# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001752724-23-047624
**Filing Date:** 2023-2
**Character Count:** 113484
**Document Hash:** 929a7fb8db5b728d0d9daba7490243b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047624.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047624

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22747
- **FILM NUMBER:** 23685461

**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

### 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           |

## Nport-Ex

**CARRET KANSAS TAX-EXEMPT BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **MUNICIPAL BONDS (98.21%)** |  |  |
| ***Education (45.67%)<sup>(a)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allen County Unified School District No. 257, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2043 | $2415000 | $1934500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barton Community College, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 555000 | 575924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 | 250000 | 258261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bourbon County Unified School District No. 234-Fort Scott, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 355000 | 367450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Butler County Unified School District No. 206 Remington, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2034 | 1000000 | 928685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 510000 | 464972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Butler County Unified School District No. 375 Circle, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 750000 | 689030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Butler County Unified School District No. 385 Andover, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 690000 | 718710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 500000 | 518602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 2750000 | 3038929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 | 2000000 | 2210131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Butler County Unified School District No. 490 El Dorado, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 | 1000000 | 1023478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 500000 | 508154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas County Unified School District No. 497 Lawrence, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1546605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 500000 | 507889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finney County Unified School District No. 457 Garden City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1545509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 800000 | 864411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford County Unified School District No. 443 Dodge City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2030 | 1150000 | 1211314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2034 | 1000000 | 1053316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin County Unified School District No. 289 Wellsville, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 645000 | 699169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin County Unified School District No. 290 Ottawa, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 150000 | 158572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Geary County Unified School District No. 475, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2033 | 1000000 | 940751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2043 | 1000000 | 1035596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Miami Counties Unified School District No. 230 Spring Hills, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 400000 | 421071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 1000000 | 1022204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1000000 | 1011681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1970000 | 2135054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 232 De Soto, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1165000 | 1228618 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***Education (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 233 Olathe, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2030 | $750000 | $674923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1000000 | 1032107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 905000 | 934193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 790000 | 818121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2039 | 2000000 | 1729169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | 425000 | 445437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas City Kansas Community College Auxiliary Enterprise System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 140000 | 144051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 100000 | 102163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2031 | 630000 | 543576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2032 | 1000000 | 833341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2033 | 800000 | 658187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2030 | 450000 | 447213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2028 | 610000 | 617106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leavenworth County Unified School District No. 453, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 1000000 | 1049097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leavenworth County Unified School District No. 458, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 1165000 | 1287401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 1000000 | 1105065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leavenworth County Unified School District No. 464, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 | 675000 | 694460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 465000 | 472494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyon County Unified School District No. 253 Emporia, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2044 | 1000000 | 775561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 325000 | 338844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami County Unified School District No. 416 Louisburg, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 500000 | 455119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Riley County Unified School District No. 378 Riley, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2039 | 925000 | 780098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Riley County Unified School District No. 383 Manhattan-Ogden, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1220000 | 1316016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saline County Unified School District No. 305 Salina, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 | 440000 | 467040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 260 Derby, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2036 | 845000 | 815866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 262 Valley Center, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 500000 | 509983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 750000 | 777045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 264 Clearwater, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 530000 | 548653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 265 Goddard, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 | 370000 | 384148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 266 Maize, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 750000 | 777565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 267 Renwick, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2033 | 350000 | 362932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2034 | 425000 | 437971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2035 | 635000 | 651466 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***Education (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Seward County Unified School District No. 480 Liberal, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | $1000000 | $1048701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 500000 | 522139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 2390000 | 2532896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumner County Unified School District No. 353 Wellington, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 230000 | 233096 |
| &nbsp;&nbsp;&nbsp;&nbsp;University of Kansas Hospital Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 250000 | 263626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 350000 | 368960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 500000 | 526715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Washburn University/Topeka, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2041 | 330000 | 329732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 500000 | 519727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 202 Turner, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 | 1225000 | 1297519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2039 | 400000 | 423680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 203 Piper, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 1000000 | 1081736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 500000 | 541892 |
| ***Total Education*** |  | 61295416 |
| ***General Obligation (30.86%)<sup>(a)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abilene Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 | 325000 | 340230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 | 445000 | 462359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashland Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 720000 | 723794 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Arkansas City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2035 | 1000000 | 784136 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Concordia, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2038 | 350000 | 263265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2039 | 355000 | 259983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2040 | 365000 | 261814 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Garden City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2028 | 950000 | 944817 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Haysville, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/01/2032 | 460000 | 432094 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Lawrence, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 470000 | 490175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 445000 | 463029 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Leawood, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 300000 | 321510 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Lenexa, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2033 | 1560000 | 1500407 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Manhattan, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 400000 | 421255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 570000 | 605053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 | 800000 | 905300 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Olathe, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 | 1000000 | 946214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 | 1315000 | 1374690 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***General Obligation (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Overland Park, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 | $475000 | $492901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 | 475000 | 491548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2039 | 350000 | 360951 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Park City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 12/01/2025 | 5000 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Salina, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 | 620000 | 582645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2036 | 680000 | 604859 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Shawnee, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 425000 | 435584 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Spring Hill, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 810000 | 845946 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1000000 | 1104737 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2035 | 400000 | 319545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2030 | 720000 | 715157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2030 | 820000 | 853051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 | 700000 | 805614 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Clay, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2036 | 750000 | 766528 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Geary, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 415000 | 429377 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Johnson, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 1125000 | 1163565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1525000 | 1567935 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Linn, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2032 | 505000 | 530119 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Saline, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 765000 | 824629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2030 | 790000 | 782104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 650000 | 673228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 500000 | 516879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1546529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2033 | 950000 | 797824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2034 | 975000 | 797311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2030 | 800000 | 834150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 1100000 | 1142075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 | 1485000 | 1491678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 630000 | 678443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saline County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2033 | 200000 | 168504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2034 | 225000 | 184871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2035 | 220000 | 174483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unified Government of Greeley County, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 | 250000 | 259837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 100000 | 103935 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***General Obligation (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County-Kansas City Unified Government, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2033 | $1000000 | $844387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 | 685000 | 714944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 | 2105000 | 2207350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2031 | 930000 | 930798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2032 | 1000000 | 1050662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025 | 815000 | 861927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County-Kansas City Unified Government, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/01/2028 | 275000 | 261873 |
| ***Total General Obligation*** |  | 41423616 |
| ***Health Care (1.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyon County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 1335000 | 1386772 |
| ***Public Services (1.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson County Park & Recreation District, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2028 | 1165000 | 1161670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2029 | 535000 | 531085 |
| ***Total Public Services*** |  | 1692755 |
| ***Transportation (11.15%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1000000 | 1141399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 630000 | 717921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 500000 | 568514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 1000000 | 1118073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 1000000 | 1112751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 1150000 | 1275456 |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Kansas Department of Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1500000 | 1655215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 3020000 | 3324021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 500000 | 548526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 | 3260000 | 3501909 |
| ***Total Transportation*** |  | 14963785 |
| ***Utilities (8.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Lawrence Water & Sewage System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2032 | 1180000 | 1258318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2038 | 1000000 | 991091 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of McPherson Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/2038 | 440000 | 315892 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Olathe Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2034 | 540000 | 433779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2035 | 550000 | 428811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2030 | 675000 | 667709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2031 | 555000 | 547797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2032 | 745000 | 720129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2033 | 755000 | 719346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2024 | 250000 | 252923 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Topeka Combined Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2043 | 1070000 | 692713 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***Utilities (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Wichita Water & Sewer Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2029 | $1180000 | $1168854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 10/01/2039 | 1000000 | 903231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County-Kansas City Unified Government Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 250000 | 225742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2040 | 250000 | 205583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 1350000 | 1419352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 100000 | 104148 |
| ***Total Utilities*** |  | 11055418 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| **(Cost $140,587,404)** |  | 131817762 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (*0.83%*)** |  |  |
| ***Money Market Fund (0.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund, Class X (2.980%, 7-Day Yield) | 1107194 | $1107194 |
| ***Total Money Market Fund*** |  | 1107194 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| **(Cost $1,107,194)** |  | 1107194 |
| **TOTAL INVESTMENTS (99.04%)** |  |  |
| **(Cost $141,694,598)** |  | $132924956 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.96%)** |  | 1289602 |
| **NET ASSETS (100.00%)** |  | $134214558 |

