CLARKSTON PARTNERS FUND

PORTFOLIO OF INVESTMENTS

June 30, 2024 (Unaudited)

			Value
	Shares		(Note 2)
COMMON STOCK (88.77%)
Consumer Discretionary (6.70%)
John Wiley & Sons, Inc., Class A		1,234,938	$	50,261,976
Leslie's, Inc.(a)		8,415,000		35,258,850
Total Consumer Discretionary				85,520,826
Consumer Staples (26.95%)(b)
Energizer Holdings, Inc.		1,604,585		47,399,441
Lamb Weston Holdings, Inc.		335,000		28,166,800
Molson Coors Beverage Co., Class B		975,000		49,559,250
Post Holdings, Inc.(a)		925,000		96,348,000
Sysco Corp.		594,933		42,472,267
US Foods Holding Corp.(a)		1,510,000		79,999,800
Total Consumer Staples				343,945,558
Financials (17.27%)
Affiliated Managers Group, Inc.		500,000		78,115,000
Brown & Brown, Inc.		425,000		37,999,250
LPL Financial Holdings Inc.		279,000		77,924,700
Willis Towers Watson PLC		100,000		26,214,000
Total Financials				220,252,950
Health Care (6.28%)
Avantor, Inc.(a)		1,440,000		30,528,000
Envista Holdings Corp.(a)		1,560,000		25,942,800
Henry Schein, Inc.(a)		370,000		23,717,000
Total Health Care				80,187,800
Industrials (12.98%)
CH Robinson Worldwide, Inc.		535,000		47,144,200
GFL Environmental Inc.		1,690,000		65,791,700
Hillenbrand, Inc.		1,320,000		52,826,400
Total Industrials				165,762,300
Technology (7.79%)
Clarivate PLC(a)		17,460,000		99,347,400
Telecommunications (4.00%)
Altice USA, Inc., Class A(a)		7,830,000		15,973,200
Cable One, Inc.		99,000		35,046,000
Total Telecommunications				51,019,200
Utilities (6.80%)
Stericycle, Inc.(a)		1,493,805		86,834,885
TOTAL COMMON STOCK
(Cost $1,004,179,213)				1,132,870,919
TOTAL INVESTMENTS (88.77%)
(Cost $1,004,179,213)			$	1,132,870,919
OTHER ASSETS IN EXCESS OF LIABILITIES (11.23%)				143,299,170
NET ASSETS (100.00%)			$	1,276,170,089

(a)	Non-income producing security.
(b)	For additional information on portfolio concentration, see Note 2.

The sector categorization above is based on the Industry Classification Benchmark (ICB^®) industry classifications. 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, 2024 (Unaudited)        

			Value
	Shares		(Note 2)
COMMON STOCK (84.10%)
Basic Materials (2.62%)
International Flavors & Fragrances, Inc.		42,000	$	3,998,820
Consumer Discretionary (6.65%)
Dollar General Corp.		32,000		4,231,360
The Walt Disney Co.		12,000		1,191,480
Warner Bros. Discovery, Inc.(a)		635,000		4,724,400
Total Consumer Discretionary				10,147,240
Consumer Staples (24.30%)
Anheuser-Busch InBev SA/NV, Sponsored ADR		110,000		6,396,500
Lamb Weston Holdings, Inc.		55,000		4,624,400
Molson Coors Beverage Co., Class B		115,000		5,845,450
Post Holdings, Inc.(a)		75,000		7,812,000
Sysco Corp.		47,000		3,355,330
US Foods Holding Corp.(a)		170,000		9,006,600
Total Consumer Staples				37,040,280
Financials (17.76%)
Affiliated Managers Group, Inc.		47,000		7,342,810
Brown & Brown, Inc.		50,000		4,470,500
LPL Financial Holdings Inc.		18,500		5,167,050
The Charles Schwab Corp.		80,000		5,895,200
Willis Towers Watson PLC		16,000		4,194,240
Total Financials				27,069,800
Health Care (5.21%)
Avantor, Inc.(a)		235,000		4,982,000
IQVIA Holdings, Inc.(a)		14,000		2,960,160
Total Health Care				7,942,160
Industrials (17.45%)
American Express Co.		14,000		3,241,700
Capital One Financial Corp.		34,000		4,707,300
CH Robinson Worldwide, Inc.		60,000		5,287,200
FedEx Corp.		29,500		8,845,280
Fidelity National Information Services, Inc.		60,000		4,521,600
Total Industrials				26,603,080
Technology (7.18%)
Clarivate PLC(a)		1,925,000		10,953,250
Telecommunications (2.93%)
Altice USA, Inc., Class A(a)		650,000		1,326,000

