# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001936157-26-000333
**Filing Date:** 2026-6
**Character Count:** 43861
**Document Hash:** 09935582467aa924560d24a693c2e4bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001936157-26-000333.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001936157-26-000333

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**PERIOD START**: 20260731

**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:** 261131370

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

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

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

## Series and Classes Contracts Data

### Sovereign's Capital Flourish Fund (Series ID: S000081759)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000244753 | Sovereign's Capital Flourish Fund | SOVF            |

## Nport-Ex

![](fp0099377-1_01.jpg)

**(NYSE Arca, Inc.: SOVF)<br> Schedule of Investments**

**April 30, 2026**

Sovereign's Capital Flourish Fund

**SCHEDULE OF INVESTMENTS<br> April 30, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 99.89%** |  |  |
| *Banking - 1.63%* |  |  |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.<sup>(a)</sup> | 22685 | $1535321 |
| *Consumer Discretionary Products - 7.46%* |  |  |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 7514 | 457753 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>(a)</sup> | 19799 | 3347417 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 15392 | 1835034 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 28914 | 1387583 |
|  |  | 7027787 |
| *Consumer Staple Products - 2.22%* |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 4257 | 872983 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 3281 | 289581 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 7242 | 463995 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.<sup>(a)</sup> | 78591 | 462901 |
|  |  | 2089460 |
| *Financial Services - 7.36%* |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 9727 | 891382 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 2728 | 785173 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 37433 | 1741757 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 3090 | 1032462 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 9855 | 1560244 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2122 | 915070 |
|  |  | 6926088 |
| *Health Care - 9.75%* |  |  |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | 23424 | 4558779 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.<sup>(a)</sup> | 94419 | 1919538 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 955 | 204189 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 25815 | 1838544 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 8041 | 662820 |
|  |  | 9183870 |
| *Industrial Products - 5.13%* |  |  |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 9680 | 1384627 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 3457 | 1006678 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 35530 | 1638999 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 1068 | 232664 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 1359 | 291288 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 1047 | 277455 |
|  |  | 4831711 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Industrial Services - 12.83%* |  |  |
| &nbsp;&nbsp;&nbsp;APi Group Corp.<sup>(a)</sup> | 12068 | $551749 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 315 | 280876 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 12754 | 573037 |
| &nbsp;&nbsp;&nbsp;Fermi, Inc.<sup>(a)</sup> | 148963 | 764180 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 21708 | 688795 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.<sup>(a)</sup> | 36728 | 786347 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 99273 | 3531141 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 2389 | 600905 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 13459 | 608481 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 8000 | 1008400 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 20420 | 2221696 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 2842 | 468134 |
|  |  | 12083741 |
| *Insurance - 8.82%* |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 17199 | 2292111 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 8866 | 1829942 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 1988 | 435233 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 8561 | 2407952 |
| &nbsp;&nbsp;&nbsp;The Progressive Corp. | 6649 | 1338311 |
|  |  | 8303549 |
| *Materials - 1.31%* |  |  |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | 18954 | 1236559 |
| *Media - 0.30%* |  |  |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.<sup>(a)</sup> | 8326 | 285332 |
| *Oil & Gas - 2.08%* |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 17606 | 717092 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 12377 | 635807 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 2938 | 604141 |
|  |  | 1957040 |
| *Real Estate - 2.84%* |  |  |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 4353 | 457152 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | 11813 | 1686069 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp., Class A | 2403 | 531544 |
|  |  | 2674765 |
| *Retail & Wholesale - Staples - 3.64%* |  |  |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 9218 | 305208 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 5939 | 590336 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 13948 | 1141644 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 6120 | 572159 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 6225 | 821264 |
|  |  | 3430611 |

---

See Notes to Schedule of Investments.

Sovereign's Capital Flourish Fund

**SCHEDULE OF INVESTMENTS**

**April 30, 2026 (Continued) (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| *Software & Tech Services - 21.99%* |  |  |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.<sup>(a)</sup> | 195188 | $3080067 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1755 | 371955 |
| &nbsp;&nbsp;&nbsp;Endava PLC - Sponsored ADR<sup>(a)</sup> | 16971 | 68223 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.<sup>(a)</sup> | 38771 | 2806245 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 55489 | 3476386 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 757 | 167872 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 25534 | 3236690 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 16114 | 1699866 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp., Class A<sup>(a)</sup> | 463488 | 1756619 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 3805 | 368210 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 7041 | 621791 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.<sup>(a)</sup> | 42280 | 2372754 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp., Class A<sup>(a)</sup> | 46358 | 687489 |
|  |  | 20714167 |
| *Tech Hardware & Semiconductors - 7.40%* |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 8342 | 1440747 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 14127 | 1292620 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.<sup>(a)</sup> | 18974 | 2033064 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 3969 | 439646 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 5654 | 532720 |
| &nbsp;&nbsp;&nbsp;Qualcomm, Inc. | 6855 | 1231021 |
|  |  | 6969818 |
| *Utilities - 5.13%* |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 13821 | 1352800 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 22024 | 3476268 |
|  |  | 4829068 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $99,841,764)** |  | 94078887 |
| **MONEY MARKET FUNDS - 1.29%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 7-Day Yield - 3.59%<sup>(b)</sup> | 1212921 | 1212921 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,212,921)** |  | 1212921 |
| **TOTAL INVESTMENTS - 101.18%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $101,054,685)** |  | $95291808 |
| **Liabilities In Excess of Other Assets - (1.18%)** |  | (1106806) |
| **NET ASSETS - 100.00%** |  | $94185002 |

