# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001049169-25-000084
**Filing Date:** 2025-8
**Character Count:** 32700
**Document Hash:** 65af1497696c535299836fe5fd57a22b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000084.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001049169-25-000084

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**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:** 251251796

**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

### Clarkston Founders Fund (Series ID: S000053615)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168469 | Institutional Class | CIMDX           |
| C000225903 | Founders Class      | CFMDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **CLARKSTON PARTNERS FUND** | | |
| **PORTFOLIO OF INVESTMENTS** | | |
| *June 30, 2025 (Unaudited)* |  |  |
|  |  | **Value** |
|  | **Shares** | **(Note 2)** |
| **COMMON STOCK (94.11%)** |  |  |
| ***Consumer Discretionary (6.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 700000 | $31241000 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc.<sup>(a)</sup> | 5068018 | 2128061 |
| &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 716527 | 26518664 |
| ***Total Consumer Discretionary*** |  | 59887725 |
| ***Consumer Staples (29.87%)<sup>(b)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 1740000 | 35078400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 750000 | 38887500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 915000 | 44002350 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 780000 | 85043400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 420000 | 31810800 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 650000 | 50056500 |
| ***Total Consumer Staples*** |  | 284878950 |
| ***Financials (19.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 360000 | 70837200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 220000 | 24391400 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 167000 | 62619990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 85000 | 26052500 |
| ***Total Financials*** |  | 183901090 |
| ***Health Care (15.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 3405000 | 45831300 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.<sup>(a)</sup> | 1700000 | 33218000 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 415000 | 30315750 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 35000 | 10985100 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.<sup>(a)</sup> | 5125000 | 24497500 |
| ***Total Health Care*** |  | 144847650 |
| ***Industrials (9.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 310000 | 29744500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 1265000 | 25388550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 70000 | 9731400 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 187489 | 26998416 |
| ***Total Industrials*** |  | 91862866 |
| ***Technology (9.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 2160000 | 20325600 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 16700000 | 71810000 |
| ***Total Technology*** |  | 92135600 |
| ***Utilities (4.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental Inc. | 795000 | 40115700 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $764,286,798)** |  | 897629581 |
| **TOTAL INVESTMENTS (94.11%)** |  |  |
| **(Cost $764,286,798)** |  | $897629581 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (5.89%)** |  | 56158256 |
| **NET ASSETS (100.00%)** |  | $953787837 |

---

*<sup>(a)</sup>* *Non-income producing security.* <br> *<sup>(b)</sup>* *For additional information on portfolio concentration, see Note 2.*

*The sector categorization above is based on the Industry Classification Benchmark (ICB<sup>®</sup>) industry classifications. Where ICB<sup>®</sup> has not assigned a classification for a company, the Fund's investment adviser will assign a classification that it believes most accurately represents the company's business. Sectors are shown as a percent of the Fund's net assets. Industry categorizations used for Fund compliance purposes are based on classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management.(Unaudited)*

---

| | | |
|:---|:---|:---|
| **CLARKSTON FUND** | | |
| **PORTFOLIO OF INVESTMENTS** | | |
| *June 30, 2025 (Unaudited)* |  |  |
|  |  | **Value** |
|  | **Shares** | **(Note 2)** |
| **COMMON STOCK (90.19%)** |  |  |
| ***Basic Materials (0.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 24000 | $1765200 |
| ***Consumer Discretionary (7.77%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 35500 | 4698070 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Walt Disney Co. | 19500 | 2418195 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.<sup>(a)</sup> | 635000 | 7277100 |
| ***Total Consumer Discretionary*** |  | 14393365 |
| ***Consumer Staples (24.77%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV - ADR, Sponsored ADR | 137000 | 9414640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 120000 | 6222000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 115000 | 5530350 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 102000 | 11121060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 47000 | 3559780 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 130000 | 10011300 |
| ***Total Consumer Staples*** |  | 45859130 |
| ***Financials (15.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 47000 | 9248190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 22000 | 2439140 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 15000 | 5624550 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 67000 | 6113080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 16000 | 4904000 |
| ***Total Financials*** |  | 28328960 |
| ***Health Care (13.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 16600 | 3142878 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 600000 | 8076000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 32000 | 5512000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 9300 | 1837122 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 46000 | 7249140 |
| ***Total Health Care*** |  | 25817140 |
| ***Industrials (17.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 9000 | 2870820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 22500 | 4787100 |
| &nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 60000 | 5757000 |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 29500 | 6705645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 63000 | 5128830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 77000 | 4014010 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 14000 | 2457980 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp.<sup>(a)</sup> | 25666 | 1244544 |
| ***Total Industrials*** |  | 32965929 |

