# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001752724-23-016173
**Filing Date:** 2023-1
**Character Count:** 39750
**Document Hash:** 8628ee72df767b623c3e4bd9e56a6c56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016173.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016173

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157
- **IRS NUMBER:** 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:** 23561261

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1230
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1230
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

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

## Series and Classes Contracts Data

### SRH U.S. Quality ETF (Series ID: S000077516)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000237993 | SRH U.S. Quality ETF |  |

## Nport-Ex

![](fp0081949-1_1.jpg)

**Schedule of Investments** 

**November 30, 2022** 

SRH U.S. Quality ETF

**Schedule of Investments** 

**November 30, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCKS - 99.76%** | **COMMON STOCKS - 99.76%** | **COMMON STOCKS - 99.76%** |
| *Consumer Discretionary Products **-** 4.65%* | *Consumer Discretionary Products **-** 4.65%* | *Consumer Discretionary Products **-** 4.65%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 81703 | $1059688 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc.<sup>(a)</sup> | 390 | 1809214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc. | 16589 | 1892141 |
|  |  | 4761043 |
| *Consumer Staple Products **-** 4.88%* | *Consumer Staple Products **-** 4.88%* | *Consumer Staple Products **-** 4.88%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co, Inc. | 17539 | 1435918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc., Class A | 6358 | 1499153 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Beverage Corp. | 40121 | 2067435 |
|  |  | 5002506 |
| *Financial Services **-** 9.31%* | *Financial Services **-** 9.31%* | *Financial Services **-** 9.31%* |
| &nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 7308 | 1289862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Acceptance Corp.<sup>(a)</sup> | 3142 | 1489182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | 75784 | 1448232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 19951 | 1856840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 29378 | 2011218 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 36832 | 1449707 |
|  |  | 9545041 |
| *Health Care **-** 16.05%* | *Health Care **-** 16.05%* | *Health Care **-** 16.05%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Amedisys, Inc.<sup>(a)</sup> | 10085 | 918643 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 11254 | 1920945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 30767 | 2466590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 3508 | 1869483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enhabit, Inc.<sup>(a)</sup> | 10816 | 154777 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 6943 | 1667848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 4019 | 2210048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 6577 | 1583084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 72788 | 1789129 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3417 | 1871696 |
|  |  | 16452243 |
| *Industrial Products **-** 8.24%* | *Industrial Products **-** 8.24%* | *Industrial Products **-** 8.24%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 3946 | 1914560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 3873 | 2065432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Timken Co. | 28793 | 2187692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toro Co. | 20462 | 2271077 |
|  |  | 8438761 |
| *Industrial Services **-** 9.98%* | *Industrial Services **-** 9.98%* | *Industrial Services **-** 9.98%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc.<sup>(a)</sup> | 58537 | 1368010 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting, Inc.<sup>(a)</sup> | 11108 | 1919685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insperity, Inc. | 17393 | 2061940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 21997 | 2056499 |
| &nbsp;&nbsp;&nbsp;&nbsp;TriNet Group, Inc.<sup>(a)</sup> | 17758 | 1286922 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 8112 | 1539090 |
|  |  | 10232146 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (Note 2)** |
| *Materials **-** 11.54%* | *Materials **-** 11.54%* | *Materials **-** 11.54%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 14689 | $1428652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 13593 | 1853269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 19074 | 1694534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 37782 | 1998668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Materials, Inc., Class A<sup>(a)</sup> | 56199 | 1702268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 9500 | 1741635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westrock Co. | 37125 | 1407780 |
|  |  | 11826806 |
| *Media **-** 6.52%* | *Media **-** 6.52%* | *Media **-** 6.52%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 37271 | 1365609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. | 44286 | 1437081 |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A<sup>(a)</sup> | 20828 | 1648120 |
| &nbsp;&nbsp;&nbsp;&nbsp;World Wrestling Entertainment, Inc., Class A | 27917 | 2230010 |
|  |  | 6680820 |
| *Real Estate **-** 0.95%* | *Real Estate **-** 0.95%* | *Real Estate **-** 0.95%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC<sup>(a)</sup> | 85211 | 973110 |
| *Retail & Wholesale - Discretionary **-** 4.00%* | *Retail & Wholesale - Discretionary **-** 4.00%* | *Retail & Wholesale - Discretionary **-** 4.00%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 5846 | 1894046 |
| &nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 2545 | 2200254 |
|  |  | 4094300 |
| *Retail & Wholesale - Staples **-** 2.93%* | *Retail & Wholesale - Staples **-** 2.93%* | *Retail & Wholesale - Staples **-** 2.93%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)</sup> | 10889 | 1636508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 8185 | 1367468 |
|  |  | 3003976 |
| *Semiconductors **-** 1.03%* | *Semiconductors **-** 1.03%* | *Semiconductors **-** 1.03%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | 35225 | 1059216 |
| *Software & Tech Services **-** 16.86%* | *Software & Tech Services **-** 16.86%* | *Software & Tech Services **-** 16.86%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 14616 | 1386474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp., Class A | 19878 | 2115019 |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc.<sup>(a)</sup> | 5773 | 1802908 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 9720 | 1833581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.<sup>(a)</sup> | 13374 | 1243113 |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.<sup>(a)</sup> | 12204 | 2284589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact Ltd. | 40121 | 1849979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parsons Corp.<sup>(a)</sup> | 45163 | 2235569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 12277 | 1514000 |
| &nbsp;&nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. | 21193 | 1016204 |
|  |  | 17281436 |

