | 313982 |
| &nbsp;&nbsp;&nbsp;City of Lenexa, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2033 | 1560000 | 1539244 |
| &nbsp;&nbsp;&nbsp;City of Maize, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2038 | 375000 | 377861 |
| &nbsp;&nbsp;&nbsp;City of Manhattan, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2027 | 875000 | 875415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 400000 | 412712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036 | 1000000 | 1108031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | 910000 | 1002238 |
| &nbsp;&nbsp;&nbsp;City of McKinney TX, General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2039 | 1075000 | 1187712 |
| &nbsp;&nbsp;&nbsp;City of Olathe, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 | 1000000 | 961487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 | 1315000 | 1324663 |
| &nbsp;&nbsp;&nbsp;City of Overland Park, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 | 475000 | 486134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 | 475000 | 484459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2039 | 350000 | 355658 |
| &nbsp;&nbsp;&nbsp;City of Paola, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 535000 | 576943 |
| &nbsp;&nbsp;&nbsp;City of Salina, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 | 620000 | 594494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2036 | 680000 | 630455 |
| &nbsp;&nbsp;&nbsp;City of Sedona AZ Excise Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2041 | 805000 | 804191 |
| &nbsp;&nbsp;&nbsp;City of Spring Hill, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 810000 | 824089 |
| &nbsp;&nbsp;&nbsp;City of Wamego, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 500000 | 500800 |

---

 

*See Notes to Financial Statements and Financial Highlights.* 

Semi-Annual Report \| March 31, 2026 3

Carret Kansas Tax-Exempt Bond Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal** <br> **Amount** | **Value** <br> **(Note 2)** |
| ***General Obligation (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;City of Wichita, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2035 | $400000 | $327532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2030 | 720000 | 715955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2030 | 820000 | 830844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035 | 750000 | 774342 |
| &nbsp;&nbsp;&nbsp;City of Wichita, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1000000 | 1028761 |
| &nbsp;&nbsp;&nbsp;County of Anderson, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2033 | 750000 | 734182 |
| &nbsp;&nbsp;&nbsp;County of Anoka MN, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2041 | 750000 | 754228 |
| &nbsp;&nbsp;&nbsp;County of Douglas, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 | 875000 | 930819 |
| &nbsp;&nbsp;&nbsp;County of Geary, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 415000 | 416537 |
| &nbsp;&nbsp;&nbsp;County of Johnson, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 1125000 | 1126236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1525000 | 1536750 |
| &nbsp;&nbsp;&nbsp;County of Linn, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2032 | 505000 | 514584 |
| &nbsp;&nbsp;&nbsp;County of Saline, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 765000 | 795056 |
| &nbsp;&nbsp;&nbsp;County of Somerset NJ, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2039 | 1000000 | 1019208 |
| &nbsp;&nbsp;&nbsp;Holladay Local Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/15/2045 | 500000 | 490032 |
| &nbsp;&nbsp;&nbsp;Indiana Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2044 | 1000000 | 1073615 |
| &nbsp;&nbsp;&nbsp;Johnson County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2030 | 790000 | 786443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1506913 |
| &nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2033 | 950000 | 807758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2034 | 975000 | 807974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2030 | 800000 | 813205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 1100000 | 1116586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 | 1500000 | 1617021 |
| &nbsp;&nbsp;&nbsp;Oregon State Lottery, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2039 | 750000 | 834451 |
| &nbsp;&nbsp;&nbsp;Saline County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2033 | 200000 | 173182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2034 | 225000 | 189987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2035 | 220000 | 180813 |
| &nbsp;&nbsp;&nbsp;South Dakota Conservancy District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2044 | 1000000 | 1071787 |
| &nbsp;&nbsp;&nbsp;State of Nevada, General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2039 | 1000000 | 1118146 |
| &nbsp;&nbsp;&nbsp;Wyandotte County-Kansas City Unified Government, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2033 | 1000000 | 864967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 | 685000 | 694853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 | 2105000 | 2152272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2032 | 1000000 | 1022464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 1000000 | 1105997 |
| ***Total General Obligation*** |  | 51768426 |

---

*See Notes to Financial Statements and Financial Highlights.*

Carret Kansas Tax-Exempt Bond Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal** <br> **Amount** | **Value**<br> **(Note 2)** |
| ***Health Care (1.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Lyon County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | $1335000 | $1348323 |
| ***Public Services (1.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson County Park & Recreation District, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2028 | 1165000 | 1166957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2029 | 535000 | 535162 |
| ***Total Public Services*** |  | 1702119 |
| ***Transportation (10.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Kansas Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 630000 | 677894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 500000 | 535413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 1000000 | 1053624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 1000000 | 1050500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 1150000 | 1204086 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 750000 | 758734 |
| &nbsp;&nbsp;&nbsp;State of Kansas Department of Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1500000 | 1551044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 3020000 | 3110858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 500000 | 514314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 | 2000000 | 2051818 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2048 | 700000 | 722953 |
| ***Total Transportation*** |  | 13231238 |
| ***Utilities (11.06%)*** |  |  |
| &nbsp;&nbsp;&nbsp;City of Lawrence Water & Sewage System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2032 | 1180000 | 1231828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2039 | 1000000 | 1003934 |
| &nbsp;&nbsp;&nbsp;City of Lebanon Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2028 | 550000 | 555331 |
| &nbsp;&nbsp;&nbsp;City of McPherson Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/2038 | 440000 | 328381 |
| &nbsp;&nbsp;&nbsp;City of Monroe WA Water & Sewer, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2041 | 695000 | 764129 |
| &nbsp;&nbsp;&nbsp;City of Olathe Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2034 | 540000 | 455610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2035 | 550000 | 454194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2030 | 675000 | 670946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2031 | 555000 | 549184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2032 | 745000 | 729287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2033 | 755000 | 725214 |
| &nbsp;&nbsp;&nbsp;City of Topeka Combined Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/01/2041 | 1170000 | 1185226 |
| &nbsp;&nbsp;&nbsp;City of Wichita Water & Sewer Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2029 | 1180000 | 1169054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 10/01/2039 | 1000000 | 924398 |
| &nbsp;&nbsp;&nbsp;Jordan Valley Water Conservancy District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2044 | 730000 | 765610 |
| &nbsp;&nbsp;&nbsp;Snohomish County Public Utility District No. 1 Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 | 1000000 | 1111516 |

---

*See Notes to Financial Statements and Financial Highlights.* 

Semi-Annual Report \| March 31, 2026 5

Carret Kansas Tax-Exempt Bond Fund Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 2)** |
| ***Utilities (continued)*** | | |
| &nbsp;&nbsp;&nbsp;Wyandotte County-Kansas City Unified Government Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | $250000 | $228919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2040 | 250000 | 210838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 1350000 | 1355438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 100000 | 100128 |
| ***Total Utilities*** |  | 14519165 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| **(Cost $134,461,597)** |  | 130058757 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| **SHORT TERM INVESTMENTS (** ***0.30%*)** |  |  |
| ***Money Market Fund (0.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund, Class X (3.574%, 7-Day Yield) | 390571 | $390571 |
| ***Total Money Market Fund*** |  | 390571 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| **(Cost $390,571)** |  | 390571 |
| **TOTAL INVESTMENTS (99.36%)** |  |  |
| **(Cost $134,852,168)** |  | $130449328 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.64%)** |  | 835902 |
| **NET ASSETS (100.00%)** |  | $131285230 |

---

*<sup>(a)</sup>* *To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. When sector categorization is broken down by industry, no industry exceeds the 25% maximum specified in the Statement of Additional Information.*

*See Notes to Financial Statements and Financial Highlights.*

Carret Kansas Tax-Exempt Bond Fund Statement of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $134,852,168) | $130449328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for shares sold | 121068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1069624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 13086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 131658801 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 258980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 55294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for shares redeemed | 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 15226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for printing fees | 5648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for professional fees | 13082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for trustees' fees and expenses | 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 7523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 10560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 373571 |
| **NET ASSETS** | $131285230 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $138326210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(deficit) | (7040980) |
| **NET ASSETS** | $131285230 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $130568082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 12761582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $717148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 70120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share<sup>(a)</sup> | $10.68 |

---

*<sup>(a)</sup>* *Net Asset Value/100% minus maximum sales charge of net asset value, 4.25% for the Fund, adjusted to the nearest cent.*

*See Notes to Financial Statements and Financial Highlights.* 

Semi-Annual Report \| March 31, 2026 7

Carret Kansas Tax-Exempt Bond Fund Statement of Operations

For the Six Months Ended March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $1751712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 1751712 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 193745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 102323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 7671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 10251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 9902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 34325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 6806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees | 17929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | 5814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 5859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 419154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment adviser (Note 6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (107123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees waived by investment adviser | (107757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 311397 |
| **NET INVESTMENT INCOME** | 1440315 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (9171) |
| Net realized loss | (9171) |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (341678) |
| Net change | (341678) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (350849) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1089466 |

---

*See Notes to Financial Statements and Financial Highlights.* 

Carret Kansas Tax-Exempt Bond Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six Months**<br> **Ended March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** |
| **OPERATIONS:** |  |  |
| Net investment income | $1440315 | $2510522 |
| Net realized loss on investments | (9171) | (172047) |
| Net change in unrealized appreciation/(depreciation) on investments | (341678) | 491270 |
| Net increase in net assets resulting from operations | 1089466 | 2829745 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1433134) | (2495315) |
| &nbsp;&nbsp;&nbsp;Class A | (7180) | (15506) |
| Total distributions | (1440314) | (2510821) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13549381 | 21855463 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 37795 | 72032 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (7127547) | (19969571) |
| Net increase from beneficial share transactions | 6459629 | 1957924 |
| Class A |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 8046 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 7180 | 15447 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (57671) | (60932) |
| Net decrease from beneficial share transactions | (50491) | (37439) |
| Net increase in net assets | 6058290 | 2239409 |
| **NET ASSETS:** |  |  |
| Beginning of period | 125226940 | 122987531 |
| End of period | $131285230 | $125226940 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 9

Carret Kansas Tax-Exempt Bond Fund Financial Highlights

Institutional Class For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Year**<br> **Ended**<br> **September 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.25 | $10.23 | $9.60 | $9.64 | $11.10 | $11.16 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.12 | 0.21 | 0.20 | 0.20 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.03) | 0.02 | 0.63 | (0.04) | (1.45) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.09 | 0.23 | 0.83 | 0.16 | (1.26) | 0.14 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.21) | (0.20) | (0.20) | (0.19) | (0.20) |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments | – | – | – | (0.00)<sup>(b)</sup> | (0.01) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.11) | (0.21) | (0.20) | (0.20) | (0.20) | (0.20) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.02) | 0.02 | 0.63 | (0.04) | (1.46) | (0.06) |
| **NET ASSET VALUE, END OF PERIOD** | $10.23 | $10.25 | $10.23 | $9.60 | $9.64 | $11.10 |
| **TOTAL RETURN<sup>(c)</sup>** | 0.92% | 2.31% | 8.72% | 1.57% | (11.49%) | 1.30% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $130568 | $124459 | $122183 | $118458 | $138130 | $180253 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.65 %<sup>(d)</sup> | 0.65% | 0.66% | 0.60% | 0.58% | 0.56% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.48 %<sup>(d)</sup> | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver | 2.23 %<sup>(d)</sup> | 2.09% | 2.01% | 1.96% | 1.80% | 1.83% |
| **PORTFOLIO TURNOVER RATE** | 5 %<sup>(e)</sup> | 10% | 10% | 8% | 6% | 8% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding, unless otherwise noted.*

*<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements and Financial Highlights.*

Carret Kansas Tax-Exempt Bond Fund Financial Highlights

Class A For a Share Outstanding Throughout the Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Year**<br> **Ended**<br> **September 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.25 | $10.23 | $9.60 | $9.64 | $11.10 | $11.16 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.10 | 0.18 | 0.18 | 0.17 | 0.16 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.02) | 0.04 | 0.63 | (0.04) | (1.45) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.08 | 0.22 | 0.81 | 0.13 | (1.29) | 0.12 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.10) | (0.20) | (0.18) | (0.17) | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments | – | – | – | (0.00)<sup>(b)</sup> | (0.01) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.10) | (0.20) | (0.18) | (0.17) | (0.17) | (0.18) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.02) | 0.02 | 0.63 | (0.04) | (1.46) | (0.06) |
| **NET ASSET VALUE, END OF PERIOD** | $10.23 | $10.25 | $10.23 | $9.60 | $9.64 | $11.10 |
| **TOTAL RETURN<sup>(c)</sup>** | 0.75% | 2.23% | 8.46% | 1.32% | (11.72%) | 1.05% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $717 | $768 | $804 | $972 | $1120 | $3813 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.97 %<sup>(d)</sup> | 1.03% | 0.81% | 0.91% | 0.90% | 0.87% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.80 %<sup>(d)</sup> | 0.78% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver | 1.89 %<sup>(d)</sup> | 1.79% | 1.75% | 1.71% | 1.54% | 1.58% |
| **PORTFOLIO TURNOVER RATE** | 5 %<sup>(e)</sup> | 10% | 10% | 8% | 6% | 8% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding, unless otherwise noted.*

*<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Total Returns do not include the sales load. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 11

Carret Kansas Tax-Exempt Bond Fund Notes to Financial Statements and Financial Highlights

'March 31, 2026 (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 ("1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Carret Kansas Tax-Exempt Bond Fund (the "Fund" or "Kansas Tax-Exempt Bond Fund") formally known as the American Independence Kansas Tax-Exempt Bond Fund. On September 13, 2019, Carret Asset Management, LLC (the "Adviser" or "Carret") became the adviser to the Kansas Tax-Exempt Bond Fund, changing the Fund's name from American Independence to Carret. The Fund is considered diversified, and its primary investment objective is to preserve capital while producing current income for the investor that is predominantly exempt from both federal and Kansas state income taxes. The Fund currently offers Institutional Class Shares and Class A 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" or "Trustees") 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"). The 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, Financial Services - Investment Companies. 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 of 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 the Fund in preparation of its financial statements.

The Fund uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Fund's chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Fund's CODM has been identified as the Chief Financial Officer ("CFO") and Treasurer, who reviews results presented within the Fund's financial statements when making decisions about allocating resources and assessing performance of the Fund. The CODM determined that the Fund has only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**Investment Valuation:** The 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.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more broker-dealers that make a market in the security.

Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value ("NAV"). Money market funds, representing short-term investments, are valued at their NAV.

When such prices or quotations are not available, or when the valuation designee 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 Fund discloses the classification of its 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 Fund's 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:

Carret Kansas Tax-Exempt Bond Fund Notes to Financial Statements and Financial Highlights

March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| 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 Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>\*</sup>** | **Level 1 - Quoted and** <br> **Unadjusted Prices** | **Level 2 - Other** <br> **Significant** <br> **Observable Inputs** | **Level 3 - Significant** <br> **Unobservable Inputs** | **Total** |
| Municipal Bonds | $– | $130058757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $130058757 |
| Short Term Investments | 390571 | – | – | 390571 |
| Total | $390571 | 130058757 | – | $130449328 |

---

*\** *For a detailed Sector breakdown, see the accompanying Schedule of Investments.*

There were no Level 3 securities held in the Fund during the six months ended March 31, 2026.

**Securities Purchased on a When-Issued Basis:** The Fund may purchase securities on a "when-issued" basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and/or yield, thereby involving the risk that the price and/or yield obtained may be more or less than those available in the market when delivery takes place. At the time the Fund makes the commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining net asset value. Normally, the settlement date occurs within one month of the purchase. No payment is made by the Fund and no interest accrues to the Fund during the period between purchase and settlement.

