UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

INFORMATION RE QUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934

Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ]	Preliminary Proxy Statement
[ ]	Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
[ ]	Definitive Proxy Statement
[ ]	Definitive Additional Materials
[X]	Soliciting Material under Rule 14a-12

ALPS SERIES TRUST

(Name of Registrant as Specified In Its Charter)

(Name of Person Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X]	No fee required.
[ ]	Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
	(1)	Title of each class of securities to whom transaction applies:
	(2)	Aggregate number of securities to which transaction applies:
	(3)	Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11:
	(4)	Proposed maximum aggregate value of transaction:
	(5)	Total fee paid:
[ ]	Fee paid previously with preliminary materials.
[ ]	Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
	(1)	Amount Previously Paid:
	(2)	Form, Schedule or Registration Statement No.:
	(3)	Filing Party:
	(4)	Date Filed:

ALPS SERIES TRUST

DDJ Opportunistic High Yield Fund

(the “Fund”)

Supplement dated February 1, 2022 to the

Prospectus and Statement of Additional Information (“SAI”),

each dated January 28, 2022, each as supplemented

This supplement provides new and additional information beyond that contained in the Prospectus and SAI and should be read in conjunction with the Prospectus and SAI.

DDJ Capital Management, LLC (the “Adviser”), the investment adviser to the Fund, among others, entered into a membership interest purchase agreement, dated December 2, 2021, with Polen Capital Management, LLC, (the “Purchaser”), pursuant to which the Purchaser agreed to acquire 100% of the equity interests of the Adviser (the “Transaction”), subject to the satisfaction of applicable closing conditions. The Transaction closed on January 31, 2022 (the “Transaction Date”).

The consummation of the Transaction resulted in a change of control of the Adviser under the Investment Company Act of 1940, as amended (the “1940 Act”), and consequently, in the assignment and automatic termination, pursuant to the 1940 Act, of the current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Current Agreement”).

Accordingly, the Board of Trustees of the Trust (the “Board”), at a meeting held on January 24, 2022 (the “Board Meeting”), unanimously approved a new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Agreement”), which New Agreement will become effective upon shareholder approval. The New Agreement is the same in all material respects as the Current Agreement, except that while the Current Agreement had a two-year initial term, the New Agreement will have an initial term of one year.

At the Board Meeting, the Board also unanimously approved an interim investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Interim Agreement”), which Interim Agreement took effect on the Transaction Date. Pursuant to the Interim Agreement, the Adviser will be able to continue to provide investment advisory services to the Fund for up to 150 days between the effective date of the Interim Agreement and the date of shareholder approval of the New Agreement. Except for the 150-day term, a ten-day termination right by the Board or by the shareholders of the Fund, and provisions related to the escrow of investment advisory fees earned by the Adviser during the interim period, the Interim Agreement is the same in all material respects as the Current Agreement.

Shareholders of the Fund, as of a record date to be determined, will receive a proxy statement for a special meeting of shareholders of the Fund, at which approval of the New Agreement will be considered.

The foregoing is not a solicitation of any proxy. When it is available, please read the proxy statement carefully because it will contain important information regarding the New Agreement. The proxy statement will be available for free on the SEC’s website (www.sec.gov).

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE