# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001936157-26-000053
**Filing Date:** 2026-2
**Character Count:** 39792
**Document Hash:** 7f90d788275123b807b9b4171122f77e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001936157-26-000053.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001936157-26-000053

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23812
- **FILM NUMBER:** 26677068

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Consortio Funds Trust
- **DATE OF NAME CHANGE:** 20220630

## Series and Classes Contracts Data

### RiverNorth Active Income ETF (Series ID: S000093615)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000262008 | RiverNorth Active Income ETF | CEFZ            |

## Nport-Ex

**RiverNorth Active Income ETF**

**(Cboe BZX Exchange, Inc.: CEFZ)**

**Schedule of Investments**

**December 31, 2025**

RiverNorth Active Income ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **BUSINESS DEVELOPMENT COMPANIES - 5.68%** |  |  |
| &nbsp;&nbsp;&nbsp;Barings BDC, Inc. | 22310 | $204806 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp. | 3886 | 48303 |
| &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp. | 45707 | 664580 |
| &nbsp;&nbsp;&nbsp;Carlyle Secured Lending, Inc. | 38710 | 483488 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC, Inc. | 6900 | 93633 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Direct Lending Fund | 15238 | 251122 |
| &nbsp;&nbsp;&nbsp;New Mountain Finance Corp. | 18845 | 173562 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending Corp. | 15032 | 191508 |
| **TOTAL BUSINESS DEVELOPMENT COMPANIES** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,112,122)** |  | 2111002 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 2.84%** |  |  |
| *Real Estate - 2.84%* |  |  |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc.<sup>(a)</sup> | 13203 | 1053203 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $904,425)** |  | 1053203 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END FUNDS - 75.98%** |  |  |
| &nbsp;&nbsp;&nbsp;abrdn Emerging Markets ex China Fund, Inc. | 98568 | 689976 |
| &nbsp;&nbsp;&nbsp;BlackRock Capital Allocation Term Trust | 29307 | 414987 |
| &nbsp;&nbsp;&nbsp;BlackRock Core Bond Trust | 19809 | 189968 |
| &nbsp;&nbsp;&nbsp;BlackRock Corporate High Yield Fund, Inc. | 100 | 890 |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Term Trust | 49330 | 742417 |
| &nbsp;&nbsp;&nbsp;BlackRock Income Trust, Inc. | 20315 | 224278 |
| &nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | 22341 | 291773 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniHoldings New York Quality Fund, Inc. | 38891 | 397855 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield Quality Fund III, Inc. | 18223 | 198084 |
| &nbsp;&nbsp;&nbsp;BlackRock Resources & Commodities Strategy Trust | 131785 | 1446999 |
| &nbsp;&nbsp;&nbsp;BlackRock Science and Technology Term Trust | 57268 | 1294829 |
| &nbsp;&nbsp;&nbsp;BlackRock Technology and Private Equity Term Trust | 28637 | 188718 |
| &nbsp;&nbsp;&nbsp;Blackstone Senior Floating Rate 2027 Term Fund | 75104 | 1013904 |
| &nbsp;&nbsp;&nbsp;Bluerock Private Real Estate Fund | 24463 | 366945 |
| &nbsp;&nbsp;&nbsp;Calamos Long/Short Equity & Dynamic Income Trust | 81816 | 1196150 |
| &nbsp;&nbsp;&nbsp;Clough Global Dividend and Income Fund | 62744 | 374582 |
| &nbsp;&nbsp;&nbsp;Clough Global Equity Fund | 199833 | 1530721 |
| &nbsp;&nbsp;&nbsp;Clough Global Opportunities Fund | 203046 | 1149240 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Infrastructure Fund, Inc. | 32258 | 777740 |
| &nbsp;&nbsp;&nbsp;Eagle Point Income Co., Inc. | 15238 | 173866 |
| &nbsp;&nbsp;&nbsp;First Trust High Yield Opportunities 2027 Term Fund | 32710 | 460230 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END FUNDS - 75.98% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 71803 | $678538 |
| &nbsp;&nbsp;&nbsp;FS Specialty Lending Fund | 30060 | 425048 |
| &nbsp;&nbsp;&nbsp;India Fund, Inc. | 10154 | 139211 |
| &nbsp;&nbsp;&nbsp;Kayne Anderson Energy Infrastructure Fund | 58780 | 727696 |
| &nbsp;&nbsp;&nbsp;Liberty All-Star Equity Fund | 120854 | 758963 |
| &nbsp;&nbsp;&nbsp;Nuveen Dow 30sm Dynamic Overwrite Fund | 12326 | 188095 |
| &nbsp;&nbsp;&nbsp;Nuveen Floating Rate Income Fund | 48050 | 376232 |
| &nbsp;&nbsp;&nbsp;Nuveen Real Estate Income Fund | 14362 | 110013 |
| &nbsp;&nbsp;&nbsp;Pershing Square Holdings Ltd. | 54195 | 3511836 |
| &nbsp;&nbsp;&nbsp;PIMCO Dynamic Income Fund | 31442 | 556838 |
| &nbsp;&nbsp;&nbsp;PIMCO High Income Fund | 81030 | 393806 |
| &nbsp;&nbsp;&nbsp;PIMCO Income Strategy Fund II | 46534 | 349005 |
| &nbsp;&nbsp;&nbsp;Royce Micro-Cap Trust, Inc. | 102601 | 1070128 |
| &nbsp;&nbsp;&nbsp;Royce Small-Cap Trust, Inc. | 71885 | 1157349 |
| &nbsp;&nbsp;&nbsp;Saba Capital Income & Opportunities Fund | 53869 | 377622 |
| &nbsp;&nbsp;&nbsp;Saba Capital Income & Opportunities Fund II | 216600 | 1786950 |
| &nbsp;&nbsp;&nbsp;Special Opportunities Fund, Inc. | 15146 | 222495 |
| &nbsp;&nbsp;&nbsp;Total Return Securities Fund | 15514 | 96497 |
| &nbsp;&nbsp;&nbsp;Voya Emerging Markets High Dividend Equity Fund | 29703 | 186238 |
| &nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Opportunities & Income Fund | 183788 | 1578739 |
| &nbsp;&nbsp;&nbsp;XAI Octagon Floating Rate Alternative Income Trust | 81493 | 391166 |
| **TOTAL CLOSED-END FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $23,475,810)** |  | 28206617 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 12.98%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco RAFI Emerging Markets ETF | 56468 | 1457439 |
| &nbsp;&nbsp;&nbsp;iShares 10+ Year Investment Grade Corporate Bond ETF | 18827 | 949822 |
| &nbsp;&nbsp;&nbsp;iShares Flexible Income Active ETF | 45707 | 2411959 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,321,095)** |  | 4819220 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 2.25%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, 3.71% (7-day yield)<sup>(b)</sup> | 835126 | 835126 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $835,126)** |  | 835126 |

