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ALPS Series Trust

Filed: 26 Aug 21, 4:01pm

CARRET KANSAS TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2021 (Unaudited)

 

 

 

Principal
Amount

 

 

Value 

(Note 2)

 

MUNICIPAL BONDS (97.99%)

 

 

 

 

 

 

 

 

Education  (45.98%)(a)

 

 

 

 

 

 

 

 

Allen County Unified School District No. 257, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2043

 

$

2,415,000

 

 

$

2,583,733

 

Barton Community College, Certificate Participation Bonds

 

 

 

 

 

 

 

 

4.000%, 12/01/2032

 

 

555,000

 

 

 

623,220

 

4.000%, 12/01/2034

 

 

250,000

 

 

 

278,450

 

Bourbon County Unified School District No. 234-Fort Scott, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2025

 

 

355,000

 

 

 

405,629

 

Butler County Unified School District No. 206 Remington, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2034

 

 

1,000,000

 

 

 

1,049,091

 

3.000%, 09/01/2035

 

 

510,000

 

 

 

534,377

 

Butler County Unified School District No. 375 Circle, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2035

 

 

750,000

 

 

 

853,941

 

Butler County Unified School District No. 385 Andover, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2030

 

 

690,000

 

 

 

812,751

 

4.000%, 09/01/2031

 

 

500,000

 

 

 

585,224

 

5.000%, 09/01/2032

 

 

2,750,000

 

 

 

3,469,709

 

5.000%, 09/01/2034

 

 

2,000,000

 

 

 

2,523,425

 

Butler County Unified School District No. 490 El Dorado, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2034

 

 

1,000,000

 

 

 

1,151,074

 

4.000%, 09/01/2036

 

 

500,000

 

 

 

572,817

 

Douglas County Unified School District No. 497 Lawrence, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2031

 

 

1,500,000

 

 

 

1,755,671

 

4.000%, 09/01/2033

 

 

500,000

 

 

 

552,917

 

Finney County Unified School District No. 457 Garden City, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2031

 

 

1,500,000

 

 

 

1,725,423

 

5.000%, 09/01/2027

 

 

800,000

 

 

 

978,959

 

Ford County Unified School District No. 443 Dodge City, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 03/01/2030

 

 

1,150,000

 

 

 

1,336,753

 

4.000%, 03/01/2034

 

 

1,000,000

 

 

 

1,150,748

 

Franklin County Unified School District No. 290 Ottawa, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2040

 

 

250,000

 

 

 

286,457

 

5.000%, 09/01/2031

 

 

1,715,000

 

 

 

2,035,744

 

5.000%, 09/01/2032

 

 

150,000

 

 

 

178,053

 

5.000%, 09/01/2033

 

 

1,000,000

 

 

 

1,187,022

 

Geary County Unified School District No. 475, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2038

 

 

2,000,000

 

 

 

2,232,240

 

4.000%, 09/01/2043

 

 

1,000,000

 

 

 

1,106,077

 

Johnson & Miami Counties Unified School District No. 230 Spring Hills, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2031

 

 

400,000

 

 

 

466,622

 

4.000%, 09/01/2033

 

 

1,000,000

 

 

 

1,148,604

 

4.000%, 09/01/2035

 

 

1,000,000

 

 

 

1,145,563

 

5.000%, 09/01/2030

 

 

1,970,000

 

 

 

2,416,833

 

Johnson County Unified School District No. 229 Blue Valley, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 10/01/2032

 

 

1,155,000

 

 

 

1,325,565

 

Johnson County Unified School District No. 232 De Soto, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2031

 

 

1,165,000

 

 

 

1,398,058

 

 

 

 

 

 

 

 

 

 

4.000%, 09/01/2032

 

 

1,745,000

 

 

 

2,085,187

 

Johnson County Unified School District No. 233 Olathe, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

2.000%, 09/01/2030

 

 

750,000

 

 

 

791,324

 

4.000%, 09/01/2031

 

 

1,000,000

 

 

 

1,159,938

 

4.000%, 09/01/2033

 

 

905,000

 

 

 

1,033,575

 

4.000%, 09/01/2035

 