**Cash & Cash Equivalents:** The Fund considers its 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 Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high-quality financial institution.

**Selected Risks:** Some significant types of financial risks the Fund is exposed to are listed below. Please see the Fund's prospectus and statement of additional information for additional information regarding the risks associated with an investment in the Fund.

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

*Fixed-Income Securities Risk*: Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally, fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.

*Credit Risk*: Credit risk is the risk that the issuer of a debt security, including ETNs, will fail to repay principal and interest on the security when due. Credit risk is affected by the issuer's credit status, and is generally higher for non-investment grade securities.

*Duration Risk*: Duration is a measure of the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. Similarly, a fund with longer average fund duration will be more sensitive to changes in interest rates and will experience more price volatility than a fund with shorter average fund duration. By way of example, the price of a bond fund with duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

Semi-Annual Report \| March 31, 2026 13

Carret Kansas Tax-Exempt Bond Fund Notes to Financial Statements and Financial Highlights

March 31, 2026 (Unaudited)

*Extension Risk*: Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.

*Interest Rate Risk*: Interest rate risk is the risk that a debt security's value will decline due to changes in market interest rates. Even though some interest-bearing securities offer a stable stream of income, their prices will still fluctuate with changes in interest rates. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities.

*Prepayment Risk*: Prepayment occurs when the issuer of a security can repay principal prior to the security's maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility. This risk could affect the total return of the Fund.

*Municipal Securities Risk*: Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest. Municipal bonds can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market. Municipal bonds may include revenue bonds, which are generally backed by revenue from a specific project or tax. The issuer of a revenue bond makes interest and principal payments from revenues generated from a particular source or facility, such as a tax on particular property or revenues generated from municipal water or sewer utility or an airport. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations.

● *General Obligation Bonds*: Timely payments depend on the issuer's credit quality, ability to raise tax revenues, and ability to maintain an adequate tax base.

● *Revenue Bonds*: Payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.

*State Specific Risk*: State specific risk is the chance that the Fund, because it invests primarily in securities issued by Kansas and its municipalities, is more vulnerable to unfavorable developments in Kansas than funds that invest in municipal bonds of many different states. Kansas is home to 2.9 million residents, and its economy is reasonably diversified but still relies significantly on transportation equipment production, agriculture and food processing, as well as oil & gas production/processing. Adverse conditions affecting these industries could have a disproportionate effect on Kansas municipal securities.

**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 the 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. Fees provided under the distribution (Rule 12b-1) and/or shareholder service plans for a particular class of each Fund are charged to the operations of such class.

**Federal Income Taxes:** The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the six months ended March 31, 2026, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions taken on federal and state income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Fund's financial statements related to these tax positions.

Carret Kansas Tax-Exempt Bond Fund Notes to Financial Statements and Financial Highlights

March 31, 2026 (Unaudited)

**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 based on the effective yield method. Dividend income is recognized on the ex-dividend date. 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.

**Distributions to Shareholders:** Distributions from net investment income for the Fund are declared daily and paid monthly. Distributions from net realized capital gains, if any, are distributed at least annually. Income dividend distributions are derived from interest and other income the Fund receives from its investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. A Fund may make additional distributions and dividends at other times if its investment adviser 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.

**3. TAX BASIS INFORMATION**

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Fund. The amounts and characteristics of tax basis distributions are estimated at the time of distribution and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.

The tax character of distributions paid by the Fund for the fiscal years ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Tax-Exempt Income** | **Long-Term Capital Gains** |
| **Kansas Tax-Exempt Bond Fund** | $50602 | $2460219 | $– |

---

**Unrealized Appreciation and Depreciation on Investments:** As of March 31, 2026, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes were as follows:

---

| | |
|:---|:---|
| | **Kansas Tax-Exempt Bond Fund** |
| Gross unrealized appreciation (excess of value over tax cost) | $235819 |
| Gross unrealized depreciation (excess of tax cost over value) | (4638659) |
| Net unrealized depreciation | $(4402840) |
| Cost of investments for income tax purposes | $134857863 |

---

**4. SECURITIES TRANSACTIONS**

Purchases and sales of securities, excluding short-term securities, during the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of Securities** | **Proceeds from Sales of Securities** |
| **Kansas Tax-Exempt Bond Fund** | $13955823 | $6502075 |

---

Semi-Annual Report \| March 31, 2026 15

Carret Kansas Tax-Exempt Bond Fund Notes to Financial Statements and Financial Highlights

March 31, 2026 (Unaudited)

**5. BENEFICIAL SHARE TRANSACTIONS**

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Shares have no pre-emptive rights. Neither the Fund nor any of their creditors have the right to require shareholders to pay any additional amounts solely because the shareholder owns the shares.

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Period**<br> **Ended**<br> **March 31, 2026** | **For the Year**<br> **Ended**<br> **September 30, 2025** |
| **Kansas Tax-Exempt Bond Fund** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1308244 | 2166756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 3655 | 7131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (690152) | (1983136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 621747 | 190751 |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 695 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5541) | (6024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (4846) | (3698) |

---

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. Approximately 98% of the shares outstanding of the Fund are owned by one omnibus account.

**6. MANAGEMENT AND RELATED PARTY TRANSACTIONS**

**Investment Advisory:** Carret Asset Management, LLC, serves as the investment adviser to the Fund. The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Fund's business affairs. The Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations, and investment guidelines established jointly by the Adviser and the Board.

Pursuant to the Investment Advisory Agreement ("Advisory Agreement") with the Adviser, the Fund pays the Adviser an annual management fee of 0.30% based on the Fund's average daily net assets. The management fee is paid on a monthly basis. The current term of the Advisory Agreement is one year. The Board may extend the Advisory Agreement for additional one-year terms by approval at an in-person meeting called for the purpose of considering such matters. The Board and shareholders of the Fund may terminate the Advisory Agreement upon 60 days' prior written notice. The Adviser may terminate the Advisory Agreement upon 120 days' prior written notice.

Pursuant to a fee waiver letter agreement ("Fee Waiver Agreement"), the Adviser has contractually agreed to limit the amount of the Total Annual Fund Operating Expenses, (excluding Rule 12b-1 Fees, shareholder servicing fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 0.48% for each class of the Fund's average daily net assets. The Fee Waiver Agreement is in effect through January 31, 2027, 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. Except due to the Adviser's notice of non-renewal, this Agreement may only be amended or terminated with the approval of the Board. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Fee Waiver Agreement (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 be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee or expense was reduced, as calculated on a monthly basis.

Carret Kansas Tax-Exempt Bond Fund Notes to Financial Statements and Financial Highlights

March 31, 2026 (Unaudited)

As of March 31, 2026, the balances of recoupable expenses for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Kansas Tax-Exempt Bond Fund** | **Expiring in 2026** | **Expiring in 2027** | **Expiring in 2028** | **Expiring in 2029** |
| Institutional Class | $158799 | $220331 | $200759 | $107123 |
| Class A | 1528 | 3316 | 3410 | 634 |

---

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to the Fund. The Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to the Administration, Bookkeeping and Pricing Services Agreement with the Trust, ALPS will provide operational services to the Fund including, but not limited to, fund accounting and fund administration, and will generally assist in the Fund's operations. The Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Fund for the six months ended March 31, 2026, are disclosed in the Statement of Operations. ALPS is reimbursed by the Fund for certain out of pocket expenses.

**Transfer Agent:** ALPS serves as transfer agent for the Fund under a Transfer Agency and Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Fund plus fees for open accounts and is reimbursed for certain out-of-pocket expenses.

**Compliance Services:** ALPS provides Chief Compliance Officer services to the Fund to monitor and test the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 of the 1940 Act pursuant to a Chief Compliance Officer Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Fund and is reimbursed for certain out-of-pocket expenses.

**Distribution:** ALPS Distributors, Inc. (the "Distributor") (an affiliate of ALPS) acts as the principal underwriter of the Fund's shares pursuant to a Distribution Agreement with the Trust. Shares of the Fund are offered on a continuous basis through the Distributor, as agent of the Fund. The Distributor is not obligated to sell any particular amount of shares of the Fund and is not entitled to any compensation for its services as the Fund's principal underwriter pursuant to the Distribution Agreement.

The Fund has adopted a shareholder services plan ("Shareholder Services Plan") for its Class A Shares. Under the Shareholder Services Plan the Fund is authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.25% of the average daily net assets of the Fund's Class A Shares to Participating Organizations as compensation for providing shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization. Previously, the Board had authorized 0.00% to be paid of shareholder servicing fees. Effective February 1, 2025, the Board authorized up to 0.25% of Class A net assets to be accrued; the Fund is currently accruing 0.07% in shareholder servicing fees.

The Fund has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows its Class A shares to pay a distribution and service fee, as defined by the Financial Industry Regulatory Authority ("FINRA"), from its assets for selling and distributing its shares. The Fund was permitted to pay distribution and service fees at an annual rate of up to 0.25% of its Class A share assets. Distribution fees paid by the Fund for the six months ended March 31, 2026, are disclosed in the Statement of Operations.

**7. TRUSTEES AND OFFICERS**

As of March 31, 2026, there were three Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees").

Effective January 1, 2026, the Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $18,750, plus $5,938 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875, the Independent Chair receives a quarterly retainer of $4,250 and the Nominating and Corporate Governance Committee Chair receives a quarterly retainer of $500.

Prior to January 1, 2026, the Trustees of the Trust received a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair received a quarterly retainer of $1,875 and the Independent Chair received a quarterly retainer of $4,250.

These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

Semi-Annual Report \| March 31, 2026 17

Carret Kansas Tax-Exempt Bond Fund Notes to Financial Statements and Financial Highlights

March 31, 2026 (Unaudited)

Officers of the Trust receive no salary or fees from the Trust. As discussed in Note 7, the Fund pays ALPS an annual fee for compliance services.

**8. INDEMNIFICATIONS**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown, as such exposure would involve future claims that may be made against the Trust that have not yet occurred.

**9. SUBSEQUENT EVENTS**

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

Carret Kansas Tax-Exempt Bond Fund Changes in and Disagreements with Accountants

March 31, 2026 (Unaudited)

There were no changes in or disagreements with accountants during the period covered by this report.

Semi-Annual Report \| March 31, 2026 19

Carret Kansas Tax-Exempt Bond Fund Proxy Disclosures

March 31, 2026 (Unaudited)

Not applicable to the period covered by this report.

Carret Kansas Tax-Exempt Bond Fund Remuneration Paid to Directors, Officers, and Others

March 31, 2026 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended March 31, 2026:

---

| | |
|:---|:---|
| **Trustee** | **Amount Paid** |
| Ward Armstrong | $2112 |
| J.W. Hutchens | 806 |
| Merrillyn Kosier | 1802 |
| Patrick Seese | 1928 |
| **Total** | $6647 |

---

Semi-Annual Report \| March 31, 2026 21

Carret Kansas Tax-Exempt Bond Fund Statement Regarding Basis for Approval of Investment Advisory Agreement

March 31, 2026 (Unaudited)

Not applicable to the period covered by this report.

![](fp0098620-1_04.jpg)

![](fp0098620-1_05.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | Schedule of Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Partners Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Fund | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Founders Fund | 5 |
| Statements of Assets and Liabilities | 7 |
| Statements of Operations | 8 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Partners Fund | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Fund | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Founders Fund | 11 |
| Financial Highlights | 12 |
| Notes to Financial Statements and Financial Highlights | 27 |
| Changes in and Disagreements with Accountants | 37 |
| Proxy Disclosures | 38 |
| Remuneration Paid to Directors, Officers, and Others | 39 |
| Statement Regarding Basis for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of Investment Advisory Agreement | 40 |

---

Clarkston Partners Fund Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**<br> **(Note 2)** |
| **COMMON STOCK (98.88%)** |  |  |
| ***Consumer Discretionary (8.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 385000 | $14668500 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 420000 | 12335400 |
| ***Total Consumer Discretionary*** |  | 27003900 |
| ***Consumer Staples (23.21%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc., Class A<sup>(a)</sup> | 230000 | 3700700 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 645000 | 10590900 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 240000 | 10142400 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 115000 | 4951900 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 300000 | 29658000 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 440000 | 8285200 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 55000 | 5071550 |
| ***Total Consumer Staples*** |  | 72400650 |
| ***Financials (13.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 88000 | 24349600 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 125000 | 8151250 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 16000 | 4813280 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 120000 | 4048800 |
| ***Total Financials*** |  | 41362930 |
| ***Health Care (19.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 2350000 | 18424000 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.<sup>(a)</sup> | 475000 | 12050750 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 120000 | 8844000 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.<sup>(a)</sup> | 1000000 | 9290000 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.<sup>(a)</sup> | 455000 | 10970050 |
| ***Total Health Care*** |  | 59578800 |
| ***Industrials (9.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 13000 | 2158910 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 55000 | 8817050 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 83000 | 11004140 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. | 180000 | 7486200 |
| ***Total Industrials*** |  | 29466300 |
| ***Technology (22.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc.<sup>(a)</sup> | 3100000 | 18600000 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 13800000 | 34914000 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 50000 | 7917000 |

---

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 1

Clarkston Partners Fund Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| ***Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 21000 | $7431060 |
| ***Total Technology*** |  | 68862060 |
| ***Utilities (3.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental Inc. | 235000 | 9804200 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $373,451,959)** |  | 308478840 |
| **TOTAL INVESTMENTS (98.88%)** |  |  |
| **(Cost $373,451,959)** |  | $308478840 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (1.12%)** |  | 3506149 |
| **NET ASSETS (100.00%)** |  | $311984989 |

---

*<sup>(a)</sup>* *Non-income producing security.*

 

*The sector categorization above is based on the Industry Classification Benchmark (ICB<sup>®</sup>) industry classifications. Where ICB<sup>®</sup> has not assigned a classification for a company, the Fund's investment adviser will assign a classification that it believes most accurately represents the company's business. Sectors are shown as a percent of the Fund's net assets. Industry categorizations used for Fund compliance purposes are based on classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management.(Unaudited)*

*See Notes to Financial Statements and Financial Highlights.* <br> 2 www.clarkstonfunds.com

Clarkston Fund Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| **COMMON STOCK (94.66%)** |  |  |
| ***Basic Materials (3.15%)*** |  |  |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 42000 | $3047100 |
| ***Consumer Discretionary (6.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 30000 | 3788400 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 42000 | 1394400 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co. | 14000 | 1349320 |
| ***Total Consumer Discretionary*** |  | 6532120 |
| ***Consumer Staples (19.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV - ADR, Sponsored ADR | 20000 | 1387400 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 85000 | 3592100 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 50000 | 2153000 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 99000 | 9787140 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 23000 | 2120830 |
| ***Total Consumer Staples*** |  | 19040470 |
| ***Financials (14.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 28000 | 7747600 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 42000 | 2738820 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 7000 | 2105810 |
| &nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 20000 | 1879600 |
| ***Total Financials*** |  | 14471830 |
| ***Health Care (19.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 15000 | 2571450 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 625000 | 4900000 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 31000 | 4874130 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 9300 | 1763280 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 29000 | 4945660 |
| ***Total Health Care*** |  | 19054520 |
| ***Industrials (16.04%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 15000 | 2736450 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 9000 | 1494630 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 2000 | 712360 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 95000 | 4456450 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 80000 | 4422400 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 9000 | 1705950 |
| ***Total Industrials*** |  | 15528240 |

---

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 3

Clarkston Fund Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| ***Technology (14.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 2745000 | $6944850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 22000 | 3483480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 10000 | 3538600 |
| ***Total Technology*** |  | 13966930 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $94,289,968)** |  | 91641210 |
| **TOTAL INVESTMENTS (94.66%)** |  |  |
| **(Cost $94,289,968)** |  | $91641210 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (5.34%)** |  | 5169348 |
| **NET ASSETS (100.00%)** |  | $96810558 |