---

See Notes to Schedule of Investments

RiverNorth Active Income ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Continued) (Unaudited)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 99.73%** | |
| &nbsp;&nbsp;&nbsp;**(Cost $31,648,578)** | $37025168 |
| **Other Assets in Excess of Liabilities - 0.27%** | 99533 |
| **NET ASSETS - 100.00%** | $37124701 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

Investment Abbreviations:

Ltd. – Limited

OBFR – Overnight Bank Funding Rate

**Bullet Swap Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/Obligation** | **Counterparty** | **Floating Rate Paid<br> by the Fund<sup>(a)</sup>** | **Termination Date** | **Notional<br> Value** | **Value** | **Net Unrealized<br> Depreciation** |
| Saba Capital Income & Opportunities Fund II | TD Securities | OBFR + 45 bps | 12/15/2026 | $872 | $825 | $(47) |
|  |  |  |  | $872 | $825 | $(47) |

---

*<sup>(a)</sup>* *Payment made when swap contract closes.*

See Notes to Schedule of Investments

RiverNorth Active Income ETF

**NOTES TO SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

**NOTE 1 - ORGANIZATION**

Elevation Series Trust (the "Trust") was organized on March 7, 2022, as a Delaware statutory trust, and is authorized to issue multiple investment series. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. This report includes the Schedule of Investments for one series of the Trust, RiverNorth Active Income ETF (the "Fund"). The Fund's investment objective is to provide long-term capital appreciation and income.

The Fund commenced operations on December 27, 2006 as RiverNorth Core Opportunities Fund, a mutual fund that was a series of the RiverNorth Funds (the "Predecessor Fund").

