# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001398344-23-001615
**Filing Date:** 2023-1
**Character Count:** 26390
**Document Hash:** 03a9fdf178fbfaedaee79d387229b482
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-001615.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001398344-23-001615

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-183945
- **FILM NUMBER:** 23573228

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

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

## Series and Classes Contracts Data

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

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

Summary Prospectus

*January 27, 2023*<br>

**Carret Kansas Tax-Exempt Bond Fund** 

Institutional SEKSX 02110A522

Class A IKSTX 02110A530

The Fund's statutory Prospectus and Statement of Additional Information dated January 27, 2023 are incorporated into and made part of this Summary Prospectus by reference. Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at www.carret.com. You can also get this information at no cost by calling 1-888-266-8787 or by sending an e-mail request to info@carret.com.

As with all mutual funds, the Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Not FDIC Insured ● May Lose Value ● No Bank Guarantee

FUND SUMMARY – CARRET KANSAS TAX-EXEMPT BOND FUND

**Investment Objective** 

The Fund seeks to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Information about sales charge discounts is available from your financial professional and in the "Buying and Redeeming Shares" section of the Prospectus and the "Purchase, Exchange and Redemption of Shares" section of the Statement of Additional Information ("SAI").

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| | | |
|:---|:---|:---|
| **Shareholder Fees** <br> *(fees paid directly from your investment)*  |  |  |
|  | **Institutional** | **Class A** |
| Maximum sales charge (Load) imposed on purchases (as a percentage of offering price) |  | 4.25% |
| Redemption Fee (as a percentage of amount redeemed, if you sell or exchange your shares within 60 days of purchase) |  |  |
| Exchange Fee |  |  |
| Maximum Account Fee |  |  |

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**Annual Fund Operating Expenses** <br> *(expenses that you pay each year as a percentage of the value of your investment)* <br>

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| | | |
|:---|:---|:---|
|  | **Institutional** | **Class A** |
| Management Fees | 0.30% | 0.30% |
| Distribution and Service (12b-1) Fees |  | 0.25% |
| Other Expenses | 0.28% | 0.35% |
| Total Annual Fund Operating Expenses | 0.58% | 0.90% |
| Fee Waiver and Expense Reimbursement<sup>(1)</sup> | (0.10)% | (0.17)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 0.48% | 0.73% |

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<sup>*(1)*</sup> &nbsp;&nbsp;&nbsp;&nbsp;*Carret Asset Management, LLC, the Fund's investment adviser ("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 0.48% of the Fund and Class A Shares' average daily net assets. This agreement is in effect through at least January 31, 2024, 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 of Trustees of the Trust. The Adviser will be permitted to recover, on a class by class basis, expenses it has borne through the expense limitation agreement described above (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 and expense was reduced.* 

**Example** 

This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual <br> costs may be higher <br> or lower, based on <br> these assumptions <br> your costs would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Institutional Class  | $49 | $176 | $314 | $716 |
| Class A | $496 | $683 | $886 | $1470 |

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**Portfolio Turnover** 

During the most recent fiscal year for the Fund ended September 30, 2022, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.

**Principal Investment Strategies of the Fund** 

The Fund seeks to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes by investing in bonds issued by Kansas municipalities. Under normal market conditions:

*●* The Fund will invest almost exclusively in Kansas-based securities and may also invest in obligations of the United States government and its agencies and instrumentalities. The Fund intends to invest in securities issued by territories or possessions of the United States.

*●* The Fund will invest in municipal bonds with maturities ranging up to 20 years and which are rated, at time of purchase, investment grade (rated Baa/BBB or better, as rated by a nationally recognized statistical rating organization, such as Moody's Investors Service Inc. (''Moody's''), Standard & Poor's Corporation (''S&P''), or Fitch Ratings Ltd. (''Fitch''), or which are unrated and determined by the Fund's Adviser to be of comparable quality);

*●* The Fund will maintain a dollar weighted average portfolio maturity between 7 and 12 years;

*●* At least 80% of the Fund's net assets, plus borrowings for investment purposes, will be invested in municipal bonds which produce interest that is exempt from

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federal income tax and, in the opinion of bond counsel of the issuer of Kansas obligations, is exempt from Kansas state income taxes; and

*●* At least 80% of the Fund's net assets, plus borrowings for investment purposes, will be invested in securities the income from which is not subject to the alternative minimum tax ("AMT").

*Main types of securities in which the Fund may invest:* 

*●* Municipal securities from the State of Kansas

*●* Municipal securities from other states and U.S. territories and possessions

*●* Short-term money market securities, including cash and money market mutual funds, including shares of registered investment companies

The Fund will invest primarily in general obligation and revenue bonds. If any security held by the Fund falls below investment grade, the Fund will put the security on its credit watch list and will generally sell the security within 90 days of such credit downgrade. The Fund does not intend to principally invest in any particular sector of the municipal bond market.

*Buy and Sell Strategy:* 

The Fund's buy discipline is determined by the investment mandate, as well as metrics including; duration, rating, coupon, and sector/industry. After an approved universe of bonds is identified, the portfolio managers/analysts identify specific bond issues. Each credit is analyzed to determine its credit-worthiness and risk profile prior to a buy decision.

The Fund's sell discipline takes into consideration bonds that fall in credit quality or that are viewed as having downward pricing risk. Bonds in industries that are perceived to be undergoing significant changes may result in a deteriorating financial condition. The sell discipline is also designed to alter the complexion of portfolios as portfolio managers strategically decide to change duration, credit quality, cash flows, etc.

**Principal Risks of the Fund** 

**As with any mutual fund, there are risks to investing. There is no guarantee that the Fund will meet its investment objective. The following is a description of the principal risks of the Fund, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described herein) which could prevent the Fund from achieving its investment objective.** 

***Call Risk.*** Call risk is the likelihood that a security will be prepaid (or "called") before maturity. An issuer is more likely to call its bonds when interest rates are falling, because the issuer can issue new bonds with lower interest payments. If a bond is called, the Fund may have to replace it with a lower-yielding security.

***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.

*●* &nbsp;&nbsp;&nbsp;&nbsp; *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.

*●* &nbsp;&nbsp;&nbsp;&nbsp; *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.

*●* &nbsp;&nbsp;&nbsp;&nbsp; *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.

*●* &nbsp;&nbsp;&nbsp;&nbsp; *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.

*●* &nbsp;&nbsp;&nbsp;&nbsp; *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

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CARRET KANSAS TAX-EXEMPT BOND FUND

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.

***Investment Company Risk.*** The Fund may invest in shares of registered investments companies, including shares of money market funds. In such circumstance, Fund shareholders bear both their proportionate share of the Fund's expenses and similar expenses of any underlying investment company when the Fund invests in shares of another investment company.

***Liquidity Risk.*** The Fund may invest in securities or instruments that trade in lower volumes and may make investments that are less liquid than other more widely held investments. In addition, the Fund may invest in securities that could become less liquid in response to market developments or adverse investor perceptions. Investments that are trade in lower volumes may be more difficult to value. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the security or instrument at all. An inability to sell one or more portfolio positions can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

***Management Risk.*** The Fund's success will depend on the management of the Adviser and on the skill and acumen of the Adviser's personnel.

***Market Risk***. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as the impact of inflation on the economy, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, war, the spread of infectious illness or other public issues, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

***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.

*●* &nbsp;&nbsp;&nbsp;&nbsp; *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.

*●* &nbsp;&nbsp;&nbsp;&nbsp; *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.

***Non-Diversified Fund Risk.*** A Fund that is "non-diversified" is not required to meet certain diversification requirements under federal laws. The Fund may invest a greater percentage of its assets in the securities of an issuer. However, a decline in the value of a single investment could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

***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.

***Tax Risk.*** Income from municipal securities held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the alternative minimum tax.

***U.S. Government Obligations Risk.*** U.S. government securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. government securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. government securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). In addition, other U.S. government issued securities, which are not backed by the full faith and credit of the U.S. Government, are subject to the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises that issued such securities (since the U.S. Government is not obligated to do so by law) and these securities are subject to greater risk.

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**It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.** 

**Performance Information** 

The Fund commenced upon the reorganization of the American Independence Kansas Tax-Exempt Bond Fund, a series of American Independence Funds Trust ("Predecessor Fund") into the Fund effective as of September 24, 2018. With the reorganization, the Fund assumed the financial and performance history of the Predecessor Fund.

The bar chart and performance table below provide an indication of the risks of an investment in the Fund for periods prior to the reorganization by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional class shares only and will vary for Class A shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.carret.com or by calling the Adviser at 1-800-444-7388.

**PERFORMANCE BAR CHART AND TABLE** 

Year-By-Year Total Returns as of December 31, 2022<br> Institutional Share Class

![](fp0081535_4.jpg)

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| | | |
|:---|:---|:---|
| Best quarter: | 4.47%  | Q4 2022 |
| Worst quarter: | (5.89)% | Q1 2022 |

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**Average Annual Total Returns <br> For the Period Ended December 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes  | (8.09)% | 0.73% | 1.55% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | (8.09)% | 0.69% | 1.53% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and sale of shares | (4.08)% | 1.09% | 1.81% |
| Class A Shares (Return Before Taxes) | (12.19)% | (0.41)% | 0.78% |
| Bloomberg US Municipal Bond : 7 Year (6-8) Index (reflects no deduction for fees, expenses or taxes) | (5.97)% | 1.48% | 1.96% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. Returns for Class A shares reflect the deduction of sales loads. After-tax returns for Class A shares, which are not shown, will vary from those shown for Institutional Class shares.

**Investment Adviser** 

Carret Asset Management, LLC is the investment adviser to the Fund.

**Portfolio Managers** 

The Fund is managed by the following portfolio managers:

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| | | |
|:---|:---|:---|
| **Portfolio <br> Managers** | **Period of Service <br> with the Fund** | **Primary Title** |
| Jason R. Graybill | Since Inception (September 24, 2018) | Portfolio Manager  |
| Neil D. Klein | Since Inception (September 24, 2018) | Portfolio Manager  |

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**Purchase and Sale of Fund Shares** 

The Fund offers two classes of shares: Institutional Class shares and Class A shares. You may purchase, exchange or redeem Fund shares on any business day by written request via mail to the Carret Kansas Tax-Exempt Bond Fund, c/o ALPS Fund Services, Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, by telephone at 1-833-287-7933, or through a financial intermediary. You may also purchase and redeem Fund shares by wire transfer. Investors who wish to purchase, exchange or redeem Fund shares through a financial intermediary should contact the financial intermediary directly.

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CARRET KANSAS TAX-EXEMPT BOND FUND

The minimum initial and subsequent investment amounts are shown below. For a description of the Fund's Institutional Class and Class A shares, see "Buying and Redeeming Shares."

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| | | |
|:---|:---|:---|
|  | **Institutional <br> Class Shares** | **Class A <br> Shares** |
| Initial Purchase | $3000000 | $5000 |
| Subsequent Purchases | $5000 | $250 |

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**Tax Information** 

The Fund intends to make distributions that will be exempt from federal income tax, although some distributions made by the Fund may be taxable as ordinary income or capital gains. Distributions that are derived from interest paid on certain bonds may be an item of tax preference for a shareholder that is subject to the federal alternative minimum tax. If you are investing through a tax-advantaged arrangement, such as a 401(k) account or an individual retirement account, special tax rules will apply. The Fund is not recommended for such tax-advantaged arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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