---

*<sup>(a)</sup>* *Non-income producing security.*

 

*The sector categorization above is based on the Industry Classification Benchmark (ICB<sup>®</sup>) industry classifications. Where ICB<sup>®</sup> has not assigned a classification for a company, the Fund's investment adviser will assign a classification that it believes most accurately represents the company's business. Sectors are shown as a percent of the Fund's net assets. Industry categorizations used for Fund compliance purposes are based on classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management.(Unaudited)*

 

*See Notes to Financial Statements and Financial Highlights.* <br> 4 www.clarkstonfunds.com

Clarkston Founders Fund Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| **COMMON STOCK (97.03%)** |  |  |
| ***Basic Materials (1.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 43000 | $3119650 |
| ***Consumer Discretionary (10.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 43000 | 5430040 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 100000 | 3320000 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 205000 | 6020850 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV, Unsponsored ADR | 275000 | 2640000 |
| ***Total Consumer Discretionary*** |  | 17410890 |
| ***Consumer Staples (17.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 130000 | 5493800 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 30000 | 1291800 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 155000 | 15323300 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 190000 | 3577700 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 25000 | 2305250 |
| ***Total Consumer Staples*** |  | 27991850 |
| ***Financials (11.57%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 43000 | 11898100 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 52000 | 3390920 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 10000 | 3008300 |
| &nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 6000 | 563880 |
| ***Total Financials*** |  | 18861200 |
| ***Health Care (17.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 20000 | 3428600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 1150000 | 9016000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 38000 | 5974740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 60000 | 4422000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 36000 | 6139440 |
| ***Total Health Care*** |  | 28980780 |
| ***Industrials (11.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 10000 | 1660700 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 120000 | 5629200 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 83000 | 4588240 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 10000 | 1895500 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 43000 | 5700940 |
| ***Total Industrials*** |  | 19474580 |

---

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 5

Clarkston Founders Fund Schedule of Investments <br> *March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| ***Technology (23.06%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc.<sup>(a)</sup> | 1500000 | $9000000 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 7800000 | 19734000 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 29000 | 4591860 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 12000 | 4246320 |
| ***Total Technology*** |  | 37572180 |
| ***Utilities (2.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental Inc. | 113000 | 4714360 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $177,285,390)** |  | 158125490 |
| **TOTAL INVESTMENTS (97.03%)** |  |  |
| **(Cost $177,285,390)** |  | $158125490 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (2.97%)** |  | 4845206 |
| **NET ASSETS (100.00%)** |  | $162970696 |

---

*<sup>(a)</sup>* *Non-income producing security.*

 

*The sector categorization above is based on the Industry Classification Benchmark (ICB<sup>®</sup>) industry classifications. Where ICB<sup>®</sup> has not assigned a classification for a company, the Fund's investment adviser will assign a classification that it believes most accurately represents the company's business. Sectors are shown as a percent of the Fund's net assets. Industry categorizations used for Fund compliance purposes are based on classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management.(Unaudited)*

 

*See Notes to Financial Statements and Financial Highlights.* <br> 6 www.clarkstonfunds.com

Clarkston Funds Statements of Assets and Liabilities <br> *March 31, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Clarkston**<br> **Partners Fund** | **Clarkston**<br> **Fund** | **Clarkston**<br> **Founders**<br> **Fund** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $373,451,959, $94,289,968 and $177,285,390) | $308478840 | $91641210 | $158125490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 17063193 | 6331433 | 5080248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold |  |  | 741030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for shares sold | 244740 | 1246 | 17028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 119427 | 62619 | 145336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 23519 | 15384 | 27058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 325929719 | 98051892 | 164136190 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 32644 | 11955 | 22335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for shares redeemed | 13582126 | 1161888 | 934662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 229492 | 33530 | 142003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder service fees | 32788 | 13005 | 18865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for printing fees | 14135 | 6789 | 11380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for professional fees | 29882 | 10446 | 23608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for trustees' fees and expenses | 5821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 2105 | 223 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 15737 | 3498 | 10719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 13944730 | 1241334 | 1165494 |
| **NET ASSETS** | $311984989 | $96810558 | $162970696 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $186097635 | $72600686 | $70755842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 125887354 | 24209872 | 92214854 |
| **NET ASSETS** | $311984989 | $96810558 | $162970696 |
| **PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Founders Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $12.41 | N/A | $15.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $10429665 | N/A | $11610076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 840115 | N/A | 732676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $12.29 | $15.06 | $15.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $301555324 | $96810558 | $151360620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 24528190 | 6426844 | 9583018 |

---

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 7

Clarkston Funds Statements of Operations <br> *For the Six Months Ended March 31, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Clarkston**<br> **Partners Fund** | **Clarkston Fund** | **Clarkston**<br> **Founders Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $4550688 | $841943 | $3266623 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (3350) | (7072) | (30422) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 4547338 | 834871 | 3236201 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 2824814 | 386181 | 2397309 |
| &nbsp;&nbsp;&nbsp;Administration fees | 175067 | 44973 | 157550 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 189865 | 79268 | 104274 |
| &nbsp;&nbsp;&nbsp;Custody fees | 11096 | 2903 | 10720 |
| &nbsp;&nbsp;&nbsp;Legal fees | 39872 | 8409 | 36507 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 9137 | 8988 | 8866 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 32274 | 17486 | 16371 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 46214 | 10048 | 43105 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 18316 | 12599 | 18064 |
| &nbsp;&nbsp;&nbsp;Printing fees | 11401 | 4287 | 9513 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 11983 | 2480 | 11030 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 16518 | 2287 | 10461 |
| &nbsp;&nbsp;&nbsp;Other expenses | 8136 | 4479 | 7378 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 3394693 | 584388 | 2831148 |
| &nbsp;&nbsp;&nbsp;Less fees waived by investment adviser (Note 6) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Founders Class | (84317) |  | (112013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (133745) | (81920) | (71725) |
| &nbsp;&nbsp;&nbsp;Total fees waived by investment adviser (Note 6) | (218062) | (81920) | (183738) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 3176631 | 502468 | 2647410 |
| **NET INVESTMENT INCOME** | 1370707 | 332403 | 588791 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |
| Net realized gain/(loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 219386664 | 29101958 | 140244382 |
| Net realized gain | 219386664 | 29101958 | 140244382 |
| Change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (233011833) | (29559200) | (128370897) |
| Net change | (233011833) | (29559200) | (128370897) |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | (13625169) | (457242) | 11873485 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(12254462) | $(124839) | $12462276 |

---

*See Notes to Financial Statements and Financial Highlights.* <br> 8 www.clarkstonfunds.com

Clarkston Partners Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** |
| **OPERATIONS:** |  |  |
| Net investment income | $1370707 | $4767931 |
| Net realized gain on investments | 219386664 | 12352365 |
| Net change in unrealized depreciation on investments | (233011833) | (102356467) |
| Net decrease in net assets resulting from operations | (12254462) | (85236171) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Founders Class | (17843717) | (5318225) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (17669069) | (6898574) |
| Total distributions | (35512786) | (12216799) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| Founders Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8398985 | 28260 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 352407 | 139714 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (395944963) | (53740316) |
| Net decrease from beneficial share transactions | (387193571) | (53572342) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21194471 | 57279678 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 16516188 | 6546912 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (190288467) | (194490635) |
| Net decrease from beneficial share transactions | (152577808) | (130664045) |
| Net decrease in net assets | (587538627) | (281689357) |
| **NET ASSETS:** |  |  |
| Beginning of period | 899523616 | 1181212973 |
| End of period | $311984989 | $899523616 |

---

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 9

Clarkston Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six** <br> **Months Ended** <br> **March 31, 2026** <br> **(Unaudited)** | **For the Year** <br> **Ended** <br> **September 30, 2025** |
| **OPERATIONS:** |  |  |
| Net investment income | $332403 | $1433635 |
| Net realized gain on investments | 29101958 | 6604041 |
| Net change in unrealized depreciation on investments | (29559200) | (3485684) |
| Net increase/(decrease) in net assets resulting from operations | (124839) | 4551992 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (6390840) | (1514080) |
| Total distributions | (6390840) | (1514080) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 175711 | 28886445 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 6377444 | 1511599 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (82912692) | (21636992) |
| Net increase/(decrease) from beneficial share transactions | (76359537) | 8761052 |
| Net increase/(decrease) in net assets | (82875216) | 11798964 |
| **NET ASSETS:** |  |  |
| Beginning of period | 179685774 | 167886810 |
| End of period | $96810558 | $179685774 |

---

*See Notes to Financial Statements and Financial Highlights.* <br> 10 www.clarkstonfunds.com

Clarkston Founders Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** |
| **OPERATIONS:** |  |  |
| Net investment income | $588791 | $3197053 |
| Net realized gain on investments | 140244382 | 38493789 |
| Net change in unrealized depreciation on investments | (128370897) | (12426061) |
| Net increase in net assets resulting from operations | 12462276 | 29264781 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Founders Class | (18314398) | (2727873) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6580970) | (961756) |
| Total distributions | (24895368) | (3689629) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| Founders Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10033388 | 73851972 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 248639 | 34979 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (565461312) | (83168148) |
| Net decrease from beneficial share transactions | (555179285) | (9281197) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13887895 | 19810644 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 6577546 | 956502 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (75789735) | (26049201) |
| Net decrease from beneficial share transactions | (55324294) | (5282055) |
| Net increase/(decrease) in net assets | (622936671) | 11011900 |
| **NET ASSETS:** |  |  |
| Beginning of period | 785907367 | 774895467 |
| End of period | $162970696 | $785907367 |

---

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 11

Clarkston Partners Fund – Founders Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total Distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(b)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*See Notes to Financial Statements and Financial Highlights.* <br> 12 www.clarkstonfunds.com

Clarkston Partners Fund – Founders Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Year**<br> **Ended**<br> **September 30, 2021** |
| $13.46 | $14.68 | $13.38 | $14.61 | $15.73 | $12.61 |
| 0.03 | 0.07 | 0.08 | 0.21 | 0.03 | 0.06 |
| (0.49) | (1.14) | 1.75 | 0.87 | (1.01) | 3.62 |
| (0.46) | (1.07) | 1.83 | 1.08 | (0.98) | 3.68 |
| (0.06) | (0.07) | (0.05) | (0.17) | (0.06) | (0.06) |
| (0.53) | (0.08) | (0.48) | (2.14) | (0.08) | (0.50) |
| (0.59) | (0.15) | (0.53) | (2.31) | (0.14) | (0.56) |
| (1.05) | (1.22) | 1.30 | (1.23) | (1.12) | 3.12 |
| $12.41 | $13.46 | $14.68 | $13.38 | $14.61 | $15.73 |
| (3.60 %) | (7.35%) | 13.97% | 7.23% | (6.31%) | 29.47% |
| $10430 | $413641 | $507785 | $511462 | $600879 | $669345 |
| 0.91 %<sup>(c)</sup> | 0.89% | 0.88% | 0.88% | 0.88% | 0.88% |
| 0.85 %<sup>(c)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 0.46 %<sup>(c)</sup> | 0.50% | 0.55% | 1.47% | 0.21% | 0.40% |
| 11 %<sup>(d)</sup> | 28% | 22% | 16% | 21% | 9% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 13

Clarkston Partners Fund – Institutional Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total Distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(b)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*See Notes to Financial Statements and Financial Highlights.* <br> 14 www.clarkstonfunds.com

Clarkston Partners Fund – Institutional Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Year**<br> **Ended**<br> **September 30, 2021** |
| $13.34 | $14.56 | $13.28 | $14.52 | $15.64 | $12.55 |
| 0.02 | 0.06 | 0.06 | 0.18 | 0.02 | 0.05 |
| (0.48) | (1.13) | 1.74 | 0.88 | (1.01) | 3.59 |
| (0.46) | (1.07) | 1.80 | 1.06 | (0.99) | 3.64 |
| (0.06) | (0.07) | (0.04) | (0.16) | (0.05) | (0.05) |
| (0.53) | (0.08) | (0.48) | (2.14) | (0.08) | (0.50) |
| (0.59) | (0.15) | (0.52) | (2.30) | (0.13) | (0.55) |
| (1.05) | (1.22) | 1.28 | (1.24) | (1.12) | 3.09 |
| $12.29 | $13.34 | $14.56 | $13.28 | $14.52 | $15.64 |
| (3.67 %) | (7.45 %) | 13.88% | 7.16% | (6.39 %) | 29.33% |
| $301555 | $485883 | $673428 | $793680 | $820374 | $845824 |
| 1.01 %<sup>(c)</sup> | 0.97% | 0.96% | 0.96% | 0.96% | 0.98% |
| 0.94 %<sup>(c)(d)</sup> | 0.94 %<sup>(d)</sup> | 0.93 %<sup>(d)</sup> | 0.94 %<sup>(d)</sup> | 0.94 %<sup>(d)</sup> | 0.95 %<sup>(d)</sup> |
| 0.34 %<sup>(c)</sup> | 0.42% | 0.47% | 1.29% | 0.12% | 0.30% |
| 11 %<sup>(e)</sup> | 28% | 22% | 16% | 21% | 9% |

---

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 15

Clarkston Partners Fund – Institutional Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *According to the Fund's shareholder services plan with respect to the Fund's Institutional shares, any amount of fees accrued according to the plan but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Fees were reimbursed to the Fund for the period ended March 31, 2026, September 30, 2025, September 30, 2024, September 30, 2023, September 30, 2022, and September 30, 2021, respectively, in the amount of 0.06%, 0.06%, 0.07%, 0.06%, 0.06%, and 0.05% of average net assets of Institutional shares.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements and Financial Highlights.* <br> 16 www.clarkstonfunds.com

*Page Intentionally Left Blank*

Clarkston Fund – Institutional Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total Distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(b)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*See Notes to Financial Statements and Financial Highlights.* <br> 18 www.clarkstonfunds.com

Clarkston Fund – Institutional Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Year**<br> **Ended**<br> **September 30, 2021** |
| $15.95 | $15.70 | $13.66 | $12.28 | $14.80 | $12.05 |
| 0.03 | 0.12 | 0.14 | 0.12 | 0.06 | 0.07 |
| (0.27) | 0.27 | 2.40 | 1.92 | (2.11) | 3.49 |
| (0.24) | 0.39 | 2.54 | 2.04 | (2.05) | 3.56 |
| (0.12) | (0.14) | (0.12) | (0.07) | (0.05) | (0.16) |
| (0.53) | – | (0.38) | (0.59) | (0.42) | (0.65) |
| (0.65) | (0.14) | (0.50) | (0.66) | (0.47) | (0.81) |
| (0.89) | 0.25 | 2.04 | 1.38 | (2.52) | 2.75 |
| $15.06 | $15.95 | $15.70 | $13.66 | $12.28 | $14.80 |
| (1.75 %) | 2.46% | 18.94% | 17.04% | (14.33 %) | 30.08% |
| $96811 | $179686 | $167887 | $125460 | $100610 | $97936 |
| 0.76 %<sup>(c)</sup> | 0.73% | 0.73% | 0.73% | 0.76% | 0.80% |
| 0.65 %<sup>(c)(d)</sup> | 0.65 %<sup>(d)</sup> | 0.64 %<sup>(d)</sup> | 0.65 %<sup>(d)</sup> | 0.65 %<sup>(d)</sup> | 0.66 %<sup>(d)</sup> |
| 0.43 %<sup>(c)</sup> | 0.80% | 0.98% | 0.84% | 0.41% | 0.46% |
| 9 %<sup>(e)</sup> | 25% | 23% | 12% | 18% | 18% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *According to the Fund's shareholder services plan with respect to the Fund's Institutional shares, any amount of fees accrued according to the plan but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Fees were reimbursed to the Fund for the period ended March 31, 2026, September 30, 2025, September 30, 2024, September 30, 2023, September 30, 2022, and September 30, 2021, respectively, in the amount of 0.05%, 0.05%, 0.06%, 0.05%, 0.05%, and 0.04% of average net assets of Institutional shares.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 19

