# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001752724-23-046332
**Filing Date:** 2023-2
**Character Count:** 71598
**Document Hash:** 76092a38f8260cd78cca20d9e7b9a8a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046332.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046332

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22747
- **FILM NUMBER:** 23682159

**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

### Seven Canyons World Innovators Fund (Series ID: S000061938)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200678 | Institutional Class | WIGTX           |
| C000200679 | Investor Class      | WAGTX           |

## Nport-Ex

**SEVEN CANYONS STRATEGIC GLOBAL FUND**

**PORTFOLIO OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)**  |
| **COMMON STOCKS (89.47%)** |  |  |
| ***Airlines (0.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(a)</sup> | 8500 | $71060 |
| ***Airport Services (1.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 41300 | 317531 |
| ***Application Software (12.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Appier Group, Inc.<sup>(a)</sup> | 91900 | 950931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atoss Software AG | 1500 | 223509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cliq Digital AG | 6000 | 161851 |
| &nbsp;&nbsp;&nbsp;Dropsuite, Ltd.<sup>(a)</sup> | 928100 | 113742 |
| &nbsp;&nbsp;&nbsp;EMRO, Inc.<sup>(a)</sup> | 18400 | 191348 |
| &nbsp;&nbsp;&nbsp;&nbsp;GK Software SE | 3000 | 423897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Ezwel Co., Ltd. | 101900 | 550397 |
| &nbsp;&nbsp;&nbsp;SmartCraft ASA<sup>(a)</sup> | 146839 | 260500 |
| ***Total Application Software*** |  | 2876175 |
| ***Asset Management & Custody Banks (0.49%)*** |  |  |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 13100 | 118463 |
| ***Automotive Retail (0.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Halfords Group PLC | 50600 | 127852 |
| ***Cable & Satellite (0.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;GTPL Hathway, Ltd.<sup>(b)(c)</sup> | 104968 | 177125 |
| ***Consumer Finance (5.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Arman Financial Services Ltd Private Placement CCD<sup>(a)(d)(e)(f)</sup> | 14634 | 250754 |
| &nbsp;&nbsp;&nbsp;Arman Financial Services, Ltd.<sup>(a)</sup> | 35501 | 617095 |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c)</sup> | 5300 | 378950 |
| ***Total Consumer Finance*** |  | 1246799 |
| ***Data Processing & Outsourced Services (11.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boku, Inc.<sup>(a)(b)(c)</sup> | 203000 | 342358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Datamatics Global Services, Ltd. | 119300 | 399517 |
| &nbsp;&nbsp;&nbsp;&nbsp;iEnergizer, Ltd. | 370317 | 1799742 |
| &nbsp;&nbsp;&nbsp;&nbsp;My EG Services Bhd | 1581300 | 312311 |
| ***Total Data Processing & Outsourced Services*** |  | 2853928 |
| ***Department Stores (1.69%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Mitra Adiperkasa Tbk PT<sup>(a)</sup> | 4370000 | 405630 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)**  |
| ***Distillers & Vintners (0.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Radico Khaitan, Ltd. | 18900 | $231287 |
| ***Distributors (7.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter Cars SA | 8584 | 903197 |
| &nbsp;&nbsp;&nbsp;Sirca Paints India, Ltd.<sup>(b)(c)</sup> | 118856 | 965445 |
| ***Total Distributors*** |  | 1868642 |
| ***Diversified Support Services (1.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prestige International, Inc. | 50400 | 278805 |
| ***Drug Retail (0.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporativo Fragua SAB de CV | 5993 | 107641 |
| &nbsp;&nbsp;&nbsp;Shop Apotheke Europe NV<sup>(a)(b)(c)</sup> | 1700 | 80270 |
| ***Total Drug Retail*** |  | 187911 |
| ***Electronic Components (0.44%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;M3 Technology, Inc. | 35000 | 106017 |
| ***Electronic Equipment & Instruments (0.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;VIGO PHOTONICS SA<sup>(a)</sup> | 900 | 92848 |
| ***Environmental & Facilities Services (1.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antony Waste Handling Cell, Ltd.<sup>(a)(b)(c)</sup> | 102000 | 377892 |
| ***Financial Exchanges & Data (1.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC Markets Group, Inc., Class A | 4600 | 261740 |
| ***Health Care Equipment (2.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Inmode, Ltd.<sup>(a)</sup> | 3100 | 110670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenio Group Oyj | 6431 | 265724 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.<sup>(a)</sup> | 10200 | 336600 |
| ***Total Health Care Equipment*** |  | 712994 |
| ***Health Care Facilities (0.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;M1 Kliniken AG<sup>(a)</sup> | 6700 | 64978 |
| ***Health Care Supplies (1.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tristel PLC | 64025 | 301873 |
| ***Health Care Technology (0.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Mental Health Technologies Co., Ltd.<sup>(a)</sup> | 19200 | 155952 |
| ***Human Resource & Employment Services (1.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Veteranpoolen AB, Class B | 135369 | 412534 |
| ***Industrial Machinery (0.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Norma Group SE | 10200 | 185615 |
| ***Integrated Telecommunication Services (0.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.<sup>(a)</sup> | 16000 | 217920 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)**  |
| ***Interactive Media & Services (1.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Wirtualna Polska Holding SA<sup>(c)</sup> | 11208 | $258370 |
| ***Internet & Direct Marketing Retail (5.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ci Medical Co., Ltd. | 10200 | 393264 |
| &nbsp;&nbsp;&nbsp;Koukandekirukun, Inc.<sup>(a)</sup> | 9200 | 314401 |
| &nbsp;&nbsp;&nbsp;&nbsp;momo.com, Inc. | 12480 | 260681 |
| &nbsp;&nbsp;&nbsp;Victorian Plumbing Group PLC<sup>(a)</sup> | 274500 | 255531 |
| ***Total Internet & Direct Marketing Retail*** |  | 1223877 |
| ***Internet Services & Infrastructure (1.41%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-Guardian, Inc. | 16600 | 338350 |
| ***Investment Banking & Brokerage (3.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;flatexDEGIRO AG<sup>(a)</sup> | 39800 | 269511 |
| &nbsp;&nbsp;&nbsp;JDC Group AG<sup>(a)</sup> | 14400 | 258192 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 7100 | 249669 |
| ***Total Investment Banking & Brokerage*** |  | 777372 |
| ***IT Consulting & Other Services (0.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oro Co., Ltd. | 15800 | 228019 |
| ***Life Sciences Tools & Services (2.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Linical Co., Ltd. | 50400 | 264980 |
| &nbsp;&nbsp;&nbsp;PolyPeptide Group AG<sup>(a)(b)(c)</sup> | 10700 | 293002 |
| ***Total Life Sciences Tools & Services*** |  | 557982 |
| ***Oil & Gas Equipment & Services (1.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Schoeller-Bleckmann Oilfield Equipment AG | 7295 | 454478 |
| ***Oil & Gas Exploration & Production (1.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 17700 | 263408 |
| ***Packaged Foods & Meats (1.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Manorama Industries, Ltd.<sup>(a)</sup> | 27000 | 333543 |
| ***Pharmaceuticals (1.69%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Granules India, Ltd. | 105202 | 405396 |
| ***Publishing (0.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future PLC | 14400 | 220572 |
| ***Semiconductors (2.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Everspin Technologies, Inc.<sup>(a)</sup> | 39000 | 216840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silergy Corp. | 21600 | 306759 |
| ***Total Semiconductors*** |  | 523599 |
| ***Specialized Consumer Services (1.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Perfect Medical Health Management, Ltd. | 750632 | 394288 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)**  |
| ***Specialty Chemicals (0.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chongqing Zaisheng Technology Corp., Ltd., Class A | 267540 | $203204 |
| ***Technology Distributors (3.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Richardson Electronics, Ltd./United States | 43900 | 936387 |
| ***Trading Companies & Distributors (2.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | 5200 | 271856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermador Groupe | 2900 | 267590 |
| ***Total Trading Companies & Distributors*** |  | 539446 |
| ***Trucking (0.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Vamos Locacao de Caminhoes Maquinas e Equipamentos SA<sup>(a)</sup> | 50600 | 122481 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $20,461,829)** |  | 21432343 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENT (*3.55%*)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Investor Class | 4.019% | 849642 | $849642 |
|  |  |  | 849642 |
| **TOTAL SHORT TERM INVESTMENT** |  |  |  |
| **(Cost $849,642)** |  |  | 849642 |
| **TOTAL INVESTMENTS (93.02%)** |  |  |  |
| **(Cost $21,311,471)** |  |  | $22281985 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (6.98%)** |  |  | 1672799 |
| **NET ASSETS (100.00%)** |  |  | $23954784 |

