Beacon Planned Return Strategy Fund

CLASS I - BPRLX

Semi-Annual Shareholder Report | March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Beacon Planned Return Strategy Fund - I Class for the period of October 1, 2024 to March 31, 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 six months?

(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 - I	$62	1.23%

How did the Fund perform last year?

The Beacon Planned Return Strategy Fund - I returned 0.70% for the 6 months ended March 31, 2025. This is in contrast to the CBOE S&P 500 BuyWrite Index, which had a 9.80% 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”. Each return driver plays a crucial and sometimes complementary role in the overall performance of the strategy.

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

	Beacon Planned Return Strategy Fund - I - $1,699,634	S&P 500 Total Return Index - $2,518,934	CBOE S&P 500 BuyWrite Index - $1,529,225
10/2/2017	$1,000,000.00	$1,000,000.00	$1,000,000.00
3/31/2018	$1,013,244.09	$1,054,264.18	$1,010,887.60
9/30/2018	$1,076,446.45	$1,174,549.41	$1,096,538.69
3/31/2019	$1,091,691.78	$1,154,381.98	$1,044,148.20
9/30/2019	$1,138,587.63	$1,224,513.54	$1,084,395.69
3/31/2020	$1,026,380.15	$1,073,830.43	$879,937.53
9/30/2020	$1,220,717.43	$1,410,016.88	$1,023,023.12
3/31/2021	$1,327,212.06	$1,678,951.36	$1,163,269.12
9/30/2021	$1,361,462.70	$1,833,090.82	$1,238,906.91
3/31/2022	$1,411,347.42	$1,941,637.53	$1,336,334.83
9/30/2022	$1,219,717.49	$1,549,472.99	$1,100,035.87
3/31/2023	$1,391,764.80	$1,791,578.02	$1,244,705.65
9/30/2023	$1,471,494.04	$1,884,428.52	$1,260,913.75
3/31/2024	$1,607,838.09	$2,326,924.02	$1,392,723.17
9/30/2024	$1,687,785.84	$2,569,446.82	$1,491,727.82
3/31/2025	$1,699,633.77	$2,518,934.49	$1,529,225.39

Average Annual Total Retuns

Class I	6 Month	1 Year	5 Year	Since Inception
Beacon Planned Return Strategy Fund - Class I	0.70%	5.71%	10.61%	7.34%
S&P 500 Total Return Index	-1.97%	8.25%	18.59%	13.12%
CBOE S&P 500 BuyWrite Index	2.51%	9.80%	11.69%	5.83%

Fund Statistics

Total Net Assets$328,267,412
# of Portfolio Holdings82
Portfolio Turnover Rate (Class I)-%

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 AUGUST 72.00 08/14/2025	9.68%
Call XSP September 73.42 09/12/2025	9.50%
Call XSP July 73.55 07/14/2025	9.43%
Call XSP October 76.10 10/14/2025	9.08%
Call XSP June 70.80 06/13/2025	8.51%
Call XSP April 67.30 04/14/2025	8.28%
Call XSP May 69.00 05/14/2025	8.17%
Call XSP November 78.25 11/14/2025	7.35%
Call XSP Febuary 73.53 02/13/2026	6.67%
Call XSP Jan 79.78 01/14/2026	4.84%
Total % of Top 10 Holdings	81.51%

Asset Class Weightings

(as a % of Net Assets)

Value	Value
Short Term Security	1.04%
Purchased Options	106.91%
Cash, Cash Equivalents, & Other Net Assets	(7.95)%

Country Weightings

(as a % of Net Assets)

Value	Value
United States	107.95%

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

Distributor, ALPS Distributors, Inc.

Phone: 1-844-894-9222

Email: mutualfunds@beacontrust.com

02110A597–SA–03312025

Beacon Planned Return Strategy Fund - Class I

Semi-Annual Shareholder Report | March 31, 2025

Brigade High Income Fund

FOUNDERS CLASS: BHIMX

SEMI-ANNUAL SHAREHOLDER REPORT | March 31, 2025

FUND OVERVIEW

This semi-annual shareholder report contains important information about Brigade High Income Fund - Founders Class for the period of October 1, 2024 to March 31, 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 SIX MONTHS?

(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	$26	0.52%

HOW DID THE FUND PERFORM SINCE INCEPTION?

