# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001936157-25-000042
**Filing Date:** 2025-9
**Character Count:** 55474
**Document Hash:** 909e09e2a5413406a73dd739d3f35977
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001936157-25-000042.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001936157-25-000042

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**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:** 251340811

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

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

## Series and Classes Contracts Data

### The Opal International Dividend Income ETF (Series ID: S000089318)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000255835 | The Opal International Dividend Income ETF |  |

## Nport-Ex

**TrueShares ETFs**

**The Opal International Dividend Income ETF (Cboe BZX Exchange, Inc.: IDVZ)**

**TrueShares ConVex Protect ETF (Cboe BZX Exchange, Inc.: PVEX)**

**TrueShares Quarterly Bear Hedge ETF (Cboe BZX Exchange, Inc.: QBER)**

**TrueShares Quarterly Bull Hedge ETF (Cboe BZX Exchange, Inc.: QBUL)**

**TrueShares Seasonality Laddered Buffered ETF (Cboe BZX Exchange, Inc.: ONEZ)**

**Schedules of Investments**

**July 31, 2025**

The Opal International Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

**July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 99.15%** |  |  |
| *Banking* **-** *16.77%* |  |  |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA - Sponsored ADR | 189398 | $672363 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA - Sponsored ADR | 257399 | 2216205 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT - ADR | 175093 | 1968045 |
| &nbsp;&nbsp;&nbsp;Barclays PLC - Sponsored ADR | 46977 | 921689 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA - Sponsored ADR | 46669 | 2128106 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. - ADR | 95212 | 1941373 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC - Sponsored ADR | 49129 | 3011608 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA - Sponsored ADR | 31410 | 1141125 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 6530 | 838844 |
|  |  | 14839358 |
| *Consumer Discretionary Products* **-** *0.73%* |  |  |
| &nbsp;&nbsp;&nbsp;BYD Co Ltd. - ADR | 44172 | 647120 |
| *Consumer Staple Products* **-** *20.05%* |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC - Sponsored ADR | 65467 | 3514268 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV - Sponsored ADR | 23201 | 1926611 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC - Sponsored ADR | 69076 | 2699490 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV - Sponsored ADR | 208058 | 1945343 |
| &nbsp;&nbsp;&nbsp;Nestle SA - Sponsored ADR | 14537 | 1264428 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 11107 | 1822103 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC - Sponsored ADR | 207192 | 3128599 |
| &nbsp;&nbsp;&nbsp;Unilever PLC - Sponsored ADR | 24532 | 1433405 |
|  |  | 17734247 |
| *Financial Services* **-** *3.03%* |  |  |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 71931 | 2685184 |
| *Health Care* **-** *7.96%* |  |  |
| &nbsp;&nbsp;&nbsp;GSK PLC - Sponsored ADR | 87062 | 3234353 |
| &nbsp;&nbsp;&nbsp;Novartis AG - Sponsored ADR | 7775 | 884329 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Sponsored ADR | 27452 | 1292166 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - Sponsored ADR | 21770 | 847071 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. - Sponsored ADR | 44162 | 784759 |
|  |  | 7042678 |
| *Industrial Services* **-** *2.26%* |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV - Sponsored ADR | 10512 | 1118792 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 115184 | 884626 |
|  |  | 2003418 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.15% (continued)** |  |  |
| *Insurance* **-** *7.76%* |  |  |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA - Sponsored ADR | 427981 | $2580725 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. - Sponsored ADR | 42296 | 1710873 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG - Sponsored ADR | 74951 | 2570819 |
|  |  | 6862417 |
| *Materials* **-** *2.16%* |  |  |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC - Sponsored ADR | 32033 | 1914612 |
| *Media* **-** *3.03%* |  |  |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV - ADR | 188156 | 2679342 |
| *Oil & Gas* **-** *6.58%* |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Sponsored ADR | 231416 | 2948240 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 34012 | 1342113 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE - Sponsored ADR | 25769 | 1534544 |
|  |  | 5824897 |
| *Retail & Wholesale - Discretionary* **-** *2.54%* |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - Sponsored ADR | 18641 | 2248664 |
| *Retail & Wholesale - Staples* **-** *4.09%* |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV - Sponsored ADR | 122568 | 3615756 |
| *Software & Tech Services* **-** *0.51%* |  |  |
| &nbsp;&nbsp;&nbsp;SAP SE - Sponsored ADR | 1580 | 452986 |
| *Tech Hardware & Semiconductors* **-** *5.90%* |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding NV - Sponsored ADR | 2556 | 1775679 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - Sponsored ADR | 14270 | 3447918 |
|  |  | 5223597 |
| *Telecommunications* **-** *9.66%* |  |  |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV | 102056 | 1844152 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV - Sponsored ADR | 694180 | 3109926 |
| &nbsp;&nbsp;&nbsp;Orange SA - Sponsored ADR | 235641 | 3591169 |
|  |  | 8545247 |

