# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001936157-26-000271
**Filing Date:** 2026-5
**Character Count:** 68520
**Document Hash:** 2cf796aa151a971643fa500a1af162d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001936157-26-000271.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001936157-26-000271

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261029318

**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

### TrueShares Structured Outcome (December) ETF (Series ID: S000092054)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000259968 | TrueShares Structured Outcome (December) ETF | DECZ            |

## Nport-Ex

**TrueShares Structured Outcome ETFs**

**TrueShares Structured Outcome (January) ETF (Cboe BZX Exchange, Inc: JANZ)<br> TrueShares Structured Outcome (February) ETF (Cboe BZX Exchange, Inc: FEBZ)<br> TrueShares Structured Outcome (March) ETF (Cboe BZX Exchange, Inc: MARZ)<br> TrueShares Structured Outcome (April) ETF (Cboe BZX Exchange, Inc: APRZ)<br> TrueShares Structured Outcome (May) ETF (Cboe BZX Exchange, Inc: MAYZ)<br> TrueShares Structured Outcome (June) ETF (Cboe BZX Exchange, Inc: JUNZ)<br> TrueShares Structured Outcome (July) ETF (Cboe BZX Exchange, Inc: JULZ)<br> TrueShares Structured Outcome (August) ETF (Cboe BZX Exchange, Inc: AUGZ)<br> TrueShares Structured Outcome (September) ETF (Cboe BZX Exchange, Inc: SEPZ)<br> TrueShares Structured Outcome (October) ETF (Cboe BZX Exchange, Inc: OCTZ)<br> TrueShares Structured Outcome (November) ETF (Cboe BZX Exchange, Inc: NOVZ)<br> TrueShares Structured Outcome (December) ETF (Cboe BZX Exchange, Inc: DECZ)**

**Schedules of Investments<br> March 31, 2026**

TrueShares Structured Outcome (January) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 4.54%** |  |  |
| *Call Options Purchased - 4.54%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 12/31/2026, $681.95, $57,555,090 | 885 | $3222621 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 12/31/2026, $696.01, $2,601,360 | 40 | 116324 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 12/31/2026, $697.01, $845,442 | 13 | 37161 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 12/31/2026, $680.00, $585,306 | 9 | 33732 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 12/31/2026, $687.00, $585,306 | 9 | 30335 |
|  |  | 3440173 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| **(Cost $2,979,289)** |  | 3440173 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 98.88%** |  |  |
| Treasury Bills 12/24/2026, 3.49%<sup>(a)</sup> | $76979000 | 74978470 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $75,073,656)** |  | 74978470 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.51%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 1142918 | 1142918 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,142,918)** |  | 1142918 |
| **TOTAL INVESTMENTS - 104.93%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $79,195,863)** |  | $79561561 |
| **Liabilities in Excess of Other Assets - (4.93)%** |  | (3736561) |
| **NET ASSETS - 100.00%** |  | $75825000 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $19,480,240, representing 25.69% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

 

See Notes to Schedules of Investments.

TrueShares Structured Outcome (January) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 12/31/2026 | $611.00 | (12) | $27218 | $(780408) | $(34570) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 12/31/2026 | 613.72 | (1239) | 4479859 | (80577126) | (3658594) |
|  |  |  |  |  | $4507077 | $(81357534) | $(3693164) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (February) ETF

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 4.39%** |  |  |
| *Call Options Purchased - 4.39%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 1/29/2027, $692.00, $11,055,780 | 170 | $590725 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $494,750)** |  | 590725 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 100.86%** |  |  |
| Treasury Bills 1/21/2027, 3.52%<sup>(a)</sup> | $13962000 | 13562889 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $13,576,576)** |  | 13562889 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 10271 | 10271 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $10,271)** |  | 10271 |
| **TOTAL INVESTMENTS - 105.33%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,081,597)** |  | $14163885 |
| **Liabilities in Excess of Other Assets - (5.33)%** |  | (716266) |
| **NET ASSETS - 100.00%** |  | $13447619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $2,914,245, representing 21.67% of net assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Rate disclosed is a 7-Day Yield as of March 31, 2026.* 

 

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

See Notes to Schedules of Investments.