---

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

*<sup>(b)</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 December 31, 2022 the fair value of securities restricted under Rule 144A in the aggregate was $2,354,555, representing 9.83% of net assets.*

*<sup>(c)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of December 31, 2022, the fair value of those securities was $2,991,875 representing 12.49% of net assets.*

*<sup>(d)</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 Portfolio of Investments section.*

*<sup>(e)</sup>* *Security deemed to be restricted as of December 31, 2022. As of December 31, 2022, the fair value of restricted securities in the aggregate was $250,754, representing 1.05% 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>(f)</sup>* *Security deemed to be illiquid under the procedures approved by the Fund's Board of Trustees. As of December 31, 2022, the fair value of illiquid securities in the aggregate was $250,754, representing 1.05% of the Fund's net assets.*

At December 31, 2022, Seven Canyons Strategic Global Fund's investments, excluding short-term investments, were in the following countries:

---

| | |
|:---|:---|
| **Country** | **% of Total**<br> **Market Value** |
| Australia | 0.5 |
| Austria | 2.2 |
| Brazil | 0.5 |
| Canada | 1.2 |
| China | 2.4 |
| Finland | 1.2 |
| France | 1.3 |
| Germany | 7.4 |
| Great Britain | 4.2 |
| Hong Kong | 1.9 |
| India | 23.9 |
| Indonesia | 1.9 |
| Israel | 0.5 |
| Japan | 14.8 |
| Jersey | 0.5 |
| Kazakhstan | 1.8 |
| Malaysia | 1.5 |
| Mexico | 2.3 |
| Netherlands | 0.4 |
| Norway | 1.2 |
| Poland | 5.9 |
| South Korea | 3.5 |
| Sweden | 1.9 |
| Switzerland | 1.4 |
| Taiwan | 1.7 |
| United States | 14.0 |
|  | **100.0** |

