Clarkston Capital Partners LLC

ITEM 7. TYPES OF CLIENTS

Clarkston Capital® provides discretionary investment advisory services to institutional
investors and pooled investment vehicles, as well as certain individual investors.
Institutional clients include retirement plans, tax-exempt entities, state and municipal
government entities, foundations, endowments, insurance companies, other non-profit
and for-profit business entities, and financial institutions (including wrap fee program
sponsors and third-party managers). Pooled investment vehicles include registered
investment companies and other accounts that pool investments from multiple
individual and institutional investors. Individual investors include individuals, trusts and
their related accounts that are typically advised by a third-party financial intermediary
and do not require asset allocation advice.

Clarkston Capital® currently provides investment advisory services to the Clarkston
Partners Fund, the Clarkston Fund, the Clarkston Founders Fund and the Clarkston
Private Fund. The Clarkston Registered Funds are separate series of ALPS Series Trust, a
registered investment company. Additional information regarding the services provided
by Clarkston Capital® to the Clarkston Registered Funds can be found in the Clarkston
Registered Funds’ prospectuses and Statement of Additional Information, which are
publicly available at www.clarkstonfunds.com, on the EDGAR Database on the SEC’s
website (www.sec.gov) or by contacting the Clarkston Registered Funds’ distributor,
ALPS Distributors, Inc., at 1290 Broadway, Suite 1000, Denver, CO 80203, or
1.844.680.6562. Additional information regarding the services provided by Clarkston
Capital® to the Clarkston Private Fund is available in the private placement
memorandum or other offering documents as well as the Clarkston Private Fund’s
governing documents, which will be available to current and prospective eligible
investors only through Clarkston Capital® or another authorized party.

Clarkston Capital® also provides discretionary investment advisory services to
participants in wrap fee programs and to clients of third-party managers and non-
discretionary investment models to third-party managers.

Clarkston Capital® imposes a minimum investment of $25 million for new separate
account clients in the QV Strategy and $10 million for new separate account clients in
all other Strategies. A client’s account may be aggregated with other accounts based

                                                                        Clarkston Capital®
                                                               Investment Adviser Brochure
                                                                      Part 2A of Form ADV
                                                                            March 31, 2026

on a common relationship to meet the minimum account size. Clarkston Capital ®
imposes lower investment minimums for participants in certain wrap fee programs and
clients of certain third-party managers who have dual-contract arrangements. Those
investment minimums are negotiated based on the overall relationship with the wrap
fee sponsor or third-party manager. Clarkston Capital ® may, in its sole discretion, waive
any minimum. Clarkston Capital® does not impose investment minimums on investors in
its affiliated pooled vehicles, investors in model delivery programs or clients of third-party
managers who do not have dual-contract arrangements because those investors are
not clients of Clarkston Capital®.