# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001752724-23-048429
**Filing Date:** 2023-3
**Character Count:** 33621
**Document Hash:** 77532f45f7a3daf1dfa3453cb4ecc9ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048429.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048429

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**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:** 23688583

**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 Fund (Series ID: S000050590)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159698 | Institutional Class | CILGX           |

## Nport-Ex

**CLARKSTON PARTNERS FUND**

**PORTFOLIO OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCK (94.59%)** | | |
| ***Consumer Discretionary (7.11%)*** | | |
| &nbsp;&nbsp;&nbsp;IAA, Inc.<sup>(a)</sup> | 700000 | $28000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 1090000 | 43665400 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc.<sup>(a)</sup> | 2300000 | 28083000 |
| ***Total Consumer Discretionary*** |  | 99748400 |
| ***Consumer Staples (24.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 1604585 | 53833827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 1854272 | 95532093 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 760000 | 68597600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 594933 | 45482628 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 2253664 | 76669649 |
| ***Total Consumer Staples*** |  | 340115797 |
| ***Financials (29.97%)<sup>(b)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 620198 | 98257969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 1335000 | 39649500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 1050000 | 59818500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 1800000 | 47484000 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 500000 | 108085000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 275000 | 67259500 |
| ***Total Financials*** |  | 420554469 |
| ***Industrials (15.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 535000 | 48984600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp., Class A | 1944175 | 49479254 |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental Inc. | 1000000 | 29230000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 2000000 | 85340000 |
| ***Total Industrials*** |  | 213033854 |
| ***Technology (7.86%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 13235000 | 110379900 |
| ***Telecommunications (3.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc., Class A<sup>(a)</sup> | 10000000 | 46000000 |
| ***Utilities (6.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Stericycle, Inc.<sup>(a)</sup> | 1960000 | 97784400 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $1,141,664,345)** |  | 1327616820 |
| **TOTAL INVESTMENTS (94.59%)** |  |  |
| **(Cost $1,141,664,345)** |  | $1327616820 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (5.41%)** |  | 75968275 |
| **NET ASSETS (100.00%)** |  | $1403585095 |

---

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

*<sup>(b)</sup>* *To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. When sector categorization is broken down by industry, no industry exceeds the 25% maximum specified in the Statement of Additional Information.*

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management. This definition may not apply for purposes of this report, which may use a different classification system or may combine industry sub-classifications for reporting ease. Industries are shown as a percent of the Fund's net assets. (Unaudited)* 

**CLARKSTON FUND**

**PORTFOLIO OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCK (89.32%)** | | |
| ***Consumer Discretionary (6.03%)*** | | |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 10000 | $2948800 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co.<sup>(a)</sup> | 12000 | 1042560 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.<sup>(a)</sup> | 295000 | 2796600 |
| ***Total Consumer Discretionary*** |  | 6787960 |
| ***Consumer Staples (27.28%)<sup>(b)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV, Sponsored ADR | 110000 | 6604400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 37000 | 3306320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 135000 | 6955200 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 40000 | 3610400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 47000 | 3593150 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 195000 | 6633900 |
| ***Total Consumer Staples*** |  | 30703370 |
| ***Financials (24.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 42000 | 6654060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 75000 | 4272750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 135000 | 3561300 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 16000 | 3458720 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 47000 | 3913220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 22000 | 5380760 |
| ***Total Financials*** |  | 27240810 |
| ***Industrials (22.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 27200 | 4018800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 26000 | 2416960 |
| &nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 38000 | 3479280 |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 41500 | 7187800 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 77000 | 6451830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 3500 | 1217055 |
| ***Total Industrials*** |  | 24771725 |
| ***Technology (6.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 920000 | 7672800 |
| ***Telecommunications (2.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc., Class A<sup>(a)</sup> | 730000 | 3358000 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $100,259,080)** |  | 100534665 |
| **TOTAL INVESTMENTS (89.32%)** |  |  |
| **(Cost $100,259,080)** |  | $100534665 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (10.68%)** |  | 12016725 |
| **NET ASSETS (100.00%)** |  | $112551390 |

---

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

*<sup>(b)</sup>* *To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. When sector categorization is broken down by industry, no industry exceeds the 25% maximum specified in the Statement of Additional Information.*

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management. This definition may not apply for purposes of this report, which may use a different classification system or may combine industry sub-classifications for reporting ease. Industries are shown as a percent of the Fund's net assets. (Unaudited)* 

**CLARKSTON FOUNDERS FUND**

**PORTFOLIO OF INVESTMENTS**

*December 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCK (84.05%)** | | |
| ***Consumer Discretionary (5.92%)*** | | |
| &nbsp;&nbsp;&nbsp;IAA, Inc.<sup>(a)</sup> | 440000 | $17600000 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.<sup>(a)</sup> | 1950000 | 18486000 |
| ***Total Consumer Discretionary*** |  | 36086000 |
| ***Consumer Staples (23.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV, Sponsored ADR | 465000 | 27918600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 690000 | 35548800 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 370000 | 33396200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 127000 | 9709150 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 1131370 | 38489207 |
| ***Total Consumer Staples*** |  | 145061957 |
| ***Financials (25.94%)<sup>(b)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 240879 | 38162460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 505000 | 28769850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 835000 | 22027300 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | 120000 | 25940400 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 180000 | 14986800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 115000 | 28126700 |
| ***Total Financials*** |  | 158013510 |
| ***Industrials (11.15%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 210000 | 19227600 |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 205000 | 35506000 |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental Inc. | 450000 | 13153500 |
| ***Total Industrials*** |  | 67887100 |
| ***Technology (7.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | 5650000 | 47121000 |
| ***Telecommunications (3.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc., Class A<sup>(a)</sup> | 4310000 | 19826000 |
| ***Utilities (6.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Stericycle, Inc.<sup>(a)</sup> | 760000 | 37916400 |
| **TOTAL COMMON STOCK** |  |  |
| **(Cost $530,504,823)** |  | 511911967 |
| **TOTAL INVESTMENTS (84.05%)** |  |  |
| **(Cost $530,504,823)** |  | $511911967 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (15.95%)** |  | 97177154 |
| **NET ASSETS (100.00%)** |  | $609089121 |