---

 

*<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.*

**Notes to Quarterly Portfolio of Investments <br> December 31, 2022 (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 quarterly 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's investment objective is to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes. The Fund is considered 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 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") 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.

**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 Fair Value Committee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

**Fair Value Measurements:** The 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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $– | $131817762 | $– | $131817762 |
| Short Term Investments | 1107194 | – | – | 1107194 |
| Total | $1107194 | $131817762 | $– | $132924956 |

---

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

As of December 31, 2022, the Fund did not hold any level 3 securities.

**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.

**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.

The Fund invests primarily in debt obligations issued by the State of Kansas and its respective political subdivisions, agencies and public authorities. The Fund is more susceptible to economic and political factors adversely affecting issuers of Kansas specific municipal securities than are municipal bond funds that are not concentrated in these issuers to the same extent.

**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.

**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 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.

**COVID-19 Risks:** The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ALPS SERIES TRUST

- **b. Investment Company Act file number:** 811-22747

- **c. CIK number of Registrant:** 0001558107

- **d. LEI of Registrant:** 5493000QN25IZZPUSL66

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1290 BROADWAY SUITE 1000

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80203

  - **Telephone number:** 3036235277

**Item A.2. Information about the Series.**

- **a. Name of Series:** Carret Kansas Tax-Exempt Bond Fund

- **b. EDGAR series identifier (if any):** S000062895

- **c. LEI of Series:** 549300YY6N8F3WVZGM76

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $134576248.20

**Total Liabilities:** $427679.34

**Net Assets:** $134148568.86

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 81.94951100 | **1-Year:** 6870.89129300 | **5-Year:** 32670.73933400 | **10-Year:** 26467.24875100 | **30-Year:** 5788.89993700

