# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001398344-25-021967
**Filing Date:** 2025-12
**Character Count:** 525612
**Document Hash:** 1f73acd115249da2ffaa9ff318ab2b29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021967.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001398344-25-021967

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22747
- **FILM NUMBER:** 251552250

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

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

## Series and Classes Contracts Data

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

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

### Clarkston Fund (Series ID: S000050590)

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

ALPS SERIES TRUST

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Camilla Nwokonko, Secretary

ALPS Series Trust

1290 Broadway, Suite 1000

<u>Denver, CO 80203</u>

(Name and address of agent for service)

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

(Registrant's telephone number, including area code)

Date of fiscal year end: September 30 <br>Date of reporting period: <u>October 1, 2024 – September 30, 2025</u>

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

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

Annual Shareholder Report \| September 30, 2025

![Image](i5bf46439f95bda3adf673c4b.jpg)

## Fund Overview
This annual shareholder report contains important information about Beacon Planned Return Strategy Fund - Institutional Class for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Beacon Planned Return Strategy Fund - Institutional | $130 | 1.23% |

---

## How did the Fund perform the past year?
The Beacon Planned Return Strategy Fund - Institutional Class returned 10.82% for the 12 months ended September 30, 2025. This is in contrast to the CBOE S&P 500 BuyWrite Index, which had an 8.15% return for the same time period.

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

During the period, the Directional /Enhanced component added value due to the increase in the S&P 500, the Income component detracted from value since selling the out of the money call options lost more than the gains received from selling put options, and the Hedge component detracted from value due to the rise in the S&P 500.

## How did the Fund perform since inception?

### Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i063a67b02d200617880ec156.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Beacon Planned Return Strategy Fund - Institutional - $1,870,460 | S&P 500<sup>®</sup> Total Return Index - $3,021,610 | CBOE S&P 500 BuyWrite Index - $1,613,277 |
| 10/2/2017 | $1000000.00 | $1000000.00 | $1000000.00 |
| 3/31/2018 | $1013244.09 | $1054264.18 | $1010887.60 |
| 9/30/2018 | $1076446.45 | $1174549.41 | $1096538.69 |
| 3/31/2019 | $1091691.78 | $1154381.98 | $1044148.20 |
| 9/30/2019 | $1138587.63 | $1224513.54 | $1084395.69 |
| 3/31/2020 | $1026380.15 | $1073830.43 | $879937.53 |
| 9/30/2020 | $1220717.43 | $1410016.88 | $1023023.12 |
| 3/31/2021 | $1327212.06 | $1678951.36 | $1163269.12 |
| 9/30/2021 | $1361462.70 | $1833090.82 | $1238906.91 |
| 3/31/2022 | $1411347.42 | $1941637.53 | $1336334.83 |
| 9/30/2022 | $1219717.49 | $1549472.99 | $1100035.87 |
| 3/31/2023 | $1391764.80 | $1791578.02 | $1244705.65 |
| 9/30/2023 | $1471494.04 | $1884428.52 | $1260913.75 |
| 3/31/2024 | $1607838.09 | $2326924.02 | $1392723.17 |
| 9/30/2024 | $1687785.84 | $2569446.82 | $1491727.82 |
| 3/31/2025 | $1699633.77 | $2518934.49 | $1529225.39 |
| 9/30/2025 | $1870459.90 | $3021610.30 | $1613277.34 |

---

### Average Annual Total Retuns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Institutional | 1 Year | 5 Year | Since Inception |
| Beacon Planned Return Strategy Fund - Institutional | 10.82% | 8.91% | 8.15% |
| S&P 500<sup>®</sup> Total Return Index | 17.60% | 16.47% | 14.83% |
| CBOE S&P 500 BuyWrite Index | 8.15% | 9.54% | 6.17% |

---

### Fund Statistics
* Total Net Assets$323,811,139

* # of Portfolio Holdings82

* Portfolio Turnover Rate (Institutional)-%

* Advisory Fees Paid$3,361,036

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

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

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Top 10 | % |
| Call XSP October 76.10 10/14/2025 | 11.26% |
| Call XSP March 70.75 03/13/2026 | 10.16% |
| Call XSP May 78.55 05/14/2026 | 9.30% |
| Call XSP November 78.25 11/14/2025 | 9.12% |
| Call XSP June 81.80 06/12/2026 | 8.89% |
| Call XSP 84.05 07/14/2026 | 8.58% |
| Call XSP Febuary 73.53 02/13/2026 | 8.28% |
| Call XSP April 76.65 04/14/2026 | 7.14% |
| Call XSP August 86.15 08/14/2026 | 6.84% |
| Call XSP Jan 79.78 01/14/2026 | 6.01% |
| Total % of Top 10 Holdings | 85.58% |

---

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

![Group By Asset Type Chart](i1dfd3c9ed4d65ee94de09f9a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Short Term Security | 2.28% |
| Purchased Options | 121.28% |
| Cash, Cash Equivalents, & Other Net Assets | (23.56)% |

---

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

![Group By Country Chart](i704188dae203b2ab2fbe99e9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| United States | 123.56% |

---

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

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.beacontrust.com/services/investment-management/beacon-funds](i68beeed901476f8486113d06.jpg)

*Distributor, ALPS Distributors, Inc.*

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

#### Email: mutualfunds@beacontrust.com
02110A597–A–09302025

![Image](i5bf46439f95bda3adf673c4b.jpg)

#### Beacon Planned Return Strategy Fund - Institutional
Annual Shareholder Report \| September 30, 2025

# Brigade High Income Fund
FOUNDERS CLASS: BHIMX

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

![Image](iff9b067eb61d593445003b26.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Brigade High Income Fund - Founders Class for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Brigade High Income Fund - Founders | $54 | 0.52% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Founders Share Class for the Fund returned +7.82% (net) for the one year ending September 30, 2025, outperforming the 60% ICE BofA US HY Constrained / 40% Credit Suisse Leveraged Loan Index (+7.18%) and the ICE BofA US High Yield Constrained Index (+7.23%).

The primary driver of Fund performance over the one-year period was the Fund's high yield bond positions, mainly in the Healthcare, Media, Telecommunications and Financials industries. We continue to see catalysts play out within each of these sectors, which led to their outperformance over the period.

Bank loans were also a notable positive contributor to Fund performance. The asset class had a diverse set of industry drivers for the one year period with Healthcare, Services, Leisure and Telecommunications the top contributors.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $25,000,000 INVESTMENT
![Growth of 10K Chart](i42313888aa6e276947307e24.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Brigade High Income Fund Founders Class - $32,565,402 | Bloomberg U.S. Aggregate Bond Index - $27,635,316 | 60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan - $31,256,642 | ICE BofA US High Yield Constrained Index - $31,421,585 |
| 5/1/2023 | $25000000.00 | $25000000.00 | $25000000.00 | $25000000.00 |
| 6/30/2023 | $25425000.00 | $24879385.65 | $25327520.91 | $25199133.31 |
| 9/30/2023 | $26186194.33 | $24075527.90 | $25749515.66 | $25334141.56 |
| 12/31/2023 | $27582074.10 | $25716787.04 | $27135713.10 | $27125257.94 |
| 3/31/2024 | $28352938.47 | $25517309.47 | $27655682.98 | $27534925.71 |
| 6/30/2024 | $28551648.10 | $25533962.34 | $28044331.21 | $27835018.57 |
| 9/30/2024 | $30202895.13 | $26860720.16 | $29163056.07 | $29303858.85 |
| 12/31/2024 | $30576449.32 | $26038306.35 | $29456796.47 | $29349979.36 |
| 3/31/2025 | $30953036.92 | $26762468.24 | $29696586.26 | $29627218.32 |
| 6/30/2025 | $31801694.96 | $27085414.94 | $30609597.47 | $30685255.88 |
| 9/30/2025 | $32565401.51 | $27635316.45 | $31256641.82 | $31421584.81 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| Founders | 1 Year | Since Inception |
| Brigade High Income Fund - Founders (Incep. May 1, 2023) | 7.82% | 11.56% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 4.23% |
| 60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan | 7.18% | 9.68% |
| ICE BofA US High Yield Constrained Index | 7.23% | 9.92% |

---

### FUND STATISTICS
* Total Net Assets$918,225,028

* # of Portfolio Holdings364

* Portfolio Turnover Rate29%

* Advisory Fees Paid$2,488,877

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

## WHAT DID THE FUND INVEST IN?

### ASSET CLASS WEIGHTINGS

### (as a % of Net Assets)
![Group By Asset Type Chart](i9cb68ace15c594920f3982d9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 57.2% |
| Bank Loans | 33.5% |
| Common Stocks | 1.3% |
| Convertible Bonds | 0.4% |
| Preferred Stocks | 0.2% |
| Rights and Warrants | 0.0% |
| Cash and Equivalents | 7.4% |

---

### SECTOR WEIGHTINGS

### (as a % of Net Assets)
![Group By Sector Chart](ib3c69f8737123c6c5c576b1a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Equivalents | 7.3% |
| Utilities | 1.7% |
| Industrial | 4.4% |
| Technology | 5.4% |
| Basic Materials | 7.4% |
| Energy | 8.1% |
| Financial | 13.1% |
| Communications | 14.2% |
| Consumer, Cyclical | 16.4% |
| Consumer, Non-cyclical | 22.1% |

---

### TOP TEN HOLDINGS

### (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Global Medical Response TL B 10/02/2028 1M SOFR + 3.50% | 0.9% |
| CCO Holdings LLC / CCO Holdings Capital Corp. 01/15/2034 4.25% | 0.9% |
| LifeScan Global Corp. 12/31/2026 3M SOFR + 6.50% | 0.9% |
| Akumin, Inc. 08/01/2027 9.00 (1.00 PIK)% | 0.9% |
| Envision Healthcare Corp. | 0.8% |
| Rain Carbon, Inc. 09/01/2029 12.25% | 0.8% |
| Genesis Energy LP / Genesis Energy Finance Corp. 05/15/2033 8.00% | 0.8% |
| Avaya Inc. 08/01/2028 1M SOFR + 7.50% | 0.8% |
| Pluto Acquisition I, Inc. 09/20/2028 3M SOFR + 4.00% | 0.8% |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. 06/15/2030 9.00% | 0.8% |
| Total % of Top 10 Holdings | 8.4% |

---

### CREDIT QUALITY ALLOCATION

### (as a % of Net Assets)
![Credit Rating Chart](i3524024c2ab82a3c7e8e7fa5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| BBB | 2.8% |
| BB | 26.7% |
| B | 42.0% |
| CCC | 12.1% |
| CC | 0.1% |
| D | 0.4% |
| NR | 7.4% |
| Cash and Equivalents | 7.4% |

---

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

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

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

![Image](iff9b067eb61d593445003b26.jpg)

BRIGADE HIGH INCOME FUND - FOUNDERS CLASS

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

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

02110A456–A–09302025

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

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 212.745.9700.

# Brigade High Income Fund
INSTITUTIONAL CLASS: BHIIX

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

![Image](iff9b067eb61d593445003b26.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Brigade High Income Fund - Institutional Class for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Brigade High Income Fund - Institutional | $58 | 0.56% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Institutional Share Class for the Fund returned +7.78% (net) for the one year ending September 30, 2025, outperforming the 60% ICE BofA US HYConstrained / 40% Credit SuisseLeveraged Loan Index (+7.18%)and the ICE BofA USHigh Yield Constrained Index (+7.23%).

The primary driver of Fund performance over the one-year period was the Fund's high yield bond positions, mainly in the Healthcare, Media, Telecommunications and Financials industries. We continue to see catalysts play out within each of these sectors, which led to their outperformance over the period.

Bank loans were also a notable positive contributor to Fund performance. The asset class had a diverse set of industry drivers for the one year period with Healthcare, Services, Leisure and Telecommunications the top contributors.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K Chart](i397788dc10a7e6044b77308e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Brigade High Income Fund Institutional Class - $1,300,408 | Bloomberg U.S. Aggregate Bond Index - $1,091,951 | 60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan - $1,255,820 | ICE BofA US High Yield Constrained Index - $1,264,687 |
| 5/4/2023 | $1000000.00 | $1000000.00 | $1000000.00 | $1000000.00 |
| 6/30/2023 | $1019038.08 | $983056.42 | $1017601.90 | $1014239.97 |
| 9/30/2023 | $1048863.25 | $951293.68 | $1034556.68 | $1019673.92 |
| 12/31/2023 | $1104225.17 | $1016144.57 | $1090250.93 | $1091764.57 |
| 3/31/2024 | $1134566.82 | $1008262.64 | $1111142.13 | $1108253.29 |
| 6/30/2024 | $1142094.67 | $1008920.64 | $1126757.12 | $1120331.73 |
| 9/30/2024 | $1206547.78 | $1061344.68 | $1171704.93 | $1179451.08 |
| 12/31/2024 | $1221042.91 | $1028848.73 | $1183506.75 | $1181307.39 |
| 3/31/2025 | $1235958.98 | $1057462.46 | $1193140.96 | $1192465.98 |
| 6/30/2025 | $1269907.05 | $1070223.02 | $1229823.66 | $1235050.93 |
| 9/30/2025 | $1300408.26 | $1091951.21 | $1255820.42 | $1264687.44 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| Institutional | 1 Year | Since Inception |
| Brigade High Income Fund - Institutional (Incep. May 4, 2023) | 7.78% | 11.57% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 3.72% |
| 60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan | 7.18% | 9.92% |
| ICE BofA US High Yield Constrained Index | 7.23% | 10.24% |

---

### FUND STATISTICS
* Total Net Assets$918,225,028

* # of Portfolio Holdings364

* Portfolio Turnover Rate29%

* Advisory Fees Paid$2,488,877

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

## WHAT DID THE FUND INVEST IN?

### ASSET CLASS WEIGHTINGS

### (as a % of Net Assets)
![Group By Asset Type Chart](i8f9fb15998ebd7b8565b49d8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Corporate Bonds | 57.2% |
| Bank Loans | 33.5% |
| Common Stocks | 1.3% |
| Convertible Bonds | 0.4% |
| Preferred Stocks | 0.2% |
| Rights and Warrants | 0.0% |
| Cash and Equivalents | 7.4% |

---

### SECTOR WEIGHTINGS

### (as a % of Net Assets)
![Group By Sector Chart](icc6aeac7322ba06b13ec332d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Equivalents | 7.3% |
| Utilities | 1.7% |
| Industrial | 4.4% |
| Technology | 5.4% |
| Basic Materials | 7.4% |
| Energy | 8.1% |
| Financial | 13.1% |
| Communications | 14.2% |
| Consumer, Cyclical | 16.4% |
| Consumer, Non-cyclical | 22.1% |

---

### TOP TEN HOLDINGS

### (as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Global Medical Response TL B 10/02/2028 1M SOFR + 3.50% | 0.9% |
| CCO Holdings LLC / CCO Holdings Capital Corp. 01/15/2034 4.25% | 0.9% |
| LifeScan Global Corp. 12/31/2026 3M SOFR + 6.50% | 0.9% |
| Akumin, Inc. 08/01/2027 9.00 (1.00 PIK)% | 0.9% |
| Envision Healthcare Corp. | 0.8% |
| Rain Carbon, Inc. 09/01/2029 12.25% | 0.8% |
| Genesis Energy LP / Genesis Energy Finance Corp. 05/15/2033 8.00% | 0.8% |
| Avaya Inc. 08/01/2028 1M SOFR + 7.50% | 0.8% |
| Pluto Acquisition I, Inc. 09/20/2028 3M SOFR + 4.00% | 0.8% |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. 06/15/2030 9.00% | 0.8% |
| Total % of Top 10 Holdings | 8.4% |

---

### CREDIT QUALITY ALLOCATION

### (as a % of Net Assets)
![Credit Rating Chart](i03d9ebfd5f39196b122ab318.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| BBB | 2.8% |
| BB | 26.7% |
| B | 42.0% |
| CCC | 12.1% |
| CC | 0.1% |
| D | 0.4% |
| NR | 7.4% |
| Cash and Equivalents | 7.4% |

---

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

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

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

![Image](iff9b067eb61d593445003b26.jpg)

BRIGADE HIGH INCOME FUND - INSTITUTIONAL CLASS

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

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

02110A449–A–09302025

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

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 212.745.9700.

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

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
![Image](if61e63430b13a516ddb44f22.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Carret Kansas Tax-Exempt Bond Fund - A for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Carret Kansas Tax-Exempt Bond Fund - A | $79 | 0.78% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
For the 12 months ending September 30, 2025, the Carret Kansas Tax-Exempt Bond Fund returned 2.23% compared to a return of 1.39% for the Bloomberg Municipal Bond Index and a return of 3.50% for the Bloomberg 7 Year Municipal Bond. The return of the Fund was driven by relatively stable intermediate-duration interest rates combined with coupon-driven cash flows during the period between October 1st, 2024 and September 30th, 2025. The balance between supply and demand helped to offset the broad uncertainty of the macro and micro economies during the period. Additionally, the Fund's high-quality focus, premium coupon bias, and intermediate-duration structure provided a cushion against market volatility.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i29b08232242d08ad51efc042.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Carret Kansas Tax-Exempt Bond Fund - A - NAV - $11,401 | Carret Kansas Tax-Exempt Bond Fund - Class A - Load - $10,920 | Bloomberg Municipal Bond Index - $12,601 | Bloomberg US Municipal Bond: 7 Year (6-8) Index - $12,538 |
| 9/30/2015 | $10000.00 | $9577.59 | $10000.00 | $10000.16 |
| 10/31/2015 | $10024.54 | $9601.09 | $10039.80 | $10055.71 |
| 4/30/2016 | $10240.86 | $9808.27 | $10396.31 | $10347.75 |
| 10/31/2016 | $10265.76 | $9832.12 | $10447.22 | $10380.65 |
| 4/30/2017 | $10220.88 | $9789.13 | $10411.29 | $10368.97 |
| 10/31/2017 | $10332.55 | $9896.09 | $10676.26 | $10559.93 |
| 3/31/2018 | $10277.74 | $9843.59 | $10611.09 | $10402.58 |
| 9/30/2018 | $10280.30 | $9846.05 | $10687.38 | $10491.51 |
| 3/31/2019 | $10640.71 | $10191.23 | $11182.48 | $10991.43 |
| 9/30/2019 | $10948.84 | $10486.34 | $11601.21 | $11317.09 |
| 3/31/2020 | $11071.35 | $10603.68 | $11612.89 | $11311.36 |
| 9/30/2020 | $11376.88 | $10896.31 | $12075.92 | $11857.78 |
| 3/31/2021 | $11437.08 | $10953.97 | $12252.56 | $11944.08 |
| 9/30/2021 | $11496.00 | $11010.40 | $12393.27 | $12026.56 |
| 3/31/2022 | $10870.49 | $10411.31 | $11704.98 | $11364.77 |
| 9/30/2022 | $10149.19 | $9720.48 | $10967.97 | $10931.36 |
| 3/31/2023 | $10841.58 | $10383.61 | $11735.21 | $11592.92 |
| 9/30/2023 | $10282.77 | $9848.41 | $11260.14 | $11175.00 |
| 3/31/2024 | $10935.56 | $10473.62 | $12102.11 | $11841.33 |
| 9/30/2024 | $11152.20 | $10681.12 | $12428.01 | $12116.44 |
| 3/31/2025 | $11064.53 | $10597.15 | $12249.71 | $12048.50 |
| 9/30/2025 | $11401.43 | $10919.81 | $12601.08 | $12537.69 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class A | 1 Year | 5 Year | 10 Year |
| Carret Kansas Tax-Exempt Bond Fund - Class A - NAV | 2.23% | 0.04% | 1.32% |
| Carret Kansas Tax-Exempt Bond Fund - Class A - Load | -2.07% | -0.83% | 0.88% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg US Municipal Bond: 7 Year (6-8) Index | 3.50% | 1.12% | 2.29% |

---

### FUND STATISTICS
* Total Net Assets$125,226,940

* # of Portfolio Holdings166

* Portfolio Turnover Rate10%

* Advisory Fees Paid$156,892

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

Call 888.266.8787 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

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

![Group By Maturity Chart](i11bd2a931ee1fee7345ba0c1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| 5-10 Yr | 44.1% |
| > 10 Yr | 29.0% |
| 3-5 Yr | 17.6% |
| 1-3 Yr | 8.2% |
| < 1 Yr | 0.5% |

---

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

![Group By Sector Chart](i35f7109a65792fb4c3ab85c7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 0.57% |
| Health Care | 1.08% |
| Public Services | 1.36% |
| Utilities | 9.77% |
| Transportation | 10.11% |
| Education | 36.80% |
| General Obligation | 39.69% |

---

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

---

| | |
|:---|:---|
| Top 10 | % |
| State of Kansas Department of Transportation 09/01/2031 5.00% | 1.67% |
| State of Kansas Department of Transportation 09/01/2034 5.00% | 1.66% |
| Allen County Unified School District No 257 09/01/2043 3.00% | 1.54% |
| Kansas Development Finance Authority 05/01/2042 5.00% | 1.29% |
| State of Kansas Department of Transportation 09/01/2028 5.00% | 1.25% |
| City of Lenexa KS 09/01/2033 3.00% | 1.25% |
| County of Johnson KS 09/01/2035 4.00% | 1.23% |
| Douglas County Unified School District No 497 Lawrence 09/01/2031 4.00% | 1.22% |
| Johnson County Public Building Commission 09/01/2031 4.00% | 1.21% |
| Johnson County Unified School District No 229 Blue Valley 10/01/2040 4.00% | 1.21% |
| Total % of Top 10 Holdings | 13.53% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.carret.com/carret-kansas-tax-exempt-bond-fund](iaca74d50703c33c6a6312e26.jpg)

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.266.8787

#### Email: info@carret.com

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

![Image](if61e63430b13a516ddb44f22.jpg)

CARRET KANSAS TAX-EXEMPT BOND FUND - CLASS A

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
02110A530–A–09302025

# Carret Kansas Tax-Exempt Bond Fund
INSTITUTIONAL : SEKSX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
![Image](if61e63430b13a516ddb44f22.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Carret Kansas Tax-Exempt Bond Fund - Institutional for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Carret Kansas Tax-Exempt Bond Fund - Institutional | $49 | 0.48% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
For the 12 months ending September 30, 2025, the Carret Kansas Tax-Exempt Bond Fund returned 2.31% compared to a return of 1.39% for the Bloomberg Municipal Bond Index and a return of 3.50% for the Bloomberg 7 Year Municipal Bond. The return of the Fund was driven by relatively stable intermediate-duration interest rates combined with coupon-driven cash flows during the period between October 1st, 2024 and September 30th, 2025. The balance between supply and demand helped to offset the broad uncertainty of the macro and micro economies during the period. Additionally, the Fund's high-quality focus, premium coupon bias, and intermediate-duration structure provided a cushion against market volatility.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $3,000,000 INVESTMENT
![Growth of 10K Chart](i23ab512e84cbb491c1b8cdcd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Carret Kansas Tax-Exempt Bond Fund - Institutional - $3,513,932 | Bloomberg Municipal Bond Index - $3,780,323 | Bloomberg US Municipal Bond: 7 Year (6-8) Index - $3,761,246 |
| 9/30/2015 | $3000000.00 | $3000000.00 | $2999999.94 |
| 10/31/2015 | $3007296.07 | $3011938.79 | $3016663.83 |
| 4/30/2016 | $3078073.07 | $3118891.59 | $3104274.38 |
| 10/31/2016 | $3091597.19 | $3134166.63 | $3114143.98 |
| 4/30/2017 | $3084028.91 | $3123385.87 | $3110639.56 |
| 10/31/2017 | $3123848.18 | $3202876.71 | $3167926.13 |
| 3/31/2018 | $3112291.62 | $3183327.97 | $3120723.71 |
| 9/30/2018 | $3119057.48 | $3206212.95 | $3147400.23 |
| 3/31/2019 | $3229440.20 | $3354744.73 | $3297375.20 |
| 9/30/2019 | $3330304.61 | $3480363.95 | $3395069.90 |
| 3/31/2020 | $3371761.57 | $3483865.63 | $3393353.45 |
| 9/30/2020 | $3469140.07 | $3622774.69 | $3557274.59 |
| 3/31/2021 | $3491848.68 | $3675768.58 | $3583164.40 |
| 9/30/2021 | $3514234.79 | $3717981.71 | $3607909.91 |
| 3/31/2022 | $3327183.12 | $3511493.04 | $3409373.67 |
| 9/30/2022 | $3110319.82 | $3290391.07 | $3279352.45 |
| 3/31/2023 | $3326640.88 | $3520564.31 | $3477817.18 |
| 9/30/2023 | $3159157.57 | $3378043.29 | $3352444.69 |
| 3/31/2024 | $3363798.66 | $3630632.78 | $3552339.79 |
| 9/30/2024 | $3434729.99 | $3728404.02 | $3634872.51 |
| 3/31/2025 | $3405617.18 | $3674913.84 | $3614489.64 |
| 9/30/2025 | $3513932.37 | $3780322.59 | $3761246.26 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Institutional | 1 Year | 5 Year | 10 Year |
| Carret Kansas Tax-Exempt Bond Fund - Institutional | 2.31% | 0.26% | 1.59% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg US Municipal Bond: 7 Year (6-8) Index | 3.50% | 1.12% | 2.29% |

---

### FUND STATISTICS
* Total Net Assets$125,226,940

* # of Portfolio Holdings166

* Portfolio Turnover Rate10%

* Advisory Fees Paid$156,892

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

Call 888.266.8787 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

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

![Group By Maturity Chart](id0b6f39c65771a3e0a8db386.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| 5-10 Yr | 44.1% |
| > 10 Yr | 29.0% |
| 3-5 Yr | 17.6% |
| 1-3 Yr | 8.2% |
| < 1 Yr | 0.5% |

---

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

![Group By Sector Chart](i50b99acba91639aeb8eaf16b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 0.57% |
| Health Care | 1.08% |
| Public Services | 1.36% |
| Utilities | 9.77% |
| Transportation | 10.11% |
| Education | 36.80% |
| General Obligation | 39.69% |

---

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

---

| | |
|:---|:---|
| Top 10 | % |
| State of Kansas Department of Transportation 09/01/2031 5.00% | 1.67% |
| State of Kansas Department of Transportation 09/01/2034 5.00% | 1.66% |
| Allen County Unified School District No 257 09/01/2043 3.00% | 1.54% |
| Kansas Development Finance Authority 05/01/2042 5.00% | 1.29% |
| State of Kansas Department of Transportation 09/01/2028 5.00% | 1.25% |
| City of Lenexa KS 09/01/2033 3.00% | 1.25% |
| County of Johnson KS 09/01/2035 4.00% | 1.23% |
| Douglas County Unified School District No 497 Lawrence 09/01/2031 4.00% | 1.22% |
| Johnson County Public Building Commission 09/01/2031 4.00% | 1.21% |
| Johnson County Unified School District No 229 Blue Valley 10/01/2040 4.00% | 1.21% |
| Total % of Top 10 Holdings | 13.53% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.carret.com/carret-kansas-tax-exempt-bond-fund](iaca74d50703c33c6a6312e26.jpg)

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.266.8787

#### Email: info@carret.com

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

![Image](if61e63430b13a516ddb44f22.jpg)

CARRET KANSAS TAX-EXEMPT BOND FUND - INSTITUTIONAL

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
02110A522–A–09302025

# CLARKSTON FOUNDERS FUND

#### Founders Class: CFMDX

#### Annual Shareholder Report - September 30, 2025
![Image](i8beb6a8653db4e4a3301ddd7.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Clarkston Founders Fund - Founders Class for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Founders Fund - Founders Class | $81 | 0.80% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
During the fiscal year ended September 30, 2025, the Fund's Founders Class had a return of 3.72% compared to 11.11% for the Russell Midcap<sup><sup>®</sup></sup> Index and 17.41% for the Russell<sup><sup>®</sup></sup> 3000 Index.

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

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

* Affiliated Managers Group (AMG), a strategic investor and partner to a wide variety of independent investment management firms for over 30 years.

* LPL Financial Holdings Inc. (LPLA), a provider of an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions in the United States.

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

* Clarivate PLC (CLVT), an analytics company that operates a collection of subscription-based services in the areas of bibliometrics and scientometrics, business and market intelligence, and competitive profiling.

* Avantor, Inc. (AVTR), a company that engages in the provision of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries.

* Molson Coors Beverage Company (TAP), a company that manufactures, markets, and sells beer and other malt beverage products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](iedd32eb6440e292460dece09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Founders Fund - Founders - $11,714 | Russell 3000<sup>®</sup> Index - $17,055 | Russell Midcap<sup>®</sup> Index - $13,994 |
| 2/16/2021 | $10000.00 | $10000.00 | $10000.01 |
| 3/31/2021 | $10366.20 | $10014.44 | $9999.73 |
| 9/30/2021 | $9709.86 | $10828.58 | $10650.09 |
| 3/31/2022 | $10287.35 | $11208.59 | $10691.83 |
| 9/30/2022 | $8871.31 | $8919.79 | $8584.62 |
| 3/31/2023 | $9916.10 | $10246.88 | $9752.87 |
| 9/30/2023 | $9723.29 | $10744.89 | $9738.90 |
| 3/31/2024 | $11119.15 | $13248.53 | $11932.23 |
| 9/30/2024 | $11294.20 | $14526.40 | $12595.16 |
| 3/31/2025 | $11150.97 | $14204.94 | $12241.84 |
| 9/30/2025 | $11713.79 | $17055.31 | $13994.16 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| Founders | 1 Year | Since Inception |
| Clarkston Founders Fund - Founders Class (Incept. February 16, 2021) | 3.72% | 3.48% |
| Russell 3000<sup>®</sup> Index | 17.41% | 12.25% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 7.55% |

---

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

### FUND STATISTICS
* Total Net Assets$785,907,367

* # of Portfolio Holdings (excluding cash)30

* Portfolio Turnover Rate27%

* Advisory Fees Paid$5,594,699

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](ib4fd0ecf539a39b17be8d5f9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 4.01% |
| Basic Materials | 0.82% |
| Utilities | 3.65% |
| Consumer Discretionary | 7.42% |
| Technology | 10.67% |
| Industrials | 13.42% |
| Health Care | 17.66% |
| Financials | 18.15% |
| Consumer Staples | 24.20% |

---

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

DISCLOSURES

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Affiliated Managers Group, Inc. | 7.31% |
| Post Holdings, Inc. | 7.25% |
| Clarivate PLC | 6.61% |
| Avantor, Inc. | 5.22% |
| Warner Bros. Discovery, Inc. | 4.31% |
| Lamb Weston Holdings, Inc. | 3.88% |
| US Foods Holding Corp. | 3.75% |
| Willis Towers Watson PLC | 3.74% |
| FedEx Corp. | 3.66% |
| GFL Environmental Inc. | 3.65% |
| Total % of Top 10 Holdings | 49.38% |

---

![Image](ida063dee38c087794f1a3161.jpg)

#### Clarkston Founders Fund - Founders Class : CFMDX
Annual Shareholder Report - September 30, 2025

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A498–A–09302025

# CLARKSTON FOUNDERS FUND

#### Institutional Class: CIMDX

#### Annual Shareholder Report - September 30, 2025
![Image](i8beb6a8653db4e4a3301ddd7.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Clarkston Founders Fund - Institutional Class for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Founders Fund - Institutional Class | $92 | 0.90% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
During the fiscal year ended September 30, 2025, the Fund's Institutional Class had a return of 3.69% compared to 11.11% for the Russell Midcap<sup><sup>®</sup></sup> Index and 17.41% for the Russell<sup><sup>®</sup></sup> 3000 Index.

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

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

* Affiliated Managers Group (AMG), a strategic investor and partner to a wide variety of independent investment management firms for over 30 years.

* LPL Financial Holdings Inc. (LPLA), a provider of an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions in the United States.

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

* Clarivate PLC (CLVT), an analytics company that operates a collection of subscription-based services in the areas of bibliometrics and scientometrics, business and market intelligence, and competitive profiling.

* Avantor, Inc. (AVTR), a company that engages in the provision of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries.