---

See Notes to Schedule of Investments.

SRH U.S. Quality ETF

**Schedule of Investments** 

**November 30, 2022 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (Note 2)** |
| *Tech Hardware & Semiconductors **-** 2.82%* | *Tech Hardware & Semiconductors **-** 2.82%* | *Tech Hardware & Semiconductors **-** 2.82%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.<sup>(a)</sup> | 14689 | $1597282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(a)</sup> | 28794 | 1294578 |
|  |  | 2891860 |
| **TOTAL COMMON STOCKS <br> (Cost $93,493,683)** | **TOTAL COMMON STOCKS <br> (Cost $93,493,683)** | 102243264 |
| **MONEY MARKET FUNDS - 0.10%** | **MONEY MARKET FUNDS - 0.10%** | **MONEY MARKET FUNDS - 0.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 7-Day Yield - 3.76% | 106105 | 106105 |
| **TOTAL MONEY MARKET FUNDS <br> (Cost $106,105)** | **TOTAL MONEY MARKET FUNDS <br> (Cost $106,105)** | 106105 |
| **TOTAL INVESTMENTS - 99.86%<br> (Cost $93,599,788)** | **TOTAL INVESTMENTS - 99.86%<br> (Cost $93,599,788)** | $102349369 |
| **Other Assets In Excess of Liabilities - 0.14%** | **Other Assets In Excess of Liabilities - 0.14%** | 140922 |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $102490291 |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** | **% of Net Assets** | **Value<br> (Note 2)** |
| **COMMON STOCKS** |  |  |
| Technology | 20.71% | $21232512 |
| Industrials | 18.22 | 18670907 |
| Health Care | 16.05 | 16452243 |
| Materials | 11.54 | 11826806 |
| Financials | 9.31 | 9545041 |
| Consumer Discretionary | 8.65 | 8855343 |
| Consumer Staples | 7.81 | 8006482 |
| Communications | 6.52 | 6680820 |
| Real Estate | 0.95 | 973110 |
| **TOTAL COMMON STOCKS** | 99.76% | 102243264 |
| **MONEY MARKET FUNDS** |  |  |
| **TOTAL MONEY MARKET FUNDS** | 0.10% | 106105 |
| **TOTAL INVESTMENTS** | 99.86 | 102349369 |
| Other Assets In Excess of Liabilities | 0.14 | 140922 |
| **NET ASSETS** | 100.00% | $102490291 |

---

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

See Notes to Schedule of Investments.