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000203690 | -0.66%               | 4.56%                | 0.57%                |
| Class ID C000203691 | -4.92%               | 0.24%                | -3.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-440245.20              | $-657015.61                                |
| Month 2  | $-245185.94              | $6059883.36                                |
| Month 3  | $-177021.81              | $645912.14                                 |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Olathe Ks Wtr & Swr Sys Revenue                              | City of Olathe KS Water & Sewer System Revenue                           | CUSIP: 679468YW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $719346.41    | 0.54%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Turnpike Auth Turnpike Revenue                     | Kansas Turnpike Authority                                                | CUSIP: 485512MS3<br>LEI: 54930051LZZ6MCTW2979 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141398.80   | 0.85%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Olathe Ks Wtr & Swr Sys Revenue                              | City of Olathe KS Water & Sewer System Revenue                           | CUSIP: 679468YT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $667708.79    | 0.50%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obligations Fund                     | First American Treasury Obligations Fund                                 | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1112426 | NS      | $1112425.83   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Wichita Ks                                                   | City of Wichita KS                                                       | CUSIP: 967245LT6<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    820000 | PA      | $853051.00    | 0.64%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 4854293N2<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    450000 | PA      | $447213.29    | 0.33%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dept Of Transprtn Highway Revenue                  | State of Kansas Department of Transportation                             | CUSIP: 485424RJ6<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2201338.20   | 1.64%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Olathe Ks Wtr & Swr Sys Revenue                              | City of Olathe KS Water & Sewer System Revenue                           | CUSIP: 679468YU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $547796.82    | 0.41%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks                                                   | City of Wichita KS                                                       | CUSIP: 967245YC9<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    700000 | PA      | $805614.25    | 0.60%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanuni Govt                         | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267ADM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $844387.20    | 0.63%             | 2033-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty Ks Unif Sch Dist #202                         | Wyandotte County Unified School District No 202 Turner                   | CUSIP: 982683FW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1297519.39   | 0.97%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lawrence Ks Wtr & Swr Sys Revenue                            | City of Lawrence KS Water & Sewage System Revenue                        | CUSIP: 520192NK7<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991090.40    | 0.74%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Leavenworth Cnty Ks Unif Sch Dist #458                       | Leavenworth County Unified School District No 458                        | CUSIP: 522218KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1287401.07   | 0.96%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riley Cnty Ks Unif Sch Dist #383                             | Riley County Unified School District No 383 Manhattan-Ogden              | CUSIP: 766651QQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1316015.59   | 0.98%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geary Cnty Ks Unif Sch Dist #475                             | Geary County Unified School District No 475                              | CUSIP: 368347ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940751.40    | 0.70%             | 2033-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dept Of Transprtn Highway Revenue                  | State of Kansas Department of Transportation                             | CUSIP: 485424SJ5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1122682.48   | 0.84%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kansas City Ks Unif Govt Utility Sys Revenue  | Wyandotte County-Kansas City Unified Government Utility System Revenue   | CUSIP: 982674MX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $225741.90    | 0.17%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks                                                   | City of Wichita KS                                                       | CUSIP: 967245PU9<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    720000 | PA      | $715157.21    | 0.53%             | 2030-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washburn Univ Ks                                             | Washburn University/Topeka KS                                            | CUSIP: 937220EJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519727.50    | 0.39%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #385 Andover                    | Butler County Unified School District No 385 Andover                     | CUSIP: 12343ECR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $718710.07    | 0.54%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #267                          | Sedgwick County Unified School District No 267 Renwick                   | CUSIP: 815672HL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $437970.92    | 0.33%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 48542RLQ5<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    950000 | PA      | $797823.68    | 0.59%             | 2033-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Cntys Ks Unif Sch Dist #230                  | Johnson & Miami Counties Unified School District No 230 Spring Hills     | CUSIP: 478164HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011681.10   | 0.75%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ford Cnty Ks Uni Sch Dist #443                               | Ford County Unified School District No 443 Dodge City                    | CUSIP: 34526PAU2<br>LEI: 549300UHHLJ8OMFVF606 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1211313.63   | 0.90%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#512 Shawnee Mission            | Johnson County Unified School District No 512 Shawnee Mission            | CUSIP: 478740VM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $445437.15    | 0.33%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Overland Park Ks                                             | City of Overland Park KS                                                 | CUSIP: 6902756X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $491547.62    | 0.37%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ashland Ks Public Bldg Commission Revenue                    | Ashland Public Building Commission                                       | CUSIP: 044241AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $723794.11    | 0.54%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saline Cnty Ks Public Bldg