* Molson Coors Beverage Company (TAP), a company that manufactures, markets, and sells beer and other malt beverage products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i793da92b9a082a5426603fbf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Founders Fund - Institutional - $19,429 | Russell 3000<sup>®</sup> Index - $32,318 | Russell Midcap<sup>®</sup> Index - $24,347 |
| 1/31/2017 | $10000.00 | $10000.00 | $10000.00 |
| 3/31/2017 | $10270.00 | $10378.98 | $10266.89 |
| 9/30/2017 | $10640.00 | $11180.72 | $10910.60 |
| 3/31/2018 | $11084.57 | $11812.65 | $11519.28 |
| 9/30/2018 | $11385.78 | $13146.27 | $12435.94 |
| 3/31/2019 | $11364.13 | $12848.21 | $12264.58 |
| 9/30/2019 | $11990.90 | $13529.83 | $12832.06 |
| 3/31/2020 | $10244.09 | $11675.76 | $10019.36 |
| 9/30/2020 | $13110.31 | $15559.49 | $13416.23 |
| 3/31/2021 | $17258.65 | $18976.41 | $17397.37 |
| 9/30/2021 | $16165.93 | $20519.14 | $18528.86 |
| 3/31/2022 | $17110.29 | $21239.23 | $18601.47 |
| 9/30/2022 | $14753.59 | $16902.16 | $14935.38 |
| 3/31/2023 | $16475.41 | $19416.87 | $16967.88 |
| 9/30/2023 | $16154.61 | $20360.55 | $16943.58 |
| 3/31/2024 | $18459.07 | $25104.70 | $20759.50 |
| 9/30/2024 | $18738.58 | $27526.15 | $21912.85 |
| 3/31/2025 | $18493.42 | $26917.01 | $21298.16 |
| 9/30/2025 | $19429.21 | $32318.20 | $24346.82 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | Since Inception |
| Clarkston Founders Fund - Institutional Class (Incept. January 31, 2017) | 3.69% | 8.19% | 7.97% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.50% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 10.82% |

---

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

### FUND STATISTICS
* Total Net Assets$785,907,367

* # of Portfolio Holdings (excluding cash)30

* Portfolio Turnover Rate27%

* Advisory Fees Paid$5,594,699

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](if85474d063342ce34ca236d3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 4.01% |
| Basic Materials | 0.82% |
| Utilities | 3.65% |
| Consumer Discretionary | 7.42% |
| Technology | 10.67% |
| Industrials | 13.42% |
| Health Care | 17.66% |
| Financials | 18.15% |
| Consumer Staples | 24.20% |

---

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

DISCLOSURES

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Affiliated Managers Group, Inc. | 7.31% |
| Post Holdings, Inc. | 7.25% |
| Clarivate PLC | 6.61% |
| Avantor, Inc. | 5.22% |
| Warner Bros. Discovery, Inc. | 4.31% |
| Lamb Weston Holdings, Inc. | 3.88% |
| US Foods Holding Corp. | 3.75% |
| Willis Towers Watson PLC | 3.74% |
| FedEx Corp. | 3.66% |
| GFL Environmental Inc. | 3.65% |
| Total % of Top 10 Holdings | 49.38% |

---

![Image](ida063dee38c087794f1a3161.jpg)

#### Clarkston Founders Fund - Institutional Class : CIMDX
Annual Shareholder Report - September 30, 2025

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A647–A–09302025

# CLARKSTON FUND

#### Institutional Class: CILGX

#### Annual Shareholder Report - September 30, 2025
![Image](i8beb6a8653db4e4a3301ddd7.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Clarkston Fund Institutional Class for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Fund - Institutional Class | $66 | 0.65% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
During the fiscal year ended September 30, 2025, the Fund's Institutional Class had a return of 2.46% compared to 17.75% for the Russell 1000<sup><sup>®</sup></sup> Index and 17.41% for the Russell<sup><sup>®</sup></sup> 3000 Index.

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

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

* Affiliated Managers Group (AMG), a strategic investor and partner to a wide variety of independent investment management firms for over 30 years.

* The Charles Schwab Corporation (SCHW), a company that operates as a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services in the United States and internationally.

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

* Clarivate PLC (CLVT), an analytics company that operates a collection of subscription-based services in the areas of bibliometrics and scientometrics, business and market intelligence, and competitive profiling.

* Avantor, Inc. (AVTR), a company that engages in the provision of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries.

* ICON Public Limited Company (ICON), a clinical research organization that provides outsourced development and commercialization services in Europe, the United States, and internationally.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i80ea1e2bd945013d2e74e60d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Fund - $21,826 | Russell 3000<sup>®</sup> Index - $36,549 | Russell 1000<sup>®</sup> Index - $37,440 |
| 4/1/2016 | $10000.00 | $10000.00 | $10000.00 |
| 9/30/2016 | $10520.00 | $10651.67 | $10602.18 |
| 3/31/2017 | $11271.84 | $11737.55 | $11671.67 |
| 9/30/2017 | $11585.22 | $12644.23 | $12567.65 |
| 3/31/2018 | $11726.63 | $13358.88 | $13303.22 |
| 9/30/2018 | $12279.68 | $14867.07 | $14800.28 |
| 3/31/2019 | $12661.47 | $14530.00 | $14540.54 |
| 9/30/2019 | $13620.34 | $15300.84 | $15373.48 |
| 3/31/2020 | $10996.41 | $13204.07 | $13373.48 |
| 9/30/2020 | $13731.26 | $17596.17 | $17835.26 |
| 3/31/2021 | $18393.09 | $21460.36 | $21476.10 |
| 9/30/2021 | $17862.05 | $23205.03 | $23357.70 |
| 3/31/2022 | $18728.70 | $24019.37 | $24325.99 |
| 9/30/2022 | $15301.96 | $19114.60 | $19336.61 |
| 3/31/2023 | $18053.88 | $21958.47 | $22284.19 |
| 9/30/2023 | $17909.66 | $23025.67 | $23434.76 |
| 3/31/2024 | $21233.99 | $28390.82 | $28940.02 |
| 9/30/2024 | $21301.83 | $31129.23 | $31796.23 |
| 3/31/2025 | $20785.56 | $30440.35 | $31203.36 |
| 9/30/2025 | $21825.52 | $36548.53 | $37439.54 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | Since Inception |
| Clarkston Fund - Institutional Class (Incept. April 1, 2016) | 2.46% | 9.71% | 8.56% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.62% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 14.91% |

---

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

### FUND STATISTICS
* Total Net Assets$179,685,774

* # of Portfolio Holdings (excluding cash)29

* Portfolio Turnover Rate25%

* Advisory Fees Paid$750,590

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](i7ebf13a7c19bbf659f52000f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 6.15% |
| Basic Materials | 0.82% |
| Telecommunications | 2.97% |
| Technology | 8.05% |
| Consumer Discretionary | 8.97% |
| Industrials | 16.30% |
| Financials | 16.43% |
| Health Care | 16.90% |
| Consumer Staples | 23.41% |

---

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

DISCLOSURES

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Affiliated Managers Group, Inc. | 6.24% |
| Post Holdings, Inc. | 6.10% |
| Clarivate PLC | 5.85% |
| Avantor, Inc. | 5.80% |
| Warner Bros. Discovery, Inc. | 5.33% |
| IQVIA Holdings, Inc. | 4.86% |
| Anheuser-Busch InBev SA/NV - ADR | 4.55% |
| Lamb Weston Holdings, Inc. | 3.88% |
| FedEx Corp. | 3.87% |
| US Foods Holding Corp. | 3.84% |
| Total % of Top 10 Holdings | 50.32% |

---

![Image](ida063dee38c087794f1a3161.jpg)

#### Clarkston Fund - Institutional Class : CILGX
Annual Shareholder Report - September 30, 2025

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A662–A–09302025

# CLARKSTON PARTNERS FUND

#### Founders Class: CFSMX

#### Annual Shareholder Report - September 30, 2025
![Image](i8beb6a8653db4e4a3301ddd7.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Clarkston Partners Fund - Founders Class for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Partners Fund - Founders Class | $82 | 0.85% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
During the fiscal year ended September 30, 2025, the Fund's Founders Class had a return of -7.35% compared to 10.16% for the Russell 2500<sup>TM</sup> Index and 17.41% for the Russell<sup><sup>®</sup></sup> 3000 Index.

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

* Affiliated Managers Group (AMG), a strategic investor and partner to a wide variety of independent investment management firms for over 30 years.

* LPL Financial Holdings Inc. (LPLA), a provider of an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions in the United States.

* US Foods Holding Corp. (USFD), one of America's largest food distribution companies, serving approximately 250,000 restaurants and foodservice operators across the country.

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

* Clarivate PLC (CLVT), an analytics company that operates a collection of subscription-based services in the areas of bibliometrics and scientometrics, business and market intelligence, and competitive profiling.

* Avantor, Inc. (AVTR), a company that engages in the provision of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries.

* Cable One (CABO), a broadband communications provider to residential and business customers.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](id3093f3b68783bc60bdbafac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Partners Fund - Founders - $20,439 | Russell 3000<sup>®</sup> Index - $39,447 | Russell 2500™ Index - $27,187 |
| 9/30/2015 | $10000.00 | $10000.00 | $10000.00 |
| 3/31/2016 | $10739.52 | $10729.87 | $10368.36 |
| 9/30/2016 | $11472.69 | $11496.41 | $11443.54 |
| 3/31/2017 | $12310.22 | $12668.39 | $12600.54 |
| 9/30/2017 | $12947.68 | $13646.98 | $13479.70 |
| 3/31/2018 | $13608.38 | $14418.31 | $14151.97 |
| 9/30/2018 | $14074.34 | $16046.11 | $15662.45 |
| 3/31/2019 | $13905.48 | $15682.30 | $14786.45 |
| 9/30/2019 | $14564.94 | $16514.28 | $15029.03 |
| 3/31/2020 | $12191.02 | $14251.22 | $11463.72 |
| 9/30/2020 | $14881.77 | $18991.64 | $15362.53 |
| 3/31/2021 | $20750.11 | $23162.28 | $21712.34 |
| 9/30/2021 | $19267.96 | $25045.30 | $22280.01 |
| 3/31/2022 | $20423.43 | $25924.22 | $21786.44 |
| 9/30/2022 | $18051.20 | $20630.48 | $17577.26 |
| 3/31/2023 | $19789.89 | $23699.88 | $19523.03 |
| 9/30/2023 | $19355.90 | $24851.73 | $19560.71 |
| 3/31/2024 | $21970.39 | $30642.36 | $23707.10 |
| 9/30/2024 | $22060.56 | $33597.94 | $24679.11 |
| 3/31/2025 | $20712.50 | $32854.43 | $22969.73 |
| 9/30/2025 | $20439.17 | $39447.02 | $27186.56 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Founders | 1 Year | 5 Year | 10 Year |
| Clarkston Partners Fund - Founders Class (Incept. September 15, 2015) | -7.35% | 6.55% | 7.41% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Index | 10.16% | 12.09% | 10.52% |

---

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

### FUND STATISTICS
* Total Net Assets$899,523,616

* # of Portfolio Holdings (excluding cash)27

* Portfolio Turnover Rate28%

* Advisory Fees Paid$8,052,728

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](i2723f8f44e81ee4848740337.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 1.61% |
| Utilities | 3.82% |
| Consumer Discretionary | 6.81% |
| Technology | 9.12% |
| Industrials | 11.74% |
| Health Care | 16.33% |
| Financials | 18.94% |
| Consumer Staples | 31.63% |

---

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

DISCLOSURES

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Post Holdings, Inc. | 9.08% |
| Affiliated Managers Group, Inc. | 8.35% |
| Clarivate PLC | 6.93% |
| LPL Financial Holdings Inc. | 5.29% |
| Avantor, Inc. | 5.13% |
| Molson Coors Beverage Co. | 4.35% |
| Energizer Holdings, Inc. | 4.07% |
| US Foods Holding Corp. | 4.00% |
| Lamb Weston Holdings, Inc. | 3.87% |
| GFL Environmental Inc. | 3.82% |
| Total % of Top 10 Holdings | 54.89% |

---

![Image](ida063dee38c087794f1a3161.jpg)

#### Clarkston Partners Fund - Founders Class : CFSMX
Annual Shareholder Report - September 30, 2025

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A670–A–09302025

# CLARKSTON PARTNERS FUND

#### Institutional Class: CISMX

#### Annual Shareholder Report - September 30, 2025
![Image](i8beb6a8653db4e4a3301ddd7.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Clarkston Partners Fund - Institutional Class for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Clarkston Partners Fund - Institutional Class | $91 | 0.94% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
During the fiscal year ended September 30, 2025, the Fund's Institutional Class had a return of -7.45% compared to 10.16% for the Russell 2500<sup>TM</sup> Index and 17.41% for the Russell<sup><sup>®</sup></sup> 3000 Index.

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

* Affiliated Managers Group (AMG), a strategic investor and partner to a wide variety of independent investment management firms for over 30 years.

* LPL Financial Holdings Inc. (LPLA), a provider of an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions in the United States.

* US Foods Holding Corp. (USFD), one of America's largest food distribution companies, serving approximately 250,000 restaurants and foodservice operators across the country.

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

* Clarivate PLC (CLVT), an analytics company that operates a collection of subscription-based services in the areas of bibliometrics and scientometrics, business and market intelligence, and competitive profiling.

* Avantor, Inc. (AVTR), a company that engages in the provision of products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries.

* Cable One (CABO), a broadband communications provider to residential and business customers.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $25,000 INVESTMENT
![Growth of 10K Chart](i3624dcf93324ebbd1b762d50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Clarkston Partners Fund - Institutional - $50,550 | Russell 3000<sup>®</sup> Index - $98,618 | Russell 2500™ Index - $67,966 |
| 9/30/2015 | $25000.00 | $25000.00 | $25000.00 |
| 3/31/2016 | $26810.25 | $26824.68 | $25920.89 |
| 9/30/2016 | $28616.52 | $28741.02 | $28608.84 |
| 3/31/2017 | $30697.80 | $31670.99 | $31501.36 |
| 9/30/2017 | $32264.02 | $34117.47 | $33699.25 |
| 3/31/2018 | $33901.09 | $36045.77 | $35379.92 |
| 9/30/2018 | $35011.73 | $40115.27 | $39156.12 |
| 3/31/2019 | $34600.86 | $39205.76 | $36966.11 |
| 9/30/2019 | $36218.78 | $41285.70 | $37572.58 |
| 3/31/2020 | $30309.77 | $35628.07 | $28659.30 |
| 9/30/2020 | $36966.73 | $47479.11 | $38406.31 |
| 3/31/2021 | $51506.17 | $57905.70 | $54280.86 |
| 9/30/2021 | $47807.51 | $62613.27 | $55700.02 |
| 3/31/2022 | $50671.63 | $64810.58 | $54466.09 |
| 9/30/2022 | $44753.78 | $51576.22 | $43943.15 |
| 3/31/2023 | $49041.95 | $59249.73 | $48807.57 |
| 9/30/2023 | $47958.55 | $62129.33 | $48901.77 |
| 3/31/2024 | $54391.58 | $76605.91 | $59267.75 |
| 9/30/2024 | $54616.65 | $83994.86 | $61697.77 |
| 3/31/2025 | $51270.14 | $82136.09 | $57424.31 |
| 9/30/2025 | $50550.16 | $98617.57 | $67966.40 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | 10 Year |
| Clarkston Partners Fund - Institutional Class (Incept. September 15, 2015) | -7.45% | 6.46% | 7.29% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Index | 10.16% | 12.09% | 10.52% |

---

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

### FUND STATISTICS
* Total Net Assets$899,523,616

* # of Portfolio Holdings (excluding cash)27

* Portfolio Turnover Rate28%

* Advisory Fees Paid$8,052,728

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

### SECTOR WEIGHTINGS (as a % of Net Assets)
![Group By Sector Chart](ibf3a078bb34b72a66ff45679.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 1.61% |
| Utilities | 3.82% |
| Consumer Discretionary | 6.81% |
| Technology | 9.12% |
| Industrials | 11.74% |
| Health Care | 16.33% |
| Financials | 18.94% |
| Consumer Staples | 31.63% |

---

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

DISCLOSURES

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;% |
| Post Holdings, Inc. | 9.08% |
| Affiliated Managers Group, Inc. | 8.35% |
| Clarivate PLC | 6.93% |
| LPL Financial Holdings Inc. | 5.29% |
| Avantor, Inc. | 5.13% |
| Molson Coors Beverage Co. | 4.35% |
| Energizer Holdings, Inc. | 4.07% |
| US Foods Holding Corp. | 4.00% |
| Lamb Weston Holdings, Inc. | 3.87% |
| GFL Environmental Inc. | 3.82% |
| Total % of Top 10 Holdings | 54.89% |

---

![Image](ida063dee38c087794f1a3161.jpg)

#### Clarkston Partners Fund - Institutional Class : CISMX
Annual Shareholder Report - September 30, 2025

*Distributor, ALPS Distributors, Inc.*

#### Phone: 844.680.6562
02110A688–A–09302025

![Image](ieacc0f4ce9c6898d99d72b59.jpg)

# Hillman Value Fund
HCMAX

ANNUAL SHAREHOLDER REPORT - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about Hillman Value Fund for the period of October 1, 2024 to September 30, 2025.

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

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

---

| | | |
|:---|:---|:---|
| FUND NAME | COST OF A $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| Hillman Value Fund | $97 | 0.95% |

---

## How did the Fund perform last year?
For the year ended September 30, 2025, the Hillman Value Fund returned 3.64% versus a return of 9.44% for the Russell 1000 Value Total Return Index. The Fund benefitted from strong performance in the Communication Services, Information Technology, Industrials, and Financials Sectors, while investments in the Consumer Staples, Materials, Health Care, and Consumer Discretionary sectors weighed on performance. The premiums generated from option writing nominally benefited performance.

## How has the Fund performed last 10 years?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i998c3464ed063a27f5e696aa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Hillman Value Fund - $30,416 | FT Wilshire 5000 Index - TR - $40,083 | Russell 1000<sup>®</sup> Value Index TR - $27,692 |
| 9/30/2015 | $10000.00 | $10000.00 | $10000.00 |
| 3/31/2016 | $10918.64 | $10760.70 | $10736.59 |
| 9/30/2016 | $11568.85 | $11534.38 | $11619.50 |
| 3/31/2017 | $12970.06 | $12736.17 | $12800.49 |
| 9/30/2017 | $13698.16 | $13717.42 | $13376.69 |
| 3/31/2018 | $13999.27 | $14482.84 | $13689.85 |
| 9/30/2018 | $15574.74 | $16131.62 | $14640.79 |
| 3/31/2019 | $16188.53 | $15769.55 | $14466.68 |
| 9/30/2019 | $17332.35 | $16599.83 | $15226.52 |
| 3/31/2020 | $14069.85 | $14360.18 | $11982.98 |
| 9/30/2020 | $16627.41 | $19113.10 | $14461.41 |
| 3/31/2021 | $22559.78 | $23297.56 | $18703.93 |
| 9/30/2021 | $23783.41 | $25296.62 | $19524.62 |
| 3/31/2022 | $24907.05 | $26348.63 | $20886.45 |
| 9/30/2022 | $19608.81 | $20952.94 | $17306.04 |
| 3/31/2023 | $23733.63 | $24070.06 | $19651.32 |
| 9/30/2023 | $23784.71 | $25243.54 | $19804.73 |
| 3/31/2024 | $29029.62 | $31113.34 | $23634.27 |
| 9/30/2024 | $29336.76 | $34123.13 | $25302.81 |
| 3/31/2025 | $28463.59 | $33327.04 | $25331.33 |
| 9/30/2025 | $30416.07 | $40082.56 | $27691.87 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund | 1 Year | 5 Year | 10 Year |
| Hillman Value Fund | 3.64% | 12.83% | 11.76% |
| FT Wilshire 5000 Index - TR | 17.46% | 15.96% | 14.89% |
| Russell 1000<sup>®</sup> Value Index TR | 9.44% | 13.87% | 10.72% |

---

### FUND STATISTICS
* Total Net Assets$104,988,954

* # of Portfolio Holdings41

* Portfolio Turnover Rate42%

* Advisory Fees Paid$983,802

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

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

## What did the Fund invest in?

### SECTOR WEIGHTINGS
(% of Net Assets)

![Group By Sector Chart](i0f70bf1dcdb3483608c621dd.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 3.73% |
| Consumer Discretionary | 4.37% |
| Industrials | 5.11% |
| Materials | 7.55% |
| Financials | 7.56% |
| Communication Services | 10.33% |
| Information Technology | 12.82% |
| Consumer Staples | 21.99% |
| Health Care | 26.54% |

---

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

![Group By Asset Type Chart](i9e508100702bc88b2adc79a5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 96.27% |
| Cash, Cash Equivalents, & Other Net Assets | 3.73% |

---

TOP TEN HOLDINGS

(% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | % |
| GSK PLC | 2.85% |
| Pfizer, Inc. | 2.75% |
| Baxter International, Inc. | 2.71% |
| Verizon Communications, Inc. | 2.70% |
| Estee Lauder Cos., Inc. | 2.70% |
| DuPont de Nemours, Inc. | 2.69% |
| ASML Holding NV | 2.67% |
| Kraft Heinz Co. | 2.67% |
| Bristol-Myers Squibb Co. | 2.67% |
| Becton Dickinson & Co. | 2.66% |
| Total % of Top 10 Holdings | 27.07% |

---

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

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

Availability of Additional Information

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

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

![Image](ieacc0f4ce9c6898d99d72b59.jpg)

Hillman Value Fund — HCMAX

ANNUAL SHAREHOLDER REPORT - September 30, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://hcmfunds.com/resources](i91ffcec6054e7277acf7d54c.jpg)

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

02110A514–A–09302025**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a Code of Ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions on behalf of the registrant.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments to the provisions of the Code of Ethics referred to above in Item 2(a) were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the Code of Ethics referred to above in Item 2(a) were granted.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The registrant's Code of Ethics is attached as Exhibit hereto.

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

The Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board of Trustees of the registrant has designated Patrick Seese, as the registrant's "Audit Committee Financial Expert." Mr. Seese is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>: For the registrant's fiscal years ended September 30, 2024 and September 30, 2025, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements were $170,200 and $126,300, respectively. For the registrant's fiscal years ended September 30, 2024 and 2025, Cohen & Co. served as principal accountant. In 2024, the amount of $170,200 was paid to Cohen & Co. and in 2025, the amount of $126,300 was paid to Cohen & Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees: For the registrant's fiscal years ended September 30, 2024 and September 30, 2025, the aggregate fees billed for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>: For the registrant's fiscal years ended September 30, 2024 and September 30, 2025, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $35,000 and $24,500, respectively. The fiscal year 2024 and 2025 tax fees were for services for dividend calculation, excise tax preparation and tax return preparation. For the registrant's fiscal years ended September 30, 2024 and September 30, 2025, Cohen & Co. served as principal accountant. In 2024, the amount of $35,000 was paid to Cohen & Co. and in 2025, the amount of $24,500 was paid to Cohen & Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees: For the registrant's fiscal year ended September 30, 2024, $1,500 of other fees were billed to registrant by the principal accountant, Cohen & Co. For the registrant's fiscal year ended September 30, 2025, $0 of other fees were billed to registrant by the principal accountant for services other than the services reported in paragraphs (a) through (c) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)(1) Audit Committee Pre-Approval Policies and Procedures: All services to be performed by the registrant's principal accountant must be pre-approved by the registrant's audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)(2) No services described in paragraphs (b) through (d) of this Item were approved by the registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, were $36,500 in fiscal year ended September 30, 2024 and $24,500 in fiscal year ended September 30, 2025. These fees consisted of tax fees billed to the registrant as described in response to paragraph (c) of this Item. For the registrant's fiscal years ended September 30, 2024 and September 30, 2025, Cohen & Co. served as principal accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence and has determined that the provision of such non-audit services is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable to registrant.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;![](fp0096372-1_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Portfolio of Investments | 1 |
| Statement of Assets and Liabilities | 5 |
| Statement of Operations | 6 |
| Statements of Changes in Net Assets | 7 |
| Financial Highlights | 8 |
| Notes to Financial Statements and Financial Highlights | 10 |
| Report of Independent Registered Public Accounting Firm | 22 |
| Tax Designation | 23 |
| Changes in and Disagreements with Accountants | 24 |
| Proxy Disclosures | 25 |
| Remuneration Paid to Directors, Officers, and Others | 26 |
| Statement Regarding Basis for Approval of Investment Advisory Agreement | 27 |

---

Beacon Planned Return Strategy Fund Portfolio of Investments

*September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration<br> Date** | **Strike<br> Price** | **Contracts** | **Contracts** | **Notional<br> Value** | **Value<br> (Note 2)** |
| **PURCHASED OPTION CONTRACTS - (121.28%)** | **PURCHASED OPTION CONTRACTS - (121.28%)** | **PURCHASED OPTION CONTRACTS - (121.28%)** | **PURCHASED OPTION CONTRACTS - (121.28%)** |  |  |  |
| ***Call Option Contracts (119.43%)<sup>(a)(b)</sup>*** | ***Call Option Contracts (119.43%)<sup>(a)(b)</sup>*** | ***Call Option Contracts (119.43%)<sup>(a)(b)</sup>*** | ***Call Option Contracts (119.43%)<sup>(a)(b)</sup>*** |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Mini Index: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2025 | $76.10 |  | 615 | $41134029 | $36446799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2025 | 584.16 |  | 615 | 41134029 | 5262372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/14/2025 | 78.25 |  | 500 | 33442300 | 29532668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/14/2025 | 600.94 |  | 500 | 33442300 | 3626799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/2025 | 78.25 |  | 285 | 19062111 | 16826640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/2025 | 79.78 |  | 240 | 16052304 | 14133379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/2025 | 600.94 |  | 285 | 19062111 | 2161579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/2025 | 611.12 |  | 240 | 16052304 | 1596541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2026 | 73.53 |  | 200 | 13376920 | 11912159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2026 | 79.78 |  | 330 | 22071918 | 19451184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2026 | 565.09 |  | 200 | 13376920 | 2267956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2026 | 611.12 |  | 330 | 22071918 | 2353333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/2026 | 70.75 |  | 80 | 5350768 | 4786340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/2026 | 542.96 |  | 80 | 5350768 | 1094832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/2026 | 73.53 |  | 450 | 30098070 | 26799880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/2026 | 565.09 |  | 450 | 30098070 | 5231297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/13/2026 | 70.75 |  | 550 | 36786530 | 32894140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/13/2026 | 542.96 |  | 550 | 36786530 | 7647895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 76.65 |  | 390 | 26084994 | 23103088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 81.80 |  | 100 | 6688460 | 5873418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 586.97 |  | 390 | 26084994 | 3999476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 626.25 |  | 100 | 6688460 | 695183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/2026 | 78.55 |  | 510 | 34111146 | 30118582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/2026 | 604.51 |  | 510 | 34111146 | 4629527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/2026 | 81.80 |  | 490 | 32773454 | 28775607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/2026 | 626.25 |  | 490 | 32773454 | 3728923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/2026 | 84.05 |  | 475 | 31770185 | 27795554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/2026 | 644.00 |  | 475 | 31770185 | 3134157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 84.05 |  | 100 | 6688460 | 5851717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 86.15 |  | 380 | 25416148 | 22159246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 644.00 |  | 100 | 6688460 | 693413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 661.75 |  | 380 | 25416148 | 2151129 |
|  |  |  |  |  | 761815594 | 386734813 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 1

Beacon Planned Return Strategy Fund Portfolio of Investments

*September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration<br> Date** | **Strike<br> Price** | **Contracts** | **Contracts** | **Notional<br> Value** | **Value<br> (Note 2)** |
| **PURCHASED OPTION CONTRACTS - (121.28%) (continued)** | **PURCHASED OPTION CONTRACTS - (121.28%) (continued)** | **PURCHASED OPTION CONTRACTS - (121.28%) (continued)** | **PURCHASED OPTION CONTRACTS - (121.28%) (continued)** |  |  |  |
| ***Put Option Contracts (1.85%)*** | ***Put Option Contracts (1.85%)*** | ***Put Option Contracts (1.85%)*** | ***Put Option Contracts (1.85%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Mini Index: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/2025 | $584.16 |  | 615 | $41134029 | $10879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/14/2025 | 600.94 |  | 500 | 33442300 | 95549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/2025 | 600.94 |  | 285 | 19062111 | 111158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/2025 | 611.12 |  | 240 | 16052304 | 112215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2026 | 565.09 |  | 200 | 13376920 | 73939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/2026 | 611.12 |  | 330 | 22071918 | 234727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/2026 | 542.96 |  | 80 | 5350768 | 31318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/2026 | 565.09 |  | 450 | 30098070 | 230422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/13/2026 | 542.96 |  | 550 | 36786530 | 276660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 586.97 |  | 390 | 26084994 | 393227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/2026 | 626.25 |  | 100 | 6688460 | 155298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/2026 | 604.51 |  | 510 | 34111146 | 711865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/2026 | 626.25 |  | 490 | 32773454 | 939808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/2026 | 644.00 |  | 475 | 31770185 | 1168830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 644.00 |  | 100 | 6688460 | 264348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/2026 | 661.75 |  | 380 | 25416148 | 1173878 |
|  |  |  |  |  | 380907797 | 5984121 |
| **TOTAL PURCHASED OPTION CONTRACTS** | **TOTAL PURCHASED OPTION CONTRACTS** | **TOTAL PURCHASED OPTION CONTRACTS** | **TOTAL PURCHASED OPTION CONTRACTS** |  |  |  |
| **(Cost $338,199,961)** |  |  |  |  | $1142723391 | $392718934 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (*2.28%*)** |  |  |  |
| ***Money Market Funds*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Funds - Treasury Instruments Fund<sup>(c)</sup> | 3.720% | 2986179 | $2986179 |
| &nbsp;&nbsp;&nbsp;Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class | 4.053% | 4381332 | 4381332 |
|  |  |  | 7367511 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $7,367,511)** |  |  | 7367511 |
| **TOTAL INVESTMENTS (123.56%)** |  |  |  |
| **(Cost $345,567,472)** |  |  | $400086445 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-23.56%)** |  |  | (76275306) |
| **NET ASSETS (100.00%)** |  |  | $323811139 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 www.beacontrust.com

Beacon Planned Return Strategy Fund Portfolio of Investments

*September 30, 2025*

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

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

*<sup>(c)</sup>* *$2,986,179 is held as collateral at broker for written options.*

**WRITTEN OPTION CONTRACTS (23.40%)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration<br> Date** | **Strike<br> Price** | **Strike<br> Price** | **Contracts** | **Contracts** | **Premiums<br> Received** | **Notional<br> Value** | **Value<br> (Note 2)** |
| **Put Option Contracts - (0.98%)** | **Put Option Contracts - (0.98%)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Mini Index: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/25 | $| 525.74 |  | (615) | $961215 | $(41134029) | $(3335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/14/25 |  | 540.85 |  | (500) | 656978 | (33442300) | (32899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/25 |  | 540.85 |  | (285) | 402977 | (19062111) | (43682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/25 |  | 550.01 |  | (240) | 307908 | (16052304) | (41651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/26 |  | 508.58 |  | (200) | 288389 | (13376920) | (37730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/26 |  | 550.01 |  | (330) | 460003 | (22071918) | (100081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/26 |  | 488.66 |  | (80) | 155356 | (5350768) | (17713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/26 |  | 508.58 |  | (450) | 694326 | (30098070) | (120982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/13/26 |  | 488.66 |  | (550) | 1117019 | (36786530) | (157086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/26 |  | 528.27 |  | (390) | 671949 | (26084994) | (207800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/26 |  | 563.63 |  | (100) | 150395 | (6688460) | (78044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/26 |  | 544.06 |  | (510) | 875132 | (34111146) | (380914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/26 |  | 563.63 |  | (490) | 855025 | (32773454) | (507485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/26 |  | 579.60 |  | (475) | 792277 | (31770185) | (640904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/26 |  | 579.60 |  | (100) | 178895 | (6688460) | (148774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/26 |  | 595.58 |  | (380) | 683222 | (25416148) | (653352) |
|  |  |  |  |  |  | 9251066 | (380907797) | (3172432) |
| **Call Option Contracts - (22.42%)** | **Call Option Contracts - (22.42%)** | **Call Option Contracts - (22.42%)** | **Call Option Contracts - (22.42%)** | **Call Option Contracts - (22.42%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Mini Index: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 10/14/25 |  | 613.19 |  | (1230) | 3328321 | (82268058) | (6981287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11/14/25 |  | 626.66 |  | (1000) | 2560955 | (66884600) | (4852144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/25 |  | 628.46 |  | (570) | 1533844 | (38124222) | (2911748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 12/12/25 |  | 635.93 |  | (480) | 1212455 | (32104608) | (2143282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/26 |  | 590.58 |  | (400) | 1090379 | (26753840) | (3590939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 01/14/26 |  | 638.62 |  | (660) | 1747646 | (44143836) | (3154617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/26 |  | 573.37 |  | (160) | 474071 | (10701536) | (1738424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 02/13/26 |  | 592.84 |  | (900) | 2565852 | (60196140) | (8195885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 03/13/26 |  | 575.54 |  | (1100) | 3368142 | (73573060) | (12028785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/26 |  | 617.26 |  | (780) | 2244018 | (52169988) | (5994784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 04/14/26 |  | 651.61 |  | (200) | 516390 | (13376920) | (995689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 05/14/26 |  | 634.74 |  | (1020) | 2913064 | (68222292) | (6768925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 06/12/26 |  | 656.75 |  | (980) | 2805690 | (65546908) | (5204267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 07/14/26 |  | 673.50 |  | (950) | 2647603 | (63540370) | (4294255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/26 |  | 676.26 |  | (200) | 586190 | (13376920) | (937428) |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 3

Beacon Planned Return Strategy Fund Portfolio of Investments

*September 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Expiration<br> Date** | **Strike<br> Price** | **Contracts** | **Contracts** | **Premiums<br> Received** | **Notional<br> Value** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 08/14/26 | $691.99 |  | (760) | $2169763 | $(50832296) | $(2822743) |
|  |  |  |  |  | 31764383 | (761815594) | (72615202) |
| **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** |  | $**41015449** | $**(1142723391)** | $**(75787634)** |

---

*See Notes to Financial Statements and Financial Highlights.*

4 www.beacontrust.com

Beacon Planned Return Strategy Fund Statement of Assets and Liabilities

*September 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $345,567,472) | $400086445 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 790 |
| &nbsp;&nbsp;&nbsp;Other assets | 27400 |
| &nbsp;&nbsp;&nbsp;Total Assets | 400114635 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Written options, at value (premiums received $41,015,449) | 75787634 |
| &nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 74212 |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 130954 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 268291 |
| &nbsp;&nbsp;&nbsp;Payable for distribution and service fees | 25136 |
| &nbsp;&nbsp;&nbsp;Payable for printing fees | 2769 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 5288 |
| &nbsp;&nbsp;&nbsp;Payable for trustees' fees and expenses | 233 |
| &nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 2872 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 6107 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 76303496 |
| **NET ASSETS** | $323811139 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 6) | $292519076 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 31292063 |
| **NET ASSETS** | $323811139 |
| **PRICING OF SHARES<sup>(a)</sup>** |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $10.84 |
| &nbsp;&nbsp;&nbsp;Net Assets | $323811139 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 29866313 |

---

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

 

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 5

Beacon Planned Return Strategy Fund Statement of Operations

*For the Year Ended September 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $281864 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 281864 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 7) | 3361036 |
| &nbsp;&nbsp;&nbsp;Administration fees | 381244 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 138501 |
| &nbsp;&nbsp;&nbsp;Custody fees | 6337 |
| &nbsp;&nbsp;&nbsp;Legal fees | 21960 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 21125 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 65777 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 35817 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 14669 |
| &nbsp;&nbsp;&nbsp;Printing fees | 14617 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 34393 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 11501 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9761 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 4116738 |
| **NET INVESTMENT LOSS** | (3834874) |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND WRITTEN OPTIONS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 96395977 |
| &nbsp;&nbsp;&nbsp;Written options contracts | (54682956) |
| Net realized gain | 41713021 |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (28596026) |
| &nbsp;&nbsp;&nbsp;Written options contracts | 24074572 |
| Net change | (4521454) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND WRITTEN OPTIONS** | 37191567 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $33356693 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 www.beacontrust.com

Beacon Planned Return Strategy Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| Net investment loss | $(3834874) | $(4124557) |
| Net realized gain on investments and written options | 41713021 | 48900565 |
| Net change in unrealized appreciation/(depreciation) on investments and written options | (4521454) | 5419652 |
| Net increase in net assets resulting from operations | 33356693 | 50195660 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (49344191) | (20445278) |
| Total distributions | (49344191) | (20445278) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 6):** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 39120149 | 15846387 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 43042161 | 18074605 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (126605175) | (31613818) |
| Net increase/(decrease) from beneficial share transactions | (44442865) | 2307174 |
| Net increase/(decrease) in net assets | (60430363) | 32057556 |
| **NET ASSETS:** |  |  |
| Beginning of year | 384241502 | 352183946 |
| End of year | $323811139 | $384241502 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 7

Beacon Planned Return Strategy Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Period Presented*

---

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

---

*See Notes to Financial Statements and Financial Highlights.*

8 www.beacontrust.com

Beacon Planned Return Strategy Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Period Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** | **For the Year<br> Ended<br> September 30,<br> 2023** | **For the Year<br> Ended<br> September 30,<br> 2022** | **For the Year<br> Ended<br> September 30,<br> 2021** |
| $11.40 | $10.52 | $8.72 | $11.13 | $10.49 |
| (0.12) | (0.12) | (0.11) | (0.12) | (0.13) |
| 1.20 | 1.61 | 1.91 | (0.85) | 1.31 |
| 1.08 | 1.49 | 1.80 | (0.97) | 1.18 |
| (1.64) | (0.61) |  | (1.41) | (0.54) |
| – | – | – | (0.03) | – |
| (1.64) | (0.61) | – | (1.44) | (0.54) |
| (0.56) | 0.88 | 1.80 | (2.41) | 0.64 |
| $10.84 | $11.40 | $10.52 | $8.72 | $11.13 |
| 10.82% | 14.70% | 20.64% | (10.41%) | 11.53% |
| $323811 | $384242 | $352184 | $306278 | $362773 |
| 1.23% | 1.20% | 1.21% | 1.19% | 1.19% |
| (1.14%) | (1.12%) | (1.14%) | (1.18%) | (1.19%) |
| 0% | 0% | 0% | 0% | 0% |

---

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

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

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 9

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

1. ORGANIZATION

ALPS Series Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Beacon Planned Return Strategy Fund (the "Fund"). The Fund is non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified Fund. The primary investment objective of the Beacon Planned Return Strategy Fund is to deliver capital preservation and capital appreciation. The Board of Trustees (the "Board" or "Trustees") may establish additional funds and classes of shares at any time in the future without shareholder approval.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for investment companies ("U.S. GAAP"). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of the financial statements.

