Beacon Planned Return Strategy Fund

INSTITUTIONAL - BPRLX

Semi-Annual Shareholder Report | March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Beacon Planned Return Strategy Fund - Institutional Class for the period of October 1, 2025 to March 31, 2026.

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 Costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
CLASS NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Beacon Planned Return Strategy Fund - Institutional	$64	1.27%

How did the Fund perform the past six months?

The Beacon Planned Return Strategy Fund - I returned 0.87% for the 6

months ended March 31, 2026. This is in contrast to the CBOE S&P 500 BuyWrite Index, which had a 5.55% return for the same time period.

The returns sought to be generated by the Fund are derived from three distinct and sometimes complementary 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 detracted value due to the decrease in the S&P 500, the Income component added value through the premium collected from selling out-of-the money call and put options, and the Hedge component added value due to the decrease in the S&P 500.

How did the Fund perform since inception?

Total Return Based on $1,000,000 Investment

Table Summary
	Beacon Planned Return Strategy Fund - Institutional - $1,886,705	S&P 500^® Total Return Index - $2,967,391	CBOE S&P 500 BuyWrite Index - $1,702,859
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
9/30/2025	$1,870,459.90	$3,021,610.30	$1,613,277.34
3/31/2026	$1,886,704.67	$2,967,390.95	$1,702,859.02

Average Annual Total Retuns

Table Summary
Institutional	1 Year	5 Year	Since Inception
Beacon Planned Return Strategy Fund - Institutional	11.01%	7.29%	7.76%
S&P 500^® Total Return Index	17.80%	12.06%	13.66%
CBOE S&P 500 BuyWrite Index	11.35%	7.92%	6.47%

Fund Statistics

Total Net Assets$306,578,847
# of Portfolio Holdings87
Portfolio Turnover Rate (Institutional)-%

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)

Table Summary
Top 10	%
Call XSP May 78.55 05/14/2026	9.55%
Call XSP June 81.80 06/12/2026	9.12%
Call XSP 84.05 07/14/2026	8.81%
Call XSP September 87.40 09/14/2026	8.29%
Call XSP January 88.70 01/14/2027	7.81%
Call XSP December 90.80 12/14/2026	7.78%
Call XSP April 76.65 04/14/2026	7.33%
Call XSP August 86.15 08/14/2026	7.02%
Call XSP Febuary 87.25 02/12/2027	6.44%
Call XSP October 87.65 10/14/2026	5.89%
Total % of Top 10 Holdings	78.04%

Asset Class Weightings

(as a % of Net Assets)

Table Summary
Value	Value
Short Term Security	1.67%
Purchased Options	108.94%
Cash, Cash Equivalents, & Other Net Assets	(10.61)%

Country Weightings

(as a % of Net Assets)

Table Summary
Value	Value
	58.42%
United States	52.19%

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.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–03312026

Beacon Planned Return Strategy Fund - Institutional

Semi-Annual Shareholder Report | March 31, 2026

Brigade High Income Fund

FOUNDERS CLASS: BHIMX

SEMI-ANNUAL SHAREHOLDER REPORT | March 31, 2026

FUND OVERVIEW

This semi-annual shareholder report contains important information about Brigade High Income Fund - Founders Class for the period of October 1, 2025 to March 31, 2026.

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 COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
CLASS NAME	COSTS OF A $10,000 INVESTMENT	COSTS 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