---

**SEVEN CANYONS WORLD INNOVATORS FUND**

**PORTFOLIO OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)**  |
| **COMMON STOCKS (90.38%)** |  |  |
| ***Advertising (0.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;YouGov PLC | 78700 | $970477 |
| ***Agricultural Products (1.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Winfarm SAS<sup>(a)</sup> | 61868 | 993395 |
| ***Airlines (0.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(a)</sup> | 50000 | 418000 |
| ***Airport Services (1.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 212900 | 1636860 |
| ***Application Software (25.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Appier Group, Inc.<sup>(a)</sup> | 355000 | 3673346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atoss Software AG | 8300 | 1236751 |
| &nbsp;&nbsp;&nbsp;Bigtincan Holdings, Ltd.<sup>(a)</sup> | 2207800 | 796687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cliq Digital AG | 26500 | 714844 |
| &nbsp;&nbsp;&nbsp;Dropsuite, Ltd.<sup>(a)</sup> | 4000000 | 490213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Esker SA | 7100 | 1195506 |
| &nbsp;&nbsp;&nbsp;Freee KK<sup>(a)</sup> | 55100 | 1229296 |
| &nbsp;&nbsp;&nbsp;&nbsp;GK Software SE | 35430 | 5006219 |
| &nbsp;&nbsp;&nbsp;Kaonavi, Inc.<sup>(a)</sup> | 122600 | 2218645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lectra | 41200 | 1552404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lime Technologies AB | 49608 | 1093436 |
| &nbsp;&nbsp;&nbsp;Route Mobile, Ltd.<sup>(a)</sup> | 32800 | 481949 |
| &nbsp;&nbsp;&nbsp;Skyfii, Ltd.<sup>(a)</sup> | 14497184 | 483651 |
| &nbsp;&nbsp;&nbsp;Smaregi, Inc.<sup>(a)</sup> | 143000 | 2307787 |
| &nbsp;&nbsp;&nbsp;SmartCraft ASA<sup>(a)</sup> | 1337086 | 2372056 |
| &nbsp;&nbsp;&nbsp;Truecaller AB<sup>(a)</sup> | 148200 | 465271 |
| ***Total Application Software*** |  | 25318061 |
| ***Asset Management & Custody Banks (0.50%)*** |  |  |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 54900 | 496460 |
| ***Auto Parts & Equipment (0.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;hGears AG<sup>(a)</sup> | 70663 | 547640 |
| ***Automotive Retail (0.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Halfords Group PLC | 105852 | 267458 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)**  |
| ***Biotechnology (1.62%)*** | | |
| &nbsp;&nbsp;&nbsp;Abcam PLC, ADR<sup>(a)</sup> | 102700 | $1598012 |
| ***Consumer Finance (1.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Arman Financial Services, Ltd. Private Placement CCD<sup>(a)(d)(e)(f)</sup> | 75609 | 1295564 |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c)</sup> | 7700 | 550550 |
| ***Total Consumer Finance*** |  | 1846114 |
| ***Data Processing & Outsourced Services (5.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boku, Inc.<sup>(a)(b)(c)</sup> | 795354 | 1341359 |
| &nbsp;&nbsp;&nbsp;&nbsp;iEnergizer, Ltd. | 659500 | 3205172 |
| &nbsp;&nbsp;&nbsp;&nbsp;My EG Services Bhd | 5687300 | 1123258 |
| ***Total Data Processing & Outsourced Services*** |  | 5669789 |
| ***Department Stores (2.04%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Mitra Adiperkasa Tbk PT<sup>(a)</sup> | 21682800 | 2012632 |
| ***Diversified Support Services (1.21%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prestige International, Inc. | 216600 | 1198199 |
| ***Drug Retail (0.49%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Shop Apotheke Europe NV<sup>(a)(b)(c)</sup> | 10200 | 481617 |
| ***Electrical Components & Equipment (1.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Arcure SA<sup>(a)(f)</sup> | 178198 | 419653 |
| &nbsp;&nbsp;&nbsp;&nbsp;DiscoverIE Group PLC | 110729 | 978564 |
| ***Total Electrical Components & Equipment*** |  | 1398217 |
| ***Electronic Equipment & Instruments (0.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Catapult Group International, Ltd.<sup>(a)</sup> | 1293400 | 642847 |
| ***Health Care Equipment (3.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Jeisys Medical, Inc.<sup>(a)</sup> | 257700 | 1736342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenio Group Oyj | 35471 | 1465634 |
| &nbsp;&nbsp;&nbsp;Surgical Science Sweden AB<sup>(a)</sup> | 41425 | 653837 |
| ***Total Health Care Equipment*** |  | 3855813 |
| ***Health Care Facilities (0.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;M1 Kliniken AG<sup>(a)</sup> | 28000 | 271551 |
| ***Health Care Supplies (1.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Solutions Group PLC | 543392 | 1701467 |
| ***Health Care Technology (2.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cogstate, Ltd.<sup>(a)</sup> | 1134302 | 1513690 |
| &nbsp;&nbsp;&nbsp;Mental Health Technologies Co., Ltd.<sup>(a)</sup> | 80800 | 656300 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)**  |
| ***Health Care Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Mentice AB<sup>(a)</sup> | 104669 | $379161 |
| ***Total Health Care Technology*** |  | 2549151 |
| ***Hotels, Resorts & Cruise Lines (0.86%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Trainline PLC<sup>(a)(b)(c)</sup> | 257000 | 853187 |
| ***Industrial Machinery (0.54%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Norma Group SE | 29400 | 535009 |
| ***Interactive Media & Services (0.50%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Trustpilot Group PLC<sup>(a)(b)(c)</sup> | 425300 | 496173 |
| ***Internet & Direct Marketing Retail (5.69%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Auction Technology Group PLC<sup>(a)</sup> | 58600 | 532753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ci Medical Co., Ltd. | 55400 | 2135965 |
| &nbsp;&nbsp;&nbsp;Creema, Ltd.<sup>(a)</sup> | 60500 | 203295 |
| &nbsp;&nbsp;&nbsp;Koukandekirukun, Inc.<sup>(a)</sup> | 27000 | 922699 |
| &nbsp;&nbsp;&nbsp;&nbsp;momo.com, Inc. | 36000 | 751964 |
| &nbsp;&nbsp;&nbsp;Victorian Plumbing Group PLC<sup>(a)</sup> | 1147200 | 1067924 |
| ***Total Internet & Direct Marketing Retail*** |  | 5614600 |
| ***Internet Services & Infrastructure (1.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E-Guardian, Inc. | 83500 | 1701939 |
| ***Investment Banking & Brokerage (5.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;flatexDEGIRO AG<sup>(a)</sup> | 166900 | 1130187 |
| &nbsp;&nbsp;&nbsp;JDC Group AG<sup>(a)</sup> | 200000 | 3585995 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 29500 | 1037355 |
| ***Total Investment Banking & Brokerage*** |  | 5753537 |
| ***IT Consulting & Other Services (0.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oro Co., Ltd. | 49300 | 711477 |
| ***Life Sciences Tools & Services (5.50%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ergomed PLC<sup>(a)</sup> | 40000 | 615117 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(b)(c)</sup> | 3016000 | 1120551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linical Co., Ltd. | 468200 | 2461582 |
| &nbsp;&nbsp;&nbsp;PolyPeptide Group AG<sup>(a)(b)(c)</sup> | 44800 | 1226773 |
| ***Total Life Sciences Tools & Services*** |  | 5424023 |
| ***Movies & Entertainment (1.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Thunderbird Entertainment Group, Inc.<sup>(a)</sup> | 539200 | 1461495 |
| ***Oil & Gas Equipment & Services (7.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pason Systems, Inc. | 324000 | 3814299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schoeller-Bleckmann Oilfield Equipment AG | 54991 | 3425937 |
| ***Total Oil & Gas Equipment & Services*** |  | 7240236 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)**  |
| ***Other Diversified Financial Services (0.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Hypoport SE<sup>(a)</sup> | 2700 | $281506 |
| ***Pharmaceuticals (0.64%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JCR Pharmaceuticals Co., Ltd. | 49000 | 627621 |
| ***Security & Alarm Services (0.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Blackline Safety Corp.<sup>(a)</sup> | 245000 | 327511 |
| ***Semiconductors (2.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Melexis NV | 10000 | 867061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silergy Corp. | 77200 | 1096381 |
| &nbsp;&nbsp;&nbsp;X-Fab Silicon Foundries SE<sup>(a)(b)(c)</sup> | 62000 | 439022 |
| ***Total Semiconductors*** |  | 2402464 |
| ***Specialty Chemicals (1.15%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treatt PLC | 150000 | 1133396 |
| ***Trucking (0.77%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Vamos Locacao de Caminhoes Maquinas e Equipamentos SA<sup>(a)</sup> | 313200 | 758122 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $94,143,751)** |  | 89196056 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENT (*10.14%*)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Investor Class | 4.019% | 10006326 | $10006326 |
|  |  |  | 10006326 |
| **TOTAL SHORT TERM INVESTMENT** |  |  |  |
| **(Cost $10,006,326)** |  |  | 10006326 |
| **TOTAL INVESTMENTS (100.52%)** |  |  |  |
| **(Cost $104,150,077)** |  |  | $99202382 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.52%)** |  |  | (512683) |
| **NET ASSETS (100.00%)** |  |  | $98689699 |