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

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

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.

10 www.beacontrust.com

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

**Fair Value Measurements:** The Fund discloses the classification of fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly); and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The following is a summary of the inputs used to value investments as of September 30, 2025:

**BEACON PLANNED RETURN STRATEGY FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 - Other<br> Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Purchased Option Contracts | $– | $392718934 | $– | $392718934 |
| Short Term Investments | 7367511 | – | – | 7367511 |
| Total | $7367511 | $392718934 | $– | $400086445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Liabilities** |  |  |  |  |
| Written Option Contracts | $– | $(75787634) | $– | $(75787634) |
| Total | $– | $(75787634) | $– | $(75787634) |

---

Annual Report \| September 30, 2025 11

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

There were no Level 3 securities held during the year ended September 30, 2025.

**Cash & Cash Equivalents:** The Fund considers its investment in a Federal Deposit Insurance Corporation ("FDIC") insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high quality financial institution.

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

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

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

**Trust Expenses:** Some expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed to a fund are apportioned among all funds in the Trust based on average net assets of each fund, including Trustees' fees and expenses.

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

As of and during the year ended September 30, 2025, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax return is subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions and has concluded that as of September 30, 2025, no provision for income tax is required in the Fund's financial statements related to these tax positions.

12 www.beacontrust.com

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis for financial reporting purposes). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date.

**Distributions to Shareholders:** The Fund normally pays dividends, if any, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends and other income the Fund receives from investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. The Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe doing so may be necessary for the Fund to avoid or reduce taxes. Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes.

3. DERIVATIVE INSTRUMENTS

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

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

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

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

Annual Report \| September 30, 2025 13

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

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

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

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

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

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

14 www.beacontrust.com

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

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

The average option contract notional amount during the year ended September 30, 2025, is noted below. These are equity options which have an element of equity security risk.

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measurement** | **Monthly Average** |
| **Beacon Planned Return Strategy Fund** |  |  |
| Purchased Option Contracts | Notional value of contracts outstanding | $1084857782 |
| Written Option Contracts | Notional value of contracts outstanding | $1084857755 |

---

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

The effect of derivative instruments on the Statement of Assets and Liabilities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Assets<br> and Liabilities Location** | **Fair Value of<br> Asset<br> Derivatives** | **Statement of<br> Assets<br> and Liabilities<br> Location** | **Fair Value of<br> Liability<br> Derivatives** |
| **Beacon Planned Return Strategy Fund** |  |  |  |  |
| Equity Contracts (Purchased Options/Written Options) | Investments, at value | $392718934 | Written Options, at value | $75787634 |
|  |  | $392718934 |  | $75787634 |

---

Annual Report \| September 30, 2025 15

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

The effect of derivative instruments on the Statement of Operations for the year ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain (Loss)<br> on Derivatives<br> Recognized<br> in Income** | **Change in Unrealized<br> Gain (Loss) on<br> Derivatives<br> Recognized in<br> Income** |
| **Beacon Planned Return Strategy Fund** |  |  |  |
| Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/Net change in unrealized appreciation/(depreciation) on investments | $96413482 | $(28596026) |
| Equity Contracts (Written Options) | Net realized gain/(loss) on written option contracts/Net change in unrealized appreciation/(depreciation) on written option contracts | (54682956) | 24074572 |
| Total |  | $41730526 | $(4521454) |

---

4. TAX BASIS INFORMATION

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

The tax character of distributions paid by the Fund for the fiscal years ended September 30, 2025 and September 30, 2024, respectively were as follows:

---

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

---

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gains** |
| **Beacon Planned Return Strategy Fund** | $5781380 | $14663898 |

---

16 www.beacontrust.com

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

**Unrealized Appreciation and Depreciation on Investments and Derivative Instruments:** As of September 30, 2025, the aggregate costs of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation of instruments and derivative instruments for federal tax purposes were as follows:

---

| | |
|:---|:---|
| | **Beacon Planned<br> Return Strategy Fund** |
| Gross unrealized appreciation (excess of value over tax cost)<sup>(a)</sup> | $– |
| Gross unrealized depreciation (excess of tax cost over value)<sup>(a)</sup> | – |
| Net unrealized appreciation | $– |
| Cost of investments for income tax purposes | $400086445 |

---

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

**Reclassifications**: As of September 30, 2025, there were no permanent reclassifications.

The primary reason for the temporary differences between book and tax basis unrealized is mark to market adjustments.

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

---

| | |
|:---|:---|
| | **Beacon Planned Return<br> Strategy Fund** |
| Undistributed ordinary income | $10786195 |
| Accumulated capital gains | 20505868 |
| Total | $31292063 |

---

There were no Capital Loss Carryforwards for the year ended September 30, 2025 for the Fund.

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities, during the year ended September 30, 2025, were as follows:

---

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

---

Annual Report \| September 30, 2025 17

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

6. BENEFICIAL SHARE TRANSACTIONS

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

Shares redeemed within 60 days of purchase may incur a 2.00% short-term redemption fee deducted from the redemption amount. For the year ended September 30, 2025, the redemption fees charged by the Fund, if any, is presented in the Statements of Changes in Net Assets.

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> September 30,<br> 2025** | **For the Year Ended<br> September 30,<br> 2024** |
| **Beacon Planned Return Strategy Fund** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3896240 | 1488974 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 4347693 | 1724676 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12093879) | (2967716) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (3849946) | 245934 |

---

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

7. MANAGEMENT AND RELATED PARTY TRANSACTIONS

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

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

18 www.beacontrust.com

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

Pursuant to a fee waiver letter agreement (the "Fee Waiver Agreement"), the Adviser has contractually agreed to limit the amount of the Fund's Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 1.40% of the Fund's average daily net assets. The Fee Waiver Agreement shall continue at least through January 31, 2026, and will automatically continue upon annual approval of the Board for successive twelve-month periods unless (i) it is terminated earlier by the Board, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. Except due to the Adviser's notice of non-renewal, the Fee Waiver Agreement may only be amended or terminated with the approval of the Board. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Fee Waiver Agreement (whether through a reduction of its management fee or otherwise) only to the extent that the Fund expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee or expense was reduced, as calculated on a monthly basis. There were no fees waived or reimbursed for the year ended September 30, 2025.

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to the Fund. The Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to the Administration, Bookkeeping and Pricing Services Agreement with the Trust, ALPS will provide operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assist in the Fund's operations. The Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Fund for the year ended September 30, 2025, are disclosed in the Statement of Operations. ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

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

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

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

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

Annual Report \| September 30, 2025 19

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

8. TRUSTEES AND OFFICERS

As of September 30, 2025, there were four Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees"). The Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875 and the Independent Chair receives a quarterly retainer of $4,250. These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

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

9. INDEMNIFICATIONS

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

10. RECENT ACCOUNTING PRONOUNCEMENT

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the year. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Fund's internal organizational structure.

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

20 www.beacontrust.com

Beacon Planned Return Strategy Fund Notes to Financial Statements and Financial Highlights

*September 30, 2025*

11. SUBSEQUENT EVENTS

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

Annual Report \| September 30, 2025 21

Beacon Planned Return Strategy Fund Report of Independent Registered Public Accounting Firm

To the Shareholders of Beacon Planned Return Strategy Fund and

Board of Trustees of ALPS Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Beacon Planned Return Strategy Fund (the "Fund"), a series of ALPS Series Trust, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2018.

![](fp0096372-1_02.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

22 www.beacontrust.com

Beacon Planned Return Strategy Fund Tax Designation

*September 30, 2025 (Unaudited)*

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

---

| | |
|:---|:---|
| Beacon Planned Return Strategy Fund | $34425875 |

---

Annual Report \| September 30, 2025 23

Beacon Planned Return Strategy Fund Changes in and Disagreements with Accountants

*September 30, 2025 (Unaudited)*

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

24 www.beacontrust.com

Beacon Planned Return Strategy Fund Proxy Disclosures

*September 30, 2025 (Unaudited)*

Not applicable to the period covered by this report.

Annual Report \| September 30, 2025 25

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

*September 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended September 30, 2025:

---

| | |
|:---|:---|
| **Trustee** | **Amount Paid** |
| Ward Armstrong | $11322.72 |
| J.W. Hutchens | 9435.59 |
| Merrillyn Kosier | 9435.59 |
| Patrick Seese | 10268.14 |
| **Total** | $40462.04 |

---

26 www.beacontrust.com

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

*September 30, 2025 (Unaudited)*

On August 21, 2025, the Board of Trustees (the "Board") of ALPS Series Trust (the "Trust") met in person to discuss, among other things, the approval of the Investment Advisory Agreement between the Trust and Beacon Investment Advisory Services, Inc. ("Beacon") in accordance with Section 15(c) of the 1940 Act ("Beacon Agreement"). The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials.

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

**Nature, Extent and Quality of the Services:** The Trustees acknowledged and reflected on the information provided concerning the nature, extent and quality of services provided to the Beacon Fund under the Beacon Agreement. The Trustees examined the materials supplied by Beacon, including but not limited to certain compliance reports, Form ADV, ownership structure as a subsidiary of a larger organization, and consolidated financial statements of its parent company.

The Trustees discussed Beacon's history as an asset manager, its performance, and its investment advisory personnel. The Trustees observed Beacon's disciplined, systematic approach to allocations while incorporating some level of downside protection. The Trustees considered Beacon's use of long and short put and call options, and the quality of personnel necessary to effectively implement the strategy. The Trustees considered Beacon's strong compliance record, robust information security program, and its commitment to a culture of compliance. The Trustees considered the background and experience of Beacon's team, which included the review of qualifications, background, and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Beacon Fund. They discussed Beacon's approach to achieving best execution of trades. The Trustees concluded that the nature, extent and quality of the services provided by Beacon supported the renewal of the Agreement.

**Performance:** The Board reviewed the performance information provided for the Beacon Fund for the period ended May 31, 2025, as compared to the Fund's benchmark index, and for the one-year, three-year, five-year and since inception periods ended May 31, 2025, against a peer group selected by an independent data provider. The Trustees noted that the Institutional Class of the Fund had outperformed the Cboe BXM Buy/Write Index for the three-year period. They further observed that the Fund's Institutional Class performance ranked in the top quartile versus its peer group for the three-year, five-year, and since inception periods, and in the second highest quartile for the one-year period. They discussed the Fund's impressive 4-star Morningstar rating. The Board noted its satisfaction with the Fund's performance, noting Beacon's disciplined implementation of its strategy.

**Investment Advisory Fee Rate and Net Expense Ratio:** The Trustees noted that the Beacon Fund's contractual annual advisory fee of 1.00% was equal to its peer group median, and that the Beacon Fund's total net expense ratio of 1.20% was in line with the peer group median.

Annual Report \| September 30, 2025 27

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

*September 30, 2025 (Unaudited)*

The Board acknowledged Beacon's depictions regarding the differences in strategies of the peer funds compared to the Beacon Fund, noting that Beacon believed the execution of the Beacon Fund's strategy required more resources than certain peer funds. After further discussion, the Trustees determined that the contractual annual advisory fee, taking into consideration the total net expenses for the Fund, was not unreasonable.

**Profitability:** The Trustees received and considered a profitability analysis based on the fees paid under the Beacon Agreement prepared by Beacon. The Trustees observed that Beacon's work with the Fund was profitable, but that the amount of profit was not unreasonable. The Trustees reviewed and discussed the financial statements of Beacon's parent company, acknowledging that Beacon's parent company was well capitalized. In consideration of the fact that Beacon's work with the Fund was profitable, and that Beacon's parent company was well capitalized, the Board did not have concerns regarding the firm's continued viability.

**Comparable Accounts:** The Trustees observed that Beacon did not manage any other accounts with a similar strategy.

**Economies of Scale:** The Trustees deliberated whether Beacon was benefiting from economies of scale in the provision of services to the Beacon Fund and whether such economies should be shared with the shareholders. The Board noted Beacon's belief that it was able to achieve certain economies of scale at the Beacon Fund's current asset levels, including through resource sharing with its parent company because the firm was part of a large organization and thus was able to charge the Fund a lower advisory fee at the Fund's current asset levels than it otherwise would be able to if Beacon was a smaller organization. The Board reviewed the Beacon Fund's assets under management and its prospects for growth.

**Other Benefits to the Adviser:** The Trustees evaluated and contemplated any incidental benefits derived or to be derived by Beacon from its relationship with the Beacon Fund, including research and other support services. They noted that Beacon does not have a soft dollar program.

Having requested and reviewed such information from Beacon as the Board believed to be reasonably necessary to evaluate the terms of the Beacon Agreement, the Trustees, including all the Independent Trustees, determined that renewal of the Beacon Agreement was in the best interests of the Fund and its shareholders.

28 www.beacontrust.com

![](fp0096372-1_03.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 12 |
| Statement of Operations | 13 |
| Statements of Changes in Net Assets | 14 |
| Financial Highlights | 15 |
| Notes to Financial Statements and Financial Highlights | 17 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Tax Designations | 29 |
| Changes in and Disagreements with Accountants for Open-End Management Investment Companies | 30 |
| Proxy Disclosures | 31 |
| Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies | 32 |
| Statement Regarding Basis for Approval of Investment Advisory Contract | 33 |

---

![](fp0096372-1_07.jpg)

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (1.31%)** |  |  |
| ***Communications (0.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Beasley Broadcast Group, Inc.<sup>(a)(b)(c)(d)</sup> | 2640 | $11823 |
| &nbsp;&nbsp;&nbsp;Xplore Inc/Stonepeak Falcon<sup>(a)(b)(d)</sup> | 71771 | 844729 |
| ***Total Communications*** |  | 856552 |
| ***Consumer, Cyclical (0.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Libbey Glass Inc.<sup>(a)(b)(d)</sup> | 166360 | 665440 |
| &nbsp;&nbsp;&nbsp;Mountaineer Merger Corp<sup>(a)(b)(d)</sup> | 2912688 | 29127 |
| ***Total Consumer, Cyclical*** |  | 694567 |
| ***Consumer, Non-cyclical (0.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aquity Holdings Inc.<sup>(a)(b)(d)</sup> | 122254 | 18662 |
| &nbsp;&nbsp;&nbsp;Envision Healthcare Corp.<sup>(b)(d)</sup> | 481845 | 7589059 |
| ***Total Consumer, Non-cyclical*** |  | 7607721 |
| ***Technology (0.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Applogic<sup>(b)(c)(d)</sup> | 212291 | 636873 |
| &nbsp;&nbsp;&nbsp;Avaya Holdings Corp.<sup>(a)(b)(c)(d)</sup> | 48689 | 863256 |
| &nbsp;&nbsp;&nbsp;Matrix Parent, Inc.<sup>(b)(d)</sup> | 108019 | 1410998 |
| ***Total Technology*** |  | 2911127 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $10,154,370)** |  | 12069967 |
| **PREFERRED STOCKS (0.17%)** |  |  |
| ***Consumer, Cyclical (0.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Mountaineer Merger Corp PREF A<sup>(a)(b)(d)</sup> | 2912688 | 1520423 |
| **TOTAL PREFERRED STOCKS** |  |  |
| **(Cost $1,520,423)** |  | 1520423 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value <br> (Note 2)** |
| **BANK LOANS (33.41%)** |  |  |  |  |
| ***Basic Materials (1.61%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC<sup>(e)</sup> | 1M SOFR + 2.75% | 8/19/2030 | $1350974 | $1347376 |
| &nbsp;&nbsp;&nbsp;Domtar Corp.<sup>(e)</sup> | 1M SOFR + 5.50%, 0.75% Floor | 11/30/2028 | 478418 | 438551 |
| &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(e)</sup> | 1M SOFR + 3.25% | 7/26/2032 | 3300000 | 3272907 |
| &nbsp;&nbsp;&nbsp;Spectrum Group Buyer, Inc.<sup>(e)</sup> | 3M SOFR + 6.50%, 0.75% Floor | 5/19/2028 | 3213459 | 2845261 |
| &nbsp;&nbsp;&nbsp;TPC Group<sup>(e)</sup> | 6M SOFR + 6.00% | 11/22/2031 | 4716347 | 4533589 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc.<sup>(e)</sup> | 3M SOFR + 4.25%, 0.50% Floor | 4/23/2029 | 2948704 | 2375564 |
| ***Total Basic Materials*** |  |  |  | $14813248 |
| ***Communications (3.18%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Media First Out<sup>(a)(d)(e)</sup> | 3M SOFR + 5.50% | 8/31/2029 | 4080000 | 4080000 |
| &nbsp;&nbsp;&nbsp;Cable & Wireless<sup>(e)</sup> | 3M SOFR + 3.25% | 1/30/2032 | 1500000 | 1483966 |
| &nbsp;&nbsp;&nbsp;Cox Media Group TL<sup>(e)</sup> | 3M SOFR + 3.50% | 6/18/2029 | 5785655 | 5521308 |
| &nbsp;&nbsp;&nbsp;Digicel TL B<sup>(e)</sup> | 3M SOFR + 5.25% | 7/30/2032 | 3000000 | 2996250 |
| &nbsp;&nbsp;&nbsp;Hubbard Radio LLC<sup>(e)</sup> | 1M SOFR + 4.33%, 1.00% Floor | 9/30/2027 | 2830152 | 1535358 |
| &nbsp;&nbsp;&nbsp;Plusgrade, Inc.<sup>(e)</sup> | 3M SOFR + 3.50% | 3/3/2031 | 2149643 | 2146956 |
| &nbsp;&nbsp;&nbsp;StubHub Holdco Sub LLC<sup>(e)</sup> | 1M SOFR + 4.75% | 3/12/2030 | 1433783 | 1418843 |
| &nbsp;&nbsp;&nbsp;Syniverse Holdings LLC<sup>(e)</sup> | 3M SOFR + 7.00%, 0.50% Floor | 5/13/2027 | 5450684 | 5284602 |
| &nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC<sup>(e)</sup> | 1M SOFR + 2.50% | 1/31/2028 | 860563 | 859255 |
| &nbsp;&nbsp;&nbsp;Xplore TL<sup>(e)</sup> | 1M SOFR + 5.00% | 10/24/2029 | 385685 | 362544 |
| &nbsp;&nbsp;&nbsp;Xplore TL<sup>(e)</sup> | 1M SOFR + 1.50% | 10/24/2031 | 1273096 | 869944 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 1

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| ***Communications (3.18%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 3.00% | 3/9/2027 | $2716235 | $2616076 |
| ***Total Communications*** |  |  |  | 29175102 |
| ***Consumer, Cyclical (7.70%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alterra Mountain<sup>(e)</sup> | 1M SOFR + 2.50% | 5/2/2028 | 1661830 | 1661132 |
| &nbsp;&nbsp;&nbsp;Alterra Mountain TL B<sup>(e)</sup> | 1M SOFR + 2.50% | 5/31/2030 | 665000 | 665419 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 7.00%, 2.00% Floor | 1/4/2029 | 2830793 | 2836115 |
| &nbsp;&nbsp;&nbsp;Century Casinos, Inc.<sup>(e)</sup> | 1M SOFR + 6.00%, 0.75% Floor | 4/2/2029 | 3011477 | 2532652 |
| &nbsp;&nbsp;&nbsp;Crown Finance US Inc<sup>(e)</sup> | 6M SOFR + 4.50% | 12/2/2031 | 2482525 | 2475400 |
| &nbsp;&nbsp;&nbsp;Delivery Hero<sup>(e)</sup> | 3M SOFR + 5.00% | 12/12/2029 | 1970620 | 1990326 |
| &nbsp;&nbsp;&nbsp;DS Parents, INC.<sup>(e)</sup> | 3M SOFR + 5.50% | 12/13/2030 | 2868688 | 2648745 |
| &nbsp;&nbsp;&nbsp;ECL Entertainment LLC<sup>(e)</sup> | 1M SOFR + 3.00% | 8/1/2032 | 3024104 | 3018811 |
| &nbsp;&nbsp;&nbsp;Gabe's DDTL<sup>(a)(d)(e)</sup> | 1M SOFR + 8.00% | 6/16/2030 | 467786 | 467786 |
| &nbsp;&nbsp;&nbsp;Gabe's TL<sup>(a)(d)(e)</sup> | 1M SOFR + 8.00% | 6/16/2030 | 563031 | 563031 |
| &nbsp;&nbsp;&nbsp;Gategroup TL B<sup>(e)</sup> | 1M SOFR + 4.25% | 5/28/2032 | 2280579 | 2297684 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.<sup>(e)</sup> | 1M SOFR + 2.75% | 3/8/2032 | 1915375 | 1920163 |
| &nbsp;&nbsp;&nbsp;Harrah's Oklahoma TL<sup>(e)</sup> | 1M SOFR + 9.00%, 2.00% Floor | 10/10/2030 | 2403094 | 2391078 |
| &nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC<sup>(e)</sup> | 1M SOFR + 3.50%, 0.75% Floor | 4/26/2030 | 1703502 | 1684338 |
| &nbsp;&nbsp;&nbsp;Jack Entertainment<sup>(e)</sup> | 1M SOFR + 4.00% | 1/27/2032 | 2591975 | 2568647 |
| &nbsp;&nbsp;&nbsp;Libbey Glass LLC<sup>(e)</sup> | 3M SOFR + 6.50%, 0.75% Floor | 11/22/2027 | 1770530 | 1701479 |
| &nbsp;&nbsp;&nbsp;Mad Engine Global LLC<sup>(e)</sup> | 3M SOFR + 7.00%, 1.00% Floor | 7/15/2027 | 2222705 | 1900413 |
| &nbsp;&nbsp;&nbsp;Peninsula Pacific Entertainment<sup>(e)</sup> | 1M SOFR + 4.75% | 8/16/2032 | 1458228 | 1454582 |
| &nbsp;&nbsp;&nbsp;Peninsula Pacific Entertainment DD<sup>(f)</sup> | 0.000% | 8/16/2030 | 341772 | (854) |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness<sup>(e)</sup> | 3M SOFR + 3.25%, 0.75% Floor | 3/6/2028 | 1625290 | 1581537 |
| &nbsp;&nbsp;&nbsp;PetSmart<sup>(e)</sup> | 1M SOFR + 4.00% | 2/14/2028 | 2630033 | 2617304 |
| &nbsp;&nbsp;&nbsp;PrimeSource TL B<sup>(e)</sup> | 1M SOFR + 4.50% | 9/25/2031 | 3780000 | 3779055 |
| &nbsp;&nbsp;&nbsp;RealTruck Group, Inc.<sup>(e)</sup> | 1M SOFR + 3.75% | 1/31/2028 | 3742737 | 3381226 |
| &nbsp;&nbsp;&nbsp;Restoration Hardware Inc.<sup>(e)</sup> | 1M SOFR + 2.50%, 0.50% Floor | 10/20/2028 | 2991771 | 2908241 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC<sup>(e)</sup> | 1M SOFR + 5.00%, 0.50% Floor | 3/11/2028 | 1739614 | 1731229 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e)</sup> | 1M SOFR + 4.25%, 0.50% Floor | 6/30/2028 | 49887 | 46354 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e)</sup> | 1M SOFR + 3.50%, 0.50% Floor | 12/17/2027 | 871398 | 823471 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e)</sup> | 1M SOFR + 6.00%, 0.50% Floor | 11/15/2029 | 867412 | 815368 |
| &nbsp;&nbsp;&nbsp;Sizzling Platter DD<sup>(f)</sup> | 2.500% | 6/25/2032 | 629703 | (11335) |
| &nbsp;&nbsp;&nbsp;Sizzling Platter LLC TERM (06/25) 1LIEN USD<sup>(e)</sup> | 1M SOFR + 5.00% | 6/25/2032 | 3345297 | 3285082 |
| &nbsp;&nbsp;&nbsp;Travelport Finance Luxembourg Sarl<sup>(e)</sup> | 3M SOFR + 7.00%, 1.00% Floor | 9/29/2028 | 3174133 | 2645640 |
| &nbsp;&nbsp;&nbsp;US LBM TL<sup>(e)</sup> | 1M SOFR + 3.75% | 6/6/2031 | 2298580 | 2239276 |
| &nbsp;&nbsp;&nbsp;Veritiv TL<sup>(e)</sup> | 3M SOFR + 4.50% | 12/2/2030 | 2224487 | 2199150 |
| &nbsp;&nbsp;&nbsp;Vista Management Holding, Inc.<sup>(e)</sup> | 3M SOFR + 3.75% | 4/1/2031 | 2910360 | 2926134 |
| &nbsp;&nbsp;&nbsp;Warhorse Gaming, LLC<sup>(e)</sup> | 1M SOFR + 9.25% | 6/15/2028 | 3873984 | 4009574 |
| ***Total Consumer, Cyclical*** |  |  |  | 69754253 |
| ***Consumer, Non-cyclical (10.65%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alphia<sup>(e)</sup> | 1M SOFR + 5.00% | 5/2/2028 | 2470142 | 2405573 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare TL B<sup>(e)</sup> | 1M SOFR + 3.75% | 9/10/2032 | 2645000 | 2641694 |
| &nbsp;&nbsp;&nbsp;Bausch Health<sup>(e)</sup> | 1M SOFR + 6.25% | 10/8/2030 | 3971945 | 3908632 |
| &nbsp;&nbsp;&nbsp;Carestream Health, Inc.<sup>(e)</sup> | 3M SOFR + 7.50%, 1.00% Floor | 9/30/2027 | 8769539 | 4362845 |
| &nbsp;&nbsp;&nbsp;Celsius<sup>(e)</sup> | 3M SOFR + 3.00% | 4/1/2032 | 1850363 | 1852108 |
| &nbsp;&nbsp;&nbsp;Colosseum Dental Finance BV<sup>(e)</sup> | 3M SOFR + 3.75% | 2/25/2032 | 1960565 | 2304271 |
| &nbsp;&nbsp;&nbsp;Global Medical Response TL B<sup>(e)</sup> | 1M SOFR + 3.50% | 10/2/2028 | 8610000 | 8610431 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals<sup>(e)</sup> | 1M SOFR + 2.25% | 5/2/2028 | 2297414 | 2298517 |
| &nbsp;&nbsp;&nbsp;LGC Group<sup>(e)</sup> | 1M SOFR + 4.00% | 1/31/2030 | 2283153 | 2284295 |
| &nbsp;&nbsp;&nbsp;LifeScan Global Corp.<sup>(e)</sup> | 3M SOFR + 6.50% | 12/31/2026 | 8877538 | 8478049 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP<sup>(e)</sup> | 1M SOFR + 2.00%, 0.50% Floor | 10/23/2028 | 1148981 | 1148268 |
| &nbsp;&nbsp;&nbsp;Modivcare<sup>(e)</sup> | 3M SOFR + 4.75% | 6/20/2031 | 2810801 | 1264860 |
| &nbsp;&nbsp;&nbsp;ModivCare Add-On<sup>(e)</sup> | 3M SOFR + 8.50% | 12/31/2049 | 1516177 | 644375 |
| &nbsp;&nbsp;&nbsp;ModivCare DIP<sup>(e)</sup> | 3M SOFR + 7.00% | 2/18/2026 | 362878 | 351991 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

