CLARKSTON PARTNERS FUND

PORTFOLIO OF INVESTMENTS

December 31, 2020 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCK (89.74%)
Consumer Discretionary (12.74%)
John Wiley & Sons, Inc., Class A		1,109,000	$	50,636,940
Nielsen Holdings PLC		5,920,233		123,555,263
Total Consumer Discretionary				174,192,203
Consumer Staples (15.26%)
Molson Coors Beverage Co., Class B		2,115,000		95,576,850
Post Holdings, Inc.(a)		319,000		32,222,190
Sysco Corp.		594,933		44,179,724
US Foods Holding Corp.(a)		1,102,000		36,707,620
Total Consumer Staples				208,686,384
Financials (24.13%)
Affiliated Managers Group, Inc.		617,000		62,748,900
Artisan Partners Asset Management, Inc., Class A		1,066,876		53,706,537
Brown & Brown, Inc.		1,100,000		52,151,000
Franklin Resources, Inc.		1,875,000		46,856,250
LPL Financial Holdings, Inc.		720,000		75,038,400
Willis Towers Watson PLC		188,000		39,607,840
Total Financials				330,108,927
Industrials (15.56%)
CH Robinson Worldwide, Inc.		289,616		27,186,254
Enerpac Tool Group Corp., Class A		1,719,903		38,887,007
Hillenbrand, Inc.		2,000,000		79,600,000
Landstar System, Inc.		140,000		18,852,400
The Western Union Co.		2,200,000		48,268,000
Total Industrials				212,793,661
Technology (14.25%)
CDK Global, Inc.		1,630,000		84,482,900
Change Healthcare, Inc.(a)		5,920,000		110,408,000
Total Technology				194,890,900
Utilities (7.80%)
Stericycle, Inc.(a)		1,319,450		91,477,469
US Ecology, Inc.		417,665		15,173,769
Total Utilities				106,651,238
TOTAL COMMON STOCK
(Cost $866,803,953)				1,227,323,313
TOTAL INVESTMENTS (89.74%)
(Cost $866,803,953)			$	1,227,323,313
OTHER ASSETS IN EXCESS OF LIABILITIES (10.26%)				140,328,305
NET ASSETS (100.00%)			$	1,367,651,618

^(a) Non-income producing security.

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, 2020 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCK (90.83%)
Consumer Discretionary (10.50%)
Fox Corp., Class A		38,000	$	1,106,560
Nielsen Holdings PLC		220,000		4,591,400
The Walt Disney Co.(a)		3,500		634,130
Total Consumer Discretionary				6,332,090
Consumer Staples (23.37%)
Anheuser-Busch InBev SA/NV, Sponsored ADR		55,000		3,845,050
Molson Coors Beverage Co., Class B		82,000		3,705,580
Nestle SA, Sponsored, ADR		10,000		1,178,000
PepsiCo, Inc.		11,000		1,631,300
Sysco Corp.		37,000		2,747,620
The Procter & Gamble Co.		7,100		987,894
Total Consumer Staples				14,095,444
Financials (18.64%)
Affiliated Managers Group, Inc.		24,000		2,440,800
Brown & Brown, Inc.		40,000		1,896,400
Franklin Resources, Inc.		105,000		2,623,950
The Charles Schwab Corp.		47,000		2,492,880
Willis Towers Watson PLC		8,500		1,790,780
Total Financials				11,244,810
Industrials (35.37%)(b)
American Express Co.		27,200		3,288,752
Capital One Financial Corp.		26,000		2,570,100
CH Robinson Worldwide, Inc.		11,927		1,119,587
FedEx Corp.		17,000		4,413,540
General Electric Co.		398,000		4,298,400
Mastercard, Inc., Class A		3,500		1,249,290
Paychex, Inc.		8,500		792,030
The Western Union Co.		103,000		2,259,820
United Parcel Service, Inc., Class B		8,000		1,347,200
Total Industrials				21,338,719
Technology (2.95%)
Microsoft Corp.		8,000		1,779,360
TOTAL COMMON STOCK
(Cost $43,216,451)				54,790,423
TOTAL INVESTMENTS (90.83%)
(Cost $43,216,451)			$	54,790,423
OTHER ASSETS IN EXCESS OF LIABILITIES (9.17%)				5,530,215
NET ASSETS (100.00%)			$	60,320,638