TrueShares Structured Outcome (February) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 1/29/2027 | $622.76 | (219) | $895426 | $(14242446) | $(731022) |
|  |  |  |  |  | $895426 | $(14242446) | $(731022) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (March) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 5.34%** |  |  |
| *Call Options Purchased - 5.34%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 2/26/2027, $658.00, $1,040,544 | 16 | $91677 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 2/26/2027, $686.01, $13,006,800 | 200 | 824798 |
|  |  | 916475 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $899,888)** |  | 916475 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 99.84%** |  |  |
| Treasury Bills 2/18/2027, 3.51%<sup>(a)</sup> | $17690000 | 17132009 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $17,152,495)** |  | 17132009 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 20729 | 20729 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $20,729)** |  | 20729 |
| **TOTAL INVESTMENTS - 105.30%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $18,073,112)** |  | $18069213 |
| **Liabilities in Excess of Other Assets - (5.30)%** |  | (908874) |
| **NET ASSETS - 100.00%** |  | $17160339 |

---

 

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $7,263,428, representing 42.33% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

See Notes to Schedules of Investments.

TrueShares Structured Outcome (March) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 2/26/2027 | $591.00 | (22) | $54411 | $(1430748) | $(58416) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 2/26/2027 | 617.39 | (260) | 1030823 | (16908840) | (862675) |
|  |  |  |  |  | $1085234 | $(18339588) | $(921091) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (April) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 8.48%** |  |  |
| *Call Options Purchased - 8.48%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 3/31/2027, $650.34, $12,620,928 | 192 | $1271040 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,271,577)** |  | 1271040 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 86.96%** |  |  |
| Treasury Bills 3/18/2027, 3.77%<sup>(a)</sup> | $13490000 | 13027674 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $13,013,812)** |  | 13027674 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.16%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 24437 | 24437 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $24,437)** |  | 24437 |
| **TOTAL INVESTMENTS - 95.60%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,309,826)** |  | $14323151 |
| **Other Assets in Excess of Liabilities - 4.40%** |  | 659233 |
| **NET ASSETS - 100.00%** |  | $14982384 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $2,461,465, representing 16.43% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

See Notes to Schedules of Investments.

TrueShares Structured Outcome (April) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 3/31/2027 | $585.31 | (256) | $703540 | $(16853504) | $(704256) |
|  |  |  |  |  | $703540 | $(16853504) | $(704256) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (May) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 13.70%** |  |  |
| *Call Options Purchased - 13.70%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 4/30/2026, $554.55, $2,861,496 | 44 | $435197 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 4/30/2026, $696.01, $2,536,326 | 39 | 2579 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 4/30/2026, $554.54, $9,169,794 | 141 | 1394745 |
|  |  | 1832521 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,380,293)** |  | 1832521 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 86.33%** |  |  |
| Treasury Bills 4/16/2026, 4.15%<sup>(a)</sup> | $11566000 | 11548550 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $11,547,302)** |  | 11548550 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 10112 | 10112 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $10,112)** |  | 10112 |
| **TOTAL INVESTMENTS - 100.11%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $12,937,707)** |  | $13391183 |
| **Liabilities in Excess of Other Assets - (0.11)%** |  | (15074) |
| **NET ASSETS - 100.00%** |  | $13376109 |

---

 

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $4,992,500, representing 37.32% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

See Notes to Schedules of Investments.