2 www.brigadefunds.com

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value <br> (Note 2)** |
| ***Consumer, Non-cyclical (10.65%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ModivCare DIP DD<sup>(f)</sup> | 0.000% | 2/22/2026 | $217727 | $(6532) |
| &nbsp;&nbsp;&nbsp;Naked Juice TL<sup>(e)</sup> | 3M SOFR + 5.50% | 1/24/2029 | 1503885 | 1511404 |
| &nbsp;&nbsp;&nbsp;Naked Juice TL<sup>(e)</sup> | 3M SOFR + 3.25% | 1/24/2029 | 7544298 | 5671728 |
| &nbsp;&nbsp;&nbsp;NAPA Management Services Corp.<sup>(e)</sup> | 3M SOFR + 5.25%, 0.75% Floor | 2/23/2029 | 3129071 | 2071695 |
| &nbsp;&nbsp;&nbsp;Nutrisystem TL<sup>(c)(d)(e)</sup> | 1M SOFR + 5.00% | 4/19/2030 | 4064527 | 4036604 |
| &nbsp;&nbsp;&nbsp;Nutrisystem TL<sup>(c)(d)(e)</sup> | 1M SOFR + 6.25% | 10/19/2030 | 5809710 | 5192428 |
| &nbsp;&nbsp;&nbsp;Opal US LLC<sup>(e)</sup> | 6M SOFR + 3.25% | 4/23/2032 | 3990000 | 3997980 |
| &nbsp;&nbsp;&nbsp;Pluto Acquisition I, Inc.<sup>(e)</sup> | 3M SOFR + 4.00% | 9/20/2028 | 9452700 | 6947734 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(e)</sup> | 1M SOFR + 4.50% | 6/30/2032 | 4533846 | 4518749 |
| &nbsp;&nbsp;&nbsp;RXB Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 4.50%, 0.75% Floor | 12/20/2027 | 2728627 | 2735449 |
| &nbsp;&nbsp;&nbsp;SCP Health TL B<sup>(e)</sup> | 3M SOFR + 3.75% | 7/24/2032 | 5650000 | 5674238 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 4.50% | 6/30/2028 | 6050000 | 6033605 |
| &nbsp;&nbsp;&nbsp;Two Kings Casino TL<sup>(e)</sup> | 1M SOFR + 5.00% | 12/12/2031 | 2425000 | 2476531 |
| &nbsp;&nbsp;&nbsp;US Fertility Enterprises<sup>(e)</sup> | 3M SOFR + 4.50% | 10/7/2031 | 76283 | 76283 |
| &nbsp;&nbsp;&nbsp;US Fertility Enterprises TL<sup>(e)</sup> | 3M SOFR + 4.50% | 10/7/2031 | 1674012 | 1674012 |
| &nbsp;&nbsp;&nbsp;Vaco Holdings TL B<sup>(e)</sup> | 3M SOFR + 5.00% | 1/22/2029 | 2802821 | 2403419 |
| ***Total Consumer, Non-cyclical*** |  |  |  | 97571236 |
| ***Energy (1.67%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodnight<sup>(e)</sup> | 1M SOFR + 4.00% | 5/23/2029 | 2187562 | 2154749 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I TL B<sup>(e)</sup> | 1M SOFR + 2.25% | 2/5/2030 | 3174050 | 3174050 |
| &nbsp;&nbsp;&nbsp;ITT Holdings LLC<sup>(e)</sup> | 1M SOFR + 2.475%, 0.50% Floor | 10/11/2030 | 1970063 | 1969452 |
| &nbsp;&nbsp;&nbsp;Long Ridge Energy TL B<sup>(e)</sup> | 1M SOFR + 4.25% | 2/6/2032 | 2591975 | 2531219 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(e)</sup> | 3M SOFR + 5.50%, 0.75% Floor | 10/30/2028 | 2875658 | 1382933 |
| &nbsp;&nbsp;&nbsp;Spencer Spirit<sup>(e)</sup> | 1M SOFR + 4.75% | 6/25/2031 | 4153050 | 4139220 |
| ***Total Energy*** |  |  |  | 15351623 |
| ***Financials (2.68%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acrisure LLC<sup>(e)</sup> | 1M SOFR + 3.00% | 11/6/2030 | 5451405 | 5436088 |
| &nbsp;&nbsp;&nbsp;Asurion<sup>(e)</sup> | 1M SOFR + 4.25% | 9/12/2030 | 5546357 | 5522951 |
| &nbsp;&nbsp;&nbsp;Equiniti/AST TL B<sup>(e)</sup> | 6M SOFR + 3.75%, 0.50% Floor | 12/11/2028 | 2320826 | 2318505 |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd.<sup>(e)</sup> | 3M SOFR + 2.50%, 0.75% Floor | 6/20/2030 | 2708349 | 2711653 |
| &nbsp;&nbsp;&nbsp;OID-OL Intermediate I LLC<sup>(e)</sup> | 3M SOFR + 6.00% | 2/1/2029 | 220394 | 227145 |
| &nbsp;&nbsp;&nbsp;OID-OL Intermediate I LLC<sup>(e)</sup> | 3M SOFR + 4.25% | 2/1/2029 | 2289253 | 1912007 |
| &nbsp;&nbsp;&nbsp;Uniti Group TL B<sup>(e)</sup> | 1M SOFR + 4.00% | 9/24/2032 | 4340000 | 4296600 |
| &nbsp;&nbsp;&nbsp;WHP TL B<sup>(e)</sup> | 3M SOFR + 4.75% | 2/12/2032 | 2200000 | 2199648 |
| ***Total Financials*** |  |  |  | 24624597 |
| ***Industrials (1.67%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ACProducts Holdings, Inc.<sup>(e)</sup> | 3M SOFR + 4.25%, 0.50% Floor | 5/17/2028 | 2550715 | 2123470 |
| &nbsp;&nbsp;&nbsp;Apple Bidco LLC<sup>(e)</sup> | 1M SOFR + 2.50% | 9/22/2031 | 1969770 | 1969062 |
| &nbsp;&nbsp;&nbsp;Flynn Canada Ltd., TL<sup>(e)</sup> | 1M SOFR + 4.50% | 7/31/2028 | 3338816 | 3305428 |
| &nbsp;&nbsp;&nbsp;LRS Holdings LLC<sup>(e)</sup> | 1M SOFR + 4.25%, 0.75% Floor | 8/31/2028 | 2933053 | 2874392 |
| &nbsp;&nbsp;&nbsp;Socotec US Holding, Inc.<sup>(e)</sup> | 1M SOFR + 3.75%, 0.75% Floor | 6/2/2031 | 2970000 | 2983603 |
| &nbsp;&nbsp;&nbsp;Swissport Stratosphere Usa LLC<sup>(e)</sup> | 3M SOFR + 3.25% | 4/25/2031 | 1686263 | 1692586 |
| &nbsp;&nbsp;&nbsp;Trinseo<sup>(e)</sup> | 3M SOFR + 2.50% | 12/12/2029 | 1482631 | 424774 |
| ***Total Industrials*** |  |  |  | 15373315 |
| ***Technology (3.82%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Applogic EXIT<sup>(e)</sup> | 6M SOFR + 1.00% | 3/4/2030 | 2905210 | 2585639 |
| &nbsp;&nbsp;&nbsp;Avaya Inc.<sup>(c)(d)(e)</sup> | 1M SOFR + 7.50% | 8/1/2028 | 8153717 | 7131567 |
| &nbsp;&nbsp;&nbsp;BCP V Everise Acquisition LLC<sup>(e)</sup> | 3M SOFR + 6.00% | 12/20/2029 | 2459188 | 2004238 |
| &nbsp;&nbsp;&nbsp;Bingo Holdings I LLC<sup>(e)</sup> | 1M SOFR + 4.75% | 6/30/2032 | 3150000 | 3145086 |
| &nbsp;&nbsp;&nbsp;Cision Second Out B-1<sup>(e)</sup> | 3M SOFR + 4.25% | 5/31/2030 | 3360701 | 1545922 |
| &nbsp;&nbsp;&nbsp;Cision Second Out B-1<sup>(e)</sup> | 1M SOFR + 4.50% | 5/31/2030 | 1554606 | 694582 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 3

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| ***Technology (3.82%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC First Out<sup>(e)</sup> | 3M SOFR + 6.75% | 7/27/2028 | $2813405 | $2298383 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Second Out<sup>(e)</sup> | 3M SOFR + 1.50% | 7/27/2028 | 7105059 | 3076491 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Third Out<sup>(e)</sup> | 3M SOFR + 1.50% | 7/27/2028 | 8976 | 1788 |
| &nbsp;&nbsp;&nbsp;Mavenir Jr Debt<sup>(a)(d)(g)</sup> | 12.000 (12.00 PIK)% | 7/29/2030 | 2471722 | 2471722 |
| &nbsp;&nbsp;&nbsp;Mobileum EXIT<sup>(e)</sup> | 3M SOFR + 1.00% | 9/12/2029 | 4216925 | 3837402 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes TL B<sup>(e)</sup> | 1M SOFR + 3.50% | 1/23/2032 | 2487500 | 2484390 |
| &nbsp;&nbsp;&nbsp;Sandisk TL<sup>(e)</sup> | 1M SOFR + 3.00% | 12/15/2031 | 1965000 | 1966238 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies<sup>(e)</sup> | 1M SOFR + 2.00% | 5/9/2031 | 1792509 | 1796489 |
| ***Total Technology*** |  |  |  | 35039937 |
| ***Utilities (0.43%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lackawanna Energy Center LLC TL1L<sup>(e)</sup> | 1M SOFR + 3.00% | 7/26/2032 | 3958834 | 3987536 |
| **TOTAL BANK LOANS** |  |  |  |  |
| **(Cost 314,567,600)** |  |  |  | 305690847 |
| **CONVERTIBLE BONDS (0.38%)** |  |  |  |  |
| ***Consumer, Cyclical (0.01%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC | 4.000% | 11/15/2029 | 270000 | 22950 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC | 3.750% | 2/15/2030 | 840000 | 67200 |
| ***Total Consumer, Cyclical*** |  |  |  | 90150 |
| ***Consumer, Non-cyclical (0.37%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Jazz Investments I, Ltd. | 3.125% | 9/15/2030 | 2820000 | 3357119 |
| **TOTAL CONVERTIBLE BONDS** |  |  |  |  |
| **(Cost 3,496,482)** |  |  |  | 3447269 |
| **CORPORATE BONDS (57.22%)** |  |  |  |  |
| ***Basic Materials (5.66%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ASP Unifrax Holdings, Inc.<sup>(g)(h)</sup> | 7.10 (1.25 PIK)% | 9/30/2029 | 2091035 | 835217 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC<sup>(h)</sup> | 3.375% | 2/15/2029 | 4855000 | 4599054 |
| &nbsp;&nbsp;&nbsp;Baffinland Iron Mines Corp. / Baffinland Iron Mines LP<sup>(h)</sup> | 8.750% | 7/15/2026 | 4385000 | 4067088 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC | 6.750% | 4/15/2033 | 2670000 | 2655075 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(h)</sup> | 7.000% | 3/15/2032 | 3490000 | 3530803 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(h)</sup> | 7.625% | 1/15/2034 | 2060000 | 2121780 |
| &nbsp;&nbsp;&nbsp;Domtar Corp.<sup>(h)</sup> | 6.750% | 10/1/2028 | 4820000 | 4148131 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(h)</sup> | 8.625% | 6/1/2031 | 3615000 | 3791231 |
| &nbsp;&nbsp;&nbsp;INEOS Finance PLC<sup>(h)</sup> | 7.500% | 4/15/2029 | 2330000 | 2264431 |
| &nbsp;&nbsp;&nbsp;Innophos Holdings, Inc.<sup>(h)</sup> | 11.500% | 6/15/2029 | 5408750 | 5321639 |
| &nbsp;&nbsp;&nbsp;Methanex US Operations, Inc.<sup>(h)</sup> | 6.250% | 3/15/2032 | 2915000 | 2966683 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd.<sup>(h)</sup> | 8.500% | 5/1/2030 | 3400000 | 3536272 |
| &nbsp;&nbsp;&nbsp;Rain Carbon, Inc.<sup>(h)</sup> | 12.250% | 9/1/2029 | 6820000 | 7305352 |
| &nbsp;&nbsp;&nbsp;Tronox, Inc.<sup>(h)</sup> | 4.625% | 3/15/2029 | 7485000 | 4859383 |
| ***Total Basic Materials*** |  |  |  | 52002139 |
| ***Communications (10.85%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Altice Financing SA<sup>(h)</sup> | 5.750% | 8/15/2029 | 2730000 | 2053870 |
| &nbsp;&nbsp;&nbsp;Altice France SA<sup>(h)</sup> | 5.500% | 10/15/2029 | 1435000 | 1235103 |
| &nbsp;&nbsp;&nbsp;Beasley Mezzanine Holdings LLC<sup>(c)(d)(h)</sup> | 9.200% | 8/1/2028 | 3236000 | 1257995 |
| &nbsp;&nbsp;&nbsp;C&W Senior Finance, Ltd.<sup>(h)</sup> | 9.000% | 1/15/2033 | 2005000 | 2089611 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc.<sup>(h)</sup> | 4.000% | 11/15/2030 | 4425000 | 3741625 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(h)</sup> | 4.500% | 8/15/2030 | 3215000 | 3034156 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(h)</sup> | 4.250% | 2/1/2031 | 6195000 | 5708708 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(h)</sup> | 4.250% | 1/15/2034 | 10035000 | 8677766 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

*4* *www.brigadefunds.com*

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value <br> (Note 2)** |
| ***Communications (10.85%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(h)</sup> | 5.375% | 6/1/2029 | $1445000 | $1435290 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 6.550% | 6/1/2034 | 1560000 | 1663974 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(h)</sup> | 4.000% | 1/31/2030 | 3050000 | 2912750 |
| &nbsp;&nbsp;&nbsp;CMG Media Corp.<sup>(h)</sup> | 8.875% | 6/18/2029 | 4130000 | 3780189 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC<sup>(h)</sup> | 7.500% | 4/1/2028 | 915000 | 661779 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC<sup>(h)</sup> | 6.500% | 2/1/2029 | 1970000 | 1453820 |
| &nbsp;&nbsp;&nbsp;Digicel International Finance, Ltd. / Difl US LLC<sup>(h)</sup> | 8.625% | 8/1/2032 | 1595000 | 1640378 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC<sup>(h)</sup> | 8.875% | 2/1/2030 | 3195000 | 3155797 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp.<sup>(h)</sup> | 5.250% | 12/1/2026 | 2425000 | 2378678 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp. | 7.750% | 7/1/2026 | 450000 | 446327 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp., Series WI | 5.125% | 6/1/2029 | 565000 | 483075 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(h)</sup> | 4.750% | 10/15/2030 | 960000 | 735600 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(h)</sup> | 9.625% | 7/15/2032 | 4130000 | 4222718 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(h)</sup> | 5.375% | 11/15/2031 | 3135000 | 2355169 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc.<sup>(d)(g)(h)</sup> | 13.00 (7% PIK)% | 7/31/2030 | 6618325 | 6618325 |
| &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC<sup>(h)</sup> | 6.750% | 10/15/2027 | 2335000 | 1404376 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(h)</sup> | 3.875% | 10/15/2030 | 2280000 | 2000423 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(h)</sup> | 3.625% | 1/15/2029 | 800000 | 695144 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(h)</sup> | 3.750% | 7/15/2029 | 735000 | 629011 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(h)</sup> | 4.875% | 6/15/2029 | 675000 | 638786 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(h)</sup> | 4.500% | 4/1/2030 | 590000 | 540475 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., Series U | 7.650% | 3/15/2042 | 1591000 | 1478621 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(h)</sup> | 4.125% | 4/15/2030 | 423226 | 415692 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(h)</sup> | 4.125% | 4/15/2029 | 423184 | 415797 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., Series P | 7.600% | 9/15/2039 | 2075000 | 1943177 |
| &nbsp;&nbsp;&nbsp;Maya SAS/Paris France<sup>(h)</sup> | 8.500% | 4/15/2031 | 2500000 | 2677968 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc.<sup>(h)</sup> | 5.750% | 8/1/2028 | 2800000 | 2800135 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc.<sup>(h)</sup> | 7.375% | 9/1/2031 | 800000 | 831104 |
| &nbsp;&nbsp;&nbsp;Paramount Global | 5.500% | 5/15/2033 | 3000000 | 2968077 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC<sup>(h)</sup> | 3.875% | 9/1/2031 | 4217000 | 3821656 |
| &nbsp;&nbsp;&nbsp;Spanish Broadcasting System, Inc.<sup>(h)</sup> | 9.750% | 3/1/2026 | 4390000 | 2897400 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc.<sup>(h)</sup> | 4.500% | 5/1/2029 | 3650000 | 3435328 |
| &nbsp;&nbsp;&nbsp;Urban One, Inc.<sup>(c)(d)(h)</sup> | 7.375% | 2/1/2028 | 7255000 | 3764257 |
| &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(h)</sup> | 4.250% | 1/31/2031 | 2565000 | 2378012 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(h)</sup> | 7.125% | 9/9/2030 | 2260686 | 2136348 |
| ***Total Communications*** |  |  |  | 99614490 |
| ***Consumer, Cyclical (8.40%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance, Inc.<sup>(h)</sup> | 3.875% | 1/15/2028 | 2500000 | 2439924 |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance, Inc.<sup>(h)</sup> | 4.375% | 1/15/2028 | 1500000 | 1473750 |
| &nbsp;&nbsp;&nbsp;Academy, Ltd.<sup>(h)</sup> | 6.000% | 11/15/2027 | 1750000 | 1749615 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc.<sup>(h)</sup> | 7.500% | 2/15/2029 | 1700000 | 1456900 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc.<sup>(h)</sup> | 6.625% | 10/1/2030 | 2890000 | 2956961 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC<sup>(h)</sup> | 6.250% | 1/15/2027 | 925000 | 932275 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC<sup>(h)</sup> | 5.250% | 1/15/2029 | 1440000 | 1432718 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(h)</sup> | 7.000% | 2/15/2030 | 2455000 | 2525581 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(h)</sup> | 6.000% | 5/1/2029 | 3000000 | 3042450 |
| &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.<sup>(h)</sup> | 7.750% | 11/1/2026 | 2665000 | 2659795 |
| &nbsp;&nbsp;&nbsp;Genting New York LLC / GENNY Capital, Inc.<sup>(h)</sup> | 7.250% | 10/1/2029 | 3395000 | 3510642 |
| &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(h)</sup> | 4.000% | 5/1/2031 | 4005000 | 3792471 |
| &nbsp;&nbsp;&nbsp;Jacobs Entertainment, Inc.<sup>(h)</sup> | 6.750% | 2/15/2029 | 3970000 | 3866788 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC<sup>(h)</sup> | 9.500% | 6/15/2031 | 1465000 | 1538023 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC | 8.250% | 2/1/2030 | 665000 | 89401 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC | 8.500% | 7/15/2029 | 4220000 | 666109 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd.<sup>(h)</sup> | 5.375% | 12/4/2029 | 3740000 | 3667818 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 5

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value** <br> **(Note 2)** |
| ***Consumer, Cyclical (8.40%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd.<sup>(h)</sup> | 6.750% | 2/1/2032 | $2605000 | $2679894 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(h)</sup> | 8.125% | 7/17/2035 | 785000 | 842026 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(h)</sup> | 7.750% | 7/17/2032 | 475000 | 501570 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.<sup>(h)</sup> | 7.500% | 7/17/2030 | 475000 | 499090 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC / RWLV Capital, Inc.<sup>(h)</sup> | 4.625% | 4/16/2029 | 280000 | 253955 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC / RWLV Capital, Inc.<sup>(h)</sup> | 4.625% | 4/6/2031 | 2665000 | 2272246 |
| &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.<sup>(h)</sup> | 6.625% | 2/1/2033 | 2285000 | 2324519 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd.<sup>(h)</sup> | 5.625% | 9/30/2031 | 1770000 | 1803969 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(h)</sup> | 10.750% | 11/15/2029 | 1200000 | 1160888 |
| &nbsp;&nbsp;&nbsp;Studio City Finance, Ltd.<sup>(h)</sup> | 5.000% | 1/15/2029 | 3530000 | 3401423 |
| &nbsp;&nbsp;&nbsp;SWF Holdings I Corp.<sup>(h)</sup> | 6.500% | 10/1/2029 | 930000 | 361567 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc.<sup>(h)</sup> | 7.250% | 7/15/2030 | 2605000 | 2611512 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc.<sup>(h)</sup> | 4.375% | 4/15/2026 | 2570000 | 2566145 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.<sup>(h)</sup> | 4.625% | 7/15/2029 | 3045000 | 2909761 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. | 5.050% | 3/15/2042 | 1960000 | 1562257 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 825000 | 793510 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 925000 | 848551 |
| &nbsp;&nbsp;&nbsp;Wynn Macau, Ltd.<sup>(h)</sup> | 5.125% | 12/15/2029 | 800000 | 784652 |
| &nbsp;&nbsp;&nbsp;Wynn Macau, Ltd.<sup>(h)</sup> | 6.750% | 2/15/2034 | 2355000 | 2384602 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(h)</sup> | 7.125% | 2/15/2031 | 2045000 | 2200819 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(h)</sup> | 6.250% | 3/15/2033 | 1360000 | 1380849 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 3.625% | 3/15/2031 | 1135000 | 1060135 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 6.875% | 11/15/2037 | 2335000 | 2587673 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(c)</sup> | 5.750% | 3/9/2030 | 1629511 | 1572478 |
| ***Total Consumer, Cyclical*** |  |  |  | 77165312 |
| ***Consumer, Non-cyclical (10.29%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(h)</sup> | 7.375% | 3/15/2033 | 2500000 | 2596900 |
| &nbsp;&nbsp;&nbsp;Akumin, Inc.<sup>(c)(d)(h)</sup> | 8.000% | 8/1/2028 | 305000 | 274439 |
| &nbsp;&nbsp;&nbsp;Akumin, Inc.<sup>(c)(d)(g)(h)</sup> | 8.00 (1.00 PIK)% | 8/1/2027 | 8275000 | 7770570 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC<sup>(h)</sup> | 7.875% | 2/15/2031 | 2690000 | 2821138 |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.<sup>(h)</sup> | 4.875% | 6/1/2028 | 1510000 | 1348845 |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.<sup>(h)</sup> | 5.000% | 1/30/2028 | 880000 | 755700 |
| &nbsp;&nbsp;&nbsp;Bellis Acquisition Co. PLC<sup>(h)</sup> | 8.125% | 5/14/2030 | 1645000 | 2111209 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(h)</sup> | 3.750% | 3/15/2029 | 1600000 | 1516104 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(h)</sup> | 4.000% | 3/15/2031 | 615000 | 572737 |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(h)</sup> | 5.250% | 5/15/2030 | 3925000 | 3551105 |
| &nbsp;&nbsp;&nbsp;CPI CG, Inc.<sup>(h)</sup> | 10.000% | 7/15/2029 | 1957000 | 2060232 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(h)</sup> | 3.750% | 2/15/2031 | 2485000 | 2275865 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(h)</sup> | 6.875% | 9/1/2032 | 630000 | 650445 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp.<sup>(h)</sup> | 8.125% | 9/15/2029 | 3170000 | 3311527 |
| &nbsp;&nbsp;&nbsp;Embecta Corp.<sup>(h)</sup> | 5.000% | 2/15/2030 | 310000 | 293569 |
| &nbsp;&nbsp;&nbsp;Embecta Corp.<sup>(h)</sup> | 6.750% | 2/15/2030 | 4145000 | 4059820 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.<sup>(h)</sup> | 7.500% | 7/1/2030 | 2420000 | 2305050 |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc.<sup>(h)</sup> | 7.375% | 10/1/2032 | 2680000 | 2758551 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP<sup>(h)</sup> | 3.875% | 4/1/2029 | 2150000 | 2069375 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(h)</sup> | 3.875% | 11/15/2030 | 3610000 | 3339250 |
| &nbsp;&nbsp;&nbsp;New Albertsons LP | 8.000% | 5/1/2031 | 2500000 | 2743000 |
| &nbsp;&nbsp;&nbsp;New Albertsons LP | 7.450% | 8/1/2029 | 4000000 | 4286000 |
| &nbsp;&nbsp;&nbsp;Nidda Healthcare Holding GmbH<sup>(e)(h)</sup> | 3M EUR L + 3.75% | 10/23/2030 | 2660000 | 3129294 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co., Series USD | 6.125% | 9/30/2032 | 2400000 | 2416440 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 6.875% | 5/15/2034 | 2130000 | 2351344 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(h)</sup> | 6.250% | 2/15/2032 | 1855000 | 1907292 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(g)(h)</sup> | 9.781 (9.781 PIK)% | 2/15/2030 | 4772992 | 4681839 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(h)</sup> | 8.500% | 7/15/2032 | 3635000 | 3768335 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

*6* *www.brigadefunds.com*

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value** <br> **(Note 2)** |
| ***Consumer, Non-cyclical (10.29%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Raven Acquisition Holdings LLC<sup>(h)</sup> | 6.875% | 11/15/2031 | $1980000 | $2034805 |
| &nbsp;&nbsp;&nbsp;StoneMor, Inc.<sup>(h)</sup> | 8.500% | 5/15/2029 | 3430000 | 3362816 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.<sup>(g)(h)</sup> | 13.50 (4.50 PIK)% | 6/30/2028 | 3065172 | 3310386 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.<sup>(h)</sup> | 8.375% | 6/30/2028 | 3805000 | 3876641 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.625% | 6/15/2028 | 4770000 | 4720114 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. | 4.000% | 7/15/2030 | 2700000 | 2582159 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc.<sup>(h)</sup> | 5.000% | 1/15/2030 | 3500000 | 2818725 |
| ***Total Consumer, Non-cyclical*** |  |  |  | 94431621 |
| ***Energy (6.38%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Partners LP / Antero Midstream Finance Corp.<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/2029 | 2060000 | 2052642 |
| &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp.<sup>(h)</sup> | 6.625% | 7/15/2033 | 2875000 | 2912892 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp.<sup>(h)</sup> | 7.375% | 3/15/2032 | 3715000 | 3629183 |
| &nbsp;&nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(h)</sup> | 7.000% | 7/15/2029 | 1680000 | 1737288 |
| &nbsp;&nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(h)</sup> | 7.250% | 7/15/2032 | 960000 | 1006296 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.<sup>(h)</sup> | 8.625% | 11/1/2030 | 2890000 | 2989214 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 8.875% | 4/15/2030 | 530000 | 560798 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 8.000% | 5/15/2033 | 6850000 | 7171608 |
| &nbsp;&nbsp;&nbsp;Greenfire Resources, Ltd.<sup>(h)</sup> | 12.000% | 10/1/2028 | 2936000 | 3110655 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co.<sup>(h)</sup> | 7.250% | 2/15/2035 | 3715000 | 3632443 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(h)</sup> | 6.500% | 9/30/2026 | 2215000 | 549489 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(h)</sup> | 8.750% | 3/15/2029 | 1875000 | 296976 |
| &nbsp;&nbsp;&nbsp;NFE Financing LLC<sup>(h)</sup> | 12.000% | 11/15/2029 | 2320000 | 664202 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 1900000 | 1998940 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 5.375% | 6/1/2029 | 970000 | 1002096 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc.<sup>(h)</sup> | 6.500% | 9/1/2030 | 1260000 | 1354106 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 5.600% | 4/1/2044 | 1015000 | 963457 |
| &nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(h)</sup> | 6.750% | 3/15/2033 | 2000000 | 2088120 |
| &nbsp;&nbsp;&nbsp;Shelf Drilling Holdings, Ltd.<sup>(c)(h)</sup> | 9.625% | 4/15/2029 | 1206000 | 1263360 |
| &nbsp;&nbsp;&nbsp;Sunoco LP<sup>(h)</sup> | 6.250% | 7/1/2033 | 2500000 | 2541950 |
| &nbsp;&nbsp;&nbsp;Sunoco LP<sup>(h)</sup> | 5.875% | 3/15/2034 | 185000 | 183396 |
| &nbsp;&nbsp;&nbsp;Transocean International, Ltd. | 7.500% | 4/15/2031 | 1795000 | 1664863 |
| &nbsp;&nbsp;&nbsp;Transocean International, Ltd.<sup>(h)</sup> | 8.000% | 2/1/2027 | 829000 | 826928 |
| &nbsp;&nbsp;&nbsp;Transocean International, Ltd.<sup>(h)</sup> | 8.750% | 2/15/2030 | 1856250 | 1953703 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.<sup>(h)</sup> | 8.375% | 4/30/2030 | 3100000 | 3218017 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(h)</sup> | 4.125% | 8/15/2031 | 3635000 | 3431962 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(h)</sup> | 3.875% | 11/1/2033 | 1490000 | 1340869 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.<sup>(h)</sup> | 8.375% | 6/1/2031 | 4250000 | 4462500 |
| ***Total Energy*** |  |  |  | 58607953 |
| ***Financials (10.44%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc.<sup>(h)</sup> | 4.625% | 6/15/2029 | 3670000 | 3527118 |
| &nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc.<sup>(h)</sup> | 7.875% | 7/15/2030 | 2150000 | 2261238 |
| &nbsp;&nbsp;&nbsp;Barclays PLC<sup>(i)</sup> | 9.625% | 12/31/2049 | 3380000 | 3835192 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 4.375% | 3/1/2031 | 7300000 | 6450263 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 4.750% | 2/15/2028 | 655000 | 622846 |
| &nbsp;&nbsp;&nbsp;Finance of America Funding LLC<sup>(h)</sup> | 8.875% | 11/30/2026 | 1937142 | 1795973 |
| &nbsp;&nbsp;&nbsp;Finance of America Funding LLC<sup>(h)</sup> | 10.000% | 11/30/2029 | 1452000 | 1705664 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp.<sup>(h)</sup> | 6.625% | 1/15/2027 | 2310000 | 2311409 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp.<sup>(h)</sup> | 12.000% | 10/1/2028 | 1620000 | 1718283 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC<sup>(h)</sup> | 9.250% | 2/1/2029 | 1420000 | 1498980 |
| &nbsp;&nbsp;&nbsp;Genworth Holdings, Inc. | 6.500% | 6/15/2034 | 1500000 | 1553835 |
| &nbsp;&nbsp;&nbsp;Genworth Holdings, Inc.<sup>(e)</sup> | 3M CME TERM SOFR + 2.26% | 11/15/2036 | 2000000 | 1715742 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 9.000% | 6/15/2030 | 7315000 | 7022400 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP / Icahn Enterprises Finance Corp.<sup>(h)</sup> | 10.000% | 11/15/2029 | 715000 | 717753 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 7

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value** <br> **(Note 2)** |
| ***Financials (10.44%) (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA<sup>(e)(h)</sup> | 1Y US TI + 2.75% | 6/1/2042 | $4250000 | $3603203 |
| &nbsp;&nbsp;&nbsp;Jefferies Finance LLC / JFIN Co.-Issuer Corp.<sup>(h)</sup> | 6.625% | 10/15/2031 | 2415000 | 2431023 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.<sup>(h)</sup> | 4.250% | 2/1/2027 | 1890000 | 1873362 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.<sup>(h)</sup> | 4.750% | 6/15/2029 | 1380000 | 1354360 |
| &nbsp;&nbsp;&nbsp;LD Holdings Group LLC<sup>(h)</sup> | 6.125% | 4/1/2028 | 2815000 | 2596838 |
| &nbsp;&nbsp;&nbsp;LD Holdings Group LLC<sup>(h)</sup> | 8.750% | 11/1/2027 | 1336000 | 1320608 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust<sup>(h)</sup> | 6.500% | 5/1/2028 | 2350000 | 2332816 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust<sup>(h)</sup> | 5.625% | 1/15/2030 | 2235000 | 2106036 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 5.625% | 8/1/2033 | 2110000 | 1921181 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 5.500% | 3/15/2029 | 805000 | 788721 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 7.500% | 5/15/2031 | 3810000 | 3981450 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 7.125% | 11/15/2031 | 1855000 | 1922429 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 5.375% | 11/15/2029 | 1615000 | 1596831 |
| &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<sup>(h)</sup> | 4.875% | 5/15/2029 | 2610000 | 2539601 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.<sup>(h)</sup> | 5.750% | 9/15/2031 | 4880000 | 4827491 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.<sup>(h)</sup> | 4.250% | 2/15/2029 | 2890000 | 2795946 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.<sup>(h)</sup> | 6.375% | 8/1/2033 | 2170000 | 2240525 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 4.950% | 10/1/2029 | 485000 | 427908 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 4.375% | 2/15/2030 | 5190000 | 4415250 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust<sup>(h)</sup> | 8.625% | 11/15/2031 | 1490000 | 1581873 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust<sup>(h)</sup> |  | 9/30/2027 | 645000 | 568761 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.<sup>(h)</sup> | 3.625% | 7/15/2026 | 4335000 | 4285702 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA<sup>(e)(h)</sup> | US SWAP + 3.703% | 6/19/2032 | 2500000 | 2539396 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC<sup>(h)</sup> | 6.000% | 1/15/2030 | 935000 | 847129 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC<sup>(h)</sup> | 10.500% | 2/15/2028 | 1247000 | 1315606 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC<sup>(h)</sup> | 6.500% | 2/15/2029 | 880000 | 826773 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc.<sup>(h)</sup> | 6.625% | 4/1/2033 | 1975000 | 2032696 |
| ***Total Financials*** |  |  |  | 95810211 |
| ***Industrials (2.74%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 3.125% | 9/15/2031 | 2900000 | 2632476 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(h)</sup> | 6.375% | 3/1/2034 | 2050000 | 2114062 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(h)</sup> | 5.000% | 12/15/2029 | 3045000 | 2997041 |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC<sup>(h)</sup> | 6.750% | 4/1/2032 | 2170000 | 2228881 |
| &nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete LLC<sup>(h)</sup> | 8.875% | 11/15/2031 | 2660000 | 2810184 |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.<sup>(h)</sup> | 6.500% | 8/15/2032 | 2735000 | 2806794 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc.<sup>(h)</sup> | 7.125% | 12/1/2031 | 6185000 | 6449718 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc.<sup>(h)</sup> | 6.630% | 3/1/2032 | 1240000 | 1276158 |
| &nbsp;&nbsp;&nbsp;Trivium Packaging Finance BV<sup>(h)</sup> | 8.250% | 7/15/2030 | 1730000 | 1846637 |
| ***Total Industrials*** |  |  |  | 25161951 |
| ***Technology (1.24%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc.<sup>(h)</sup> | 9.000% | 9/30/2029 | 335000 | 347452 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc.<sup>(h)</sup> | 8.250% | 6/30/2032 | 1690000 | 1793512 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Inc.<sup>(h)</sup> | 9.250% | 6/1/2030 | 3885000 | 4016713 |
| &nbsp;&nbsp;&nbsp;Mavenir Converts<sup>(a)(d)(g)</sup> | 20.000 (20.00 PIK)% | 7/25/2055 | 942007 | 2881601 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc.<sup>(h)</sup> | 6.875% | 3/15/2027 | 690000 | 693667 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc.<sup>(h)</sup> | 7.250% | 3/15/2029 | 1660000 | 1684564 |
| ***Total Technology*** |  |  |  | 11417509 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

8 www.brigadefunds.com

Brigade High Income Fund Schedule of Investments

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value <br> (Note 2)** |
| ***Utilities (1.22%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Calpine Corp.<sup>(h)</sup> | 4.625% | 2/1/2029 | $2315000 | $2291037 |
| &nbsp;&nbsp;&nbsp;Edison International, Series A<sup>(e)(i)</sup> | 5Y US TI + 4.698% | 12/31/2049 | 2460000 | 2392587 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc.<sup>(h)</sup> | 5.750% | 1/15/2034 | 725000 | 724290 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc.<sup>(h)</sup> | 6.000% | 1/15/2036 | 1570000 | 1570573 |
| &nbsp;&nbsp;&nbsp;Vistra Corp.<sup>(e)(h)(i)</sup> | 5Y US TI + 5.74% | 12/31/2049 | 3400000 | 3453013 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC<sup>(h)</sup> | 5.625% | 2/15/2027 | 725000 | 725274 |
| ***Total Utilities*** |  |  |  | 11156774 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| **(Cost 516,128,181)** |  |  |  | 525367960 |
| **RIGHTS AND WARRANTS (0.00%)** |  |  |  |  |
| ***Technology (0.00%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mavenir Warrants Tier 1, Strike Price: $1.00<sup>(a)(d)</sup> |  | 12/31/2049 | $181 | $2 |
| &nbsp;&nbsp;&nbsp;Mavenir Warrants Tier 2, Strike Price: $1.00<sup>(a)(d)</sup> |  | 12/31/2049 | 353 | 3 |
| &nbsp;&nbsp;&nbsp;XPLORE CVR, Strike Price: $–<sup>(a)(d)</sup> |  | 12/31/2049 | 5390 | 1 |
| **TOTAL RIGHTS AND WARRANTS** |  |  |  |  |
| **(Cost $445)** |  |  |  | 6 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (*8.43%*)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Premier Class | 4.086% | 77399395 | $77399395 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $77,399,395)** |  |  | 77399395 |
| **TOTAL INVESTMENTS (100.92%)** |  |  |  |
| **(Cost $923,266,896)** |  |  | $925495867 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.92%)** |  |  | (7270839) |
| **NET ASSETS (100.00%)** |  |  | $918225028 |

---

** 

*<sup>(a)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. Additional information on Level 3 assets can be found in Note 2. Significant Accounting Policies in the Notes to Financial Statements section.*

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

*<sup>(c)</sup>* *Security deemed to be restricted as of September 30, 2025. As of September 30, 2025, the fair value of restricted securities in the aggregate was $33,775,650 representing 3.68% of the Fund's net assets. Additional information on restricted securities can be found in Note 2. Significant Accounting Policies in the Notes to Financial Statements section.*

*<sup>(d)</sup>* *Security deemed to be illiquid under the procedures utilized by the valuation designee. As of September 30, 2025, the fair value of illiquid securities in the aggregate was $60,100,175 representing 6.55% of the Fund's net assets.*

*<sup>(e)</sup>* *Floating or variable rate security. The reference rate is described below. The rate in effect as of September 30, 2025 is based on the reference*

*rate plus the displayed spread as of the securities last reset date.*

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 9

Brigade High Income Fund Schedule of Investments

September 30, 2025

*<sup>(f)</sup>* *Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment. (See Note 2). At September 30, 2025, the Fund had unfunded commitments shown below:*

---

| | | | |
|:---|:---|:---|:---|
| ***Investment*** | ***Par Value*** | ***Unrealized Gain(loss)*** | ***Market Value*** |
| *ModivCare DIP DD* | $*217727* | $*(6532)* | $*211195* |
| *Peninsula Pacific Entertainment DD* | *341772* | *(854)* | *340918* |
| *Sizzling Platter DD* | *629703* | *(11335)* | *618368* |
| ***Total*** | $*1189202* | $*(18721)* | $*1170481* |

---

** 

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

*<sup>(h)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025 the fair value of securities restricted under Rule 144A in the aggregate was $427,927,989, representing 46.60% of net assets.*

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

**Investment Abbreviations:**

SOFR - Standard Overnight Financing Rate

**Rates:**

3M EUR L - 3 Month EURIOBOR as of September 30, 2025 was 2.03%

1M SOFR - 1 Month SOFR as of September 30, 2025 was 4.31%

3M SOFR - 3 Month SOFR as of September 30, 2025 was 4.35%

6M SOFR - 6 Month SOFR as of September 30, 2025 was 4.37%

1Y US TI - 1 Year US Treasury Index as of September 30, 2025 was 3.68%

5Y US TI - 5 Year US Treasury Index as of September 30, 2025 was 3.74%

US Swap Rate as of September 30, 2025 was 5.861%

3M CME SOFR - 3 Month CME SOFR as of September 30, 2025 was 3.97%

 

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

 

*See Notes to Financial Statements and Financial Highlights.*

10 www.brigadefunds.com

Brigade High Income Fund Schedule of Investments

September 30, 2025

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

**CREDIT DEFAULT SWAP CONTRACTS - BUY PROTECTION (CENTRALLY CLEARED)<sup>(1)(2)(3)</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligations** | **Counterparty** | **Fixed Deal Receive Rate** | **Currency** | **Maturity Date** | **Implied Credit Spread at September 30, 2025** | **Notional Amount** | **Value** | **Upfront Premiums Received/(Paid)** | **Unrealized**<br> **Appreciation/ (Depreciation)** |
| Markit CDX North America High Yield Index, Series 44 | JP Morgan | 5.00% | USD | 6/20/30 | 3.19% | $30900000 | $(2495175) | $1692325 | $(802850) |
|  |  |  |  |  |  |  | $(2495175) | $1692325 | $(802850) |

---

 

*Credit default swaps pay quarterly.*

*<sup>(1)</sup>* *For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.*

*<sup>(2)</sup>* *For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period will serve as an indicator of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.*

*<sup>(3)</sup>* *For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the Markit CDX North America Investment Grade Index Series 44.*

**OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Receiving** <br> **Currency** | **Receiving** <br> **Value** | **Delivering** <br> **Currency** | **Delivering** <br> **Value** | **Unrealized** <br> **Appreciation/** <br> **(Depreciation)** |
| State Street Corporation | 12/18/25 | USD | $836194 | CAD | $825776 | $10418 |
| State Street Corporation | 12/18/25 | USD | 5521906 | EUR | 5511157 | 10749 |
| State Street Corporation | 12/18/25 | USD | 2229880 | GBP | 2207185 | 22695 |
|  |  |  |  |  |  | $43862 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 11

Brigade High Income Fund Statement of Assets and Liabilities

September 30, 2025

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $923,266,896)<sup>(a)</sup> | $925495867 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5296547 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $1,107) | 1109 |
| &nbsp;&nbsp;&nbsp;Unrealized gain on forward contracts | 43862 |
| &nbsp;&nbsp;&nbsp;Deposits held with broker for swaps | 1433885 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2355311 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 2000000 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 11311094 |
| &nbsp;&nbsp;&nbsp;Other assets | 25360 |
| &nbsp;&nbsp;&nbsp;Total Assets | 947963035 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | 29077 |
| &nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 81898 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 29346551 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 233244 |
| &nbsp;&nbsp;&nbsp;Payable for printing fees | 6280 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 25553 |
| &nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 2568 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 12836 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 29738007 |
| **NET ASSETS** | $918225028 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $924595673 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(deficit) | (6370645) |
| **NET ASSETS** | $918225028 |
| **PRICING OF SHARES<sup>(b)</sup>** |  |
| &nbsp;&nbsp;&nbsp;**Founders: Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $10.05 |
| &nbsp;&nbsp;&nbsp;Net Assets | $918212021 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 91334787 |
| &nbsp;&nbsp;&nbsp;**Institutional: Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $10.04 \* |
| &nbsp;&nbsp;&nbsp;Net Assets | $13007 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1295 |

---

** 

*<sup>(a)</sup>* *Includes unrealized appreciation/(depreciation) on unfunded loaned commitments of $(18721).*

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

*<sup>\*</sup>* *Does not recalculate to actual daily NAV of 10.05 due to rounding of shares and assets for presentation purposes.*

*See Notes to Financial Statements and Financial Highlights.*

12 www.brigadefunds.com

Brigade High Income Fund Statement of Operations

For the Year Ended September 30, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $70882729 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 70882729 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 3452316 |
| &nbsp;&nbsp;&nbsp;Fund Accounting and Administration fees | 415151 |
| &nbsp;&nbsp;&nbsp;Co-administration fees | 345232 |
| &nbsp;&nbsp;&nbsp;Custody fees | 29439 |
| &nbsp;&nbsp;&nbsp;Legal fees | 71810 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 41050 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 8798 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 73392 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 44103 |
| &nbsp;&nbsp;&nbsp;Printing fees | 19337 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 30608 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 12549 |
| &nbsp;&nbsp;&nbsp;Other expenses | 19841 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 4563626 |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment adviser (Note 6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Founders Class | (963427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (12) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 3600187 |
| **NET INVESTMENT INCOME** | 67282542 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (8104457) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (200335) |
| &nbsp;&nbsp;&nbsp;Swap contracts | (416264) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (192103) |
| Net realized loss | (8913159) |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (3715513) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 43862 |
| &nbsp;&nbsp;&nbsp;Swap contracts | (802850) |
| &nbsp;&nbsp;&nbsp;Translation of asset and liabilities denominated in foreign currency | 36097 |
| Net change | (4438404) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY** | (13351563) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $53930979 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 13

Brigade High Income Fund Statements of Changes in Net Assets

 

---

| | | |
|:---|:---|:---|
| | **For the Year**<br> **Ended**<br> **September 30, 2025** | **For the Year**<br> **Ended**<br> **September 30, 2024** |
| **OPERATIONS:** |  |  |
| Net investment income | $67282542 | $54871316 |
| Net realized gain/(loss) on investments and foreign currency | (8913159) | 12643456 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency | (4438404) | 5562383 |
| Net increase in net assets resulting from operations | 53930979 | 73077155 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Founders Class | (78502858) | (58815049) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1420) | (1268) |
| Total distributions | (78504278) | (58816317) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| **Founders Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 369045649 | 118771360 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 78109475 | 58310737 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (84835000) | (87419089) |
| Net increase from beneficial share transactions | 362320124 | 89663008 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 17 |  |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 1419 | 1267 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (14) | – |
| Net increase from beneficial share transactions | 1422 | 1267 |
| Net increase in net assets | 337748247 | 103925113 |
| **NET ASSETS:** |  |  |
| Beginning of year | 580476781 | 476551668 |
| End of year | $918225028 | $580476781 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

14 www.brigadefunds.com

Brigade High Income Fund Financial Highlights

Founders Class For a Share Outstanding Throughout the Periods Presented

---

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

---

** 

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

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

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

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

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

 

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 15

Brigade High Income Fund Financial Highlights

Institutional Class For a Share Outstanding Throughout the Periods Presented

---

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

---

** 

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

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

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

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

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

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

 

*See Notes to Financial Statements and Financial Highlights.*

16 www.brigadefunds.com

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

1. **ORGANIZATION**

ALPS Series Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Brigade High Income Fund (the "Fund"). The Fund is diversified, and its investment objective is current income, with capital appreciation as a secondary objective. The Fund currently offers Founders Class shares that commenced operations on May 2, 2023 and Institutional Class shares that commenced operations on May 5, 2023. Each share class has identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. The Board of Trustees (the "Board" or "Trustees") may establish additional funds and classes of shares at any time in the future without shareholder approval.

2. **SIGNIFICANT ACCOUNTING POLICIES**

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for investment companies ("U.S. GAAP"). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

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

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

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

For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day.

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

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

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

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.

Annual Report \| September 30, 2025 17

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

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

As of September 30, 2025, the Fund had unfunded commitments of $1,189,202.

**Fair Value Measurements:** The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly); and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

18 www.brigadefunds.com

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**Brigade High Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and**<br> **Unadjusted Prices** | **Level 2 - Other**<br> **Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications | $– | $– | $856552 | $856552 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  |  | 694567 | 694567 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical |  | 7589059 | 18662 | 7607721 |
| &nbsp;&nbsp;&nbsp;Technology |  | 2047871 | 863256 | 2911127 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  |  | 1520423 | 1520423 |
| Bank Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials |  | 14813248 |  | 14813248 |
| &nbsp;&nbsp;&nbsp;Communications |  | 25095102 | 4080000 | 29175102 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 68723436 | 1030817 | 69754253 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical |  | 97571236 |  | 97571236 |
| &nbsp;&nbsp;&nbsp;Energy |  | 15351623 |  | 15351623 |
| &nbsp;&nbsp;&nbsp;Financials |  | 24624597 |  | 24624597 |
| &nbsp;&nbsp;&nbsp;Industrials |  | 15373315 |  | 15373315 |
| &nbsp;&nbsp;&nbsp;Technology |  | 32568215 | 2471722 | 35039937 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 3987536 |  | 3987536 |
| Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 90150 |  | 90150 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical |  | 3357119 |  | 3357119 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials |  | 52002139 |  | 52002139 |
| &nbsp;&nbsp;&nbsp;Communications |  | 99614490 |  | 99614490 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 77165312 |  | 77165312 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical |  | 94431621 |  | 94431621 |
| &nbsp;&nbsp;&nbsp;Energy |  | 58607953 |  | 58607953 |
| &nbsp;&nbsp;&nbsp;Financials |  | 95810211 |  | 95810211 |
| &nbsp;&nbsp;&nbsp;Industrials |  | 25161951 |  | 25161951 |
| &nbsp;&nbsp;&nbsp;Technology |  | 8535908 | 2881601 | 11417509 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 11156774 |  | 11156774 |
| Rights and Warrants |  |  | 6 | 6 |
| Short Term Investments | 77399395 | – | – | 77399395 |
| Total | $77399395 | $833678866 | $14417606 | $925495867 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments** | **Level 1** | <br> **Level 2** | **Level 3** |<br>**Total** |
| **Assets** |  |  |  |  |
| Forward Contracts | $– | $43862 | $– | $43862 |
| **Liabilities** |  |  |  |  |
| Credit Default Swaps<sup>\*</sup> | – | (802850) | – | (802850) |
| Total | $– | $(758988) | $– | $(758988) |

---

*<sup>\*</sup>* *The value presented in this table represents the unrealized appreciation/(depreciation) of the contract(s)*

Annual Report \| September 30, 2025 19

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Common<br> Stocks** | **Bank**<br> **Loans** | **Corporate<br> Bonds** | **Rights And<br> Warrants** | **Preferred<br> Stocks** | **Total** |
| Balance as of September 30, 2024 | $944242 | $2128841 | $– | $– | $– | $3073083 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  | 27346 | (1071196) |  |  | (1043850) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  | (2372199) |  |  |  | (2372199) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/Depreciation | (212560) | 2242172 | 1049699 | 6 |  | 3079317 |
| &nbsp;&nbsp;&nbsp;Purchases | 1035916 | 7582540 | 2903098 |  | 1520423 | 13041977 |
| &nbsp;&nbsp;&nbsp;Sales Proceeds | (1) | (2026161) |  |  |  | (2026162) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3<sup>(a)</sup> | 665440 |  |  |  |  | 665440 |
| &nbsp;&nbsp;&nbsp;Transfer Out of Level 3 | – | – | – | – | – | – |
| Balance as of September 30, 2025 | $2433037 | $7582539 | $2881601 | $6 | $1520423 | $14, 417606 |
| Net change in unrealized appreciation/(depreciation) included in the Statement of Operations attributable to Level 3 investments held at September 30, 2025 | $(240341) | $– | $1049699 | $– | $– | $809358 |

---

20 www.brigadefunds.com

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

The following table summarizes the significant unobservable inputs the Fund used to value its investments categorized within Level 3 as of September 30, 2025. In addition to the techniques and inputs noted in the table below, according to the Fund's valuation policy, other valuation techniques and methodologies when determining the Fund's fair value measurements may be used. The below table is not intended to be all inclusive, but rather provide information on the significant unobservable inputs as they relate to the Fund's determination of fair values.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets (at fair value)** | **Fair Value at<br> September 30, 2025** | **Valuation <br> Technique(s)** | **Unobservable**<br> **Inputs<sup>(1)</sup>** | **Value/Range** |
| Common Stocks | $863256 | Market Approach | EBITDA | $428.0m |
|  |  |  | EBITDA multiple | 3.125x-3.50x |
|  | 18662 | Estimated recovery model | Escrow | $2.5m |
|  |  |  | Discount Rate | 35% |
|  | 844729 | Market Approach | EBITDA | $65.9m |
|  |  |  | EBITDA Multiple | 13.00x |
|  | 11823 | Liquidity Discount | Discount Rate | 15% |
|  | 665440 | Recent Transaction | Transaction Price | $4.00 |
|  | 29127 | Market Approach | EBITDA | $11.0m-$54.0m |
|  |  |  | EBITDA multiple | 6.50x-10.00x |
| **Total Common Stocks** | $**2433037** |  |  |  |
| Bank Loans | $4080000 | Discounted cash flow model | Implied credit spread | 5.50% |
|  | 1030817 | Market Approach | EBITDA | $11.0m-$54.0m |
|  |  |  | EBITDA Multiple | 6.50x-10.00x |
|  | 2471722 | Market Approach | EBITDA | $116m |
|  |  |  | EBITDA Multiple | 6.00x |
| **Total Bank Loans** | $**7582539** |  |  |  |
| Preferred Stocks | $1520423 | Market Approach | EBITDA | $11.0m-$54.0m |
|  |  |  | EBITDA Multiple | 6.50x-10.00x |
| **Total Preferred Stocks** | $**1520423** |  |  |  |
| Corporate Bonds | $2881601 | Market Approach | EBITDA | $116m |
|  |  |  | EBITDA Multiple | 6.00x |
| **Total Corporate Bonds** | $**2881601** |  |  |  |

---

** 

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

---

| | | |
|:---|:---|:---|
| **Unobservable** | **Input Impact to Value if Input Increases** | **Impact to Value if Input Decreases** |
| EBITDA | Increase | Decrease |
| EBITDA Multiple | Increase | Decrease |
| Escrow | Increase | Decrease |
| Discount Rate | Decrease | Increase |
| Implied credit spread | Decrease | Increase |
| Transaction Price | Increase | Decrease |

---

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

**Cash & Cash Equivalents:** The Fund considers its investment in a Federal Deposit Insurance Corporation ("FDIC") insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high quality financial institution.

**Concentration of Credit Risk:** The Fund places its cash with a banking institution, which is insured by FDIC. The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities. Please see the Fund's prospectus and statement of additional information for information regarding the risks associated with an investment in the Fund, including certain risks described below.

Annual Report \| September 30, 2025 21

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

**Trust Expenses:** Some expenses of the Trust can be directly attributed to a fund in the Trust. Expenses that cannot be directly attributed to a fund are apportioned among all funds in the Trust based on average net assets of each fund, including Trustees' fees and expenses.

**Fund Expenses:** Some expenses can be directly attributed to the Fund and are apportioned among the classes based on average net assets of each class.

**Class Expenses:** Expenses that are specific to a class of shares are charged directly to that share class.

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

As of and during the year ended September 30, 2025, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax return is subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions and has concluded that as of September 30, 2025, no provision for income tax is required in the Fund's financial statements related to these tax positions.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis for financial reporting purposes). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective yield method. Dividend income is recognized on the ex-dividend date. All of the realized and unrealized gains and losses and net investment income are allocated daily to each class in proportion to its average daily net assets. Paydown gains and losses on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income in the Statement of Operations.

**Distributions to Shareholders:** The Fund normally pays dividends, if any, monthly, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest and other income the Fund receives from its investments, including short term capital gains. Long term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. The Fund may make additional distributions and dividends at other times if its investment advisor has determined that doing so may be necessary for the Fund to avoid or reduce taxes. Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes.

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

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

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

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

22 www.brigadefunds.com

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

**Restricted Securities:** Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense, either upon demand by a fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Fund will not incur any registration costs upon such resale. The Fund's restricted securities are valued at the price provided by pricing services or dealers in the secondary market or, if no market prices are available, at the fair value price as determined by the Fund's adviser or pursuant to the Fund's fair value policy, subject to oversight by the Board. The Fund has acquired certain securities, the sale of which is restricted under applicable provisions of the Securities Act of 1933. It is possible that the fair value price may differ significantly from the amount that may ultimately be realized in the near term, and the difference could be material.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Security Type** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** | **% of Net Assets** |
| Avaya Holdings Corp. | Common Stock | 5/10/23-5/12/23 | $775525 | $863256 | 0.09% |
| Applogic | Common Stock | 3/4/25 | 955310 | 636873 | 0.07% |
| Beasley Broadcast Group, Inc. | Common Stock | 11/14/24 | 27803 | 11823 | 0.00% |
| Nutrisystem TL 4/19/30 | Bank Loan | 12/19/24-4/28/25 | 3935229 | 4036604 | 0.44% |
| Nutrisystem TL 10/19/30 | Bank Loan | 12/23/24-9/20/25 | 4372080 | 5192428 | 0.57% |
| Avaya Inc. 8/1/28 | Bank Loan | 5/4/23-9/9/25 | 7403329 | 7131567 | 0.78% |
| Beasley Mezzanine Holdings LLC 8/1/28 | Corporate Bond | 11/14/24-7/8/25 | 1960900 | 1257995 | 0.14% |
| Urban One, Inc. 2/1/28 | Corporate Bond | 5/4/23-5/7/25 | 5802027 | 3764257 | 0.41% |
| Zayo Group Holdings, Inc. 3/9/30 | Corporate Bond | 9/26/25 | 1580626 | 1572478 | 0.17% |
| Akumin, Inc. 8/1/27 | Corporate Bond | 2/26/24-5/16/25 | 7022454 | 7770570 | 0.84% |
| Akumin, Inc. 8/1/28 | Corporate Bond | 2/26/24-10/8/24 | 248876 | 274439 | 0.03% |
| Shelf Drilling Holdings, Ltd 4/15/29 | Corporate Bond | 4/8/25-7/8/25 | 927215 | 1263360 | 0.14% |
|  |  |  |  | $33775650 |  |

---

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

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

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

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

Annual Report \| September 30, 2025 23

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Assets**<br> **and Liabilities**<br> **Location** | **Fair Value of Asset**<br> **Derivatives** | **Statement of Assets**<br> **and Liabilities <br> Location** | **Depreciation on**<br> **Contracts** |
| Credit Risk (Swap Contracts) | Unrealized appreciation on swap contracts<sup>(a)</sup> | $– | Unrealized depreciation on swap contracts<sup>(a)</sup> | $(802850) |
| Currency Risk (Forward Currency Contracts) | Unrealized gain on forward contracts | 43862 | Unrealized loss on forward contracts | – |
|  |  | $43862 |  | $(802850) |

---

** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized**<br> **Gain/(Loss)**<br> **on Derivatives**<br> **Recognized**<br> **in Income** | **Change in**<br> **Unrealized**<br> **Gain/(Loss)**<br> **on Derivatives**<br> **Recognized**<br> **in Income** |
| Credit Risk (Swap Contracts) | Net realized gain/(loss) on swap contracts/Net change in unrealized depreciation on swap contracts | $(416264) | $(802850) |
| Currency Risk (Forward Currency Contracts) | Net realized loss on forward foreign currency contracts /Net change in unrealized depreciation on forward foreign currency contracts | $(200335) | $43862 |
| **Total** |  | $(616599) | $758988 |

---

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measurement** | **Monthly Average** |
| Credit Default Swaps | Notional Amount of contracts outstanding | $19575000 |
| Forward Currency Contracts | Value of contracts outstanding | $(4855950) |

---

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

**3. TAX BASIS INFORMATION**

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

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

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gains** |
| **Brigade High Income Fund** | $75941648 | $2562630 |

---

24 www.brigadefunds.com

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

The tax character of distributions paid during the fiscal period ended September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gains** |
| **Brigade High Income Fund** | $58816317 | $– |

---

**Unrealized Appreciation and Depreciation on Investments:** As of September 30, 2025, the aggregate costs of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation of instruments for federal tax purposes were as follows:

---

| | |
|:---|:---|
| | **Brigade High Income Fund** |
| Gross unrealized appreciation (excess of value over tax cost) | $34383178 |
| Gross unrealized depreciation (excess of tax cost over value) | (32596527) |
| Net appreciation (depreciation) of foreign currency and derivatives | (3548) |
| Net unrealized appreciation | $1783103 |
| Cost of investments for income tax purposes | $923709646 |

---

The primary reasons for the temporary difference between book and tax basis unrealized is wash sales and the tax treatment of derivatives.

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

---

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

---

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| | **Short Term** | **Long-Term** |
| **Brigade High Income Fund** | $– $| 7218352 |

---

The Fund elects to defer to the period ending September 30, 2026, late year ordinary losses during the period January 1, 2025 to September 30, 2025 in the amount of:

---

| | |
|:---|:---|
| | **Amount** |
| **Brigade High Income Fund** | $935396 |

---

**4. SECURITIES TRANSACTIONS**

Purchases and sales of securities, excluding short-term securities, during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of Securities** | **Proceeds from Sales of** <br> **Securities** |
| Brigade High Income Fund | $499015768 | $191707910 |

---

**5. BENEFICIAL SHARE TRANSACTIONS**

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

Annual Report \| September 30, 2025 25

---

| | |
|:---|:---|
| **Brigade High Income Fund** | **Notes to Financial Statements and Financial Highlights** |

---

September 30, 2025

Shares redeemed within 60 days of purchase may incur a 1.00% short-term redemption fee deducted from the redemption amount. For the year ended September 30, 2025, the redemption fees charged by the Fund, if any, are presented in the Statements of Changes in Net Assets.

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br> **September 30, 2025** | **For the Year Ended**<br> **September 30, 2024** |
| **Brigade High Income Fund** |  |  |
| **Founders Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 36715871 | 11535094 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 7737968 | 5711353 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (8601216) | (8561977) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 35852623 | 8684470 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2 |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 141 | 124 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1) | – |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 142 | 124 |

---

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

**6. MANAGEMENT AND RELATED PARTY TRANSACTIONS**

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

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

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

Pursuant to a fee waiver letter agreement (the "Fee Waiver Agreement"), the Adviser has contractually agreed to limit the amount of the Fund's Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, shareholder servicing fees, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 0.52% of the Fund's average daily net assets for each class. Prior to February 1, 2025, the fund's expense limitation for the Institutional Class was 0.75%. The Fee Waiver Agreement is in effect through at least January 31, 2027, and will automatically continue upon approval by the Board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Fee Waiver Agreement (whether through reduction of its co-administration or management fee or otherwise) only to the extent that the Fund's expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced, as calculated on a monthly basis. The Adviser may not discontinue this waiver without the approval by the Trust's Board. Fees waived or reimbursed for the year ended September 30, 2025, are disclosed in the Statement of Operations.

As of September 30, 2025, the balances of recoupable expenses for the Fund were as follows:

---

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

---

26 www.brigadefunds.com

Brigade High Income Fund Notes to Financial Statements and Financial Highlights

September 30, 2025

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to the Fund. The Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to the Services Agreement with the Trust, ALPS will provide operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assist in the Fund's operations. The Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Fund for the year ended September 30, 2025, are disclosed in the Statement of Operations. ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

Brigade Capital Management, LP serves as co-administrator to the Fund. Pursuant to the Co-Administration Agreement, the Fund pays the co-administrator an annual fee of 0.05% based on the Fund's average daily net assets. Co-administration fees paid by the Fund for the year ended September 30, 2025, are disclosed in the Statement of Operations.

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

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

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

7. **TRUSTEES AND OFFICERS**

As of September 30, 2025, there were four Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees"). The Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875 and the Independent Chair receives a quarterly retainer of $4,250. These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

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

8. **INDEMNIFICATIONS**

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

9. **RECENT ACCOUNTING PRONOUNCEMENT**

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the year. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Fund's internal organizational structure.

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

10. **SUBSEQUENT EVENTS**

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

Annual Report \| September 30, 2025 27

Brigade High Income Fund Report of Independent Registered Public Accounting Firm

To the Shareholders of Brigade High Income Fund and

Board of Trustees of ALPS Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Brigade High Income Fund (the "Fund"), a series of ALPS Series Trust, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period May 2, 2023 (commencement of operations) through September 30, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and the period May 2, 2023 (commencement of operations) through September 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, agent banks, transfer agents, issuers, and brokers; when replies were not received from agent banks, transfer agents or brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![](fp0096372-1_05.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

28 www.brigadefunds.com

---

| | |
|:---|:---|
| **Brigade High Income Fund** | **Tax Designations** |

---

September 30, 2025 (Unaudited)

**Qualified Dividend Income**

The percentage of ordinary income dividends distributed during the calendar year ended December 31, 2024 are designated as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code in the following percentages:

---

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

---

**Dividends Received Deduction**

For corporate shareholders, the following ordinary dividends paid during the calendar year ended December 31, 2024 qualify for the corporate dividends received deduction:

---

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

---

Annual Report \| September 30, 2025 29

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

September 30, 2025 (Unaudited)

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

30 www.brigadefunds.com

Brigade High Income Fund Proxy Disclosures

September 30, 2025 (Unaudited)

Not applicable to the period covered by this Report.

Annual Report \| September 30, 2025 31

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

September 30, 2025 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Fund for the period ended September 30, 2025:

---

| | |
|:---|:---|
| **Trustee** | **Amount Paid** |
| Ward Armstrong | $19843.16 |
| J.W. Hutchens | 16535.96 |
| Merrillyn Kosier | 16535.96 |
| Patrick Seese | 17995.02 |
| **Total** | $70910.10 |

---

32 www.brigadefunds.com

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

September 30, 2025 (Unaudited)

On February 4, 2025, the Board of Trustees (the "Board") of ALPS Series Trust (the "Trust") met in person to discuss, among other things, the renewal and approval of the Investment Advisory Agreement between the Trust and Brigade Capital Management, LP. ("Brigade") and the renewal of the Investment Sub-Advisory Agreement between Brigade and Brigade Capital UK ("Brigade UK") in accordance with Section 15(c) of the 1940 Act (collectively, the "Brigade Agreements"). The Independent Trustees met with independent legal counsel during executive session and discussed the Brigade Agreements and other related materials.

In anticipation of and as part of the process to consider the renewal of the Brigade Agreements, legal counsel to the Trust requested certain information from Brigade. In response to these requests, the Trustees received reports from Brigade that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board's responsibilities pertaining to the approval of advisory contracts. Further, the Board met with representatives of Brigade and discussed the services of the firm provided pursuant to the Brigade Agreements, as well as the information provided by Brigade, for itself and with respect to Brigade UK.

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

**Nature, Extent and Quality of the Services**: The Trustees received and considered information regarding the nature, extent and quality of services provided, pursuant to the Brigade Agreements. The Trustees reviewed certain background materials supplied by Brigade in its presentation, including its Form ADV, organizational structure, and ownership structure. The Trustees considered the background and significant experience of Brigade's management team, led by its CIO and managing partner. They considered the combined experience of the senior investment team with an average experience of 22 years. They discussed Brigade's fundamental research process, which emphasized free cash flow, asset coverage, and relative value. They also considered the global investment platform focused on below investment grade strategies, and the various credit strategies in which Brigade invested, and Brigade's disciplined investment process.

The Trustees also reviewed the firm's compliance record with the Trust. The Trustees then reviewed and discussed Brigade's financial statements and the representations by the Brigade management team that it was able to continue to provide quality services to the Fund. The Trustees concluded that they were satisfied with the nature, extent and quality of services rendered or to be rendered by Brigade and Brigade UK under the relevant Brigade Agreement.

**Performance**: The Trustees reviewed and considered the performance of the Brigade Fund over the 3-month, 1-year and since inception periods ended November 30, 2024. The review included a comparison of the Fund's performance to the performance of a peer group of comparable funds, as identified by an independent provider of investment company data the ("Data Provider").

The Trustees considered that each class of the Brigade Fund had outperformed the peer group median over each such period. The Trustees noted that performance of the Fund had produced favorable returns in Q4 2024. They considered the portfolio managers' oversight of the performance of the Fund's portfolio. The Trustees concluded that the Fund's performance was acceptable.