(a)	Non-income producing security.
(b)	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, 2020 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCK (83.14%)
Consumer Discretionary (11.95%)
Fox Corp., Class A		265,000	$	7,716,800
Nielsen Holdings PLC		1,125,000		23,478,750
Total Consumer Discretionary				31,195,550
Consumer Staples (19.59%)
Anheuser-Busch InBev SA/NV, Sponsored ADR		187,000		13,073,170
Molson Coors Beverage Co., Class B		360,000		16,268,400
Post Holdings, Inc.(a)		78,000		7,878,780
Sysco Corp.		93,000		6,906,180
US Foods Holding Corp.(a)		210,000		6,995,100
Total Consumer Staples				51,121,630
Financials (21.02%)
Affiliated Managers Group, Inc.		108,000		10,983,600
Brown & Brown, Inc.		250,000		11,852,500
Franklin Resources, Inc.		400,000		9,996,000
LPL Financial Holdings, Inc.		98,000		10,213,560
The Charles Schwab Corp.		135,000		7,160,400
Willis Towers Watson PLC		22,000		4,634,960
Total Financials				54,841,020
Industrials (11.04%)
CH Robinson Worldwide, Inc.		55,000		5,162,850
FedEx Corp.		42,000		10,904,040
Paychex, Inc.		25,000		2,329,500
The Western Union Co.		475,000		10,421,500
Total Industrials				28,817,890
Technology (12.85%)
CDK Global, Inc.		300,000		15,549,000
Change Healthcare, Inc.(a)		965,000		17,997,250
Total Technology				33,546,250
Utilities (6.69%)
Stericycle, Inc.(a)		252,000		17,471,160
TOTAL COMMON STOCK
(Cost $188,591,081)				216,993,500
TOTAL INVESTMENTS (83.14%)
(Cost $188,591,081)			$	216,993,500
OTHER ASSETS IN EXCESS OF LIABILITIES (16.86%)				43,999,447
NET ASSETS (100.00%)			$	260,992,947

^(a) Non-income producing security.

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, 2020 (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 currently offers Founders Class shares and Institutional Class shares, and the Clarkston Fund and the Clarkston Founders Fund currently offer Institutional Class shares. Each share class of the Clarkston Partners Fund has 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, 2020:

CLARKSTON PARTNERS FUND
Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stock
Consumer Discretionary	$	174,192,203	$	–	$	–	$	174,192,203
Consumer Staples		208,686,384		–		–		208,686,384
Financials		330,108,927		–		–		330,108,927
Industrials		212,793,661		–		–		212,793,661
Technology		194,890,900		–		–		194,890,900
Utilities		106,651,238		–		–		106,651,238
Total	$	1,227,323,313	$	–	$	–	$	1,227,323,313

CLARKSTON FUND
Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stock
Consumer Discretionary	$	6,332,090	$	–	$	–	$	6,332,090
Consumer Staples		14,095,444		–		–		14,095,444
Financials		11,244,810		–		–		11,244,810
Industrials		21,338,719		–		–		21,338,719
Technology		1,779,360		–		–		1,779,360
Total	$	54,790,423	$	–	$	–	$	54,790,423

CLARKSTON FOUNDERS FUND
Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stock
Consumer Discretionary	$	31,195,550	$	–	$	–	$	31,195,550
Consumer Staples		51,121,630		–		–		51,121,630
Financials		54,841,020		–		–		54,841,020
Industrials		28,817,890		–		–		28,817,890
Technology		33,546,250		–		–		33,546,250
Utilities		17,471,160		–		–		17,471,160
Total	$	216,993,500	$	–	$	–	$	216,993,500

There were no Level 3 securities held in the Funds at December 31, 2020.

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.

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: A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has now spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, health care service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, 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. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.