Commission                        | Saline County Public Building Commission                                 | CUSIP: 79516YAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $184871.05    | 0.14%             | 2034-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Park & Recreation Dist Cops                  | Johnson County Park & Recreation District                                | CUSIP: 47849KGW5<br>LEI: 549300W27V0RWOSSKX23 | Long             | DBT              | MUN               | US        |    680000 | PA      | $678056.63    | 0.51%             | 2028-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lawrence Ks Wtr & Swr Sys Revenue                            | City of Lawrence KS Water & Sewage System Revenue                        | CUSIP: 520192RV9<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1258318.13   | 0.94%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 48542RMX9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    630000 | PA      | $543576.03    | 0.41%             | 2031-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #262                          | Sedgwick County Unified School District No 262 Valley Center             | CUSIP: 815662JF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509982.75    | 0.38%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanuni Govt                         | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267ACM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $861927.29    | 0.64%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sumner Cnty Ks Unif Sch Dist #353 Wellington                 | Sumner County Unified School District No 353 Wellington                  | CUSIP: 866398FJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $233095.52    | 0.17%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abilene Ks Public Bldg Commission Revenue                    | Abilene Public Building Commission                                       | CUSIP: 003430BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $340229.96    | 0.25%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dept Of Transprtn Highway Revenue                  | State of Kansas Department of Transportation                             | CUSIP: 485424RM9<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2178173.20   | 1.62%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Overland Park Ks                                             | City of Overland Park KS                                                 | CUSIP: 6902756W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $492901.37    | 0.37%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lyon Cnty Ks Public Bldg Commission Revenue                  | Lyon County Public Building Commission                                   | CUSIP: 551830BH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1386772.50   | 1.03%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas Cnty Ks Unif Sch Dist#497                            | Douglas County Unified School District No 497 Lawrence                   | CUSIP: 259147RH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546605.45   | 1.15%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geary Cnty Ks                                                | County of Geary KS                                                       | CUSIP: 368334HU5<br>LEI: 549300815KGK06XQM227 | Long             | DBT              | MUN               | US        |    415000 | PA      | $429376.64    | 0.32%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #490                            | Butler County Unified School District No 490 El Dorado                   | CUSIP: 123457GQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023478.20   | 0.76%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty Ks Unif Sch Dist #500                         | Wyandotte County Unified School District No 500 Kansas City              | CUSIP: 982696QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541891.90    | 0.40%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abilene Ks Public Bldg Commission Revenue                    | Abilene Public Building Commission                                       | CUSIP: 003430BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $462359.23    | 0.34%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#233                            | Johnson County Unified School District No 233 Olathe                     | CUSIP: 478718N88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $178208.61    | 0.13%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Public Bldg Commission Lease Purchase Revenu | Johnson County Public Building Commission                                | CUSIP: 478497C99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $673227.56    | 0.50%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Public Bldg Commission Lease Purchase Revenu | Johnson County Public Building Commission                                | CUSIP: 478497Q45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $782104.42    | 0.58%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lyon Cnty Ks Unif Sch Dist #253 Emporia                      | Lyon County Unified School District No 253 Emporia                       | CUSIP: 551845GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $338844.42    | 0.25%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Linn Cnty Ks                                                 | County of Linn KS                                                        | CUSIP: 53578RAM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $530118.85    | 0.40%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks Wtr & Swr Utility Revenue                         | City of Wichita KS Water & Sewer Utility Revenue                         | CUSIP: 967338ZJ6<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1168854.31   | 0.87%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Public Bldg Commission Lease Purchase Revenu | Johnson County Public Building Commission                                | CUSIP: 478497D31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546529.25   | 1.15%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kansas City Ks Unif Govt Utility Sys Revenue  | Wyandotte County-Kansas City Unified Government Utility System Revenue   | CUSIP: 982674KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104147.71    | 0.08%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Turnpike Auth Turnpike Revenue                     | Kansas Turnpike Authority                                                | CUSIP: 485512MU8<br>LEI: 54930051LZZ6MCTW2979 | Long             | DBT              | MUN               | US        |    500000 | PA      | $568514.15    | 0.42%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riley Cnty Ks Unif Sch Dist #378                             | Riley County Unified School District No 378 Riley                        | CUSIP: 766647FD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $780098.29    | 0.58%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Olathe Ks                                                    | City of Olathe KS                                                        | CUSIP: 679384NB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946214.40    | 0.71%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Greeley Cnty Ks Unif Govt                                    | Unified Government of Greeley County KS                                  | CUSIP: 392553AK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259837.55    | 0.19%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lyon Cnty Ks Unif Sch Dist #253 Emporia                      | Lyon County Unified School District No 253 Emporia                       | CUSIP: 551845HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $775561.00    | 0.58%             | 2044-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 48542REF7<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1142074.78   | 0.85%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #264                          | Sedgwick County Unified School District No 264 Clearwater                | CUSIP: 815666DH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $548653.30    | 0.41%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barton Cnty Ks Cmnty Clg Cops                                | Barton Community College                                                 | CUSIP: 069467HC5<br>LEI: 549300S6F2C5L2MJM432 | Long             | DBT              | MUN               | US        |    555000 | PA      | $575923.89    | 0.43%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 48542REE0<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    800000 | PA      | $834150.40    | 0.62%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geary Cnty Ks Unif Sch Dist #475                             | Geary County Unified School District No 475                              | CUSIP: 368347CA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035595.40   | 0.77%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Concordia Ks                                                 | City of Concordia KS                                                     | CUSIP: 206525NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $263264.86    | 0.20%             | 2038-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #206                            | Butler County Unified School District No 206 Remington                   | CUSIP: 123424CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928684.50    | 0.69%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Overland Park Ks                                             | City of Overland Park KS                                                 | CUSIP: 6902756Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $360951.54    | 0.27%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Manhattan Ks                                                 | City of Manhattan KS                                                     | CUSIP: 562895QM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $905299.60    | 0.67%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#233                            | Johnson County Unified School District No 233 Olathe                     | CUSIP: 478718W62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $674923.28    | 0.50%             | 2030-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanuni Govt                         | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267AFB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1104274.07   | 0.82%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin Cnty Ks Unif Sch Dist #289 Wellsville               | Franklin County Unified School District No 289 Wellsville                | CUSIP: 352790EN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $699168.91    | 0.52%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Univ Of Kansas Ks Hosp Auth Hlth Facs Revenue                | University of Kansas Hospital Authority                                  | CUSIP: 914367DL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526715.60    | 0.39%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saline Cnty Ks Unif Sch Dist #305 Salina                     | Saline County Unified School District No 305 Salina                      | CUSIP: 795168KJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $467040.20    | 0.35%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Saline Cnty Ks Public Bldg Commission                        | Saline County Public Building Commission                                 | CUSIP: 79516YAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $168503.48    | 0.13%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#233                            | Johnson County Unified School District No 233 Olathe                     | CUSIP: 478718U56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $755984.64    | 0.56%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#233                            | Johnson County Unified School District No 233 Olathe                     | CUSIP: 478718Q51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032106.60   | 0.77%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #265                          | Sedgwick County Unified School District No 265 Goddard                   | CUSIP: 815668LW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $384148.21    | 0.29%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saline Cnty Ks Public Bldg Commission                        | Saline County Public Building Commission                                 | CUSIP: 79516YAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $174483.45    | 0.13%             | 2035-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Topeka Ks Utility Revenue                                    | City of Topeka KS Combined Utility Revenue                               | CUSIP: 890680ST9<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $692712.76    | 0.52%             | 2043-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Park & Recreation Dist Cops                  | Johnson County Park & Recreation District                                | CUSIP: 47849KGX3<br>LEI: 549300W27V0RWOSSKX23 | Long             | DBT              | MUN               | US        |    535000 | PA      | $531084.60    | 0.40%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Douglas Cnty Ks Unif Sch Dist#497                            | Douglas County Unified School District No 497 Lawrence                   | CUSIP: 259147QJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507888.95    | 0.38%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Park & Recreation Dist Cops                  | Johnson County Park & Recreation District                                | CUSIP: 47849KHG9<br>LEI: 549300W27V0RWOSSKX23 | Long             | DBT              | MUN               | US        |    485000 | PA      | $483613.92    | 0.36%             | 2028-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Leavenworth Cnty Ks Unif Sch Dist #453                       | Leavenworth County Unified School District No 453                        | CUSIP: 522210KR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049096.70   | 0.78%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 48542RMZ4<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    800000 | PA      | $658187.12    | 0.49%             | 2033-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 4854292K9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    610000 | PA      | $617105.46    | 0.46%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Olathe Ks                                                    | City of Olathe KS                                                        | CUSIP: 679384LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1374689.43   | 1.02%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Turnpike Auth Turnpike Revenue                     | Kansas Turnpike Authority                                                | CUSIP: 485512MY0<br>LEI: 54930051LZZ6MCTW2979 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118073.40   | 0.83%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanuni Govt                         | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267ABV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1103075.75   | 0.82%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Concordia Ks                                                 | City of Concordia KS                                                     | CUSIP: 206525NM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $261814.35    | 0.20%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 48542RKF0<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $833340.60    | 0.62%             | 2032-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Manhattan Ks                                                 | City of Manhattan KS                                                     | CUSIP: 562895QP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421254.76    | 0.31%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin Cnty Ks Unif Sch Dist #290                          | Franklin County Unified School District No 290 Ottawa                    | CUSIP: 352802GL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158572.37    | 0.12%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks                                                   | City of Wichita KS                                                       | CUSIP: 967245UL3<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    400000 | PA      | $319544.72    | 0.24%             | 2035-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #385 Andover                    | Butler County Unified School District No 385 Andover                     | CUSIP: 12343ECS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518602.10    | 0.39%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kansas City Ks Unif Govt Utility Sys Revenue  | Wyandotte County-Kansas City Unified Government Utility System Revenue   | CUSIP: 982674KT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $888784.06    | 0.66%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saline Cnty Ks                                               | County of Saline KS                                                      | CUSIP: 795166BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $824628.92    | 0.61%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#512 Shawnee Mission            | Johnson County Unified School District No 512 Shawnee Mission            | CUSIP: 478740VP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1729168.60   | 1.29%             | 2039-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Turnpike Auth Turnpike Revenue                     | Kansas Turnpike Authority                                                | CUSIP: 485512MZ7<br>LEI: 54930051LZZ6MCTW2979 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112751.30   | 0.83%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Sales Tax Revenue                     | Kansas Development Finance Authority                                     | CUSIP: 485247CE8<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    630000 | PA      | $678442.65    | 0.51%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty Ks Unif Sch Dist #202                         | Wyandotte County Unified School District No 202 Turner                   | CUSIP: 982683FX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $423679.80    | 0.32%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #267                          | Sedgwick County Unified School District No 267 Renwick                   | CUSIP: 815672HM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $651466.12    | 0.49%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #262                          | Sedgwick County Unified School District No 262 Valley Center             | CUSIP: 815662JJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777044.78    | 0.58%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #206                            | Butler County Unified School District No 206 Remington                   | CUSIP: 123424CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $464972.41    | 0.35%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #375 Towanda                    | Butler County Unified School District No 375 Circle                      | CUSIP: 123425HF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $689030.10    | 0.51%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#233                            | Johnson County Unified School District No 233 Olathe                     | CUSIP: 478718U72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $818120.37    | 0.61%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Univ Of Kansas Ks Hosp Auth Hlth Facs Revenue                | University of Kansas Hospital Authority                                  | CUSIP: 914367DK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263626.23    | 0.20%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 48542RLR3<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    975000 | PA      | $797311.42    | 0.59%             | 2034-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Univ Of Kansas Ks Hosp Auth Hlth Facs Revenue                | University of Kansas Hospital Authority                                  | CUSIP: 914367DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $368959.64    | 0.28%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks                                              | County of Johnson KS                                                     | CUSIP: 47844PKW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1567935.16   | 1.17%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finney Cnty Ks Unif Sch Dist #457                            | Finney County Unified School District No 457 Garden City                 | CUSIP: 318045NG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515850.30    | 0.38%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Turnpike Auth Turnpike Revenue                     | Kansas Turnpike Authority                                                | CUSIP: 485512MT1<br>LEI: 54930051LZZ6MCTW2979 | Long             | DBT              | MUN               | US        |    630000 | PA      | $717920.47    | 0.54%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leavenworth Cnty Ks Unif Sch Dist #464                       | Leavenworth County Unified School District No 464                        | CUSIP: 522223GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $694459.64    | 0.52%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Turnpike Auth Turnpike Revenue                     | Kansas Turnpike Authority                                                | CUSIP: 485512NA1<br>LEI: 54930051LZZ6MCTW2979 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1275455.80   | 0.95%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #490                            | Butler County Unified School District No 490 El Dorado                   | CUSIP: 123457GS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508153.95    | 0.38%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bourbon Cnty Ks Unif Sch Dist#234 Fort Scott                 | Bourbon County Unified School District No 234-Fort Scott                 | CUSIP: 101824DW7<br>LEI: 549300D8KR7613JGTD47 | Long             | DBT              | MUN               | US        |    355000 | PA      | $367449.99    | 0.27%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dept Of Transprtn Highway Revenue                  | State of Kansas Department of Transportation                             | CUSIP: 485424QQ1<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1323736.09   | 0.99%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kansas City Ks Unif Govt Utility Sys Revenue  | Wyandotte County-Kansas City Unified Government Utility System Revenue   | CUSIP: 982674MY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $205583.50    | 0.15%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Manhattan Ks                                                 | City of Manhattan KS                                                     | CUSIP: 