---

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

*<sup>(b)</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 December 31, 2022 the fair value of securities restricted under Rule 144A in the aggregate was $6,455,142, representing 6.54% of net assets.*

*<sup>(c)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of December 31, 2022, the fair value of those securities was $7,005,692, representing 7.10% of net assets.*

*<sup>(d)</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 Portfolio of Investments section.*

*<sup>(e)</sup>* *Security deemed to be restricted as of December 31, 2022. As of December 31, 2022, the fair value of restricted securities in the aggregate was $1,295,564, representing 1.31% 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>(f)</sup>* *Security deemed to be illiquid under the procedures approved by the Fund's Board of Trustees. As of December 31, 2022, the fair value of illiquid securities in the aggregate was $1,715,217, representing 1.74% of the Fund's net assets.*

At December 31, 2022, Seven Canyons World Innovators Fund's investments, excluding short-term investments, were in the following countries:

---

| | |
|:---|:---|
| **Country** | **% of Total**<br> **Market Value** |
| Australia | 4.4 |
| Austria | 3.5 |
| Belgium | 1.5 |
| Brazil | 0.8 |
| Canada | 6.3 |
| China | 1.2 |
| Finland | 1.6 |
| France | 4.9 |
| Germany | 15.9 |
| Great Britain | 12.5 |
| India | 2.0 |
| Indonesia | 2.4 |
| Japan | 24.6 |
| Jersey | 0.6 |
| Kazakhstan | 0.6 |
| Malaysia | 1.3 |
| Mexico | 2.8 |
| Netherlands | 0.5 |
| Norway | 2.7 |
| South Korea | 2.0 |
| Sweden | 2.9 |
| Switzerland | 1.4 |
| Taiwan | 0.8 |
| United States | 2.8 |
|  | **100.0** |

---

**Notes to Quarterly Portfolio of Investments<br> December 31, 2022 (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 (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Seven Canyons Strategic Global Fund (the "Strategic Global Fund") and Seven Canyons World Innovators Fund (the "World Innovators Fund")(each individually a "Fund" or collectively "Funds"). Prior to January 28, 2022, the Strategic Global Fund was known as the Seven Canyons Strategic Income Fund.

The Strategic Global and World Innovators Funds' primary investment objectives are long-term growth of capital. The Funds are each classified as diversified under the 1940 Act. The Strategic Global Fund currently offers Investor Class shares and the World Innovators Fund currently offers Investor Class and Institutional Class 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"). Each 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 each Fund in preparation of its financial statements.

**Investment Valuation:** Each 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 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.

Equity securities that are primarily traded on foreign securities exchanges are valued at the last sale price or closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board. The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security's value or a meaningful portion of a Fund's portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. The Funds' valuation procedures set forth certain triggers which instruct when to use the fair valuation model. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of valuation time, as provided by an independent pricing service approved by the Board.

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.

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 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 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 Funds' investments as of December 31, 2022:

**SEVEN CANYONS STRATEGIC GLOBAL FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>\*</sup>**  | **Level 1 - Unadjusted**<br> **Quoted Prices** | **Level 2 - Other**<br> **Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stock | $21181589 | $– | $250754 | $21432343 |
| Short Term Investment | 849642 | – | – | 849642 |
| Total | $22031231 | $– | $250754 | $22281985 |

---

*<sup>\*</sup>* *For a detailed Industry breakdown, see the accompanying Portfolio of Investments.*

**SEVEN CANYONS WORLD INNOVATORS FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>\*</sup>**<br>| **Level 1 - Unadjusted**<br> **Quoted Prices** | **Level 2 - Other**<br> **Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks | $87900492 | $– | $1295564 | $89196056 |
| Short Term Investment | 10006326 | – | – | 10006326 |
| Total | $97906818 | $– | $1295564 | $99202382 |

---

*<sup>\*</sup>* *For a detailed Industry breakdown, see the accompanying Portfolio of Investments.*

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

---

| | | |
|:---|:---|:---|
| **Seven Canyons Strategic Global Fund** | **Common Stock** | **Total** |
| Balance as of September 30, 2022 | $243003 | $243003 |
| &nbsp;&nbsp;&nbsp; Accrued discount/ premium |  |  |
| &nbsp;&nbsp;&nbsp; Realized Gain/(Loss) |  |  |
| &nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation/(Depreciation) | 7751 | 7751 |
| &nbsp;&nbsp;&nbsp; Purchases |  |  |
| &nbsp;&nbsp;&nbsp; Sales Proceeds |  |  |
| &nbsp;&nbsp;&nbsp; Transfer into Level 3 |  |  |
| &nbsp;&nbsp;&nbsp; Transfer out of Level 3 | - | - |
| Balance as of December 31, 2022 | $250754 | $250754 |

---

---

| | | |
|:---|:---|:---|
| **Seven Canyons World Innovators Fund** | **Common Stock** | **Total** |
| Balance as of September 30, 2022 | $1255515 | $1255515 |
| &nbsp;&nbsp;&nbsp; Accrued discount/ premium |  |  |
| &nbsp;&nbsp;&nbsp; Realized Gain/(Loss) |  |  |
| &nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation/(Depreciation) | 40049 | 40049 |
| &nbsp;&nbsp;&nbsp; Purchases |  |  |
| &nbsp;&nbsp;&nbsp; Sales Proceeds |  |  |
| &nbsp;&nbsp;&nbsp; Transfer into Level 3 |  |  |
| &nbsp;&nbsp;&nbsp; Transfer out of Level 3 | - | - |
| Balance as of December 31, 2022 | $1295564 | $1295564 |

---

Quantitative information about Level 3 measurements as of September 30, 2022:

**Seven Canyons Strategic Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input(s)<sup>(a)</sup>** | **Value/Range** |
| Common Stock | $250754 | Net Asset Value less Liquidity Discount | Estimated <br> Liquidity Discount | 10 - 30% |

---

**Seven Canyons World Innovators Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input(s)<sup>(a)</sup>** | **Value/Range** |
| Common Stock | $1295564 | Net Asset Value less Liquidity Discount | Estimated <br> Liquidity Discount | 10 - 30% |

---

<sup>(a)</sup> A change to the unobservable input may result in a significant change to the value of the investment as follows: A change to a multiple may affect the fair value of an investment. Generally, a decrease in this multiple will result in a decrease in the fair value of the investment. For Liquidity Discount, a decrease in the multiple will result in an increase in fair value of the investment.