Clarkston Founders Fund – Founders Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total Distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(d)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*See Notes to Financial Statements and Financial Highlights.* <br> 20 www.clarkstonfunds.com

Clarkston Founders Fund – Founders Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Period**<br> **Ended**<br> **September 30, 2021<sup>(a)</sup>** |
| $16.65 | $16.13 | $14.12 | $13.72 | $15.09 | $15.54 |
| 0.02 | 0.07 | 0.08 | 0.19 | 0.01 | 0.02 |
| (0.28) | 0.53 | 2.18 | 1.11 | (1.31) | (0.47)<sup>(c)</sup> |
| (0.26) | 0.60 | 2.26 | 1.30 | (1.30) | (0.45) |
| (0.06) | (0.08) | (0.10) | (0.12) | (0.01) |  |
| (0.48) | – | (0.15) | (0.78) | (0.06) | – |
| (0.54) | (0.08) | (0.25) | (0.90) | (0.07) | – |
| (0.80) | 0.52 | 2.01 | 0.40 | (1.37) | (0.45) |
| $15.85 | $16.65 | $16.13 | $14.12 | $13.72 | $15.09 |
| (1.72 %) | 3.72% | 16.16% | 9.60% | (8.64 %) | (2.90 %) |
| $11610 | $569912 | $560408 | $472102 | $404512 | $278749 |
| 0.85 %<sup>(e)</sup> | 0.83% | 0.84% | 0.82% | 0.84% | 0.86 %<sup>(e)</sup> |
| 0.80 %<sup>(e)</sup> | 0.80% | 0.80% | 0.80% | 0.80 %<sup>(f)</sup> | 0.80 %<sup>(e)</sup> |
| 0.19 %<sup>(e)</sup> | 0.44% | 0.52% | 1.28% | 0.09% | 0.20 %<sup>(e)</sup> |
| 14 %<sup>(g)</sup> | 27% | 17% | 13% | 17% | 5 %<sup>(g)</sup> |

---

*<sup>(a)</sup>* *Commenced operations on February 17, 2021.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.*

*<sup>(d)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(e)</sup>* *Annualized.*

 

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 21

Clarkston Founders Fund – Founders Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

*<sup>(f)</sup>* *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of recaptured fees.*

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements and Financial Highlights.* <br> 22 www.clarkstonfunds.com

*Page Intentionally Left Blank*

Clarkston Founders Fund – Institutional Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total Distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(c)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*See Notes to Financial Statements and Financial Highlights.* <br> 24 www.clarkstonfunds.com

Clarkston Founders Fund – Institutional Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Year**<br> **Ended**<br> **September 30, 2021** |
| $16.61 | $16.09 | $14.10 | $13.71 | $15.09 | $12.35 |
| 0.01 | 0.05 | 0.06 | 0.17 | (0.00)<sup>(b)</sup> | (0.00)<sup>(b)</sup> |
| (0.29) | 0.54 | 2.17 | 1.11 | (1.32) | 2.87 |
| (0.28) | 0.59 | 2.23 | 1.28 | (1.32) | 2.87 |
| (0.06) | (0.07) | (0.09) | (0.11) | 0.00 (b) | (0.02) |
| (0.48) | – | (0.15) | (0.78) | (0.06) | (0.11) |
| (0.54) | (0.07) | (0.24) | (0.89) | (0.06) | (0.13) |
| (0.82) | 0.52 | 1.99 | 0.39 | (1.38) | 2.74 |
| $15.79 | $16.61 | $16.09 | $14.10 | $13.71 | $15.09 |
| (1.88 %) | 3.69% | 16.00% | 9.50% | (8.74 %) | 23.31% |
| $151361 | $215995 | $214488 | $176143 | $150563 | $139088 |
| 0.97 %<sup>(d)</sup> | 0.93% | 0.93% | 0.93% | 0.94% | 0.92% |
| 0.90 %<sup>(d)(e)</sup> | 0.90 %<sup>(e)</sup> | 0.89 %<sup>(e)</sup> | 0.91 %<sup>(e)</sup> | 0.90 %<sup>(e)(f)</sup> | 0.86 %<sup>(e)</sup> |
| 0.17 %<sup>(d)</sup> | 0.34% | 0.42% | 1.16% | (0.02 %) | (0.00 %)<sup>(g)</sup> |
| 14 %<sup>(h)</sup> | 27% | 17% | 13% | 17% | 5% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(d)</sup>* *Annualized.*

 

*See Notes to Financial Statements and Financial Highlights.* <br> Semi-Annual Report \| March 31, 2026 25

Clarkston Founders Fund – Institutional Class Financial Highlights <br> *For a Share Outstanding Throughout the Periods Presented*

*<sup>(e)</sup>* *According to the Fund's shareholder services plan with respect to the Fund's Institutional shares, any amount of fees accrued according to the plan but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Fees were reimbursed to the Fund for the period ended March 31, 2026, September 30, 2025, September 30, 2024, September 30, 2023, September 30, 2022 and September 30, 2021, respectively, in the amount of 0.05%, 0.05%, 0.06%, 0.04%, 0.05% and 0.09% of average net assets of Institutional shares.*

*<sup>(f)</sup>* *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of recaptured fees.*

*<sup>(g)</sup>* *Less than 0.005%.*

*<sup>(h)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements and Financial Highlights.* <br> 26 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (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 annual report describes the Clarkston Partners Fund, the Clarkston Fund and the Clarkston Founders Fund (each, a "Fund" and collectively, the "Funds"). The Funds are non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Each Fund's investment objective is to achieve long-term capital appreciation. The Clarkston Partners Fund and Clarkston Founders Fund currently offer Founders Class shares and Institutional Class shares, and the Clarkston Fund currently offers Institutional Class shares. Each share class of the Clarkston Partners Fund and Clarkston Founders Fund 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 or Trustees") 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"). The Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. 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 of 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 the Funds in preparation of their financial statements.

The Funds use the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Funds' chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Funds' CODM has been identified as the Chief Financial Officer ("CFO") and Treasurer, who reviews results presented within the Funds' financial statements when making decisions about allocating resources and assessing performance of the Funds. The CODM determined that the Funds have only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Funds, against which the CODM assesses performance.

**Investment Valuation:** The Funds generally value their 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.

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Funds' assets are valued. 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.

Semi-Annual Report \| March 31, 2026 27

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

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. Money market funds, representing short-term investments, are valued at their NAV.

When prices or quotations for securities held by the Funds are not available, or when the valuation designee 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 a 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. |

---

28 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026:

**CLARKSTON PARTNERS FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices** | **Level 2 - Other**<br> **Significant**<br> **Observable**<br> **Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | $27003900 | $– | $– | $27003900 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 72400650 |  |  | 72400650 |
| &nbsp;&nbsp;&nbsp;Financials | 41362930 |  |  | 41362930 |
| &nbsp;&nbsp;&nbsp;Health Care | 59578800 |  |  | 59578800 |
| &nbsp;&nbsp;&nbsp;Industrials | 29466300 |  |  | 29466300 |
| &nbsp;&nbsp;&nbsp;Technology | 68862060 |  |  | 68862060 |
| &nbsp;&nbsp;&nbsp;Utilities | 9804200 | – | – | 9804200 |
| Total | $308478840 | $– | $– | $308478840 |

---

**CLARKSTON FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value** |<br>**Level 1 -**<br>**Unadjusted**<br>**Quoted Prices** | **Level 2 - Other**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3 -**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $3047100 | $– | $– | $3047100 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 6532120 |  |  | 6532120 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 19040470 |  |  | 19040470 |
| &nbsp;&nbsp;&nbsp;Financials | 14471830 |  |  | 14471830 |
| &nbsp;&nbsp;&nbsp;Health Care | 19054520 |  |  | 19054520 |
| &nbsp;&nbsp;&nbsp;Industrials | 15528240 |  |  | 15528240 |
| &nbsp;&nbsp;&nbsp;Technology | 13966930 | – | – | 13966930 |
| Total | $91641210 | $– | $– | $91641210 |

---

**CLARKSTON FOUNDERS FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices** | **Level 2 - Other**<br> **Significant**<br> **Observable**<br> **Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $3119650 | $– | $– | $3119650 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 17410890 |  |  | 17410890 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 27991850 |  |  | 27991850 |
| &nbsp;&nbsp;&nbsp;Financials | 18861200 |  |  | 18861200 |
| &nbsp;&nbsp;&nbsp;Health Care | 28980780 |  |  | 28980780 |
| &nbsp;&nbsp;&nbsp;Industrials | 19474580 |  |  | 19474580 |
| &nbsp;&nbsp;&nbsp;Technology | 37572180 |  |  | 37572180 |
| &nbsp;&nbsp;&nbsp;Utilities | 4714360 | – | – | 4714360 |
| Total | $158125490 | $– | $– | $158125490 |

---

Semi-Annual Report \| March 31, 2026 29

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

There were no Level 3 securities held during the six months ended March 31, 2026.

**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.

**Selected Risks:** Some significant types of financial risks the Funds are exposed to are listed below. Please see the Funds' prospectus and statement of additional information for additional information regarding the risks associated with an investment in the Funds.

Concentration Risk: The Funds operate as "non-diversified" investment companies, as defined in the 1940 Act. As a result of being "non-diversified" with respect to 50% of the Funds' portfolios, the Funds must limit the portion of their assets invested in the securities of a single issuer to 5%, measured at the time of purchase. In addition, no single investment can exceed 25% of the Funds' total assets at the time of purchase. A more concentrated portfolio may cause the Funds' net asset value to be more volatile and thus may subject stockholders to more risk. Thus, the volatility of the Funds' net asset value and their performance in general, depends disproportionately more on the performance of a smaller number of holdings than that of a more diversified fund. As a result, the Funds are subject to a greater risk of loss than a fund that diversifies its investments more broadly.

Concentration of Credit Risk: Each Fund places its cash with a banking institution, which is insured by FDIC. The FDIC limit is $250,000. At various times throughout the period, the amount on deposit may exceed the FDIC limit and subject a 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. Fees provided under the shareholder service plan for a particular class of a Fund are charged to the operations of such class.

**Federal Income Taxes:** The Funds comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year so that they will not be subject to federal income or excise tax on undistributed income and gains. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the six months ended March 31, 2026, the Funds did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state and local income tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Funds' administrator has analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Funds' financial statements related to these tax positions.

30 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

**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 yield method. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to a Fund. 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 of a Fund and net investment income of a Fund are allocated daily to each class of the Fund in proportion to its average daily net assets.

**Distributions to Shareholders:** The Funds normally pay dividends, if any, and distribute capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends and other income the Funds receive from their 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. A Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe 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.

3. TAX BASIS INFORMATION

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Funds. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.

Semi-Annual Report \| March 31, 2026 31

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

The tax character of distributions paid during the fiscal year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital** <br> **Gains** |
| **Clarkston Partners Fund** | $5834231 | $6382568 |
| **Clarkston Fund** | 1514080 |  |
| **Clarkston Founders Fund** | 3689629 |  |

---

**Unrealized Appreciation and Depreciation on Investments:** As of March 31, 2026, the aggregate costs of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Clarkston Partners Fund** | **Clarkston Fund** | **Clarkston Founders Fund** |
| Gross unrealized appreciation <br> (excess of value over tax cost) | $68770116 | $17187745 | $24996713 |
| Gross unrealized depreciation <br> (excess of tax cost over value) | (133743236) | (19836502) | (44699754) |
| Net unrealized depreciation | $(64973120) | $(2648757) | $(19703041) |
| Cost of investments for income tax purposes | $373451959 | $94289968 | $177285390 |

---

4. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities, during the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of Securities** | **Proceeds from Sales of Securities** |
| Clarkston Partners Fund | $69823699 | $632771797 |
| Clarkston Fund | 13280261 | 89811853 |
| Clarkston Founders Fund | 79751506 | 687864181 |

---

5. BENEFICIAL SHARE TRANSACTIONS

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Funds have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Shares have no pre-emptive rights. Neither the Funds nor any of their creditors have the right to require shareholders to pay any additional amounts solely because the shareholder owns the shares.

32 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year Ended**<br> **September 30, 2025** |
| **Clarkston Partners Fund** | | |
| **Founders Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 685072 | 1915 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 27129 | 9358 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (30603826) | (3859606) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (29891625) | (3848333) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1624345 | 4080975 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 1283309 | 442359 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (14806509) | (14347718) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (11898855) | (9824384) |
| **Clarkston Fund** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10943 | 1867022 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 393184 | 95129 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5244918) | (1389931) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (4840791) | 572220 |
| **Clarkston Founders Fund** |  |  |
| **Founders Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 641497 | 4606275 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 14809 | 2128 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (34143464) | (5138772) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (33487158) | (530369) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 828446 | 1240963 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 392924 | 58324 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4645134) | (1623177) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (3423764) | (323889) |

---

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. Approximately 83% of the outstanding shares of the Clarkston Partners Fund are held by two omnibus accounts that own shares on behalf of their underlying beneficial owners. Approximately 76% of the outstanding shares of the Clarkston Fund are owned by one omnibus account that owns shares on behalf of its underlying beneficial owners. Approximately 95% of the outstanding shares of the Clarkston Founders Fund are held by two omnibus accounts that own shares on behalf of their underlying beneficial owners. Share transaction activities of these shareholders could have a material impact on the Funds.

Semi-Annual Report \| March 31, 2026 33

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

6. MANAGEMENT AND RELATED PARTY TRANSACTIONS

**Investment Advisory:** Clarkston Capital Partners, LLC ("Clarkston" or the "Adviser"), subject to the authority of the Board, is responsible for the management of the Funds' portfolios. The Adviser manages the investments of the Funds in accordance with the Funds' investment objectives, policies and limitations and investment guidelines established jointly by the Adviser and the Board.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, each Fund pays the Adviser an annual management fee that is based on each Fund's average daily net assets. The management fee is paid on a monthly basis. The contractual management fee rates are 0.80%, 0.50% and 0.75% for the Clarkston Partners Fund, the Clarkston Fund and the Clarkston Founders Fund, respectively. The Board may extend the Advisory Agreement for additional one-year terms. The Board and shareholders of a Fund may terminate the Advisory Agreement upon 30 days' written notice. The Adviser may terminate the Advisory Agreement upon 60 days' notice.

Pursuant to a fee waiver letter agreement (the "Fee Waiver Agreement"), the Adviser has contractually agreed to limit the amount of each Fund's Total Annual Fund Operating Expenses, (excluding shareholder servicing fees, brokerage expenses, interest expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to an annual rate of 0.85% of the Clarkston Partners Fund's average daily net assets for each of the Founders Class shares and the Institutional Class shares, 0.55% of the Clarkston Fund's average daily net assets for the Institutional Class shares and 0.80% of the Clarkston Founders Fund's average daily net assets for each of the Founders Class shares and the Institutional Class shares. The Fee Waiver Agreement is in effect through January 31, 2027 and will automatically continue upon annual approval by the Board for successive twelve-month periods unless (i) it is terminated earlier by the Board, 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 may not terminate the Fee Waiver Agreement without the approval of the Trust's Board. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Fee Waiver Agreement (whether through a reduction of its management fee or otherwise) only to the extent that a 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 Funds will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee or expense was reduced, as calculated on a monthly basis.