---

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

*<sup>(b)</sup>* *To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. When sector categorization is broken down by industry, no industry exceeds the 25% maximum specified in the Statement of Additional Information.*

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indices or ratings group indices and/or as defined by Fund management. This definition may not apply for purposes of this report, which may use a different classification system or may combine industry sub-classifications for reporting ease. Industries are shown as a percent of the Fund's net assets. (Unaudited)* 

**Notes to Quarterly Portfolio of Investments**

**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 quarterly 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 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") 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"). 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. 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 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:

**CLARKSTON PARTNERS FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | $99748400 | $– | $– | $99748400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 340115797 |  |  | 340115797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 420554469 |  |  | 420554469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 213033854 |  |  | 213033854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 110379900 |  |  | 110379900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 46000000 |  |  | 46000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 97784400 | – | – | 97784400 |
| Total | $1327616820 | $– | $– | $1327616820 |

---

**CLARKSTON FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted <br> Quoted Prices** | **Level 2 - Other Significant <br> Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | $6787960 | $– | $– | $6787960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 30703370 |  |  | 30703370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 27240810 |  |  | 27240810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 24771725 |  |  | 24771725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 7672800 |  |  | 7672800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 3358000 | – | – | 3358000 |
| Total | $100534665 | $– | $– | $100534665 |

---

**CLARKSTON FOUNDERS FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant <br> Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | $36086000 | $– | $– | $36086000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 145061957 |  |  | 145061957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 158013510 |  |  | 158013510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 67887100 |  |  | 67887100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 47121000 |  |  | 47121000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 19826000 |  |  | 19826000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 37916400 | – | – | 37916400 |
| Total | $511911967 | $– | $– | $511911967 |

---

As of December 31, 2022, the Funds did not hold any level 3 securities.

**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 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. 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. 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 and are disclosed in the Statements of Operations. 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.

**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:** Clarkston Fund

- **b. EDGAR series identifier (if any):** S000050590

- **c. LEI of Series:** 549300G1Z9SI90YQ3J09

**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:** $112369772.41

**Total Liabilities:** $125312.65

**Net Assets:** $112244459.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159698 | 9.53%                | 5.06%                | -4.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1520141.51              | $8171844.49                                |
| Month 2  | $1779.01                 | $5595629.85                                |
| Month 3  | $108812.10               | $-5532377.26                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Capital One Financial Corp    | Capital One Financial Corp.         | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     26000 | NS      | $2416960.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc      | Lamb Weston Holdings, Inc.          | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     37000 | NS      | $3306320.00   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                   | Netflix, Inc.                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     10000 | NS      | $2948800.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc             | Brown & Brown, Inc.                 | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     75000 | NS      | $4272750.00   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co           | American Express Co.                | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     27200 | NS      | $4018800.00   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice Usa Inc                | Altice USA, Inc.                    | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |    730000 | NS      | $3358000.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc | Affiliated Managers Group, Inc.     | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     42000 | NS      | $6654060.00   | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc     | Warner Bros Discovery, Inc.         | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    295000 | NS      | $2796600.00   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/the       | The Charles Schwab Corp.            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     47000 | NS      | $3913220.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co      | Molson Coors Beverage Co.           | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |    135000 | NS      | $6955200.00   | 6.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Foods Holding Corp         | US Foods Holding Corp.              | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    195000 | NS      | $6633900.00   | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-busch Inbev Sa/nv    | Anheuser-Busch InBev SA/NV          | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |    110000 | NS      | $6604400.00   | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lpl Financial Holdings Inc    | LPL Financial Holdings, Inc.        | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     16000 | NS      | $3458720.00   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc        | Franklin Resources, Inc.            | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |    135000 | NS      | $3561300.00   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co                | The Walt Disney Co.                 | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     12000 | NS      | $1042560.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc             | Post Holdings, Inc.                 | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |     40000 | NS      | $3610400.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate Plc                 | Clarivate PLC                       | CUSIP: G21810109<br>LEI: 549300WDHIIODXFO0R55 | Long             | EC               | CORP              | JE        |    920000 | NS      | $7672800.00   | 6.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ch Robinson Worldwide Inc     | CH Robinson Worldwide, Inc.         | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     38000 | NS      | $3479280.00   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                | Mastercard, Inc.                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3500 | NS      | $1217055.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co           | General Electric Co.                | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     77000 | NS      | $6451830.00   | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Plc      | Willis Towers Watson PLC            | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     22000 | NS      | $5380760.00   | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                           | US BANK MMDA GLOBAL FUND SERVICES 5 | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  11508236 | NS      | $11508235.87  | 10.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                    | Sysco Corp.                         | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     47000 | NS      | $3593150.00   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fedex Corp                    | FedEx Corp.                         | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     41500 | NS      | $7187800.00   | 6.40%             |  |  |  | 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