TrueShares Structured Outcome (May) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 4/30/2026 | $499.09 | (243) | $374212 | $(15803262) | $(16650) |
|  |  |  |  |  | $374212 | $(15803262) | $(16650) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (June) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 9.72%** |  |  |
| *Call Options Purchased - 9.72%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 5/29/2026, $696.01, $1,498,082 | 23 | $7907 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 5/29/2026, $589.39, $10,682,042 | 163 | 1160280 |
|  |  | 1168187 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,009,508)** |  | 1168187 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 90.68%** |  |  |
| Treasury Bills 5/14/2026, 4.13%<sup>(a)</sup> | $10948000 | 10900502 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $10,896,670)** |  | 10900502 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 10538 | 10538 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $10,538)** |  | 10538 |
| **TOTAL INVESTMENTS - 100.49%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $11,916,716)** |  | $12079227 |
| **Liabilities in Excess of Other Assets - (0.49)%** |  | (58325) |
| **NET ASSETS - 100.00%** |  | $12020902 |

---

 

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $2,987,100, representing 24.85% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

 

See Notes to Schedules of Investments.

TrueShares Structured Outcome (June) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 5/29/2026 | $530.45 | (216) | $362152 | $(14176944) | $(52985) |
|  |  |  |  |  | $362152 | $(14176944) | $(52985) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (July) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 7.79%** |  |  |
| *Call Options Purchased - 7.79%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 6/30/2026, $696.01, $1,951,020 | 30 | $20104 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 6/30/2026, $617.85, $18,469,656 | 284 | 1477521 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 6/30/2026, $690.00, $390,204 | 6 | 5201 |
|  |  | 1502826 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,542,481)** |  | 1502826 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 93.17%** |  |  |
| Treasury Bills 6/11/2026, 4.13%<sup>(a)</sup> | $18095000 | 17966818 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $17,958,039)** |  | 17966818 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 20950 | 20950 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $20,950)** |  | 20950 |
| **TOTAL INVESTMENTS - 101.07%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $19,521,470)** |  | $19490594 |
| **Liabilities in Excess of Other Assets - (1.07)%** |  | (205651) |
| **NET ASSETS - 100.00%** |  | $19284943 |

---

 

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $4,964,580, representing 25.74% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

 

See Notes to Schedules of Investments.

TrueShares Structured Outcome (July) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 6/30/2026 | $556.07 | (352) | $645197 | $(22891968) | $(216536) |
|  |  |  |  |  | $645197 | $(22891968) | $(216536) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (August) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 5.69%** |  |  |
| *Call Options Purchased - 5.69%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 7/31/2026, $632.00, $20,485,710 | 315 | $1493144 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 7/31/2026, $632.09, $20,355,642 | 313 | 1481686 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 7/31/2026, $659.01, $14,827,752 | 228 | 676788 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 7/31/2026, $696.01, $1,560,816 | 24 | 26380 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 7/31/2026, $683.00, $325,170 | 5 | 8269 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 7/31/2026, $694.00, $325,170 | 5 | 5879 |
|  |  | 3692146 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,090,213)** |  | 3692146 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 61.27%** |  |  |
| Treasury Bills 7/9/2026, 4.09%<sup>(a)</sup> | $40105000 | 39707961 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $39,692,216)** |  | 39707961 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 34.77%<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(c)</sup> | 22539081 | 22539081 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $22,539,081)** |  | 22539081 |
| **TOTAL INVESTMENTS - 101.73%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $65,321,510)** |  | $65939188 |
| **Liabilities in Excess of Other Assets - (1.73)%** |  | (1124205) |
| **NET ASSETS - 100.00%** |  | $64814983 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $5,415,223, representing 8.35% of net assets.*

*<sup>(b)</sup>* *As of March 31, 2026, the Fund's investment in the security represented more than 25% of the Fund's net assets. The Fund's financial condition and the results of operations may be significantly impacted by changes in the performance of the security. The financial statements and other information about the security are available in SEC filings at www.sec.gov.*

*<sup>(c)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

See Notes to Schedules of Investments.

