Description of the Advisory Firm Clarkston Capital Partners, LLC (“Clarkston”) is an independent investment management firm with offices in Rochester, Michigan, Bloomfield Hills, Michigan and Scottsdale, Arizona. The parent companies of Clarkston are Clarkston Companies, Inc. and Modell Capital LLC. The principal owners of Clarkston Companies, Inc. are Jeffrey A. Hakala and Gerald W. Hakala. The sole member of Modell Capital LLC is the Jeremy J. Modell Revocable Living Trust. Clarkston is a Michigan limited liability company that was formed in 2007 and has been registered with the Securities and Exchange Commission (“SEC”) as an investment adviser since March 2007. Clarkston has provided investment advisory services (including through its predecessor firms) since 2004. Clarkston provides investment advisory services through two divisions. This Brochure provides information about the “Clarkston Private Client” division of Clarkston. Information about Clarkston’s other division, the Clarkston Capital division, is available in a separate brochure. While investment advisory services are provided through Clarkston’s two separately branded divisions, operational and support services, such as trading, billing and compliance, are performed on a firm-wide basis. Therefore, certain activities pertain to and/or impact clients in both divisions and certain conflicts described in this Brochure apply to Clarkston as a whole. Types of Advisory Services Clarkston Private Client provides investment advisory services to investors that are seeking guidance on asset allocation for some or all of their investable assets. We manage clients’ assets according to one or more investment strategies (each, a “Strategy”), which are described in Item 8, “Methods of Analysis, Investment Strategies and Risk of Loss.” Clarkston Private Client emphasizes individualized attention to its clients’ assets and investment goals and, when appropriate, tailors its services to meet the individual needs of each client. Although Clarkston Private Client does not hold itself out as providing financial planning services, upon the request of a client, Clarkston Private Client provides limited consultation on matters relating to the client’s overall financial well-being, including other investments not managed by Clarkston Private Client, retirement considerations and/or other significant financial decisions. It is the client’s decision and responsibility to implement any action items recommended by Clarkston Private Client because of such consultations. Upon request, Clarkston Private Client will help coordinate planning efforts, including tax, insurance and estate planning, between the client and the client’s other service providers as needed. Clarkston Private Client does not provide tax advice and a taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Clarkston Private Client does not serve as an attorney, accountant, or insurance agent and no portion of its services should be construed as legal, accounting, or insurance services. Upon the request of a client, Clarkston Private Client may recommend the services of other professionals for certain non-investment implementation purposes. The client is under no obligation to engage the services of any such recommended professional. If a client chooses to engage any recommended unaffiliated professional, the engaged professional, and not Clarkston Private Client, is responsible for the quality and competency of the services provided. Clarkston Private Client’s Asset Segment Strategies invest primarily in one of the following types of U.S.-traded investment segments: fixed income, large-cap equity, mid-cap equity, or small- to mid- (so-called “smid-cap”) equity. Clarkston Private Client offers Allocation Strategies to provide exposure to multiple investment types. Each Allocation Strategy, which varies depending on the client’s investment objective and risk tolerance, includes allocations to one or more of Clarkston Private Client’s Asset Segment Strategies. The Strategies offered by Clarkston Private Client can invest in individual securities or in shares of registered mutual funds and/or private funds, including funds managed by Clarkston, and/or exchange-traded funds that provide the desired investment exposure. A brief description of each Strategy and its investment objective along with the investment techniques used, and the material risks associated with the Strategy, are provided in response to Item 8, “Methods of Analysis, Investment Strategies and Risk of Loss.” From time to time, we also make available to clients other investment strategies not described in response to Item 8, provided we do not believe the time and resources needed to manage those accounts adversely impacts Clarkston Private Client’s other clients. At the onset of a new client relationship, an investment adviser representative of Clarkston Private Client meets with the client or the client’s representative to gather information regarding the individual investment objectives or needs of the client, including long-term goals, risk tolerance, liquidity needs, tax considerations, if any, and unique circumstances. Clarkston Private Client will use the information the client provides in determining the Strategy or combination of Strategies that will be used in the management of the client’s account(s) and any policies, restrictions and guidelines applicable to the client’s account(s). Many clients engage Clarkston Private Client to manage only a portion of their assets. At the client’s request in such cases, the Strategies Clarkston Private Client uses to manage that portion of a client’s assets will take into consideration the client’s other investments not managed by Clarkston Private Client. The Strategy or combination of Strategies Clarkston Private Client utilizes for each client are based on the client’s individual needs and investment objectives, therefore, investment decisions that are made for clients and their account(s) can vary from one client to another and from one account to another. Clarkston Private Client provides investment advisory services to clients under the terms of an investment advisory agreement between Clarkston and the client (“Advisory Agreement”). In addition, most clients, except for certain longstanding clients of Clarkston Private Client, also have any strategies, policies, restrictions and guidelines applicable to the client’s account documented in a written investment profile (“Investment Profile”). Clarkston Private Client generally assists clients in creating an Investment Profile; however, a client may provide their own Investment Profile. The Advisory Agreement, together with the Investment Profile, sets forth the investment objectives, strategies, policies, restrictions and guidelines applicable to the client’s account, along with provisions relating to investment management fees, voting rights and termination rights. Clarkston Private Client’s management of a client’s account will be consistent with the particular Strategy or Strategies selected for that account and the Investment Profile, if any, applicable to the account. Clarkston Private Client’s current standard investment advisory agreement provides for discretionary management, but Clarkston Private Client manages certain existing clients’ assets and/or accounts on a non-discretionary basis and will consider requests for non-discretionary management services, including services related to legacy holdings and investment products that are not maintained at the client’s primary