For the six months ended March 31, 2026, the fee waivers and/or reimbursements were $84,317, $133,745, $81,920, $112,013, and $71,725 for the Clarkston Partners Fund Founders Class, Clarkston Partners Fund Institutional Class, Clarkston Fund Institutional Class, Clarkston Founders Fund Founders Class and Clarkston Founders Fund Institutional Class, respectively.

34 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

As of March 31, 2026, the balances of recoupable expenses for each Fund and class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Expiring in**<br> **2026** | **Expiring in**<br> **2027** | **Expiring in**<br> **2028** | **Expiring in**<br> **2029** |
| **Clarkston Partners Fund** | | | | |
| Founders | $145168 | $137409 | $169566 | $84317 |
| Institutional | 222408 | 217941 | 219987 | 133745 |
| **Clarkston Fund** | 102951 | 137800 | 142560 | 81920 |
| **Clarkston Founders Fund** |  |  |  |  |
| Founders | 97656 | 186726 | 184515 | 112013 |
| Institutional | 37878 | 70717 | 70136 | 71725 |

---

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to each Fund. The Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to the Administration, Bookkeeping and Pricing Services Agreement with the Trust, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in each Fund's operations. Each Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Funds for the six months ended March 31, 2026, are disclosed in the Statements of Operations. ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

**Transfer Agent:** ALPS serves as transfer agent for each Fund under a Transfer Agency and Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Funds plus fees for open accounts and is reimbursed for certain out-of-pocket expenses.

**Compliance Services:** ALPS provides Chief Compliance Officer services to each Fund to monitor and test the policies and procedures of each Fund in conjunction with requirements under Rule 38a-1 of the 1940 Act pursuant to a Chief Compliance Officer Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Funds and is reimbursed for certain out-of-pocket expenses.

**Distribution:** ALPS Distributors, Inc. (the "Distributor") (an affiliate of ALPS) acts as the principal underwriter of each Fund's shares pursuant to a Distribution Agreement with the Trust. Shares of each Fund are offered on a continuous basis through the Distributor, as agent of the Funds. The Distributor is not obligated to sell any particular amount of shares and is not entitled to any compensation for its services as the Funds' principal underwriter pursuant to the Distribution Agreement.

Each Fund has adopted a shareholder services plan ("Shareholder Services Plan") for its Institutional Class. Under the Shareholder Services Plan each Fund is authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of each Fund's Institutional Class shares to Participating Organizations as compensation for providing shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization.

Semi-Annual Report \| March 31, 2026 35

Clarkston Funds Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

7. TRUSTEES AND OFFICERS

As of March 31, 2026, there were three Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees").

Effective January 1, 2026, the Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $18,750, plus $5,938 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875, the Independent Chair receives a quarterly retainer of $4,250 and the Nominating and Corporate Governance Committee Chair receives a quarterly retainer of $500.

Prior to January 1, 2026, the Trustees of the Trust received a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair received a quarterly retainer of $1,875 and the Independent Chair received a quarterly retainer of $4,250.

These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

Officers of the Trust receive no salary or fees from the Trust. As discussed in Note 6, the Funds pay ALPS an annual fee for compliance services.

8. INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

36 www.clarkstonfunds.com

Clarkston Funds Changes in and Disagreements with Accountants <br> *March 31, 2026 (Unaudited)*

There were no changes in or disagreements with accountants during the period covered by this report.

Semi-Annual Report \| March 31, 2026 37

Clarkston Funds Proxy Disclosures <br> *March 31, 2026 (Unaudited)*

Not applicable to the period covered by this report.

38 www.clarkstonfunds.com

Clarkston Funds Remuneration Paid to Directors, Officers, and Others <br> *March 31, 2026 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Trustee** | **Clarkston**<br> **Partners Fund** | **Clarkston Fund** | **Clarkston**<br> **Founders Fund** |
| Ward Armstrong | $13954 | $2817 | $13020 |
| J.W. Hutchens | 5670 | 1127 | 4994 |
| Merrillyn Kosier | 11893 | 2402 | 11111 |
| Patrick Seese | 12733 | 2571 | 11885 |
| **Total** | $44250 | $8917 | $41010 |

---

Semi-Annual Report \| March 31, 2026 39

Clarkston Funds Statement Regarding Basis for Approval of Investment Advisory Agreement <br> *March 31, 2026 (Unaudited)*

On November 20, 2025, the Board of Trustees (the "Board") of ALPS Series Trust (the "Trust") met in person to discuss, among other things, the renewal and approval of the Investment Advisory Agreement ("Clarkston Agreement") between the Trust and Clarkston Capital Partners, LLC ("Clarkston") in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials.

The Trustees discussed Clarkston's materials and presentation. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to renew and approve the Clarkston Agreement.

In anticipation of and as part of the process to consider renewal of the Clarkston Agreement, legal counsel to the Trust requested certain information from Clarkston. In response to these requests, the Trustees received reports from Clarkston and an independent provider of investment company data (the "Provider Report") that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board's responsibilities pertaining to the approval of advisory contracts. Further, the Board met with representatives of Clarkston and discussed the services of the firm provided pursuant to the Clarkston Agreement, as well as the information provided by Clarkston. In evaluating Clarkston and the fees charged under the Clarkston Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to renew the Clarkston Agreement. Further, the Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board but provides a summary of the principal matters the Board considered.

**Nature, Extent and Quality of Services:** The Board received and considered information regarding the nature, extent and quality of services provided to the Clarkston Funds. The Board acknowledged Clarkston's investment advisory personnel, its history as an asset manager and its investment approach focused on financial, business and management quality of the portfolio companies.

The Board discussed Clarkston's investment philosophy of investing in companies, not stocks, seeking long-term shareholder value, and mitigating risk by investing in quality companies. The Board considered Clarkston's investment process, which included the initial research process, periodic contact with the portfolio company's management, and ongoing diligence by monitoring results and developments. They considered recent changes to the third-party service providers used by Clarkston to support its business activities. The Board noted the resources at Clarkston devoted to research and analysis of current and potential investments. The Board acknowledged Clarkston's affirmation that its compliance policies and procedures were reasonably designed to prevent violations of applicable securities laws. The Board reviewed and discussed the financial statements of Clarkston, noting no concerns regarding the firm's continued success. The Board also noted that Clarkston had agreed to limit the Clarkston Funds' expenses pursuant to an expense limitation agreement. The Board discussed Clarkston's efforts to mitigate conflicts of interest associated with managing multiple accounts, as well as its ongoing work to strengthen technology and cybersecurity resiliency, including enhancements designed to ensure continuity in the event of a business disruption. The Board agreed that they were satisfied with the nature, extent and quality of services rendered by Clarkston under the Clarkston Agreement.

40 www.clarkstonfunds.com

Clarkston Funds Statement Regarding Basis for Approval of Investment Advisory Agreement <br> *March 31, 2026 (Unaudited)*

**Investment Advisory Fee Rate and Expense Ratio:** The Board discussed the comparison of each Clarkston Fund's contractual annual advisory fee and overall expenses with those of funds in the peer group and universe of funds, as provided in the Provider Report. The Board observed that each Provider Report peer group consisted of the applicable Clarkston Fund and several other funds identified by the Provider Report as using similar strategies with comparable fee structures.

**Clarkston Partners Fund ("CP Fund").** The Board noted that the Fund's contractual advisory fee of 0.80% was slightly higher than the Provider Report peer group median (the "Median") of 0.76%. The Board also noted that the CP Fund's total net expenses (after fee waiver and expense reimbursement) for each class of the Fund was equal to the Median. After further discussion, the Board concluded that the advisory fee and total net expenses were not unreasonable.

**Clarkston Founders Fund ("CF Fund").** The Board noted that CF Fund's contractual advisory fee of 0.75% was slightly higher than its Median of 0.74%. The Board also noted that the CF Fund's total net expenses (after fee waiver and expense reimbursement) for the Institutional Class were slightly higher than the Median, but within the ranges of its peers, while the total net expenses for the Founders class were lower than the Median. After further discussion, the Board concluded that the advisory fee and total net expenses were not unreasonable.

**Clarkston Fund ("CS Fund").** The Board noted that the Fund's contractual advisory fee of 0.50% was below the Median. The Board also noted that the CS Fund's total net expense (after fee waiver and expense reimbursement) was below the Median. After further discussion, the Board concluded that the advisory fee and total net expenses were not unreasonable.

**Comparable Accounts:** The Board acknowledged that Clarkston managed other institutional and strategic accounts, and model delivery service clients, using investment strategies similar to the strategies of the Clarkston Funds, noting that while certain clients of Clarkston were charged lower fees for similar strategies, the fees charged to the Funds were generally aligned with the firm's standard fee rates charged by Clarkston for institutional clients, and the variations in fees were based on reasonable factors. They considered Clarkston's assertion that the services provided to the Funds were often more labor intensive and broader in scope than the work required for the other accounts, and some clients could pay a performance fee. After consideration, the Board agreed that the management fees for each Fund relative to comparable accounts with similar strategies were not unreasonable in light of the services provided.

**Performance:** The Board reviewed and considered each Clarkston Fund's performance as of August 31, 2025, compared to a relevant benchmark index, and a peer group selected by an independent provider of investment company data.

**CP Fund:** The Board observed that the CP Fund had achieved a 2-star rating in the Morningstar mid-cap value category. The Board noted that the Fund had delivered consistent positive returns over the three, five-year and since inception periods but had delivered negative returns for the one-year period. The Board further noted that, while the Fund had delivered positive returns for certain periods, each class of the CP Fund had underperformed its benchmark, the Russell 2500 TR USD Index, for the one-, three-, and five-year periods, and underperformed the Median over each period.

Semi-Annual Report \| March 31, 2026 41

Clarkston Funds Statement Regarding Basis for Approval of Investment Advisory Agreement <br> *March 31, 2026 (Unaudited)*

**CF Fund:** The Board observed that the CF Fund had achieved a 1-star rating in the Morningstar mid-cap value category. The Board noted that the CF Fund had delivered consistent positive returns over the one, three, five-year and since inception periods (as applicable). The Board further noted that each class of the CF Fund underperformed its benchmark, the Russell Mid Cap TR USD Index, and the Median, for each applicable period.

**CS Fund:** The Board observed that the Fund had achieved a 1-star rating in the Morningstar large- cap value category. The Board noted that the Fund had delivered consistent positive returns over the one, three, five-year and since inception periods. The Board further noted that the CS Fund underperformed its benchmark, the Russell 1000 TR USD Index, and the Median for each period, except for the 1-year period where it outperformed the Median.

After reviewing the investment performance of the Clarkston Funds, including the factors contributing to and detracting from performance, Clarkston's historical investment performance, the adviser's commitment to investing in quality companies for the long-term, the Board concluded that the investment performance of each Clarkston Fund was satisfactory.

**Profitability:** The Board received and considered a profitability analysis prepared by Clarkston based on the fees paid under the Clarkston Agreement. They considered the business, regulatory and other risks assumed by Clarkston in managing the Clarkston Funds. The Board noted that, based on the information provided by Clarkston, with the exception of the Clarkston Fund, its relationship with each Fund before distribution costs was profitable, but that the amount of profit was not unreasonable in absolute terms or as a percentage of income. The Trustees noted that the Adviser's relationship with the Clarkston Fund before accounting for distribution costs was not profitable in 2024 and not projected to be profitable in 2025. The Board concluded that profits were not excessive.

**Economies of Scale:** The Trustees considered Clarkston's statements that it had made a significant financial commitment to the ongoing viability of the Clarkston Funds, and that material investments had been made by Clarkston in personnel, software, and other areas to build the infrastructure required for advising registered investment companies. In addition, Clarkston had contractually agreed to limit Fund expenses until at least January 31, 2026, which effectively provided lower total fees to shareholders. The Trustees recognized that the resulting waivers and reimbursements reduced the net advisory fees that Clarkston realized for providing advisory services to the Funds and represented a component of the significant financial commitment Clarkston had made to support the Funds. The Trustees discussed other efforts of the Adviser to reduce overall Fund expenses to the benefit of shareholders. The Board determined to continue to monitor and revisit the issue over time.

42 www.clarkstonfunds.com

Clarkston Funds Statement Regarding Basis for Approval of Investment Advisory Agreement <br> *March 31, 2026 (Unaudited)*

**Other Benefits to the Adviser:** The Board reviewed and considered any other incidental benefits derived or to be derived by Clarkston from its relationship with each Clarkston Fund, including research and other support services. They acknowledged the benefit to Clarkston of soft dollar arrangements noting that the limited trading completed by the Funds limited the impact of such arrangements.

Having requested and reviewed such information from Clarkston as the Board believed to be reasonably necessary to evaluate the terms of the Clarkston Agreement, and as assisted by the advice of independent counsel, the Board determined that continuance of the Clarkston Agreement was in the best interests of each Clarkston Fund and its respective shareholders.

Semi-Annual Report \| March 31, 2026 43

![](fp0098620-1_06.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | 3 |
| Statement of Assets and Liabilities | 5 |
| Statement of Operations | 6 |
| Statements of Changes in Net Assets | 7 |
| Financial Highlights | 8 |
| Notes to Financial Statements | 9 |
| Changes in and Disagreements with Accountants | 14 |
| Proxy Disclosures | 15 |
| Remuneration Paid to Directors, Officers, and Others | 16 |
| Statement Regarding Basis for Approval of Investment Advisory Agreement | 17 |

---

Fundsmith Equity ETF

Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **Common Stock (95.23%)** |  |  |
| *Communication Services (6.42%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 1530 | $439967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 765 | 437679 |
| **Total Communication Services** |  | 877646 |
| *Consumer Discretionary (16.83%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amadeus IT Group SA | 9699 | 545734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 1989 | 414249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 612 | 327590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. | 1530 | 500417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 3213 | 513116 |
| **Total Consumer Discretionary** |  | 2301106 |
| *Consumer Staples (14.02%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 5661 | 528285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone SA | 5355 | 427330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | 1071 | 432468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnum Ice Cream Co. NV<sup>(a)</sup> | 1552 | 22781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3060 | 505940 |
| **Total Consumer Staples** |  | 1916804 |
| *Financials (3.04%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. | 1377 | 416184 |
| *Health Care (19.37%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coloplast A/S | 5947 | 401422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 1377 | 315776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 612 | 343877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(a)</sup> | 306 | 385927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 1224 | 402194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corp.<sup>(a)</sup> | 1224 | 364507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 3672 | 434067 |
| **Total Health Care** |  | 2647770 |
| *Industrials (10.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Copco AB | 28152 | 485177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1836 | 373038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 7304 | 545546 |
| **Total Industrials** |  | 1403761 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report 3

Fundsmith Equity ETF

Schedule of Investments

March 31, 2026 (Unaudited)

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| *Information Technology (25.28%)* |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2183 | 554024 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 918 | 339816 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | 57611 | 638851 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2853 | 964172 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 4937 | 958469 |
| **Total Information Technology** |  | 3455332 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $14,584,912)** |  | 13018603 |
| **TOTAL INVESTMENTS (95.23%)** |  |  |
| **(COST $14,584,912)** |  | 13018603 |
| **ASSETS IN EXCESS OF LIABILITIES (4.77%)**<sup>(b)</sup>** |  | $651741 |
| **Net assets (100.00%)** |  | $13670344 |

---

** 

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Balance includes cash and cash equivalents of $653,966*