**Investment Advisory Fee Rate and Expense Ratio**: The Trustees reviewed and considered the contractual annual advisory fee to be paid by the Fund to Brigade and the contractual annual sub-advisory fee to be paid by Brigade to Brigade UK in light of the nature, extent and quality of the advisory and sub-advisory services provided to the Fund. The Trustees considered the information they received comparing the Fund's contractual annual advisory fee and overall expenses with those of funds in the peer group and universe of funds provided by the Data Provider, noting that the Data Provider peer group consisted of the Fund and other funds identified by the Data Provider as comparable to the Fund.

The Trustees noted that the contractual advisory fee of 0.50% was equal to that of one other fund in the peer group, being the lowest (least expensive) in the Fund's peer group, the total net expense of 0.52% for each class of the Fund was the second lowest in the Fund's peer group.

**Comparable Accounts**: The Trustees acknowledged that Brigade managed other funds that were charged lower fees but with different levels of service, and Brigade managed other funds using investment strategies with some common features as the strategies of the Fund that were charged similar fees. Bearing in mind the limitations of comparing different types of accounts and the different levels of service typically associated with such accounts, the Trustees determined that the fee structures applicable to Brigade's other clients employing a comparable strategy to the Brigade Fund, were not indicative of any unreasonableness with respect to the advisory fee to be paid by the Fund or the sub-advisory fee to be paid to Brigade UK. The Trustees concluded that the fee payable by the Fund to Brigade and by Brigade to Brigade UK were not unreasonable.

**Profitability**: The Trustees received and considered a retrospective profitability analysis for 2024 and a projected profitability analysis for 2025 prepared by Brigade on a consolidated basis with Brigade UK based on the fees paid under the Brigade Agreements. The Trustees noted that the Fund was profitable to Brigade in 2024 and was projected to be profitable to Brigade in 2025. The Trustees concluded that the profits were not excessive.

**Economies of Scale**: The Trustees considered whether economies of scale in the provision of services to the Fund would be passed along to the shareholders under the Brigade Agreements. They considered statements by the Adviser representatives that as the Fund grows, the Adviser would incur additional costs to successfully implement the strategy. They noted that the size of the Fund and the profits realized indicated that Brigade had not yet benefited from material economies of scale, and that the Trustees would reevaluate this annually.

Annual Report \| September 30, 2025 33

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

September 30, 2025 (Unaudited)

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

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

34 www.brigadefunds.com

![](fp0096372-1_06.jpg)

![](fp0096372-1_08.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 7 |
| Statement of Operations | 8 |
| Statements of Changes in Net Assets | 9 |
| Financial Highlights | 10 |
| Notes to Financial Statements and Financial Highlights | 12 |
| Report of Independent Registered Public Accounting Firm | 19 |
| Tax Designations | 20 |
| Changes in and Disagreements with Accountants | 21 |
| Proxy Disclosures | 22 |
| Remuneration Paid to Directors, Officers, and Others | 23 |
| Statement Regarding Basis for Approval of Investment Advisory Agreement | 24 |

---

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Schedule of Investments</u> <br> September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **MUNICIPAL BONDS (98.81%)** |  |  |
| ***Education (36.79%)<sup>(a)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;Allen County Unified School District No. 257, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2043 | $2415000 | $1928615 |
| &nbsp;&nbsp;&nbsp;Barton Community College, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 555000 | 556041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 | 250000 | 250325 |
| &nbsp;&nbsp;&nbsp;Bourbon County Unified School District No. 234-Fort Scott, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 | 400000 | 404112 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 206 Remington, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2034 | 1000000 | 957607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 510000 | 481885 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 375 Circle, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 750000 | 700563 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 385 Andover, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 690000 | 707277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 500000 | 511253 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 394 Rose Hill, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 500000 | 549050 |
| &nbsp;&nbsp;&nbsp;Butler County Unified School District No. 490 El Dorado, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 | 1000000 | 1005520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 500000 | 500908 |
| &nbsp;&nbsp;&nbsp;Dekalb County Central School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 500000 | 554814 |
| &nbsp;&nbsp;&nbsp;Denton Independent School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 | 750000 | 776437 |
| &nbsp;&nbsp;&nbsp;Douglas County Unified School District No. 497 Lawrence, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1525044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 500000 | 500287 |
| &nbsp;&nbsp;&nbsp;Ellis County Unified School District No. 489 Hays, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 | 535000 | 558121 |
| &nbsp;&nbsp;&nbsp;Finney County Unified School District No. 457 Garden City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1517312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 800000 | 819934 |
| &nbsp;&nbsp;&nbsp;Ford County Unified School District No. 443 Dodge City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2030 | 1150000 | 1175207 |
| &nbsp;&nbsp;&nbsp;Franklin County Unified School District No. 289 Wellsville, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 645000 | 687550 |
| &nbsp;&nbsp;&nbsp;Geary County Unified School District No. 475, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2033 | 1000000 | 967732 |
| &nbsp;&nbsp;&nbsp;Hernando County School District, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 685000 | 693334 |
| &nbsp;&nbsp;&nbsp;Jefferson County School District R-1, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 | 500000 | 502032 |
| &nbsp;&nbsp;&nbsp;Johnson & Miami Counties Unified School District No. 230 Spring Hills, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 400000 | 407426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 1000000 | 1003732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1000000 | 1001941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1000000 | 1022750 |
| &nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 229 Blue Valley, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 | 1500000 | 1514693 |
| &nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 232 De Soto, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1165000 | 1205031 |
| &nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 233 Olathe, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2030 | 750000 | 701548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1000000 | 1010420 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 1

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Schedule of Investments</u> <br> September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***Education (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | $425000 | $436953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2041 | 500000 | 540282 |
| &nbsp;&nbsp;&nbsp;Kansas City Kansas Community College Auxiliary Enterprise System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 140000 | 144467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 100000 | 102194 |
| &nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2031 | 630000 | 575187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2032 | 1000000 | 904600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2030 | 450000 | 450033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2033 | 500000 | 499988 |
| &nbsp;&nbsp;&nbsp;Larimer County School District No. R-1 Poudre, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2032 | 750000 | 770142 |
| &nbsp;&nbsp;&nbsp;Leavenworth County Unified School District No. 453, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 1000000 | 1014201 |
| &nbsp;&nbsp;&nbsp;Leavenworth County Unified School District No. 464, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 | 675000 | 676589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 | 465000 | 446805 |
| &nbsp;&nbsp;&nbsp;Lyon County Unified School District No. 253 Emporia, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 325000 | 332953 |
| &nbsp;&nbsp;&nbsp;Miami County Unified School District No. 416 Louisburg, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 500000 | 472309 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2046 | 750000 | 754608 |
| &nbsp;&nbsp;&nbsp;Racine Unified School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2042 | 820000 | 860949 |
| &nbsp;&nbsp;&nbsp;Riley County Unified School District No. 378 Riley, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2039 | 925000 | 817563 |
| &nbsp;&nbsp;&nbsp;Riley County Unified School District No. 383 Manhattan-Ogden, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1220000 | 1247928 |
| &nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 260 Derby, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2036 | 845000 | 839106 |
| &nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 264 Clearwater, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 530000 | 537352 |
| &nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 266 Maize, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 750000 | 764268 |
| &nbsp;&nbsp;&nbsp;Sedgwick County Unified School District No. 267 Renwick, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2033 | 350000 | 355260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2034 | 425000 | 430355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2035 | 635000 | 642245 |
| &nbsp;&nbsp;&nbsp;Seward County Unified School District No. 480 Liberal, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 1000000 | 1027285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 | 500000 | 512041 |
| &nbsp;&nbsp;&nbsp;University of Kansas Hospital Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 350000 | 350413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 500000 | 500550 |
| &nbsp;&nbsp;&nbsp;West Clermont Local School District, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 400000 | 405776 |
| &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 202 Turner, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2039 | 400000 | 412547 |
| &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 203 Piper, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 1000000 | 1040167 |
| &nbsp;&nbsp;&nbsp;Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 500000 | 511375 |
| ***Total Education*** |  | 46074992 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 2

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Schedule of Investments</u> <br> September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***General Obligation (39.70%)<sup>(a)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;Abilene Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 | $325000 | $333608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 | 445000 | 454440 |
| &nbsp;&nbsp;&nbsp;Ashland Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 720000 | 720505 |
| &nbsp;&nbsp;&nbsp;City of Albuquerque NM, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2039 | 700000 | 709283 |
| &nbsp;&nbsp;&nbsp;City of Arkansas City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2035 | 1000000 | 805788 |
| &nbsp;&nbsp;&nbsp;City of Garden City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2028 | 950000 | 953760 |
| &nbsp;&nbsp;&nbsp;City of Gardner, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2044 | 685000 | 686563 |
| &nbsp;&nbsp;&nbsp;City of Goddard, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 500000 | 510842 |
| &nbsp;&nbsp;&nbsp;City of Lawrence, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 445000 | 450041 |
| &nbsp;&nbsp;&nbsp;City of Leawood, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 300000 | 318973 |
| &nbsp;&nbsp;&nbsp;City of Lenexa, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2033 | 1560000 | 1559999 |
| &nbsp;&nbsp;&nbsp;City of Maize, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2038 | 375000 | 378612 |
| &nbsp;&nbsp;&nbsp;City of Manhattan, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2027 | 875000 | 875273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 400000 | 417516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 570000 | 571020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036 | 1000000 | 1122127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | 910000 | 1011923 |
| &nbsp;&nbsp;&nbsp;City of McKinney TX, General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2039 | 1075000 | 1191413 |
| &nbsp;&nbsp;&nbsp;City of Olathe, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 | 1000000 | 980872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 | 1315000 | 1336009 |
| &nbsp;&nbsp;&nbsp;City of Overland Park, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 | 475000 | 489393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 | 475000 | 486118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2039 | 350000 | 356163 |
| &nbsp;&nbsp;&nbsp;City of Paola, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 535000 | 589657 |
| &nbsp;&nbsp;&nbsp;City of Park City, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 12/01/2025 | 5000 | 5010 |
| &nbsp;&nbsp;&nbsp;City of Salina, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 | 620000 | 599131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2036 | 680000 | 632794 |
| &nbsp;&nbsp;&nbsp;City of Sedona AZ Excise Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2041 | 805000 | 795797 |
| &nbsp;&nbsp;&nbsp;City of Shawnee, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 425000 | 425601 |
| &nbsp;&nbsp;&nbsp;City of Spring Hill, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 810000 | 831678 |
| &nbsp;&nbsp;&nbsp;City of Wamego, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 500000 | 504307 |
| &nbsp;&nbsp;&nbsp;City of Wichita, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1000000 | 1047000 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 3

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Schedule of Investments</u> <br> September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***General Obligation (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;City of Wichita, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2035 | $400000 | $330038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2030 | 720000 | 721594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2030 | 820000 | 838348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035 | 750000 | 782151 |
| &nbsp;&nbsp;&nbsp;County of Anderson, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2033 | 750000 | 739798 |
| &nbsp;&nbsp;&nbsp;County of Anoka MN, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2041 | 750000 | 750657 |
| &nbsp;&nbsp;&nbsp;County of Douglas, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 | 875000 | 932769 |
| &nbsp;&nbsp;&nbsp;County of Geary, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 415000 | 419472 |
| &nbsp;&nbsp;&nbsp;County of Johnson, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 1125000 | 1126303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1525000 | 1541790 |
| &nbsp;&nbsp;&nbsp;County of Linn, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2032 | 505000 | 520834 |
| &nbsp;&nbsp;&nbsp;County of Saline, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 765000 | 806913 |
| &nbsp;&nbsp;&nbsp;County of Somerset NJ, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2039 | 1000000 | 1020619 |
| &nbsp;&nbsp;&nbsp;Johnson County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2030 | 790000 | 795502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 650000 | 658607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 500000 | 506342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 | 1500000 | 1517411 |
| &nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2033 | 950000 | 816804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2034 | 975000 | 815759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2030 | 800000 | 821217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 1100000 | 1126159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 | 1500000 | 1611678 |
| &nbsp;&nbsp;&nbsp;Oregon State Lottery, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2039 | 750000 | 836937 |
| &nbsp;&nbsp;&nbsp;Saline County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2033 | 200000 | 175316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2034 | 225000 | 192059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2035 | 220000 | 182175 |
| &nbsp;&nbsp;&nbsp;South Dakota Conservancy District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2044 | 1000000 | 1067822 |
| &nbsp;&nbsp;&nbsp;Wyandotte County-Kansas City Unified Government, General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2033 | 1000000 | 875562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 | 685000 | 700606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 | 2105000 | 2175906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2032 | 1000000 | 1032406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 1000000 | 1126681 |
| ***Total General Obligation*** |  | 49717451 |
| ***Health Care (1.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Lyon County Public Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 1335000 | 1357514 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 4

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Schedule of Investments</u> <br> September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| ***Public Services (1.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson County Park & Recreation District, Certificate Participation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2028 | $1165000 | $1170401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2029 | 535000 | 536999 |
| ***Total Public Services*** |  | 1707400 |
| ***Transportation (10.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Kansas Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 630000 | 690402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 500000 | 544703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 1000000 | 1066297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 1000000 | 1061284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 1150000 | 1214035 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 750000 | 769007 |
| &nbsp;&nbsp;&nbsp;State of Kansas Department of Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1500000 | 1569605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 3020000 | 3154655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 500000 | 521286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 | 2000000 | 2075691 |
| ***Total Transportation*** |  | 12666965 |
| ***Utilities (9.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brushy Creek Regional Utility Authority, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 500000 | 509209 |
| &nbsp;&nbsp;&nbsp;City of Lawrence Water & Sewage System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2032 | 1180000 | 1246558 |
| &nbsp;&nbsp;&nbsp;City of Lebanon Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2028 | 550000 | 560868 |
| &nbsp;&nbsp;&nbsp;City of McPherson Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/2038 | 440000 | 326756 |
| &nbsp;&nbsp;&nbsp;City of Olathe Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2034 | 540000 | 460576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2035 | 550000 | 457814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2030 | 675000 | 675817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2031 | 555000 | 554483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2032 | 745000 | 735819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2033 | 755000 | 732210 |
| &nbsp;&nbsp;&nbsp;City of Topeka Combined Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/01/2041 | 1170000 | 1187745 |
| &nbsp;&nbsp;&nbsp;City of Wichita Water & Sewer Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2029 | 1180000 | 1178561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 10/01/2039 | 1000000 | 926280 |
| &nbsp;&nbsp;&nbsp;Jordan Valley Water Conservancy District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2044 | 730000 | 763866 |
| &nbsp;&nbsp;&nbsp;Wyandotte County-Kansas City Unified Government Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2035 | 250000 | 231207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2040 | 250000 | 207646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 1350000 | 1360964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 100000 | 100155 |
| ***Total Utilities*** |  | 12216534 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| **(Cost $127,802,018)** |  | 123740856 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 5

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Schedule of Investments</u> <br> September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (0.62%)** |  |  |
| ***Money Market Fund (0.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund, Class X (4.016%, 7-Day Yield) | 778076 | $778076 |
| ***Total Money Market Fund*** |  | 778076 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| **(Cost $778,076)** |  | 778076 |
| **TOTAL INVESTMENTS (99.43%)** |  |  |
| **(Cost $128,580,094)** |  | $124518932 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.57%)** |  | 708008 |
| **NET ASSETS (100.00%)** |  | $125226940 |

---

*<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.*

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 6

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Statement of Assets and Liabilities</u> <br> September 30, 2025

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $128,580,094) | $124518932 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 38407 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1005561 |
| &nbsp;&nbsp;&nbsp;Total Assets | 125562900 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 226974 |
| &nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 50429 |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 3123 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 25239 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 148 |
| &nbsp;&nbsp;&nbsp;Payable for printing fees | 5159 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 6199 |
| &nbsp;&nbsp;&nbsp;Payable for trustees' fees and expenses | 3807 |
| &nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 7482 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 7400 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 335960 |
| **NET ASSETS** | $125226940 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $131917072 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(deficit) | (6690132) |
| **NET ASSETS** | $125226940 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $10.25 |
| &nbsp;&nbsp;&nbsp;Net Assets | $124458654 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 12139835 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $10.25 |
| &nbsp;&nbsp;&nbsp;Net Assets | $768286 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 74966 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share<sup>(a)</sup> | $10.70 |

---

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

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 7

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Statement of Operations</u> <br> For the Year Ended September 30, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Interest | $3088510 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 3088510 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 360605 |
| &nbsp;&nbsp;&nbsp;Administration fees | 199755 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 356 |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1921 |
| &nbsp;&nbsp;&nbsp;Custody fees | 12760 |
| &nbsp;&nbsp;&nbsp;Legal fees | 18650 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 20484 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 57815 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 13914 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 29808 |
| &nbsp;&nbsp;&nbsp;Printing fees | 6964 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 44726 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 1331 |
| &nbsp;&nbsp;&nbsp;Fees recouped by investment adviser (Note 6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 456 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12612 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 782157 |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment adviser (Note 6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (200759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3410) |
| &nbsp;&nbsp;&nbsp;Total fees waived by investment adviser | (204169) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 577988 |
| **NET INVESTMENT INCOME** | 2510522 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (172047) |
| Net realized loss | (172047) |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 491270 |
| Net change | 491270 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 319223 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2829745 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 8

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
| | **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| Net investment income | $2510522 | $2454563 |
| Net realized loss on investments | (172047) | (1281013) |
| Net change in unrealized appreciation on investments | 491270 | 9046275 |
| Net increase in net assets resulting from operations | 2829745 | 10219825 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2495315) | (2444968) |
| &nbsp;&nbsp;&nbsp;Class A | (15506) | (16126) |
| Total distributions | (2510821) | (2461094) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21855463 | 14670691 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 72032 | 60082 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (19969571) | (18703592) |
| Net increase/(decrease) from beneficial share transactions | 1957924 | (3972819) |
| Class A |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8046 | 24000 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 15447 | 14781 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (60932) | (267403)<sup>(a)</sup> |
| Net decrease from beneficial share transactions | (37439) | (228622) |
| Net increase in net assets | 2239409 | 3557290 |
| **NET ASSETS:** |  |  |
| Beginning of year | 122987531 | 119430241 |
| End of year | $125226940 | $122987531 |

---

*<sup>(a)</sup>* *Shares redeemed amount was netted with $10 redemption fee.*

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 9

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Financial Highlights</u> <br> Institutional Class For a Share Outstanding Throughout the Periods Presented

---

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

---

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

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

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

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 10

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Financial Highlights</u> <br> Class A For a Share Outstanding Throughout the Periods Presented

---

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

---

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

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

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

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 11

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> September 30, 2025

**1. ORGANIZATION**

ALPS Series Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Carret Kansas Tax-Exempt Bond Fund (the "Fund" or "Kansas Tax-Exempt Bond Fund") formally known as the American Independence Kansas Tax-Exempt Bond Fund. On September 13, 2019, Carret Asset Management, LLC (the "Adviser" or "Carret") became the adviser to the Kansas Tax-Exempt Bond Fund, changing the Fund's name from American Independence to Carret. The Fund's investment objective is to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes. The Fund is considered 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" or "Trustees") may establish additional funds and classes of shares at any time in the future without shareholder approval.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for investment companies ("U.S. GAAP"). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

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

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

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

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

**Fair Value Measurements:** The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly); and |

---

Level 3 – Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> September 30, 2025

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>\*</sup>** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Municipal Bonds | $– | $123740856 | $– | $123740856 |
| Short Term Investments | 778076 | – | – | 778076 |
| Total | $778076 | $123740856 | $– | $124518932 |

---

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

There were no Level 3 securities held in the Fund during the year ended September 30, 2025.

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

**Cash & Cash Equivalents:** The Fund considers its investment in a Federal Deposit Insurance Corporation ("FDIC") insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high-quality financial institution.

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

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

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

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

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

*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.

Annual Report \| September 30, 2025 13

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> September 30, 2025

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

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

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

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

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

**Trust Expenses:** Some expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed to a fund are apportioned among all funds in the Trust based on average net assets of each fund, including Trustees' fees and expenses.

**Fund Expenses:** Some expenses can be directly attributed to the Fund and are apportioned among the classes based on average net assets of each class.

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

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

As of and during the year ended September 30, 2025, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions taken on federal and state income tax returns for all open tax years and has concluded that as of September 30, 2025, no provision for income tax is required in the Fund's financial statements related to these tax positions.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis for financial reporting purposes). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned 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.

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> September 30, 2025

**Distributions to Shareholders:** Distributions from net investment income for the Fund are declared daily and paid monthly. Distributions from net realized capital gains, if any, are distributed at least annually. Income dividend distributions are derived from interest and other income the Fund receives from its investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. A Fund may make additional distributions and dividends at other times if its investment adviser has determined that doing so may be necessary for the Fund to avoid or reduce taxes. Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes.

**3. TAX BASIS INFORMATION**

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

The tax character of distributions paid by the Fund for the fiscal years ended September 30, 2025 and September 30, 2024, respectively were as follows:

---

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

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Tax-Exempt Income** | **Long-Term Capital Gains** |
| **Kansas Tax-Exempt Bond Fund** | $50772 | $2410322 | $– |

---

**Unrealized Appreciation and Depreciation on Investments:** As of September 30, 2025, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes were as follows:

---

| | |
|:---|:---|
| | **Kansas Tax-Exempt Bond Fund** |
| Gross unrealized appreciation (excess of value over tax cost) | $309248 |
| Gross unrealized depreciation (excess of tax cost over value) | (4370410) |
| Net unrealized depreciation | $(4061162) |
| Cost of investments for income tax purposes | $128580094 |

---

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

**Components of Distributable Earnings:** At September 30, 2025, components of distributable earnings were as follows:

---

| | |
|:---|:---|
| | **Kansas Tax-Exempt Bond Fund** |
| Undistributed ordinary income | $4475 |
| Undistributed tax-exempt income | 296827 |
| Accumulated capital losses | (2703298) |
| Net unrealized depreciation | (4061162) |
| Other cumulative effect of timing differences<sup>(a)</sup> | (226974) |
| Total | $(6690132) |

---

*<sup>(a)</sup>* *Related to distribution payable at year end.*

Annual Report \| September 30, 2025 15

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> September 30, 2025

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term<br> Non-expiring** | **Long-Term<br> Non-expiring** |
| **Kansas Tax-Exempt Bond Fund** | $2606 | $2700692 |

---

**4. SECURITIES TRANSACTIONS**

Purchases and sales of securities, excluding short-term securities, during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of Securities** | **Proceeds from Sales of<br> Securities** |
| **Kansas Tax-Exempt Bond Fund** | $17049813 | $12314195 |

---

**5. BENEFICIAL SHARE TRANSACTIONS**

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

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> September 30,<br> 2025** | **For the Year Ended<br> September 30,<br> 2024** |
| **Kansas Tax-Exempt Bond Fund** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2166756 | 1463621 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 7131 | 5993 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1983136) | (1859916) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 190751 | (390302) |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 797 | 2392 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 1529 | 1473 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (6024) | (26451) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (3698) | (22586) |

---

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

**6. MANAGEMENT AND RELATED PARTY TRANSACTIONS**

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

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

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> September 30, 2025

Pursuant to a fee waiver letter agreement ("Fee Waiver Agreement"), the Adviser has contractually agreed to limit the amount of the Total Annual Fund Operating Expenses, (excluding Rule 12b-1 Fees, shareholder servicing fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 0.48% for each class of the Fund's average daily net assets. The Fee Waiver Agreement is in effect through January 31, 2026, and will automatically continue upon annual approval by the Board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. Except due to the Adviser's notice of non-renewal, this Agreement may only be amended or terminated with the approval of the Board. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Fee Waiver Agreement (whether through reduction of its management fee or otherwise) only to the extent that the Fund's expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee or expense was reduced, as calculated on a monthly basis. The Adviser recovered $456 of expenses previously waived within Class A, during the year ended September 30, 2025.

As of September 30, 2025, the balances of recoupable expenses for the Fund were as follows:

---

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

---

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to the Fund. The Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to the Administration, Bookkeeping and Pricing Services Agreement with the Trust, ALPS will provide operational services to the Fund including, but not limited to, fund accounting and fund administration, and will generally assist in the Fund's operations. The Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Fund for the year ended September 30, 2025, are disclosed in the Statement of Operations. ALPS is reimbursed by the Fund for certain out of pocket expenses.

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

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

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

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

The Fund has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") that allows its Class A shares to pay a distribution and service fee, as defined by the Financial Industry Regulatory Authority ("FINRA"), from its assets for selling and distributing its shares. The Fund was permitted to pay distribution and service fees at an annual rate of up to 0.25% of its Class A share assets. Distribution fees paid by the Fund for the year ended September 30, 2025, are disclosed in the Statement of Operations.

**7. TRUSTEES AND OFFICERS**

As of September 30, 2025, there were four Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees"). The Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers receive a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875 and the Independent Chair receives a quarterly retainer of $4,250. These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

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

Annual Report \| September 30, 2025 17

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> September 30, 2025

**8. INDEMNIFICATIONS**

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

**9. RECENT ACCOUNTING PRONOUNCEMENT**

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the year. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Fund's internal organizational structure.

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

**10. SUBSEQUENT EVENTS**

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

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Report of Independent Registered Public Accounting Firm</u>

To the Shareholders of Carret Kansas Tax-Exempt Bond Fund and

Board of Trustees of ALPS Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Carret Kansas Tax-Exempt Bond Fund (the "Fund"), a series of ALPS Series Trust, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2018.

![](fp0096372-1_09.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

Annual Report \| September 30, 2025 19

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Tax Designations</u> <br> September 30, 2025 (Unaudited)

For the year ended September 30, 2025, pursuant to Section 852(b)(3) of the Internal Revenue Code, Carret Kansas Tax Exempt Bond Fund designated $0 as long-term capital gain dividends.

For the year ended September 30, 2025, 97.98463% of the distributions from net investment income for Carret Kansas Tax Exempt Bond Fund are exempt from federal income tax.

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Changes in and Disagreements with Accountants</u> <br> September 30, 2025 (Unaudited)

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

Annual Report \| September 30, 2025 21

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Proxy Disclosures</u> <br> September 30, 2025 (Unaudited)

Not applicable to the period covered by this report.

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Remuneration Paid to Directors, Officers, and Others</u> <br> September 30, 2025 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended September 30, 2025:

---

| | |
|:---|:---|
| **Trustee** | **Amount Paid** |
| Ward Armstrong | $3610.27 |
| J.W. Hutchens | 3008.57 |
| Merrillyn Kosier | 3008.57 |
| Patrick Seese | 3274.02 |
| **Total** | $12901.43 |

---

Annual Report \| September 30, 2025 23

<u>Carret Kansas Tax-Exempt Bond Fund</u> <u>Statement Regarding Basis for Approval of Investment Advisory Agreement</u> <br> September 30, 2025 (Unaudited)

On August 21, 2025, the Board of Trustees (the "Board") of ALPS Series Trust (the "Trust") met in person to discuss, among other things, the approval of the Investment Advisory Agreement between the Trust and Carret Asset Management, LLC. ("Carret") in accordance with Section 15(c) of the 1940 Act ("Carret Agreement"). The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials.

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

*Nature, Extent and Quality of the Services:* The Trustees received and considered information included in the Meeting Materials regarding the nature, extent and quality of services provided to the Carret Fund under the Carret Agreement. The Trustees reviewed the background materials supplied by Carret, including audited consolidated financial statements with its parent company, an organizational chart, the firm's Form ADV, compliance reports, and the expense limitation agreement between Carret and the Trust with respect to the Carret Fund.

The Trustees discussed the research and decision-making processes utilized by Carret, including the methods adopted to achieve compliance with the investment objective, policies, and restrictions of the Carret Fund. They considered Carret's focus on risk mitigation and observed that the portfolio managers of the Fund had a robust methodology for selecting assets for inclusion in the Fund's portfolio. The Trustees considered the background and experience of Carret's management team, including the qualifications, background, and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Carret Fund, and noted there were no personnel changes since the last renewal. The Trustees also considered the reputation of Carret and its ability to deliver all services required of an adviser. The Trustees considered Carret's consistent delivery of high quality service to the Carret Fund. The Trustees expressed their appreciation for their access to senior Carret personnel. The Trustees concluded that the quality of services provided by Carret to the Carret Fund were of high quality.

*Performance:* The Trustees discussed the Fund's performance relative to a benchmark index and a peer group of other funds provided by an independent third-party, and performance relative to various indexes provided by Carret. The Trustees noted that the Fund's returns relative to the Fund's peer group was the highest performing fund for the one-year period ended May 31, 2025, slightly below median for the three-year period, and below median for the five-year and ten-year periods ended May 31, 2025. They also reviewed performance compared to a group of Kansas focused funds that was provided by Carret and considered the Fund's three-star Morningstar rating. It was the consensus of the Trustees that the returns were not unreasonable given the Fund's focus on Kansas bonds.

*Investment Advisory Fee Rate and Net Expense Ratio:* The Trustees noted that the Carret Fund's contractual annual advisory fee was 0.30% and total net expense ratio was 0.73%. The Trustees noted that both the advisory fee and the total net expense ratio of the Fund were below the Fund's peer group medians. After further consideration, the Trustees determined that the annual advisory fee and net expense ratio were not unreasonable.

*Profitability:* The Trustees received and reviewed information related to Carret's profitability with respect to its relationship with the Fund. The Trustees also considered the impact of the expense limitation agreement with respect to Carret's profits earned. The Trustees then reviewed and discussed Carret's consolidated financial statements to consider Carret's stability. The Trustees considered the modest level of profit earned by Carret and concluded it was not excessive either in terms of a total dollar amount or as a percentage of gross revenue earned.

*Comparable Accounts:* The Trustees noted certain information provided by Carret regarding fees charged to its clients utilizing a strategy similar to that employed by the Carret Fund. The Trustees determined that the fee structures applicable to Carret's other clients employing a comparable strategy to the Fund were not indicative of any unreasonableness with respect to the advisory fee payable by the Fund, taking into consideration the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts.

*Economies of Scale:* The Trustees considered whether economies of scale had been reached with respect to Carret's management of the Fund. They noted the benefits received by shareholders from the expense limitation agreement. The Trustees also considered that Fund shareholders benefited from the scale of Carret's advisory business, which afforded opportunities in terms of execution, access to markets and research, and similar benefits of institutional investing, but that the Fund's assets under management now and during the renewal period would likely not result in material additional economies of scale for Carret.

*Other Benefits to the Adviser:* The Trustees also contemplated whether any other benefits were derived by Carret from its relationship with the Fund, noting that Carret identified no material ancillary benefits.