The Fund currently offers an unlimited number of shares of a single class, without par value, which is listed and traded on the Cboe BZX Exchange, Inc (the "Exchange"). The Fund issues and redeems shares only in creation units ("Creation Units") which are offered on a continuous basis through Paralel Distributors LLC (the "Distributor"), without a sales load (but subject to transaction fees, if applicable), at the net asset value ("NAV") per share next determined after receipt of an order in proper form pursuant to the terms of the Authorized Participant Agreement, calculated as of the scheduled close of regular trading on the Exchange on any day on which the Exchange is open for business. The Fund does not issue fractional Creation Units. The offering of the Fund's shares is registered under the Securities Act of 1933, as amended.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its Schedule of Investments. The accompanying Schedule of Investments were prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). This requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates. The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies, including FASB Accounting Standard Update 2013-08."

**Portfolio Valuation** – The net asset value per share ("NAV") of the Fund is determined no less frequently than daily, on each day that the New York Stock Exchange ("NYSE") is open for trading, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The NAV is determined by dividing the value the Fund's total assets less its liabilities by the number of shares outstanding.

Equity securities, including common stocks, closed-end funds, exchange-traded funds, business development companies, rights and warrants, traded on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day. If there has been no sale that business day, the securities are valued at the mean of the most recent bid and ask prices on the business day. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day. Portfolio securities traded in the over-the-counter market, but excluding NASDAQ, are valued at the last quoted sale price in such market. Investments in mutual funds, including short-term investments and open-end funds, are generally priced at the ending NAV provided by the service agent of the funds.

U.S. government bonds and notes are valued at the mean of the most recent bid and asked prices on the business day. Options are valued at the mean of the highest bid and lowest ask prices on the principal exchange on which the option trades. If no quotations are available, fair value procedures will be used. Debt obligations with maturities of 60 days or less are valued at amortized cost. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries market maker prices are used since they are the most representative of the daily trading activity. Market maker prices are usually the mean between the bid and ask prices. Certain markets are not closed at the time that the Fund's price their portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. Securities not traded on a particular day are valued at the mean between the last reported bid and the asked quotes, or the last sale price when appropriate; otherwise fair value will be determined.

Investments in money market funds, including short-term investments, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as level 1 securities.

Securities for which market quotations are not readily available, including circumstances under which TrueMark Investments, LLC (the "Adviser") determines that prices received are unreliable, are valued at fair value according to procedures established and adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee with respect to the fair valuation of the Fund's portfolio securities, subject to oversight by and periodic reporting to the Board.

The Fund discloses the classification of its 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 Fund's 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) for substantially the full term of the asset or liability; 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.

RiverNorth Active Income ETF

**NOTES TO SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Continued) (Unaudited)**

The following is a summary of the Fund's investments in the fair value hierarchy as of December 31, 2025:

**RiverNorth Active Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted<br> Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Business Development Companies | $2111002 | $– | $– | $2111002 |
| Common Stocks | 1053203 |  |  | 1053203 |
| Closed-End Funds | 28206617 |  |  | 28206617 |
| Exchange-Traded Funds | 4819220 |  |  | 4819220 |
| Money Market Funds | 835126 | – | – | 835126 |
| Total | $37025168 | $– | $– | $37025168 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Bullet Swaps<sup>(c)</sup> | $– | $(47) | $– | $(47) |
| Total | $– | $(47) | $– | $(47) |

---

*<sup>(a)</sup>* *For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.*

*<sup>(b)</sup>* *Other financial instruments are derivative instruments reflected in the Schedule of Investments.*

*<sup>(c)</sup>* *Swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date.*

**Cash and Cash Equivalents** – Cash and cash equivalents may include demand deposits and highly liquid investments, typically with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value.

**Securities Transactions and Investment Income**: Securities transactions are recorded as of the trade date.

**Bullet Swaps**: The Fund may enter into bullet swap agreements. The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. A bullet swap is a contract in which one party agrees to make a one-time payment to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period. Swap agreements will usually be done on a net basis, i.e., where the two parties make a net payment with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of the Fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund.

The bullet swap contracts are subject to master netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Elevation Series Trust

- **b. Investment Company Act file number:** 811-23812

- **c. CIK number of Registrant:** 0001936157

- **d. LEI of Registrant:** 549300QVQ3VLO2G2BM75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1700 Broadway Suite 2100

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80290

  - **Telephone number:** 8775249155

**Item A.2. Information about the Series.**

- **a. Name of Series:** RiverNorth Active Income ETF

- **b. EDGAR series identifier (if any):** S000093615

- **c. LEI of Series:** 529900054LZIWLFCFR05

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $36606657.75

**Total Liabilities:** $53800.71

**Net Assets:** $36552857.04

**Cash Not Reported:** $350.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262008 | 0.48%                | 1.44%                | 0.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $174408.49               | $-105311.62                                |
| Month 2  | $118189.17               | $261975.86                                 |
| Month 3  | $624558.67               | $-941839.26                                |