			Value
	Shares		(Note 2)
Telecommunications (continued)
Charter Communications, Inc., Class A(a)		10,500	$	3,139,080
Total Telecommunications				4,465,080
TOTAL COMMON STOCK
(Cost $115,304,705)				128,219,710
TOTAL INVESTMENTS (84.10%)
(Cost $115,304,705)			$	128,219,710
OTHER ASSETS IN EXCESS OF LIABILITIES (15.90%)				24,233,077
NET ASSETS (100.00%)			$	152,452,787

^(a)  Non-income producing security.

The sector categorization above is based on the Industry Classification Benchmark (ICB^®) industry classifications. 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, 2024 (Unaudited)        

			Value
	Shares		(Note 2)
COMMON STOCK (88.19%)
Basic Materials (2.83%)
International Flavors & Fragrances, Inc.		215,000	$	20,470,150
Consumer Discretionary (6.07%)
Dollar General Corp.		160,000		21,156,800
Warner Bros. Discovery, Inc.(a)		3,050,000		22,692,000
Total Consumer Discretionary				43,848,800
Consumer Staples (25.56%)(b)
Anheuser-Busch InBev SA/NV, Sponsored ADR		465,000		27,039,750
Lamb Weston Holdings, Inc.		185,000		15,554,800
Molson Coors Beverage Co., Class B		590,000		29,989,700
Post Holdings, Inc.(a)		530,000		55,204,800
Sysco Corp.		175,000		12,493,250
US Foods Holding Corp.(a)		835,000		44,238,300
Total Consumer Staples				184,520,600
Financials (19.99%)
Affiliated Managers Group, Inc.		240,879		37,632,526
Brown & Brown, Inc.		240,000		21,458,400
LPL Financial Holdings Inc.		120,000		33,516,000
The Charles Schwab Corp.		400,000		29,476,000
Willis Towers Watson PLC		85,000		22,281,900
Total Financials				144,364,826
Health Care (5.33%)
Avantor, Inc.(a)		1,195,000		25,334,000
Henry Schein, Inc.(a)		205,000		13,140,500
Total Health Care				38,474,500
Industrials (13.29%)
CH Robinson Worldwide, Inc.		250,000		22,030,000
FedEx Corp.		122,000		36,580,480
GFL Environmental Inc.		960,000		37,372,800
Total Industrials				95,983,280
Technology (7.62%)
Clarivate PLC(a)		9,665,000		54,993,850
Telecommunications (1.42%)
Altice USA, Inc., Class A(a)		5,010,000		10,220,400
Utilities (6.08%)
Stericycle, Inc.(a)		755,589		43,922,389
TOTAL COMMON STOCK
(Cost $615,349,348)				636,798,795
TOTAL INVESTMENTS (88.19%)
(Cost $615,349,348)			$	636,798,795
OTHER ASSETS IN EXCESS OF LIABILITIES (11.81%)				85,251,502
NET ASSETS (100.00%)			$	722,050,297

(a)	Non-income producing security.
(b)	For additional information on portfolio concentration, see Note 2.

The sector categorization above is based on the Industry Classification Benchmark (ICB^®) industry classifications. 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, 2024 (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 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.

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.