 

790,000

 

 

 

906,967

 

4.000%, 09/01/2036

 

 

480,000

 

 

 

551,069

 

Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 10/01/2039

 

 

2,000,000

 

 

 

2,229,300

 

4.000%, 10/01/2035

 

 

425,000

 

 

 

527,773

 

5.000%, 10/01/2032

 

 

1,000,000

 

 

 

1,192,591

 

Kansas City Kansas Community College Auxiliary Enterprise System, Revenue Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2032

 

 

140,000

 

 

 

166,739

 

4.000%, 09/01/2033

 

 

100,000

 

 

 

118,722

 

Kansas Development Finance Authority, Revenue Bonds

 

 

 

 

 

 

 

 

2.000%, 05/01/2031

 

 

630,000

 

 

 

659,192

 

2.000%, 06/01/2032

 

 

1,000,000

 

 

 

1,005,374

 

2.000%, 05/01/2033

 

 

800,000

 

 

 

828,017

 

3.000%, 05/01/2030

 

 

450,000

 

 

 

467,136

 

4.000%, 03/01/2028

 

 

610,000

 

 

 

660,105

 

4.000%, 05/01/2034

 

 

1,000,000

 

 

 

1,029,289

 

Leavenworth County Unified School District No. 453, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2036

 

 

1,000,000

 

 

 

1,175,962

 

Leavenworth County Unified School District No. 458, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2037

 

 

1,165,000

 

 

 

1,469,895

 

5.000%, 09/01/2038

 

 

1,000,000

 

 

 

1,261,712

 

Leavenworth County Unified School District No. 464, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2034

 

 

675,000

 

 

 

778,653

 

4.000%, 09/01/2036

 

 

465,000

 

 

 

534,622

 

Leavenworth County Unified School District No. 469, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2030

 

 

900,000

 

 

 

939,457

 

Lyon County Unified School District No. 253 Emporia, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2044

 

 

1,000,000

 

 

 

1,062,071

 

4.000%, 09/01/2030

 

 

325,000

 

 

 

382,180

 

Miami County Unified School District No. 416 Louisburg, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2035

 

 

500,000

 

 

 

549,939

 

Montgomery County Unified School District No. 446 Independence, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2030

 

 

1,715,000

 

 

 

2,099,092

 

Riley County Unified School District No. 378 Riley, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2039

 

 

925,000

 

 

 

979,621

 

Riley County Unified School District No. 383 Manhattan-Ogden, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2028

 

 

1,220,000

 

 

 

1,490,308

 

Saline County Unified School District No. 305 Salina, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2034

 

 

440,000

 

 

 

528,620

 

Scott County Unified School District No. 466 Scott City, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2037

 

 

1,000,000

 

 

 

1,145,828

 

Sedgwick County Unified School District No. 260 Derby, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.500%, 10/01/2036

 

 

845,000

 

 

 

922,737

 

5.000%, 10/01/2029

 

 

340,000

 

 

 

360,627

 

Sedgwick County Unified School District No. 262 Valley Center, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2030

 

 

500,000

 

 

 

557,706

 

5.000%, 09/01/2033

 

 

750,000

 

 

 

860,145

 

Sedgwick County Unified School District No. 264 Clearwater, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2029

 

 

530,000

 

 

 

614,273

 

 

 

Sedgwick County Unified School District No. 265 Goddard, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 10/01/2024

 

 

370,000

 

 

 

425,408

 

Sedgwick County Unified School District No. 266 Maize, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2032

 

 

750,000

 

 

 

880,911

 

Sedgwick County Unified School District No. 267 Renwick, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 11/01/2033

 

 

350,000

 

 

 

406,941

 

4.000%, 11/01/2034

 

 

425,000

 

 

 

493,822

 

4.000%, 11/01/2035

 

 

635,000

 

 

 

737,657

 

Sedgwick County Unified School District No. 268 Cheney, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2029

 

 

615,000

 

 

 

649,278

 

Seward County Unified School District No. 480 Liberal, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2028

 

 

1,000,000

 

 

 

1,175,486

 

4.000%, 09/01/2032

 