### Schedule of Portfolio Investments

| Name                           | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| abrdn Emerging Markets ex Chin | abrdn Emerging Markets ex China                 | CUSIP: 00301W105<br>LEI: 549300MSYUW07RYUZD27 | Long             | EC               | RF                | US        |     97049 | NS      | $679343.00    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings BDC Inc                | Barings BDC Inc                                 | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | CORP              | US        |     21967 | NS      | $201657.06    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Income Trust Inc     | BlackRock Income Trust Inc                      | CUSIP: 09247F209<br>LEI: TZVEKBHO1R4X5PI73286 | Long             | EC               | RF                | US        |     20000 | NS      | $220800.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Core Bond Trust      | BlackRock Core Bond Trust                       | CUSIP: 09249E101<br>LEI: CC8M7XFKTNG56DXMAR33 | Long             | EC               | RF                | US        |     19501 | NS      | $187014.59    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Flexible Income Active | iShares Flexible Income Active                  | CUSIP: 092528603<br>LEI: 5299008ELWKMLX9XJP73 | Long             | EC               | RF                | US        |     45000 | NS      | $2374650.00   | 6.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniYield Quality Fu | BlackRock MuniYield Quality Fund III            | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |     17943 | NS      | $195040.41    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldings New Yor | BlackRock MuniHoldings New York Quality         | CUSIP: 09255C106<br>LEI: YP1D2S6Y4JY0A7W3DV93 | Long             | EC               | RF                | US        |     38289 | NS      | $391696.47    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Corporate High Yield | BlackRock Corporate High Yield                  | CUSIP: 09255P107<br>LEI: 97ZR60BLU36N5VJMH054 | Long             | EC               | RF                | US        |       100 | NS      | $890.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Senior Floating Rat | Blackstone Senior Floating Rate 2027            | CUSIP: 09256U105<br>LEI: 549300PXYPBYRHU59R03 | Long             | EC               | RF                | US        |     73949 | NS      | $998311.50    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Resources & Commodit | BlackRock Resources                             | CUSIP: 09257A108<br>LEI: 8DZAUY8151XS5PISSX42 | Long             | EC               | RF                | US        |    129755 | NS      | $1424709.90   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Multi-Sector Income  | BlackRock Multi-Sector Income                   | CUSIP: 09258A107<br>LEI: 549300BOVTR6GS7HLC41 | Long             | EC               | RF                | US        |     21998 | NS      | $287293.88    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Health Sciences Term | BlackRock Health Sciences Term                  | CUSIP: 09260E105<br>LEI: 549300FGMK4EGHSK8N86 | Long             | EC               | RF                | US        |     48567 | NS      | $730933.35    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Science and Technolo | BlackRock Science and Technology                | CUSIP: 09260K101<br>LEI: 549300NQ3IL1NKVC9M67 | Long             | EC               | RF                | US        |     56386 | NS      | $1274887.46   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Technology and Priva | BlackRock Technology and Priva                  | CUSIP: 09260Q108<br>LEI: 549300G3XFQ7175KM723 | Long             | EC               | RF                | US        |     28196 | NS      | $185811.64    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Capital Allocation T | BlackRock Capital Allocation Term Trust         | CUSIP: 09260U109<br>LEI: 5493007LDARS47M53X11 | Long             | EC               | RF                | US        |     28859 | NS      | $408643.44    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Technology Finance Co | Blue Owl Technology Finance Corp                | CUSIP: 095924106<br>LEI: 254900G5EZJSOD3UKL16 | Long             | EC               | CORP              | US        |     45000 | NS      | $654300.00    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bluerock Private Real Estate F | Bluerock Private Real Estate Fund               | CUSIP: 09631P102<br>LEI: 549300DVMSW84SP6UG83 | Long             | EC               | RF                | US        |     24085 | NS      | $361275.