# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001049169-26-000184
**Filing Date:** 2026-2
**Character Count:** 114646
**Document Hash:** 9496c9586de29b705159f54cb121bace
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000184.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001049169-26-000184

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22747
- **FILM NUMBER:** 26658072

**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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **MUNICIPAL BONDS (97.80%)** |  |  |
| ***Education (35.24%)<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 | $1991071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barton Community College, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 555000 | 555503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 | 250000 | 250171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bourbon County Unified School District No. 234-Fort Scott, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 | 400000 | 411142 |
| &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 | 981961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 510000 | 497085 |
| &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 | 720501 |
| &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 | 704743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 500000 | 510313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Butler County Unified School District No. 394 Rose Hill, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 500000 | 554289 |
| &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 | 1004588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 500000 | 501155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dekalb County Central School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 500000 | 555449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denton Independent School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 | 750000 | 775765 |
| &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 | 1524073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 500000 | 500275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ellis County Unified School District No. 489 Hays, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 | 535000 | 563477 |
| &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 | 1512694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 800000 | 813731 |
| &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 | 1169231 |
| &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 | 683533 |
| &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 | 987638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hernando County School District, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 685000 | 690663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferson County School District R-1, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 | 500000 | 500815 |
| &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 | 406790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 1000000 | 1003502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1000000 | 1002771 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***Education (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 229 Blue Valley, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 | $1500000 | $1534934 |
| &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 | 1204495 |
| &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 | 700744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1000000 | 1007599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | 425000 | 441209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2041 | 500000 | 548632 |
| &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 | 144927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 100000 | 102770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2031 | 630000 | 576590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2032 | 1000000 | 911467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2030 | 450000 | 450032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2033 | 500000 | 500023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Larimer County School District No. R-1 Poudre, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2032 | 750000 | 774430 |
| &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 | 1009744 |
| &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 | 678717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 465000 | 462380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyon County Unified School District No. 253 Emporia, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 325000 | 331713 |
| &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 | 484088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2046 | 750000 | 756335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Racine Unified School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2042 | 820000 | 871499 |
| &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 | 854476 |
| &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 | 1240489 |
| &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 | 845799 |
| &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 | 535107 |
| &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 | 764044 |
| &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 | 355865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2034 | 425000 | 431621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2035 | 635000 | 644331 |
| &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 | 1022182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 500000 | 509663 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***Education (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;University of Kansas Hospital Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | $350000 | $351388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 500000 | 501981 |
| &nbsp;&nbsp;&nbsp;&nbsp;West Clermont Local School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 400000 | 404488 |
| &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%, 09/01/2039 | 400000 | 410011 |
| &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 | 1046442 |
| &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 | 508274 |
| ***Total Education*** |  | 45291418 |
| ***General Obligation (39.92%)<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 | 332703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 | 445000 | 454221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashland Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 720000 | 720600 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Albuquerque NM, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2039 | 700000 | 719296 |
| &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 | 828205 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Derby, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2041 | 775000 | 781685 |
| &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 | 950736 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Gardner, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2044 | 685000 | 693657 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Goddard, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 500000 | 508315 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Lawrence, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 445000 | 448675 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Leawood, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 300000 | 316881 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Lenexa, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2033 | 1560000 | 1570279 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Maize, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2038 | 375000 | 384012 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Manhattan, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2027 | 875000 | 875333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 400000 | 417957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036 | 1000000 | 1139149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | 910000 | 1028905 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of McKinney TX, General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2039 | 1075000 | 1220940 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Olathe, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 | 1000000 | 989074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 | 1315000 | 1330502 |