---

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

*<sup>(b)</sup>* *Rate disclosed is 7-Day Yield as of April 30, 2026.*

Investment Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

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

See Notes to Schedule of Investments.

Sovereign's Capital Flourish Fund

**NOTES TO SCHEDULE OF INVESTMENTS<br> April 30, 2026 (Unaudited)**

**NOTE 1 - ORGANIZATION**

Elevation Series Trust (the "Trust") was organized on March 7, 2022, as a Delaware statutory trust, and is authorized to issue multiple investment series. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. This Schedule of Investments relates to one series of the Trust, Sovereign's Capital Flourish Fund (the "Fund"). The Fund's investment objective is to provide long-term capital appreciation. The Fund invests primarily in common stock of publicly traded U.S. companies that are selected by Sovereign's Capital Management, LLC (the "Adviser"). The Adviser selects companies that are led by faith-driven CEOs that seek to build exceptional corporate cultures based on biblical values that allow employees to flourish. A company is considered a "U.S. company" if (i) the security is listed on a U.S. national securities exchange, (ii) the issuer is headquartered in the U.S., or (iii) the issuer derives a substantial portion of their revenues from, or has a substantial portion of its operations in, the U.S. The Fund commenced operations on September 29, 2023.

The Fund currently offers an unlimited number of shares of a single class, without par value, which are 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 ("NAV") per share next determined after receipt of an order in proper form pursuant to the terms of the Authorized Participant Agreement, calculated as of the scheduled close of regular trading on the Exchange on any day on which the Exchange is open for business. The Fund does not issue fractional Creation Units. The offering of the Fund's shares is registered under the Securities Act of 1933, as amended.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its Schedule of Investments. The accompanying Schedule of Investments was 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 Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standards Update 2013-08.

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

Domestic equity securities traded on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day. If there has been no sale that business day, the securities are valued at the mean of the most recent bid and ask prices on the business day. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day. Portfolio securities traded in the over-the-counter market, but excluding NASDAQ, are valued at the last quoted sale price in such market. Debt obligations with maturities of 60 days or less are valued at amortized cost.

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

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

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

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

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

Sovereign's Capital Flourish Fund

**NOTES TO SCHEDULE OF INVESTMENTS<br> April 30, 2026 (Continued) (Unaudited)**

The following is a summary of the Fund's investments in the fair value hierarchy as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $94078887 | $– | $– | $94078887 |
| Money Market Funds | 1212921 | – | – | 1212921 |
| Total | $95291808 | $– | $– | $95291808 |

---

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

 