 

500,000

 

 

 

577,261

 

5.000%, 09/01/2029

 

 

2,390,000

 

 

 

2,836,984

 

Sumner County Unified School District No. 353 Wellington, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2026

 

 

230,000

 

 

 

253,667

 

University of Kansas Hospital Authority, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2028

 

 

250,000

 

 

 

294,889

 

5.000%, 09/01/2030

 

 

350,000

 

 

 

411,897

 

5.000%, 09/01/2031

 

 

500,000

 

 

 

587,748

 

Washburn University/Topeka, Revenue Bonds

 

 

 

 

 

 

 

 

4.000%, 07/01/2041

 

 

330,000

 

 

 

363,085

 

5.000%, 07/01/2035

 

 

500,000

 

 

 

576,749

 

Wyandotte County Unified School District No. 202 Turner, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2038

 

 

1,225,000

 

 

 

1,382,572

 

4.000%, 09/01/2039

 

 

400,000

 

 

 

450,434

 

Wyandotte County Unified School District No. 203 Piper, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2038

 

 

1,000,000

 

 

 

1,251,790

 

Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2030

 

 

500,000

 

 

 

607,005

 

Total Education

 

 

 

 

 

 

85,360,080

 

 

 

 

 

 

 

 

 

 

General Obligation  (25.54%)(a)

 

 

 

 

 

 

 

 

Abilene Public Building Commission, Revenue Bonds

 

 

 

 

 

 

 

 

4.000%, 12/01/2029

 

 

325,000

 

 

 

384,911

 

4.000%, 12/01/2031

 

 

445,000

 

 

 

519,347

 

Ashland Public Building Commission, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2035

 

 

720,000

 

 

 

767,035

 

City of Arkansas City, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

2.000%, 08/01/2035

 

 

1,000,000

 

 

 

1,021,105

 

City of Concordia, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

2.000%, 11/01/2038

 

 

350,000

 

 

 

364,698

 

2.000%, 11/01/2039

 

 

355,000

 

 

 

367,914

 

2.000%, 11/01/2040

 

 

365,000

 

 

 

376,446

 

City of Dodge City, Revenue Bonds

 

 

 

 

 

 

 

 

4.000%, 06/01/2024

 

 

230,000

 

 

 

253,684

 

City of Garden City, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 11/01/2028

 

 

950,000

 

 

 

1,070,262

 

City of Haysville, Certificate Participation Bonds

 

 

 

 

 

 

 

 

4.125%, 11/01/2032

 

 

460,000

 

 

 

479,903

 

City of Lawrence, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2030

 

 

470,000

 

 

 

545,798

 

4.000%, 09/01/2031

 

 

445,000

 

 

 

516,172

 

City of Manhattan, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 11/01/2031

 

 

400,000

 

 

 

490,472

 

 

 

5.000%, 11/01/2025

 

 

570,000

 

 

 

680,192

 

5.000%, 11/01/2029

 

 

800,000

 

 

 

1,051,105

 

City of Merriam, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.000%, 10/01/2027

 

 

1,670,000

 

 

 

2,113,503

 

City of Olathe, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 10/01/2033

 

 

1,000,000

 

 

 

1,130,315

 

4.000%, 10/01/2028

 

 

1,315,000

 

 

 

1,538,794

 

City of Park City, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

5.375%, 12/01/2025

 

 

5,000

 

 

 

5,021

 

City of Salina, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 10/01/2033

 

 

620,000

 

 

 

661,253

 

3.000%, 10/01/2036

 

 

680,000

 

 

 

721,668

 

City of Shawnee, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 12/01/2027

 

 

425,000

 

 

 

475,686

 

City of Spring Hill, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2029

 

 

810,000

 

 

 

961,487

 

City of Topeka, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

2.000%, 08/15/2026

 

 

1,000,000

 

 

 

1,001,565

 

City of Wichita, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

2.000%, 06/01/2035

 

 

400,000

 

 

 

407,911

 

3.000%, 06/01/2029

 

 

515,000

 

 

 

581,474

 

3.000%, 10/01/2030

 

 

720,000

 

 

 