*See Notes to Financial Statements and Financial Highlights.*

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Fundsmith Equity ETF

Statement of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $14,584,912) | $13018603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 653966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 16272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 13689843 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency overdraft, at value (Proceeds $11,794) | 11794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 7705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 19499 |
| **NET ASSETS** | $13670344 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $15336999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accumulated deficit | (1666655) |
| **NET ASSETS** | $13670344 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $13670344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 1530002 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report 5

Fundsmith Equity ETF

Statement of Operations

For the Period December 1, 2025 (commencement of operation) March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | $53387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | (2052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 51335 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 37960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 37960 |
| **NET INVESTMENT INCOME** | 13375 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | (121561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on foreign currency translation | 8046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized loss | (113515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (1566308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies | (209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized depreciation on investments | (1566517) |
| **NET REALIZED GAIN/(LOSS) AND UNREALIZED LOSS ON INVESTMENTS** | (1680032) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(1666657) |

---

*See Notes to Financial Statements and Financial Highlights.*

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Fundsmith Equity ETF

Statements of Changes in Net Assets

---

| | |
|:---|:---|
| | **For the Period**<br> **December 1, 2025**<br> **(Commencement of**<br> **Operations) to**<br> **March 31, 2026** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $13375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | (113515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (1566517) |
| **Net Decrease in Net Assets Resulting from Operations** | (1666657) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  |
| **Total Distributions to Shareholders** |  |
| **BENEFICIAL SHARE TRANSACTIONS (NOTE 5):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 15337001 |
| **NET INCREASE FROM BENEFICIAL SHARE TRANSACTIONS:** | 15337001 |
| Net increase in net assets | 13670344 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $13670344 |
| **BENEFICIAL INTEREST TRANSACTIONS, IN SHARES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1530002 |
| Net increase in shares outstanding | 1530002 |
| Ending shares | 1530002 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 7

Fundsmith Equity ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

---

| | |
|:---|:---|
| | **For the Period** <br> **December 1, 2025** <br> **(Commencement** <br> **of Operations) to** <br> **March 31, 2026** |
| **NET ASSET VALUE, BEGINNING OF PERIOD<sup>(a)</sup>** | $9.97 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.04) |
| **LESS DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – |
| **NET (DECREASE) IN NET ASSET VALUE** | (1.04) |
| **NET ASSET VALUE, END OF PERIOD** | $8.93 |
| **TOTAL RETURN <sup>(b)</sup>** | (10.43)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $13670 |
| **RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.00 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver | 0.35 %<sup>(c)</sup> |
| **PORTFOLIO TURNOVER RATE <sup>(d)</sup>** | 16.67% |

---

** 

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding, unless otherwise noted.*

*<sup>(b)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Portfolio turnover for periods less than one year are not annualized.*

*See Notes to Financial Statements and Financial Highlights.*

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Fundsmith Equity ETF

Notes to Financial Statements

March 31, 2026 (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 annual report describes the Fundsmith Equity ETF (the "Fund"). The Fund is non-diversified, and its investment objective is growth. The Fund currently offers one share class. The Board of Trustees (the "Board" or "Trustees") 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"). The 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 Financial Services - Investment Companies. 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 of 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 the Fund in preparation of its financial statements.

The Fund uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Fund's chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Fund's CODM has been identified as the Chief Financial Officer ("CFO") and Treasurer, who reviews results presented within the Fund's financial statements when making decisions about allocating resources and assessing performance of the Fund. The CODM determined that the Fund has only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**Investment Valuation:** The 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, real estate investment trusts, limited partnerships 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 and real estate investment trusts 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.

Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value ("NAV"). Money market funds, representing short-term investments, are valued at their NAV.

When such prices or quotations are not available, or when the valuation designee 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 Fund discloses the classification of its 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 Fund's 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;

Semi-Annual Report 9

Fundsmith Equity ETF

Notes to Financial Statements

March 31, 2026 (Unaudited)

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 Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $877646 | $– | $– | $877646 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 2301106 |  |  | 2301106 |
| &nbsp;&nbsp;&nbsp;Information Technology | 3455332 |  |  | 3455332 |
| &nbsp;&nbsp;&nbsp;Industrials | 1403761 |  |  | 1403761 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 1916804 |  |  | 1916804 |
| &nbsp;&nbsp;&nbsp;Health Care | 2647770 |  |  | 2647770 |
| &nbsp;&nbsp;&nbsp;Financials | 416184 | – | – | 416184 |
| &nbsp;&nbsp;&nbsp;Total | $13018603 | $– | $– | $13018603 |

---

The Fund did not hold any level 2 or 3 securities during the period ended March 31, 2026.

**Cash & Cash Equivalents:** The Fund considers its 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 Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high-quality financial institution.

**Concentration of Credit Risk:** The Fund places its cash with a banking institution, which is insured by 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 Fund does 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.

**Federal Income Taxes:** The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the period ended March 31, 2026, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions taken on federal and state income tax returns for period ended March 31, 2026, no provision for income tax is required in the Fund's financial statements related to these tax positions.

**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 a first in first out basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective yield method. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to the Fund. 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 Statement of Operations.

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Fundsmith Equity ETF

Notes to Financial Statements

March 31, 2026 (Unaudited)

**Distributions to Shareholders:** The Fund normally pays dividends, if any, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends and other income the Fund receives from their investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. The Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe 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.

3. **TAX BASIS INFORMATION**

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Fund. The amounts and characteristics of tax basis distributions are estimated at the time of distribution and composition of distributable earnings/(accumulated losses) are finalized at fiscal period-end.

**Unrealized Appreciation and Depreciation on Investments:** As of March 31, 2026, the aggregate costs of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Appreciation**<br> **(excess of value over tax cost)** | **Gross Depreciation**<br> **(excess of tax cost over**<br> **value)** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Cost of Investments**<br> **for Income**<br> **Tax Purposes** |
| $(203277) | $1769719 | $1566442 | $(15227213) |

---

The Fund is subject to foreign tax withholding imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Funds' financial statements. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

The amount of foreign withholding taxes paid during the period ended March 31, 2026 is not significant and accordingly, a disclosure of income taxes paid for the period ended March 31, 2026, is not presented.

4. **SECURITIES TRANSACTIONS**

Purchases and sales of securities, excluding short-term securities, during the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of Securities** | **Proceeds from Sales of Securities** |
| Fundsmith Equity ETF | $9032727 | $1963145 |

---

5. **BENEFICIAL SHARE TRANSACTIONS**

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Shares have no pre-emptive rights. Neither the Fund nor any of its creditors has the right to require shareholders to pay any additional amounts solely because the shareholder owns the shares.

Semi-Annual Report 11

Fundsmith Equity ETF

Notes to Financial Statements

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **For the Period** <br> **December 1, 2025** <br> **(Commencement of**<br> **Operations) to** <br> **March 31, 2026** | **For the Period** <br> **December 1, 2025** <br> **(Commencement of**<br> **Operations) to** <br> **March 31, 2026** |
| **Fundsmith Equity ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | | 1,530,002 |
| Net increase in shares outstanding | | 1,530,002 |

---

6. **MANAGEMENT AND RELATED PARTY TRANSACTIONS**

**Investment Adviser:** Fundsmith Investment Services Limited (the "Adviser"), subject to the authority of the Board, is responsible for the overall management and administration of the Fund's business affairs. The Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations, and investment guidelines established jointly by the Adviser and the Board.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, the Fund pays the Adviser an annual management fee of 1.00% based on the Fund's average daily net assets. Under the terms of the Advisory Agreement, the Adviser pays all of the Fund's operating expenses, except that the Fund will be responsible for the payment of brokerage and other expenses of executing Fund transactions; taxes or governmental fees; interest charges and other costs of borrowing funds; litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

ALPS Advisors, Inc. (the "Sub-Adviser" or "AAI"), serves as the Fund's investment sub-adviser. Pursuant to the Sub-Advisory Agreement between the Adviser and the Sub-Adviser with respect to the Fund (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements"), the Sub-Adviser is responsible for the purchase, retention, and sale of the Fund's portfolio securities, subject to the supervision of the Adviser and the oversight of the Board. Under the terms of the Sub-Advisory Agreement, the Adviser will pay the Sub-Adviser an annual sub-advisory management fee based on the Fund's average daily balance of assets under management for the Fund during the immediately preceding month multiplied by the appropriate basis point figure, subject to a minimum fee, as follows:

---

| | |
|:---|:---|
| **Description** | **Fees** |
| Minimum Fee | $35,000 per year |
| Asset based fee |  |
| &nbsp;&nbsp;&nbsp;First $250 million of Fund's AUM | 3 basis points |
| &nbsp;&nbsp;&nbsp;Next $250 million of Fund's AUM | 2 basis points |
| &nbsp;&nbsp;&nbsp;Fund AUM above $500 million | 1 basis points |

---

The current term of each Agreement is two years. The Board may extend each Agreement for successive one-year terms. The Board and shareholders of the Fund may terminate the Advisory Agreement upon 60 days' written notice. The Adviser may terminate the Advisory Agreement upon 120 days' written notice. The Board, shareholders of the Fund, or the Adviser may terminate the Sub-Advisory Agreement on 60 days' written notice. The Sub-Adviser may terminate the Sub-Advisory Agreement upon 120 days' written notice.

**Administrator/Compliance Services:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of AAI and ALPS Distributors, Inc.) serves as administrator to the Fund. Pursuant to the Services Agreement with the Trust (the "Services Agreement"), ALPS provides operational services to the Fund including, but not limited to, fund accounting and fund administration, and will generally assist in the Fund's operations. Under the terms of the same Agreement, ALPS also provides Chief Compliance Officer services to the Fund to monitor and test the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 of the 1940 Act. The Adviser is responsible for the cost of services under the Services Agreement.

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Fundsmith Equity ETF

Notes to Financial Statements

March 31, 2026 (Unaudited)

**Transfer Agent:** State Street Bank and Trust Company ("SSB") serves as transfer agent for the Fund under a Transfer Agency and Services Agreement with the Trust. Under this agreement, SSB is paid an annual fee for services performed on behalf of the Fund and is reimbursed for certain out-of-pocket expenses. The Adviser is responsible for the cost of services under the Transfer Agency Agreement.

**Distribution:** ALPS Distributors, Inc. (the "Distributor") (an affiliate of ALPS and AAI) acts as the principal underwriter of the Fund's shares pursuant to a Distribution Agreement with the Trust. Shares of the Fund are offered on a continuous basis through the Distributor, as agent of the Fund. The Distributor is not obligated to sell any particular amount of shares of the Fund and is not entitled to any compensation for its services as the Fund's principal underwriter pursuant to the Distribution Agreement.

7. **TRUSTEES AND OFFICERS**

As of March 31, 2026, there were three Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees").

Effective January 1, 2026, the Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $18,750, plus $5,938 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875 and the Independent Chair receives a quarterly retainer of $4,250 and the Nominating and Corporate Governance Chair receives a quarterly retainer of $500.

Prior January 1, 2026, the Independent Trustees of the Trust received a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair received a quarterly retainer of $1,875 and the Independent Chair received a quarterly retainer of $4,250.

These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

Officers of the Trust receive no salary or fees from the Trust. As discussed in Note 7, the Adviser pays ALPS an annual fee for compliance services.

8. **INDEMNIFICATIONS**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown; as such exposure would involve future claims that may be made against the Trust that have not yet occurred.

9. **SUBSEQUENT EVENTS**

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

Semi-Annual Report 13

Fundsmith Equity ETF

Changes in and Disagreements with Accountants

March 31, 2026 (Unaudited)

There were no changes in or disagreements with accountants during the period covered by this report.

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Fundsmith Equity ETF

Proxy Disclosures

March 31, 2026 (Unaudited)

Not applicable to the period covered by this report.

Semi-Annual Report 15

Fundsmith Equity ETF

Remuneration Paid to Directors, Officers, and Others

March 31, 2026 (Unaudited)

Pursuant to the Funds' unitary fee arrangements, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

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Fundsmith Equity ETF

Statement Regarding Basis for Approval of

Investment Advisory Agreement

March 31, 2026

On November 20, 2025, the Board of Trustees (the "Board") of ALPS Series Trust (the "Trust") met in person to discuss, among other things, the approval of the Investment Advisory and Sub-Advisory Agreement ("Fundsmith Agreements") between the Trust and Fundsmith Investment Services ("Fundsmith") in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Fundsmith Agreements and other related materials.

The Trustees discussed the Fundsmith Materials, ALPS Advisors Inc. ("AAI") Materials, and their respective presentations. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to approve the Fundsmith Agreements.

In anticipation of and as part of the process to consider approval of the Fundsmith Agreements, legal counsel to the Trust requested certain information from Fundsmith and AAI. In response to these requests, the Trustees received reports from Fundsmith, AAI, and an independent provider of investment company data (the "Provider Report") that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board's responsibilities pertaining to the approval of advisory contracts. Further, the Board met with representatives of Fundsmith and AAI and discussed the services that would be provided by each firm pursuant to the Fundsmith Agreements, as well as the information provided by Fundsmith and AAI. In evaluating Fundsmith and the fees to be charged under the Fundsmith Advisory Agreement, and in evaluating AAI and the fees to be paid by Fundsmith to AAI under the Fundsmith Sub-Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve the applicable Fundsmith Agreement. Further, the Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board but provides a summary of the principal matters the Board considered.

**Nature, Extent and Quality of Services:** The Trustees reviewed information regarding the nature, extent and quality of the services to be provided under the Fundsmith Agreements. With respect to Fundsmith, the Trustees reviewed its organizational structure, regulatory history, assets under management, and investment philosophy and process. The Trustees considered Fundsmith's approach, which emphasizes a concentrated portfolio of equity securities, high active share, and a long-term investment horizon.

With respect to AAI, the Trustees reviewed information regarding its role as sub-adviser, including the services related to trading and basket construction to be provided by AAI subject to Fundsmith's oversight, as well as AAI's investment personnel, operational resources, and compliance infrastructure. The Trustees also considered AAI's experience acting as a sub-adviser to registered investment companies and its familiarity with the Trust's operational, compliance, and reporting requirements.

As part of evaluating the services to be provided by Fundsmith and AAI, the Trustees reviewed information regarding Fundsmith's experience managing the same or substantially similar investment strategy in other vehicles, as well as AAI's experience implementing investment strategies for registered investment companies in a sub-advisory capacity.

The Trustees further considered Fundsmith's oversight of AAI and the allocation of responsibilities between the Adviser and AAI. Based on their review, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided under the Fundsmith Agreements.

**Performance:** Because the Fundsmith ETF is newly organized, the Trustees noted that the Fund did not yet have a performance history. The Trustees reviewed information provided by Fundsmith regarding the performance of the Fundsmith Equity Fund LP (the "LP") since its inception in 2011 compared to a broad-based world market index. Recognizing that the Fundsmith ETF would not be identical to the LP, the Trustees noted that the investment returns for the LP reflected the firm's ability to generate positive returns for clients.

**Investment Advisory Fee Rate and Expense Ratio:** The Trustees reviewed and considered the proposed unitary advisory fee to be payable by the Fundsmith ETF to Fundsmith, pursuant to which Fundsmith would be responsible for substantially all ordinary operating expenses of the Fundsmith ETF, subject to customary exclusions. The Trustees also reviewed the sub-advisory fee to be payable by Fundsmith to AAI under the Fundsmith Sub-Advisory Agreement, noting that such fee would be paid by Fundsmith out of the unitary advisory fee and would not result in any additional expense to the Fundsmith ETF or its shareholders.