---

---

| | | |
|:---|:---|:---|
| | **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 | $494262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 | 475000 | 492615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2039 | 350000 | 361533 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Paola, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 535000 | 585374 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Salina, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 | 620000 | 611966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2036 | 680000 | 650489 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Sedona AZ Excise Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2041 | 805000 | 809351 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Shawnee, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 425000 | 425494 |
| &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 | 828909 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Wamego, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 500000 | 501581 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1000000 | 1036424 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2035 | 400000 | 338436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2030 | 720000 | 721459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2030 | 820000 | 835784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035 | 750000 | 788032 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Anderson, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2033 | 750000 | 747014 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Anoka MN, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2041 | 750000 | 764640 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Douglas, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 | 875000 | 946471 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Geary, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 415000 | 418122 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Johnson, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 1125000 | 1126231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1525000 | 1544695 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Linn, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2032 | 505000 | 519864 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Saline, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 765000 | 802008 |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Somerset NJ, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2039 | 1000000 | 1037033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2044 | 1000000 | 1075868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2030 | 790000 | 793895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 650000 | 656206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 500000 | 504597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1513310 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***General Obligation (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2033 | $950000 | $829392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2034 | 975000 | 833347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2030 | 800000 | 819071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 1100000 | 1125020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 | 1500000 | 1629128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oregon State Lottery, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2039 | 750000 | 859251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saline County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2033 | 200000 | 177809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2034 | 225000 | 195906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2035 | 220000 | 187058 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Dakota Conservancy District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2044 | 1000000 | 1078763 |
| &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 | 887690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 | 685000 | 698514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 | 2105000 | 2170513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2032 | 1000000 | 1035127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 1000000 | 1124944 |
| ***Total General Obligation*** |  | 51294321 |
| ***Health Care (1.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyon County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 1335000 | 1355712 |
| ***Public Services (1.33%)*** |  |  |
| &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 | 1169042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2029 | 535000 | 536660 |
| ***Total Public Services*** |  | 1705702 |
| ***Transportation (9.84%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 630000 | 687911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 500000 | 543221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 1000000 | 1068563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 1000000 | 1065030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 1150000 | 1220712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 750000 | 762994 |
| &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 | 1562353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 3020000 | 3140933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 500000 | 519279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 | 2000000 | 2070858 |
| ***Total Transportation*** |  | 12641854 |
| ***Utilities (10.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brushy Creek Regional Utility Authority, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 500000 | 506052 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***Utilities (continued)*** |  |  |
| &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 | $1252561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2039 | 1000000 | 1036168 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Lebanon Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2028 | 550000 | 558521 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of McPherson Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/2038 | 440000 | 341254 |
| &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 | 469377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2035 | 550000 | 469640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2030 | 675000 | 675758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2031 | 555000 | 555504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2032 | 745000 | 745069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2033 | 755000 | 746062 |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Topeka Combined Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/01/2041 | 1170000 | 1206543 |
| &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 | 1178409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 10/01/2039 | 1000000 | 962746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jordan Valley Water Conservancy District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2044 | 730000 | 768786 |
| &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 | 236822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2040 | 250000 | 218215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 1350000 | 1358645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 100000 | 100155 |
| ***Total Utilities*** |  | 13386287 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| **(Cost $128,702,474)** |  | 125675294 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (*1.07%*)** |  |  |
| ***Money Market Fund (1.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund, Class X (3.667%, 7-Day Yield) | 1377881 | $1377881 |
| ***Total Money Market Fund*** |  | 1377881 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| **(Cost $1,377,881)** |  | 1377881 |
| **TOTAL INVESTMENTS (98.87%)** |  |  |
| **(Cost $130,080,355)** |  | $127053175 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (1.13%)** |  | 1445868 |
| **NET ASSETS (100.00%)** |  | $128499043 |

---

*<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 December 31, 2025 (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 is diversified, and its primary 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 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, Financial Services - Investment Companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

**Investment Valuation:** The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading.

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

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

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

**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 and are apportioned among classes based on average net assets of each class. 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.