793,210

 

4.000%, 12/01/2029

 

 

250,000

 

 

 

253,199

 

4.000%, 06/01/2030

 

 

820,000

 

 

 

963,149

 

5.000%, 12/01/2025

 

 

500,000

 

 

 

599,483

 

County of Clay, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 10/01/2036

 

 

750,000

 

 

 

824,192

 

County of Geary, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2030

 

 

415,000

 

 

 

477,839

 

County of Johnson, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2030

 

 

400,000

 

 

 

413,204

 

4.000%, 09/01/2028

 

 

1,125,000

 

 

 

1,286,450

 

County of Linn, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 07/01/2032

 

 

505,000

 

 

 

604,874

 

Johnson County Public Building Commission, Revenue Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2029

 

 

650,000

 

 

 

752,283

 

4.000%, 09/01/2030

 

 

500,000

 

 

 

577,893

 

4.000%, 09/01/2031

 

 

1,500,000

 

 

 

1,730,869

 

Kansas Development Finance Authority, Revenue Bonds

 

 

 

 

 

 

 

 

2.000%, 11/01/2033

 

 

950,000

 

 

 

954,311

 

2.000%, 11/01/2034

 

 

975,000

 

 

 

975,348

 

4.000%, 11/01/2030

 

 

800,000

 

 

 

944,451

 

4.000%, 11/01/2031

 

 

1,100,000

 

 

 

1,294,882

 

5.000%, 04/01/2026

 

 

1,485,000

 

 

 

1,606,833

 

5.000%, 09/01/2026

 

 

630,000

 

 

 

768,273

 

5.000%, 04/01/2030

 

 

655,000

 

 

 

708,859

 

5.000%, 04/01/2034

 

 

2,000,000

 

 

 

2,160,052

 

Overland Park Transportation Development District, Revenue Bonds

 

 

 

 

 

 

 

 

5.900%, 04/01/2032

 

 

725,000

 

 

 

725,374

 

Saline County Public Building Commission, Revenue Bonds

 

 

 

 

 

 

 

 

2.000%, 09/01/2033

 

 

200,000

 

 

 

204,616

 

2.000%, 09/01/2034

 

 

225,000

 

 

 

229,205

 

2.000%, 09/01/2035

 

 

220,000

 

 

 

223,197

 

Unified Government of Greeley County, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

4.000%, 12/01/2029

 

 

250,000

 

 

 

286,697

 

 

 

4.000%, 12/01/2032

 

 

100,000

 

 

 

114,287

 

Wyandotte County-Kansas City Unified Government, General Obligation Unlimited Bonds

 

 

 

 

 

 

 

 

2.000%, 08/01/2033

 

 

1,000,000

 

 

 

1,025,744

 

4.000%, 08/01/2029

 

 

685,000

 

 

 

810,042

 

4.000%, 08/01/2030

 

 

2,105,000

 

 

 

2,513,365

 

4.000%, 08/01/2031

 

 

930,000

 

 

 

965,274

 

4.000%, 08/01/2032

 

 

1,000,000

 

 

 

1,208,765

 

5.000%, 08/01/2025

 

 

815,000

 

 

 

962,769

 

Wyandotte County-Kansas City Unified Government, Revenue Bonds

 

 

 

 

 

 

 

 

4.875%, 10/01/2028

 

 

330,000

 

 

 

330,118

 

5.000%, 12/01/2023

 

 

570,000

 

 

 

624,812

 

Total General Obligation

 

 

 

 

 

 

47,401,640

 

 

 

 

 

 

 

 

 

 

Health Care  (3.47%)

 

 

 

 

 

 

 

 

City of Manhattan, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 11/15/2029

 

 

680,000

 

 

 

724,322

 

City of Olathe, Revenue Bonds

 

 

 

 

 

 

 

 

4.000%, 09/01/2030

 

 

450,000

 

 

 

452,118

 

City of Wichita, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 11/15/2029

 

 

1,570,000

 

 

 

1,597,872

 

Kansas Development Finance Authority, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 11/15/2032

 

 

1,500,000

 

 

 

1,562,253

 

5.000%, 11/15/2034

 