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

![](fp0096372-1_10.jpg)

![](fp0096372-1_11.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Partners Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Fund | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Founders Fund | 5 |
| Statements of Assets and Liabilities | 7 |
| Statements of Operations | 8 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Partners Fund | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Fund | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston Founders Fund | 11 |
| Financial Highlights | 12 |
| Notes to Financial Statements and Financial Highlights | 27 |
| Report of Independent Registered Public Accounting Firm | 39 |
| Tax Designations | 40 |
| Changes in and Disagreements with Accountants | 41 |
| Proxy Disclosures | 42 |
| Remuneration Paid to Directors, Officers, and Others | 43 |
| Statement Regarding Basis for Approval of Investment Advisory Agreement | 44 |

---

Clarkston Partners Fund Schedule of Investments

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCK (98.39%)** |  |  |
| ***Consumer Discretionary (6.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 816429 | $33040882 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 925000 | 28249500 |
| ***Total Consumer Discretionary*** |  | 61290382 |
| ***Consumer Staples (31.63%)<sup>(a)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc., Class A<sup>(b)</sup> | 345000 | 12540750 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 1470000 | 36588300 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 600000 | 34848000 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 865000 | 39141250 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(b)</sup> | 760000 | 81684800 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 600000 | 13260000 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 370000 | 30465800 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(b)</sup> | 470000 | 36011400 |
| ***Total Consumer Staples*** |  | 284540300 |
| ***Financials (18.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 315000 | 75105450 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 220000 | 20633800 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 143000 | 47574670 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 78000 | 26945100 |
| ***Total Financials*** |  | 170259020 |
| ***Health Care (16.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(b)</sup> | 3700000 | 46176000 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.<sup>(b)</sup> | 1600000 | 32592000 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(b)</sup> | 400000 | 26548000 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(b)</sup> | 35000 | 17995600 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.<sup>(b)</sup> | 4135000 | 23610850 |
| ***Total Health Care*** |  | 146922450 |
| ***Industrials (11.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 230000 | 30452000 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 1265000 | 34205600 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 70000 | 8579200 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(b)</sup> | 175000 | 23262750 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. | 210000 | 9183300 |
| ***Total Industrials*** |  | 105682850 |
| ***Technology (9.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.<sup>(b)</sup> | 2160000 | 19677600 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 1

Clarkston Partners Fund Schedule of Investments

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| ***Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate Plc<sup>(b)</sup> | 16275000 | $62333250 |
| ***Total Technology*** |  | 82010850 |
| ***Utilities (3.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental Inc. | 725000 | 34350500 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $717,017,638)** |  | 885056352 |
| **TOTAL INVESTMENTS (98.39%)** |  |  |
| **(Cost $717,017,638)** |  | $885056352 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (1.61%)** |  | 14467264 |
| **NET ASSETS (100.00%)** |  | $899523616 |

---

*<sup>(a)</sup>* *For additional information on portfolio concentration, see Note 2.*

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

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

*See Notes to Financial Statements and Financial Highlights.*

2 www.clarkstonfunds.com

Clarkston Fund Schedule of Investments

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCK (93.85%)** |  |  |
| ***Basic Materials (0.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 24000 | $1476960 |
| ***Consumer Discretionary (8.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 35500 | 4310410 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co. | 19500 | 2232750 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.<sup>(a)</sup> | 490000 | 9569700 |
| ***Total Consumer Discretionary*** |  | 16112860 |
| ***Consumer Staples (23.41%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV - ADR, Sponsored ADR | 137000 | 8166570 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 120000 | 6969600 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 115000 | 5203750 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 102000 | 10962960 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 47000 | 3869980 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 90000 | 6895800 |
| ***Total Consumer Staples*** |  | 42068660 |
| ***Financials (16.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 47000 | 11206210 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 22000 | 2063380 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 15000 | 4990350 |
| &nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 60000 | 5728200 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 16000 | 5527200 |
| ***Total Financials*** |  | 29515340 |
| ***Health Care (16.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 21000 | 2629620 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 835000 | 10420800 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 36000 | 6738120 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 9300 | 1843818 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 46000 | 8737240 |
| ***Total Health Care*** |  | 30369598 |
| ***Industrials (16.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 22500 | 4783050 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 44000 | 5825600 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 29500 | 6956395 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 63000 | 4154220 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 108000 | 5290920 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 3

Clarkston Fund Schedule of Investments

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 14000 | $2278640 |
| ***Total Industrials*** |  | 29288825 |
| ***Technology (8.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate Plc<sup>(a)</sup> | 2745000 | 10513350 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 15000 | 3943050 |
| ***Total Technology*** |  | 14456400 |
| ***Telecommunications (2.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 170000 | 5341400 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $141,719,601)** |  | 168630043 |
| **TOTAL INVESTMENTS (93.85%)** |  |  |
| **(Cost $141,719,601)** |  | $168630043 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (6.15%)** |  | 11055731 |
| **NET ASSETS (100.00%)** |  | $179685774 |

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

4 www.clarkstonfunds.com

Clarkston Founders Fund Schedule of Investments

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCK (95.99%)** |  |  |
| ***Basic Materials (0.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 105000 | $6461700 |
| ***Consumer Discretionary (7.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 800000 | 24432000 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.<sup>(a)</sup> | 1735000 | 33884550 |
| ***Total Consumer Discretionary*** |  | 58316550 |
| ***Consumer Staples (24.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV - ADR, Sponsored ADR | 355000 | 21161550 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 525000 | 30492000 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 590000 | 26697500 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 530000 | 56964400 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 495000 | 10939500 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 175000 | 14409500 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 385000 | 29498700 |
| ***Total Consumer Staples*** |  | 190163150 |
| ***Financials (18.15%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 240879 | 57432780 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 95000 | 8910050 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 65000 | 21624850 |
| &nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 265000 | 25299550 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 85000 | 29363250 |
| ***Total Financials*** |  | 142630480 |
| ***Health Care (17.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 90000 | 11269800 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 3290000 | 41059200 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 132000 | 24706440 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 300000 | 19911000 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 150000 | 28491000 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 26000 | 13368160 |
| ***Total Health Care*** |  | 138805600 |
| ***Industrials (13.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 190000 | 25156000 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 122000 | 28768820 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 460000 | 22535400 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 65000 | 10579400 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 5

Clarkston Founders Fund Schedule of Investments

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 138733 | $18441778 |
| ***Total Industrials*** |  | 105481398 |
| ***Technology (10.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 1600000 | 14576000 |
| &nbsp;&nbsp;&nbsp;Clarivate Plc<sup>(a)</sup> | 13555000 | 51915650 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 66000 | 17349420 |
| ***Total Technology*** |  | 83841070 |
| ***Utilities (3.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental Inc. | 605000 | 28664900 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $645,153,851)** |  | 754364848 |
| **TOTAL INVESTMENTS (95.99%)** |  |  |
| **(Cost $645,153,851)** |  | $754364848 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (4.01%)** |  | 31542519 |
| **NET ASSETS (100.00%)** |  | $785907367 |

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

6 www.clarkstonfunds.com

Clarkston Funds Statements of Assets and Liabilities

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Clarkston**<br>**Partners Fund** |<br>**Clarkston**<br>**Fund** | **Clarkston**<br>**Founders**<br>**Fund** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $717,017,638, $141,719,601 and $645,153,851) | $885056352 | $168630043 | $754364848 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 13157050 | 11026614 | 32387778 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2057715 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 5703 | 8103 | 23312 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 288702 | 159460 | 590889 |
| &nbsp;&nbsp;&nbsp;Other assets | 35998 | 8121 | 14928 |
| &nbsp;&nbsp;&nbsp;Total Assets | 900601520 | 179832341 | 787381755 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 42363 | 11169 | 31764 |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 362579 | 49089 | 929900 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 573489 | 58429 | 459266 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder service fees | 37169 | 14988 | 15702 |
| &nbsp;&nbsp;&nbsp;Payable for printing fees | 13409 | 7004 | 11076 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 35622 | 5141 | 23469 |
| &nbsp;&nbsp;&nbsp;Payable for trustees' fees and expenses | 4909 |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 2098 | 403 | 1747 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 6266 | 344 | 1464 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 1077904 | 146567 | 1474388 |
| **NET ASSETS** | $899523616 | $179685774 | $785907367 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $725869014 | $148960223 | $681259421 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 173654602 | 30725551 | 104647946 |
| **NET ASSETS** | $899523616 | $179685774 | $785907367 |
| **PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Founders Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $13.46 | N/A | $16.65 |
| &nbsp;&nbsp;&nbsp;Net Assets | $413641031 | N/A | $569911973 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 30731740 | N/A | 34219834 |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $13.34 | $15.95 | $16.61 |
| &nbsp;&nbsp;&nbsp;Net Assets | $485882585 | $179685774 | $215995394 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 36427045 | 11267635 | 13006782 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 7

Clarkston Funds Statements of Operations

*For the Year Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Clarkston**<br>**Partners Fund** | **Clarkston**<br>**Fund** | **Clarkston**<br>**Founders Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $14258638 | $2627590 | $9752032 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (10538) | (39667) | (110146) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 14248100 | 2587923 | 9641886 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 8442281 | 893150 | 5849350 |
| &nbsp;&nbsp;&nbsp;Administration fees | 447437 | 88467 | 334810 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 517677 | 171604 | 205363 |
| &nbsp;&nbsp;&nbsp;Custody fees | 27101 | 5448 | 20539 |
| &nbsp;&nbsp;&nbsp;Legal fees | 83472 | 12126 | 54403 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 20203 | 18703 | 18703 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 64006 | 32304 | 26411 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 126871 | 19084 | 85050 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 65244 | 27430 | 43302 |
| &nbsp;&nbsp;&nbsp;Printing fees | 1515 | 11783 | 8162 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 26178 | 4501 | 19611 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 26980 | 3810 | 17360 |
| &nbsp;&nbsp;&nbsp;Other expenses | 20757 | 8438 | 16420 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 9869722 | 1296848 | 6699484 |
| &nbsp;&nbsp;&nbsp;Less fees waived by investment adviser (Note 6) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Founders Class | (169566) |  | (184515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (219987) | (142560) | (70136) |
| &nbsp;&nbsp;&nbsp;Total fees waived by investment adviser (Note 6) | (389553) | (142560) | (254651) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 9480169 | 1154288 | 6444833 |
| **NET INVESTMENT INCOME** | 4767931 | 1433635 | 3197053 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |
| Net realized gain/(loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 12352365 | 6604041 | 38493789 |
| Net realized gain | 12352365 | 6604041 | 38493789 |
| Change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (102356467) | (3485684) | (12426061) |
| Net change | (102356467) | (3485684) | (12426061) |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | (90004102) | 3118357 | 26067728 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(85236171) | $4551992 | $29264781 |

---

*See Notes to Financial Statements and Financial Highlights.*

8 www.clarkstonfunds.com

Clarkston Partners Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**September 30,**<br>**2025** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2024** |
| **OPERATIONS:** |  |  |
| Net investment income | $4767931 | $6234226 |
| Net realized gain on investments | 12352365 | 22223997 |
| Net change in unrealized appreciation/(depreciation) on investments | (102356467) | 130663553 |
| Net increase/(decrease) in net assets resulting from operations | (85236171) | 159121776 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Founders Class | (5318225) | (19684887) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6898574) | (29910558) |
| Total distributions | (12216799) | (49595445) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| Founders Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 28260 | 436755 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 139714 | 595440 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (53740316) | (51239665) |
| Net decrease from beneficial share transactions | (53572342) | (50207470) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 57279678 | 123827673 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 6546912 | 28886182 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (194490635) | (335962564) |
| Net decrease from beneficial share transactions | (130664045) | (183248709) |
| Net decrease in net assets | (281689357) | (123929848) |
| **NET ASSETS:** |  |  |
| Beginning of year | 1181212973 | 1305142821 |
| End of year | $899523616 | $1181212973 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 9

Clarkston Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**September 30,**<br>**2025** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2024** |
| **OPERATIONS:** |  |  |
| Net investment income | $1433635 | $1423695 |
| Net realized gain/(loss) on investments | 6604041 | (1221892) |
| Net change in unrealized appreciation/(depreciation) on investments | (3485684) | 24797559 |
| Net increase in net assets resulting from operations | 4551992 | 24999362 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1514080) | (4699381) |
| Total distributions | (1514080) | (4699381) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 28886445 | 38023892 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 1511599 | 4689845 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (21636992) | (20586455) |
| Net increase from beneficial share transactions | 8761052 | 22127282 |
| Net increase in net assets | 11798964 | 42427263 |
| **NET ASSETS:** |  |  |
| Beginning of year | 167886810 | 125459547 |
| End of year | $179685774 | $167886810 |

---

*See Notes to Financial Statements and Financial Highlights.*

10 www.clarkstonfunds.com

Clarkston Founders Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**September 30,**<br>**2025** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2024** |
| **OPERATIONS:** |  |  |
| Net investment income | $3197053 | $3455899 |
| Net realized gain/(loss) on investments | 38493789 | (45264132) |
| Net change in unrealized appreciation/(depreciation) on investments | (12426061) | 146326178 |
| Net increase in net assets resulting from operations | 29264781 | 104517945 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Founders Class | (2727873) | (8340342) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (961756) | (3035281) |
| Total distributions | (3689629) | (11375623) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| Founders Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 73851972 | 97041015 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 34979 | 111165 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (83168148) | (76390737) |
| Net increase/(decrease) from beneficial share transactions | (9281197) | 20761443 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 19810644 | 41989764 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 956502 | 3013276 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (26049201) | (32256421) |
| Net increase/(decrease) from beneficial share transactions | (5282055) | 12746619 |
| Net increase in net assets | 11011900 | 126650384 |
| **NET ASSETS:** |  |  |
| Beginning of year | 774895467 | 648245083 |
| End of year | $785907367 | $774895467 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 11

Clarkston Partners Fund – Founders Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

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

---

*See Notes to Financial Statements and Financial Highlights.*

12 www.clarkstonfunds.com

Clarkston Partners Fund – Founders Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

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

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 13

Clarkston Partners Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

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

---

*See Notes to Financial Statements and Financial Highlights.*

14 www.clarkstonfunds.com

Clarkston Partners Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

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

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 15

Clarkston Partners Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

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

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

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

*See Notes to Financial Statements and Financial Highlights.*

16 www.clarkstonfunds.com

*Page Intentionally Left Blank*

Clarkston Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

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

---

*See Notes to Financial Statements and Financial Highlights.*

18 www.clarkstonfunds.com

Clarkston Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year**<br>**Ended**<br>**September 30,**<br>**2025** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2024** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2023** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2022** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2021** |
| $15.70 | $13.66 | $12.28 | $14.80 | $12.05 |
| 0.12 | 0.14 | 0.12 | 0.06 | 0.07 |
| 0.27 | 2.40 | 1.92 | (2.11) | 3.49 |
| 0.39 | 2.54 | 2.04 | (2.05) | 3.56 |
| (0.14) | (0.12) | (0.07) | (0.05) | (0.16) |
| – | (0.38) | (0.59) | (0.42) | (0.65) |
| (0.14) | (0.50) | (0.66) | (0.47) | (0.81) |
| 0.25 | 2.04 | 1.38 | (2.52) | 2.75 |
| $15.95 | $15.70 | $13.66 | $12.28 | $14.80 |
| 2.46% | 18.94% | 17.04% | (14.33 %) | 30.08% |
| $179686 | $167887 | $125460 | $100610 | $97936 |
| 0.73% | 0.73% | 0.73% | 0.76% | 0.80% |
| 0.65 %<sup>(c)</sup> | 0.64 %<sup>(c)</sup> | 0.65 %<sup>(c)</sup> | 0.65 %<sup>(c)</sup> | 0.66 %<sup>(c)</sup> |
| 0.80% | 0.98% | 0.84% | 0.41% | 0.46% |
| 25% | 23% | 12% | 18% | 18% |

---

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

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

*<sup>(c)</sup>* *According to the Fund's shareholder services plan with respect to the Fund's Institutional shares, any amount of fees accrued according to the plan but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Fees were reimbursed to the Fund for the years ended September 30, 2025, September 30, 2024, September 30, 2023, September 30, 2022, and September 30, 2021, respectively, in the amount of 0.05%, 0.06%, 0.05%, 0.05%, and 0.04% of average net assets of Institutional shares.*

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 19

Clarkston Founders Fund – Founders Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

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

---

*See Notes to Financial Statements and Financial Highlights.*

20 www.clarkstonfunds.com

Clarkston Founders Fund – Founders Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year**<br>**Ended**<br>**September 30, <br> 2025** | **For the Year**<br>**Ended**<br>**September 30, <br> 2024** | **For the Year**<br>**Ended**<br>**September 30, <br> 2023** | **For the Year**<br>**Ended**<br>**September 30, <br> 2022** | **For the Period**<br>**Ended**<br>**September 30, <br> 2021**<sup>(a)</sup>** |
| $16.13 | $14.12 | $13.72 | $15.09 | $15.54 |
| 0.07 | 0.08 | 0.19 | 0.01 | 0.02 |
| 0.53 | 2.18 | 1.11 | (1.31) | (0.47)<sup>(c)</sup> |
| 0.60 | 2.26 | 1.30 | (1.30) | (0.45) |
| (0.08) | (0.10) | (0.12) | (0.01) |  |
| – | (0.15) | (0.78) | (0.06) | – |
| (0.08) | (0.25) | (0.90) | (0.07) | – |
| 0.52 | 2.01 | 0.40 | (1.37) | (0.45) |
| $16.65 | $16.13 | $14.12 | $13.72 | $15.09 |
| 3.72% | 16.16% | 9.60% | (8.64 %) | (2.90 %) |
| $569912 | $560408 | $472102 | $404512 | $278749 |
| 0.83% | 0.84% | 0.82% | 0.84% | 0.86 %<sup>(e)</sup> |
| 0.80% | 0.80% | 0.80% | 0.80 %<sup>(f)</sup> | 0.80 %<sup>(e)</sup> |
| 0.44% | 0.52% | 1.28% | 0.09% | 0.20 %<sup>(e)</sup> |
| 27% | 17% | 13% | 17% | 5 %<sup>(g)</sup> |

---

*<sup>(a)</sup>* *Commenced operations on February 17, 2021.*

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

*<sup>(c)</sup>* *The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.*

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

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 21

Clarkston Founders Fund – Founders Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

*<sup>(f)</sup>* *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of recaptured fees.*

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

*See Notes to Financial Statements and Financial Highlights.*

22 www.clarkstonfunds.com

*Page Intentionally Left Blank*

Clarkston Founders Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

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

---

*See Notes to Financial Statements and Financial Highlights.*

24 www.clarkstonfunds.com

Clarkston Founders Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year**<br>**Ended**<br>**September 30,**<br>**2025** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2024** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2023** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2022** | **For the Year**<br>**Ended**<br>**September 30,**<br>**2021** |
| $16.09 | $14.10 | $13.71 | $15.09 | $12.35 |
| 0.05 | 0.06 | 0.17 | (0.00)<sup>(b)</sup> | (0.00)<sup>(b)</sup> |
| 0.54 | 2.17 | 1.11 | (1.32) | 2.87 |
| 0.59 | 2.23 | 1.28 | (1.32) | 2.87 |
| (0.07) | (0.09) | (0.11) | 0.00 <sup>(b)</sup> | (0.02) |
| – | (0.15) | (0.78) | (0.06) | (0.11) |
| (0.07) | (0.24) | (0.89) | (0.06) | (0.13) |
| 0.52 | 1.99 | 0.39 | (1.38) | 2.74 |
| $16.61 | $16.09 | $14.10 | $13.71 | $15.09 |
| 3.69% | 16.00% | 9.50% | (8.74 %) | 23.31% |
| $215995 | $214488 | $176143 | $150563 | $139088 |
| 0.93% | 0.93% | 0.93% | 0.94% | 0.92% |
| 0.90 %<sup>(d)</sup> | 0.89 %<sup>(d)</sup> | 0.91 %<sup>(d)</sup> | 0.90 %<sup>(d)(e)</sup> | 0.86 %<sup>(d)</sup> |
| 0.34% | 0.42% | 1.16% | (0.02 %) | (0.00 %)<sup>(f)</sup> |
| 27% | 17% | 13% | 17% | 5% |

---

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

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

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 25

Clarkston Founders Fund – Institutional Class Financial Highlights

*For a Share Outstanding Throughout the Periods Presented*

*<sup>(d)</sup>* *According to the Fund's shareholder services plan with respect to the Fund's Institutional shares, any amount of fees accrued according to the plan but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Fees were reimbursed to the Fund for the years ended September 30, 2025, September 30, 2024, September 30, 2023, September 30, 2022 and September 30, 2021, respectively, in the amount of 0.05%, 0.06%, 0.04%, 0.05% and 0.09% of average net assets of Institutional shares.*

*<sup>(e)</sup>* *Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of recaptured fees.*

*<sup>(f)</sup>* *Less than 0.005%.*

*See Notes to Financial Statements and Financial Highlights.*

26 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

1. ORGANIZATION

ALPS Series Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Clarkston Partners Fund, the Clarkston Fund and the Clarkston Founders Fund (each, a "Fund" and collectively, the "Funds"). The Funds are non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Each Fund's investment objective is to achieve long-term capital appreciation. The Clarkston Partners Fund and Clarkston Founders Fund currently offer Founders Class shares and Institutional Class shares, and the Clarkston Fund currently offers Institutional Class shares. Each share class of the Clarkston Partners Fund and Clarkston Founders Fund has identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes. The Board of Trustees (the "Board or Trustees") may establish additional funds and classes of shares at any time in the future without shareholder approval.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for investment companies ("U.S. GAAP"). The Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements.

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

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Funds' assets are valued. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day.

Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value ("NAV"), with the exception of exchange-traded open-end investment companies, which are priced as equity securities. Money market funds, representing short-term investments, are valued at their NAV.

Annual Report \| September 30, 2025 27

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

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

**Fair Value Measurements:** The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds' investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly); and |
| Level 3 – | Significant unobservable prices or inputs (including a Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

28 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

The following is a summary of the inputs used to value the Funds' investments as of September 30, 2025:

**CLARKSTON PARTNERS FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value** |<br>**Level 1 -**<br>**Unadjusted**<br>**Quoted Prices** | **Level 2 - Other**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3 -**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | $61290382 | $– | $– | $61290382 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 284540300 |  |  | 284540300 |
| &nbsp;&nbsp;&nbsp;Financials | 170259020 |  |  | 170259020 |
| &nbsp;&nbsp;&nbsp;Health Care | 146922450 |  |  | 146922450 |
| &nbsp;&nbsp;&nbsp;Industrials | 105682850 |  |  | 105682850 |
| &nbsp;&nbsp;&nbsp;Technology | 82010850 |  |  | 82010850 |
| &nbsp;&nbsp;&nbsp;Utilities | 34350500 | – | – | 34350500 |
| Total | $885056352 | $– | $– | $885056352 |

---

**CLARKSTON FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value** |<br>**Level 1 -**<br>**Unadjusted**<br>**Quoted Prices** | **Level 2 - Other**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3 -**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $1476960 | $– | $– | $1476960 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 16112860 |  |  | 16112860 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 42068660 |  |  | 42068660 |
| &nbsp;&nbsp;&nbsp;Financials | 29515340 |  |  | 29515340 |
| &nbsp;&nbsp;&nbsp;Health Care | 30369598 |  |  | 30369598 |
| &nbsp;&nbsp;&nbsp;Industrials | 29288825 |  |  | 29288825 |
| &nbsp;&nbsp;&nbsp;Technology | 14456400 |  |  | 14456400 |
| &nbsp;&nbsp;&nbsp;Telecommunications | 5341400 | – | – | 5341400 |
| Total | $168630043 | $– | $– | $168630043 |

---

**CLARKSTON FOUNDERS FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities at Value** |<br>**Level 1 -**<br>**Unadjusted**<br>**Quoted Prices** | **Level 2 - Other**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3 -**<br>**Significant**<br>**Unobservable**<br>**Inputs** |<br><br>**Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $6461700 | $– | $– | $6461700 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 58316550 |  |  | 58316550 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 190163150 |  |  | 190163150 |
| &nbsp;&nbsp;&nbsp;Financials | 142630480 |  |  | 142630480 |
| &nbsp;&nbsp;&nbsp;Health Care | 138805600 |  |  | 138805600 |
| &nbsp;&nbsp;&nbsp;Industrials | 105481398 |  |  | 105481398 |
| &nbsp;&nbsp;&nbsp;Technology | $83841070 | $– | $– | $83841070 |
| &nbsp;&nbsp;&nbsp;Utilities | 28664900 | – | – | 28664900 |
| Total | $754364848 | $– | $– | $754364848 |

---

Annual Report \| September 30, 2025 29

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

There were no Level 3 securities held during the year ended September 30, 2025.

**Cash & Cash Equivalents:** The Funds consider their investment in a Federal Deposit Insurance Corporation ("FDIC") insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Funds maintain cash balances, which, at times may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

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

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

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

**Trust Expenses:** Some expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed to a fund are apportioned among all funds in the Trust based on average net assets of each fund, including Trustees' fees and expenses.

**Fund Expenses:** Some expenses can be directly attributed to a Fund and are apportioned among the classes based on average net assets of each class.

**Class Expenses:** Expenses that are specific to a class of shares are charged directly to that share class. Fees provided under the shareholder service plan for a particular class of a Fund are charged to the operations of such class.

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

30 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

As of and during the year ended September 30, 2025, the Funds did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state and local income tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Funds' administrator has analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years and has concluded that as of September 30, 2025, no provision for income tax is required in the Funds' financial statements related to these tax positions.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis for financial reporting purposes). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective yield method. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to a Fund. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. All of the realized and unrealized gains and losses of a Fund and net investment income of a Fund are allocated daily to each class of the Fund in proportion to its average daily net assets.

**Distributions to Shareholders:** The Funds normally pay dividends, if any, and distribute capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends and other income the Funds receive from their investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than one year. A Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe doing so may be necessary for the Fund to avoid or reduce taxes. Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes.

3. TAX BASIS INFORMATION

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

Annual Report \| September 30, 2025 31

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

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

---

| | | |
|:---|:---|:---|
| |<br>**Ordinary Income** | **Long-Term Capital**<br>**Gains** |
| **Clarkston Partners Fund** | $5834231 | $6382568 |
| **Clarkston Fund** | 1514080 |  |
| **Clarkston Founders Fund** | 3689629 |  |

---

The tax character of distributions paid during the fiscal year ended September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| |<br>**Ordinary Income** | **Long-Term Capital**<br>**Gains** |
| **Clarkston Partners Fund** | $10421131 | $39174314 |
| **Clarkston Fund** | 1128769 | 3570612 |
| **Clarkston Founders Fund** | 7042936 | 4332687 |

---

As of September 30, 2025, permanent differences in book and tax accounting were reclassified. The following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character:

---

| | | |
|:---|:---|:---|
| |<br>**Paid-in Capital** | **Total Distributable**<br>**Earnings** |
| **Clarkston Partners Fund** | $10064541 | $(10064541) |
| **Clarkston Fund** | 181466 | (181466) |

---

These differences are primarily attributable to tax treatment of earnings and profits on redemption of shares.

**Unrealized Appreciation and Depreciation on Investments:** As of September 30, 2025, the aggregate costs of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Clarkston Partners**<br>**Fund** | **Clarkston**<br>**Fund** | **Clarkston Founders**<br>**Fund** |
| Gross unrealized appreciation (excess of value over tax cost) | $279383497 | $42109615 | $190685981 |
| Gross unrealized depreciation (excess of tax cost over value) | (111344783) | (15199171) | (81474984) |
| Net unrealized appreciation | $168038714 | $26910444 | $109210997 |
| Cost of investments for income tax purposes | $717017638 | $141719601 | $645153851 |

---

32 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

**Components of Distributable Earnings:** As of September 30, 2025, components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Clarkston Partners**<br>**Fund** |<br>**Clarkston Fund** | **Clarkston**<br>**Founders Fund** |
| Undistributed ordinary income | $2857858 | $2086378 | $2207292 |
| Undistributed capital gains | 2758030 | 1728729 |  |
| Other Accumulated Losses |  |  | (6770343) |
| Net unrealized appreciation | 168038714 | 26910444 | 109210997 |
| Total | $173654602 | $30725551 | $104647946 |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short Term** | **Long-Term** |
| Clarkston Founders Fund | $1477815 | $5292528 |

---

Capital loss carryovers used by the Clarkston Founders Fund during the period ended September 30, 2025 were $38,493,789.

4. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities, during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| |<br>**Purchases of Securities** | **Proceeds from Sales of**<br>**Securities** |
| Clarkston Partners Fund | $279497049 | $344600888 |
| Clarkston Fund | 65814444 | 38848148 |
| Clarkston Founders Fund | 288226303 | 191280265 |

---

5. BENEFICIAL SHARE TRANSACTIONS

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

Annual Report \| September 30, 2025 33

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**September 30,**<br>**2025** | **For the Year Ended**<br>**September 30,**<br>**2024** |
| **Clarkston Partners Fund** |  |  |
| **Founders Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1915 | 28504 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 9358 | 43782 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3859606) | (3707220) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (3848333) | (3634934) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4080975 | 8936530 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 442359 | 2139717 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (14347718) | (24587289) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (9824384) | (13511042) |
| **Clarkston Fund** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1867022 | 2575609 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 95129 | 325458 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1389931) | (1392939) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 572220 | 1508128 |
| **Clarkston Founders Fund** |  |  |
| **Founders Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4606275 | 6415334 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 2128 | 7446 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5138772) | (5100651) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (530369) | 1322129 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1240963 | 2775699 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 58324 | 202233 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1623177) | (2143260) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (323890) | 834672 |

---

34 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. Approximately 88% of the outstanding shares of the Clarkston Partners Fund are held by three omnibus accounts that own shares on behalf of their underlying beneficial owners. Approximately 77% of the outstanding shares of the Clarkston Fund are owned by one omnibus account that owns shares on behalf of its underlying beneficial owners. Approximately 90% of the outstanding shares of the Clarkston Founders Fund are held by two omnibus accounts that own shares on behalf of their underlying beneficial owners. Share transaction activities of these shareholders could have a material impact on the Funds.

6. MANAGEMENT AND RELATED PARTY TRANSACTIONS

**Investment Advisory:** Clarkston Capital Partners, LLC ("Clarkston" or the "Adviser"), subject to the authority of the Board, is responsible for the management of the Funds' portfolios. The Adviser manages the investments of the Funds in accordance with the Funds' investment objectives, policies and limitations and investment guidelines established jointly by the Adviser and the Board.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, each Fund pays the Adviser an annual management fee that is based on each Fund's average daily net assets. The management fee is paid on a monthly basis. The contractual management fee rates are 0.80%, 0.50% and 0.75% for the Clarkston Partners Fund, the Clarkston Fund and the Clarkston Founders Fund, respectively. The Board may extend the Advisory Agreement for additional one-year terms. The Board and shareholders of a Fund may terminate the Advisory Agreement upon 30 days' written notice. The Adviser may terminate the Advisory Agreement upon 60 days' notice.

Pursuant to a fee waiver letter agreement (the "Fee Waiver Agreement"), the Adviser has contractually agreed to limit the amount of each Fund's Total Annual Fund Operating Expenses, (excluding shareholder servicing fees, brokerage expenses, interest expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to an annual rate of 0.85% of the Clarkston Partners Fund's average daily net assets for each of the Founders Class shares and the Institutional Class shares, 0.55% of the Clarkston Fund's average daily net assets for the Institutional Class shares and 0.80% of the Clarkston Founders Fund's average daily net assets for each of the Founders Class shares and the Institutional Class shares. The Fee Waiver Agreement is in effect through January 31, 2027 and will automatically continue upon annual approval by the Board for successive twelve-month periods unless (i) it is terminated earlier by the Board, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser may not terminate the Fee Waiver Agreement without the approval of the Trust's Board. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Fee Waiver Agreement (whether through a reduction of its management fee or otherwise) only to the extent that a Fund's expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Funds will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee or expense was reduced, as calculated on a monthly basis.

For the year ended September 30, 2025, the fee waivers and/or reimbursements were $169,566, $219,987, $142,560, $184,515, and $70,136 for the Clarkston Partners Fund Founders Class, Clarkston Partners Fund Institutional Class, Clarkston Fund Institutional Class, Clarkston Founders Fund Founders Class and Clarkston Founders Fund Institutional Class, respectively.

Annual Report \| September 30, 2025 35

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

As of September 30, 2025, the balances of recoupable expenses for each Fund and class were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Expiring in**<br>**2026** | **Expiring in**<br>**2027** | **Expiring in**<br>**2028** |
| **Clarkston Partners Fund** |  |  |  |
| Founders | $145168 | $137409 | $169566 |
| Institutional | 222408 | 217941 | 219987 |
| **Clarkston Fund** | 102951 | 137800 | 142560 |
| **Clarkston Founders Fund** |  |  |  |
| Founders | 97656 | 186726 | 184515 |
| Institutional | 37878 | 70717 | 70136 |

---

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to each Fund. The Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to the Administration, Bookkeeping and Pricing Services Agreement with the Trust, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in each Fund's operations. Each Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Funds for the year ended September 30, 2025, are disclosed in the Statements of Operations. ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

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

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

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

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

36 www.clarkstonfunds.com

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

7. TRUSTEES AND OFFICERS

As of September 30, 2025, there were four Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees"). The Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875 and the Independent Chair receives a quarterly retainer of $4,250. These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

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

8. INDEMNIFICATIONS

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

9. RECENT ACCOUNTING PRONOUNCEMENT

The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the year. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Funds' internal organizational structure.

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

Annual Report \| September 30, 2025 37

Clarkston Funds Notes to Financial Statements and Financial Highlights

*September 30, 2025*

10. SUBSEQUENT EVENTS

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

38 www.clarkstonfunds.com

Clarkston Funds Report of Independent Registered Public Accounting Firm

To the Shareholders of Clarkston Partners Fund, Clarkston Fund, and Clarkston Founders Fund and Board of Trustees of ALPS Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Clarkston Partners Fund, Clarkston Fund, and Clarkston Founders Fund (the "Funds"), each a series of ALPS Series Trust, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

![](fp0096372-1_12.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

Annual Report \| September 30, 2025 39

Clarkston Funds Tax Designations

*September 30, 2025 (Unaudited)*

**Qualified Dividend Income**

The percentage of ordinary income dividends distributed during the calendar year ended December 31, 2024 are designated as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code in the following percentages:

---

| | |
|:---|:---|
| | **Amount** |
| Clarkston Partners Fund | 100.00% |
| Clarkston Fund | 86.30% |
| Clarkston Founders Fund | 100.00% |

---

**Dividends Received Deduction**

For corporate shareholders, the following ordinary dividends paid during the calendar year ended December 31, 2024 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| | **Amount** |
| Clarkston Partners Fund | 100.00% |
| Clarkston Fund | 78.17% |
| Clarkston Founders Fund | 100.00% |

---

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

---

| | |
|:---|:---|
| Clarkston Partners Fund | $6382568 |
| Clarkston Fund | $0 |
| Clarkston Founders Fund | $0 |

---

40 www.clarkstonfunds.com

Clarkston Funds Changes in and Disagreements with Accountants

*September 30, 2025 (Unaudited)*

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

Annual Report \| September 30, 2025 41

Clarkston Funds Proxy Disclosures

*September 30, 2025 (Unaudited)*

Not applicable to the period covered by this report.

42 www.clarkstonfunds.com

Clarkston Funds Remuneration Paid to Directors, Officers, and Others

*September 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Trustee** | **Clarkston**<br>**Partners Fund** | **Clarkston**<br>**Fund** | **Clarkston**<br>**Founders Fund** |
| Ward Armstrong | $32232.27 | $5311.63 | $23352.24 |
| J.W. Hutchens | $26860.23 | $4426.36 | $19460.20 |
| Merrillyn Kosier | $26860.23 | $4426.36 | $19460.20 |
| Patrick Seese | $29230.25 | $4816.92 | $21177.28 |
| **Total** | $115182.98 | $18981.27 | $83449.92 |

---

Annual Report \| September 30, 2025 43

Clarkston Funds Statement Regarding Basis for Approval of Investment Advisory Agreement

*September 30, 2025 (Unaudited)*

Not applicable to the period covered by this report.