562895HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $605053.40    | 0.45%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ford Cnty Ks Uni Sch Dist #443                               | Ford County Unified School District No 443 Dodge City                    | CUSIP: 34526PAY4<br>LEI: 549300UHHLJ8OMFVF606 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053316.20   | 0.79%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seward Cnty Ks Unif Sch Dist #480                            | Seward County Unified School District No 480 Liberal                     | CUSIP: 818461HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048701.20   | 0.78%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barton Cnty Ks Cmnty Clg Cops                                | Barton Community College                                                 | CUSIP: 069467HD3<br>LEI: 549300S6F2C5L2MJM432 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258261.08    | 0.19%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finney Cnty Ks Unif Sch Dist #457                            | Finney County Unified School District No 457 Garden City                 | CUSIP: 318045NC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $864410.56    | 0.64%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Olathe Ks Wtr & Swr Sys Revenue                              | City of Olathe KS Water & Sewer System Revenue                           | CUSIP: 679468ZU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $428810.69    | 0.32%             | 2035-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Allen Cnty Ks Unif Sch Dist #257                             | Allen County Unified School District No 257                              | CUSIP: 017540DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $1934499.77   | 1.44%             | 2043-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Salina Ks                                                    | City of Salina KS                                                        | CUSIP: 794744CF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $604858.50    | 0.45%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kansas City Ks Uni Govt Transprtn Dev Dist    | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267WAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $261872.71    | 0.20%             | 2028-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Greeley Cnty Ks Unif Govt                                    | Unified Government of Greeley County KS                                  | CUSIP: 392553AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103935.02    | 0.08%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #385 Andover                    | Butler County Unified School District No 385 Andover                     | CUSIP: 12343ECT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3038929.58   | 2.27%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park City Ks                                                 | City of Park City KS                                                     | CUSIP: 700222YF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5008.13      | 0.00%             | 2025-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arkansas City Ks                                             | City of Arkansas City KS                                                 | CUSIP: 040807SC4<br>LEI: 549300B0WCPCVZKW1E16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $784135.60    | 0.58%             | 2035-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Spring Hill Ks                                               | City of Spring Hill KS                                                   | CUSIP: 849658QH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $845946.18    | 0.63%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dept Of Transprtn Highway Revenue                  | State of Kansas Department of Transportation                             | CUSIP: 485424SK2<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548525.95    | 0.41%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shawnee Ks                                                   | City of Shawnee KS                                                       | CUSIP: 820667YD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $435583.78    | 0.32%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Leawood Ks                                                   | City of Leawood KS                                                       | CUSIP: 5223646A1<br>LEI: 5493006UYWK2VL9PZZ57 | Long             | DBT              | MUN               | US        |    300000 | PA      | $321509.94    | 0.24%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 485429U93<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1491678.19   | 1.11%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seward Cnty Ks Unif Sch Dist #480                            | Seward County Unified School District No 480 Liberal                     | CUSIP: 818461JA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522138.30    | 0.39%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Olathe Ks Wtr & Swr Sys Revenue                              | City of Olathe KS Water & Sewer System Revenue                           | CUSIP: 679468ZT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $433778.92    | 0.32%             | 2034-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Garden City Ks                                               | City of Garden City KS                                                   | CUSIP: 365028G37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $944817.56    | 0.70%             | 2028-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Olathe Ks Wtr & Swr Sys Revenue                              | City of Olathe KS Water & Sewer System Revenue                           | CUSIP: 679468WB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252923.48    | 0.19%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finney Cnty Ks Unif Sch Dist #457                            | Finney County Unified School District No 457 Garden City                 | CUSIP: 318045NK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029658.80   | 0.77%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Concordia Ks                                                 | City of Concordia KS                                                     | CUSIP: 206525NL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $259983.29    | 0.19%             | 2039-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kansas City Ks Unif Govt                      | Wyandotte County-Kansas City Unified Government                          | CUSIP: 982671F95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $930798.41    | 0.69%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty Ks Sch Dist #203                              | Wyandotte County Unified School District No 203 Piper                    | CUSIP: 982685HT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081735.60   | 0.81%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leavenworth Cnty Ks Unif Sch Dist #458                       | Leavenworth County Unified School District No 458                        | CUSIP: 522218LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105065.30   | 0.82%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawrence Ks                                                  | City of Lawrence KS                                                      | CUSIP: 520121PR9<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |    470000 | PA      | $490175.50    | 0.37%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salina Ks                                                    | City of Salina KS                                                        | CUSIP: 794744CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $582645.12    | 0.43%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #260                          | Sedgwick County Unified School District No 260 Derby                     | CUSIP: 815628JP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $815865.50    | 0.61%             | 2036-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #385 Andover                    | Butler County Unified School District No 385 Andover                     | CUSIP: 12343ECV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2210130.60   | 1.65%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Haysville Ks Cops                                            | City of Haysville KS                                                     | CUSIP: 421147BY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $432093.59    | 0.32%             | 2032-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #267                          | Sedgwick County Unified School District No 267 Renwick                   | CUSIP: 815672HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362932.05    | 0.27%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks Wtr & Swr Utility Revenue                         | City of Wichita KS Water & Sewer Utility Revenue                         | CUSIP: 967338J54<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903230.40    | 0.67%             | 2039-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Sedgwick Cnty Ks Unif Sch Dist #266 Maize                    | Sedgwick County Unified School District No 266 Maize                     | CUSIP: 815670ND2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777565.35    | 0.58%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kansas City Ks Unif Govt Utility Sys Revenue  | Wyandotte County-Kansas City Unified Government Utility System Revenue   | CUSIP: 982674MB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530567.55    | 0.40%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanuni Govt                         | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267AFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050661.60   | 0.78%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washburn Univ Ks                                             | Washburn University/Topeka KS                                            | CUSIP: 937220EQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $329731.81    | 0.25%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami Cnty Ks Unif Sch Dist #416                             | Miami County Unified School District No 416 Louisburg                    | CUSIP: 593312HQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455118.90    | 0.34%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Cntys Ks Unif Sch Dist #230                  | Johnson & Miami Counties Unified School District No 230 Spring Hills     | CUSIP: 478164JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421071.44    | 0.31%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Olathe Ks Wtr & Swr Sys Revenue                              | City of Olathe KS Water & Sewer System Revenue                           | CUSIP: 679468YV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $720129.22    | 0.54%             | 2032-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#232                            | Johnson County Unified School District No 232 De Soto                    | CUSIP: 478712RH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1228618.32   | 0.92%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks                                              | County of Johnson KS                                                     | CUSIP: 47844PHB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1163565.11   | 0.87%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lenexa Ks                                                    | City of Lenexa KS                                                        | CUSIP: 5260306D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1500407.38   | 1.12%             | 2033-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Leavenworth Cnty Ks Unif Sch Dist #464                       | Leavenworth County Unified School District No 464                        | CUSIP: 522223GL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $472494.08    | 0.35%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Cntys Ks Unif Sch Dist #230                  | Johnson & Miami Counties Unified School District No 230 Spring Hills     | CUSIP: 478164HG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2135054.09   | 1.59%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Cntys Ks Unif Sch Dist #230                  | Johnson & Miami Counties Unified School District No 230 Spring Hills     | CUSIP: 478164HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022203.80   | 0.76%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dept Of Transprtn Highway Revenue                  | State of Kansas Department of Transportation                             | CUSIP: 485424RF4<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1655214.90   | 1.23%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanuni Govt                         | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267ABU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $714943.88    | 0.53%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks Sales Tax Spl Oblig Revenue                       | City of Wichita KS                                                       | CUSIP: 967323AQ9<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104736.60   | 0.82%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Public Bldg Commission Lease Purchase Revenu | Johnson County Public Building Commission                                | CUSIP: 478497D23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516878.55    | 0.39%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Ks Cmnty Clg Auxiliary Enterprise Sys Revenue    | Kansas City Kansas Community College Auxiliary Enterprise System Revenue | CUSIP: 484669AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $144050.73    | 0.11%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lawrence Ks                                                  | City of Lawrence KS                                                      | CUSIP: 520121PS7<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |    445000 | PA      | $463028.64    | 0.35%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clay Cnty Ks                                                 | County of Clay KS                                                        | CUSIP: 183324FU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $766527.75    | 0.57%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Ks Cmnty Clg Auxiliary Enterprise Sys Revenue    | Kansas City Kansas Community College Auxiliary Enterprise System Revenue | CUSIP: 484669AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102163.47    | 0.08%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mcpherson Ks Wtr Revenue                                     | City of McPherson KS Water System Revenue                                | CUSIP: 582692FF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $315892.46    | 0.24%             | 2038-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Seward Cnty Ks Unif Sch Dist #480                            | Seward County Unified School District No 480 Liberal                     | CUSIP: 818461JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2532896.19   | 1.89%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** ALPS SERIES TRUST

**Signature:** Jill McFate

**Name of Signer:** Jill McFate

**Title:** Treasurer