Table Summary
	Brigade High Income Fund Founders Class - $32,974,939	Bloomberg U.S. Aggregate Bond Index - $27,926,266	60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan - $31,495,595	ICE BofA US High Yield Constrained Index - $31,670,656
5/1/2023	$25,000,000.00	$25,000,000.00	$25,000,000.00	$25,000,000.00
6/30/2023	$25,425,000.00	$24,879,385.65	$25,327,520.91	$25,199,133.31
9/30/2023	$26,186,194.33	$24,075,527.90	$25,749,515.66	$25,334,141.56
12/31/2023	$27,582,074.10	$25,716,787.04	$27,135,713.10	$27,125,257.94
3/31/2024	$28,352,938.47	$25,517,309.47	$27,655,682.98	$27,534,925.71
6/30/2024	$28,551,648.10	$25,533,962.34	$28,044,331.21	$27,835,018.57
9/30/2024	$30,202,895.13	$26,860,720.16	$29,163,056.07	$29,303,858.85
12/31/2024	$30,576,449.32	$26,038,306.35	$29,456,796.47	$29,349,979.36
3/31/2025	$30,953,036.92	$26,762,468.24	$29,696,586.26	$29,627,218.32
6/30/2025	$31,801,694.96	$27,085,414.94	$30,609,597.47	$30,685,255.88
9/30/2025	$32,565,401.51	$27,635,316.45	$31,256,641.82	$31,421,584.81
12/31/2025	$32,893,377.65	$27,939,350.25	$31,658,323.58	$31,845,697.48
3/31/2026	$32,974,938.91	$27,926,265.85	$31,495,595.50	$31,670,656.21

AVERAGE ANNUAL TOTAL RETURNS

Table Summary
Founders	1 Year	Since Inception
Brigade High Income Fund - Founders (Incep. May 1, 2023)	6.53%	9.95%
Bloomberg U.S. Aggregate Bond Index	4.35%	3.87%
60% ICE BofA US HY Contrained / 40% S&P UBS Leverage Loan	6.06%	8.24%
ICE BofA US High Yield Constrained Index	6.90%	8.44%

FUND STATISTICS

Total Net Assets$1,045,452,988
# of Portfolio Holdings381
Portfolio Turnover Rate21%

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)

Table Summary
Value	Value
Corporate Bonds	56.8%
Bank Loans	37.1%
Common Stocks	1.6%
Convertible Bonds	0.6%
Preferred Stocks	0.1%
Rights and Warrants	0.0%
Cash and Equivalents	3.7%

SECTOR WEIGHTINGS

(as a % of Net Assets)

Table Summary
Value	Value
Cash and Equivalents	3.7%
Utilities	1.5%
Industrial	5.2%
Energy	7.2%
Technology	7.2%
Basic Materials	9.0%
Financial	12.9%
Communications	13.5%
Consumer, Cyclical	16.3%
Consumer, Non-cyclical	23.6%

TOP TEN HOLDINGS

(as a % of Net Assets)

Table Summary
Top 10	Top 10
Akumin, Inc. 08/31/2031 9.75%	1.3%
CCO Holdings LLC / CCO Holdings Capital Corp. 01/15/2034 4.25%	0.8%
Pluto Acquisition I, Inc. 09/20/2028 3M SOFR + 4.00%	0.8%
GrubHub Holdings, Inc. 07/31/2030 13.00 (7.00 PIK)%	0.8%
Envision Healthcare Corp.	0.8%
Avaya Inc. 08/01/2028 1M SOFR + 7.50%	0.7%
Global Medical Response TL B 10/02/2028 3M SOFR + 3.50%	0.7%
Genesis Energy LP / Genesis Energy Finance Corp. 05/15/2033 8.00%	0.7%
Rain Carbon, Inc. 09/01/2029 12.25%	0.7%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 06/15/2030 9.00%	0.7%
Total % of Top 10 Holdings	7.9%

CREDIT QUALITY ALLOCATION

(as a % of Net Assets)

Table Summary
Value	Value
BBB	2.7%
BB	30.9%
B	41.9%
CCC	12.9%
CC	0.0%
D	0.8%
NR	7.4%
Cash and Equivalents	3.7%

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, 2026

Phone: 212.745.9700

Distributor, ALPS Distributors, Inc.

02110A456–SA–03312026

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 at 1-(844)-903-0443.

Brigade High Income Fund

INSTITUTIONAL CLASS: BHIIX

SEMI-ANNUAL SHAREHOLDER REPORT | March 31, 2026

FUND OVERVIEW

This semi-annual shareholder report contains important information about Brigade High Income Fund - Institutional Class for the period of October 1, 2025 to March 31, 2026.

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 COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
CLASS NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Brigade High Income Fund - Institutional	$26	0.52%

HOW DID THE FUND PERFORM SINCE INCEPTION?