44 www.clarkstonfunds.com

![](fp0096372-1_13.jpg)

***Annual Financial Statements and Additional Information***

 

*As of September 30, 2025*

**Hillman Value Fund**

 ****

***No Load Shares***

![](fp0096372-1_14.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 4 |
| Statement of Operations | 5 |
| Statements of Changes in Net Assets | 6 |
| Financial Highlights | 8 |
| Notes to Financial Statements and Financial Highlights | 11 |
| Report of Independent Registered Public Accounting Firm | 22 |
| Tax Designations | 23 |
| Changes in and Disagreements with Accountants | 24 |
| Proxy Disclosures | 25 |
| Remuneration Paid to Directors, Officers, and Others | 26 |
| Statement Regarding Basis for Approval of Investment Advisory Agreement | 27 |

---

<u>Hillman Value Fund</u> <u>Schedule of Investments</u> <br> *September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCK (96.27%)** |  |  |
| ***Communication Services (10.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 83077 | $2610279 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 64600 | 2839170 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 24300 | 2782350 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)</sup> | 133887 | 2614813 |
| ***Total Communication Services*** |  | 10846612 |
| ***Consumer Discretionary (4.37%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)(b)(c)</sup> | 43400 | 1947358 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 37800 | 2635794 |
| ***Total Consumer Discretionary*** |  | 4583152 |
| ***Consumer Staples (21.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev NV, Sponsored ADR | 42500 | 2533425 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 89500 | 2423660 |
| &nbsp;&nbsp;&nbsp;Campbell's Company | 85000 | 2684300 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 127100 | 2327201 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 16400 | 2208588 |
| &nbsp;&nbsp;&nbsp;Diageo PLC, ADR | 26400 | 2519352 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 32200 | 2837464 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 14700 | 2749635 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 107600 | 2801904 |
| ***Total Consumer Staples*** |  | 23085529 |
| ***Financials (7.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 20304 | 2617795 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 26200 | 2689168 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 54500 | 2633985 |
| ***Total Financials*** |  | 7940948 |
| ***Health Care (26.54%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc.<sup>(c)</sup> | 125200 | 2850804 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 14900 | 2788833 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(a)(c)</sup> | 19500 | 2731560 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 62100 | 2800710 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 36300 | 2736657 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 1

<u>Hillman Value Fund</u> <u>Schedule of Investments</u> <br> *September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| ***Health Care (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;GSK PLC, Sponsored ADR | 69300 | $2990988 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 113300 | 2886884 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 7900 | 2727870 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 10267 | 2693342 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 27033 | 2662751 |
| ***Total Health Care*** |  | 27870399 |
| ***Industrials (5.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)</sup> | 12500 | 2697875 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 31868 | 2661934 |
| ***Total Industrials*** |  | 5359809 |
| ***Information Technology (12.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)(c)</sup> | 7500 | 2645625 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | 2900 | 2807461 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 5200 | 2693340 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 11000 | 2607000 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 9705 | 2710509 |
| ***Total Information Technology*** |  | 13463935 |
| ***Materials (7.55%)*** |  |  |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 36200 | 2819980 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 39600 | 2436984 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 19700 | 2667971 |
| ***Total Materials*** |  | 7924935 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $108,649,395)** |  | 101075319 |
| **TOTAL INVESTMENTS (96.27%)** |  |  |
| **(Cost $108,649,395)** |  | $101075319 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (3.73%)** |  | 3913635 |
| **NET ASSETS (100.00%)** |  | $104988954 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> 2 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Schedule of Investments</u> <br> *September 30, 2025*

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

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

*<sup>(c)</sup>* *All or a portion is held as collateral at custodian for written options. The aggregate value of the collateral pledged was $9,571,942.*

**WRITTEN OPTION CONTRACTS (0.16%)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Counterparty** | **Expiration <br> Date** | **Strike <br> Price** | **Contracts** | **Premiums <br> Received** | **Notional<br> Value** | **Value<br> (Note 2)** |
| **Option Contracts - (0.16%)** | **Option Contracts - (0.16%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. | StoneX | 11/21/25 | $45.00 | (200) | $64792 | $(897400) | $(55000) |
| &nbsp;&nbsp;&nbsp;Target Corp. | StoneX | 10/17/25 | 87.00 | (330) | 85458 | (2960100) | (43890) |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. | StoneX | 10/17/25 | 75.00 | (380) | 79406 | (2878880) | (70300) |
| **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** |  |  | $**229656** | $**(6736380)** | $**(169190)** |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| September 30, 2025 3

<u>Hillman Value Fund</u> <u>Statement of Assets and Liabilities</u> <br> *September 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $108,649,395) | $101075319 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 4153878 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 3000 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 157996 |
| &nbsp;&nbsp;&nbsp;Other assets | 8412 |
| &nbsp;&nbsp;&nbsp;Total Assets | 105398605 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Written options, at value (premiums received $229,656) | 169190 |
| &nbsp;&nbsp;&nbsp;Payable for administration and transfer agent fees | 29356 |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 109428 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 84369 |
| &nbsp;&nbsp;&nbsp;Payable for printing fees | 5699 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 5301 |
| &nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer fees | 1788 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 4520 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 409651 |
| **NET ASSETS** | $104988954 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 6) | $100963200 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 4025754 |
| **NET ASSETS** | $104988954 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $29.90 |
| &nbsp;&nbsp;&nbsp;Net Assets | $104988954 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3511142 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 4 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Statement of Operations</u> <br> *For the Year Ended September 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $3862485 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (24353) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 3838132 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 7) | 1113600 |
| &nbsp;&nbsp;&nbsp;Administration fees | 158733 |
| &nbsp;&nbsp;&nbsp;Custody fees | 22526 |
| &nbsp;&nbsp;&nbsp;Legal fees | 20970 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 19612 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 198526 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 21632 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 27369 |
| &nbsp;&nbsp;&nbsp;Printing fees | 15015 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 21312 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 4729 |
| &nbsp;&nbsp;&nbsp;Other expenses | 13854 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 1637878 |
| &nbsp;&nbsp;&nbsp;Less fees waived by investment adviser (Note 7) | (129798) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 1508080 |
| **NET INVESTMENT INCOME** | 2330052 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND WRITTEN OPTIONS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 12665645 |
| &nbsp;&nbsp;&nbsp;Written options | 1017408 |
| Net realized gain | 13683053 |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (15367888) |
| &nbsp;&nbsp;&nbsp;Written options | 63860 |
| Net change | (15304028) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND WRITTEN OPTIONS** | (1620975) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $709077 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 5

<u>Hillman Value Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
| | **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| Net investment income | $2330052 | $3536954 |
| Net realized gain on investments and written options | 13683053 | 23080111 |
| Net change in unrealized appreciation/(depreciation) on investments and written options | (15304028) | 20459458 |
| Net increase in net assets resulting from operations | 709077 | 47076523 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (29260463) | (7019817) |
| Total distributions | (29260463) | (7019817) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 6):** |  |  |
| Shares sold | 14704232 | 38184444 |
| Dividends reinvested | 27655739 | 6522532 |
| Shares redeemed | (137961277) | (66482584) |
| Net decrease from beneficial share transactions | (95601306) | (21775608) |
| Net increase/(decrease) in net assets | (124152692) | 18281098 |
| **NET ASSETS:** |  |  |
| Beginning of year | 229141646 | 210860548 |
| End of year | $104988954 | $229141646 |

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 6 www.hcmfunds.com

*Page Intentionally Left Blank*

<u>Hillman Value Fund</u> <u>Financial Highlights</u> <br> *For a Share Outstanding Throughout the Periods Presented*

---

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

---

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 8 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Financial Highlights</u> <br> *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year<br> Ended<br> September 30,<br> 2025** | **For the Year<br> Ended<br> September 30,<br> 2024** | **For the Year<br> Ended<br> September 30,<br> 2023** | **For the Year<br> Ended<br> September 30,<br> 2022** | **For the Year<br> Ended<br> September 30,<br> 2021 <sup>(a)</sup>** |
| $33.43 | $27.94 | $25.87 | $33.82 | $25.68 |
| 0.44 | 0.48 | 0.42 | 0.55 | 0.62 |
| 0.46 <sup>(c)</sup> | 5.97 | 4.82 | (5.98) | 9.97 |
| 0.90 | 6.45 | 5.24 | (5.43) | 10.59 |
| (0.54) | (0.15) | (0.26) | (0.41) | (0.27) |
| (3.89) | (0.81) | (2.91) | (2.11) | (2.18) |
| (4.43) | (0.96) | (3.17) | (2.52) | (2.45) |
| (3.53) | 5.49 | 2.07 | (7.95) | 8.14 |
| $29.90 | $33.43 | $27.94 | $25.87 | $33.82 |
| 3.64% | 23.34% | 21.30% | (17.55%) | 43.04% |
| $104989 | $229142 | $210861 | $179779 | $216130 |
| 1.03% | 1.03% | 1.14% | 1.12% | 1.15% |
| 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| 1.47% | 1.55% | 1.49% | 1.75% | 1.94% |
| 42% | 35% | 23% | 31% | 27% |

---

*<sup>(a)</sup>* *Effective March 15, 2021, the Hillman Value Fund merged into the ALPS Series Trust. The Fund was previously advised by Hillman Capital Management, and was recognized as the Hillman Value Fund, a series of Hillman Capital Management Investment Trust.*

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

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.*

 

<u>*See Notes to Financial Statements and Financial Highlights.*</u>   <br> Annual Report \| September 30, 2025 9

<u>Hillman Value Fund</u> <u>Financial Highlights</u> <br> *For a Share Outstanding Throughout the Periods Presented*

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

<u>*See Notes to Financial Statements and Financial Highlights.*</u> <br> 10 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

1. ORGANIZATION

ALPS Series Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Hillman Value Fund (the "Fund"). The Fund is diversified, and its primary investment objective is to provide long-term total return from a combination of income and capital gains. The Fund currently offers one share class. The Board of Trustees (the "Board" or "Trustees") may establish additional funds and classes of shares at any time in the future without shareholder approval.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for investment companies ("U.S. GAAP"). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

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

For equity securities, real estate investment trusts, limited partnerships and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities and real estate investment trusts not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day.

Options are valued at the National Best Bid and Offer ("NBBO") last trade as of the valuation time. Options will be valued on the basis of prices provided by pricing services when such prices are reasonably believed to reflect the market value of such options and may include the use of composite or NBBO pricing information provided by the pricing services.

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.

Annual Report \| September 30, 2025 11

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

**Fair Value Measurements:** The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly); and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

12 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

**HILLMAN VALUE FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 - Other<br> Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $10846612 | $– | $– | $10846612 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 4583152 |  |  | 4583152 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 23085529 |  |  | 23085529 |
| &nbsp;&nbsp;&nbsp;Financials | 7940948 |  |  | 7940948 |
| &nbsp;&nbsp;&nbsp;Health Care | 27870399 |  |  | 27870399 |
| &nbsp;&nbsp;&nbsp;Industrials | 5359809 |  |  | 5359809 |
| &nbsp;&nbsp;&nbsp;Information Technology | 13463935 |  |  | 13463935 |
| &nbsp;&nbsp;&nbsp;Materials | 7924935 | – | – | 7924935 |
| Total | $101075319 | $– | $– | $101075319 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Liabilities** |  |  |  |  |
| Written Option Contracts | $(169190) | $– | $– | $(169190) |
| Total | $(169190) | $– | $– | $(169190) |

---

The Fund did not hold any level 3 securities during the year ended September 30, 2025.

**Cash & Cash Equivalents:** The Fund considers its investment in a Federal Deposit Insurance Corporation ("FDIC") insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high-quality financial institution.

**Concentration of Credit Risk:** The Fund places its cash with a banking institution, which is insured by FDIC. The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities. Please see the Fund's prospectus and statement of additional information for additional information regarding the risks associated with an investment in the Fund.

**Trust Expenses:** Some expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed to a fund are apportioned among all funds in the Trust based on average net assets of each fund, including Trustees' fees and expenses.

Annual Report \| September 30, 2025 13

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

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

As of and during the year ended September 30, 2025, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state and local income tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. The Fund's administrator has analyzed the Fund's tax positions taken on federal and state income tax returns for all open tax years and has concluded that as of September 30, 2025, no provision for income tax is required in the Fund's financial statements related to these tax positions.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis for financial reporting purposes). Realized gains and losses from investment transactions are reported on a first in first out basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective yield method. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to the Fund. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations.

**Distributions to Shareholders:** The Fund normally pays dividends, if any, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends and other income the Fund receives from their investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. The Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe doing so may be necessary for the Fund to avoid or reduce taxes. Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes.

3. DERIVATIVE INSTRUMENTS

The Fund may invest in derivative financial instruments (derivatives) in order to manage risk or gain exposure to various other investments or markets. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the Fund to gains or losses in excess of the amounts shown on the Statement of Assets and Liabilities.

14 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

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

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

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

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

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

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

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

Annual Report \| September 30, 2025 15

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

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

The average notional amount of the written options held for the year ended September 30, 2025, was $4,169,928. These are written equity options which have an element of equity security risk.

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

The effect of derivative instruments on the Statement of Assets and Liabilities for the year ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Assets<br> and Liabilities<br> Location** | **Fair Value of<br> Asset<br> Derivatives** | **Statement of<br> Assets and<br> Liabilities<br> Location** | **Fair Value of<br> Liability<br> Derivatives** |
| Equity Contracts (Written Options) | Investments, at value | $– | Options written, at value | $169190 |
|  |  | $– |  | $169190 |

---

16 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

The effect of derivative instruments on the Statement of Operations for the year ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized<br> Gain/(Loss)<br> on Derivatives<br> Recognized<br> in Income** | **Change in<br> Unrealized<br> Gain/(Loss)<br> on Derivatives<br> Recognized<br> in Income** |
| Equity Contracts (Written Options) | Net realized gain/(loss) on written options/Net change in unrealized appreciation/(depreciation) on written options | $1017408 | $63860 |
|  |  | $1017408 | $63860 |

---

4. TAX BASIS INFORMATION

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

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

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital<br> Gains** |
| **Hillman Value Fund** | $7143766 | $22116697 |

---

The tax character of distributions paid during the fiscal year ended September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital<br> Gains** |
| **Hillman Value Fund** | $4818177 | $2201640 |

---

Annual Report \| September 30, 2025 17

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

**Unrealized Appreciation and Depreciation on Investments:** As of September 30, 2025, the aggregate costs of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes were as follows:

---

| | |
|:---|:---|
| | **Hillman Value Fund** |
| Gross unrealized appreciation (excess of value over tax cost) | $9982772 |
| Gross unrealized depreciation (excess of tax cost over value) | (18466884) |
| Net appreciation (depreciation) of foreign currency and derivatives | 60466 |
| Net unrealized depreciation | $(8423646) |
| Cost of investments for income tax purposes | $109555292 |

---

These temporary differences between book and tax basis unrealized are primarily attributable to wash sales.

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

**Components of Distributable Earnings:** At September 30, 2025, components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| | **Hillman Value Fund** |
| Undistributed ordinary income | $6368584 |
| Accumulated capital gains | $6080816 |
| Net unrealized depreciation | (8423646) |
| Total | $4025754 |

---

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities, during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of Securities** | **Proceeds from Sales of<br> Securities** |
| Hillman Value Fund | $65048152 | $181148559 |

---

6. BENEFICIAL SHARE TRANSACTIONS

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

18 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> September 30,<br> 2025** | **For the Year Ended<br> September 30,<br> 2024** |
| **Hillman Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 497631 | 1235253 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders | 991600 | 210880 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4833433) | (2138944) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (3344202) | (692811) |

---

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. As of September 30, 2025, approximately 87% of the outstanding shares of the Fund were owned by two omnibus accounts.

7. MANAGEMENT AND RELATED PARTY TRANSACTIONS

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

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, the Fund pays the Adviser an annual management fee of 0.70% based on the Fund's average daily net assets. The management fees are paid on a monthly basis. The Board may extend the Advisory Agreements for successive one year terms. The Board and shareholders of the Fund may terminate the Advisory Agreement upon 60 days' written notice. The Adviser may terminate the Advisory Agreement upon 120 days' written notice.

Pursuant to a fee waiver letter agreement (the "Fee Waiver Agreement"), the Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses of the Fund (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser))), to 0.95% of the Fund's average daily net assets for the Fund's No Load Class. The Fee Waiver Agreement is in effect through January 31, 2026, and will automatically continue upon annual approval by the Board for successive twelve-month periods unless (i) it is terminated earlier by the Board, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. Except due to the Adviser's notice of non-renewal, this Agreement may only be amended or terminated with the approval of the Board of Trustees. Fees waived or reimbursed for the year ended September 30, 2025, are disclosed in the Statement of Operations. Previously waived fees are not subject to recoupment by the Adviser.

Annual Report \| September 30, 2025 19

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

**Administrator:** ALPS Fund Services, Inc. ("ALPS") (an affiliate of ALPS Distributors, Inc.) serves as administrator to the Fund. The Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to the Services Agreement with the Trust, ALPS will provide operational services to the Fund including, but not limited to, fund accounting and fund administration, and will generally assist in the Fund's operations. The Fund's administration fee is accrued on a daily basis and paid monthly. The officers of the Trust are employees of ALPS. Administration fees paid by the Fund for the year ended September 30, 2025, are disclosed in the Statement of Operations. ALPS is reimbursed by the Fund for certain out of pocket expenses.

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

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

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

8. TRUSTEES AND OFFICERS

As of September 30, 2025, there were four Trustees, each of whom are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees"). The Independent Trustees of the Trust and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers will receive a quarterly retainer of $16,250, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,875 and the Independent Chair receives a quarterly retainer of $4,250. These fees are allocated proportionately among the multiple portfolios/series of the Trust. The Independent Trustees and, if any, Interested Trustees who are not currently employed by the Adviser, ALPS or other service providers are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

20 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *September 30, 2025*

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

9. INDEMNIFICATIONS

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

10. RECENT ACCOUNTING PRONOUNCEMENT

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the year. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Fund's internal organizational structure.

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

11. SUBSEQUENT EVENTS

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

Annual Report \| September 30, 2025 21

<u>Hillman Value Fund</u> <u>Report of Independent Registered Public Accounting Firm</u>

To the Shareholders of Hillman Value Fund and

Board of Trustees of ALPS Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hillman Value Fund (the "Fund"), a series of ALPS Series Trust, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2021.

![](fp0096372-1_15.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

22 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Tax Designations</u> <br> *September 30, 2025 (Unaudited)*

**Qualified Dividend Income**

The percentage of ordinary income dividends distributed during the calendar year ended December 31, 2024 are designated as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code in the following percentages:

---

| | |
|:---|:---|
| | **Amount** |
| Hillman Value Fund | 74.10% |

---

**Dividends Received Deduction**

For corporate shareholders, the following ordinary dividends paid during the calendar year ended December 31, 2024 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| | **Amount** |
| Hillman Value Fund | 69.92% |

---

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

---

| | |
|:---|:---|
| | **Amount** |
| Hillman Value Fund | $22116697 |

---

Annual Report \| September 30, 2025 23

<u>Hillman Value Fund</u> <u>Changes in and Disagreements with Accountants</u> <br> *September 30, 2025 (Unaudited)*

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

24 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Proxy Disclosures</u> <br> *September 30, 2025 (Unaudited)*

Not applicable to the period covered by this report.

Annual Report \| September 30, 2025 25

<u>Hillman Value Fund</u> <u>Remuneration Paid to Directors, Officers, and Others</u> <br> *September 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended September 30, 2025:

---

| | |
|:---|:---|
| **Trustee** | **Amount Paid** |
| Ward Armstrong | $5114.53 |
| J.W. Hutchens | 4262.11 |
| Merrillyn Kosier | 4262.11 |
| Patrick Seese | 4638.18 |
| **Total** | $18276.93 |

---

26 www.hcmfunds.com

<u>Hillman Value Fund</u> <u>Statement Regarding Basis for Approval of Investment Advisory Agreement</u> <br> *September 30, 2025 (Unaudited)*

Not applicable to the period covered by this report.

Annual Report \| September 30, 2025 27

**Hillman Value Fund**

**is a series of the**

**ALPS Series Trust**

**For Shareholder Service Inquiries:**

Hillman Value Fund

c/o ALPS Funds

P.O. Box 1920

Denver, CO 80201

**Telephone**

1-855-400-5944

![](fp0096372-1_16.jpg)

*Hillman Value Fund distributed by ALPS Distributors, Inc.*

*Must be accompanied or preceded by a prospectus.*

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Any changes in and disagreements with accountants are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Any proxy disclosures are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The remuneration paid to directors, officers, and others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Statement Regarding Basis for approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this report and have concluded that the registrant's disclosure controls and procedures were effective as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-end Management Investment Companies.**

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 18**. | **Recovery of Erroneously Awarded Compensation.** |

---

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

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

---

| | |
|:---|:---|
| **Item 19**. | **Exhibits.** |

---

(a)(1) [The Code of Ethics that applies to the registrant's principal executive officer and principal financial officer required by Item 2 of Form N-CSR, is filed herein.](fp0096372-1_ex99code.htm)

(a)(2) None.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit 99.Cert](fp0096372-1_ex99cert.htm).

(a)(4) Not applicable to this report.

(b) [Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) attached are filed herewith as Ex99.906Cert.](fp0096372-1_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ALPS SERIES TRUST

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President (Principal Executive Officer) |
| Date: | December 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President (Principal Executive Officer) |
| Date: | December 5, 2025 |
| By: | /s/ Jill McFate |
|  | Jill McFate |
|  | Treasurer (Principal Financial Officer) |
| Date: | December 5, 2025<br>|

---

## Ex-99.Code

Exhibit 19(a)(1)

**Code of Ethics**

**ALPS SERIES TRUST**

**(the "Trust" or the "Fund")**

I. *Purpose of the Code of Ethics* 

This code is based on the principle that, you as an access person of the Trust, will conduct your personal investment activities in accordance with

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the duty at all times to place the interests
of the Trust's shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the requirement that all personal securities
transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest
or any abuse of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the fundamental standard that the Trust personnel
should not take inappropriate advantage of their positions.

In view of the foregoing, the Trust has adopted this Code of Ethics (the "Code") to specify a code of conduct for certain types of personal securities transactions which may involve conflicts of interest or an appearance of impropriety and to establish reporting requirements and enforcement procedures.

II. *Legal Requirement* 

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940 (the "Act"), it is unlawful for any Access Person to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud
the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make any untrue statement of a material fact
or fail to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made,
not misleading to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business
which operates or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect
to any Trust's investment portfolios, in connection with the purchase or sale (directly or indirectly) by such Access Person of a security
"held or to be acquired" by the Trust.

III. *Definitions -* All definitions shall have the same meaning as explained in Section 2(a) of the Act
and are summarized below.

**Access Person** - Any director, officer, general partner, registered person, or employee, of the Trust or investment adviser (or of any company in a control relationship to the Trust or investment adviser) who, in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Trust, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

For purposes of this Code of Ethics, an "Access Person" does not include any person who is subject to the securities transaction pre-clearance requirements and securities transaction reporting requirements of the Code of Ethics adopted by the Trust's investment adviser or principal underwriter in compliance with Rule 17j-1 under the Act and Rule 204A-2 of the Investment Advisers Act of 1940 and Section 15(f) of the Securities Exchange Act of 1934, as applicable.

**Automatic Investment Plan** – means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial ownership** – shall have the same meaning as that set forth in Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.

**Control** – shall have the same meaning as that set forth in Section 2(a)(9) of the Act.

**Covered Security** – shall have the meaning set forth in Section 2(a)(36) of the Act except that it does not include an exempt security.

**Exempt Security** - shall include securities issued by the United States Government, short-term debt securities which are "government securities" within the meaning of Section 2(a)(16) of the Act, bankers' acceptances, bank certificates of deposit or commercial paper, shares of registered open-end investment companies (excluding open-end exchange traded funds and each Fund), and high quality short-term debt instruments, including repurchase agreements.

**Exchange Traded Fund -** means an open-end registered investment company that is not a unit investment trust, and that operates pursuant to an order from the SEC exempting it from certain provisions of the Investment Company Act permitting it to issue securities that trade on the secondary market. Examples of open-end exchange-traded funds include, but are not limited to: Select Sector SPDR; iShares; PowerShares, etc.

**Exempt Transactions** shall mean

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. purchases or sales effected in any account over which the Access Person has no direct or indirect influence
or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. purchases or sales of securities issued by any company included in the Standard & Poor's 500 Stock
Index in an amount less than $10,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. purchases which are part of an automatic dividend reinvestment plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class
of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

**Fund** – each Fund under ALPS Series Trust.

**Investment Company** – a company registered as such under the 1940 Act and for which the Underwriter is the principal underwriter.

**Investment Personnel** – (a) employees of the Company, the Advisers, the Sub-Advisers and/or the Underwriter who participate in making investment recommendations to the Company; and (b) persons in a control relationship with the Company or adviser who obtain information about investment recommendations made to the Company.

**Security being considered for purchase or sale** – when a recommendation to purchase or sell a security has been made or communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

**Security held or to be acquired** – means (1) any Covered Security which, within the most recent 15 days (a) is or has been held by the Trust, or (b) is being or has been considered by the Trust or its investment advisor for purchase by the Trust; and (2) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security that is held or to be acquired by the Trust.

**Trustee** – ALPS Series Trust Board of Trustees (the "Board" or the "Trustees").

**Underwriter** – means ALPS Distributors, Inc.

IV. *Policies of the Trust Regarding Personal Securities Transactions* 

<u>General</u>

No Access Person of the Trust shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

<u>Specific Policies</u>

No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is being considered for purchase or sale by the
Trust, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is being purchased or sold by the Trust.

<u>Pre-approval of Investments in IPOs and Limited Offerings</u>

Investment Personnel must obtain approval from the Company or the Adviser before directly or indirectly acquiring beneficial ownership in any securities in an initial public offering or in a private placement or other limited offering.

V. *Reporting Procedures* 

The Compliance Officer of the Trust shall notify each person (annually in January of each year), considered to be an Access Person of the Trust that he/she is subject to the reporting requirements detailed in Sections (a), (b) and (c) below and shall deliver a copy of this Code to such Access Person.

In order to provide the Trust with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed, every Access Person of the Trust must report to the Trust the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Initial Holdings Reports</u>. Every Access Person must report
on Exhibit A, attached hereto, no later than 10 days after becoming an Access Person, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title, number of shares and principal amount
of each Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of any broker, dealer or bank with whom
the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of
the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the
Access Person.

This information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Quarterly Transaction Reports</u>. Every Access Person must
report on Exhibit B, attached hereto, no later than 30 days after the end of a calendar quarter, the following information 
with respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial
ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date of the transaction, the title, the interest
rate and maturity date (if applicable),the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the nature of the transaction (i.e., purchase,
sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price of the Covered Security at which the
transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker, dealer or bank with or
through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the
Access Person.

Furthermore, an Access Person need not make a quarterly transaction report under section V.b. of this Code of Ethics with respect to transactions effected pursuant to an Automatic Investment Plan.

With respect to any account established by the Access Person in which **any securities** were held during the quarter for the direct or indirect benefit of the Access Person, each Access Person must report on Exhibit B, attached hereto, no later than 30 days after the end of a calendar quarter the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker, dealer or bank with whom
the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the
Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Annual Holdings Reports</u>. Every Access Person must report
on Exhibit C, attached hereto, annually, the following information (which information must be current as of a date no
more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title, number of shares and principal amount
of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of any broker, dealer or bank with whom
the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the
Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Exceptions from Reporting Requirements</u>. Any Trustee who is not an Interested Trustee of the Trust
and who would be required to make a report solely by reason of being a Trustee, need not make

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an initial holdings report under section V.a.
of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an annual holdings report under section V.c.
of this Code of Ethics; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a quarterly transaction report under section
V.b. of this Code of Ethics, unless the Trustee knew, or, in the ordinary course of fulfilling his or her official duties as a Trustee,
should have known that during the 15-day period immediately before or after the Trustee's transaction in a Covered Security, the
Fund purchased or sold the Covered Security, or the Fund or its investment adviser considered purchasing or selling the Covered Security.

VI. *Review of Reports* 

The Chief Compliance Officer of the Trust, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate, comparing the reports with this Code, and reporting to the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any transaction that appears to evidence a possible
violation of this Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· apparent violations of the reporting requirements
stated herein.

The Trustees shall review the reports made to them hereunder and shall determine whether the policies established in Sections IV. and V. of this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator or termination of the violator's license with the Underwriter, or the unwinding of the transaction and the disgorgement of any profits.

The Board of Trustees shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board with respect to the securities being considered for purchase or sale by, or held or to be acquired by, the Trust.

VII. Certification

Each Access Person will be required to certify annually that he/she has read and understood the provisions of this Code and will abide by them. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached hereto as Exhibit D.

Before the Board may approve the Trust's Code of Ethics, the Trust must certify to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons from violating their Code of Ethics. Such certification shall be submitted to the Trustees at least annually.

*Adopted:* October *30, 2012*

*Amended:* November 14, 2016; May 25, 2017

EXHIBIT A

INITIAL HOLDINGS REPORT

To: The Chief Compliance Officer of the ALPS Series Trust (the "Trust")

At the time I became an Access Person, I had a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of Ethics of the Trust:

---

| | | |
|:---|:---|:---|
| <u>Security</u> | <u>Number of Shares</u> | <u>Principal Amount</u> |

---

The name of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above. I understand that this information must be reported no later than ten (10) days after I became an Access Person.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

EXHIBIT B

QUARTERLY TRANSACTION REPORT

For the Calendar Quarter Ended ____________________

To: The Chief Compliance Officer of the ALPS Series Trust (the "Trust")

A. <u>Securities Transactions</u>. During the quarter referred to above, the following transactions were effected in securities of which
I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant
to the Code of Ethics of the Trust. I understand that this information must be reported no later than <u>_________________</u>.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Title of Security | Date of Transaction | Number of Shares or Principal Amount | Dollar Amount of Transaction | Interest Rate and Maturity Date (if applicable) | Nature of Transaction (Purchase, Sale, Other) | Price | Broker/Dealer or Bank Through Whom Effected |

---

\* Transactions that are asterisked indicate transactions in a security where I knew at the time of the transaction or, in the ordinary course of fulfilling my official duties as a trustee or officer, should have known that during the 15-day period immediately preceding or after the date of the transaction, such security was purchased or sold, or such security was being considered for purchase or sale by the Trust.

B. <u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in which securities were
held during the quarter for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u> <u>Date Account Was Established:</u>

C. <u>Other Matters</u>. This report (i) excludes transactions with respect to which I had no direct or indirect influence or control,
(ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect
beneficial ownership in the securities listed above.

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |

---

EXHIBIT C

ANNUAL HOLDINGS REPORT

For the following period: <u>January 1, 20[ ] – December 31, 20[ ]</u>

To: The Chief Compliance Officer of the ALPS Series Trust (the "Trust")

As of the period referred to above, I have a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of Ethics of the Trust:

---

| | | |
|:---|:---|:---|
| <u>Security</u> | <u>Number of Shares</u> | <u>Principal Amount</u> |

---

The name of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

EXHIBIT D

**ANNUAL CERTIFICATE**

Pursuant to the requirements of the Code of Ethics of the ALPS Series Trust, the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have read the Trust's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I understand the Code of Ethics and acknowledge that I am subject
to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Since the date of the last Annual Certificate (if any) given
pursuant to the Code of Ethics, I have reported all personal securities transactions and provided any securities holding reports required
to be reported under the requirements of the Code of Ethics.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

## Ex-99.Cert

**Exhibit. 99.Cert**

CERTIFICATION

I, Lucas Foss, President and Principal Executive Officer of ALPS Series Trust (the "registrant"), certify that:

* I have reviewed this report on Form N-CSR the registrant;

* Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements and
other financial information included in this report fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

* The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

* The registrant's other certifying officer(s)
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President (Principal Executive Officer) |
|  | Date: December 5, 2025 |

---

**Exhibit. 99.Cert**

CERTIFICATION

I, Jill McFate, Treasurer and Principal Financial Officer of ALPS Series Trust (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Jill McFate |
|  | Jill McFate |
|  | Treasurer (Principal Financial Officer) |
|  | Date: December 5, 2025 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended September 30, 2025 of ALPS Series Trust (the "Company").

I, Lucas Foss, the President and Principal Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President (Principal Executive Officer) |
| Date: | December 5, 2025 |

---

**Exhibit 99.906Cert**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended September 30, 2025 of ALPS Series Trust (the "Company").

I, Jill McFate, Treasurer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| By: | /s/ Jill McFate |
|  | Jill McFate |
|  | Treasurer (Principal Financial Officer) |
| Date: | December 5, 2025 |

---