---

See Notes to Schedules of Investments

The Opal International Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 99.15% (continued)** |  |  |
| *Utilities* **-** *6.12%* |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA - ADR | 354144 | $3137716 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA - Sponsored ADR | 13684 | 961301 |
| &nbsp;&nbsp;&nbsp;Manila Electric Co. | 142891 | 1315432 |
|  |  | 5414449 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $82,351,745)** |  | 87733972 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.66%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.00% (7-day yield)<sup>(a)</sup> | 584181 | 584181 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $584,181)** |  | 584181 |
| **TOTAL INVESTMENTS - 99.81%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $82,935,926)** |  | $88318153 |
| **Other Assets in Excess of Liabilities - 0.19%** |  | 171306 |
| **NET ASSETS - 100.00%** |  | $88489459 |

---

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

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

Investment abbreviations:

ADR - American Depository Receipt

AG - Aktiengesellschaft (German: Stock Corporation)

A/S - Aktieselskab (Danish: Public Limited Company)

NV - Naamloze Vennootschap (Dutch: Public Limited Company)

PLC - Public Limited Company

SA - Sociedad Anónima (Portuguese/Spanish: Public Limited Company)

SA - Société Anonyme (French: Public Limited Company)

SAB de CV - Sociedad Anónima Bursátil de Capital Variable (Spanish: Publicly Traded Company)

SE - Société Européenne (French: European Society/Company)

SpA - Società per azioni (Italian: Joint Stock Company)

Tbk PT - Perseroan Terbuka (Indonesian: Publicly Traded Company)

See Notes to Schedules of Investments

TrueShares ConVex Protect ETF

**SCHEDULE OF INVESTMENTS**

**July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 16.50%** |  |  |
| &nbsp;&nbsp;&nbsp;Janus Henderson AAA CLO ETF | 1033 | $52466 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | 8201 | 246932 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $300,034)** |  | 299398 |

---

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/**<br>**Exercise Price/Notional Amount** |<br>**Contracts** |<br>**Value** |
| **PURCHASED OPTIONS - 7.15%** |  |  |
| *Call Options Purchased - 7.15%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $641.94, $1,769,824 | 28 | 22082 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $660.90, $948,120 | 15 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/19/2025, $645.91, $948,120 | 15 | 28020 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/19/2025, $668.85, $442,456 | 7 | 5953 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $649.89, $695,288 | 11 | 30143 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $676.80, $316,040 | 5 | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/18/2026, $653.82, $505,664 | 8 | 27752 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/18/2026, $684.66, $189,624 | 3 | 5729 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $116,199)** |  | 129791 |

---

---

| | | |
|:---|:---|:---|
| <br>**Description/Maturity Date/Rate** | **Principal**<br>**Amount** |<br>**Value** |
| **U.S. TREASURY OBLIGATIONS - 53.32%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3/19/2026, 4.06% | $247000 | 240615 |
| &nbsp;&nbsp;&nbsp;6/11/2026, 4.02% | 247000 | 238439 |
| &nbsp;&nbsp;&nbsp;9/18/2025, 4.28% | 247000 | 245599 |
| &nbsp;&nbsp;&nbsp;12/18/2025, 4.21% | 247000 | 243026 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $967,952)** |  | 967679 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.83%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.00% (7-day yield)<sup>(a)</sup> | 15024 | 15024 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $15,024)** |  | 15024 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 77.80%** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,399,209)** | $1411892 |
| **Other Assets in Excess of Liabilities - 22.20%** | 402939 |
| **NET ASSETS - 100.00%** | $1814831 |

---

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

 