custodian, on a case-by-case basis. When Clarkston Private Client manages accounts on a discretionary basis, it has authority to decide which securities to purchase or sell for a client’s account and has trading authority (subject to client-imposed limitations) over the account. When Clarkston Private Client manages assets and/or accounts on a non- discretionary basis, Clarkston Private Client may make trade recommendations but does not have authority to decide which securities to purchase or sell. If the non- discretionary assets and/or accounts are maintained at the client’s primary custodian and the client has granted Clarkston Private Client trading authority over the assets and/or account, Clarkston Private Client will place trade orders on behalf of the client if directed to do so. The client is responsible for communicating trade instructions to Clarkston Private Client. Clarkston Private Client is not responsible for any errors in implementing the client’s instructions. Clarkston Private Client also will consider on a case-by-case basis, managing accounts that include “excluded assets” for which it does not provide ongoing and continuous investment management, does not provide trade recommendations and is not responsible for trade implementation. Among the registered mutual funds and/or private funds that Clarkston Private Client may select for its clients’ investment portfolios are funds managed by Clarkston. Clarkston (through its Clarkston Capital division) currently provides investment advisory services to the Clarkston Partners Fund, the Clarkston Fund, the Clarkston Founders Fund (collectively, the “Clarkston Registered Funds,” and individually, each a “Clarkston Registered Fund”) and the Clarkston QV Fund (the “Clarkston Private Fund” and, together with the Clarkston Registered Funds, the “Clarkston Funds”). The Clarkston Registered Funds are separate series of ALPS Series Trust, an investment company registered under the Investment Company Act of 1940, as amended (“Investment Company Act”). The Clarkston Private Fund is not required to register as an Investment Company pursuant to an exclusion from the definition of an investment company under the Investment Company Act. Clarkston serves as the investment adviser to each Clarkston Fund and, in the case of the Clarkston Registered Funds, is subject to the general supervision of the Board of Trustees of ALPS Series Trust. Clarkston also provides investment advisory services to other pooled investment vehicles. You can find additional information regarding the services provided by Clarkston to the Clarkston Registered Funds 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. You can find additional information regarding the services provided by Clarkston to the Clarkston Private Fund 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 investors only through Clarkston or another authorized party. As described more fully in Item 8, “Methods of Analysis, Investment Strategies and Risk of Loss,” the same Strategies used by Clarkston Private Client for its Mid-Cap Equity Asset Segment, SMID-Cap Equity Asset Segment and a portion of its Private Client Large-Cap Equity are used by Clarkston to manage the Clarkston Funds. As a result, in lieu of investing directly in the equity securities represented in the Clarkston Funds, in most cases (except for some longstanding existing clients), Clarkston Private Client invests all or a portion of a client’s assets into one or more Clarkston Funds. While not common and generally only when clients have existing holdings of these asset types, Clarkston Private Client also invests client’s assets into one or more unaffiliated mutual funds or exchange-traded funds (“ETFs”). Clarkston Private Client will take into consideration any assets invested in the Clarkston Funds or other funds or ETFs when determining individual advice offered to a client. Some of the clients to whom Clarkston Private Client provides investment advisory services are also clients of third-party advisers or financial institutions (each, a “third- party manager”). These clients have separate agreements with the third-party manager and with Clarkston Private Client as the investment adviser (“dual-contract arrangements”). The third-party manager has direct contact with the client and, through consultation with the client, will establish the investment strategies, objectives, restrictions and guidelines for the client’s account. While Clarkston Private Client also typically has direct contact with the client, Clarkston Private Client primarily relies on the third-party manager to determine whether a particular Strategy is suitable for that client. Clarkston Private Client manages the client’s account based on the investment strategies, objectives, restrictions and guidelines established by the third-party manager but places orders for securities transactions in the account taking into consideration the client’s individual circumstances. Client-Tailored Services and Client-Imposed Restrictions Consistent with the client’s stated Investment Profile and within a given Strategy, if applicable, Clarkston Private Client typically has the authority to select which and how many securities and other instruments to buy or sell without consultation with the client. Clarkston Private Client may agree to manage a client’s account subject to certain reasonable restrictions imposed by the client, including, without limitation, the inclusion or exclusion of specific securities, or types of securities, within that account, cash levels permitted in the account, or techniques that are permitted to be used in managing the account. However, we reserve the right not to enter into an agreement with a prospective client, or to terminate an Advisory Agreement with an existing client, if any proposed limitation or restriction is, in our opinion, likely to impair our ability to appropriately provide services to a client or if we otherwise believe the limitations or restrictions to be operationally impractical or unfeasible. Although Clarkston Private Client generally has complete investment discretion for each account that we manage, certain accounts for which we provide investment advisory services are non-discretionary; that is, Clarkston Private Client cannot make purchase or sale decisions without client approval. In either case, the portfolio composition of accounts within the same Strategy will differ at any given time. The differences in portfolio composition are attributable to a variety of factors, including, but not limited to, the type of account, the Investment Profile for the account, the size of the account, the manner of trade placement and execution, the date of initial funding, and significant account activity (e.g., significant number of contributions and/or withdrawals). As a result, the performance of an account within a particular Strategy will differ from other accounts having the same Strategy. Discretionary Assets Under Management As of December 31, 2023, Clarkston had approximately $6,695 million in assets under management, of which approximately $6,678 million was managed on a discretionary basis and approximately $16 million was managed on a non-discretionary basis.