TrueShares Structured Outcome (August) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 7/31/2026 | $568.00 | (422) | $602703 | $(27444348) | $(414889) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 7/31/2026 | 568.87 | (419) | 730714 | (27249246) | (416478) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 7/31/2026 | 568.88 | (317) | 464311 | (20615778) | (315133) |
|  |  |  |  |  | $1797728 | $(75309372) | $(1146500) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (September) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 5.75%** |  |  |
| *Call Options Purchased - 5.75%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 8/31/2026, $645.07, $89,876,988 | 1382 | $6010539 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 8/31/2026, $684.01, $1,365,714 | 21 | 43409 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 8/31/2026, $696.03, $6,048,162 | 93 | 140535 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 8/31/2026, $688.00, $325,170 | 5 | 9365 |
|  |  | 6203848 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $5,015,895)** |  | 6203848 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 96.67%** |  |  |
| Treasury Bills 8/6/2026, 3.93%<sup>(a)</sup> | $105642000 | 104308452 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $104,264,634)** |  | 104308452 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 80535 | 80535 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $80,535)** |  | 80535 |
| **TOTAL INVESTMENTS - 102.49%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $109,361,064)** |  | $110592835 |
| **Liabilities in Excess of Other Assets - (2.49)%** |  | (2685908) |
| **NET ASSETS - 100.00%** |  | $107906927 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $49,369,837, representing 45.75% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

See Notes to Schedules of Investments.

TrueShares Structured Outcome (September) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 8/31/2026 | $580.54 | (42) | $59837 | $(2731428) | $(58479) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 8/31/2026 | 580.55 | (1841) | 3398893 | (119727594) | (2563629) |
|  |  |  |  |  | $3458730 | $(122459022) | $(2622108) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (October) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

 

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/**<br> **Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 4.21%** |  |  |
| *Call Options Purchased - 4.21%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $665.00, $650,340 | 10 | $34534 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $666.21, $29,005,164 | 446 | 1508635 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $670.01, $10,340,406 | 159 | 502992 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $671.02, $9,950,202 | 153 | 475232 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $696.01, $975,510 | 15 | 27444 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $679.00, $650,340 | 10 | 26666 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $683.00, $325,170 | 5 | 12283 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $689.00, $975,510 | 15 | 32337 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 9/30/2026, $697.00, $325,170 | 5 | 8930 |
|  |  | 2629053 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,342,793)** |  | 2629053 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 99.10%** |  |  |
| Treasury Bills 9/3/2026, 3.66%<sup>(a)</sup> | $62879000 | 61909781 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $61,935,629)** |  | 61909781 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 50893 | 50893 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $50,893)** |  | 50893 |
| **TOTAL INVESTMENTS - 103.39%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $64,329,315)** |  | $64589727 |
| **Liabilities in Excess of Other Assets - (3.39)%** |  | (2120222) |
| **NET ASSETS - 100.00%** |  | $62469505 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $14,768,790, representing 23.64% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

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

See Notes to Schedules of Investments.

TrueShares Structured Outcome (October) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums <br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 9/30/2026 | $597.00 | (14) | $26876 | $(910476) | $(27157) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 9/30/2026 | 599.55 | (189) | 503440 | (12291426) | (376936) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 9/30/2026 | 599.56 | (273) | 715453 | (17754282) | (544520) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 9/30/2026 | 599.57 | (579) | 1531732 | (37654686) | (1154989) |
|  |  |  |  |  | $2777501 | $(68610870) | $(2103602) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (November) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 3.73%** |  |  |
| *Call Options Purchased - 3.73%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 10/30/2026, $682.09, $13,006,800 | 200 | $586608 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 10/30/2026, $690.00, $650,340 | 10 | 25247 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 10/30/2026, $693.00, $130,068 | 2 | 4754 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 10/30/2026, $697.00, $715,374 | 11 | 24051 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 10/30/2026, $682.07, $1,560,816 | 24 | 70418 |
|  |  | 711078 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $684,613)** |  | 711078 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 100.31%** |  |  |
| Treasury Bills 10/29/2026, 3.71%<sup>(a)</sup> | $19562000 | 19153931 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $19,162,769)** |  | 19153931 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.35% (7-day yield)<sup>(b)</sup> | 20680 | 20680 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $20,680)** |  | 20680 |
| **TOTAL INVESTMENTS - 104.15%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $19,868,062)** |  | $19885689 |
| **Liabilities in Excess of Other Assets - (4.15)%** |  | (791623) |
| **NET ASSETS - 100.00%** |  | $19094066 |

---

 

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $4,895,700, representing 25.64% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of March 31, 2026.*

 

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

 

See Notes to Schedules of Investments.