**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.

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

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

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

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

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

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

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

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

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

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

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $128615538.03

**Total Liabilities:** $103096.45

**Net Assets:** $128512441.58

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 817.43843400 | **1-Year:** 7758.29853300 | **5-Year:** 21086.36940300 | **10-Year:** 21348.24062500 | **30-Year:** 1097.52432600

**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 | 0.77%                | 0.28%                | 0.38%                |
| Class ID C000203691 | -3.49%               | -4.03%               | -4.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7.94                    | $762603.83                                 |
| Month 2  | $2.35                    | $112002.11                                 |
| Month 3  | $-4810.34                | $159375.75                                 |

### 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      | $746062.54    | 0.58%             | 2033-07-01      | Fixed         | 3.00%                 | 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      | $675758.16    | 0.53%             | 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: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   1377881 | NS      | $1377880.84   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sedona Az Excise Tax Revenue                                 | City of Sedona AZ Excise Tax Revenue                                     | CUSIP: 81567LDR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $809351.27    | 0.63%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks                                                   | City of Wichita KS                                                       | CUSIP: 967245LT6<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    820000 | PA      | $835783.52    | 0.65%             | 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      | $450031.59    | 0.35%             | 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      | $2080088.20   | 1.62%             | 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      | $555504.05    | 0.43%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanunnif Govt                       | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267ADM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887690.00    | 0.69%             | 2033-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ellis Cnty Ks Unif Sch Dist #489 Hays                        | Ellis County Unified School District No 489 Hays                         | CUSIP: 288695EV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $563476.87    | 0.44%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jordan Vly Ut Wtr Conservancy Dist Wtr Revenue               | Jordan Valley Water Conservancy District                                 | CUSIP: 480780MR3<br>LEI: 549300FO664B0R46Z431 | Long             | DBT              | MUN               | US        |    730000 | PA      | $768785.92    | 0.60%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wamego Ks                                                    | City of Wamego KS                                                        | CUSIP: 933603PK2<br>LEI: 5493002O12V62C279A39 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501581.05    | 0.39%             | 2027-03-01      | 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      | $1240489.17   | 0.97%             | 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      | $987638.50    | 0.77%             | 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      | $1060844.98   | 0.83%             | 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      | $236822.28    | 0.18%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lebanon Pa Auth Swr Revenue                                  | City of Lebanon Authority                                                | CUSIP: 522858FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $558520.93    | 0.43%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Nm                                               | City of Albuquerque NM                                                   | CUSIP: 013519CD3<br>LEI: 549300MV7H0GASZUCG39 | Long             | DBT              | MUN               | US        |    700000 | PA      | $719295.99    | 0.56%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks                                                   | City of Wichita KS                                                       | CUSIP: 967245PU9<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    720000 | PA      | $721459.37    | 0.56%             | 2030-10-01      | Fixed         | 3.00%                 | 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      | $704743.30    | 0.55%             | 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      | $431621.25    | 0.34%             | 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      | $829392.37    | 0.65%             | 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      | $1002770.80   | 0.78%             | 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      | $1169230.88   | 0.91%             | 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      | $441208.78    | 0.34%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anoka Cnty Mn                                                | County of Anoka MN                                                       | CUSIP: 03621PAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764639.63    | 0.59%             | 2041-02-01      | 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      | $492615.19    | 0.38%             | 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      | $720599.76    | 0.56%             | 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      | $195906.71    | 0.15%             | 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      | $682359.46    | 0.53%             | 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      | $1252560.56   | 0.97%             | 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      | $576590.55    | 0.45%             | 2031-05-01      | Fixed         | 2.00%                 | 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      | $332702.79    | 0.26%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Dakota St Conservancy Dist                             | South Dakota Conservancy District                                        | CUSIP: 837545RN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078763.20   | 0.84%             | 2044-08-01      | Fixed         | 5.00%                 | 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      | $2070857.40   | 1.61%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Topeka Ks Utility Revenue                                    | City of Topeka KS Combined Utility Revenue                               | CUSIP: 890680YT2<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1206543.20   | 0.94%             | 2041-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#229                            | Johnson County Unified School District No 229 Blue Valley                | CUSIP: 4787005K9<br>LEI: 5493003GXPNLX2PTBN47 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534933.65   | 1.19%             | 2040-10-01      | Fixed         | 4.00%                 | 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      | $494261.73    | 0.38%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas Cnty Ks                                              | County of Douglas KS                                                     | CUSIP: 259039M51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $946470.70    | 0.74%             | 2042-09-01      | Fixed         | 5.00%                 | 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      | $1355712.12   | 1.05%             | 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      | $1524073.20   | 1.19%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anderson Cnty Ks                                             | County of Anderson KS                                                    | CUSIP: 033630ES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $747013.80    | 0.58%             | 2033-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Geary Cnty Ks                                                | County of Geary KS                                                       | CUSIP: 368334HU5<br>LEI: 549300815KGK06XQM227 | Long             | DBT              | MUN               | US        |    415000 | PA      | $418121.92    | 0.33%             | 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      | $1004588.30   | 0.78%             | 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      | $508273.50    | 0.40%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Linn Cnty Ks                                                 | County of Linn KS                                                        | CUSIP: 53578RCW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $405528.92    | 0.32%             | 2032-07-01      | Fixed         | 4.00%                 | 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      | $454221.02    | 0.35%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denton Tx Indep Sch Dist                                     | Denton Independent School District                                       | CUSIP: 249002FT8<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    750000 | PA      | $775765.05    | 0.60%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanunnif Govt                       | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267AJY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124943.60   | 0.88%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 48542RXK5<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1629127.95   | 1.27%             | 2042-05-01      | Fixed         | 5.00%                 | 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      | $656205.94    | 0.51%             | 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      | $793894.70    | 0.62%             | 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      | $331713.49    | 0.26%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Cnty Co Sch Dist #r-001 Cops                       | Jefferson County School District R-1                                     | CUSIP: 472737FX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500815.40    | 0.39%             | 2027-12-15      | Fixed         | 5.00%                 | 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      | $1178409.12   | 0.92%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lawrence Ks Wtr & Swr Sys Revenue                            | City of Lawrence KS Water & Sewage System Revenue                        | CUSIP: 520192UX1<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036168.10   | 0.81%             | 2039-11-01      | Fixed         | 4.00%                 | 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      | $1513310.25   | 1.18%             | 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      | $100154.65    | 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      | $543221.45    | 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      | $854476.06    | 0.66%             | 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      | $989073.70    | 0.77%             | 2033-10-01      | 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      | $1125019.72   | 0.88%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Manhattan Ks                                                 | City of Manhattan KS                                                     | CUSIP: 562895XN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $1028904.88   | 0.80%             | 2037-11-01      | Fixed         | 5.00%                 | 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      | $535107.13    | 0.42%             | 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      | $555502.55    | 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      | $819070.48    | 0.64%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goddard Ks                                                   | City of Goddard KS                                                       | CUSIP: 380270SV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508315.45    | 0.40%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana St Fin Auth Revenue                                  | Indiana Finance Authority                                                | CUSIP: 45506ELK7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075868.40   | 0.84%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #206                            | Butler County Unified School District No 206 Remington                   | CUSIP: 123424CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981961.10    | 0.76%             | 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      | $361532.61    | 0.28%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson Cnty Ks Unif Sch Dist#233                            | Johnson County Unified School District No 233 Olathe                     | CUSIP: 478718W62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $700744.28    | 0.55%             | 2030-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanunnif Govt                       | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267AFB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1089880.87   | 0.85%             | 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      | $683532.82    | 0.53%             | 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      | $501980.75    | 0.39%             | 2031-09-01      | Fixed         | 5.00%                 | 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      | $177808.76    | 0.14%             | 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: 478718Q51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007598.50   | 0.78%             | 2031-09-01      | Fixed         | 4.00%                 | 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      | $187057.86    | 0.15%             | 2035-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oregon St Dept Of Admin Svcs Lottery Revenue                 | Oregon State Lottery                                                     | CUSIP: 68607V6M2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    750000 | PA      | $859250.70    | 0.67%             | 2039-04-01      | Fixed         | 5.00%                 | 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      | $536660.27    | 0.42%             | 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      | $500275.15    | 0.39%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Larimer Cnty Co Sch Dist #r-1poudre                          | Larimer County School District No R-1 Poudre                             | CUSIP: 517138YF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $774429.53    | 0.60%             | 2032-12-15      | 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      | $486682.85    | 0.38%             | 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      | $1009744.40   | 0.79%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Manhattan Ks                                                 | City of Manhattan KS                                                     | CUSIP: 562895WE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $875333.46    | 0.68%             | 2027-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Olathe Ks                                                    | City of Olathe KS                                                        | CUSIP: 679384LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1330502.67   | 1.04%             | 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      | $1068563.20   | 0.83%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanunnif Govt                       | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267ABV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1080631.63   | 0.84%             | 2030-08-01      | Fixed         | 4.00%                 | 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      | $911466.60    | 0.71%             | 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      | $417956.76    | 0.33%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks                                                   | City of Wichita KS                                                       | CUSIP: 967245UL3<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    400000 | PA      | $338436.32    | 0.26%             | 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      | $510312.35    | 0.40%             | 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      | $851476.62    | 0.66%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gardner Ks                                                   | City of Gardner KS                                                       | CUSIP: 365591M52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $693657.17    | 0.54%             | 2044-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Saline Cnty Ks                                               | County of Saline KS                                                      | CUSIP: 795166BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $802007.87    | 0.62%             | 2029-09-01      | Fixed         | 4.00%                 | 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      | $1065030.10   | 0.83%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler Cnty Ks Unif Sch Dist #394                            | Butler County Unified School District No 394 Rose Hill                   | CUSIP: 12343HEU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554288.65    | 0.43%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bourbon Cnty Ks Unif Sch Dist #234 Lease Puragreement Cops   | Bourbon County Unified School District No 234-Fort Scott                 | CUSIP: 10182PAM5<br>LEI: 549300D8KR7613JGTD47 | Long             | DBT              | MUN               | US        |    400000 | PA      | $411142.20    | 0.32%             | 2037-09-01      | Fixed         | 4.00%                 | 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      | $410011.36    | 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      | $644331.13    | 0.50%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mckinney Tx                                                  | City of McKinney TX                                                      | CUSIP: 58178CMN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1220940.39   | 0.95%             | 2039-08-15      | 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      | $497085.07    | 0.39%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Met Transprtn Auth Ny Revenue                                | Metropolitan Transportation Authority                                    | CUSIP: 59261AJQ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762993.75    | 0.59%             | 2030-11-15      | Fixed         | 5.00%                 | 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      | $720500.93    | 0.56%             | 2035-09-01      | Fixed         | 3.00%                 | 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      | $833347.32    | 0.65%             | 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      | $351388.10    | 0.27%             | 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      | $1544694.92   | 1.20%             | 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      | $504304.80    | 0.39%             | 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      | $687910.86    | 0.54%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Clermont Oh Local Sch Dist                              | West Clermont Local School District                                      | CUSIP: 952122JL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404488.12    | 0.31%             | 2032-12-01      | Fixed         | 4.00%                 | 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      | $678716.55    | 0.53%             | 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      | $1220711.55   | 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      | $501155.15    | 0.39%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Somerset Cnty Nj                                             | County of Somerset NJ                                                    | CUSIP: 834665EV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037033.00   | 0.81%             | 2039-01-15      | 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: 982674MY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218214.90    | 0.17%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania St Hgr Eductnl Facs Auth Revenue                | Pennsylvania Higher Educational Facilities Authority                     | CUSIP: 70917SD59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756334.95    | 0.59%             | 2046-08-15      | Fixed         | 5.00%                 | 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      | $1022182.60   | 0.80%             | 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      | $250171.10    | 0.19%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wichita Ks                                                   | City of Wichita KS                                                       | CUSIP: 967245F22<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    750000 | PA      | $788031.98    | 0.61%             | 2035-06-01      | 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      | $813730.80    | 0.63%             | 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      | $469639.67    | 0.37%             | 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      | $1991070.66   | 1.55%             | 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      | $650489.16    | 0.51%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Brushy Creek Tx Regl Utility Auth Contract Revenue           | Brushy Creek Regional Utility Authority, Inc.                            | CUSIP: 117467FL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506052.05    | 0.39%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas City Ks                                             | City of Arkansas City KS                                                 | CUSIP: 040807SC4<br>LEI: 549300B0WCPCVZKW1E16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $828204.60    | 0.64%             | 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      | $828908.80    | 0.65%             | 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      | $519279.10    | 0.40%             | 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      | $425494.11    | 0.33%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Racine Wi Unif Sch Dist                                      | Racine Unified School District                                           | CUSIP: 750046SS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $871498.79    | 0.68%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leawood Ks                                                   | City of Leawood KS                                                       | CUSIP: 5223646A1<br>LEI: 5493006UYWK2VL9PZZ57 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316880.94    | 0.25%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seward Cnty Ks Unif Sch Dist #480                            | Seward County Unified School District No 480 Liberal                     | CUSIP: 818461JA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509662.75    | 0.40%             | 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      | $469377.02    | 0.37%             | 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      | $950735.87    | 0.74%             | 2028-11-01      | Fixed         | 3.00%                 | 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      | $1008389.30   | 0.78%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Paola Ks                                                     | City of Paola KS                                                         | CUSIP: 698669NG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $585374.16    | 0.46%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Manhattan Ks                                                 | City of Manhattan KS                                                     | CUSIP: 562895XM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139149.20   | 0.89%             | 2036-11-01      | Fixed         | 5.00%                 | 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      | $1046442.00   | 0.81%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hernando Cnty Fl Sch Brd Cops                                | Hernando County School District                                          | CUSIP: 42766MEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $690663.24    | 0.54%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salina Ks                                                    | City of Salina KS                                                        | CUSIP: 794744CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $611965.54    | 0.48%             | 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      | $845798.86    | 0.66%             | 2036-10-01      | Fixed         | 3.50%                 | 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      | $355864.46    | 0.28%             | 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      | $962745.80    | 0.75%             | 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      | $764043.98    | 0.59%             | 2032-09-01      | 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: 478740WZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548632.00    | 0.43%             | 2041-10-01      | 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: 982674MB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507168.30    | 0.39%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas St Dev Fin Auth Revenue                               | Kansas Development Finance Authority                                     | CUSIP: 485429X33<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500023.55    | 0.39%             | 2033-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanunnif Govt                       | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267AFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035127.30   | 0.81%             | 2032-08-01      | 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      | $484088.00    | 0.38%             | 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      | $406789.80    | 0.32%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Linn Cnty Ks                                                 | County of Linn KS                                                        | CUSIP: 53578RCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114335.09    | 0.09%             | 2032-07-01      | 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      | $745068.99    | 0.58%             | 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      | $1204495.25   | 0.94%             | 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      | $1126231.31   | 0.88%             | 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      | $1570279.46   | 1.22%             | 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      | $462380.05    | 0.36%             | 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: 478164HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003502.20   | 0.78%             | 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      | $1562353.05   | 1.22%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte Cnty/kans City Kanunnif Govt                       | Wyandotte County-Kansas City Unified Government                          | CUSIP: 98267ABU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $698514.37    | 0.54%             | 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      | $1036424.30   | 0.81%             | 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      | $504596.60    | 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: 549300OY72JUB1H6B581 | Long             | DBT              | MUN               | US        |    140000 | PA      | $144927.17    | 0.11%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dekalb Cnty In Centrl Sch Bldg Corp                          | Dekalb County Central School Building Corp.                              | CUSIP: 24487TCV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555449.25    | 0.43%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawrence Ks                                                  | City of Lawrence KS                                                      | CUSIP: 520121PS7<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |    445000 | PA      | $448674.59    | 0.35%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maize Ks                                                     | City of Maize KS                                                         | CUSIP: 560687VY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $384012.15    | 0.30%             | 2038-10-01      | 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: 549300OY72JUB1H6B581 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102769.86    | 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      | $341253.84    | 0.27%             | 2038-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Derby Ks                                                     | City of Derby KS                                                         | CUSIP: 249776NE1<br>LEI: 549300CONBN0WRKRFQ93 | Long             | DBT              | MUN               | US        |    775000 | PA      | $781684.76    | 0.61%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** ALPS SERIES TRUST

**Signature:** Jill McFate

**Name of Signer:** Jill McFate

**Title:** Treasurer