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80290

  - **Telephone number:** 8775249155

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

- **a. Name of Series:** Sovereign's Capital Flourish Fund

- **b. EDGAR series identifier (if any):** S000081759

- **c. LEI of Series:** 254900VR3E8EK5A82F82

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $94241748.16

**Total Liabilities:** $55698.08

**Net Assets:** $94186050.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244753 | -5.13%               | -5.16%               | 8.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1255022.60              | $-6482927.50                               |
| Month 2  | $-272058.37              | $-4883508.89                               |
| Month 3  | $-27.98                  | $7439547.82                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Coca-Cola Consolidated Inc     | Coca-Cola Consolidated Inc                 | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      4257 | NS      | $872982.99    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc            | Paycom Software Inc                        | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     25534 | NS      | $3236689.84   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantage Solutions Inc        | Advantage Solutions Inc                    | CUSIP: 00791N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8326 | NS      | $285332.02    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      2842 | NS      | $468134.24    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      7242 | NS      | $463994.94    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials Inc                        | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |      3457 | NS      | $1006678.40   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     20420 | NS      | $2221696.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                     | Copart Inc                                 | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      9218 | NS      | $305207.98    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co         | Columbia Sportswear Co                     | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |      7514 | NS      | $457752.88    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc          | Alkami Technology Inc                      | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |    195188 | NS      | $3080066.64   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp        | SBA COMMUNICATIONS CORP CLASS A            | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      2403 | NS      | $531543.60    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Coffee Co             | Westrock Coffee Co                         | CUSIP: 96145W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78591 | NS      | $462900.99    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc               | SPS Commerce Inc                           | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     42280 | NS      | $2372753.60   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive Inc                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      5939 | NS      | $590336.60    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                  | H&R Block Inc                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     21708 | NS      | $688794.84    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                      | IDEX Corp                                  | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |      1068 | NS      | $232663.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc               | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |      8000 | NS      | $1008400.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp            | Verra Mobility Corp                        | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     46358 | NS      | $687489.14    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      3969 | NS      | $439646.13    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed Inc                                 | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       955 | NS      | $204188.55    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc        | US Physical Therapy Inc                    | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     25815 | NS      | $1838544.30   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      1755 | NS      | $371954.70    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information              | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     37433 | NS      | $1741757.49   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc     | Grand Canyon Education Inc                 | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     19799 | NS      | $3347416.93   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc                 | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      3090 | NS      | $1032461.70   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                 | API Group Corp                             | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     12068 | NS      | $551748.96    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O | American Financial Group Inc/O             | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     17199 | NS      | $2292110.73   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Repay Holdings Corp            | Repay Holdings Corp                        | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |    463488 | NS      | $1756619.52   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp         | J & J Snack Foods Corp                     | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |      3281 | NS      | $289581.06    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Endava PLC                     | Endava PLC                                 | CUSIP: 29260V105<br>LEI: 213800JJ6CRPCWCQVZ25 | Long             | EC               | CORP              | GB        |     16971 | NS      | $68223.42     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                 | LCI Industries                             | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     15392 | NS      | $1835034.24   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     22024 | NS      | $3476268.16   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                      | Fermi Inc                                  | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |    148963 | NS      | $764180.19    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp          | US Foods Holding Corp                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      6120 | NS      | $572158.80    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc          | Molina Healthcare Inc                      | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |     23424 | NS      | $4558778.88   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      6855 | NS      | $1231020.90   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                      | Greif Inc                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |     18954 | NS      | $1236558.96   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                  | Primerica Inc                              | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      8561 | NS      | $2407952.47   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po | INVESCO GOVERNMENT & AGENCY PORTFOLIO INST | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   1212921 | NS      | $1212921.02   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                                | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     12754 | NS      | $573037.22    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                   | FISERV INC                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     55489 | NS      | $3476385.85   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN       | Miller Industries Inc/TN                   | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     28914 | NS      | $1387582.86   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc  | Lincoln Electric Holdings Inc              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      1047 | NS      | $277455.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp         | Paylocity Holding Corp                     | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     16114 | NS      | $1699865.86   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      2938 | NS      | $604140.94    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc    | Raymond James Financial Inc                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      9855 | NS      | $1560243.60   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      2728 | NS      | $785172.96    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      9727 | NS      | $891382.28    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc           | Douglas Dynamics Inc                       | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     35530 | NS      | $1638998.90   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc          | Triumph Financial Inc                      | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |     22685 | NS      | $1535320.80   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot Inc                                | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       757 | NS      | $167872.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      8342 | NS      | $1440746.82   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      6225 | NS      | $821264.25    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co              | Erie Indemnity Co                          | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |      1988 | NS      | $435232.84    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                        | ITT Inc                                    | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      1359 | NS      | $291288.06    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                     | Kforce Inc                                 | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |     13459 | NS      | $608481.39    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo Inc                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      5654 | NS      | $532719.88    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       315 | NS      | $280876.05    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc         | Option Care Health Inc                     | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     42008 | NS      | $854022.64    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc | JB Hunt Transport Services Inc             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      2389 | NS      | $600905.17    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp    | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |      3805 | NS      | $368209.85    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                        | AZZ Inc                                    | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |      9680 | NS      | $1384627.20   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     12377 | NS      | $635806.49    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc/Delaware     | Cisco Systems Inc/Delaware                 | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     14127 | NS      | $1292620.50   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      4353 | NS      | $457152.06    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes Inc                                 | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     18974 | NS      | $2033064.10   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     11813 | NS      | $1686069.49   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     13821 | NS      | $1352799.48   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      2122 | NS      | $915070.06    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                  | Insperity Inc                              | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |     99273 | NS      | $3531140.61   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      8866 | NS      | $1829942.40   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings Inc                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      8041 | NS      | $662819.63    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc          | Euronet Worldwide Inc                      | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     38771 | NS      | $2806244.98   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      7041 | NS      | $621790.71    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc  | Healthcare Services Group Inc              | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     36728 | NS      | $786346.48    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      6649 | NS      | $1338310.72   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     17606 | NS      | $717092.38    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc     | Sprouts Farmers Market Inc                 | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     13948 | NS      | $1141643.80   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-30

**Name of Applicant:** Elevation Series Trust

**Signature:** Nick Austin

**Name of Signer:** Nick Austin

**Title:** Treasurer