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

See Notes to Schedules of Investments

TrueShares ConVex Protect ETF

**SCHEDULE OF INVESTMENTS**

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

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Underlying Security** | <br>**Counterparty** | **Expiration**<br>**Date** |<br>**Strike Price** |<br>**Contracts** | **Premiums**<br>**Received** |<br>**Notional Value** |<br>**Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 12/19/2025 | $638.40 | (4) | $(11520) | $(252832) | $(8892) |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 3/20/2026 | 638.40 | (4) | (13315) | (252832) | (11015) |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 6/18/2026 | 638.40 | (4) | (14954) | (252832) | (12740) |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 9/19/2025 | 638.40 | (4) | (8943) | (252832) | (5681) |
|  |  |  |  |  | $(48732) | $(1011328) | $(38328) |

---

See Notes to Schedules of Investments

TrueShares Quarterly Bear Hedge ETF

**SCHEDULE OF INVESTMENTS**

**July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/**<br>**Exercise Price/Notional Amount** |<br>**Contracts** |<br>**Value** |
| **PURCHASED OPTIONS - 0.39%** |  |  |
| *Put Options Purchased - 0.39%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $610.00, $4,108,520 | 65 | $11828 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $564.49, $13,652,928 | 216 | 7608 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $579.35, $10,113,280 | 160 | 7966 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $595.00, $7,205,712 | 114 | 9982 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $605.00, $316,040 | 5 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $620.00, $126,416 | 2 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $615.00, $63,208 | 1 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $615.00, $63,208 | 1 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $620.00, $126,416 | 2 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $579.42, $11,630,272 | 184 | 55509 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $595.00, $6,826,464 | 108 | 47425 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $605.00, $189,624 | 3 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $610.00, $4,803,808 | 76 | 48651 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $564.57, $15,043,504 | 238 | 51151 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/2025, $620.00, $126,416 | 2 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/2025, $615.00, $63,208 | 1 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/2025, $610.00, $19,215,232 | 304 | 278981 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/2025, $605.00, $252,832 | 4 | 3335 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/2025, $595.00, $25,219,992 | 399 | 275845 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,820,868)** |  | 807188 |

---

---

| | | |
|:---|:---|:---|
| <br>**Description/Maturity Date/Rate** | **Principal**<br>**Amount** |<br>**Value** |
| **U.S. TREASURY OBLIGATIONS - 99.57%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;8/14/2025, 4.30% | $&nbsp;&nbsp;&nbsp;&nbsp;68951000 | 68844526 |
| &nbsp;&nbsp;&nbsp;9/18/2025, 4.23% | 68951000 | 68559902 |
| &nbsp;&nbsp;&nbsp;10/16/2025, 4.28% | 68951000 | 68334734 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $205,747,111)** |  | 205739162 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.00% (7-day yield)<sup>(a)</sup> | 150716 | $150716 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $150,716)** |  | 150716 |
| **TOTAL INVESTMENTS - 100.03%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $207,718,695)** |  | $206697066 |
| **Liabilities in Excess of Other Assets - (0.03)%** |  | (66324) |
| **NET ASSETS - 100.00%** |  | $206630742 |

---

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

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

See Notes to Schedules of Investments

TrueShares Quarterly Bull Hedge ETF

**SCHEDULE OF INVESTMENTS**

**July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/**<br>**Exercise Price/Notional Amount** |<br>**Contracts** |<br>**Value** |
| **PURCHASED OPTIONS - 1.35%** |  |  |
| *Call Options Purchased - 1.35%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $609.06, $758,496 | 12 | $30542 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $623.91, $1,390,576 | 22 | 28195 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $645.00, $126,416 | 2 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025, $660.00, $632,080 | 10 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $660.00, $126,416 | 2 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $609.14, $1,200,952 | 19 | 58626 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $623.99, $2,275,488 | 36 | 68920 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/19/2025, $645.00, $63,208 | 1 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/2025, $645.00, $1,706,616 | 27 | 29339 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/2025, $660.00, $3,350,024 | 53 | 26672 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $149,072)** |  | 243781 |