Semi-Annual Report 17

Fundsmith Equity ETF

Statement Regarding Basis for Approval of

Investment Advisory Agreement

March 31, 2026

The Trustees reviewed comparative fee and expense information prepared by an independent third-party data provider using both a peer group and a broader universe of funds with similar characteristics. The Trustees noted that, based on the data provider's analysis, the Fundsmith ETF's proposed contractual advisory fee and total net expense ratio of 1.00% was the highest of the peer group, but more in line with the adviser selected peer group. They considered the adviser's position that the fee was reasonable based on the quality and depth of its research, the concentrated nature of the strategy, and its avoidance of the dominant technology stocks.

**Comparable Accounts:** The Trustees reviewed information regarding fees charged by Fundsmith to other clients accessing the same or similar investment strategy through different vehicles, as well as information regarding AAI's sub-advisory relationships with other registered investment companies. The Trustees noted that institutional investors generally paid lower management fees than retail investors, reflecting differences in regulatory requirements, servicing obligations, and operational costs.

The Trustees noted AAI's statement that it considered comparable accounts to include funds for which AAI served as investment sub-adviser and provided substantially similar services to those it will provide to the Fundsmith ETF and which had an investment strategy and objectives similar to the Fundsmith ETF, and that AAI had indicated that it did not have any such comparable clients.

The Trustees also considered that, in other vehicles, Fundsmith charges a management fee separate from other fund expenses, whereas the Fundsmith ETF would operate under a unitary fee structure. Considering these differences, the Trustees concluded that the fees payable under the Fundsmith Agreements were not unreasonable when compared to fees charged by Fundsmith to its comparable accounts.

**Profitability:** The Trustees reviewed and considered information regarding Fundsmith's and AAI's anticipated profitability from their relationships with the Fundsmith ETF, including projections for the first and second years of operation. The Trustees reviewed the assumptions underlying the projections, including expected asset growth, allocation of expenses, and treatment of distribution-related costs incurred by an affiliated entity.

The Trustees noted that, excluding distribution-related expenses, Fundsmith expected its relationship with the Fundsmith ETF to be profitable from the Fundsmith ETF's first year of operations, and that any initial shortfall including distribution expenses could be absorbed by Fundsmith and its affiliates. The Trustees also considered Fundsmith's financial condition and capitalization. With respect to AAI, the Trustees considered that, excluding distribution-related expenses, AAI anticipated that its relationship with the Fundsmith ETF would not be profitable in the first year of its operations, but was not expected to be profitable in the Fundsmith ETF's second year of operations.

Based on their review, the Trustees concluded that neither Fundsmith's nor AAI's anticipated profitability was excessive.

**Economies of Scale:** The Trustees considered whether economies of scale were likely to be realized by Fundsmith or AAI as the Fundsmith ETF's assets grow and, if so, whether such economies would be shared with shareholders. The Trustees reviewed Fundsmith's position that the services to be provided under the Fundsmith Agreements are primarily value-based and dependent on investment expertise, and that material economies of scale were not expected at the Fundsmith ETF's anticipated asset levels. The Trustees considered that AAI's fee included breakpoints at certain asset levels and discussed that Fundsmith would benefit from the breakpoints.

The Trustees noted that they would continue to monitor the Fundsmith ETF's asset growth and expenses over time and revisit this issue as appropriate. Based on their review, the Trustees concluded that the absence of fee breakpoints in the advisory fee at this time was acceptable.

**Other Benefits to the Adviser and Sub-Adviser:** The Trustees reviewed information regarding any other benefits that might accrue to Fundsmith, AAI, or their affiliates as a result of their relationships with the Fundsmith ETF. The Trustees noted that no material benefits other than the fees payable under the Agreements had been identified by Fundsmith or AAI. The Trustees concluded that any direct or indirect benefits were not excessive.

After requesting, reviewing, and considering such information as the Trustees believed reasonably necessary to evaluate the terms of the Agreements, and with the assistance of independent legal counsel, the Trustees, including a majority of the Independent Trustees, concluded that approval of the Fundsmith Advisory Agreement and the Fundsmith Sub-Advisory Agreement was in the best interests of the Fundsmith ETF and its shareholders.

18 www.fundsmithetf.us

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 4 |
| Statement of Operations | 5 |
| Statements of Changes in Net Assets | 6 |
| Financial Highlights | 8 |
| Notes to Financial Statements and Financial Highlights | 11 |
| Changes in and Disagreements with Accountants | 22 |
| Proxy Disclosures | 23 |
| Remuneration Paid to Directors, Officers, and Others | 24 |
| Statement Regarding Basis for Approval of Investment Advisory Agreement | 25 |

---

Hillman Value Fund Schedule of Investments

*March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**<br> **(Note 2)** |
| **COMMON STOCK (96.18%)** |  |  |
| ***Communication Services (11.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 83077 | $2385141 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 57000 | 2861400 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 21400 | 2062532 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)</sup> | 87700 | 2408242 |
| ***Total Communication Services*** |  | 9717315 |
| ***Consumer Discretionary (4.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)(b)</sup> | 51300 | 2133054 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 37800 | 1996596 |
| ***Total Consumer Discretionary*** |  | 4129650 |
| ***Consumer Staples (19.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 79400 | 2099336 |
| &nbsp;&nbsp;&nbsp;Campbell's Company | 75900 | 1690293 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 127100 | 1998012 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 16400 | 2460000 |
| &nbsp;&nbsp;&nbsp;Diageo PLC, ADR | 23300 | 1734685 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 22500 | 1614825 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 10600 | 2203634 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 95300 | 2143297 |
| ***Total Consumer Staples*** |  | 15944082 |
| ***Financials (7.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 35100 | 1958580 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 22200 | 2001108 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 45500 | 2366455 |
| ***Total Financials*** |  | 6326143 |
| ***Health Care (27.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc.<sup>(b)</sup> | 113200 | 1901760 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 12300 | 1933929 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(a)(b)</sup> | 14100 | 2584953 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 46400 | 2814160 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 31500 | 2262330 |
| &nbsp;&nbsp;&nbsp;GSK PLC, Sponsored ADR | 41000 | 2262790 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 1

Hillman Value Fund Schedule of Investments

*March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**<br> **(Note 2)** |
| ***Health Care (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 92700 | $2603016 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 7400 | 2002366 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 8900 | 2230696 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 25800 | 2332836 |
| ***Total Health Care*** |  | 22928836 |
| ***Industrials (4.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)</sup> | 9600 | 1910688 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 22300 | 2193874 |
| ***Total Industrials*** |  | 4104562 |
| ***Information Technology (14.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)(b)</sup> | 6600 | 1604328 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 19700 | 2262545 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 4800 | 1776816 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 14000 | 2059540 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 9000 | 1680030 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 6800 | 2298060 |
| ***Total Information Technology*** |  | 11681319 |
| ***Materials (5.93%)*** |  |  |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 51400 | 2354120 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 35300 | 2561015 |
| ***Total Materials*** |  | 4915135 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $91,098,608)** |  | 79747042 |
| **TOTAL INVESTMENTS (96.18%)** |  |  |
| **(Cost $91,098,608)** |  | $79747042 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (3.82%)** |  | 3168490 |
| **NET ASSETS (100.00%)** |  | $82915532 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 www.hcmfunds.com

Hillman Value Fund Schedule of Investments

*March 31, 2026 (Unaudited)*

** 

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *All or a portion is held as collateral at custodian for written options. The aggregate value of the collateral pledged was $7,450,413.*

**WRITTEN OPTION CONTRACTS (0.12%)**

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration Date** | **Strike**<br> **Price** | **Contracts** | **Premiums**<br> **Received** | **Notional**<br> **Value** | **Value**<br> **(Note 2)** |
| **Option Contracts - (0.12%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. StoneX | &nbsp;&nbsp;&nbsp;04/17/26 | $200.00 | (130) | $179261 | $(2644590) | $(97500) |
| **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** |  | $**179261** | $**(2644590)** | $**(97500)** |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 3

Hillman Value Fund Statement of Assets and Liabilities

*March 31, 2026 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $91,098,608) | $79747042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3360212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for shares sold | 31811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 103988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 11167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 83254220 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value (premiums received $179,261) | 97500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 31004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for shares redeemed | 152730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 31241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for printing fees | 8862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for professional fees | 8837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for trustees' fees and expenses | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 6371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 338688 |
| **NET ASSETS** | $82915532 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (Note 6) | $90422593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | (7507061) |
| **NET ASSETS** | $82915532 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $26.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $82915532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3173385 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 www.hcmfunds.com

Hillman Value Fund Statement of Operations

*For the Six Months Ended March 31, 2026 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1200694 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (4945) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1195749 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 7) | 332415 |
| &nbsp;&nbsp;&nbsp;Administration fees | 80335 |
| &nbsp;&nbsp;&nbsp;Custody fees | 9146 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7776 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 9534 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 62201 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 6234 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 13790 |
| &nbsp;&nbsp;&nbsp;Printing fees | 9071 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 10786 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 2434 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5153 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 548875 |
| &nbsp;&nbsp;&nbsp;Less fees waived by investment adviser (Note 7) | (98357) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 450518 |
| **NET INVESTMENT INCOME** | 745231 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND WRITTEN OPTIONS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 4803243 |
| &nbsp;&nbsp;&nbsp;Written options | 241481 |
| Net realized gain | 5044724 |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (3777490) |
| &nbsp;&nbsp;&nbsp;Written options | 21295 |
| Net change | (3756195) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND WRITTEN OPTIONS** | 1288529 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2033760 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 5

Hillman Value Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** |
| **OPERATIONS:** | | |
| Net investment income | $745231 | $2330052 |
| Net realized gain on investments and written options | 5044724 | 13683053 |
| Net change in unrealized depreciation on investments and written options | (3756195) | (15304028) |
| Net increase in net assets resulting from operations | 2033760 | 709077 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (13566575) | (29260463) |
| Total distributions | (13566575) | (29260463) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 6):** |  |  |
| Shares sold | 3635297 | 14704232 |
| Dividends reinvested | 12959523 | 27655739 |
| Shares redeemed | (27135427) | (137961277) |
| Net decrease from beneficial share transactions | (10540607) | (95601306) |
| Net decrease in net assets | (22073422) | (124152692) |
| **NET ASSETS:** |  |  |
| Beginning of period | 104988954 | 229141646 |
| End of period | $82915532 | $104988954 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 www.hcmfunds.com

*Page Intentionally Left Blank*

Hillman Value Fund Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(d)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*See Notes to Financial Statements and Financial Highlights.*

8 www.hcmfunds.com

Hillman Value Fund Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** | **For the Year**<br> **Ended**<br> **September 30, 2023** | **For the Year**<br> **Ended**<br> **September 30, 2022** | **For the Year**<br> **Ended**<br> **September 30, 2021 <sup>(a)</sup>** |
| $29.91 | $33.43 | $27.94 | $25.87 | $33.82 | $25.68 |
| 0.22 | 0.44 | 0.48 | 0.42 | 0.55 | 0.62 |
| 0.36 | 0.46 <sup>(c)</sup> | 5.97 | 4.82 | (5.98) | 9.97 |
| 0.58 | 0.90 | 6.45 | 5.24 | (5.43) | 10.59 |
| (0.75) | (0.54) | (0.15) | (0.26) | (0.41) | (0.27) |
| (3.61) | (3.89) | (0.81) | (2.91) | (2.11) | (2.18) |
| (4.36) | (4.43) | (0.96) | (3.17) | (2.52) | (2.45) |
| (3.78) | (3.53) | 5.49 | 2.07 | (7.95) | 8.14 |
| $26.13 | $29.90 | $33.43 | $27.94 | $25.87 | $33.82 |
| 1.70% | 3.64% | 23.34% | 21.30% | (17.55%) | 43.04% |
| $82916 | $104989 | $229142 | $210861 | $179779 | $216130 |
| 1.16 %<sup>(e)</sup> | 1.03% | 1.03% | 1.14% | 1.12% | 1.15% |
| 0.95 %<sup>(e)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| 1.57 %<sup>(e)</sup> | 1.47% | 1.55% | 1.49% | 1.75% | 1.94% |
| 12 %<sup>(f)</sup> | 42% | 35% | 23% | 31% | 27% |

---

** 

*<sup>(a)</sup>* *Effective March 15, 2021, the Hillman Value Fund merged into the ALPS Series Trust. The Fund was previously advised by Hillman Capital Management, and was recognized as the Hillman Value Fund, a series of Hillman Capital Management Investment Trust.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.*

 

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2026 9

Hillman Value Fund Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

** 

*<sup>(d)</sup>* *Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements and Financial Highlights.*

10 www.hcmfunds.com

Hillman Value Fund Notes to Financial Statements and Financial Highlights

*March 31, 2026 (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 annual report describes the Hillman Value Fund (the "Fund"). The Fund is diversified, and its primary investment objective is to provide long-term total return from a combination of income and capital gains. The Fund currently offers one share class. The Board of Trustees (the "Board" or "Trustees") 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"). The 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 Financial Services - Investment Companies. 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 of 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 the Fund in preparation of its financial statements.

The Fund uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Fund's chief operating decision maker ("CODM") for making decisions, allocating resources, and assessing performance. The Fund's CODM has been identified as the Chief Financial Officer ("CFO") and Treasurer, who reviews results presented within the Fund's financial statements when making decisions about allocating resources and assessing performance of the Fund. The CODM determined that the Fund has only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**Investment Valuation:** The 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, real estate investment trusts, limited partnerships 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 and real estate investment trusts 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.

Options are valued at the National Best Bid and Offer ("NBBO") last trade as of the valuation time. Options will be valued on the basis of prices provided by pricing services when such prices are reasonably believed to reflect the market value of such options and may include the use of composite or NBBO pricing information provided by the pricing services.

Semi-Annual Report \| March 31, 2026 11

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value ("NAV"). Money market funds, representing short-term investments, are valued at their NAV.

When such prices or quotations are not available, or when the valuation designee 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 Fund discloses the classification of its 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 Fund's 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. |

---

12 www.hcmfunds.com

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2026:

**HILLMAN VALUE FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices** | **Level 2 - Other**<br> **Significant**<br> **Observable**<br> **Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $9717315 | $– | $– | $9717315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 4129650 |  |  | 4129650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 15944082 |  |  | 15944082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 6326143 |  |  | 6326143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 22928836 |  |  | 22928836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4104562 |  |  | 4104562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11681319 |  |  | 11681319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 4915135 | – | – | 4915135 |
| Total | $79747042 | $– | $– | $79747042 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Liabilities** |  |  |  |  |
| Written Option Contracts | $(97500) | $– | $– | $(97500) |
| Total | $(97500) | $– | $– | $(97500) |

---

The Fund did not hold any level 3 securities during the six months ended March 31, 2026.

**Cash & Cash Equivalents:** The Fund considers its 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 Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high- quality financial institution.

**Concentration of Credit Risk:** The Fund places its cash with a banking institution, which is insured by 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 Fund does not believe that such deposits are subject to any unusual risk associated with investment activities. Please see the Fund's prospectus and statement of additional information for additional information regarding the risks associated with an investment in the Fund.

**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.

Semi-Annual Report \| March 31, 2026 13

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

**Federal Income Taxes:** The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the six months ended March 31, 2026, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions taken on federal and state income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Fund's financial statements related to these tax positions.

**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 a first in first out basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective yield method. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to the Fund. 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 Statement of Operations.

**Distributions to Shareholders:** The Fund normally pays dividends, if any, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends and other income the Fund receives from their investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. The Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe 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.

3. DERIVATIVE INSTRUMENTS

The Fund may invest in derivative financial instruments (derivatives) in order to manage risk or gain exposure to various other investments or markets. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the Fund to gains or losses in excess of the amounts shown on the Statement of Assets and Liabilities.