---

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | **Value** <br>**(Note 2)** |
| ***Technology (6.38%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 2745000 | $11803500 |
| ***Telecommunications (3.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 170000 | 6067300 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $139,235,220)** |  | 167000524 |
| **TOTAL INVESTMENTS (90.19%)** |  |  |
| **(Cost $139,235,220)** |  | $167000524 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (9.81%)** |  | 18163661 |
| **NET ASSETS (100.00%)** |  | $185164185 |

---

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

*The sector categorization above is based on the Industry Classification Benchmark (ICB<sup>®</sup>) industry classifications. Where ICB<sup>®</sup> has not assigned a classification for a company, the Fund's investment adviser will assign a classification that it believes most accurately represents the company's business. Sectors are shown as a percent of the Fund's net assets. Industry categorizations used for Fund compliance purposes are based on classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management.(Unaudited)*

---

| | | |
|:---|:---|:---|
| **CLARKSTON FOUNDERS FUND** | | |
| **PORTFOLIO OF INVESTMENTS** | | |
| *June 30, 2025 (Unaudited)* |  |  |
|  |  | **Value** |
|  | **Shares** | **(Note 2)** |
| **COMMON STOCK (91.55%)** |  |  |
| ***Basic Materials (0.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 105000 | $7722750 |
| ***Consumer Discretionary (6.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 510804 | 18904856 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.<sup>(a)</sup> | 3050000 | 34953000 |
| ***Total Consumer Discretionary*** |  | 53857856 |
| ***Consumer Staples (24.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV - ADR, Sponsored ADR | 355000 | 24395600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 525000 | 27221250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 590000 | 28373100 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 530000 | 57785900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 175000 | 13254500 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 520000 | 40045200 |
| ***Total Consumer Staples*** |  | 191075550 |
| ***Financials (18.37%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 240879 | 47397761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 95000 | 10532650 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 83000 | 31122510 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 335000 | 30565400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 85000 | 26052500 |
| ***Total Financials*** |  | 145670821 |
| ***Health Care (14.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 72000 | 13631760 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 2580000 | 34726800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 90000 | 15502500 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 300000 | 21915000 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 150000 | 23638500 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 26000 | 8160360 |
| ***Total Health Care*** |  | 117574920 |
| ***Industrials (13.41%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 250000 | 23987500 |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 122000 | 27731820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 340000 | 17724200 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 65000 | 11412050 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 138733 | 19977552 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp.<sup>(a)</sup> | 113333 | 5495517 |
| ***Total Industrials*** |  | 106328639 |
| ***Technology (9.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 1600000 | 15056000 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 13555000 | 58286500 |
| ***Total Technology*** |  | 73342500 |
| ***Utilities (3.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental Inc. | 605000 | 30528300 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $621,363,816)** |  | 726101336 |
| **TOTAL INVESTMENTS (91.55%)** |  |  |
| **(Cost $621,363,816)** |  | $726101336 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (8.45%)** |  | 66983212 |
| **NET ASSETS (100.00%)** |  | $793084548 |

---

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

*The sector categorization above is based on the Industry Classification Benchmark (ICB<sup>®</sup>) industry classifications. Where ICB<sup>®</sup> has not assigned a classification for a company, the Fund's investment adviser will assign a classification that it believes most accurately represents the company's business. Sectors are shown as a percent of the Fund's net assets. Industry categorizations used for Fund compliance purposes are based on classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management.(Unaudited)*

**Notes to Quarterly Portfolio of Investments June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;**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 Clarkston Partners Fund, the Clarkston Fund and the Clarkston Founders Fund (each, a "Fund" and collectively, the "Funds"). The Funds are non-diversified and may invest a greater portion of assets in securities

of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Each Fund's investment objective is to achieve long-term capital appreciation. The Clarkston Partners Fund and Clarkston Founders Fund currently offer Founders Class shares and Institutional Class shares, and the Clarkston Fund currently offers Institutional Class shares. Each share class of the Clarkston Partners Fund and Clarkston Founders Fund have 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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

**Investment Valuation:** The Funds generally value their 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.

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Funds' assets are valued. 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.

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. Money market funds, representing short-term investments, are valued at their NAV.

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

**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 Risk:** The Funds operate as "non-diversified" investment companies, as defined in the 1940 Act. As a result of being "non-diversified" with respect to 50% of the Funds' portfolios, the Funds must limit the portion of their assets invested in the securities of a single issuer to 5%, measured at the time of purchase. In addition, no single investment can exceed 25% of the Funds' total assets at the time of purchase. A more concentrated portfolio may cause the Funds' net asset value to be more volatile and thus may subject stockholders to more risk. Thus, the volatility of the Funds' net asset value and their performance in general, depends disproportionately more on the performance of a smaller number of holdings than that of a more diversified fund. As a result, the Funds are subject to a greater risk of loss than a fund that diversifies its investments more broadly.