---

---

| | | |
|:---|:---|:---|
| <br>**Description/Maturity Date/Rate** | **Principal**<br>**Amount** |<br>**Value** |
| **U.S. TREASURY OBLIGATIONS - 93.39%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;8/14/2025, 4.30% | $&nbsp;&nbsp;&nbsp;&nbsp;5675000 | 5666237 |
| &nbsp;&nbsp;&nbsp;9/18/2025, 4.23% | 5675000 | 5642811 |
| &nbsp;&nbsp;&nbsp;10/16/2025, 4.28% | 5675000 | 5624278 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $16,933,904)** |  | 16933326 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 2.48%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.00% (7-day yield)<sup>(a)</sup> | 449044 | 449044 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $449,044)** |  | 449044 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 97.22%** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $17,532,020)** | $17626151 |
| **Other Assets in Excess of Liabilities - 2.78%** | 504557 |
| **NET ASSETS - 100.00%** | $18130708 |

---

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

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

See Notes to Schedules of Investments

TrueShares Seasonality Laddered Buffered ETF

**SCHEDULE OF INVESTMENTS**

**July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.88%** |  |  |
| &nbsp;&nbsp;&nbsp;TrueShares Quarterly Bear Hedge | 172160 | $4250630 |
| &nbsp;&nbsp;&nbsp;TrueShares Quarterly Bull Hedge | 505007 | 12896616 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome April | 271576 | 9831051 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome August | 298641 | 12353285 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome December | 104975 | 4100114 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome February | 135176 | 4954092 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome January | 158633 | 5762661 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome July | 166420 | 7355764 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome June | 261322 | 8193046 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome March | 197466 | 6570326 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome May | 333659 | 10690468 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome November | 210970 | 8988693 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome October | 197631 | 8212497 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome September | 284332 | 11517323 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $112,223,563)** |  | 115676566 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.13%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.00% (7-day yield)<sup>(a)</sup> | 146912 | 146912 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $146,912)** |  | 146912 |
| **TOTAL INVESTMENTS - 100.01%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $112,370,475)** |  | $115823478 |
| **Liabilities in Excess of Other Assets - (0.01)%** |  | (13945) |
| **NET ASSETS - 100.00%** |  | $115809533 |

---

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

 

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

See Notes to Schedules of Investments

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

**July 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. These Schedules of Investments relate to five series of the Trust, The Opal International Dividend Income ETF ("IDVZ"), TrueShares ConVex Protect ETF ("PVEX"), TrueShares Quarterly Bear Hedge ETF ("QBER"), TrueShares Quarterly Bull Hedge ETF ("QBUL") and TrueShares Seasonality Laddered Buffered ETF ("ONEZ") (each a "Fund" and collectively the "Funds"). IDVZ's investment objective is to provide capital appreciation with lower volatility and a higher dividend yield compared to the MSCI ACWI ex USA High Dividend Yield Total Return Index. PVEX's investment objective is capital appreciation with the potential for lower volatility relative to the broader U.S. large cap equity market. QBER's investment objective is substantial protection of principal with total return. QBUL's investment objective is total return with substantial protection of principal. ONEZ's investment objective is capital appreciation with the potential for lower volatility relative to the broader U.S. large cap equity market. ONEZ uses a fund-of-funds approach. Financial statements and other information about each underlying fund is available at www.true-shares.com. IDVZ, PVEX, QBER, QBUL, and ONEZ commenced operations on December 26, 2024, June 27, 2025, June 28, 2024, June 28, 2024 and January 24, 2025, respectively.

The Funds currently offer an unlimited number of one class of shares, without par value, which are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe" or the "Exchange"). The Funds issue and redeem 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 do not issue fractional Creation Units. The offerings of the Funds' shares are 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 Funds in the preparation of their Schedules of Investments. The accompanying Schedules of Investments were 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 Schedules of Investments. Actual results could differ from those estimates. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Topic 946 "Financial Services – Investment Companies, including Accounting Standard Update 2013-08."

**Portfolio Valuation** – The net asset value per share ("NAV") of the Funds 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 of each Fund's total assets less its liabilities by the number of shares outstanding.

Equity securities, including exchange traded funds, are valued at the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Exchange traded funds listed on the NASDAQ Stock Market, Inc. are valued at the NASDAQ official closing price.

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 Funds 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.

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 Funds' Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Funds' valuation designee with respect to the fair valuation of the Funds' portfolio securities, subject to oversight by and periodic reporting to the Board.