 

350,000

 

 

 

364,369

 

Lyon County Public Building Commission, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 12/01/2035

 

 

1,335,000

 

 

 

1,583,834

 

Pawnee County Public Building Commission, Revenue Bonds

 

 

 

 

 

 

 

 

4.000%, 02/15/2031

 

 

145,000

 

 

 

147,568

 

Total Health Care

 

 

 

 

 

 

6,432,336

 

 

 

 

 

 

 

 

 

 

Housing  (0.35%)

 

 

 

 

 

 

 

 

Pratt County Public Building Commission, Revenue Bonds

 

 

 

 

 

 

 

 

3.250%, 12/01/2032

 

 

655,000

 

 

 

655,838

 

 

 

 

 

 

 

 

 

 

Public Services  (0.99%)

 

 

 

 

 

 

 

 

Johnson County Park & Recreation District, Certificate Participation Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2028

 

 

1,165,000

 

 

 

1,265,210

 

3.000%, 09/01/2029

 

 

535,000

 

 

 

577,276

 

Total Public Services

 

 

 

 

 

 

1,842,486

 

 

 

 

 

 

 

 

 

 

Transportation  (10.07%)

 

 

 

 

 

 

 

 

Kansas Turnpike Authority, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2031

 

 

630,000

 

 

 

825,383

 

5.000%, 09/01/2032

 

 

500,000

 

 

 

654,289

 

5.000%, 09/01/2036

 

 

1,000,000

 

 

 

1,299,027

 

5.000%, 09/01/2037

 

 

1,000,000

 

 

 

1,295,815

 

5.000%, 09/01/2038

 

 

1,150,000

 

 

 

1,487,148

 

State of Kansas Department of Transportation, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 09/01/2028

 

 

1,500,000

 

 

 

1,888,229

 

5.000%, 09/01/2029

 

 

1,000,000

 

 

 

1,182,189

 

5.000%, 09/01/2031

 

 

3,020,000

 

 

 

3,762,953

 

5.000%, 09/01/2032

 

 

500,000

 

 

 

622,088

 

5.000%, 09/01/2033

 

 

1,445,000

 

 

 

1,706,922

 

5.000%, 09/01/2034

 

 

3,260,000

 

 

 

3,965,962

 

Total Transportation

 

 

 

 

 

 

18,690,005

 

 

 

Utilities  (11.59%)

 

 

 

 

 

 

 

 

City of Lawrence Water & Sewage System, Revenue Bonds

 

 

 

 

 

 

 

 

4.000%, 11/01/2038

 

 

1,000,000

 

 

 

1,124,717

 

City of McPherson Water System, Revenue Bonds

 

 

 

 

 

 

 

 

2.000%, 10/01/2038

 

 

440,000

 

 

 

444,465

 

City of Olathe Water & Sewer System, Revenue Bonds

 

 

 

 

 

 

 

 

2.000%, 07/01/2034

 

 

540,000

 

 

 

554,668

 

2.000%, 07/01/2035

 

 

550,000

 

 

 

562,410

 

3.000%, 07/01/2030

 

 

675,000

 

 

 

745,703

 

3.000%, 07/01/2031

 

 

555,000

 

 

 

609,826

 

3.000%, 07/01/2032

 

 

745,000

 

 

 

814,706

 

3.000%, 07/01/2033

 

 

755,000

 

 

 

823,776

 

4.000%, 07/01/2024

 

 

250,000

 

 

 

273,076

 

City of Topeka Combined Utility, Revenue Bonds

 

 

 

 

 

 

 

 

2.000%, 08/01/2043

 

 

1,070,000

 

 

 

1,072,103

 

4.000%, 08/01/2026

 

 

2,600,000

 

 

 

2,607,163

 

City of Wichita Water & Sewer Utility, Revenue Bonds

 

 

 

 

 

 

 

 

3.000%, 10/01/2029

 

 

1,180,000

 

 

 

1,296,827

 

3.375%, 10/01/2039

 

 

1,000,000

 

 

 

1,114,091

 

5.000%, 10/01/2025

 

 

1,000,000

 

 

 