SRH U.S. Quality ETF

**Notes to Schedule of Investments** 

**November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **NOTE 1 -** | **ORGANIZATION**  |

---

Elevation Series Trust (the "Trust") was organized on March 7, 2022 as a Delaware statutory trust, pursuant to a Declaration of Trust, as amended, dated September 26, 2022, 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. The Trust currently consists of one series, SRH U.S. Quality ETF (the "Fund"). The Fund's investment objective is to provide investment results (before fees and expenses) that correspond to the SRH U.S. Quality Index (the "Index"). The Index is intended to capture the performance of U.S. companies that exhibit consistent and moderate revenue growth but do not trade at excessive valuations. The creator of the Index, Rocky Mountain Advisers, LLC has designed the Index to provide exposure to a diversified portfolio of U.S. companies featuring value, growth, and quality characteristics while maintaining overall market exposure close to that of widely-followed, broad-based U.S. equity benchmarks. The Fund commenced operations on October 5, 2022.

The Fund is currently authorized to offer an unlimited number of one class of shares which will be listed and traded on the NYSE Arca, 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 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 Funds will 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 Fund's Schedule of Investments is prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). This requires management to make estimates and assumptions that affect the reported amounts in the Schedule of Investments. 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 Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standards Update 2013-08.

The net asset value per common 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. New York time). The NAV is determined by dividing the value of the Fund's total assets less its liabilities by the number of shares outstanding.

The Board of Trustees (the "Board") has established the following procedures for valuation of the Fund's asset values under normal market conditions. For domestic equity securities traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of a domestic equity security not traded on an exchange, or if such closing prices are not otherwise available, the mean of the closing bid and ask price will be used. Debt obligations with maturities of 60 days or less are valued at amortized cost.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund's investment adviser, Paralel Advisors LLC ("Paralel" or the "Adviser"), as the valuation designee with respect to the fair valuation of the Fund's portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations are not readily available, including circumstances under which the Adviser determines that prices received are unreliable.

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.

SRH U.S. Quality ETF

**Notes to Schedule of Investments** 

**November 30, 2022 (Continued) (Unaudited)**

The following is a summary of the Fund's investments in the fair value hierarchy as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(1)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $102243264 | $– | $– | $102243264 |
| Money Market Funds | 106105 | – | – | 106105 |
| Total | $102349369 | $– | $– | $102349369 |

---

<sup>*(1)*</sup> *For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.*

## 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 1230

  - **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:** SRH U.S. Quality ETF

