# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001049169-25-000638
**Filing Date:** 2025-11
**Character Count:** 17647
**Document Hash:** 91873e078e15f443c31f3cde2147da51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000638.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001049169-25-000638

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPS Series Trust
- **CENTRAL INDEX KEY:** 0001558107

**ORGANIZATION NAME:**
- **EIN:** 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:** 251514265

**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

### Hillman Value Fund (Series ID: S000070920)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000225205 | Hillman Value Fund | HCMAX           |

## 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:** Hillman Value Fund

- **b. EDGAR series identifier (if any):** S000070920

- **c. LEI of Series:** 5493001WXJ8BG3WNOF03

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $105398606.51

**Total Liabilities:** $272296.93

**Net Assets:** $105126309.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225205 | -0.03%               | 4.48%                | 0.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1899036.22              | $-2039003.44                               |
| Month 2  | $1274582.46              | $3447753.09                                |
| Month 3  | $3462450.58              | $-3535866.53                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| International Flavors & Fragrances Inc    | International Flavors & Fragrances, Inc.     | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     39600 | NS      | $2436984.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/the                        | Kraft Heinz Co.                              | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    107600 | NS      | $2801904.00   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                       | UMB CASH DEPOSIT SWEEP                       | CUSIP: SF8888528<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4153909 | NS      | $4153909.26   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                | Pfizer, Inc.                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    113300 | NS      | $2886884.00   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                                | Nucor Corp.                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     19700 | NS      | $2667971.00   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| The Options Clearing Corporation          | Target Corp.                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |      -330 | NC      | $-43890.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                | Fiserv, Inc.                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     20304 | NS      | $2617794.72   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| The Options Clearing Corporation          | CarMax, Inc.                                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |      -200 | NC      | $-55000.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications, Inc.                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     64600 | NS      | $2839170.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                  | Constellation Brands, Inc.                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     16400 | NS      | $2208588.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                 | United Parcel Service, Inc.                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     31868 | NS      | $2661934.04   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/the                  | Estee Lauder Cos., Inc.                      | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     32200 | NS      | $2837464.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp.                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5200 | NS      | $2693340.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                 | Warner Bros Discovery, Inc.                  | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    133887 | NS      | $2614813.11   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Asml Holding Nv                           | ASML Holding NV                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      2900 | NS      | $2807461.00   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co., Ltd. | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      9705 | NS      | $2710509.45   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-busch Inbev Sa/nv                | Anheuser-Busch InBev NV                      | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |     42500 | NS      | $2533425.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                        | Conagra Brands, Inc.                         | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    127100 | NS      | $2327201.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Bancorp                                | US Bancorp                                   | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     54500 | NS      | $2633985.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc                  | Baxter International, Inc.                   | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |    125200 | NS      | $2850804.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                | CarMax, Inc.                                 | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |     43400 | NS      | $1947358.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                     | DuPont de Nemours, Inc.                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     36200 | NS      | $2819980.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-forman Corp                         | Brown-Forman Corp.                           | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |     89500 | NS      | $2423660.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc          | West Pharmaceutical Services, Inc.           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     10267 | NS      | $2693342.11   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cvs Health Corp                           | CVS Health Corp.                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     36300 | NS      | $2736657.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike Inc                                  | NIKE, Inc.                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     37800 | NS      | $2635794.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Company/the                    | Campbell's Company                           | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |     85000 | NS      | $2684300.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co                            | Walt Disney Co.                              | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     24300 | NS      | $2782350.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitedhealth Group Inc                    | UnitedHealth Group, Inc.                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      7900 | NS      | $2727870.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                              | Comcast Corp.                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     83077 | NS      | $2610279.34   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                            | Salesforce, Inc.                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     11000 | NS      | $2607000.00   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| The Options Clearing Corporation          | Akamai Technologies, Inc.                    | CUSIP: 55799AL12<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |      -380 | NC      | $-70300.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                 | Adobe, Inc.                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      7500 | NS      | $2645625.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                    | T Rowe Price Group, Inc.                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |     26200 | NS      | $2689168.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                     | Becton Dickinson & Co.                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     14900 | NS      | $2788833.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-myers Squibb Co                   | Bristol-Myers Squibb Co.                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     62100 | NS      | $2800710.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                | Biogen, Inc.                                 | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     19500 | NS      | $2731560.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/the                            | Hershey Co.                                  | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     14700 | NS      | $2749635.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                | Zimmer Biomet Holdings, Inc.                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     27033 | NS      | $2662750.50   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/the                             | Boeing Co.                                   | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     12500 | NS      | $2697875.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Gsk Plc                                   | GSK PLC                                      | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     69300 | NS      | $2990988.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo Plc                                | Diageo PLC                                   | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     26400 | NS      | $2519352.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** ALPS SERIES TRUST

**Signature:** Jill McFate

**Name of Signer:** Jill McFate

**Title:** Treasurer