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Calamos Long/Short Equity & Dy | Calamos Long/Short Equity & Dynamic Income      | CUSIP: 12812C106<br>LEI: 54930028TUOZZMUQBY94 | Long             | EC               | RF                | US        |     80556 | NS      | $1177728.72   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global Dividend and Inc | Clough Global Dividend and Income Fund          | CUSIP: 18913Y103<br>LEI: 5493001GFY6TW0CYCT15 | Long             | EC               | RF                | US        |     61778 | NS      | $368814.66    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global Equity Fund      | Clough Global Equity Fund                       | CUSIP: 18914C100<br>LEI: 549300SI1THLT6A9J147 | Long             | EC               | RF                | US        |    196753 | NS      | $1507127.98   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global Opportunities Fu | Clough Global Opportunities Fund                | CUSIP: 18914E106<br>LEI: 549300DTG68UBCNCPY15 | Long             | EC               | RF                | US        |    199917 | NS      | $1131530.22   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Infrastructure  | Cohen & Steers Infrastructure                   | CUSIP: 19248A109<br>LEI: T085JMDV2CFIPONRA870 | Long             | EC               | RF                | US        |     31761 | NS      | $765757.71    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Point Income Co Inc      | Eagle Point Income Co Inc                       | CUSIP: 269817102<br>LEI: 549300P8ZFJDPIJWXX37 | Long             | EC               | RF                | US        |     15000 | NS      | $171150.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust High Yield Opportu | First Trust High Yield Opportunities 2027       | CUSIP: 33741Q107<br>LEI: 549300VWTG40J7RZE994 | Long             | EC               | RF                | US        |     32206 | NS      | $453138.42    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Flaherty & Crumrine Preferred  | Flaherty & Crumrine Preferred and Income Opp    | CUSIP: 33848E106<br>LEI: 2549008Y9TGWYEWYW496 | Long             | EC               | RF                | US        |     70697 | NS      | $668086.65    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital BDC Inc          | Golub Capital BDC Inc                           | CUSIP: 38173M102<br>LEI: 2549005WE0QLGK9APF78 | Long             | EC               | RF                | US        |      6795 | NS      | $92208.15     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc     | Howard Hughes Holdings Inc                      | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     13000 | NS      | $1037010.00   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| India Fund Inc/The             | India Fund Inc/The                              | CUSIP: 454089103<br>LEI: 5493008XCB4X3JFQPB87 | Long             | EC               | RF                | US        |     10000 | NS      | $137100.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco RAFI Emerging Markets  | Invesco RAFI Emerging Markets                   | CUSIP: 46138E727<br>LEI: 5493003H1JIGI1UCJV78 | Long             | EC               | RF                | US        |     55600 | NS      | $1435036.00   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 10+ Year Investment Gr | iShares 10+ Year Investment Grade               | CUSIP: 464289511<br>LEI: 5493002XJCHL78PKW767 | Long             | EC               | RF                | US        |     18540 | NS      | $935343.00    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kayne Anderson Energy Infrastr | Kayne Anderson Energy Infrastr                  | CUSIP: 486606106<br>LEI: 549300H9ZCLGQEKXQY57 | Long             | EC               | RF                | US        |     57877 | NS      | $716517.26    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty All-Star Equity Fund   | Liberty All-Star Equity Fund                    | CUSIP: 530158104<br>LEI: 549300DLV755RNHI1N92 | Long             | EC               | RF                | US        |    118992 | NS      | $747269.76    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Direct Lending  | Morgan Stanley Direct Lending                   | CUSIP: 61774A103<br>LEI: 549300QEX22T2J8IB029 | Long             | EC               | CORP              | US        |     15000 | NS      | $247200.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Specialty Lending Fund      | FS Specialty Lending Fund                       | CUSIP: 644323107<br>LEI: 54930004XHN0QROEGZ58 | Long             | EC               | RF                | US        |     29598 | NS      | $418515.72    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| New Mountain Finance Corp      | New Mountain Finance Corp                       | CUSIP: 647551100<br>LEI: 549300L1MPTT1H7SES77 | Long             | EC               | CORP              | US        |     18558 | NS      | $170919.18    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Real Estate Income Fund | Nuveen Real Estate Income Fund                  | CUSIP: 67071B108<br>LEI: LXJVVL0330BRT3R7PH61 | Long             | EC               | RF                | US        |     14138 | NS      | $108297.08    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Floating Rate Income Fu | Nuveen Floating Rate Income Fund                | CUSIP: 67072T108<br>LEI: HJXCPP3KYE3BVU373P27 | Long             | EC               | RF                | US        |     47308 | NS      | $370421.64    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Dow 30sm Dynamic Overwr | Nuveen Dow 30 Dynamic Overwrite Fund            | CUSIP: 67075F105<br>LEI: 549300CNS4Q1ZZUGS005 | Long             | EC               | RF                | US        |     12137 | NS      | $185210.62    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Oaktree Specialty Lending Corp | Oaktree Specialty Lending Corp                  | CUSIP: 67401P405<br>LEI: 549300J6MGCEU5928620 | Long             | EC               | CORP              | US        |     14801 | NS      | $188564.74    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Corp          | Blue Owl Capital Corp                           | CUSIP: 69121K104<br>LEI: 2549000BD79OOCPF2L94 | Long             | EC               | CORP              | US        |      3823 | NS      | $47519.89     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO High Income Fund         | PIMCO High Income Fund                          | CUSIP: 722014107<br>LEI: TYNS8LL5KA936NJZN198 | Long             | EC               | RF                | US        |     79784 | NS      | $387750.24    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO Income Strategy Fund II  | PIMCO Income Strategy Fund II                   | CUSIP: 72201J104<br>LEI: RS8VXHJKKVE627NLC573 | Long             | EC               | RF                | US        |     45820 | NS      | $343650.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Dynamic Income Fund      | Pimco Dynamic Income Fund                       | CUSIP: 72201Y101<br>LEI: F0MWMXS5YG3P711FB044 | Long             | EC               | RF                | US        |     30959 | NS      | $548283.89    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Small-Cap Trust Inc      | Royce Small-Cap Trust Inc                       | CUSIP: 780910105<br>LEI: 254900NJE1W1YYKNVM16 | Long             | EC               | RF                | US        |     70779 | NS      | $1139541.90   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Micro-Cap Trust Inc      | Royce Micro-Cap Trust Inc                       | CUSIP: 780915104<br>LEI: 254900D3WFIV4SD8EF19 | Long             | EC               | RF                | US        |    101019 | NS      | $1053628.17   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Saba Capital Income & Opportun | Saba Capital Income & Opportunities             | CUSIP: 78518H202<br>LEI: 549300MGSUUJ7E55N746 | Long             | EC               | CORP              | US        |     53036 | NS      | $371782.36    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Special Opportunities Fund Inc | Special Opportunities Fund Inc                  | CUSIP: 84741T104<br>LEI: 549300DGAJTGM6R4HK03 | Long             | EC               | RF                | US        |     14915 | NS      | $219101.35    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional Tre | State Street Inst Treasury MMKT - Premier Class | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |    835139 | NS      | $835139.31    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Total Return Securities Fund   | Total Return Securities Fund                    | CUSIP: 870875101<br>LEI: 549300HQZ0XPGTS5Q724 | Long             | EC               | RF                | US        |     15276 | NS      | $95016.72     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Secured Lending Inc    | Carlyle Secured Lending Inc                     | CUSIP: 872280102<br>LEI: 5493003POT0JT6WD1D83 | Long             | EC               | CORP              | US        |     38115 | NS      | $476056.35    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Saba Capital Income & Opportun | Saba Capital Income & Opportunity Fund II       | CUSIP: 880198205<br>LEI: QU1AAXOSV5K4OVMXJP19 | Long             | EC               | RF                | US        |    213261 | NS      | $1759403.25   | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Emerging Markets High Div | Voya Emerging Markets High Dividend Equity      | CUSIP: 92912P108<br>LEI: 549300MBU0OQHUKI2Y86 | Long             | EC               | RF                | US        |     29248 | NS      | $183384.96    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Inflation-Linked | Western Asset Inflation-Linked Opp & Income     | CUSIP: 95766R104<br>LEI: 549300Z3DNF4FJBJ4A87 | Long             | EC               | RF                | US        |    180960 | NS      | $1554446.40   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI Octagon Floating Rate Alte | XAI Octagon Floating Rate Alternative Income    | CUSIP: 98400T106<br>LEI: 549300XT617P63BLW552 | Long             | EC               | RF                | US        |     80240 | NS      | $385152.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing Square Holdings Ltd/F | Pershing Square Holdings Ltd                    | CUSIP: N/A<br>LEI: U7LC4KOKCTZ0YWGI2G56       | Long             | EC               | RF                | GG        |     53362 | NS      | $3457857.60   | 9.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | TRS                                             | CUSIP: N/A<br>LEI: IGJSJL3JD5P30I6NJZ34       | N/A              | DE               | CORP              | US        |         1 | NC      | $-47.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Elevation Series Trust

**Signature:** Nick Austin

**Name of Signer:** Nick Austin

**Title:** Treasurer