- **b. EDGAR series identifier (if any):** S000077516

- **c. LEI of Series:** 549300FOIF2UHQAIVF47

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $102518660.76

**Total Liabilities:** $28369.81

**Net Assets:** $102490290.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237993 |  |  | 4.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $-137.96                 | $4161961.22                                |
| Month 3  | $0.00                    | $4587620.20                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TriNet Group Inc                           | TriNet Group Inc                           | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |     17758 | NS      | $1286922.26   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                      | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      3873 | NS      | $2065432.17   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                 | Intel Corp                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     35225 | NS      | $1059215.75   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                | Target Corp                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      8185 | NS      | $1367467.95   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                         | FTI Consulting Inc                         | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |     11108 | NS      | $1919684.56   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                | Invesco Ltd                                | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |     75784 | NS      | $1448232.24   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Enhabit Inc                                | Enhabit Inc                                | CUSIP: 29332G102<br>LEI: 549300RFQ78SLDFSHF49 | Long             | EC               | CORP              | US        |     10816 | NS      | $154776.96    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                    | O'Reilly Automotive Inc                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      2545 | NS      | $2200254.30   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                                | Polaris Inc                                | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     16589 | NS      | $1892141.34   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                        | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     30767 | NS      | $2466590.39   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                 | Qualys Inc                                 | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |     12277 | NS      | $1513999.64   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                      | Arrow Electronics Inc                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     14689 | NS      | $1597281.86   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc              | Advanced Drainage Systems Inc              | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     14689 | NS      | $1428652.14   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Amedisys Inc                               | Amedisys Inc                               | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |     10085 | NS      | $918642.65    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                     | Church & Dwight Co Inc                     | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     17539 | NS      | $1435917.93   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc                      | Euronet Worldwide Inc                      | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     13374 | NS      | $1243113.30   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                        | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      3508 | NS      | $1869483.36   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The                   | Estee Lauder Cos Inc/The                   | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      6358 | NS      | $1499152.82   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                     | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3417 | NS      | $1871695.92   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                        | Silgan Holdings Inc                        | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     37782 | NS      | $1998667.80   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Co                                | Westrock Co                                | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |     37125 | NS      | $1407780.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                        | Vulcan Materials Co                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      9500 | NS      | $1741635.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                         | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      6943 | NS      | $1667847.46   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                    | NVR Inc                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       390 | NS      | $1809213.90   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                 | Nasdaq Inc                                 | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     29378 | NS      | $2011217.88   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                        | Eagle Materials Inc                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     13593 | NS      | $1853269.62   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                              | Owens Corning                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     19074 | NS      | $1694534.16   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                       | OneMain Holdings Inc                       | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     36832 | NS      | $1449707.52   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp               | Select Medical Holdings Corp               | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72788 | NS      | $1789129.04   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                             | Morgan Stanley                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     19951 | NS      | $1856839.57   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                              | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      7308 | NS      | $1289862.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                | CDW Corp/DE                                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |      9720 | NS      | $1833580.80   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corp                     | Credit Acceptance Corp                     | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3142 | NS      | $1489182.32   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                   | Fox Corp                                   | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     44286 | NS      | $1437080.70   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                           | Ryder System Inc                           | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     21997 | NS      | $2056499.53   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc                     | CACI International Inc                     | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      5773 | NS      | $1802907.90   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                 | Humana Inc                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      4019 | NS      | $2210048.10   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                                | Genpact Ltd                                | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |     40121 | NS      | $1849979.31   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                              | Frontdoor Inc                              | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |     58537 | NS      | $1368009.69   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                | GoDaddy Inc                                | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     20828 | NS      | $1648119.64   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO INST | INVESCO GOVERNMENT & AGENCY PORTFOLIO INST | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    106105 | NS      | $106105.28    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings        | Laboratory Corp of America Holdings        | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |      6577 | NS      | $1583083.90   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                    | ExlService Holdings Inc                    | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     12204 | NS      | $2284588.80   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TTEC Holdings Inc                          | TTEC Holdings Inc                          | CUSIP: 89854H102<br>LEI: GTJS1N8S8I28A7L4WG97 | Long             | EC               | CORP              | US        |     21193 | NS      | $1016204.35   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                              | Insperity Inc                              | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |     17393 | NS      | $2061940.15   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                       | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      3946 | NS      | $1914559.74   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                            | Dollar Tree Inc                            | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     10889 | NS      | $1636507.81   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                              | Timken Co/The                              | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     28793 | NS      | $2187692.14   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                               | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     37271 | NS      | $1365609.44   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                         | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5846 | NS      | $1894045.54   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                               | Parsons Corp                               | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |     45163 | NS      | $2235568.50   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                  | United Parcel Service Inc                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      8112 | NS      | $1539089.76   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co             | Booz Allen Hamilton Holding Co             | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     19878 | NS      | $2115019.20   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                    | Cushman & Wakefield PLC                    | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     85211 | NS      | $973109.62    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Materials Inc                       | Summit Materials Inc                       | CUSIP: 86614U100<br>LEI: 549300XNOLX5GIOSO108 | Long             | EC               | CORP              | US        |     56199 | NS      | $1702267.71   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| World Wrestling Entertainment              | World Wrestling Entertainment              | CUSIP: 98156Q108<br>LEI: 549300WZVLSCS3L4L698 | Long             | EC               | CORP              | US        |     27917 | NS      | $2230009.96   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp                     | AmerisourceBergen Corp                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     11254 | NS      | $1920945.26   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc                    | Akamai Technologies Inc                    | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     14616 | NS      | $1386473.76   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                | Toro Co/The                                | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |     20462 | NS      | $2271077.38   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                          | Newell Brands Inc                          | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |     81703 | NS      | $1059687.91   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                 | Ciena Corp                                 | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     28794 | NS      | $1294578.24   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| National Beverage Corp                     | National Beverage Corp                     | CUSIP: 635017106<br>LEI: 549300O9MZIQJI8TGV17 | Long             | EC               | CORP              | US        |     40121 | NS      | $2067435.13   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Elevation Series Trust

**Signature:** Jill Kerschen

**Name of Signer:** Jill Kerschen

**Title:** Treasurer