**Concentration of Credit Risk:** Each Fund places its cash with a banking institution, which is insured by FDIC. The FDIC limit is $250,000. At various times throughout the period, the amount on deposit may exceed the FDIC limit and subject a 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 and are apportioned among classes based on average net assets of each class. 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.

**Class Expenses:** Expenses that are specific to a class of shares are charged directly to that share class. Fees provided under the shareholder service plan for a particular class of a Fund are charged to the operations of such class.

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

**Distributions to Shareholders:** The Funds normally pay dividends, if any, and distribute capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends and other income the Funds receive from their 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. A Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe 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.

## 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:** Clarkston Founders Fund

- **b. EDGAR series identifier (if any):** S000053615

- **c. LEI of Series:** 549300YSYNISISIRGJ47

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $793489152.58

**Total Liabilities:** $598806.84

**Net Assets:** $792890345.74

**Cash Not Reported:** $66373966.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225903 | -2.59%               | 3.63%                | 1.06%                |
| Class ID C000168469 | -2.59%               | 3.64%                | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2871586.30              | $-22855673.41                              |
| Month 2  | $-12834946.62            | $40112477.04                               |
| Month 3  | $2301374.97              | $5153760.08                                |

### 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        |    105000 | NS      | $7722750.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                           | Fortive Corp.                            | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    340000 | NS      | $17724200.00  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Iqvia Holdings Inc                     | IQVIA Holdings, Inc.                     | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |    150000 | NS      | $23638500.00  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                       | Henry Schein, Inc.                       | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |    300000 | NS      | $21915000.00  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc               | Lamb Weston Holdings, Inc.               | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |    525000 | NS      | $27221250.00  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Gfl Environmental Inc                  | GFL Environmental Inc.                   | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |    605000 | NS      | $30528300.00  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                      | Brown & Brown, Inc.                      | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     95000 | NS      | $10532650.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lkq Corp                               | LKQ Corp.                                | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    510804 | NS      | $18904856.04  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc          | Affiliated Managers Group, Inc.          | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |    240879 | NS      | $47397760.83  | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc              | Warner Bros. Discovery, Inc.             | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   3050000 | NS      | $34953000.00  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/the                | The Charles Schwab Corp.                 | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    335000 | NS      | $30565400.00  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co               | Molson Coors Beverage Co.                | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |    590000 | NS      | $28373100.00  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Foods Holding Corp                  | US Foods Holding Corp.                   | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    520000 | NS      | $40045200.00  | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp                          | Ralliant Corp.                           | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113333 | NS      | $5495517.17   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-busch Inbev Sa/nv             | Anheuser-Busch InBev SA/NV - ADR         | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |    355000 | NS      | $24395600.00  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corp                              | IDEX Corp.                               | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     65000 | NS      | $11412050.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lpl Financial Holdings Inc             | LPL Financial Holdings Inc.              | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     83000 | NS      | $31122510.00  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                            | Avantor, Inc.                            | CUSIP: 05352A100<br>LEI: 5493003VM0XB4U8YD238 | Long             | EC               | CORP              | US        |   2580000 | NS      | $34726800.00  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp/the                      | Middleby Corp.                           | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |    138733 | NS      | $19977552.00  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc                      | Post Holdings, Inc.                      | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |    530000 | NS      | $57785900.00  | 7.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate Plc                          | Clarivate PLC                            | CUSIP: G21810109<br>LEI: 549300WDHIIODXFO0R55 | Long             | EC               | CORP              | JE        |  13555000 | NS      | $58286500.00  | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ccc Intelligent Solutions Holdings Inc | CCC Intelligent Solutions Holdings, Inc. | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1600000 | NS      | $15056000.00  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                  | Becton Dickinson & Co.                   | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     90000 | NS      | $15502500.00  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Ch Robinson Worldwide Inc              | CH Robinson Worldwide, Inc.              | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |    250000 | NS      | $23987500.00  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                   | Medpace Holdings, Inc.                   | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     26000 | NS      | $8160360.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                   | Align Technology, Inc.                   | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     72000 | NS      | $13631760.00  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Plc               | Willis Towers Watson PLC                 | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     85000 | NS      | $26052500.00  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                             | Sysco Corp.                              | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    175000 | NS      | $13254500.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fedex Corp                             | FedEx Corp.                              | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |    122000 | NS      | $27731820.00  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** ALPS SERIES TRUST

**Signature:** Jill McFate

**Name of Signer:** Jill McFate

**Title:** Treasurer