1,011,754

 

5.000%, 10/01/2028

 

 

2,650,000

 

 

 

2,681,146

 

Kansas Power Pool, Revenue Bonds

 

 

 

 

 

 

 

 

5.000%, 12/01/2023

 

 

200,000

 

 

 

212,898

 

5.000%, 12/01/2028

 

 

700,000

 

 

 

826,215

 

Wyandotte County-Kansas City Unified Government Utility System, Revenue Bonds

 

 

 

 

 

 

 

 

3.000%, 09/01/2035

 

 

250,000

 

 

 

278,976

 

3.000%, 09/01/2040

 

 

250,000

 

 

 

274,590

 

5.000%, 09/01/2027

 

 

1,300,000

 

 

 

1,310,347

 

5.000%, 09/01/2031

 

 

1,350,000

 

 

 

1,604,379

 

5.000%, 09/01/2032

 

 

1,090,000

 

 

 

1,151,054

 

5.000%, 09/01/2033

 

 

100,000

 

 

 

117,584

 

Total Utilities

 

 

 

 

 

 

21,512,474

 

 

 

 

 

 

 

 

 

 

TOTAL MUNICIPAL BONDS

 

 

 

 

 

 

 

 

(Cost $172,175,107)

 

 

 

 

 

 

181,894,859

 

         

 

 

Shares

 

 

Value

(Note 2)

 

SHORT TERM INVESTMENTS (1.78%)

 

 

 

 

 

 

 

 

Money Market Fund (1.78%)

 

 

 

 

 

 

 

 

Federated Treasury Obligations Fund (0.010%, 7-Day Yield)

 

 

3,311,739

 

 

$

3,311,739

 

Total Money Market Fund

 

 

 

 

 

 

3,311,739

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT TERM INVESTMENTS

 

 

 

 

 

 

 

 

(Cost $3,311,739)

 

 

 

 

 

 

3,311,739

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (99.77%)

 

 

 

 

 

 

 

 

(Cost $175,486,846)

 

 

 

 

 

$

185,206,598

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS IN EXCESS OF LIABILITIES (0.23%)

 

 

 

 

 

 

421,270

 

 

 

 

 

 

 

 

 

 

NET ASSETS (100.00%)

 

 

 

 

 

$

185,627,868

 

 

(a)

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

 

 

Notes to Quarterly Portfolio of Investments

June 30, 2021 (Unaudited)

 

1. ORGANIZATION

 

ALPS Series Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of multiple separate portfolios or series. This quarterly report describes the Carret Kansas Tax-Exempt Bond Fund (the “Fund” or “Kansas Tax-Exempt Bond Fund”) formally known as the American Independence Kansas Tax-Exempt Bond Fund. On September 13, 2019, Carret Asset Management, LLC (the “Adviser” or “Carret”) became the adviser to the Kansas Tax-Exempt Bond Fund, changing the Fund’s name from American Independence to Carret. The Fund’s investment objective is to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes. The Fund is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. The Fund currently offers Institutional Class Shares and Class A Shares. Each share class has identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. The Board of Trustees (the “Board”) may establish additional funds and classes of shares at any time in the future without shareholder approval.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

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

 

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

 

For equity securities and shares of registered investment companies 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.

 

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

 

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

 

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

 

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

 

 

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

 

Level 1 –

Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

 

 

Level 2 –

Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly); and

 

 

Level 3 –

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

 

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

 

Investments in Securities at Value*

 

Level 1 - Quoted
and Unadjusted
Prices

 

 

Level 2 - Other
Significant
Observable Inputs

 

 

Level 3 -
Significant
Unobservable
Inputs

 

 

Total

 

Municipal Bonds

 

$

 

 

$

181,894,859

 

 

$

 

 

$

181,894,859

 

Short Term Investments

 

 

3,311,739

 

 

 

 

 

 

 

 

 

3,311,739

 

Total

 

$

3,311,739

 

 

$

181,894,859

 

 

$

 

 

$

185,206,598

 

 

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

 

There were no Level 3 securities held in the Fund at June 30, 2021.

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

COVID-19 Risks: A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has now spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.