TrueShares Structured Outcome (November) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 10/30/2026 | $613.85 | (315) | $1029904 | $(20485710) | $(797706) |
|  |  |  |  |  | $1029904 | $(20485710) | $(797706) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome (December) ETF

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/<br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 4.31%** |  |  |
| *Call Options Purchased - 4.31%* |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 11/30/2026, $665.00, $975,510 | 15 | $64774 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 11/30/2026, $683.42, $43,897,950 | 675 | 2213008 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 11/30/2026, $696.01, $780,408 | 12 | 31595 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 11/30/2026, $667.00, $325,170 | 5 | 21003 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 11/30/2026, $686.00, $650,340 | 10 | 31415 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 11/30/2026, $694.00, $325,170 | 5 | 13660 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 11/30/2026, $683.00, $650,340 | 10 | 33011 |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust 11/30/2026, $683.40, $1,430,748 | 22 | 72151 |
|  |  | 2480617 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,204,076)** |  | 2480617 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 100.19%** |  |  |
| Treasury Bills 11/27/2026, 3.59%<sup>(a)</sup> | $59008800 | 57622428 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $57,653,385)** |  | 57622428 |
| **TOTAL INVESTMENTS - 104.50%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $59,857,461)** |  | $60103045 |
| **Liabilities in Excess of Other Assets - (4.50)%** |  | (2589955) |
| **NET ASSETS - 100.00%** |  | $57513090 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for written options. As of March 31, 2026, the aggregate value of those securities was $17,088,750, representing 29.71% of net assets.*

** 

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

See Notes to Schedules of Investments.

TrueShares Structured Outcome (December) ETF

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Continued) (Unaudited)**

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 11/30/2026 | $597.00 | (3) | $6785 | $(195102) | $(6984) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 11/30/2026 | 600.00 | (6) | 13534 | (390204) | (14378) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 11/30/2026 | 614.00 | (13) | 25977 | (845442) | (35601) |
| State Street SPDR S&P 500 ETF Trust | Morgan Stanley | 11/30/2026 | 615.05 | (926) | 3190723 | (60221484) | (2561168) |
|  |  |  |  |  | $3237019 | $(61652232) | $(2618131) |

---

See Notes to Schedules of Investments.

TrueShares Structured Outcome ETFs

**NOTES TO SCHEDULES OF INVESTMENTS** 

**March 31, 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. These financial statements relate to twelve series of the Trust, TrueShares Structured Outcome (January) ETF ("JANZ"), TrueShares Structured Outcome (February) ETF ("FEBZ"), TrueShares Structured Outcome (March) ETF ("MARZ"), TrueShares Structured Outcome (April) ETF ("APRZ"), TrueShares Structured Outcome (May) ETF ("MAYZ"), TrueShares Structured Outcome (June) ETF ("JUNZ"), TrueShares Structured Outcome (July) ETF ("JULZ"), TrueShares Structured Outcome (August) ETF ("AUGZ"), TrueShares Structured Outcome (September) ETF ("SEPZ"), TrueShares Structured Outcome (October) ETF ("OCTZ"), TrueShares Structured Outcome (November) ETF ("NOVZ") and TrueShares Structured Outcome (December) ETF ("DECZ"), (each a "Fund" and collectively the "Funds" or "Structured Outcome ETFs"). Each Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its total return investment objective by investing in options that reference the S&P 500® Price Index, employing a "buffer protect" options strategies that uses such options to seek to achieve exposure to the S&P 500® Price Index while mitigating the first 8% to 12% decline in the S&P 500® Price Index over a 12-month period.