The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds' investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a 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

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

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

The following is a summary of the Funds' investments in the fair value hierarchy as of July 31, 2025:

**The Opal International Dividend 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** |
| Common Stocks | $87733972 | $– | $– | $87733972 |
| Money Market Funds | 584181 | – | – | 584181 |
| Total | $88318153 | $– | $– | $88318153 |

---

**TrueShares ConVex Protect ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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** |<br>**Total** |
| Exchange-Traded Funds | $299398 | $– | $– | $299398 |
| Purchased Options |  | 129791 |  | 129791 |
| U.S. Treasury Obligations |  | 967679 |  | 967679 |
| Money Market Funds | 15024 | – | – | 15024 |
| Total | $314422 | $1097470 | $– | $1411892 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | – | (38328) | – | (38328) |
| Total | $– | $(38328) | $– | $(38328) |

---

**TrueShares Quarterly Bear Hedge ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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** |<br>**Total** |
| Purchased Options | $– | $807188 | $– | $807188 |
| U.S. Treasury Obligations |  | 205739162 |  | 205739162 |
| Money Market Funds | 150716 | – | – | 150716 |
| Total | $150716 | $206546350 | $– | $206697066 |

---

**TrueShares Quarterly Bull Hedge ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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** |<br>**Total** |
| Purchased Options | $– | $243781 | $– | $243781 |
| U.S. Treasury Obligations |  | 16933326 |  | 16933326 |
| Money Market Funds | 449044 | – | – | 449044 |
| Total | $449044 | $17177107 | $– | $17626151 |

---

**TrueShares Seasonality Laddered Buffered ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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** |<br>**Total** |
| Exchange-Traded Funds | $115676566 | $– | $– | $115676566 |
| Money Market Funds | 146912 | – | – | 146912 |
| Total | $115823478 | $– | $– | $115823478 |

---

<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.

**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** – Securities transactions are recorded as of the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded as of the ex-dividend date or for certain foreign securities when the information becomes available to a Fund. Certain dividend income from foreign securities will be recorded, in the exercise of reasonable diligence, as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date and may be subject to withholding taxes in these jurisdictions. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis using the effective yield method.

**Foreign Securities** – The Opal International Dividend Income ETF may invest a portion of its assets in foreign securities. In the event that the Fund executes a foreign security transaction, the Fund will generally enter into a foreign currency spot contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks.

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

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

The accounting records of each Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Although the net assets and the values are presented at the foreign exchange rates at market close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held.

A foreign currency spot contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency spot contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to a Fund include the potential inability of the counterparty to meet the terms of the contract.

**Option Writing/Purchasing** – Each Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option among others, is that a Fund pays a premium whether or not the option is exercised. Additionally, a Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Each Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to options. Each Fund pledges cash or liquid assets as collateral to satisfy the current obligations with respect to written options.

When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is recorded as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether a Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by a Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

## 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 1850

  - **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:** The Opal International Dividend Income ETF