**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.

**Concentration of Credit Risk:** Each Fund places its cash with a banking institution, which is insured by the 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 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.

**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 interest method. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to the Funds.

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 and net investment income are allocated daily to each class in proportion to its average daily net assets.

**Foreign Securities**: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible re-evaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

**Foreign Currency Translation:** Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

**Foreign Exchange Transactions:** The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service. The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract's terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Distributions to Shareholders:** The Funds normally pay dividends, if any, quarterly, and distribute capital gains, if any, on an annual basis. Income dividend distributions are derived from interest and other income a Fund receives from its 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. The Funds 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.

**COVID-19 Risks:** The impact of COVID-19, (and the variants of such virus) 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. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ALPS SERIES TRUST

- **b. Investment Company Act file number:** 811-22747

- **c. CIK number of Registrant:** 0001558107

- **d. LEI of Registrant:** 5493000QN25IZZPUSL66

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1290 BROADWAY SUITE 1000

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80203

  - **Telephone number:** 3036235277

**Item A.2. Information about the Series.**

- **a. Name of Series:** Seven Canyons World Innovators Fund

- **b. EDGAR series identifier (if any):** S000061938

- **c. LEI of Series:** 549300UKKFKU3CHB2363

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $99872788.29

**Total Liabilities:** $521848.13

**Net Assets:** $99350940.16

**Cash Not Reported:** $120326.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200679 | 7.14%                | 12.33%               | 0.32%                |
| Class ID C000200678 | 7.16%                | 12.39%               | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1777464.71             | $8527937.65                                |
| Month 2  | $-5777082.57             | $17762183.99                               |
| Month 3  | $-3991105.55             | $4212087.45                                |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Oro Co Ltd                                                 | Oro Co., Ltd.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     49300 | NS      | $711476.68    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcure Sa                                                  | Arcure SA                                                                  | CUSIP: N/A<br>LEI: 969500JP6LROUFOMCU46       | Long             | EC               | CORP              | FR        |    178198 | NS      | $419652.96    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Smaregi Inc                                                | Smaregi, Inc.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    143000 | NS      | $2307787.26   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ergomed Plc                                                | Ergomed PLC                                                                | CUSIP: N/A<br>LEI: 213800BVS8I9VMC1AP84       | Long             | EC               | CORP              | GB        |     40000 | NS      | $615116.79    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Jcr Pharmaceuticals Co Ltd                                 | JCR Pharmaceuticals Co., Ltd.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     49000 | NS      | $627621.15    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Truecaller Ab                                              | Truecaller AB                                                              | CUSIP: N/A<br>LEI: 549300TEYF1FA5G5GK26       | Long             | EC               | CORP              | SE        |    148200 | NS      | $465270.90    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Boku Inc                                                   | Boku, Inc.                                                                 | CUSIP: N/A<br>LEI: 549300Y4P2ZPFKCZ0C60       | Long             | EC               | CORP              | US        |    795354 | NS      | $1341359.39   | 1.35%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Norma Group Se                                             | Norma Group SE                                                             | CUSIP: N/A<br>LEI: 5299000LM9HC76W5XD46       | Long             | EC               | CORP              | DE        |     29400 | NS      | $535008.94    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| My Eg Services Bhd                                         | My EG Services Bhd                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   5687300 | NS      | $1123257.89   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustpilot Group Plc                                       | Trustpilot Group PLC                                                       | CUSIP: N/A<br>LEI: 2138002ILUNMGNPSGG46       | Long             | EC               | CORP              | GB        |    425300 | NS      | $496173.05    | 0.50%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Momo.com Inc                                               | momo.com, Inc.                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     36000 | NS      | $751964.34    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartcraft Asa                                             | SmartCraft ASA                                                             | CUSIP: N/A<br>LEI: 5493008ELCGPWZHWUX47       | Long             | EC               | CORP              | NO        |   1337086 | NS      | $2372055.64   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Shop Apotheke Europe Nv                                    | Shop Apotheke Europe NV                                                    | CUSIP: N/A<br>LEI: 529900JK6UXHY1YKZ082       | Long             | EC               | CORP              | NL        |     10200 | NS      | $481617.23    | 0.48%             |  |  |  | Yes           |                  1 | On Loan: No      |
| X-fab Silicon Foundries Se                                 | X-Fab Silicon Foundries SE                                                 | CUSIP: N/A<br>LEI: 5493003UDPENPUQBJH65       | Long             | EC               | CORP              | BE        |     62000 | NS      | $439022.04    | 0.44%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pason Systems Inc                                          | Pason Systems, Inc.                                                        | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |    324000 | NS      | $3814298.38   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaonavi Inc                                                | Kaonavi, Inc.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    122600 | NS      | $2218645.23   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hypoport Se                                                | Hypoport SE                                                                | CUSIP: N/A<br>LEI: 391200GNIFXXP6KRYQ46       | Long             | EC               | CORP              | DE        |      2700 | NS      | $281505.90    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitra Adiperkasa Tbk Pt                                    | Mitra Adiperkasa Tbk PT                                                    | CUSIP: N/A<br>LEI: 254900Z2B7Y7F69ZZZ04       | Long             | EC               | CORP              | ID        |  21682800 | NS      | $2012631.83   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Treatt Plc                                                 | Treatt PLC                                                                 | CUSIP: N/A<br>LEI: 213800G4OJM9F7G9LG39       | Long             | EC               | CORP              | GB        |    150000 | NS      | $1133396.20   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogstate Ltd                                               | Cogstate, Ltd.                                                             | CUSIP: N/A<br>LEI: 254900VP9WAWA180NC18       | Long             | EC               | CORP              | AU        |   1134302 | NS      | $1513689.82   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Jtc Plc                                                    | JTC PLC                                                                    | CUSIP: N/A<br>LEI: 213800DVUG4KLF2ASK33       | Long             | EC               | CORP              | JE        |     54900 | NS      | $496460.18    | 0.50%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Mental Health Technologies Co Ltd                          | Mental Health Technologies Co., Ltd.                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     80800 | NS      | $656299.91    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cliq Digital Ag                                            | Cliq Digital AG                                                            | CUSIP: N/A<br>LEI: 5299000KAU5HBSUPV421       | Long             | EC               | CORP              | DE        |     26500 | NS      | $714843.88    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Melexis Nv                                                 | Melexis NV                                                                 | CUSIP: N/A<br>LEI: 549300QRPSGOJRPUFO80       | Long             | EC               | CORP              | BE        |     10000 | NS      | $867061.30    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgical Science Sweden Ab                                 | Surgical Science Sweden AB                                                 | CUSIP: N/A<br>LEI: 549300YROAI18G6JL885       | Long             | EC               | CORP              | SE        |     41425 | NS      | $653837.62    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Freee Kk                                                   | Freee KK                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     55100 | NS      | $1229295.95   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.kz Jsc                                               | Kaspi.KZ JSC                                                               | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      7700 | NS      | $550550.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lime Technologies Ab                                       | Lime Technologies AB                                                       | CUSIP: N/A<br>LEI: 5493008UUFYDF3ZTHC65       | Long             | EC               | CORP              | SE        |     49608 | NS      | $1093435.94   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeisys Medical Inc                                         | Jeisys Medical, Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    257700 | NS      | $1736341.64   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ienergizer Ltd                                             | iEnergizer, Ltd.                                                           | CUSIP: N/A<br>LEI: 213800NL9JYJ21V86593       | Long             | EC               | CORP              | GG        |    659500 | NS      | $3205171.91   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Yougov Plc                                                 | YouGov PLC                                                                 | CUSIP: N/A<br>LEI: 213800MZGBGCJIPOBB41       | Long             | EC               | CORP              | GB        |     78700 | NS      | $970477.30    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| E-guardian Inc                                             | E-Guardian, Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     83500 | NS      | $1701939.20   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Thunderbird Entertainment Group Inc                        | Thunderbird Entertainment Group, Inc.                                      | CUSIP: N/A<br>LEI: 549300UXXHTSX6VCMJ56       | Long             | EC               | CORP              | CA        |    539200 | NS      | $1461494.83   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Discoverie Group Plc                                       | DiscoverIE Group PLC                                                       | CUSIP: N/A<br>LEI: 213800BMDLQU1VEEAN68       | Long             | EC               | CORP              | GB        |    110729 | NS      | $978563.99    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Creema Ltd                                                 | Creema, Ltd.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     60500 | NS      | $203295.49    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| M1 Kliniken Ag                                             | M1 Kliniken AG                                                             | CUSIP: N/A<br>LEI: 529900W697S31A26WT02       | Long             | EC               | CORP              | DE        |     28000 | NS      | $271550.76    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Lectra                                                     | Lectra                                                                     | CUSIP: N/A<br>LEI: 9695000KWQEBUDT6IO19       | Long             | EC               | CORP              | FR        |     41200 | NS      | $1552403.69   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional Us Government Money Market Fund | State Street Institutional US Government Money Market Fund, Investor Class | CUSIP: 857492649<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  10033487 | NS      | $10033486.86  | 10.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Vamos Locacao De Caminhoes Maquinas E Equipamentos Sa      | Vamos Locacao de Caminhoes Maquinas e Equipamentos SA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    313200 | NS      | $758122.26    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Victorian Plumbing Group Plc                               | Victorian Plumbing Group PLC                                               | CUSIP: N/A<br>LEI: 894500R59II0S4WXGZ04       | Long             | EC               | CORP              | GB        |   1147200 | NS      | $1067923.98   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Gk Software Se                                             | GK Software SE                                                             | CUSIP: N/A<br>LEI: 5299000I87LKW19YDZ10       | Long             | EC               | CORP              | DE        |     35430 | NS      | $5006219.29   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropsuite Ltd                                              | Dropsuite, Ltd.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   4000000 | NS      | $490212.77    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Catapult Group International Ltd                           | Catapult Group International, Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1293400 | NS      | $642847.32    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Auction Technology Group Plc                               | Auction Technology Group PLC                                               | CUSIP: N/A<br>LEI: 213800U8Q9K2XI3WRE39       | Long             | EC               | CORP              | GB        |     58600 | NS      | $532753.03    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Koukandekirukun Inc                                        | Koukandekirukun, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     27000 | NS      | $922698.87    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Medical Solutions Group Plc                       | Advanced Medical Solutions Group PLC                                       | CUSIP: N/A<br>LEI: 213800HJP6OWOSZI1L74       | Long             | EC               | CORP              | GB        |    543392 | NS      | $1701466.80   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Controladora Vuela Cia De Aviacion Sab De Cv               | Controladora Vuela Cia de Aviacion SAB de CV                               | CUSIP: 21240E105<br>LEI: 549300G8NLCMP9Z44X52 | Long             | EC               | CORP              | MX        |     50000 | NS      | $418000.