Each Fund is a diversified open-end management company registered under the 1940 Act and commenced operations as listed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Diversified/<br> Non-Diversified** | **Commencement of Operations** |
| TrueShares Structured Outcome (January) ETF | Diversified | January 4, 2021 |
| TrueShares Structured Outcome (February) ETF | Diversified | February 1, 2021 |
| TrueShares Structured Outcome (March) ETF | Diversified | March 1, 2021 |
| TrueShares Structured Outcome (April) ETF | Diversified | April 1, 2021 |
| TrueShares Structured Outcome (May) ETF | Diversified | May 3, 2021 |
| TrueShares Structured Outcome (June) ETF | Diversified | June 1, 2021 |
| TrueShares Structured Outcome (July) ETF | Diversified | July 1, 2020 |
| TrueShares Structured Outcome (August) ETF | Diversified | August 3, 2020 |
| TrueShares Structured Outcome (September) ETF | Diversified | September 1, 2020 |
| TrueShares Structured Outcome (October) ETF | Diversified | October 1, 2020 |
| TrueShares Structured Outcome (November) ETF | Diversified | November 2, 2020 |
| TrueShares Structured Outcome (December) ETF | Diversified | December 1, 2020 |

---

On March 5, 2025, the Board of Trustees of Listed Funds Trust approved a tax-free reorganization wherein all of the assets and liabilities of each Predecessor Fund were acquired by its respective Fund. In connection with this acquisition as of the close of business on August 8, 2025, shares of JANZ, FEBZ, MARZ, APRZ, MAYZ, JUNZ, SEPZ, OCTZ, NOVZ and DECZ were exchanged for an equivalent number of shares of the corresponding Funds. The Funds' net assets, net asset value per share, shares outstanding, net unrealized appreciation/depreciation and the results of operations of the Funds were unchanged from that of the Predecessor Funds as a result of the reorganization and were as listed below. Also in connection with this acquisition as of the close of business on September 9, 2025, shares of JULZ and AUGZ were exchanged for an equivalent number of shares of the Funds, and the Funds' net assets, net asset value per share, shares outstanding, net unrealized appreciation/depreciation and the results of operations of the Funds were unchanged from that of the Predecessor Funds as a result of the reorganization and were as listed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Net assets, as a result<br> of the reorganization** | **Net asset value per<br> share, as a result of<br> the reorganization** | **Shares outstanding,<br> as a result of the<br> reorganization** | **Net unrealized<br> appreciation/<br> depreciation, as<br> a result of the<br> reorganization** |
| TrueShares Structured Outcome (January) ETF | $28197958 | $36.62 | 770000 | $1269978 |
| TrueShares Structured Outcome (February) ETF | 12530425 | 36.85 | 340000 | 358582 |
| TrueShares Structured Outcome (March) ETF | 19473929 | 33.58 | 580000 | 709684 |
| TrueShares Structured Outcome (April) ETF | 13893988 | 36.56 | 380000 | 1023994 |
| TrueShares Structured Outcome (May) ETF | 10345010 | 32.33 | 320000 | 853693 |
| TrueShares Structured Outcome (June) ETF | 13767396 | 31.65 | 435000 | 575325 |
| TrueShares Structured Outcome (July) ETF | 36296625 | 45.37 | 800000 | 1366326 |
| TrueShares Structured Outcome (August) ETF | 24650427 | 42.14 | 585000 | 459191 |
| TrueShares Structured Outcome (September) ETF | 111261768 | 40.83 | 2725000 | 9489081 |
| TrueShares Structured Outcome (October) ETF | 17188954 | 41.92 | 410000 | 1010876 |
| TrueShares Structured Outcome (November) ETF | 20630832 | 42.98 | 480000 | 1336388 |
| TrueShares Structured Outcome (December) ETF | 61445451 | 39.39 | 1560000 | 1058016 |

---

The Predecessor Funds had investment objectives that were, in all material respects, the same as those of the Funds as described above. The Funds are a continuation of the Predecessor Funds, and therefore, the performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information in these financial statements and notes to the financial statements for the periods prior to the close of business on the dates listed above, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.