14 www.hcmfunds.com

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

**Risk of Investing in Derivatives:** The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund are attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. In addition, use of derivatives may increase or decrease exposure to the following risk factors:

*Equity Risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. Associated risks can be different for each type of derivative.

Please see the Fund's prospectus and statement of additional information for additional information regarding the risks associated with an investment in the Fund.

**Option Contracts:** The Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. The Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the U.S. Commodity Futures Trading Commission, foreign exchanges. A call option on an asset written by a Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses.

**Purchased Options:** When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

Semi-Annual Report \| March 31, 2026 15

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

**Written Options:** When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

The average notional amount of the written options held for the six months ended March 31, 2026, was $1,340,139. These are written equity options which have an element of equity security risk.

**Derivative Instruments:** The following tables disclose the amounts related to the Fund's use of derivative instruments.

The effect of derivative instruments on the Statement of Assets and Liabilities for the six months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Assets**<br> **and Liabilities**<br> **Location** | **Fair Value of**<br> **Asset**<br> **Derivatives** | **Statement of**<br> **Assets and**<br> **Liabilities**<br> **Location** | **Fair Value of**<br> **Liability**<br> **Derivatives** |
| Equity Contracts (Written Options) | Investments, at value | $– | Options written, at value | $97500 |
|  |  | $– |  | $97500 |

---

16 www.hcmfunds.com

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized**<br> **Gain/(Loss) on**<br> **Derivatives**<br> **Recognized in**<br> **Income** | **Change in**<br> **Unrealized**<br> **Gain/(Loss) on**<br> **Derivatives**<br> **Recognized in**<br> **Income** |
| Equity Contracts (Written Options) | Net realized gain/(loss) on written options/Net change in unrealized appreciation/(deprecation) on written options | $241481 | $21295 |
|  |  | $241481 | $21295 |

---

4. TAX BASIS INFORMATION

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Fund. The amounts and characteristics of tax basis distributions are estimated at the time of distribution and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.

The tax character of distributions paid by the Fund for the fiscal year ended September 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gains** |
| **Hillman Value Fund** | $7143766 | $22116697 |

---

Semi-Annual Report \| March 31, 2026 17

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

**Unrealized Appreciation and Depreciation on Investments:** As of March 31, 2026, the aggregate costs of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes were as follows:

---

| | |
|:---|:---|
| | **Hillman Value Fund** |
| Gross unrealized appreciation (excess of value over tax cost) | $9882785 |
| Gross unrealized depreciation (excess of tax cost over value) | (22237097) |
| Net appreciation (depreciation) of foreign currency and derivatives | – |
| Net unrealized depreciation | $(12354312) |
| Cost of investments for income tax purposes | $95364066 |

---

These temporary differences are primarily attributed to wash sales.

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities, during the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of Securities** | **Proceeds from Sales of Securities** |
| Hillman Value Fund | $10930034 | $32937656 |

---

6. BENEFICIAL SHARE TRANSACTIONS

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Shares have no pre-emptive rights. Neither the Fund nor any of its creditors has the right to require shareholders to pay any additional amounts solely because the shareholder owns the shares.

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **September 30, 2025** |
| **Hillman Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 130650 | 497631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 486469 | 991600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (954876) | (4833433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (337757) | (3344202) |

---

18 www.hcmfunds.com

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. As of March 31, 2026, approximately 74% of the outstanding shares of the Fund were owned by two omnibus accounts.

7. MANAGEMENT AND RELATED PARTY TRANSACTIONS

**Investment Advisory:** Hillman Capital Management, Inc. (the "Adviser"), subject to the authority of the Board, is responsible for the overall management and administration of the Fund's business affairs. The Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations, and investment guidelines established jointly by the Adviser and the Board.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, the Fund pays the Adviser an annual management fee of 0.70% based on the Fund's average daily net assets. The management fees are paid on a monthly basis. The Board may extend the Advisory Agreements for successive one year terms. The Board and shareholders of the Fund may terminate the Advisory Agreement upon 60 days' written notice. The Adviser may terminate the Advisory Agreement upon 120 days' written notice.

Pursuant to a fee waiver letter agreement (the "Fee Waiver Agreement"), the Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses of the Fund (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser))), to 0.95% of the Fund's average daily net assets for the Fund's No Load Class. The Fee Waiver Agreement is in effect through January 31, 2027, and will automatically continue upon annual approval by the Board for successive twelve-month periods unless (i) it is terminated earlier by the Board, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. Except due to the Adviser's notice of non-renewal, this Agreement may only be amended or terminated with the approval of the Board of Trustees. Fees waived or reimbursed for the six months ended March 31, 2026, are disclosed in the Statement of Operations. Previously waived fees are not subject to recoupment by the Adviser.

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to the Fund. The Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to the Services Agreement with the Trust, ALPS will provide operational services to the Fund including, but not limited to, fund accounting and fund administration, and will generally assist in the Fund's operations. The Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Fund for the six months ended March 31, 2026, are disclosed in the Statement of Operations. ALPS is reimbursed by the Fund for certain out of pocket expenses.

Semi-Annual Report \| March 31, 2026 19

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

**Transfer Agent:** ALPS serves as transfer agent for the Fund under a Transfer Agency and Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Fund plus fees for open accounts and is reimbursed for certain out-of-pocket expenses.

**Compliance Services:** ALPS provides Chief Compliance Officer services to the Fund to monitor and test the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 of the 1940 Act pursuant to a Chief Compliance Officer Services Agreement with the Trust. Under this agreement, ALPS is paid an annual fee for services performed on behalf of the Fund and is reimbursed for certain out-of-pocket expenses.

**Distribution:** ALPS Distributors, Inc. (the "Distributor") (an affiliate of ALPS) acts as the principal underwriter of the Fund's shares pursuant to a Distribution Agreement with the Trust. Shares of the Fund are offered on a continuous basis through the Distributor, as agent of the Fund. The Distributor is not obligated to sell any particular amount of shares of the Fund and is not entitled to any compensation for its services as the Fund's principal underwriter pursuant to the Distribution Agreement.

8. TRUSTEES AND OFFICERS

As of March 31, 2026, there were three Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees").

Effective January 1, 2026, the Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $18,750, plus $5,938 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875, the Independent Chair receives a quarterly retainer of $4,250 and the Nominating and Corporate Governance Committee Chair receives a quarterly retainer of $500.

Prior to January 1, 2026, the Trustees of the Trust received a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair received a quarterly retainer of $1,875 and the Independent Chair received a quarterly retainer of $4,250.

These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

Officers of the Trust receive no salary or fees from the Trust. As discussed in Note 8, the Fund pays ALPS an annual fee for compliance services.

20 www.hcmfunds.com

Hillman Value Fund Notes to Financial Statements and Financial Highlights <br> *March 31, 2026 (Unaudited)*

9. INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown; as such exposure would involve future claims that may be made against the Trust that have not yet occurred.

10. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

Semi-Annual Report \| March 31, 2026 21

Hillman Value Fund Changes in and Disagreements with Accountants <br> *March 31, 2026 (Unaudited)*

There were no changes in or disagreements with accountants during the period covered by this report.

22 www.hcmfunds.com

Hillman Value Fund Proxy Disclosures <br> *March 31, 2026 (Unaudited)*

Not applicable to the period covered by this report.

Semi-Annual Report \| March 31, 2026 23

Hillman Value Fund Remuneration Paid to Directors, Officers, and Others <br> *March 31, 2026 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended March 31, 2026:

---

| | |
|:---|:---|
| **Trustee** | **Amount Paid** |
| Ward Armstrong | $1670 |
| J.W. Hutchens | 666 |
| Merrillyn Kosier | 1424 |
| Patrick Seese | 1524 |
| **Total** | $5284 |

---

24 www.hcmfunds.com

Hillman Value Fund Statement Regarding Basis for Approval of Investment Advisory Agreement <br> *March 31, 2026 (Unaudited)*

On November 20, 2025, the Board of Trustees (the "Board") of ALPS Series Trust (the "Trust") met in person to discuss, among other things, the renewal and approval of the Investment Advisory Agreement ("Hillman Agreement") between the Trust and Hillman Capital Management, Inc. ("Hillman") in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials.

The Trustees discussed Hillman's Materials and presentation. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to renew and approve the Advisory Agreement.

In anticipation of and as part of the process to consider renewal of the Hillman Agreement, legal counsel to the Trust requested certain information from Hillman. In response to these requests, the Trustees received reports from Hillman and an independent provider of investment company data (the "Provider Report") that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board's responsibilities pertaining to the approval of advisory contracts. Further, the Board met with representatives of Hillman and discussed the services of the firm provided pursuant to the Hillman Agreement, as well as the information provided by Hillman. In evaluating Hillman and the fees charged under the Hillman Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to renew the Hillman Agreement. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board but provides a summary of the principal matters the Board considered.

**Nature, Extent and Quality of the Services:** The Board reviewed certain background materials supplied by Hillman in its presentation, including certain portions of its Form ADV. The Board reviewed HCM's financial information to analyze the financial condition, stability, and profitability of HCM, noting that HCM had agreed to limit the Fund's expenses pursuant to an expense limitation agreement.

The Board reviewed and considered HCM's investment philosophy focused on identifying what it believes are great companies trading at a discount to intrinsic value and its long history as an asset manager. The Trustees also discussed the research and decision-making processes utilized by HCM, including the methods adopted to achieve compliance with the policies and restrictions of the Hillman Fund, with a focus on risk mitigation. The Board discussed Hillman's risk mitigation strategies, including diversification and position limits.

The Board acknowledged the experience of HCM's management team, including reviewing the qualifications, background, and responsibilities of the investment team primarily responsible for the day-to-day portfolio management of the Hillman Fund.

Semi-Annual Report \| March 31, 2026 25

Hillman Value Fund Statement Regarding Basis for Approval of Investment Advisory Agreement <br> *March 31, 2026 (Unaudited)*

HCM had indicated that its portfolio management team consistently executed its proprietary value investment philosophy, focusing on businesses with a sustainable competitive advantage. The Board discussed the distinctive investment process among large cap value managers, utilizing option writing intended to diversify and enhance returns. It was the consensus of the Board that Hillman had provided high quality services to the Fund.

**Investment Advisory Fee Rate and Expense Ratio:** The Board considered comparison of the Hillman Fund's contractual annual advisory fee and overall expenses with those of funds in the peer group in the Provider Report. The Board noted that the Fund's contractual advisory fee of 0.70% was equal to the peer group median (the "Median"). The Board noted that the services rendered to the Fund by Hillman included an option strategy, which was not necessarily something utilized by the investment advisers to the funds in the Fund's peer group. They considered the Fund's net expense ratio of 0.95% compared favorably to the peer group median of 1.04%. After further consideration, the Board determined that the advisory fee and total net expenses were not unreasonable.

**Comparable Accounts:** The Board discussed the comparable accounts managed by HCM and the fee structure and servicing requirements for these products, noting that the advisory fee was lower than the fees charged by HCM to certain other clients. The Board also discussed the fees charged by Hillman for model delivery and wrap programs, recognizing that these options presented very different levels of service to the client. The Board concluded that, bearing in mind the limitations of comparing different types of managed accounts, model delivery and wrap accounts, and the different levels of service typically associated with such relationships, the fee structures applicable to HCM's other clients employing a comparable strategy to the Hillman Fund was not indicative of any unreasonableness with respect to the advisory fees payable by the Hillman Fund.

**Performance:** The Board reviewed and considered the Hillman Fund's performance. The Board noted that the Hillman Fund had outperformed its benchmark, the Russell 1000 Value TR Index for the ten- year period, and the Median for the ten-year, and since inception periods, but had underperformed for the one-, three-, and five-year year periods. They discussed the Adviser's belief that long term outperformance, and adherence to its focus on valuation of companies in its quality universe, typically entails variability around the target benchmark, suggesting that the Adviser should adhere to its investment discipline even through the occasional underperformance period to achieve their long-term objectives. The Board considered the option premium income generated by the option strategy and the benefit to performance. After reviewing the investment performance of the Hillman Fund, the Board concluded that the overall investment performance of the Hillman Fund was satisfactory.

**Profitability:** The Board received and considered the Adviser's 2024 profits from its relationship with the Hillman Fund, and estimated profits for 2025, based on an analysis prepared by HCM. The Board observed that the reported and estimated profits before distribution expenses were reasonable on an absolute basis and as a percentage of revenue.

**Economies of Scale:** The Board considered whether Hillman was benefitting from economies of scale in the provision of services to the Fund and whether such economies were being shared with the Fund's shareholders under the Hillman Agreement. They considered the prospects for growth of the Hillman Fund and concluded that the expense limitation agreement was adequate at current asset levels, provided meaningful economies to shareholders, and economies of scale would be revisited as Hillman Fund asset levels increase.

26 www.hcmfunds.com

Hillman Value Fund Statement Regarding Basis for Approval of Investment Advisory Agreement <br> *March 31, 2026 (Unaudited)*

Other Benefits to the Adviser: The Board reviewed and considered any other incidental benefits derived or to be derived by HCM from its relationship with the Hillman Fund, including research and other support services, noting the Adviser did not receive soft dollars.

Having requested and reviewed such information from HCM as the Board believed to be reasonably necessary to evaluate the terms of the Hillman Agreement and as assisted by the advice of independent counsel, the Board determined that approval of the Hillman Agreement was in the best interests of the Hillman Fund and its shareholders.

Semi-Annual Report \| March 31, 2026 27

![](fp0098620-1_11.jpg)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>Any changes in and disagreements with accountants are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.<br>

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**<br>Any proxy disclosures are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.<br>

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**<br>The remuneration paid to directors, officers, and others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.<br>

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**<br>Statement Regarding Basis for approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.<br>

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's
 principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this report and have concluded that the
 registrant's disclosure controls and procedures were effective as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There was no change
 in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940,
 as amended) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-end Management Investment Companies.**

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 18**. | **Recovery of Erroneously Awarded Compensation.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

---

| | |
|:---|:---|
| **Item 19**. | **Exhibits.** |

---

(a)(1) Not applicable to this report.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, are attached hereto as Exhibit 99.Cert.](fp0098620-1_ex99cert.htm)

(a)(4) Not applicable to this report. <br>(a)(5) Not applicable to this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) attached are filed herewith as Ex99.906Cert.](fp0098620-1_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ALPS SERIES TRUST

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President (Principal Executive Officer) |
| Date: | June 5, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President (Principal Executive Officer) |
| Date: | June 5, 2026 |
| By: | /s/ Jill McFate |
|  | Jill McFate |
|  | Treasurer (Principal Financial Officer) |
| Date: | June 5, 2026 |

---

## Ex-99.Cert

**Exhibit. 99.Cert**

CERTIFICATION

I, Lucas Foss, President and Principal Executive Officer of ALPS Series Trust (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President (Principal Executive Officer) |
|  | Date: June 5, 2026 |

---

**Exhibit. 99.Cert**

CERTIFICATION

I, Jill McFate, Treasurer and Principal Financial Officer of ALPS Series Trust (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Jill McFate |
|  | Jill McFate |
|  | Treasurer (Principal Financial Officer) |
|  | Date: June 5, 2026 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended March 31, 2026 of ALPS Series Trust (the "Company").

I, Lucas Foss, the President and Principal Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President (Principal Executive Officer) |
| Date: | June 5, 2026 |

---

**Exhibit 99.906Cert**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended March 31, 2026 of ALPS Series Trust (the "Company").

I, Jill McFate, Treasurer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| By: | /s/ Jill McFate |
|  | Jill McFate |
|  | Treasurer (Principal Financial Officer) |
| Date: | June 5, 2026 |

---