- **b. EDGAR series identifier (if any):** S000089318

- **c. LEI of Series:** 529900P0N02X8QF61K45

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $88546619.99

**Total Liabilities:** $57160.93

**Net Assets:** $88489459.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255835 | 3.55%                | 1.95%                | -2.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $77051.50                | $2336645.21                                |
| Month 2  | $76553.33                | $1198483.52                                |
| Month 3  | $1713763.66              | $-4050190.53                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Philip Morris International Inc | Philip Morris International Inc                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     11107 | NS      | $1822103.35   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                    | Barclays PLC                                      | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     46977 | NS      | $921688.74    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                       | Nestle SA                                         | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     14537 | NS      | $1264428.26   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro  | Grupo Aeroportuario del Centro                    | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     10512 | NS      | $1118792.16   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd       | Alibaba Group Holding Ltd                         | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     18641 | NS      | $2248663.83   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA  | BB Seguridade Participacoes SA                    | CUSIP: 05541J103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    427981 | NS      | $2580725.43   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc       | Tokio Marine Holdings Inc                         | CUSIP: 889094108<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     42296 | NS      | $1710873.20   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group AG       | Zurich Insurance Group AG                         | CUSIP: 989825104<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |     74951 | NS      | $2570819.30   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp    | China Construction Bank Corp                      | CUSIP: 168919108<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |     95212 | NS      | $1941372.68   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Manila Electric Co              | Manila Electric Co                                | CUSIP: N/A<br>LEI: 254900RDFLCM12O8SK69       | Long             | EC               | CORP              | PH        |    142891 | NS      | $1315432.51   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA              | Banco Santander SA                                | CUSIP: 05964H105<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |    257399 | NS      | $2216205.39   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ICTSI                           | International Container Termin                    | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |    115184 | NS      | $884625.76    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Healthcare Ltd            | Sonic Healthcare Ltd                              | CUSIP: 83546A203<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |     44162 | NS      | $784758.74    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                            | Taiwan Semiconductor Manufacturing Co Ltd ADR     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     14270 | NS      | $3447917.40   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc               | Suncor Energy Inc                                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     34012 | NS      | $1342113.52   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                       | Orange SA                                         | CUSIP: 684060106<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    235641 | NS      | $3591168.84   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA             | Intesa Sanpaolo SpA                               | CUSIP: 46115H107<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |     31410 | NS      | $1141125.30   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                         | GSK PLC                                           | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     87062 | NS      | $3234353.30   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                     | Novartis AG                                       | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      7775 | NS      | $884328.50    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                       | Petroleo Brasileiro SA                            | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    231416 | NS      | $2948239.84   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Femsa SAB de CV       | Coca-Cola Femsa SAB de CV                         | CUSIP: 191241108<br>LEI: 5493008KEVFYPMGTXO33 | Long             | EC               | CORP              | MX        |     23201 | NS      | $1926611.04   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                    | UBS Group AG                                      | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     71931 | NS      | $2685184.23   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                        | Enel SpA                                          | CUSIP: 29265W207<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |    354144 | NS      | $3137715.84   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                | TotalEnergies SE                                  | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     25769 | NS      | $1534543.95   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico SAB d  | Kimberly-Clark de Mexico SAB d                    | CUSIP: 494386204<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |    208058 | NS      | $1945342.30   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC    | British American Tobacco PLC                      | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     65467 | NS      | $3514268.56   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV        | Universal Music Group NV                          | CUSIP: 91377B109<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |    188156 | NS      | $2679341.44   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA              | Banco do Brasil SA                                | CUSIP: 059578104<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |    189398 | NS      | $672362.90    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV    | Wal-Mart de Mexico SAB de CV                      | CUSIP: 93114W107<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    122568 | NS      | $3615756.00   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC     | Reckitt Benckiser Group PLC                       | CUSIP: 756255204<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    207192 | NS      | $3128599.20   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero   | Bank Rakyat Indonesia Persero                     | CUSIP: 69366X100<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |    175093 | NS      | $1968045.32   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC             | Imperial Brands PLC                               | CUSIP: 45262P102<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |     69076 | NS      | $2699490.08   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                | Roche Holding AG                                  | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     21770 | NS      | $847070.70    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                   | Rio Tinto PLC                                     | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     32033 | NS      | $1914612.41   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada            | Royal Bank of Canada                              | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |      6530 | NS      | $838843.80    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                | Novo Nordisk A/S                                  | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     27452 | NS      | $1292165.64   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                    | Unilever PLC                                      | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     24532 | NS      | $1433404.76   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC               | HSBC Holdings PLC                                 | CUSIP: 404280406<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     49129 | NS      | $3011607.70   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                      | BYD Co Ltd                                        | CUSIP: 05606L100<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     44172 | NS      | $647119.80    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                          | SAP SE                                            | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      1580 | NS      | $452986.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV              | Koninklijke KPN NV                                | CUSIP: 780641205<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |    694180 | NS      | $3109926.40   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                    | Iberdrola SA                                      | CUSIP: 450737101<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     13684 | NS      | $961301.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                  | BNP Paribas SA                                    | CUSIP: 05565A202<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     46669 | NS      | $2128106.40   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV         | America Movil SAB de CV                           | CUSIP: 02390A101<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    102056 | NS      | $1844151.92   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                 | ASML Holding NV                                   | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      2556 | NS      | $1775678.76   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET INSTITUTIONAL US   | STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS | CUSIP: 857492656<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    584181 | NS      | $584180.75    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-30

**Name of Applicant:** Elevation Series Trust

**Signature:** Nick Austin

**Name of Signer:** Nick Austin

**Title:** Treasurer