TrueShares Structured Outcome ETFs

**NOTES TO SCHEDULES OF INVESTMENTS<br> March 31, 2026 (Continued) (Unaudited)**

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. 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 generally accepted accounting principles 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.

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

Securities for which market quotations are not readily available, including circumstances under which TrueMark Investments, LLC (the "Adviser") determines that prices received are unreliable, are valued at fair value according to procedures established and adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee with respect to the fair valuation of each Fund's 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 investments, unrestricted assets or liabilities that the Funds have 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 Funds' 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 Structured Outcome ETFs

**NOTES TO SCHEDULES OF INVESTMENTS<br> March 31, 2026 (Continued) (Unaudited)**

The following is a summary of the Funds' investments in the fair value hierarchy as of March 31, 2026:<br>

**TrueShares Structured Outcome (January) 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** |
| Purchased Options | $– | $3440173 | $– | $3440173 |
| U.S. Treasury Obligations |  | 74978470 |  | 74978470 |
| Money Market Funds | 1142918 | – | – | 1142918 |
| Total | $1142918 | $78418643 | $– | $79561561 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(3693164) | $– | $(3693164) |
| Total | $– | $(3693164) | $– | $(3693164) |

---

**TrueShares Structured Outcome (February) 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** |
| Purchased Options | $– | $590725 | $– | $590725 |
| U.S. Treasury Obligations |  | 13562889 |  | 13562889 |
| Money Market Funds | 10271 | – | – | 10271 |
| Total | $10271 | $14153614 | $– | $14163885 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(731022) | $– | $(731022) |
| Total | $– | $(731022) | $– | $(731022) |

---

**TrueShares Structured Outcome (March) 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** |
| Purchased Options | $– | $916475 | $– | $916475 |
| U.S. Treasury Obligations |  | 17132009 |  | 17132009 |
| Money Market Funds | 20729 | – | – | 20729 |
| Total | $20729 | $18048484 | $– | $18069213 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(921091) | $– | $(921091) |
| Total | $– | $(921091) | $– | $(921091) |

---

**TrueShares Structured Outcome (April) 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** |
| Purchased Options | $– | $1271040 | $– | $1271040 |
| U.S. Treasury Obligations |  | 13027674 |  | 13027674 |
| Money Market Funds | 24437 | – | – | 24437 |
| Total | $24437 | $14298714 | $– | $14323151 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(704256) | $– | $(704256) |
| Total | $– | $(704256) | $– | $(704256) |

---

**TrueShares Structured Outcome (May) 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** |
| Purchased Options | $– | $1832521 | $– | $1832521 |
| U.S. Treasury Obligations |  | 11548550 |  | 11548550 |
| Money Market Funds | 10112 | – | – | 10112 |
| Total | $10112 | $13381071 | $– | $13391183 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(16650) | $– | $(16650) |
| Total | $– | $(16650) | $– | $(16650) |

---

TrueShares Structured Outcome ETFs

**NOTES TO SCHEDULES OF INVESTMENTS<br> March 31, 2026 (Continued) (Unaudited)**

**TrueShares Structured Outcome (June) 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** |
| Purchased Options | $– | $1168187 | $– | $1168187 |
| U.S. Treasury Obligations |  | 10900502 |  | 10900502 |
| Money Market Funds | 10538 | – | – | 10538 |
| Total | $10538 | $12068689 | $– | $12079227 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(52985) | $– | $(52985) |
| Total | $– | $(52985) | $– | $(52985) |

---

**TrueShares Structured Outcome (July) 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** |
| Purchased Options | $– | $1502826 | $– | $1502826 |
| U.S. Treasury Obligations |  | 17966818 |  | 17966818 |
| Money Market Funds | 20950 | – | – | 20950 |
| Total | $20950 | $19469644 | $– | $19490594 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(216536) | $– | $(216536) |
| Total | $– | $(216536) | $– | $(216536) |