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Revenio Group Oyj                                          | Revenio Group Oyj                                                          | CUSIP: N/A<br>LEI: 743700I27E0FWSXLKK04       | Long             | EC               | CORP              | FI        |     35471 | NS      | $1465633.97   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Safety Corp                                      | Blackline Safety Corp.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    245000 | NS      | $327511.08    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| M&a Capital Partners Co Ltd                                | M&A Capital Partners Co., Ltd.                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     29500 | NS      | $1037355.23   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Esker Sa                                                   | Esker SA                                                                   | CUSIP: N/A<br>LEI: 969500VMAA9YBAGPU774       | Long             | EC               | CORP              | FR        |      7100 | NS      | $1195506.27   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Abcam Plc                                                  | Abcam PLC                                                                  | CUSIP: 000380204<br>LEI: 213800B9N83DSNT33F79 | Long             | EC               | CORP              | GB        |    102700 | NS      | $1598012.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | Arman Financial Services Ltd Private Placement CCD                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | IN        |     75609 | NS      | $1295563.79   | 1.30%             |  |  |  | No            |                  3 | On Loan: No      |
| Mentice Ab                                                 | Mentice AB                                                                 | CUSIP: N/A<br>LEI: 5493003HTG84BJE4KN62       | Long             | EC               | CORP              | SE        |    104669 | NS      | $379161.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Trainline Plc                                              | Trainline PLC                                                              | CUSIP: N/A<br>LEI: 213800HO26VXTFJ4MO71       | Long             | EC               | CORP              | GB        |    257000 | NS      | $853186.81    | 0.86%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Linical Co Ltd                                             | Linical Co., Ltd.                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    468200 | NS      | $2461581.83   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyfii Ltd                                                 | Skyfii, Ltd.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  14497184 | NS      | $483650.74    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Flatexdegiro Ag                                            | flatexDEGIRO AG                                                            | CUSIP: N/A<br>LEI: 529900IRBZTADXJB6757       | Long             | EC               | CORP              | DE        |    166900 | NS      | $1130187.01   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Atoss Software Ag                                          | Atoss Software AG                                                          | CUSIP: N/A<br>LEI: 529900Q9G9280ADNOA39       | Long             | EC               | CORP              | DE        |      8300 | NS      | $1236750.55   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hgears Ag                                                  | hGears AG                                                                  | CUSIP: N/A<br>LEI: 529900AHQOSBXKH09981       | Long             | EC               | CORP              | DE        |     70663 | NS      | $547640.33    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Route Mobile Ltd                                           | Route Mobile, Ltd.                                                         | CUSIP: N/A<br>LEI: 254900ACRLX7ASC1F147       | Long             | EC               | CORP              | IN        |     32800 | NS      | $481949.47    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                                               | Silergy Corp.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     77200 | NS      | $1096380.41   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige International Inc                                 | Prestige International, Inc.                                               | CUSIP: J6401L105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    216600 | NS      | $1198198.72   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario Del Centro Norte Sab De Cv             | Grupo Aeroportuario del Centro Norte SAB de CV                             | CUSIP: P49530101<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |    212900 | NS      | $1636860.29   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Appier Group Inc                                           | Appier Group, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    355000 | NS      | $3673346.54   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Winfarm Sas                                                | Winfarm SAS                                                                | CUSIP: N/A<br>LEI: 969500NPTXP45WNXHW18       | Long             | EC               | CORP              | FR        |     61868 | NS      | $993395.35    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Jdc Group Ag                                               | JDC Group AG                                                               | CUSIP: N/A<br>LEI: 391200HVYXFJ2R1BIN92       | Long             | EC               | CORP              | DE        |    200000 | NS      | $3585994.28   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Polypeptide Group Ag                                       | PolyPeptide Group AG                                                       | CUSIP: N/A<br>LEI: 5067007JCKTPOX4G9758       | Long             | EC               | CORP              | CH        |     44800 | NS      | $1226773.37   | 1.23%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Ci Medical Co Ltd                                          | Ci Medical Co., Ltd.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     55400 | NS      | $2135964.64   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontage Holdings Corp                                     | Frontage Holdings Corp.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   3016000 | NS      | $1120550.38   | 1.13%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bigtincan Holdings Ltd                                     | Bigtincan Holdings, Ltd.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   2207800 | NS      | $796686.98    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Halfords Group Plc                                         | Halfords Group PLC                                                         | CUSIP: G4280E105<br>LEI: 54930086FKBWWJIOBI79 | Long             | EC               | CORP              | GB        |    105852 | NS      | $267458.15    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Schoeller-bleckmann Oilfield Equipment Ag                  | Schoeller-Bleckmann Oilfield Equipment AG                                  | CUSIP: N/A<br>LEI: 549300ZD9ED8GSG3JW36       | Long             | EC               | CORP              | AT        |     54991 | NS      | $3425937.12   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** ALPS SERIES TRUST

**Signature:** Jill McFate

**Name of Signer:** Jill McFate

**Title:** Treasurer