TOTAL RETURN BASED ON $25,000,000 INVESTMENT

	Brigade High Income Fund Founders Class - $30,953,037	Bloomberg US Aggregate Bond Index - $26,762,468	60% ICE BofA US HY Contrained / 40% Credit Suisse Leverage Loan - $29,696,586	ICE BofA US High Yield Constrained Index - $29,627,218
5/1/2023	$25,000,000.00	$25,000,000.00	$25,000,000.00	$25,000,000.00
5/31/2023	$25,025,000.00	$24,968,478.50	$24,862,297.85	$24,795,707.80
6/30/2023	$25,425,000.00	$24,879,385.65	$25,327,520.91	$25,199,133.31
7/31/2023	$25,938,277.11	$24,862,138.04	$25,676,577.38	$25,559,327.28
8/31/2023	$26,276,808.41	$24,703,341.04	$25,841,060.72	$25,635,369.38
9/30/2023	$26,186,194.33	$24,075,527.90	$25,749,515.66	$25,334,141.56
10/31/2023	$25,856,247.43	$23,695,604.59	$25,559,847.04	$25,017,849.77
11/30/2023	$26,709,360.03	$24,768,644.08	$26,381,814.54	$26,159,874.12
12/31/2023	$27,582,074.10	$25,716,787.04	$27,135,713.10	$27,125,257.94
1/31/2024	$27,753,013.54	$25,646,131.30	$27,223,791.22	$27,130,468.43
2/29/2024	$27,943,569.24	$25,283,812.46	$27,369,072.37	$27,210,792.41
3/31/2024	$28,352,938.47	$25,517,309.47	$27,655,682.98	$27,534,925.71
4/30/2024	$27,936,730.47	$24,872,724.50	$27,564,759.50	$27,259,595.54
5/31/2024	$28,371,525.14	$25,294,398.93	$27,852,641.30	$27,568,922.82
6/30/2024	$28,551,648.10	$25,533,962.34	$28,044,331.21	$27,835,018.57
7/31/2024	$29,166,244.88	$26,130,372.93	$28,456,863.65	$28,381,242.26
8/31/2024	$29,666,298.44	$26,505,776.17	$28,796,121.80	$28,832,697.07
9/30/2024	$30,202,895.13	$26,860,720.16	$29,163,056.07	$29,303,858.85
10/31/2024	$30,344,423.05	$26,194,605.42	$29,165,495.99	$29,142,591.83
11/30/2024	$30,611,298.89	$26,471,518.84	$29,463,611.49	$29,476,320.68
12/31/2024	$30,576,449.32	$26,038,306.35	$29,456,796.47	$29,349,979.36
1/31/2025	$30,968,469.04	$26,176,406.21	$29,785,802.20	$29,755,262.07
2/28/2025	$31,124,104.67	$26,752,357.57	$29,920,379.28	$29,948,669.01
3/31/2025	$30,953,036.92	$26,762,468.24	$29,696,586.26	$29,627,218.32

AVERAGE ANNUAL TOTAL RETURNS

Founders	1 Year	Since Inception
Brigade High Income Fund - Founders (Incep. May 1, 2023)	9.17%	11.78%
Bloomberg US Aggregate Bond Index	4.88%	3.62%
60% ICE BofA US HY Contrained / 40% Credit Suisse Leverage Loan	7.38%	9.39%
ICE BofA US High Yield Constrained Index	7.60%	9.26%

FUND STATISTICS

Total Net Assets$663,737,261
# of Portfolio Holdings301
Portfolio Turnover Rate18%

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)

Value	Value
Corporate Bond	58.2%
Bank Loans	36.9%
Common Stocks	1.3%
Convertible Corporate Bond	0.0%
Rights and Warrants	0.0%
Cash and Equivalents	3.6%

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Cash and Equivalents	3.6%
Utilities	0.9%
Industrial	4.7%
Technology	6.6%
Basic Materials	7.4%
Energy	9.4%
Financial	13.2%
Communications	14.1%
Consumer, Cyclical	17.0%
Consumer, Non-cyclical	23.2%

TOP TEN HOLDINGS

(as a % of Net Assets)

Top 10	Top 10
Tenet Healthcare Corp. 06/15/2028 4.625%	1.1%
Team Health Holdings, Inc. 02/02/2027 3M SOFR + 5.25%	1.0%
TransDigm, Inc. 12/01/2031 7.125%	1.0%
Radiology Partners, Inc. 01/31/2029 7.775%	1.0%
Akumin, Inc. 08/01/2027 9.00%	0.9%
Pluto Acquisition I, Inc. 09/20/2028 3M SOFR + 4.00%	0.9%
LifeScan Global Corp. 12/31/2026 3M SOFR + 6.50%	0.9%
Avaya Inc. 08/01/2028 1M SOFR + 7.50%	0.9%
Domtar Corp. 10/01/2028 6.75%	0.9%
Diversified Healthcare Trust 03/01/2031 4.375%	0.8%
Total % of Top 10 Holdings	9.2%

CREDIT QUALITY ALLOCATION

(as a % of Net Assets)

Value	Value
BBB	2.0%
BB	28.6%
B	46.0%
CCC	12.1%
CC	0.5%
C	0.3%
NR	5.7%
Cash and Equivalents	3.6%

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.

BRIGADE HIGH INCOME FUND - FOUNDERS CLASS

SEMI-ANNUAL SHAREHOLDER REPORT | March 31, 2025

Phone: 212.745.9700

Distributor, ALPS Distributors, Inc.

02110A456–SA–03312025

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.

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

SEMI-ANNUAL SHAREHOLDER REPORT | March 31, 2025

FUND OVERVIEW

This semi-annual shareholder report contains important information about Brigade High Income Fund - Institutional Class for the period of October 1, 2024 to March 31, 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 SIX MONTHS?

(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	$31	0.61%

HOW DID THE FUND PERFORM SINCE INCEPTION?