---

**TrueShares Structured Outcome (August) 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** |
| Purchased Options | $– | $3692146 | $– | $3692146 |
| U.S. Treasury Obligations |  | 39707961 |  | 39707961 |
| Money Market Funds | 22539081 | – | – | 22539081 |
| Total | $22539081 | $43400107 | $– | $65939188 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(1146500) | $– | $(1146500) |
| Total | $– | $(1146500) | $– | $(1146500) |

---

**TrueShares Structured Outcome (September) 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** |
| Purchased Options | $– | $6203848 | $– | $6203848 |
| U.S. Treasury Obligations |  | 104308452 |  | 104308452 |
| Money Market Funds | 80535 | – | – | 80535 |
| Total | $80535 | $110512300 | $– | $110592835 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(2622108) | $– | $(2622108) |
| Total | $– | $(2622108) | $– | $(2622108) |

---

**TrueShares Structured Outcome (October) 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** |
| Purchased Options | $– | $2629053 | $– | $2629053 |
| U.S. Treasury Obligations |  | 61909781 |  | 61909781 |
| Money Market Funds | 50893 | – | – | 50893 |
| Total | $50893 | $64538834 | $– | $64589727 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(2103602) | $– | $(2103602) |
| Total | $– | $(2103602) | $– | $(2103602) |

---

TrueShares Structured Outcome ETFs

**NOTES TO SCHEDULES OF INVESTMENTS<br> March 31, 2026 (Continued) (Unaudited)**

**TrueShares Structured Outcome (November) 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** |
| Purchased Options | $– | $711078 | $– | $711078 |
| U.S. Treasury Obligations |  | 19153931 |  | 19153931 |
| Money Market Funds | 20680 | – | – | 20680 |
| Total | $20680 | $19865009 | $– | $19885689 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(797706) | $– | $(797706) |
| Total | $– | $(797706) | $– | $(797706) |

---

**TrueShares Structured Outcome (December) 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** |
| Purchased Options | $– | $2480617 | $– | $2480617 |
| U.S. Treasury Obligations | – | 57622428 | – | 57622428 |
| Total | $– | $60103045 | $– | $60103045 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(2618131) | $– | $(2618131) |
| Total | $– | $(2618131) | $– | $(2618131) |

---

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

**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 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:** TrueShares Structured Outcome (December) ETF

- **b. EDGAR series identifier (if any):** S000092054

- **c. LEI of Series:** 529900UL6OQXSUVLA731

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $60169950.78

**Total Liabilities:** $2656860.65

**Net Assets:** $57513090.13

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00 | **1-Year:** 0.00 | **5-Year:** 0.00 | **10-Year:** 0.00 | **30-Year:** 0.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259968 | 1.04%                | -0.71%               | -3.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-23.05                  | $-27372.78                                 |
| Month 2  | $-415.39                 | $2883.39                                   |
| Month 3  | $-367.06                 | $-61174.77                                 |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Options Clearing Corp     | SPY 11/30/26 C694.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         5 | NC      | $13659.95     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 C667.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         5 | NC      | $21002.65     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 P614.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -13 | NC      | $-35601.15    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 C683.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        10 | NC      | $33010.60     | 0.06%             |  |  |  | No            |                  2 | 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        |     50455 | NS      | $50455.24     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 P600.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        -6 | NC      | $-14377.56    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Treasury Bill                 | TREASURY BILL B 11/27/26                          | CUSIP: 912797SU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  59008800 | PA      | $57622427.78  | 100.19%           | 2026-11-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 C665.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        15 | NC      | $64774.35     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 C686.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        10 | NC      | $31415.40     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 P615.05 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |      -926 | NC      | $-2561167.84  | -4.45%            |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 C683.40 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        22 | NC      | $72151.42     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 C696.01 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        12 | NC      | $31594.92     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 C683.42 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       675 | NC      | $2213007.75   | 3.85%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 11/30/26 P597.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        -3 | NC      | $-6984.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Elevation Series Trust

**Signature:** Nick Austin

**Name of Signer:** Nick Austin

**Title:** Treasurer